haidi: faced it plunges in the firm is accused of mishandling information coming it could influence elections. mark zuckerberg has lots $5 billion so far and both sides of the atlantic want answers. haidi: corporate america is

going to file for tariffs and the dangers to the domestic economy. they: and uber hitting brakes on autonomous vehicles after a woman was killed by a self driving car. a tough session for tech, hello from sydney. this is daybreak from australia. 6tty: and it is just after p.m. in new york and over the all hour are looking at how the action in wall street will play into the asia-pacific trading day and that's get to the top story that affects markets. facebook shares facing its steepest drops after european officials demand answers over reports that a political advertising firm retained information on millions of the social network users without their consent. we get an update now from sarah fire in san francisco. -- why exactly were

investors rattled by this? facebooks a example of not being good at anticipating what exactly is going to get lawmakers upset and what exactly is going to spur these calls for regulation, and investors first and foremost not like to be surprised. betty: they certainly don't want to be surprised. are we going to hear from mark zuckerberg on this? >> lawmakers have called for mark zuckerberg to talk him and he has been on the seeds for a lot of this and hasn't come out and said any public statements. interest at this moneys in front of lawmakers they said they are ahead of policy and legal and sent the man at the top, and a lot of calls we have heard from the leaders around the globe is to hear something from zuckerberg or sandberg. haidi: what is the reaction from u.s. lawmakers?

is this likely to increase the momentum to regulation? sarah: there's a lot of questions if this affects users -- and the cambridge analytica hold on to this data and white and they know, the facebook is looking into this and they are doing a data on it to try to see if cambridge analytica does in fact still have this data after the reports have come out. it reveals how little they know about what happens to their data after it goes to a third-party. haidi: we appreciate your time, sir fire from san francisco with the latest on this top story. will get more on the impact of this news, and there is concerned the revelatory cloud surrounding the company may spread to other social media traderss, and second,

will hit sell on the entire group. su keenan is here with a damage report. that is what it appeared to be, a 1-2 punch, and you see the uncertainty in the market was significant. we did close off with the lows, and you can see the dollar was a bit lower and you had bonds coming off lows, and nasdaq taking a pretty big hit and that the worst was down at 2.5%, and the dow at the worst was down much lower. what you have here again is the fifth most declines in the nasdaq 100, the biggest in six weeks, mainly facebook and apple were the big decliners. into g #btv 811, you can see the white line here is a

index of that group of stocks that are heavily traded by so many institutional investors and private investors alike. blue is the facebook stock and you can see it pulled the index down. let's go into the big movers and that at the lowest you had facebook down more than 8% and amazon was down significantly more, google also down much greater. lows, which some say is a positive setting up for tuesday, but a significant concern. if we look into the bloomberg to look at the s&p 500, you can see that tech led the way lower. the yellow is the s&p 500 index, and the blue is a lot of tech stocks. all of 11 groups of the s&p 500 were lower but clearly tech led the way. as one trader said, we point to

facebook and apple, but it was a day where sellers outnumbered the buyers. with strategists said it would have been all the trump stuff, which is significant in terms of lake concern on the market as investors look ahead to wednesday from the fed. was a raceou say, it with the risk off coming into the decision. let's take a look at the set up in asia. the equity selloff started here in asia and carried into the european session where apple suppliers dominating the selling of yesterday's session. and we see trading is off already by half a percent -- and the bloomberg dollar index dropping for the first time in three days as investors saw safe havens in overnight sessions. sydney is 33 points lower at the aussie dollar bouncing back from that three-month high but failing to hang on to any momentum. heading over to commodities, we

did see gold catching a depth, and new york crude is above $62 a barrel, closing lower for the first time in four sessions against this risk off. equity selloff over concerns of surging out the in the u.s. shall side of the story. and you continue to see weakness from industrial commodities and that is going to play out when it comes to the asian session. let's get a look at first world news with jessica summers. >> uber has halted all the times you go tests after one of its cars hit and killed a woman in arizona. she was crossing the road away from a crosswalk in the car striker. safety board has opened a investigation into the death and the stock to be the first pedestrian fatality evolving self-driving technology. meanwhile the u.k. is close to a time and brexit

talks and it is a decisive step to a 21 month transition. . however, it remains contingent on a solution to the border between northern ireland and the republic. sterling rallied a deal will be biting until the final withdrawal treaty is signed. >> rush through contingency plans based on the future deal, instead they now have certainty about the terms that will apply in our withdrawal. meaning they can continue to operate an investor confidence as a design of our future version with the european union becomes clear. >> and china's national republic biggestce after the shakeup in two decades, and the message is clear that the president has tightened all aspects of power amid references of him. is expected to make a short

speech the delegates before a news conference. bloomberg sources say amazon has looked at the possibility of expanding its retail footprint by acquiring locations from bankrupt toys "r" us and the retail giant wants to use the vacant spaces for its own purposes and has no interest in maintaining the toys "r" us brand. would expand amazon's brick-and-mortar presence after the purchase of 450 old is foods stores.e global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. betty: corporate america is warning president trump against sweeping take action against china sank tariffs cap raise prices and also hurt the stock market. let's head to washington with joe, how quickly can we see these tariffs?

we can see it soon, prompting a letter from the industry groups last night -- the thing is with the action against china, it is in contrast to his tariffs on steel and aluminum and china has broader support in congress from both republicans and democrats. that the talking about targeting china with tariffs for what they call unfair trade practices and theft of intellectual properties. trump's rationale -- there will be some support politically for the president to make this move when he does. all the pleas from corporate america is falling on deaf ears now? we did see in the tariffs on steel and aluminum, that

while this may have some support from politicians, this could be something that hence consumers a bit more directly and more immediately because there are a lot of chinese consumer products or components of consumer products that could be affected by this. it is unclear what sort of retaliatory steps china will take on this. parcel withart and the steel and aluminum tariffs that the administration is trying to get other countries to go along with them to have a broader punishment to china. what are the chances of getting this alliance from other countries to be in the same position as the u.s.? joe: there has been some positive response from the eu in terms of going along with the administration on this in return for a exclusion for the steel and aluminum tariffs. is not just the u.s. that sometimes felt grieved by

china's trade policies. it may be a bit easier for the administration to get some additional support internationally for this. whether or not they can pull it off and make it broad-based enough is unclear because of the way it is being rolled out and it is not clear if they have that support beforehand. you sort of expect they might want to do. haidi: leaving the issue of trade tariffs, on we getting closer on the next step in the mueller probe? movement byas some the administration and they attorney ande former prosecutor who is well experienced and not only the legal aspects in such a case but the political aspects. there is that and also in congress there is increasing

calls, including by some republicans that the president should not take any step to dismiss or fire the special counsel prosecutor, robert mueller, including from republicans. they are not ready to make a legislative move but they are sending their warnings to the white house about doing so. haidi: joe, thank you so much for that from washington. still ahead, australian treasuries and a win-win relationship with the u.s. and up next a tech selloff in the u.s. sending the nasdaq to its steepest losses in six weeks and will discuss all of that and that. ♪

haidi: i am haidi lun in sydney. betty: and i am betty liu in new york and are watching "daybreak australia". haidi: and we have more on this uber story in a incident where a pedestrian was killed with uber testing a a economist driving car, there is a police conference underway in tempe, and people say car was moving at 40 miles per hour and have video evidence of the incident, which is not been released, and the county attorney will decide whether to file charges according to a press conference from arizona police. downturno the overall when it comes to these tech companies. this tragic accident happening. arey: places like arizona sometimes on the forefront of allowing this technology, and let be regulating it.

a tragic incident like this is going to raise questions if there needs to be more regulation as we experiment with new technologies. that stay on the technology fortis, it was red across the board as a tech selloff sent the nasdaq it's the best losses in six weeks, and i want to bring in heaven nicholson, the chief strategist at riverfront investment group. kevin, you can speak --cifically the companies individual companies themselves, but the facebook news hit the tech stocks heart, and it continues to raise these concerns about how these companies are handling by the data and if there's going to be more regulation down the pipeline. when you look across the board today and you look at how tech performed, it really did take out the rest of the market. -- techat the s&p 500

represents just over 25% of the s&p 500. up until through friday, it was in and of, so tech itself represented 75% of the s&p 500 return through friday. 2%t imagine being down today, and that is going to take the market down with it. i think what we are going to see and what the fears were in the market today was that there is going to be a lot more regulation placed on the tech companies going forward. i think that is why you saw the freak out in a selloff. techll, when you look at you have to put it all in perspective. when you are talking about a group of companies that has basically produced 75% of the returns year to date in the s&p 500 -- having a 2% selloff today are little over 2% is not that

big of a deal overall. obviously of stronger relations come about, it may play a bigger role down the road. betty: it may indeed, but does it seem that maybe this type of correction is not a true correction but this type of selloff was long overdue given the momentum behind the tech shares? kevin: when you think about where the market has been over the last month or so we have been stuck in between a 50 and 100 day moving average in the s&p. what we believe is that a lot of that has been because of trade and inflation worries. the recent the market is stuck in that range, so from our perspective we believe that once you start getting first-quarter earnings were going to break out of that range. that is going to be the catalyst to get out of the range. i don't really see today's selloff as being that big of a deal because it puts us right

back into the range we have been in the last month or so. broader,king this anything we are going to hear this week from the fed that is going to change not just of you on tech shares but the view on the markets and where we are headed? kevin: our view is you are going to see for rate hikes this year -- four rate hikes from the fed this year. ont i think the fed decision raising rates on wednesday is not going to affect the market. what is going to affect the market is the comments after and whether or not you are going to have to raise their dot plots this year. more importantly is if they will at a extra hike in 2019. also an important part to ascertain from what the fed says

this week is if they are going to maintain the pace of hikes even if they add one or if they are going to speed it up and sound more hawkish? if they sound more hawkish i think what is going to happen is that we are going to see a selloff in the marketplace. if they come across dovish or safety are going to have or implied there is only a hike to this year i think the market will take that in stride. haidi: i want to have a quick viewers, the 10 year been getting ahead of inflation which has a move much in the last two quarters. are you saying we're going to see the tenure trade at three or 4% this year? will that materialize? to try toare going bash the fed is going to try to normalize rates. when you look back, most investors have wanted a 2% "real

-- i would imply we need to go up another 120 or 100 30 basis points to get back to that real yield of 2%. if you extrapolate that to the 10 year trading at 285 today, then that gets you to that 4%. i don't think it is all going to happen at once and that is why we have a wide range between three and four by year-end. i think will settle in between there. kevin, thank you so much for that. all the toph up on stories you need to know to get your day going and today's edition of daybreak, bloomberg subscribers can go to dayb on the terminals. you can also customize settings to get the news on the industries and assets you care about. this is bloomberg. ♪

betty: morning i am betty lou in new york. and them had he looked in sydney and you're watching "daybreak australia". worse spend a test of self driving cars after a death involving a autonomous vehicle. are getting minds through the press conference given by police and tempe, arizona. do we know much about this incident? >> details are coming out that the incident occurred at 10:00 p.m. and there was a safety driver behind the wheel but the autonomous technology was in control of the car and the car was traveling at about 40 miles per hour. it was dark and in the evening, and the woman who was 49 years old walked onto the street and

it is not quite clear to me if she had been in the street or was walking off the sidewalk, and gets hit by the car, which ends up being a fatal injury. we also know there is footage that has not been released yet of the incident. that should have more answers to exactly what went on. haidi: as we wait more of the details, what is the impact so far from uber and the implications for what happens in the future with the self driving car? incidents is a tragic that experts in the incident -- in the industry knew what happened at some point, the more miles driven by self driving vehicles the more risk that someone would get killed by one of them. there was an incident with tesla where drivers were killed using the autopilot technology, but

this was the first time where a pedestrian, someone on involved who was killed by that technology. that is raising a lot of reasonable questions about the regulation around these pilot programs and how careful they are. it is important test case in figuring out how much the government is doing to look into these pilot programs and how sophisticated the technology is. tragic enought be to kill enthusiasm for the self driving technologies? eric: that would be a surprise. i think it is the political environment that we will have to watch if people are particularly upset about it. i think the industry has already and norried about this, company wanted to be the first one or this happened.

to apologize and look into it, and clearly positive program until everything is sorted out. betty: eric, thank you. tariffs,moment, trade, and trump. this is bloomberg. ♪ mom you called?

oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around.

and 30 a.m. inl sydney. not a great reception given the overnight selloff. risk-off sentiment spreading through global equities. sydney futures already showing lower by 33 points. we have rba minutes coming through, looking for a hint of what trade protectionism can do for the australian economy. the signs of risk-off sentiment as we head towards the february meeting.

the tech selloff with a narrative of the overnight session. i am haidi lun in sydney. betty: and i am betty liu. more news on facebook. it looks at the facebook security chief, alex stay most, leaving thee'll be company over internal disagreements as to how they are handling accusations of mishandling information. shares byy hit the cambridge analytic, the voting profile company of part of president trump's campaign, getting a handle out over 50 million facebook accounts. it is just a continued problem here at facebook with the security chief leaving. it has dogged the company and the stock price as well. facebook getting hit hard.

haidi: when one of these stocks start selling, you should see it on all of the stocks, which is what we saw overnight. it is just another headache for facebook may have been trying to get on top of for the rise of fake news and these allegations of russian and errands in the election, and now, this alleged harvesting of users data without their knowledge for political purposes. we are waiting to hear from zuckerberg caps off, but not a great deal for facebook continuing on after the market. first word news with jessica summers. the trump administration is said to be putting pressure on america's allies to work against china exchange for relief from u.s. tariffs on steel and aluminum. washington has laid out five conditions at countries must address.

addressing the trade distorting policies and cooperating with the u.s. and wto cases against beijing. president trump has outlined plans to combat the u.s. opioid abuse academic including seeking the death penalty for some. he -- drug surged ase much as 56%. the u.s. reported more than 64,000 drug overdose deaths last year. says he has already moved on from being caught up in the crackdown on corruption. he and other prominent and wealthy figures were held for weeks at the ritz-carlton. some are said to have paid vast sums to gain the release. the principle of bloomberg his life is back to normal and he does not bear a grudge. >> i have for the anticorruption.

out of thaty, i was group, but i am out of it right now, and life is back. i am not the person who will forgive but don't forget. i say i forgive, and i forget at the same time also. >> catch our exclusive interview later after :00 p.m. sunday time or midnight in new york. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. financial leaders and central bankers are heading for point of cyrus -- buenos aires. everything from cryptocurrencies to trade with president trump's tariffs likely to cause debate. is there for us, covering this meeting. you suggested steve mnuchin

reception a frosty when he arrives, and that appears to be the case today. mike: yes. he was on the hot seat as part of his chilly reception. minister after minister confronted the treasury secretary, we are told, over the plans to turn toward trade protectionism. aade is not officially subject on the agenda here, but as part of their discussion about global economies, there were many complaints the u.s. might be risking a trade war. during the general session, mnuchin tried to turn the focus to china and its trade practices, but other ministers resisted, saying china may have a problem with steel overcapacity, but protectionism is not the answer. described as cordial but frank. it appears nothing has changed since the g20 last year. during mnuchin is on the outside looking in when it comes to the

g20. betty: trade is not the only contentious issue. this is a new issue. there is a feeling around the world that many of these international tech companies are making big profits overseas, but not getting taxed on it. a tax rate is much lower than others. the european union in opposing this week a plan to tax company like apple and google, and it is causing dissension. a u.s., very much against it. the u.s. is the home to many of these digital champions. other companies see it differently, including australia , now exempt from the steel and aluminum taxes. nevertheless, it is on the other side. issues is one of the key at this meeting. largely, we have got a new economy which tax systems were not built for. the new economy should not be some sort of tax-free environment.

that cannot be the sustainable advantage for the economy. it is important that we work together with industry and other countries to ensure that our tax basis can move with the new economy, and it is important we do this together. otherwise, it will be clumsy and not well targeted. the potentialfrom growth that can be achieved by the new economy. the idea that the new economy should be a tax-free environment is nonsense, and it's important we set out clear principles and morals about how we can migrate our tax systems to cope with the new economy which is exciting, great, tremendous for jobs and growth and innovation, but it cannot be a tax-free club. >> are we a few years away from some kind of tax regime? ofaustralia has moved ahead one of the most offensive multinational tax avoidance regimes anywhere on the world. we are taking advice and lead from the united kingdom.

when you see those issues explored in the recent u.s. tax package and some of the issues that have been identified beyond a company tax cut, you know, always a former destination. are difficult questions and just a function of the translation a valid economy into a completely new phase. regulation in tax won't have to make similar changes, i think, would be against history. >> and in our exclusive interview, he said there is another issue that unites the g20, the need to lower corporate taxes around the world after the u.s. did. ready. -- betty. betty: mike mckee. as the week goes on, the focus on central banks gets even whiter. the federal reserve announcing its key rate decision on wednesday. kathleen hays here with more, watching the fed.

decision for big fed powell to leave his three hikes or speed up the pace and 2018 to four. no doubt, in the market's mind, the fed will hike the key rate from 1.5% to 1.75%. as fedl's challenge chair is this is a turning point. how should he respond? how should he lead the fed now? let's look at the reasons to move to four hikes instead of three. wages are starting to rise. that should boost inflation to hit its 2% target this year. some say, by the middle of the year. the fed has to avoid an economy that rises too fast and starts overheating. the economy into reverse. we could have bubbles. who knows where. that is another reason to speed

it up a little bit now. let's look at the reason to stick with the feds consensus from december of last year, for 3-2018. inflation is the lowest 2% target at 1.5% on the headline -- on the core pce. we tell sales. a lot of people see first-quarter growth maybe even below 2%. how about tariffs and trade uncertainty. this is becoming a headwind potentially for the economy, and importantly, the fed is trying -- trump wants to boost growth with tax cuts and so do republicans. the fed does not want to look like they are trying to sub -- subvert that goal. what if the fed moves its consensus metaphor rate hikes and 2018? by june, september, it says we had better move our consensus back down. people say that would be embarrassing, difficult. another reason in march just to wait and see if it is better

just to stick with the conservative safe number three or is it is time to get out on a lamb and oh-fer four. haidi: thank you so much, kathleen hays. the first ever rate decision and news conference that proceeds right here on bloomberg. we will be speaking with former fed officials, plus jeffrey rosenberg joining us from grant thornton. special coverage begins on thursday at 4:00 a.m. sydney time, 1:00 p.m. wednesday in new york. this is bloomberg. ♪

betty: i am betty liu in new york. lun inand i am haidi sydney. you're watching that daybreak australia. for the asian open after the selloff, the risk-off sentiment anchored in the overnight session on wall street propelled by facebook and

the fang stocks. those declines. new zealand with a downside of .5%. the kiwi dollar unchanged. a decline in the dollar index after three sessions. futures in australia, a little bit of news flow coming through from the rba today. the minutes of the march meeting looking out for any hints of comments on the impact of trade, onde tariffs, trade wars, the australian economy and the impact of falling commodity prices as well. sydney futures looking decidedly lower. the aussie dollar briefly bouncing bank off the low. -- bouncing off the low. a little bit more broadly, the yen was unchanged overnight. watching that as we head into the tokyo open. we had some gains when it comes to sterling jumping on expectations, so maybe a brexit breakthrough. the biggest jump in a week's -- eight weeks when it comes to the u.s. 10 year yield. 2.86% is where we are at.

we had the selloff when it comes to u.s. stocks. in particular, there is the nasdaq seeing some of the greatest losses on the back of the selloff on facebook and other tech related shares. a bit more on what we are watching as trading gets underway in asia. adam haigh is here with us. and we have been talking about this tech selloff in the u.s., but is it to home, it's a much different picture. taken au have kind of little bit of a longer-term look at tech performance in australia, so this is not really about the overnight this is a longer-term picture that i reported. quite anhows is interesting phenomenon because technology is a very small component of the australian stock market, 2% of the index. the likes of the s&p 500 is in the region of 25%. tech struggled in australia as being an avenue of where you can get exposure if he wanted to be invested in equities. it's all about banks and raw materials companies, but as this

chart shows on the bloomberg terminal, 62 07, tech has been the standout outperform a in the turquoise line over the last 12 months, and that has largely been down to the likes of some of these local tech firms that are seeing a lot of inflows into those names of late and have outperformed the likes of the banks and some of the more steady sectors that had been big features of the market for many years, but tech is under a lot and insure, broad, places like the u.s., regulatory scrutiny is a huge issue at the moment, but it is an issue down here that the exchange operator here, they want to bring a lot of technology companies to the public market. they have been trying to make the rules slightly more secure, so they get good, well-funded companies coming to the market, but there have been a few that have squeezed through.

quite a bit of press recently and have struggled somewhat. interesting to see this outperformance here. it is not across the board, but certainly some real standout moves in the australian market. betty: you have been looking at a warning from goldman sachs that says investors must get used to higher volatility, e-voting equity gains. less potent as l a hedge. adam: this really speaks to the difficulty of how you build a portfolio in times of turmoil like this one. you get correlations that are moving in the same way with bonds and equities moving in the same way. not traditional way of thinking about portfolio construction breaks down if you do not get fonts performing as the traditional hedge that they used to do, and if you have a look on the chart on the terminal, this is six 339. this -- 6339.

90 day period, correlation between global equities and global government .onds just picked up you see how that has been rising over the last few months. there is plenty of discussion within the asset management industry around how you make sense of this. and indeed, one firm put out a paper that said what you have ,ot to do is layer up strategy hedging strategies, and the more you use, the more negative correlation you can have a denser equity component, but it is clearly a tricky time for global managers where correlations are moving through goldman pointing out that what you need to do is factor in lower returns in the longer term and appreciate that bonds may not necessarily behave as you would have expected them to do over the last 20 years or 30 years in times of turmoil.

betty: thank you so much, adam haigh. that's get a quick check of the latest is this flash headlines at this hour. ubs says it has to help clients .ive without dark pools it will allow companies to trade stocks that have been suspended from dark pools under mifid ii. legitimatetraders a way of hiding orders until there is enough interest to trigger a by aura so. haidi: standard chartered has for fined in singapore failing to meet money laundering requirements. the penalty comes less than two years after the bank was punished for a similar breach in the city state. the military authority says it happened when trust accounts were transferred from the channel islands to singapore in december 2015 and the following january. betty: bitcoin has long been compared to the dot-com bubble. morgan stanley says the recent performance is like the tech boom and bust but on steroids.

the moves almost mirrored those of the nasdaq in the lead up to 2000, albeit 15 times the speed. three days of weakness have hit bitcoin since it used in december with prices falling, around 50% each time before rebounding. can alwayst, you find in-depth analysis on the day's big newsmakers on bloomberg radio. bloomberg. you can download the app or access it via bloombergradio.com. this is bloomberg. ♪

haidi: i am haidi lun in sydney. betty: i am betty liu in new york. you are watching daybreak australia. publicly warned does not intend to repay a $379 million bond that is due on tuesday. ramy inocencio at the wall with the latest. why is notable not paying?

ramy: they are hoping for something better farther on. that in itself is a huge two point $5 billion debt restructure. we have been talking about that ever since the start of the year. they say they want to preserve their assets. it is not clear on what might happen, especially if and when they are expected to default later today in asia. but this is where we stand right here. march 20, here we are. three hundred $79 million in this bond. we know this is not going to happen. not only that, but you have got to remember they said on march 9 that they will not pay interest on bonds expiring in 2022. there is a 30 day grace period that is going to move ahead into april, but looking at it, we know these two are not going to be happening, let alone looking at it in may. so a lot of things are not happening because as i said,

they are holding out for the restructure plan. hop into the bloomberg terminal because i want to show you what is happening in terms of the march bonds. b #utb 6021. it is down here, paying $.62 on the dollar. we saw it was paying near close to the full amount in may of 2017 and the s&p downgraded the company by three notches to ccc plus. triple c plus. it has not come back from that, so looking ahead, we are waiting for this event of a default, as they are saying, to actually happen, and we will see what happens with this because yards between the signal from $.52 to come crashing down. haidi: what happens after they default? are we expecting legal action? ramy: there is a possibility for that. walk with me this way as i talk to you more about the strategy noble could do here. they could embark on some legal

proceedings here, but that would hinge on it trustee, it based in hong kong. they don't have to go for legal proceedings, but this could anti-up -- ante up the pressure. 25% of theothers said we want you to push ahead on some proceedings. the negotiations on this could be something that is something to look forward to, but we are not exactly sure on that. you a recap here. flip up the board. we are taking a look at this blue charm. the senior creditors would get 70% of the stake in a new noble, if that was restructured. the 10% would be the existing shareholders. interesting that management right now, 20%. it currently holds 18%. they probably come out the biggest or at least the untouched wehner, haidi. haidi: thank you very much. we continue to watch this drama for noble unfold.

business flash headlines this hour. oracle fell after hours after putting sales that underwhelmed investors. revenue grew 6% to $9.8 billion in the fiscal third quarter. the fourth quarter forecast topping forecasts. $.83 per share profit compared with the average estimate of $.72. betty: gregg pays planning his retirement, but not until he has completed the companies $22 billion tie up rockwell collins. he says he has discussed his exit was the board after the merger process is expected to take three years. he took over in late 2014 and rejuvenated the company by investing in new products and digital tech. andi: china is indebted struggling to reach anything close to what it paid for park avenue. the conglomerate bought the 1960's-era tower last year, home to j.p. morgan chase, and the

price tag was among the highest ever seen for any new york for two. that is just about it for daybreak australia this morning. yvonne and betty up next with a break asia over the next couple of hours. of course, we are kind of bracing for the asian open after the selloff overnight, but what are you watching? be the focus.ill the tech selloff started in asia with concerns after we learned that apple was developing its own screens. that sent jitters to the asian suppliers. add onto the tray concerns after the washington post that we could be seeing the u.s./tariffs on china as soon as friday. in strategists will be joining us to be talking about the tech selloff. betty: speaking about equity markets, jonathan garner, he says the asian equity markets are going to be the number one region in the next few years, and particularly watch the chinese equity market.

he is an uber bulk here on asia. haidi: and we will be joined by scoutaste out ceo -- pay coo. they will be launching their new payment capabilities, talking about the future of e-commerce and retail. that is it for daybreak australia. daybreak asia next with yvonne and betty. this is bloomberg. ♪

betty: 7:00 a.m. in hong kong. i am yvonne man. welcome to daybreak asia. the top stories this tuesday, facebook slumped over user data. they are accused of handling information that could influence elections. mark zuckerberg has lost 5 billion dollars so far. lawmakers on both sides of the atlantic want answers.