♪ haidi: manufacturing remains robust in china as factories shrug off fears of a trade war, beijing prepare a to answer the u.s. tariffs. betty: president trump delivering and easter message to abandon the dreamers and dump nafta. fori: australia's plans russian expulsion say moscow's decision is completely unjustified. betty: we enter a new quarter with volatility on the rise. the s&p and the dow saw their first three-month losses in 10 quarters.

hello from sydney where it is past 8:00 a.m. this is daybreak australia. it is past 6:00 where you are in new york. betty: that is right. we are looking at all the action of wall street playing into the asia-pacific trading day. there is easter, we wrapped up on friday ahead of the holiday weekend. a better mood for the bulls, but this week will be a lot on the agenda for investors. we mentioned headlines, looking at the terrace. we have economic data and, we will want to the volatility. the has been more important in some respects than watching economic or geopolitical news. haidi: it has been a tumultuous first quarter to put it mildly. if you take a look at this damage report in asia, the asia-pacific falling for the first quarter in five. we had this. .- we had this calm

we had to brace for the volatility. one thing i am watching is the chinese response to u.s. tariffs, over 100 u.s. product with the tariff treatment changing. betty: let's remind viewers before the holidays where the market ended on friday. we did see green across the board, a color not often seen these days with the volatility. adding up 1.4%, the dow 255 points, the nasdaq rising with tech stocks, up over 1.5%. change this week as we get more news from the white house and the economic front. you also got a few markets closed today for the holiday. haidi: and it has been a truncated and to the quarter -- end to the quarter. a few markets closed across the region, building on the good followed it -- good friday holiday. no trading in new zealand,

australia, or hong kong and a large part of europe as well. a lot to look out for. central bank decisions out of india and australia this week, china manufacturing did and u.s. jobs numbers later this week on top of continuing to look at the ramifications of the trade tariffs. let's get you the first word news with ramy inocencio. ramy: good morning. first to china and factory output rebounded in march,'s showing its first gain since november. that as manufacturing shrugged off fears of a trade war. pmi at 51.5, compared to median 50.6 in february. non-manufacturing pmi also improved. the results bode well for gdp in the first quarter which is expected to be higher than the official target of 6.5%. macau casino revenue beat estimates in march, underlining the city's recovery from the crackdown on luxury.

this game at $3.2 billion last month, rising 22% and topping forecasts of 17% increase. to the middle east, israel is threatening to use greater force to suppress protests in gaza, rejecting accusations of firefighter -- firepower that left people dead. the protests were meant to traumatize their plight as refugees, but israel said they were covered to set bombs. a muslim leader described the killings as a massacre. china's first space lab will crash back to earth later monday but scientists say it is unlikely to break up completely before hitting the ground. it was launched in september 2011 and is smaller than more international space station spear the main structure will burn up in the atmosphere, and there is little danger of collision with other aircraft or

of the lab hitting anyone. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am ramy inocencio. this is bloomberg. ♪ thank you so much. presidents and remaking -- taking to -- president trump taking to the twitter, saying he will pull out of nafta and stop drugs flowing into the u.s. he tweeted mexico is doing very little if not the thing at stopping people from flowing into mexico through the southern border and in the u.s. they have laughed our immigration law. they must stop the drug and people flow. i will stop their cash cow nafta. all of this now from washington. how serious is the president about pulling out of nafta? ros: it is always a little bit hard to know. it seems unlikely that president trump would pull out of nafta

specifically, but he had a bias all along even before being elected are getting into the white house about winning trade deals with geopolitics. he talked about it with china. he talked about it with taiwan and saw the same with south korea where he has had, made a delay trade pact where he just struck until the north korea question is resolved. like as a seem to master dealmaker in his mind kind of wrapping these things together. dismissed.r totally our thing with president trump at the moment is those in washington said he has gone into a new phase of his presidency. he is untethered from the advice he used to get from people. gone.mmunication is john kelly is somewhat sidelined, and trump is being

given counsel by people who are his true believers. what about the other big story we have been continuing to watch, chinese trade or china trade action? do we expect anymore announcement this week? ros: there is a deadline later this week, deadline suggested by the trump administration for the u.s. to announce newer, bigger measures and specifically against china i.t. matters. they want to target something up to $50 billion in chinese goods for what they say chinese intellectual property theft. we did see china coming out today as expected with going tariffith small readjustments, something like $2 billion being targeted. it has been announced it will go

day,effect on monday, your . think the big whammy from china would be in response to the next u.s. move. the trade wars are a little bit kind of slow to really ramp up, but once the u.s. takes its next step, we might see china get more aggressive as well. that is a danger people definitely see. another issue the president has been vocal about is amazon. he tweeted more about amazon. do we expect that to continue, and what can the administration, the president do if anything on amazon? ros: there is a few things they could do. they could seek an antitrust inquiry into amazon's practices. they could address the way to make it mayes

be paid more like the traditional retailer, and they could pressure the post office to charge amazon higher postage. hard to know if any of those actions would succeed. trump ate president least it is a one-sided war because amazon is not fighting back. it is unlikely president trump will let this go at the moment. haidi: one of the more interesting top stories. thank you so much. the bloomberg news editor ros krasny in washington. joining us for more on the cibc vicens is president joining us here in sydney. clearly a lot to talk about when it comes to expectations for trade, the impact of political or geopolitical uncertainty. i want to bring in don gimbel.

donald trump know what he is doing they say. it is an understatement. >> it is an interesting situation. happy easter. what we have seen for the last year or so with this new administration which has been so new in many ways is bombastic behavior. that is historically unpresidential, but having said that, that is what the american people voted for, and that is what we have got for the next couple of years and maybe six more. andt is hard to follow, when you run the country by tweet, i guess you get something that you never got before. haidi: you are a seasoned investor. how do you losing yourself in this market when there are so many layers upon layers of uncertainty? $64 question,he

and we are investors, not traders. we get to know companies. we go to visit them, we take a view of what is going on in the world economically as well as politically. we take long-term investment depositions. people who are trading this market may get it right periodically, but invariably end up with a lot of egg on their face. what we have been doing for virtually 50 years now is investing in companies with great management whose products and services we understand. in times like volatility we have seen since the first of the year, it gives us sleepless nights. at the end of the day, i think our investors understand what we are doing. betty: does it make you stay away from certain sectors, or is it still very much stock by stock? don: that is a great question,

and it has to be stock by stock, but industries that are doing good things like -- let's take examples, pollution abatement. i don't think there is a lot of opposition to making the air and the water cleaner around the world, so companies would good -- with good management probably are doing well. pharmaceuticals is another one. people are worried about the pricing going forward of drugs, but the fact of the matter is we live in an aging world where more pharmaceuticals are going to be the rule of thumb rather than less. good-quality pharmaceutical companies with new products on the street are a good investment. technology, another one. all over the world we are seeing the world change, the way we do business, everything from robotics to software. there are companies in that

sector at the line of people's portfolios for long time. betty: getting back to the issue of trade war and tariffs, there has been a lot of talk about what we might see out of the u.s. by the end of the week in terms of the long list of tariffs against chinese products . the retaliation by the chinese, how it has been smaller against the u.s. i want to bring of attorney that shows what is going on, at least in terms of china trade. 1922. if you look at the currency, the state of the currency, we forget or overlook that the u.n. -- the yuan has been strengthening over the last several years. since 2017 i should say has continued so far this year. chineseny reason the start to bring down or weaken their currency in reaction to what the u.s. is doing, what

kind of impact might that have? don: it would have a huge impact obviously but the fact of the matter is the chinese seem to understand that global trade is good for china and it is good for the rest of the world. it is the americans of you to be the odd man out -- seem to be the odd man out that are curtailed. i would say the chinese understand the importance of trade to both them and the rest of the world, and they will continue draft in a moderate way going forward. -- continue to act in a moderate way going forward. haidi: do you think trump, the president will ease back on his position on trade? don: the president claims to be a great negotiator, and negotiators start here and end up here, and that is what --

haidi: [indiscernible] don: it seems to be working. he has gotten the chinese to say we really don't want to trade war. -- a trade war. he has got maybe the north koreans coming to the table. he has the mexicans and the confused completely where we are going. maybe that is his plan, to keep everybody sort of off-balance so he can move the country in a direction that he thinks is positive. i'm not saying i agree with the way he is doing or with what the results will be, but that seems greatwhat the quote arbitrator is doing. time will tell. haidi: we will learn more about it. don gimbel, staying with us throughout the course of this hour. investors turning their attention to the u.s. jobs

report due out on friday. we will look at how it plays into the fed rate hikes. of a: trade of a -- fear trade war have affected chinese manufacturers. this is bloomberg. ♪

betty: happy easter easter weekend. beautiful shot of the sydney harbour. still a holiday for australia and new zealand markets, close today, celebrating the weekend. seems like a higher open in asia today following what we saw friday. the dow and the nasdaq going up. i am betty in new york. haidi: a new start for sentiment. watching daybreak australia. china's official manufacturing gauge said it rebounded in march. robust demand, driving a pickup on factory floor.

tom mackenzie joins us from beijing. abouts rather encouraging the trade war of these -- tom: this is the first increase in manufacturing pmi data. components,n by key the effects of the chinese new year holiday. opening ands sending exports overseas. big pickup in overseas shipments. impacting to the positive. china's manufacturing sector. the official pmi number came in 51.5, and that was solidly above what we saw in february and well above estimates as well . smashed estimates out of the park and nonmanufacturing pmi, services and construction, that

was also up from the number of february. what we are likely to see a critic to the analysts is a stronger gdp number for the first quarter as a result of this strength in manufacturing pmi door open for policymakers to continue the de-risking campaign and their efforts to put a curve on the growth, the expansion of credit. good to the policymakers. betty: china's factories, are they weathering this trade brouhaha, this storm? beenas you have discussing, we are still waiting for the exact details from the $50 billion worth of tariffs that trump has announced. certainly the tariffs on the metals sector as we have also discussed in the last few weeks likely to have a minimal impact on china.

hereems the manufacturers are starting to ramp up their exports to get in ahead of tariffs being imposed here that is the view of raymond young from anz inc., who said this is likely happening. it is trying to get exports up before the tariffs are imposed but most analysts and economists say that this is a key potential headwind for china's growth. trade tensions along with any missteps in this de-risking campaign, if they were to ramp it up group -- to quickly and the polish it curbed -- ramp it up too quickly and the pollution curbs. we will get the unofficial, the private survey at 9:45 hong kong time. that will give us a gauge on the smaller producers. betty: we will be watching those numbers. stay with us. i will bring in our guest, don kimball. senior vice president. i know you like some of the big

chinese companies, specifically the tech shares like alibaba and tencent. this whole trade war that is on in the background, does that affect at all that saber rattling? does that affect your investments in those companies? don: let's put it this way. the administration has shown they like to saber rattle but as things get closer to implementation day, they back off. if you look at what has happened with the initial statements aluminum, it is quicklying to see very were exempted, and recently south korea. my question was between what he initially says and what happens, there seems to be a fairly wide

gulf. so i wouldn't count on too much actually ending up in reality. times,till in its early certainly something to be concerned about because it appears that the president shoots from the hip a little bit. he tends to back off a little bit. whether that will continue the next few months or years remains to be seen. up this want to bring chart to illustrate these concerns, particularly with the investors in the big tech names. these are the adrs. they are in the green, alibaba in the white. a bit of recovery, but trade policy ladies -- trade possibilities aside, have we seen the end of this? don: to buy everything is a bad

idea. to sell everything is a bad idea. you can see from the chart over the last couple of years, if you have been an investor in baidu or alibaba or tencent, you made a lot of money. the companies are doing really well. sorry. that going forward, the growth in these technology companies internationally is going to continue. maybe not at the same hectic pace but certainly at a rapid rate. we are not cutting back on our investments. tom in beijing. you talked about the physical sector. i wonder if you are optimistic about china as well because policymakers are opening up that sector and some of the foreign drug makers were optimistic. do you share that?

don: they are five times as many people in the prc as there are in the united states. so the market is large. will the average chinese be going to western medicine? it doesn't have to be a big percentage for it to be a big number, so i would say going forward, the upside is greater than the downside from here. cautiously optimistic would be my way of putting it. betty: you mentioned -- [speaking simultaneously] don: sorry. about tradeentioned tensions that could be perhaps more bark than bite, but what about president xi jinping and the consolidation of power which you said is quite impressive, but also a little bit scary? don: i agree with that 100%. betty: you said it.

[laughter] don: i will. a multiyear seen is xi's power.on into peopleoval of a lot of that he has accused of corruption could well be true, but at the end of the day, the consolidation of power reminds me a little bit of the guy in singapore and maybe mao in the prc. it works really well when they make the right decisions and it works badly when they make the wrong decisions. it is a long-term concern to me form of government is changing rather rapidly. haidi: i don't how that would be considered -- i see your point.

it is a net positive. if you don't care about the shift away from collective governance, it is policy for investors. don: exactly. it is a good news, bad news story. dictatorships are good if they do everything right. dictatorships are horrible because there is no one to tell them if they did something wrong. in a country the size of china, it has been historically impossible for one person to run china. if we are moving in that direction, there will be concerns, not in the next 12 to 18 months but looking further down the track. haidi: staying with us, don gimbel. .enior vice president tom mackenzie of course our correspondent in beijing. --tralian paul ministry prime minister hitting back at moscow, say they have no justification for expelling diplomats. we will look at the revelations with the geopolitical outlook as investors had into this

brand-new quarter -- head into this brand-new quarter. this is bloomberg. ♪ retail.

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♪ haidi: it is a: 30 a.m. here. markets locally are closed as our hong kong and new zealand. we are looking at the start of a brand-new quarter after all. it has been quite a volatile quarter past for asian stocks. they are falling for the first quarter after five. haidi lun in sydney. betty: betty liu in new york here it is 6:30 p.m. let's get to first word news. ramy: first to china and the country's response to president trump's metal tariffs goes into effect later monday, targeting more than 100 types of imported u.s. goods including pork and fruit.

the state ministry of finance said the position has been taken with the full approval of the state council. china has set plans to be compensation for the wto with trade lost to the u.s. action. president trump spent social sunday -- easter sunday on social media, calling for an end to the dreamer policy to protect the children of illegal migrants. he said border agents cannot work properly because of liberal lost pass by democrats. he calls mexico the one responsible for not stopping people from entering illegally and threatened to dump nafta. kapok played a role in the thawing relations between north and south korea as kim jong-un attended a rare conference in pyongyang. musicians dave to performances over the weekend as the two countries work towards a summit later this month. kim's wife and younger sister

were also there. south korea last sent a pop singer to the north in 2005. the box office, the sci-fi thriller ready player one headed the north american box office, giving warner bros. the first top-ranked debut of the year. the affects, desolate picture took in $42.1 million. it leads off the last weekend leader, pacific rim uprising which cost $9 million and felt a fifth-place. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am ramy inocencio. this is bloomberg. haidi: the us trillion prime minister has reacted to the expulsion of two diplomats in russia, saying there is no justification. we know the diplomatic tit-for-tat was to be expected. paul: it was. it is all playing out according to the script. the two russian diplomat's australia, they

are no going back to moscow, after australia follow the lead of many allies around the world with diplomats being expelled. this is in retaliation for the nerve agent attack. russia has expelled to australian diplomats in some other, and now people have to leave moscow to go back to australia. prime minister turnbull said there is no need for this. they were carrying out their duties in terms with the geneva convention, but it is not expected -- unexpected. haidi: what is your device? its: trade has updated travel advisories in light of what is going on, saying due to the high political tensions, be aware of possibility of anti-western sentiment or harassment.

wording australians to brace for any harassment if traveling in russia. exercise a high degree of caution and common -- do not comment on political tension. betty: thank you so much. the latest on the expulsions, paul allen in sydney. the markets may be close in australia, but let's turn to adam haigh with the rest of asia and how the first quarter shook out. now we are through the car ended volatility, these are the first quarter. look at the equities. how does that stand? adam: adam: as everyone knows adam:, it was such a turbulent quarter. traders are still getting used to that idea of elevated volatility, not just in equity but also fixed income markets and emerging-market effects as well. as well.

there is still a readjustment to the new era of volatility. we are coming off historical lows. we have never seen such low volatility for so long. it is taking investors a little bit of time to readjust. the shakeout as it played out the last quarter, we can see it here on the chart with the u.s. trillion..3 this is 595 on your terminal. what that does is given the evaluation reset for global investors. look at forward now on the s&p 500 or the msci or country world index, we find what has happened over the last seven or eight weeks is bringing us back below the five year average and clearly for longer-term global money managers, that is the reason to start to pick up incremental bargains that they have been looking for and casing over a long time. it also means they can use the new volatility as a way to get exposure and see whether to

continue. the goldilocks scenario is still grow. -- growing. we had the inflation worries at the back end of january and february as they played out in the bond market. we have had a reset of 10-year yield of around 2.8% level. but the goldilocks scenario is in play. growth is contained and still there, where equity still want to play a big chunk in your portfolio in that instance. haidi: it was challenging for risk assets, but if you were in asia or a.m. fx, you would have done quite well. adam: it is one of the standout areas of relative performance and emerging markets across the board have been asset class that have done well, outperformed on a relative basis over the last two or three months. it is interesting because you think it is turmoil in equities, especially might selloff and get on 30, but they have done pretty

well. is the hedging costs have come down. people were worried about the higher dollar hedging costs, which you need for em fx, and those costs have come down from the january high as we see on the chart here. it makes that trade a little bit and five quarter of gains for emerging market asset have been on this great rally, essentially started in january 2016. although the rally is sputtering, emerging markets provide value and there are a good mental shifts into the asset class. -- incremental shifts into the asset class. zeb: haidi: want to bring back haidi: -- what do you think of the run for ems? don: the worry for a global investors like myself in australia is the currency. i have been wrong on the currency for a year. i think that is overvalued,

maybe as much as 10%, but we have not seen it manifest yet. we will see the concerns about inflation. listen to be subsiding dramatically. the u.s. 10 year bond has come off what people were talking 280. 3.5%, 4%, now back to that is not much of an alternative for equities, and emerging markets is where the growth is. if you can put together the growth with a relatively stable currency with a relatively stable government and the last one is more difficult, you can come up with a really interesting portfolio. where it used to be the emerging markets were much higher than the rest of the world, that is not true anymore, especially if you go investment by investment. they have a good waiting and

emerging markets makes sense to me. betty: what is it that you misread in the currency market? don: i look at the cost of exports for australia, and it seems to me that pushing $.80 to the u.s. dollar makes australian exports expensive, and the real, the best number, the goldilocks number if you will is closer to $.70 than $.80. i was looking for that to come off and have it happened yet. given what you said at a australia and the price, if we capitalize back six months, people call for rba hike, and the forecasts keep getting pushed out and out. now we are talking about the middle of 2019? us -- as australia gets further and further behind --

don: it appears that way but to raise rates just to offset what is going on in the rest of the world, not sure that is good for the australian people. so i would say as long as there is this huge explosion of business in australia, interest rates are not going to go up. it doesn't make any sense to me. the thing that has been propelling australia the last year or so is housing in victoria and new south wales. i would love to hear your view on it. it looks like that is leveling off now. if that is the case, raising interest rates don't make any sense. haidi: have you been wrong on the u.s. dollar as well? to: basically when it comes looking at currencies, you got three currencies. no disrespect to the aussie, you

have the euro, the yen, and the dollar. buffeted byas been a recovery in both japan and in europe. things are great in the u.s. but there has been -- i haven't seen a huge surge of money coming into the u.s. that is why the dollar has not been strong. betty: we will talk more about the dollar and u.s. markets here. trustmbel, atlantic wealth management, senior vice president. adam haigh, bloomberg markets editor. watch us live, see past interviews on the tv function, tv . you can dive into the securities we talk about, plus talk about the conversation and send us instant messages during our shows. this is for subscribers only, so check it out at tv . this is bloomberg. ♪

♪ betty: good morning, i am betty liu in new york. haidi: i'm haidi lun in sydney. you are watching daybreak australia. one of the stories, despite it being a holiday, truncated trading week, we cover them all on daybreak australia. optimistic pmi numbers over the weekend, seeing it take up and getting the confusion out of the way from that chinese new year we typically see with seasonal distortions. we will be getting a full or feature with the pmi coming out as well there the competitive services numbers due out on wednesday. look at this chart. this is how we have been seeing -- we don't always see convergence when it comes to the private and official gauge. what we have been seeing over recent months is actually the pmi which is there in blue.

that is more growth. we have seen better performances out of some of these privately held smaller and midsized companies compared to the official pmi which was at the state owned companies. good set up i suppose in terms of if you were an investor worried about trade tensions. what we saw over the weekend is perhaps these factories are trying to run policy, get in before the tariffs take effect. betty: we might see a spike in that ahead of these tariffs. we are also looking at economic data in the u.s. on friday we will end with the all-important nonfarm payroll data, many estimates for tasting -- forecasting a gain of jobs. it is down from a gain of 13,000 in january. 1225, look at the trend, anyone studying the u.s. economy has seen the unemployment rate has steadily fallen very look at the green bars. shows you the number of jobs created each month has shown

stability in jobs growth. anybody worried about the jobs are a in the u.s., there few of those out there. in the meantime, more on the jobs report and what it could mean for the fed's rate hike path. i want to bring in our guest, dan kimball -- don gimbel. seen all the news we have on trade tensions, does something like the jobs report become less and less important for investors? right now we have basically for employment in the united states. i think it is kind of amusing that the president talks about when therere jobs are enormous number of companies that are looking for employees and they can't find them. the quality of jobs that need to be filled, there are not people to fill them.

the jobs isn't going to do anything in my everybody that wants a job -- not everybody but almost everybody that once one has one, or the people that want them don't have the skills to get the jobs that are available. betty: it is true, and what is interesting as well, since the jobs market continues to be a mystery and wage growth is what we are looking for, treasury markets have been focused on other things, and particular geopolitical tensions. i want to bring up this chart. it shows you on the shorter and, you can see that pick up in yields, but look at the yellow, the trend -- 10 year treasury yields. 3% is looking further and further away. what does that tell you about investor sentiment, particularly

bond investors? they seem to be ignoring the jobs market. don: i think that is right. demand fort the money from the treasury department should be pushing rates higher. it is not, and it is interesting to see the huge increase in yet weby the treasury, are not seeing higher interest rates. to be honest with you, i don't understand how you can put those two things together. i suppose over the next three months, we will see how it works out. that: is there a sense there is doubt when it comes to inflation actually going to materialize, or like every other yield, we will start revising inflation forecasts? you need to decide what inflation is. if you go to the grocery store in the united states, you find groceries are more expensive.

if you go to an electronics store, things are less expensive. it depends on what your component is of the inflation market. i would suggest inflation is not something that will be out of control in the next year or two, but if we start seeing a substantial increase in wages, spark significantly more inflation. as they say, i don't -- that is the better part of a year away at least. haidi: because it is april fools' day, i don't want to let this go. i know tesla is a company that has of you on many -- that you you have a view on. elon musk tweeted this. despite intense efforts to raise money including a last-ditch mass sale of easter eggs, tesla has gone completely and totally they corrupt so bankrupt you cannot believe there are many chapters of bankruptcy. tesla has them all, including

chapter 14.5 which is the worst one. elon musk pointing that making fun of himself. is there terms of the constant kind of misses for investors, will they start -- don: you would have happened to think that would start a long time ago. car has-- type three been put off and off. he has great ideas and if you have driven in a tesla it is wonderful, but he doesn't seem to know how to make cars as a mass producer. they have run basically you they are rapidly running out of money. will the market step up and throw more money at them? i think the guy wants to go to mars. making cars is only a passing phase. going forward, i don't own tesla, i like driving in them.

who scaresn equity the heck out of me. betty: so if everything hits the fan, you can escape to mars. thank you. don: there you go, got it. don gimbel, senior vice president, thank you for joining us. much ahead, the battle for streaming supremacy is on, spot dropping its biggest playlist let -- yet. they plan to go public. this is bloomberg. ♪

♪ haidi: i am haidi lun in sydney. betty: i am betty liu, you are watching daybreak australia. the battle for streaming supremacy is on. spotify plans to go public, but it will be in a different way. alex barinka explains it. ♪

alex: spotify is becoming a public company, but don't call it an ipo. the music streaming service is outstripping -- is sidestepping in favor of direct listing. that means the company itself will not be selling shares, and it will skip the share price discovery process essential to an ipo. public,ompany goes management and its advisors decide on it evaluation and embark on a marketing roadshow. they make their pitch to wall street and judge interest from shareholders. but not before the stock starts trading, they use that input to set a final price and number of shares to be sold. then shares opened based off that dollar amount the next day. spotify is skipping that and going straight to the trading part. on listing day, existing rival shareholders will be able to sell stock to public market investors. large established companies rarely do direct listing. the risk is the stock will swinge immediately or

wildly because the company has not gone through that exercise of matching supply and demand. spotify is betting its reign over the streaming market will get investors excited. the streaming giant was to valued privately at $8.5 billion in the march 2016 funding round, and since 2017, shares have changed hands and recent private transactions valued from $6 million to $23 million. going publicly, investors will have the potential to bet on the future of music streaming. spotify is promising investors big things. $96 million -- 96 million subscribers by year end, 36 million more than it currently has. -- 30%, reaching 2.5 billion u.s. dollars, but investors will be keeping an eye on operating losses, which spotify expects to hundred 83

million to $286 million this year. shareholders cannot count on having much of a voice good people familiar with the matter co-founder's will share super voting power after the listing. with the market predicted to hit $34 billion by 2030, you can bet investors hope they are plugged into the market winner. ♪ haidi: that was bloomberg deal reporter alex barinka on spotify's unusual listing. that is a must it for daybreak australia but yvonne in hong kong, betty in new york coming up. the next two hours? yvonne: what is ahead with markets after the volatile one we saw in the first quarter. we have someone from the bank of singapore joining us and no shortage of trade and tech inc. right now. ? ere do we go now

he was recommending a couple weeks ago about domestic and looking at companies in southeast asia. one of the markets he is looking at that could be more shielded from these trade conflicts. something to ask about where he thinks things will go from here. betty: and speaking of trade and the currency, we will speak with someone from bank of america merrill lynch, head of japan economics. how the yen might be biting into japan's economy. we will see more of that and the top conservative coming out in the next hour. how much is the currency strength really crimping the japanese economy? haidi: haidi: currency and trade continue to play out when it comes to the china micro outlook as well. we will talk to a senior emerging markets economist, something of a split in the markets saying you look at equities and bonds, they are suggesting we will see economic slowdown. the pmi sort of trade data when it comes out of china looks fine.

we have got to take that pmi coming in at 945, so painting the picture when it comes to trade resilience as expected for china. daybreak: asia is next. this is bloomberg. ♪ retail.

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♪ >> we are live from bloomberg world headquarters. daybreak asia the top stories this monday. the first day of the new quarter, it is going to be subdued with many market still closed for easter. manufacturing robust in china. shove off for war, to answer the u.s. terms. betty: i am in the global headquarters in new york where it is after 7:00 p.m. on easter sunday. president trump delivering an easter message threatening to dump nafta. the worst share month