♪ >> this hurricane irma pounding florida. swamping miami's financial district and knocking out power to millions. we will be live in orlando with an update. >> we have forecast of a damage bill in the tens of billions. we will look at the hit to u.s. economic growth. set a deadline for the end of fossil fuel-powered vehicles. >> x marks the spot, leaks

revealing more about the 10th anniversary iphone, apple's most important new product in years. welcome to "daybreak asia." you, thewere showing devastation by hurricane irma as it made landfall today in florida. bring up those pictures again of what it looked like an ft. myers. certainly very scary as the storm moves westward. we are tracking the path on our bloomberg here. hurr , irma taking a different direction, more westward. the severity of the storm is continuing to decline.

by monday at 2:00 a.m., a category one storm. that may be why we have seen various estimates, including one reducing estimates of damages from $200 billion to 48 billions -- $48 billion. >> it is a movable feast, isn't it, as we assess that different kinds of damage to property. there are households without power and some may go without power for weeks to come. some of this infrastructure damage will need to be built from the ground up. we will be talking to a real estate developer with property in miami and get his take. in the meantime, let's look at how futures are trading.

friday, pretty much mixed up, jitters around what would happen with hurricane irma. the evening futures trading higher, up .3%, so a slight rebound from what we saw on friday, perhaps relief from investors that we did not get much noise out of north korea either. reports that the leader is throwing a party for his key nuclear scientists. pyongyang as opposed to a missile tests, but north korea still in the forefront when it comes to risk events. the united nations seeking a council vote on draft resolutions were further sanctions. china and russia have expressed their doubts and push back against that. a bit of a mini risk rally for the greenback. thingsthat relief that

had not materialized as worse as expected. in asia and early trade, new zealand extending losses come off by .2%. we did have a rally when it comes to the kiwi and the aussie dollar, proxies when it comes to the china grow story, which got another leg up over the weekend with the ppi number beating expectations, as well as consumer inflation doing nicely. sydney will open flat. coming down a little bit from that handle we hit on friday. let's get back to hurricane irma as it has made landfall in , hugging the coast as it moves north, now a category two storm, wind of 180 kilometers per hour. erik schatzker is with us in orlando. the markets breathing a sigh of

relief that things have not materialized quite as bad as we braced for, but on the ground, it is still looking pretty bad. >> it is looking pretty bad. where i am in orlando, it is getting worse. in the past hour, the wind has picked up considerably. there are tornado warnings in this area. the gusts are getting harder and harder, the rain now coming down in sheets instead of a steady, heavy downpour. that is the way we expected to continue over the evening. the storm is moving up the west coast, the peninsula. we are a little inland. 1:00 or 2:00 eastern time in the morning, it should be where tampa is, about one hour and 20 minutes west of where we are in orlando, so we will get the brunt of the storm right around then. at the moment, it is bad enough,

but getting worse. >> i want to jump in here. tell me about the evacuation effort. west.orm is moving does that mean there will be more people who will be unprepared for the storm? >> the short answer to that question is yes. of best thing the state florida did was order widespread evacuations. people who could have been in areas hard-hit by the storm evacuated. , some placesout like north of miami, miami beach, the storm is bad. you have seen the pictures. it is not as bad as it could have income of but it is better that they are safe and out of harms way than say in a place like miami right now, where the conditions are as you described

and as you have shown our viewers pretty awful. on the west coast of florida, the evacuation order in many cases did not come through until yesterday, but the storm is weakening, now a category two, and if it stays overland, it will continue to weaken comments of the risk to human life drops as the wind drops. there is still the potential for lots of damage and long-term repercussions. i want to play you an excerpt of my conversation with tampa's mayor yesterday when we were talking about how things will look, not tomorrow, but in the days and weeks ahead. >> for us, it is always the search. we are a low lying community on the water. if we had a category 3 that came up tampa bay, my office would be 15 feet underwater. i don't think that will be the case. that is what we train for. if tampa sees a search like

that, and it may yet happen, is very low city lying, so much of it will be underwater. clearing invested in the storm sewers, but have not upgraded their prompts. there is a great deal of public infrastructure that will be underwater and out of commission. large port. very that court could sustain damage. fuel supplies could be limited as a result. even if the storm passes and the people who evacuated in-depth safe, it is not the end of the story. thank you so much for that. stay safe. erik schatzker there for us in orlando. let's get you caught up to date with first word news. the u.s. has called for a un security council boat on monday to impose sanctions on north korea over its nuclear

tests. a draft resolution has been circulated that would ban oil shipments. north korea celebrated foundation day on saturday. kim jong-un reportedly held a banquet for nuclear scientists and technicians, calling the test a great victory for the country. the u.k. brexit secretary has rejected accusations that the government is attempting a power grab. the sunday was in telegraph, but his lawmakers blocked the bill on monday that made lead to an "chaotic departure" from the block. theresa may lost her majority in the june election. phones most important new will be called the iphone x. strings of software code showed three new models will be called the iphone eight, eight plus, and the iphone x. apple is set to unveil them tuesday. the leaks come not long after

apple published speaker software that provided details on upcoming iphone features. china's factory prices climbed for a 12 month as domestic mandate remains resilient and the government reduces excess capacity. percent inse 6.2 august from a year earlier, up from 5.5% in july. the cpi climbed 1.8%, compared with 1.4% a month earlier. china will set a deadline for automakers to into sales of vehicles powered by fossil fuel in a becoming the biggest market to do so. industryminister of and information technologies said the government is working with regulators on its timetable. the move will accelerate the push into the electronic car market and follow similar decisions in the u.k. and france. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

>> thank you. hurricane irma despite the reduced strength may leave a trail of destruction worse than harvey did in texas. the combined impact expected to take a bite out of u.s. economic growth. it could potential he delayed the next fed rate hike. joining us is su keenan. we did see expectations come down. >> we did. goldman saying there will be short-term pain and then a boom at the end. let's go to some video. the storm hitting lower levels of florida. damage is saying the from two major hurricanes could wipe out 1% from third-quarter gdp. they say it could deepen the slowdown in the u.s. economy already reeling from harvey. the bullet points about harvey. it has knocked up 25% of refining opacity, the power outage hobbled one of the largest cities.

online, they believe that third-quarter gdp could basically hit payrolls. the damage could hit the payrolls, hurt car sales, and cut .3% off third-quarter gdp growth. they also think that you will basically see a a lot of the losses from the third quarter made up in subsequent quarters. thee look at a quote from concerns out there, they do expect that there will be rebuilding that will make up for a lot of the losses. is, you talkon about impact on inflation, and we were talking about how well not deflationary, certainly a dis-inflationary play at what does that mean for the fed? >> the day to day will be getting may not be accurate over the next two months. they believe inflation will perhaps continue to weaken and there are efforts to raise rates will be stymied. the we have a coat -- quote from

william dudley. wet he believes is that when think about the impact of these storms, he says it will be hard to read the data and know what the data would have been if yo took out the hurricane. in terms of whether it will push back, wirp , highly likely if you listen to what the utley is saying. if you listen to bond traders, they don't believe there will be a rate hike before the end of the year. some big u.s. economic reports this week, especially on inflation, right? pricesation, consumer closely watch, also retail sales. let's go into some of the video and show pictures and some numbers of what will be expected. of retail sales, they

are expecting a big bump in august and believe that the inflation will continue below the fed projections. although towards the goal of fed policymakers. ,e have results coming out gasoline prices up 5% after the harvey damage because it hit the golf. -- the gulf. to core inflation tends cancel out feel prices. >> some distortions to come in the next couple of months. thank you so much for that. live at the we are investors form in hong kong with our exclusive interview with the chairman and ceo jonathan sloan and about ready minutes. next, we return our focus to the impact of hurricane irma. we will speak to one person who real extensively th

estate investments in the line of fire. this is bloomberg. ♪

♪ relief for breath of u.s. markets and the dollar, more risk appetite than expected as hurricane irma continues to not ast, but devastatingly as expected. some upside when it comes to the tokyo open, nikkei futures pointing upwards by 30 points. beautiful tokyo ahead of the start of the trading week. this is "bloomberg markets: asia." >> no storm brewing there in tokyo. we had been talking about, tons of flooding, trees down from hurricane irma. turned miami's financial district into a river. that is a live picture of fort

myers, florida. research saying the storm could and almost $50 billion threatened to trillion dollars worth of property. their estimate had been up to $200 billion, but that might be little comfort for the pe company that holds real estate in miami. don peebles is joining us on the phone. safe. if you are your properties in miami in particular, what have you done to prepare for hurricane irma? officet, we closed our on tuesday in miami and encouraged our staff to take a vacation on the company so that no one lost any vacation time and encourage them to take as much time is they needed and work remotely once things settle down. we buttoned up our properties, my home.

what has happened is miami and south florida have an through this before with hurricane andrew. then again in 2004 and 2005. 2004, there were four named hurricanes that went to the miami area within six weeks, then katrina and wilma the following year. we are expecting consumable others of flooding and disruptions in terms of our power grid and so forth in south florida. interrupt youn to come a but what are some of the initial estimates from your people on those properties about the damage you are sustaining so far? >> we don't know yet. most of the cameras and all of out,ower has been knocked so things are operating with generators to a degree on a limited basis. you won't get a good assessment

of the damage there until tomorrow or the following day. there are a lot of cranes downtown. one has gone down, and i would expect several others to go down and have significant damage as a result. have an impact on the economy, and i don't know if it will necessarily be negative for auto sales because the insurance companies will be settling a lot of total loss claims on cars, but rebuilding will be a big challenge because all of a sudden you will be taking miami for example, downtown miami took and now webuild up, will have to rebuild a large part of that. there will be huge demand on materials and labor, so there will be a stimulation in the economy. when it comes to building materials, i would expect to see dramatic price increases between

tampan and florida in certainly not ready for this. you are expecting to see distortions across the data in all sorts of ways, many of which we have not anticipated. you own these properties in miami beach and say you are waiting to get an estimate of the damage and the cost of rebuilding. does this kind of event make you consider -- reconsider your business holdings in areas like this? through thisent before and were delivering buildings in 2004 in 2005 that were near completion. the market rebounded relatively quickly, but not as much as it would have been expected. and the state of florida are seen as a growing market with good structural fundamentals like no state income tax, so we will continue

to invest there. one of the challenges in terms of rebuilding their and in houston is the availability of insurance because these insurance carriers will be hit extremely hard, and so what is the cost of insurance? impedimente biggest to new construction after hurricane katrina and wilma went through florida. that made it much more difficult to do new buildings in the early years after that because the insurance rates went up so dramatically, but they have now stabilize, and unfortunate they up, and thatk will be a big impediment. >> has opposed to a public servant come if you will, how much would that do to you as an investor from making investments in the area? you say you know what to prepare for, but the fact this has happened and you have to go through that cycle of rebuilding and potentially the premiums

could be quite debilitating, in particular for smaller businesses in the area, so will that cast a shadow over investment in this region? do.eah, i i think unfortunately that there is not going to be enough labor .ool to go around to rebuild the availability of materials will be difficult. the availability of insurance will be difficult. so what that says is that there are other places to go and do business. i run a national company, so we are developing all over the country and will deploy more resources elsewhere where we can get a rapid return. florida will be a grind out recovery and discourage a lot of investment. the people who were in hurricane katrina in new orleans, they left and went to other parts of the country, but did not come back. that will happen again in houston and miami, then most likely rebuild backup. it will take time.

>> i want to squeeze in this question about donald trump and how you think he has done and what you think about the business community losing their confidence and trump. earlier on, you had voices some support for him. now what do you think about his performance and the business community losing confidence in him? i think the president has had difficulty in some regards of tempering his style to being the president of the united states, and so a lot of that that we see is style. i thought that him making an agreement with the democrats on the debt ceiling and the relief package for harvey was a very positive step. i am hopeful and optimistic that he will work with democrats more often and take away some of the partisanship, so i have not lost confidence. i think he has made some mistakes in terms of style.

what happenedat in charlottesville, i thought he could have handled that better. countryople, the elected a freewheeling entrepreneur who has less discipline and less structure, so we will have to see. i think we have to give him another year to see where things are. >> thank you for joining us. peebles.es -- this is bloomberg. ♪

haidi: a quick check of the business flash headlines for you. equifax may not have adequate insurance against cyber breaches . it was one of the biggest tax in history. -- hacks in history. thanxpenses may be more what it will have to pay. 143 million consumers were

affected at risk. china announcing plans to phase out fossil fuel powered cars. what that means for the auto industry. this is bloomberg. ♪

haidi: it is 9:30 monday, the start of a brand-new trading week shaping up to be a beautiful spring week. 30 degrees celsius. we are 30 minutes out from the start of trading when it comes to asia's first major market. sydney stocks are seeing a downside at the open, but we did have more risk appetite from the u.s. session, in particular when it comes to events of the weekend and hurricane irma does continue to batter the course -- coast of florida but has been revised down. we are looking at a mixed open but more outside then we are anticipating.

betty: that is right. , it is beautiful, other major markets around the world like sydney and tokyo and fallork, it was a gorgeous afternoon, beautiful sunset, 7:30 p.m. markets ended pretty much mixed on friday, but there is an upside in futures now. i have betty liu in new york. -- i am betty liu in new york. haidi: let's cut you -- that you caught up with first word news. rosalind: hurricane is pounding florida's west coast, making two land falls and driving a water wall. tampa bay is preparing for its worst disaster in decades. it is threatening alabama and georgia. irma has knocked out power to 2 million customers and shut 6000 gasoline stations.

bill could be in the tens of billions of dollars. donald trump: i think it has been really well. it is a rough hurricane as you know better than anybody. the coast guard has been amazing already. you hear what they are doing in the middle of the storm. fema has been an incredible. we are working with the governor. rosalind: the mexican government is flying supplies to survivors of the earthquake that killed 90 people. some people are still trying to get outside of shoulder collapses. the magnitude 8.1 quake was the strongest in a century with damage across several states. german chancellor angela merkel has called anti-immigration demonstrators rowdy. she protested they will stop at her election rallies. despite discontent over her

refugee policy, she leads i as much as 16%. -- by as much as 60%. don't miss our show, 5:30 p.m. in sydney on germany decides. the latest political and market analysis in the lead up to the election. former white house strategist steve bannon will speak at an event in hong kong posted by a unit of security, china's biggest security brokerage. last week steve bannon told charlie rose president trump's economic adviser gary cohn should have resigned rather than criticize his response to charlottesville. breakyou are going to instead of resign, the stuff that was leaked that week, if you find it an acceptable, you should resign. >> who are you talking about? >> gary cohn.

if you don't like what he is doing, you have an obligation to resign. >> gary cohn should have resigned. >> absolutely. rosalind: china's central bank is trading currency forward. this is after the slow appreciation. they will stop requiring financial institutions to set aside cash when buying dollars for clients. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ haidi: thanks so much for that. a bit more on what we should be watching in asia, sophie kamaruddin is watching the asian open for us. one of the things out of the priceas the stronger inflation and cpi in particular, factory numbers -- better than expected for august on saturday.

taking into context, we have stronger inflation pressure for metal prices. you can see that on btv 7008. this is being painted for factories on the mainland. the jump in ppi prices, the panel on the bottom here indicating that. the uptick in blue and white here. in growing at a faster rate august. that confronted expectations of chinese demand for base metals. we have analysts highlighting the caveat for this inflation story it is his -- it is driven by this stimulant driven demand, particularly infrastructure spending as the taxi curve. this is the irreversible and may not bode well for metal.

[speaking simultaneously] haidi: go ahead. [laughter] anxiety over base metal that played out on friday after chinese exports slipped in august, right? it came through metals, that cap a base -- a bad week for metals. #btv 3995, the first weekly drop in nine weeks for the lmp index. pricester global metal soared in august, tracking an update in chinese pmi. friday we are getting cautions playing out, copper falling, reversing the weekly gains and snapped the longest rally for the metal in a decade. funds with aedge net long on copper after last week, but the short position on

copper has risen for the first time in six weeks denoted by the yellow bars here on 4706. copper prices are up 45% from a year ago, but the metal has climbed above is fair value. we might see that come down half , continuing concerns over the larger macro picture. betty: thank you so much, sophie kamaruddin on the markets. while the market in the u.s. and wall street, we are keeping our eye on irma and the impact of the u.s. economy. the dollar bouncing back, there is indication for mixed open as the rest of the week. major events including economic numbers and earnings. su keenan with more and also the apple launch. action-packed week. as we look at the monday open, investors, the u.s. may think they dodged a bullet the hurricane appearing not to

pack quite as strong a punch as expected, and the north korean threat easing just a bit. we look at commodities, we heard a lot of action from sophie referring to orange juice. it will be in the spotlight. it is a big crop in florida, and there was a prediction in the worst-case scenario for florida happened with the hurricane, orange juice would become unaffordable. it will be interesting to see if that comes back, but in electronic trading it is up big. oil has been bouncing around as has gasoline impacted by the harvey hurricane. let's go into a chart of one of the big insurers with heavy exposure to florida, heritage. there are a half dozen that mainly ensure florida. you can see the drop in percentage going into the storm, and we listened to erik schatzker saying it was not as great in damage.

on the westprepared coast like tampa, people did not prepare here. insurers could believe there will be significant damage. let's go to btv 4148 in the bloomberg. fascinating chart on the catastrophe bonds. this is how investors hedge against a hurricane. they will bet it will not do a lot of damage, look at the 16% drop into the storm. it will be action on the bonds on monday as well. haidi: fascinating way to look at that. the key earnings this week, not just about the weather. what are you watching? su: one of the things that will be key is inflation. there is expectation that that will continue to come in below fed expectations. this is video of some of the repair they are having in the wake of harvey, and there are a

lot of workers in this home doing electronic repairs, plumbing repairs. longer-term we will see, but in terms of august data, u.s. sales advancing at a solid clip. consumer prices increase in august, gasoline prices have surged 5%. that does not show in this recent report, it will show in the weeks ahead. we have earnings out, oracle, service and, and more -- emerson, and more. haidi: major event indeed. highly anticipated, thank you. china has a deadline for automakers to end sales of the yokels posted by -- and of the eccles with fossil fuels. they will and production. tom mackenzie has been all over this. what does this mean for the market in china? tom: there is a significant

gearshift for the chinese auto sector into electronic vehicles. they are trying to coalesce around the ecosystem, batteries and vehicles. you have companies, state owned companies leading the pack on this. act sold 11,000, they 40,000.- bayac just a drop in the ocean, but numbers are increasing rapidly. there is a reason for china making a push, they want to improve pollution problems and abroad. on imports from this is an industrial shift to dominate electric vehicles. thegovernment is working on details, but the u.k. and france carsto phase out gasoline by 2040.

we could be looking at 2040 for china but still waiting on that date. betty: the implications, what are they for foreign carmakers? san,you have tesla, the honda -- nissan trying to expand production in shanghai. we know electric vehicle numbers are going to increase significantly. china is the number one auto market already, it will be the electric vehicle market as well. subsidies, domestic carmakers get them. that is a challenge to foreign automakers. betty: thanks so much on the carmakers and car market in china. up next we will be exclusively to the ceo jonathan sloan from the investors forum in hong kong. this is bloomberg. ♪

♪ betty: we are counting down to asia's first major market open this morning, 15 minutes away from the tokyo open. ,ooking at the nikkei futures looking at a slightly higher open in tokyo. this is daybreak asia. i am betty liu in new york. haidi: i am haidi lun in sydney. we are looking at more positivity into the asian trading week. we have the china story with the tailwind and inflation, the factory gate reflation story intact with the numbers, numbers beating expectations. clsa isis holding -- holding a forum. the chinese brokerage aims to take on the world. angie lau on the ground.

what are they talking about? it is sold out, more people than ever wanting to join, 1300 delegates from companies ranging from multinational and big firms let you know, senior executive all coming here for the 24th annual china.nce in i want to welcome our radio listeners in new york, san francisco, d.c., across the country and around the world. ceo jonathan. take us around the world. let's start right here in asia. this is a year ago, everything we are talking about happening in asia, china slowed down, that ared any fruit.

>> people are more relaxed about what happened, you have a weak dollar, very strong chinese , unexpectedly strong. you don't have the collapse of the property market that people were talking about. hong kong is in good shape. japan is slower than expected but not so much. things are good. we are seeing the international money in the marketplaces. strong.inbi is very we are in a good place, and we were not there last year with the impacts of paper a on china, the slowdown in china. china is either too hot or too cold for people. china is doing fine. made, athe reforms are lot of policies in place are taking shape. so this part of the world is in good shape. fore: china is preparing

their party congress. xi jinping, liquidity and the changing with leveraging. how does that impact foreign investors? jonathan: the last five years has been about his plans to clean up large parts of society. he will focus on financial this time around. what he wants to do is open up marketplaces but open marketplaces that control fashion so they do not get out of control. this is how he came to power during the global financial crisis. he saw the damage that did and the extraordinary stuff he had taken to make sure this huge system risk. xi jinping is cautious. he understands the needs to put the market more at the forefront of the economy, but he does not want it to be uncontrolled. angie: china was one of the most inquisitive countries in the

world. [please stand by] it looks like we just lost the signal for the interview between the clsa ceo and if you allow. we will get -- angie lau. it looks like a lot of the doomsday scenarios not getting out. we have the feed back. let's return to the forum with angie. angie: all right, thanks. let's take it back. we were talking about china and the concern about the deleveraging and the impacts of sayinging coming in and that company is not interested in both types of acquisitions. jinping is think xi

being a good country executive. he saw a lot of money go out of china, was not sure where it was going, if they were paying the correct money. he said we have got to cause. -- pause / we don't want a situation where people went willy-nilly on assets. he wants a controlled corporate fashion. this is good politics. some of these were good and great. some of the not so great. they were over paired. -- overpaid. angie: it seems really arbitrary especially when you are trying to advise investors and clients where to put their money. jonathan: what i tell investors to do is to understand true pricing. there is a lot of fluff in the global marketplace. we have the impact of liquidity. president xi says don't be distracted by liquidity. find the underlying value. if you are looking at buying

assets, that is great, but don't buy them so quickly. the way the assets were piling up was too fast, and with due diligence, it was not done. angie: what will we hear october 18? jonathan: new leadership, and i have no clue on that, but you will get a more corporateist argument. we get a super regulator. we get more regulation that will allow the marketplace to have an easier time of finding prices so on and so forth. angie: north korea? jonathan: it is difficult. my view is china has less leverage than the united states thinks but probably more than china thanks. angie: even stephen bannon is here. he was making remarks that some people say are critical remarks about north korea. jonathan: he said you cannot have military action when you have sold so close to the border

and have so many people killed. no matter how quickly the u.s. goes in, they will be a lot of carnage. steve bannon was in the navy and those what that looks like. -- knows what that looks like. think abouto you the u.s.-china relationship. jonathan: we would like clarity on what it will look like. the economic war is that for everybody. both sides need to come to the table and address each other's concerns. that will happen. for china, they will come. i don't know if the u.s. will really talk. china has been clear what its core issues are. united states has not. --ie: interesting as not movement on who will be with the fed next year. i don't think it will be janet yellen. sam fisher will not hang on for that. jonathan: i think we are overthinking the fed.

when are they tapering, when are they getting the bonds -- nothing will happen until we get global inflation. don't over think this. angie: good luck with the next couple of days. it is happening right here. back to you. betty: thank you so much for bringing us that interview. that was angie lau with the ceo of clsa. as you saw on the bottom, japan machinery orders came out a few moments ago for the month of july. coming in much better than what economists had estimated. month on month a healthy again of 8% -- gain of 8%. almost double than what they had estimated at 4%. year on year decline was less than what economists had said, 7.5%. the 8.5%.er than that measures is this investment

and sentiment in japan which continues to improve over the last several months. we will keep our eye on the japanese market. more ahead. this is bloomberg. ♪

♪ this is daybreak asia. i am betty liu in new york. haidi: i am haidi lun in sydney. over the next couple of hours and days, we will be looking at the company -- at the continued impact of irma and harvey that continued to be felt after data we are getting for the next few days, it should show the weather events. look at this function because you can use that to track the weather event. hurricane irma is that gray area.

this is hurricane jose. this does not end with a irma. irma has been less impactful. the eye of the storm and economic and agriculture impact, we were talking to john peeples, and he said future investment in the area and the ability to get work -- a lot of destruction and devastation. absolutely, but there are some say not as much as expected. the damage could be $50 billion, a quarter of what was expected this morning, and in terms of the reaction of the market, seeing equities, stocks rebounding here, but also the dollar is gaining as well. that is the lack of tombs day we are seeing -- doomsday we are seeing. this could change of the storm strengthens.

haidi: this scope over the relief rally into the asian open, the start of the trading week coming up. take a look at what to expect in the weeks to come. ♪

♪ >> stocks set for a mix to start in asia. the dollar gains as worries ease over north korea and hurricane irma. storm has templ tampa bay in its sides. gaveina factory places accelerate. .> marks the spot we will look at what it means for apples chinese rivals. ofthis is the second hour

"daybreak asia" from our global headquarters in new york. we continue to monitor the fallout when it comes to hurricane irma, this wall of rain and wind. let's get some live nature's we have been watching all morning in asia. the power and reach, 220 miles, the likes of miami submerged. we are continuing to wait in see in terms of the impact economically and on the people. there are 2.5 million households without power, and could be that way for weeks to come. >> i believe those are live pictures of west palm beach. afar,looking at it from the palm trees swaying in the wind like that. damageough the economic

has been downgraded to $50 billion to some estimates. let's get to first word news. rosalind: the u.s. called for a un security council vote to them post sanctions on north korea over nuclear test your. would ban oiltion shipments. north korea celebrated foundation day, kim jong-un holding a banquet for nuclear scientists and technicians, calling the bomb test a great victory for the country. is flyingn government supplies to survivors of last week's earthquake, which killed 90 people. some people continue to sleep outside, fearful of collapses as aftershocks continue. the 8.1 quake is the strongest to hit mexico in a century with the damage across several states. apple's most important new phone for years will be called the iphone x according to a leak.

showed of software code the models will be called the iphone eight, eight plus, and iphone x. apple will unveil them tuesday to the leak comes not long after apple accidentally published speaker software that revealed features on the upcoming iphones. china's factory places climbed as demand remains resilient and the government reduced access industrial capacity. cppi climbed 1.8% compared with 1.4% a month earlier. has a deadline for automakers to in the sales of vehicles powered i also feels. the vice minister of information technology said the government

is working with regulators on a timetable to end production and sales to accelerate the push into the electric car market. it follows similar decisions in the u k and france. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> thank you so much for that. let's get a quick look at how markets are setting up. let's start with the good news. inflation story intact over the weekend, expected to provide a tailwind. sophie: take a look at metals. we are seeing some pressures for that space. the offshore yuan under pressure. that despite the faster than expected inflation data out of china. we could see the yuan on course for a second day of weakness. , futuresr picture

pointing to a mix to start when market to stock shares, the nikkei jumping .9%. managing to gain .2% kospi isen, while the edging higher. of dollar is the key driver this morning, retracing some of the slide we saw last week. the aussie and kiwi dollar losing some gains. 1.08, theck above first day of weakness against the greenback in three days. some caution remains when it comes to the bigger picture ahead of monday's united nations security council vote on fresh sanctions against north korea. , all sectors in the green led by health care and i.t. stocks.

we also have the latest read on japan core machine orders, up 8%, perhaps indicating business spending in proving. topix a strong start to the week for the after last week was the worst week since april. playingngth has been partly into the selloff in japanese equities. should north korean risks persist into mid-october, that could keep weighing on shares. to show you that foreign funds were net sellers of japanese equities for six straight weeks, but mitsubishi ufj and morgan stanley said buyers could return over the next month on continued positive earnings revisions. on, theto show you can ceo saying the company can be

profitable even with the yen at 100 against the dollar. carmakers in tokyo, honda and assan, china working on timetable to phase out fossil fuel vehicles. launch animing to electric car for the china market in 2018. >> thank you. in the meantime, hurricane irma is making landfall in florida, hugging the west coast as it moves north, now a category two storm, wind below 184 kilometers per hour. president trump says it is a monster storm and relief efforts from fema to the coast guard have been well coordinated. >> i think it has been going really well. it is a rough hurricane. the coast guard has been amazing already. you have been hearing what they

have been doing in the middle of the storm. fema has been incredible. we are working with the governor's in surrounding states. onerik schatzker joins us the line, reporting on this hurricane. president trump was just saying that the evacuation emergency efforts were well coordinated. does it feel that way in florida? >> it does. they started early and got a lot of people out of the area a couple of days ago. i have seen quite a number of them here in orlando. start on theower west coast because initially we that the hurricane would track up the east coast of hard to thetead it northern coast of cuba before turning northward and hitting the florida keys this morning, and now it is 25 kilometers as east,0 p.m. eastern time

istheast of ft. myers, which southwest of where i am in orlando, but making its way up the coast. the wind speeds have slowed to , 105ilometers are our miles per hour, but the storm is moving faster, which may be a good thing, pushing up the coast and not sitting in place drenching this part of the state with more rain. in terms of the economic fallout, the damage is a movable feast with these estimates. cutting down that damage to $49 billion. what are we seeing so far in terms of the damage an impact, florida being a key agricultural state as well? >> the principle crop growing

areas have not been affected yet. southern florida is largely the everglades, so if you go west from miami, you are in the tropical bush. we know that miami has been inundated by a substantial storm surge and wind pushing that water around. there is undoubtedly some significant damage in miami, and a lot of people in that part of the state who have lost power. has some highys value property, hotels, and key west, sustained catastrophic damage. it willylight tomorrow, be difficult for anybody to come up with a reasonable assessment. the same goes for southwestern florida, marco island about the everglades, naples and ft. myers have been slammed this afternoon by wind.

that was still a category three storm in the naples area. probably only now that the storm surge, which may be the most devastating and damaging part of the storm, is hitting that part of the florida coast. what tends to to happen as the storm moves north, the wind leads the storm, and then the storm surge comes in behind. if the storm surge arrives in conjunction with high tide, which is what is expected to happen in the tampa bay area, it could be that much more damaging. that's when you get the water pushing inland than it might otherwise because it is combined with a high tide. that is what tampa is really worried about. a category two storm may not do that much damage to buildings, but the flooding from storm surge certainly could. comingppreciate to you

to us in orlando. we will watch the latest out of hurricane irma. the other side of the story is that the storm has taken a last-minute term and areas not as prepared were evacuated, so we won't watch that story. president trump said the recovery will cost a lot of money and the hard part is only just beginning. let's get it over to jodie snyder in hong kong. has trump accomplished a bit of a bipartisan movement. >> he got democrats to vote for this bill, but he lost 90 republicans because he made a deal with the democrats. basically he tied hurricane relief to raising the debt ceiling through december and passing a spending bill through early december as well. really frustrated and angered republicans who had hoped for a long-term debt theyng increase, therefore

were very frustrated the president made the deal with the democrats. votes ongh you had both sides, 90 republicans voting against the bill of their own president does not show a lot of faith in this process. backpublicans are coming with an alternate obamacare replacement, so what are the prospects for this will? to severallong shot senators came up with this proposal that they would like to sed that would repeal and replace obamacare and send money to the state to pay for insurance. it has some support. house speaker paul ryan said he liked some things about the bill. there are not a lot of days for voting this month. that this is something would face hurdles, including senator john mccain's requirement that any bill go through so-called regular order, which would mean some things

that would take a long time, so while there is interest in this, it is a long shot and nobody expects it to happen, especially not quickly. dare i ask about the tax overhaul plan and what is the likely timeline now with so many distractions on the agenda? was always going to be hard to do a tax reform will. tax reform has not then done since 1986. with republicans frustrated with the president right now, it makes it harder, so people are saying it is a long shot and nobody expects a major bill this year. >> thank you so much. , inflationary pressure from the factory of the world is proving to be more resilient than economists had estimated, and analysis from j.p. morgan later. , the dollar has

retraced some of last week's declines, concerns over north korea did not eventuate over the weekend, also concerns over hurricane irma had eased. we will talk about that with michael everett next. this is bloomberg. ♪

♪ >> this is "bloomberg markets: asia." the dollar retracement of last week's declines as concerns surrounding north korea and irma appeared to have eased. let's get it over to michael reverend -- michael everett for a bit more analysis. the most important thing out of the weekend was the china ppi and cpi numbers.

else, has that really changed around the risk event of north korea? not really. north korea takes a long in the background. ticks along in the background. chinese numbers are not that important. that were numbers sustainable from a fundamental basis, we would have reason for genuine optimism, and they are back looking, not forward-looking. >> you say everyone has a view on north korea. and you suspect the chinese growth story is not sustainable? >> north korea is a mess. are a number of military experts who say there is no easy solution. whatever solution we have is not a happy one. if we stumble along, we have intermittent nuclear launches,

which is very worrying for all of us because it raises the ante each time that something may go wrong. weekendr alternative is up with war because of foam us does not appear to realistic. deal do see some kind of struck where the u.s. agrees to de-escalate and gradually steps back and north korea comes down its rhetoric, the message being sent by north korea to the rest of the world is that this strategy works and you can push the u.s. out of asia by threatening it with nuclear weapons. south korea and japan would turn around and say, does the u.s. have our back? they would have to start thinking about arming themselves with nuclear weapons, so i don't think a sigh of relief for 24 hours because we did not get a nuclear launch over the weekend is in t anyway good news. >> markets have in pretty sanguine.

it has been a counterintuitive seen great to see money going even that riskut off bit has not been as strong as you might expect. is it that we expect the saber rattling and people buying the dip? >> pretty much. if you step away from the yen , for markets in general, we are seeing a split who are holding their nose, closing their eyes, putting their fingers and there is, and following the trends, and they know everything stinks on a fundamental basis. that is with the money is going, and frankly stupid money. when you have those forces moving in the same direction, it is hard to resist. there is much more to be worried about them optimistic. >> we were speaking with jonathan sloan in the last hour.

he said there is a lot of misunderstanding about what is , particularlyia china. i want to play you part of that interview. >> china is always too hot or too cold for people. china is doing fine right now. some of the reforms are in place. the policies in place are taking shape. this part of the world is in good shape. >> is the story misunderstood, michael? he is talking complete rubbish, but then everyone is allowed their view, aren't they? what reform process? everyone talks about reforms in china and deleveraging. concrete,e any practical reforms. there aren't any. ands a wonderful rhetoric we don't have anything happening on the ground. that does not mean everything in china is a disaster. china is a vast continental

economy and there are pockets of dynamism and excellent scum and i don't tonight that for a moment. macro picture is extremely worrying and all the growth, good as it is coming is being driven by death. death is far too high, and death is beginning to increase. has recently put out a research paper showing the fiscal deficit in china should incorporate the central government and local government is 14% of gdp. not 1.4%, not 4%, but 14%. that's the kind of deficit to run during a war. that is insane. we had a guest of last week who i would say is your bosom buddy and would completely agree with your assessment on china. he is expecting a huge devaluation in the chinese yuan, upwards of 40% to 70%.

given your quite bearish outlook on china, you think something like that is likely? >> if they don't change course, that will happen at some point it timing is always the issue. you would not want to fight with the pboc. they cheat and change the rules of the game all the time. it is a fool's game to go head-to-head with them. if you take a step back objectively, rationally, not trying to trade or have a political stance and you just bt trajectorye and the lack of reforms and compare that with every experience of every other country in the world and you say, this will not end well. do have a lot of people who come on and say yes, there is a huge debt problem and china needs to work through them, but they always go back to come of this is china, it is a tightly controlled economy with huge reserves. i'm bringing in that

counterpoint. what do you say to that? >> in that case, why aren't we all communists? it is communism the is doing it. maybe we all should be. maybe should be adopting a chinese system and set up an investment bank and print money to give people money to do it. >> i take it you will get a lot of phone calls after this. we have a lot more ahead. this is bloomberg. ♪

♪ >> a quick check of the business flash headlines. equifax may not have adequate insurance to cover cost of one of the biggest acts in history. of two 100 to cover

$50 million, but expenses could be many times that amount. the hack in july put 143 million consumers at risk and was only reported last week. a potential return after shutting down its private jet raer sees2015, emb demand in china for 1000 of its planes over the next 20 years. to force force bid apple to a royalties. a judge in san diego tonight qualcomm's request. -- denied qualcomm's request. in a and apple are locked licensing dispute over the value of their technology. j.p. morgan expecting the yuan to strengthen further by the end of this year.

we will get the reasoning behind that. also, we will look through the cpi and ppi numbers. this is bloomberg. ♪

♪ >> taking a look at how the day is shaping up. looking pretty gloomy. half an hour away from the open of trading. >> not looking that great in singapore. let's get to first word news. hurricane irma is pounding florida's west coast, making to plan falls and driving a wall and water that wind that submerged miami. it is on a path for alabama and georgia. it has knocked out power to more

than 2 million customers and shuttered 5000 to 6000 gas stations. the damage bill is estimated in the tens of billions of dollars. the u.k. brexit secretary has rejected allegations that the government is attempting a power grab on leaving the eu. davis wrote that if lawmakers block the bill monday, it may lead to a "chaotic departure" from the block. theresa may's conservatives lost their majority in june selection. german chancellor angela merkel has called anti-immigration demonstrators rowdy and driven by intolerance in her strongest reaction yet to protests that have disrupted her rallies. hurt christian democratic block levi's many as 16% two weeks before the vote. don't miss our 30 minute show today on germany decides.

we will bring you the latest political and market analysis in the lead up to the election. was speaking at an event in hong kong on tuesday posted by citic securities. china's biggest state on brokerage. he advocated a tougher stance towards beijing. last week, he told charlie rose that gary cohn should have resigned rather than criticize trumps response to charlottesville. >> if you are going to break and resign, the stuff that was leaked out that week by certain members of the white house, i thought that was unacceptable. if you find it unacceptable, you should survive. >> who are you talking about? >> gary cohn and other people. if you don't like what he is doing and agree with that, you have an obligation to resign. >> gary cohn should have resigned? >> absolutely. >> catch that interview on

charlie rose. china's central bank has effectively removed the reserve requirement for trading foreign currency forward. it may slow the yuan appreciation after the biggest two-week surgeon a decade. the pboc will stop requiring financial institutions to set aside cast when buying dollars. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> thank you so much for that to let's look at asian markets how they are shaping up at the start of this trading week. sophie: asia stocks kicking off monday on a positive note. ,ed higher by the nikkei 225 gaining 1.2% this morning. are stocks in particular faring well in tokyo, sydney,

and south korea. trackinging stocks losses across the base metals complex. check out the bond space, falling today. u.s. 10 year yields edging closer to 2.1% as we see the dollar gaining ground today. we are seeing weakness across the g10 space. 108, falling the most of g10 currencies. remains potential concerns ahead of the united nations vote on north korean sanctions. when it came to the key data , chineseweekend inflation better than forecast, foot,e yuan on the back and the aussie dollar shrugging off that data from china. weekvy u.s. dollar this and a potentially strong jobs report on thursday could help support the aussie dollar, but for now losing ground, as is the kiwi dollar, down .4%.

analysis shows the september high may already be ahead of elections later this month. when it comes to inflation prospects, the new zealand institute of economic research of lower their forecast for this year and next for new zealand inflation prospects. >> thank you so much. looking at the markets. , factoryy on china prices climbing for a 12 month, domestic manned resilient, the government continuing to reduce excess industrial capacity, consumer prices accelerated, but the chinese currency continues to be a problem. now is the senior china economist for j.p. morgan. the acceleration of the yuan complicates matters for china and the growth story. we just talked about that report a couple of minutes ago about the possibility that the pboc

will remove these reserve requirements on trading foreign currency forward. is this a signal you think in pboc ist finally the doing something and they are really concerned about the rise of the chinese currency? >> indeed. we have seen some acceleration in the renminbi against the dollar, especially the past two weeks. what we have been seeing is firstly that u.s. dollar trend is on the downside and has supported the cny. on the domestic side, we are seeing a better than expected growth action or, especially the comeback of nominal gdp growth, and therefore concerns on the risk of growth to the downside has come down for china and people see a lower growth risk from china as a result. these factors all come into help support the cny. stabletion to relatively

external signs, capital outflows have slowed in the past couple of months, so all this comes together to support the yuan, and from that respective taking a step back to give more freedom in terms of the capital flow direction going forward is actually a better move over all in terms of the renminbi market. >> if you talk to our prior believes thatho any idea that the chinese economy is stabilizing or the outlook looks better and the risks are reduced are in his words "complete rubbish." i want to play for you a comment from another china bear we interviewed last week who talked this isw he believes all being manufactured by the chinese government and we will see a big unwind in the chinese currency. we already started to see it

happening in 2015 with the yuan 4% devaluation we had at that has, but since then, china only expanded bank credit even more. now we have this national party congress event coming up in a few weeks. i think that china has deliberately expanded credit ahead of this event and stabilize the currency, but this event could prove to be the catalyst for the unwinding. unwinding, for the what do you say to that, grace? >> indeed, that upcoming party congress is an important political event this year. that from our perspective, we do see the party congress as more of a political event, where as on the economic policy side what we are more likely to see post and after the congress is a continuation of the policy, i.e. ongoing focus

ascontaining financial risks well as pushing out further in terms of of the such as soa reforms and so on, so what we do see is a continuation of the current policy rather than a significant turn of trend in terms of policy. so from that perspective we would say the macro policy would be more dependent on where the economy is going and where the data is going rather than that particular event. kicking the can down the road in terms of keeping policy aimed at stability, but not really being able to do anything about the systemic risks that have held up to such an enormous extent within the banking system, the regional banks in particular? wealth management products, shadow banking? >> indeed. to be fair, a better growth trend, especially in terms of the return of somewhat stronger

nominal gdp growth it is important in view of the medium-term risks in terms of financial leverage and so on. the fact that we have come back to a better growth picture and better nominal gdp growth helps to contain the near term credit risks in the economy, and we are seeing those coming out from the banking sector numbers. going forward, the important thing is exactly that we push further for the current policy, including pushing out the soe reforms and managing the financial risks overall going toward, and a stable macro growth picture as a background is important to provide that window of opportunity to push harder on the reform side, therefore containing the medium-term risks. >> if you look at the bigger picture when it comes to china's

the yuan, using as an example, isn't that two steps back and they are exerting more control as opposed to letting it become more market-oriented? >> i think that is a fair comment in that since 2015 with the depreciation in the renminbi and the worsening of sentiment on the macro picture overall, we have seen the government take back some of the openings of the market. in terms of capital flow, for instance, we have seen a continued push for capital to come into china, but on the outflow side, you have seen measures trying to slow the outflow. again, that perspective, if we are seeing improvement in terms of the out low and the sentiment with regard to the currency, it should open up of that the bit more room for them to introduce more symmetric, to

wait liberalization of flows, rather than having one way inflow. >> all right, we shall wait and see. thank you so much for that. economist china coming to us from hong kong. coming up, the deadline when planning to end the sale of cars powered by fossil fuels. we will look at the winners and inevitable losers next. this is bloomberg. ♪

♪ this is "bloomberg markets: asia." i am betty liu in new york. >> i am haidi lun in sydney. china will set a deadline for automakers to in sales of vehicles powered by fossil fuels and become the biggest market today to do so. it is on a timetable to in production and sales.

tom mackenzie has been tracking this story. what are the implications for china's car market? tom: it further justifies the bets that the likes of warren buffett on the ev sector and others who are invested in electric vehicles your we have seen there are subsidies in place and a push to focus on electric vehicles. to phasehis decision out gasoline and diesel cars by a certain period solidifies that and puts a foundation under that bush. we have not got a date yet. we know that france and the u.k. have said they will face out -- phase out these autos, the netherlands and norway with a target of 2025. it underlies what is already push and here, a big

determination by the central government for china to take a dominant position when it comes to the factories involved in these autos and the electric vehicles themselves. the implications for foreign carmakers? , they are buying this market, the number one auto market and likely to be the number one electric vehicle market. this is chart 29 that shows projected sales of electric , 11 million2039 vehicles to be sold in the u.s., 18 million in china. thehave the likes of toes morning to get in and setting up a production facility in shanghai. launching a new version of the leaf and 2018-2019. honda as well, so they are trying to get into this market.

subsidies for the domestic automakers make it a competitive space and a challenge for a foreign automaker. this regulation has implications for the auto sector and beyond, utilities, oil and energy. e ins a significant mov the number one market in the world. >> thank you so much. this year marks the 10th release of of the the original iphone. apple has some big lands, including the iphone x. took a look at apple's past 10 years and what is coming. ♪ >> apple has set a date for its most significant new product announcement on september 12. the tech giant plans to introduce three new iphones with a variety of features, including facial recognition and juster controls, a move that will transform the way people use it.

wayes ability to change the we interact with technology isn't new. ever since customers got their hands on the very first iphone, the market has been revolutionized. the smartphone has proven to be the undisputed king of apple products, and in turn, revolutionize an entire echo ecosystem and spurring new arrivals across the globe. the iphone also open the door to a large chunk of the company's revenue, apps. sales have generated $100 billion in gross revenue for apple with more than 16 million developers worldwide producing apps from uber to snapchat. the launch of the iphone did not just change the way people work and socialize, it also transformed the company itself. apple grew by every dimension with staff of around 18,000 pre-iphone to a workforce of 116,000 in 2016.

toes went from $19 billion over $215 billion in 2016. since its launch, apple has sold one point 3 billion iphones, generating more than $800 billion in revenue, blowing other iconic devices out of the water, including nintendo's game boy and the sony walkman. with the iphones astronomical growth rate comes heavy dependence. the iphone makes up 63% of apple's revenue, making it the company's most crucial product by far. some heavyweights are sounding the alarm on the future of smartphones. peter thiel saying of the device that it is not an area where there will be any more innovation. it is clear that tim cook sees things differently. >> i think we are just getting started. i am incredibly excited, and clearly there is nothing that

virtually anybody would say is going to replace the smartphone anytime soon. >> as apple looks towards the net decade and competition ramps up, a major question remains, how long can the iphone remain at apple's core? >> that is the question, isn't it? that was emily chang looking at the 10 years of the iphone. let's talk about the new iphone. how are these new details that have been leaked and come out about the upcoming models, what to do we know so far? >> just over the weekend the latest news, although not major, is what will be the names of the new devices. as emily mentioned, we will get three. two will be successor to the iphone 7 unsurprisingly called iphone 8 and iphone eight plus.

the more interesting one is the iphone x. at this point, we don't know what the x stands for, but one good guess maybe this is the 10th anniversary of the iphones andt, so it is marking that a hint towards the future as well. >> so much is made about the the that it will, one of models will cost $1000 or more. will that be a tough sell? >> it hasn't proven to be so in the past. apple is able to command a premium on its products and its high-end phones have always been able to attract plenty of buyers , even at a price that would not work for any other smartphone manufacturer, so yes, the reports are that the top end iphone x will cost more than don't but at this point i

think anybody will be turned away by the price when given the chance to get their hands on at least what apple thinks is the latest and greatest new technology. >> what about the chinese lucky, a crucial one, how number eight is it likely to be in that market? >> that is a really good point. that could help sell the more conventional upgrades that apple will put on the market. in terms of price, it is no thet that while way chinese manufacturers are able to produce smartphones at a much lower cost to the iphone. plenty of market share in the mainland that reflects that, but still, apple

is just as much a marketing company as it is a manufacturing concern, and so that is always a premiumet it charge because people like to be seen with the latest and greatest , supporting an apple with a bite mark in it. >> thank you so much. our asia technology editor on the big event on tuesday. one feature on our bloomberg we would like to bring to your attention is our interactive tv .unction at tv you can watch us live, see previous interviews and dive into securities or functions we talk about. this is for bloomberg subscribers only. check it out at . -- tv . this is bloomberg. ♪

♪ >> this is "bloomberg markets: asia." i am haidi lun in sydney. liu in new york. the latest business flash headlines. uber and lyft offering free rides in florida. they publicized free rides on its twitter feeds. lyft was also giving free rides to hospitals. tampa bay got notice on saturday the storm was heading their way. is launching an advertising campaign as it looks

to reassure investors ahead of its ipo. the $13 billion ipo is being aimed at retail investors and sentiment is waning because of the stock's poor performance over anxiety over north korea. details of the share sale are expected to be announced later monday. plans toarabia has sell a stake in aramco. the ministry of culture and information says the government privatization program is on draft despite the redrafting of a blueprint to eliminate reforms. as 5%lan to sell as much of aramco and what could be the world's biggest ipo next year. >> still waiting for that. that is almost it from us here on daybreak asia. dave, what you watching? david: a good morning. with one ofpeaking the bigger asset

management firms in china. you will like this one because panda bonds.n we will also be talking to christopher wood. and she has that interview for you. we will be live out of the one belt, one road summit with the thatman of the company runs the railway system here in hong kong. that is 10:30 am hong kong time. >> anything with the word panda puts a smile on people's faces. this is bloomberg. ♪

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♪ david: it is 9:00 a.m. in hong kong. this is "bloomberg markets: asia." ♪ david: all right, returning to risk. asian stocks advance with the dollar has worries he's over north korea and irma. irma still lashing florida's west coast after flooding miami's financial district. gate presory