♪ >> president trump dial back the rhetoric after he signed multibillion-dollar deals in riyadh. he tells arab allies they must take the lead on terror. america is not at war with islam. withoving one step closer the dropping of some restrictions, and always optimistic, jamie dimon weeks of bloomberg, talking about the global market. happy monday from sydney are

discussed 8:00 a.m. we are two hours away from the open of asia's first major market opening for the trading week. betty: it is already after 6:00 p.m. on sunday evening in new york. we are kicking off to what will week ony adventurous wall street, a lot of focus on president trump who has wrapped up his trip to the middle east, on to israel, or in israel soon and into italy. that will likely be the key event investors are watching for. also watching for economic numbers coming out including housing in the u.s. let's roll up what happened on friday as you were enjoying the weekend in asia. you did see quite a nice rally, sort of a bounceback in the dow, the s&p, both of. -- up.

still on awork losing streak, given the big tumble we saw. this as markets certain to price in the uncertainty from washington. we will see. this will be a key litmus test for how investors will absorb continuing uncertainties out of washington. haidi: that is right. it feels like we continue the misadventures in the white house, they are starting to curb against the gains in the u.s. session on friday. in asia we are taking some of the positive sentiment from that session. we have a positive open in terms of new zealand, where trading is up 0.1%. futures in australia are up, back from friday's downward session. we are also looking at, in terms of the aussie dollar, 74.53. more unchanged.

we have futures pointing a little higher as well. paul is here with me now to look at what is happening in australia and the rest of the week. we have the potential, a great big deal in health sector. paul: this is the consortium with china's pagoda investments, looking to buy icon cancer care for a billion australian can -- dollars. that is 45 billion u.s. dollars. that is according to familiar people, so no comment from any of the companies involved. it is being sold by private equity, which was back in 2014. ,con is of significant size 77,000 patient visits, one of australia's largest providers of cancer care. we are still waiting for confirmation of this deal from the parties involved. and talking about cancer

care, it has been shifting his focus to philanthropy. he is doing something quite big as well. paul: there will be a significant announcement on the luminaries involved including the prime minister of the opposition leader andrew forrest, said to be making a decision in the hundreds of millions of dollars. this would be the largest in from a livingtory person. there have been larger ones bequeathed, wills. this would be for a variety of causes including cancer research funding. he is saying this will be a significant portion of our earnings, and we want to specialize in cancer research. that begins with capital to do so, but we will have a dahlia -- dollar figure soon. betty: and the coal mine in queens, that is -- queensland, that is stirring up controversy. this time it involved turtles. paul: turtles.

i think the conditions around the protections of two species of turtles, victorino turtle and the flat back turtle, have apparently been lifted. this is the latest in store of what has been a long running cycle for the carmichael mine. this was expected to cost $16 billion, so the environmental has already been pulled through the court multiple times on measures as well. this is just the latest. the coal mine itself with the turtles that are around, that will be subject to dredging $3 billion of the avid point coal terminal. greatre dredging near the barrier reef, so you can imagine that. showed 19% ofeys those responding opposed the government contributing what is billion loane a $1

to help a rail right from the minus health -- the mine itself. so the controversies keep piling up. haidi: haidi: not a lot of luck. paul allen in sydney. let's get to first word news with su keenan. su: let's start with softbank, and masayoshi son has announced the first round of capital investments for his fund. with more than $93 billion in the pot. headlining investors include the saudi public investment fund and abu dhabi, apple, foxconn, and sharp. it will top $100 billion when it finally closes in six months' time, and it will focus on startups in the u.s. north korea has vowed to continue its nuclear and missile programs after another test launch this weekend. the rocket flew about 500

kilometers across the sea of soul, tokyo, and washington saying it was a shorter range. they say they will continue to develop nuclear weapons and more tests. asia-pacific trade ministers issued a statement that talks in hanoi, suggesting pressure behind the scene, controversially -- talking about protectionism taking place. red tape andbout contrasted with their november meeting. the hanoi meeting also vowed to pursue a trade deal even without the u.s.. >> with unity of all the countries and a great desire to work together in agreement amongst 11 economies and people of our country's, so we would like to join. su: j.p. morgan chase, the ceo

jamie dimon mains optimistic about the global economy and the prospects for regulatory reform under president trump. speaking exclusively to saidberg and riyadh, he that is growing faster than expected. some of america's biggest names ties asmerica to boost the kingdom edges to a more diversified economy areas -- economy. ,> europe is doing really well always considered. america is checking -- chugging along here that is it. even the imf, which is always worried, said the world is faster than it acted. su: we will have more from jamie dimon later in the show. you can catch our exclusive interview at 8:20 a.m. sydney time or 6:00 -- 6:20 p.m. in new

york. ♪ betty: as you just saw, jamie dimon, the forum at president trump's trip to saudi arabia. billions of dollars, hundreds of billions of deal signed between the u.s. and saudi arabia. ramy inocencio is here to tell us some of the big ones. an inauguraln event. this was huge. betty: huge. ramy: you took the words out of my mouth. 50 u.s. ceo's or so, or the saudi businesses. it was amazing, hundreds of billions of dollars. this is always a goal for saudi arabia, to modernize its economy and diversify itself from oil. here, thisald trump is one step over the next 10

years in terms of hundreds of billions of dollars. let's look at donald trump saying this. donald trump: we signed historic agreements with the kingdom that will invest almost for hundred billion dollars in our two countries and create many hundreds of thousands of jobs in america and saudi arabia. ramy: $400 billion according to donald trump. these are some of the companies that are involved, ge, exxon mobil, lockheed martin. going across, materials, industrials, energy, a plethora of defense stocks. let me look through some of these most important ones. general electric, $15 billion deal, part of the kingdom's effort to diversify away from oil, improving the power grid is what they are trying to do as well as energy capabilities.

billion ist $7 coming from specific goods and services from general electric itself. you saw lockheed martin. the number was about $6 billion. that deal, 150 black hawk helicopters within the country. that is supposed to let 450 new jobs to the kingdom. lockheed martin also has an expression of intent from saudi arabia for more than $20 billion in terms of other things including air and missile defense and combat ships. you saw raytheon is going to be establishing a new branch in saudi arabia called raytheon arabia. it is the first time it is happening. they will create a localized defense and aerospace security based in riyadh. electric deals in

armored combat vehicles, tanks, the defense contractors doing a lot of localized designing, engineering, manufacturing. that is just on one side of the $400 billion deal. according to rex tillerson, there is another signing of $110 billion. this is a huge amount of money. it is the largest weapons deal ever in terms of u.s. history. this involves tanks and fighter jets, as well as, interestingly, the fad missile-defense -- thaad missile-defense system. said, with all of that the millions of dollars, going to the bloomberg terminal. we want to show you how impactful this could be in terms of saudi arabia and united states trade. was backon is what it

in 2016. 20 is $45 billion. they could surpass china as the number one if all of these deals come through in the next year or in part, and that $400 billion is on the timeline of 10 years or so. haidi: great function. it has been a clearly big couple of days, but what comes next? ramy: he will stay in the middle east and worked west. he will be going to jerusalem, the west bank to meet the leaders of those territories. he will meet prime minister netanyahu and margaret a bob. -- the other prime minister. he goes to rome and the vatican city may 24, brussels may 25, then sicily 26 and 27 for the

annual g7 summit. haidi: thank you so much, wrapping it up. looking ahead, the director general of the wto says trade numbers in 2017 will be higher than 2016. we will take a look at why he excelled. ♪ betty: aberdeen asset management joins us to see how weak wages me -- affect australia's outlook. this is bloomberg. ♪

♪ down toe are counting the sydney open on monday morning. you choose are trading solidly higher, up half a percent, less than two hours away as we mentioned. this is looking back at strong gains, ending a chaotic week here in the u.s. it did end in a high note.

i am betty liu new york. haidi: i'm haidi lun in sydney. we are starting off on a high note with australia. we have seen futures looking sort of good in the sydney open. onthe previous session friday we saw lower seven -- finish when it came to on the stocks. they were down, a large part of the commodity story and the turmoil in the u.s., the s&p closing a little lower of 0.2% my butt looks like a positive stock for the asian pacific. may make electric versions of existing models as it joins the drive to battery-powered cars. they plan record investment. there considering putting electric motors in car models rather than building from the ground up. the ceo says they could let subaru capitalize on safety and

eliminate the need to find a partner. betty: sharp may see its first partner in four years, reporting earnings of as much as $360 million for the fiscal year. sales could top $19.8 billion, meaning it needs the 10% rise from a year ago. they are planning to relist on the tokyo stock exchange. haidi: reports from hong kong saying cathay pacific is cut to staff.set to cut 600 the south china morning post says 190 management positions are to go immediately, another 400 nonmanagement in june. they are under pressure from chinese rivals and middle east carriers expanding into asia last year, seeing its first loss in eight years. the aussie dollar rallied to a gainsek high, raising

after april jobs data. even the most optimistic of the forecast, joining us is nick bishop, the head of australia's asset management. great to have you with us from singapore. we kind of dodged a bullet in the ratings zero passing for now, but is it such a bad thing? seems like this obsession with the aaa is prohibiting other decisions from being made. i think that is fair. there are many nations, large nations, that don't have a aaa rating. i think it is not as important. my have been a few decades ago, and some of the government decisions, it focuses necessarily on the short term i think. haidi: i want to interrupt,

because you talked about the non-aaa rated countries, making longer-term infrastructure investment decisions, but australia out of 10 countries ,hat maintained that rating this is the church i am looking at, is the only country out of that group that has been adding to its government debt. i spoken to fixed income guys over the last few weeks and saying, if it loses the rating, it could have greater incentive and opportunity for australian bonds, given you might get more yield. it is about chase at the moment. nick: very much so. global yield is still very much a priority, and that is because we are in a low yield environment compared to history. if we got a downgrade in the ratings, we think aberdeen is a question of when, not if.

there would likely be a modest adjustment in yield, but very large is highly unlikely. nations like the u.s. are comfortable funding themselves with double ratings. betty: why do you say when not yes? -- if? nick: the government is too optimistic, and the rating agencies will discover that there will be a revenue shortfall, taxation receipts .ill be softer than they expect it is not compatible with the aaa rating. this is a lowly country compared to many global peers. i don't see that as a major issue. betty: australia started off 10 years ago with a financial crisis, in a better position than many fellow countries. even though it has leveraged up, it is still better off than others.

if i can bring the conversation to wage growth, which is , theing the policymakers rba, i want to throw up a chart we have used in the past, but it is always good to see just how much the wage price has fallen and been stuck with the last several years. so given what you say about too optimistic budget productions by policymakers, there is policy downgrade, inevitable in aaa, where does wage growth go? any hope or spike in the wage growth? term,not in the immediate i am afraid. bad news for everybody eating their cornflakes this morning. the inflation is currently zero, big fat no no.

the treasurer expects nominal wages up to 3%. the budget projections. it has not happened, that degree of improvement, for some time in australia. .here is very little inflation we think that is too optimistic. betty: thank you. nick bishop, the head of aberdeen asset management. and jamie dimon telling bloomberg he is optimistic about the global economy prospect of financial reform under president trump. our interview. this is bloomberg. ♪

haidi: jamie dimon is about -- confident about jpmorgan being able to help with growth. we can spoke to him that we spoke to him in the ad. -- riyadh.

>> competitors around the world. we spent a lot of money in technology, we know what we are doing. we operate around the world, we help companies around the world, emerging markets twice as much as developed. we are confident. reporter: can you break down where you want to defend the market share and where you want to push? >> i want to be everywhere. we have high market share, and clients want multiple vendors and suppliers. publicly said, investment banking is to gain share, but it does not mean we cannot gain share in this part of the world. we have not given up any share. we know it will be higher. -- harder. , and i a good share think it will be hard to gain. if you look at the number of shares, we could do better in that country, this country.

a lot will go to technology, so we have got to build and maintain shares. competition is a good thing. i have never been worried about that. we want a competitive world. reporter: as long as you are in it. that is the goal, but we try to do. reporter: we talked about regulation. what is the mood now? do you feel confident? jamie: yeah. regulation, the trump administration wants to deregulate certain things, and those in business think it has been holding that growth. is not just j.p. morgan. it is important i say that. there will be military reform. years of regulations, it makes sense. democratic president, it makes sense, what could be done better, simplify the burden of businesses, help people expand and grow the economy.

no one is asking for wholesale throwing out of regulations. look at what was done. look at what was done. haidi: that was jamie dimon look at what was done. haidi: that was jamie dimon so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. tthat's why at comcast,t to be connected 24/7. we're always working to make our services more reliable. with technology that can update itself. and advanced fiber network infrastructure. new, more reliable equipment for your home. and a new culture built around customer service.

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haidi: it is a: 30 a.m. in sydney, markets open in 90 minutes' time. looks like a higher open, futures up half a percent for aussie stocks coming off the friday losses. i'm haidi lun in sydney. betty: i am betty live, you are watching -- betty liu in new york. but scotus in. -- let's start with start with su keenan. kim is a former vice finance minister in chief of the office of government of policy coordination. he faces a list of challenges including rising household debt,

highs youth unemployment and weak domestic demand. saudi arabia's oil producers are in agreement about extending output cuts. that would drain the global class. saysy minister kareem maintained the restrictions to the first quarter of next year will trim the stockpiles to a five-year average. the leading independents will make decisions when they meet in vienna later this month. >> i have often heard of countries against extension period everybody wants the , because we have not realized our objective yet. and the brazilian president michelle tanner -- michel temer has urged the investigation

against tim. he said he was set up during a , and peopletation are bringing allegations against him. the stocks and the riyal slumped after the investigation and engaging in passive corruption. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. betty: as we have been talking about, president trump told arab leaders that is not a fight between different thinks, even though there is concerned with america at war with islam. the bloomberg white house correspondent is traveling with the president. reporter: president trump means business in his first foreign trip to saudi arabia as part of his first international trip. he announced a multibillion dollar with the saudi's billion defense

deal. he says it will help u.s. and saudi arabia defeat terrorism. the leaders of predominantly muslim nations, he offered a speech less conciliatory. he said the battle is won and called on leaders to work together to defeat terrorism. he also criticized iran, accompanied by members of his andly, the, ivanka trump, , ivanka trump,p and others. he will travel to israel where he will meet with israeli prime minister benjamin netanyahu, then meet with the pope in vatican city, concluding his religious obligations. then he will go to brussels and sicily for the nato and g7. let's get a check on the

middle eastern markets in the sunday session. 0.1%.arabia, it is up other day be losing 0.25%. the focus, it does really shift to opec with the meeting in the city. let's go back. clearly they have to deliver in vienna. it is all priced in, wti is picking up though. reporter: we are another 5% or 6% higher, so moving to $51 a barrel level. going into the talks on this, vienna is propping up the price. it will be interesting to see the market react. we will be monitoring that very closely. elsewhere, emerging market currencies are rebounding

reasonably well after last week's shock in brazil. and u.s. equity session, we are seeing broad-based gains that start here when markets open shortly for equities. repaira little bit of from the sentiment. sachs, they scale back their: treasuries. what is that about? what is their new target? adam: we will just bring up the chart now and see how the contrast with the start of the year. this is in line with what is happening in the bond market as people have assessed their evaluation of the u.s. economy and how the fed can continue to promote growth, given concerns around inflation. interesting to note, going back year, by thehe 10

end of the year back to the start level at the beginning. but now in the big week with fed speakers, we have got harder and kashkari later today, the minutes from the may 3 meeting, they are later this week. there is a lot getting into .ricing from the june meeting it is a fair assumption, 80% looking at the airways that we will get the june hike. now it is about how the bond , bringing downn the balance sheet. still a lot of disagreement. friday, notorious dove sounding very hawkish india when it comes to the news. still quite a lot to play for for the u.s. bond market. back to you. betty: looking ahead to the trade this week. now looking ahead on daybreak

australia, protectionism stopping and vietnam. we will see some of the biggest economies, what they see in global trade and america's place. this is bloomberg. ♪

♪ is everybody on the team, with the u.s. think about it. when the world talks about memorandum, [indiscernible] reporter: have you approached the u.s. for a meeting? >> no. reporter: do you intend to? >> no. >> you start with lower, so you nafta, werespect to have been clear it is in agreement that was negotiated more than two decades ago, about

11 times. so we are happy to sit at his table, there are some things to propose. >> we decided to be a part of this team was because of the potential access to the market. one of the major motivations we -- that is our position. betty: aipac ministers talking about trade policy under the trump administration that despite the u.s. pulling out of the transportation partnership. -- transpacific partnership. they say can go through without the world's biggest economy. hanoi, the man urged unity. japan wants to continue with deals despite'trumps decision to withdraw. the tpp is the only agreement

that has in-depth coverage of things like digital trade, intellectual property, customs procedures, and so forth. only the tpp covers all these areas. it is highly regrettable that the u.s. decided to withdraw, but even without the u.s., trade remains hugely important. betty: u.s. protectionism was one of the main topics this week, and we spoke to the world trade organization on the sidelines of that event. biggestral said the risk is one country asking -- acting alone. >> there has been an improvement. we do expect actually for 2017, numbers will be higher than 2016 . 2016 we grew by 1.3%. this year we expect to go 1.8% and 3.1% depending on the

environment. we are actually going to do better, but still below the historical average of trade growth. treaty,: with the u.s. what message would you like to send the trump administration and the trigger presented of? -- the trade representative? >> trade is not easy. it is a complex equation. numeral something here, somebody else is affected somewhere else. then we have details. we know what we want to do, but we have to look at this in a careful manner. it is all connected somehow. and i think the new administration, they just took office. they are thinking about this very carefully. so from your perspective, what is the biggest threat to the multilateral trading deal? >> the biggest threat is for

countries to do think on their own and take unilateral action eerie once they do -- unilateral action. once they do, we will have the sluggish economy, near stagnation. the tendency to find solutions looking inward is higher. andle do that, look inward take unilateral actions, disrespecting everything we have agreed before. the tendency is a domino effect where you do something, somebody else is ok. you get into this downward spiral that is extremely negative. it happened in 1930, and we know the result. haidi: that was the ugo director. a quick check on the business flash headlines, bloomberg has been told and investment consortium made out of goldman , has agreed toda

buy the australian company icon cancer care. they will pay more than $1 billion australian, around $750 million u.s. the announcement may be made sometime this week. betty: audi has reached agreements with china, ending a dispute sparked by volkswagen's plan to start producing audis. they made them exclusively with the fdic tie up. reached means any of those cars will be distributed through the existing sales network. installment in the science fiction series aliens got the top spot for the north american box office, topping guardians of the galaxy. it had sales of $36 million according to estimates from some

score. guardians came second with $35 million. following that, everything everything and diary of a wimpy kid. betty: ok. breaking news, an early merger between huntsman and clarion. the chemical makers, they are out to be in talks to merge of reports that companies were talking about a merger worth almost $14 billion. peter huntsman, the ceo, would become the ceo of the merged company. his are according to reports. all we have now, confirmed at the least, is a headline that both companies are said to be in talks to merge. some reports are saying the announcement could be made as early as monday here in the u.s. the company is based in texas, clarion based in switzerland.

a possible early merger for you. we will keep our eye on the breaking news. this is bloomberg. ♪

haidi: i am haidi lun in sydney. betty: i'm betty liu in new york . you are watching daybreak australia. the saudi arabian energy minister set all of the oil producers he talked to her on board for a nine-month extension for the cuts in june. speaking in riyadh saturday, he said saudi arabia will not pick up any slack from people who deviate for the agreed output. >> i have not spoken or heard of against thethat is extension per se. everybody likes the extension. we have not achieved our

objective. reporter: are you concerned the market is pricing the cuts in, meaning it will be difficult throughout? >> we are looking for a specific -- not looking for a specific price. we are looking for an agreement to a consensus and clarity for the markets, steady as we go, contributed with that. markets too much in the by a large group of producers, opec and non-opec working together. claritytive clearly is of where the market is going. i am less concerned about prices over the next 12 months and then supplies decade when may be short, and the

approaching -- and we have the annual decline. unless we invest, overcome the decline with new significant capacity coming in, we will face a shortage. we in saudi arabia don't want that. i understand you are not targeting a price or want to talk about a price, but give me some specs over two decades and the shale producers part of the equation. let's say your production cut doesn't have the effect you want in the longer term. would you think of overpumping so the price goes down? >> that has never been part of the calculus. we don't overpromise or want to squeeze anybody help you -- anybody out. saudi arabia has a fair capacity, opec will do what is necessary. was offthat the market

a few years ago, with mergers between supply and demand. any opec action in 2014 would not have helped in terms of cutting. so with the restructuring of supply and demand trajectories in play over the next two years, opec is able to calibrate supply with great partners from outside to bring the supply, demand balance down, give clarity for investment. haidi: that was the saudi energy minister with bloomberg's francine lacqua. we are going ahead to the opec .eeting in the anna a lot has gone into this. we have had a lot of language coming through, expectations they will extend the output cut deal by another nine months. look at the price expectations. 8570 is the chart i am talking

about. 20t you have is 2016, 2017, 19 consensus as well as the near exploration, and everything so the price $50. expectations are not expected to go much higher. the problem is whether opec wil continue to be undermined by u.s. production. betty: that is right. great obviously for opec to see that this price is stuck at this level, $50. as you mentioned, the u.s. is not helping things at all. downes seem to be slowing -- does nothing to be slowing down by any means. u.s. production continues to ramp higher and higher. the question is, what is the threshold, the pain essentially. at what point does the production scale back?

we will keep watching that meeting. there are a lot for investors to focus on, not just opec but a fresh round of economic numbers. the biggest market movers of been none of them have trump. su: we get to play where is trump? that will be a new game. if we go into the bloomberg off the bat, the s&p 500 got a nice and an upbeatiday note, but you will see it was on track for the second straight week. we have not had two back-to-back losses, will, only the third time in the year to date. we start off on a positive note going into monday. we have some notes on bloomberg with the merger. there is a huge focus with the countdown in vienna.

let's go to bloomberg again. you saw the 50's deterred. this is an interesting chart on how the producers and consumers are going into the index. when you have seen as the latest developments of how the global market -- the highest is 17 months, eight 2 million barrels -- 18 million barrels. oil isthe idea that going to come around the $50 mark in the chart bit ago. then finally we have got a lot .f earning stock coming out a lot of canadian banks are reporting. we are getting to the tail end of earnings season. i will be a driver. -- that will be a driver. economic terms of reports, we are looking at the fed speakers expected this week,

but on the macro front? su: a lot of reports on the housing industry, which tells us , we are continuing to see robust buildup in the market. let's go talk about the events in front of us. sales, as. new home nine-year high hopefully. wednesday we get previously owned homes. that probably eased in april, both indicators telling us, likely tell us we will continue to see this as a robust aspect of the economy. we will look at data points on the second estimate, revise first quarter gdp. the first quarter was rather weak, and for durable goods, that is a factor of activity. that is one the remain strong. and where is trump? he will continue to dominate headlines as he goes to the .roup of seven and nato

he leaves saudi arabia for israel in his first overseas trip. making a lot of headlines. haidi: absolutely. president trump, never far from the headlines or the top of market catalysts as well. yvonne and betty are up next with daybreak asia for the trading week. you are looking at japan's trade , and expecting an easing. yvonne: we are looking to see if we reached the tripping -- tipping point. each economists think japan will april,to ¥521 billion in ¥121 billion shy of march. we have seen signs of fading ,emand out of china, the u.s. as you look at the pmi index is. that is showing signs of weakness, the yen strength also a culprit.

we see the political risk out of the u.s., could see a big headwind for the exporters in japan. betty: it could be, but no doubt the gdp numbers positive for japan, five straight quarters of growth. we will talk about president trump's trip to the middle east and particularly saudi arabia, robert jordan joining us, the former ambassador. he said president trump is finally getting more on script as we heard over the weekend, a lot of deals between u.s. companies in saudi arabia and saudi arabia companies. jamie dimon giving a vote of confidence to the administration. haidi: but as she said, never far from the headlines. wherel take a look at e.m. trade goes from here. we will talk to the head of aging -- emerging markets at aipac. we have seen some recovery in em currencies after the turmoil last week.

on the equities front of the under evaluation story is compelling compared to developed markets, and there could be further to go. that is it

♪ >> president trump dials back the rhetoric as u.s. companies sign multilateral deals in riyadh. >> extending wall street's higher close, oil rises, giving energy companies a lift. >> jamie dimon speaks exclusively to bloomberg, saying there are great opportunities in the global markets. view.t is one asia-pacific trade ministers are concerned about rising protectionism.