a.m. in hong kong. welcome to "daybreak: asia." politics making headlines. returning from beijing with little to show. u.s. aboutthe historic regret if it decides to pull out of the 2015 nuclear deal. betty: i'm betty liu. a heads scratcher for the fed. unemployment falling to 18 year lows. policy and succession at berkshires meeting.

♪ betty: just a reminder on what report.ith the job showing how robust the jobs market is in the u.s. this chart it have. it shows you how rare it is to see the rate drops below 4%. in april, there were only four other periods of time where we saw that rate fall that far. begs thehe quest -- question. where is that wage growth? it is hard to look at the jobs rate and say we know where the and bash direction of inflation

and wages is going. -- direction of inflation and wages is going. yvonne: labor participation was also down, which was surprising. it may be technical like the analyst said. it will not do much for moving policy.le for perhaps what we saw such a positive reaction on friday in the stock market. at what the look reaction was on friday. we saw the dow urging -- surging. rising up 1.7%. market participants noted that , the fedhe numbers will likely stay on a three rate hike path this year. this goldilocks economy still in tact.

gains set up person today. new zealand, up one third of 1% right now. 73.20. coming to australia, and hour away. pointing at the game for the open. we have a lot to look ahead to come including the aussie budget, a slew of data out of china, including trade. crew, we saw that 2% gain on friday when it came to oil prices. plenty of geopolitics pricing into that price right now. it could be back, the perfect time to come back. some decent gains here.

also, some boj minutes coming out in the next hour. the -- joining us now. inda: the agency says the u.s. is characterizing the steps as a sign of weakness. accusing washington of trying to wrap up tensions ahead of a meeting with kim jong-un and donald trump. the summit will probably happen in singapore in singapore in june. the bank of korea's moved to clarify should raise its benchmark interest rate. hours after, they released a statement saying he was seeking a -- imbalances may increase if they hold rates

while the economy and inflation grow. speaking out against higher oil prices. showing a willingness to keep tightening crude markets. the oil minister says a suitable price for crude is around $65 per barrel. the counting has begun after lebanon set policy elections. -- the incoming government will have to take steps to control the biggest debt burden. there is hope from the market that majority will be formed to

of thent the resolution paris conference. haslinda: global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. talks: president trump economic advisers come home from a visit to beijing. growing proof of house par part -- how far apart they stand on issues. happenedf what really in the past couple days. what, if anything, was achieved? tom: very little other than they will continue to talk. we do not know when they will begin those talks again. the u.s. producing a list of

that chinacluding reduce its trade surplus by 2020 and that it stop its support for industrial policy around automation, ai and product vehicles. -- robotic vehicles. the u.s. says china should refrain from tariffs of its own. that they stop this investigation into chinese investments around technology and that the u.s. lower the barriers around exports of tech to china. flying in the face of political views in washington is one issue that seems to unite democrats and republicans is taking a harder line on china. there is a long way to go to reconcile these views. yvonne: it seems like they are not willing to budge right now. where do they go from now? delayed theeast

u.s. repositioning or imposing those tariffs. tom: that is the issue. the clock is ticking on these tariffs. made the 22nd is when the debate in the u.s. comes to an end when he can trigger the first $50 billion worth of tariffs. we heard over the weekend that he was going to determine to --ord the trade religion relationship with china. the media taking a slightly more positive view saying there was consensus. china's desireto to avoid a trade war. time is running out. we know from cornell university --t we should expect markets there are going to be growing tensions between these two

sides. china is ready to negotiate but not capitulate. also have geopolitical tensions between the u.s. and china as well. that's right. a couple interesting developments. one of them was this harshly worded statement that the white house put out in respect to a demand from china around u.s. airlines and how they referred to taiwan, hong kong and macau. describing these demands as orwellian. that it was trying to affect the political views of americans. this is what we have seen on university campuses in the u.s., not just airlines. they are increasingly trying to affect views around some of these areas that china sees as sensitive subjects beyond china's borders. the white house lashing out at

that. strong anger in the u.s. as to these reports around china apparently setting up cruise missile systems in the spratly islands, near the philippines. these islands in the south china sea have tensions geopolitically between china and its neighbors, and the u.s. is deeply concerned. areas of fiction between the u.s. and china. our china correspondent, president trump has until saturday to decide on the future of the iran nuclear deal. he has previously derided it as insane. we still do not know whether the president has made up his mind. >> that's right. this week is all about the art of the deal. we do not know which way the

president is leaving. we know what he has said about the deal in the past year and months. there will be some pretty loud voices telling the president that even though the deal is not perfect, it might be the best there is at the moment. one of those voices will be the u.k. foreign secretary. he is due to meet with the vice president and national security adviser on monday. a new york times was that the wisest course would to improve the handcuffs on iran rather than to break them. it deal is not perfect, but offers the fewest disadvantages. mike pence is supposed to have lunch with the president on

tuesday. perhaps he will convey that message. .here are voices out there the chairman of the house said on committee morning tv that staying in the deal was to the best advantage of the u.s. because it gives the u.s. visibility into iran. a lot of voices out there urging stay in thet to deal. we just do not know. know -- yvonne: we do not know until may 12. closer to knowing when and where it will happen, things?ogistics of >> you cannot really ignore the synergy between the iran deal and the upcoming talks with north korea.

pull out ofwere to the iran deal, would that have an impact on the upcoming summit with north korea? would kim jong-un stopped to wonder whether president trump is a man of his word and whether the u.s. can be trusted? we are waiting to know when and where the summit will be. earlier, the meeting could be in singapore and it could be the third week of june. that from really have u.s. sources. a week ago, the president said a meeting could take place within three to four weeks. it suggests that there is some uncertainty about that. one thing we do know is that south korea's president moon is coming to washington on may 22. that could be a key get together to iron out some details. thathing to worry about is north korea is pushing back a

bit, saying that the u.s. is misleading the public about why the talks will go ahead. to andomething come up the talks before they could begin question mark it is possible. we will know more in the next few days. yvonne: thank you. we just want to get you through those breaking lines. ocbc from singapore. see from the rivals a decent first quarter. net income coming in at $1.11 billion. just shy of estimate. expectations.ng all in all, we really have seen quite a decent and positive earnings report coming through from some of the banks, given the fact that we have signs of economic growth come through in singapore, hyatt -- higher

interest rates as well. the reason why we see the beating out the likes of vietnam in the last couple weeks or so. that is helping when it comes to sentiment created we will see how things trade when singapore opens in a couple hours. we will get the lowdown on what warren buffett told the assembly in omaha a little later on this hour. betty: no deal. the trade delegation leaving china empty handed. you'll look at the market response with john. this is bloomberg. ♪

>> there are some clouds that i see over the longer term. one is what will happen to trade policy. we will continue with an opening -- we continue with an open trading system or a trade war?

that will obviously create quite a bit of risk for the u.s. economy. >> i would not underestimate the -- itf the due to fight will have real effect on asset prices and the global economy. >> i think the most important thing is to be specific about what the other countries should be doing. what should china be doing with respect to intellectual property and ownership control? the talks, i think they will be. there will be a better outcome than what would occur if there would be a trade war. china, mexico and even with south korea being finalized. a lot of these companies used these -- that could have a real economic impact for the longer term. those are some of the

voices that we have spoken to on bloomberg television, talking about trade. this is "daybreak: asia." trade dominated the global market conversation ever since president trump announced tariffs on steel and aluminum imports into the u.s. the world waiting to see if his first rhetoric is more substantial than symbolic. .et's bring in john he joins us in our hong kong studio. good to see you. we are excited to have you. perhaps the darkest cloud looming over markets in asia. how much do you attribute it -- to these trade tensions? >> when you look back the pass-through months, the market went down in march and came back up in april. one story was the interest rate expectation. the fed expected to raise rates

two times in 2018 and perhaps three more in 2019. the other factor was the trump trade war against china. this is something that we --itor quite -- quote closely. there are many possibilities and one of them could be a disastrous scenario. i would caution investors not to extrapolate this than area into . -- the scenario that would not be a wise move. yvonne: the demands are so high right now. it is 200 billion and china is likely to back track. howie -- have we progressed enough to make you think that we have shaved off some of this geopolitical risk in the markets? >> there are really two objectives. one is that china has a longer time. will be in power for a long time.

there ision cycles, one in 2018 and one in 2020. because of that, there will probably be some leeway in the middle that both sides could be happy, that they can accept and talk it up as a win for trump. yvonne: you could say this is an equity correction in a bull market that is still in tact. we have seen a loss of momentum in the asia-pacific. we have not really gained anything for 2018 yet. most gauges are a float or in the red. does the uncertainty delay as we testing some of the high that we saw earlier in the year? >> we should focus on the fundamentals, which is company earnings. the asia-pacific, the earnings growth is expected to be around 11% or 12%, which is decent. sentiment that has been in the marketplace for the

last few months, brush off some of these x and vocus on the longer term fundamentals of the companies, not to extrapolate towards internet -- a disaster scenario. focus on what really matters, what the actions are, rather than what is in the headlines. the market would be ok. the fundamentals will still drive the stock market. we started with earnings around 15% or 16%. it went up into the low 20's the low 20's. it would not surprise me that earnings would be on the upside by the end of 2018. andstors need to be calm diversified. betty: it makes a lot of sense. investors always turn to the worst case scenario.

curious about action and what we saw from the u.s. jobs report on friday. what kind of action you are pricing in from the fed. you are actually quite optimistic about the u.s. market in particular. earnings growth is expected to be in the 20's. we see unemployment around for or so. -- around 4% it is still within target. we think global growth is maintaining and it will help asia. in the long-term, we think it will help a lot of industries, such as technology, industrials, exporters. those other markets that we think are attractive at the moment. does it concern you that there was some volatility in the bond market? all the focus on the 10 year yield and whether that will accelerate to 3% level or not. >> hasn't mentioned, that is one of the two reasons why there was

a selloff in february and march. when you look at the interest about 275 arted at couple months ago. now it is about 3%. curve, bythe yield the end of 2018, another in 2019. 4% or touching around 4.5%. it could adversely affect the equity market in the long-term. until we get that, until the piece gets faster, we think that is the much embedded into the equity market at the moment. thank you. we will leave it there. tomorrow at j.p. morgan's local china summit. stephen engle be speaking to some of the big players.

former hsbc chairman flight. he do not want to miss any of this. this is bloomberg. anyou do not want to miss of this. this is bloomberg. ♪ this is bloomberg. ♪

betty: a quick check of the flash headlines at the point. cash profit of $3.2 billion will .ay an interim dividend cash return on equity was 14% with a net interest margin of 2.17%. australia has been under pressure as the world commission examines claims of misconduct. yvonne: a group representing storeowners is opposing walmart's deal with the cart cart.he deal will -- flip considering legal action. the $50e improved billion sale of 75% of the company to a group led by walmart.

reports its lowest unemployment rate this century, but will that trigger a change in the fed rate hike strategy? more on that ahead. this is bloomberg. ♪

yvonne: 7:30 monday in hong kong. first major market open soon. betty: 7:30 sunday in new york. closed as were saw, riproaring lehi, the s&p up 1.7 -- 1%. yvonne: you are watching daybreak asia. let's get to first word news with haslinda amin in singapore. haslinda: presidential lawyer rudy giuliani said he is leaning against donald trump an interview to robert mueller and the investigation into possible russian meddling in the 2016 u.s. elections.

he said this discussion would be a trap and repeated the call for investigations to be shut down. he said trump would not have to comply with a subpoena if robert mueller issues one. >> we don't have to. he is the president of the united states. we can assert the same privilege others have. president linton negotiated a deal -- clinton negotiated a deal. haslinda: the u.s. china trade discussions ended with an agreement to keep on talking. china's official news agency said consensus was reached on some issues while technology major disagreements on others. president trump repeated he wants fairness between the world's talk to economies. saidrench finance minister access and celery demand -- celery demand by the air france group could sink the largest airline. they say the peg claims are unjustified, and they must show

responsibility. the ceo resigned friday after failing to reach a wage agreement with employees. shares dropped the most in six months after a warning. four-year result could fall short of 2017 levels. given further clues that he is preparing to raise interest rates as soon as this week. he told bloomberg television he is concerned with friday's data showing inflation falling to the highest in five years. he said the decision on back to back heights will depend on the sentiment of price momentum. >> the issue we are seeing it, a step up in inflation, it probably has not began. and earlier mentioned around the middle of the year, before we see a tapering or deceleration of inflation back to our project

range. haslinda: global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. ♪ yvonne: we are counting down to the open in sydney and tokyo. korea closed for today. let's bring in sophie to talk about japan. haslinda: looks like the golden week vibes continue for japan. we have tailwinds here. we have the jew -- u.s. jobs report boosting stocks on wall street, and we also have no angst time from the -- coming from the chinese-u.s. trade talks. looking at the set up this monday, we see a positive open when it comes to the set up. we have central bank watch starting off with the boj, and the decisions from new zealand, the philippines and malaysia.

policy update comes on the heels of those elections. when it comes to specific themes to watch, smartphone producers may move after apple shares rose to a new high on warren buffett's news. we have chinese traded at tuesday along with australia's budget. yvonne: you say ahead of this budget we are seeing stocks from sydney seeming to be of the year to date losses, but you talk about banking shares weighed down, whether inquiries from the royal commission, what are the outlook? haslinda: banks have been taking it on the chin. we did see them come under more pressure after the rba spoke up to different lending standards. fell on the back of that. we did get the update from westpac which should report passive topped estimates. we have more inquiry and regulations like the slowing housing market driving the industry. morgan stanley saying hitting

the wall with a weaker revenue outlook. banks have fallen, commodity-based stocks, they are looking to benefit. they expect to see growth go by. this chart on the terminal, these sectors have commonly performed inversely to each other and while banks have fallen, stocks are improving over the past two years. that is continuing for the material sector while the financial sector is under pressure. betty: sophie kamaruddin checking on those markets. the u.s. jobless rate plunging to its lowest level in 18 years but that has yet to speed up the pace of wage increases. kathleen hays there with the numbers and the fed reaction. that drop in the unemployment rate was stunning. kathleen: it is interesting because when you got the jobless claims staying low last week, a new cycle over continuing claims

, maybe it would fall more than forecast. have not been here since 2000. doesn't get much lower than that very often. wages stuck in low gear. let's take a look at the chart, if you are following on bloomberg. take a look in front of you, put this in your own special library. we have a yellow line showing inflation falling. average hourly earnings, the turquoise line, has been stuck at 2.6% for year over year, three months in a row, only as high as 2.8%. it is not picking up even though you have the tighter labor market. payrolls look good, they were up 164,000 in april, 30,000 less than forecast, but there were a distance from the previous month adding in 32,000. no concern. the white house took the occasion to say look at us, we have done the right thing, fiscal stimulus, cash cuts. let's listen to kevin hassett, the head of the council of

economic advisers. >> the tax cut was timed perfectly because when firms need investment capital to make their workers more productive because it is getting harder to find people, we get him a tax cut that stimulated spending. donald trump and others have noted hispanic unemployment is down to a new cycle low, unemployment for african-americans at 6.6%, the lowest since 1973. thatod news and something people feel could help get some seats one in the next several months. yvonne: where does that leave the fed? there are a torrent of speakers. kathleen: and at the hoover institution monitoring conference which i attended, bill dudley speaking in new york to bloomberg television set even though inflation has hit 2%, he is being cautious.

let's listen. victoryld not declare yet. inflation goes up and down month-to-month, but we have made progress and i am happy where we are today. thateen: also interesting john williams to the incoming new york fed president, also at the hoover conference said basically have bill dudley said, it is about 2%, not a specific target that we cannot rise above. that is the message. rob kaplan, of the dallas fed who we spoke to a few weeks ago, was at the hoover conference. i did a special interview with him on bloomberg best, bloomberg radio, and you can see from the jobs report the labor market is getting tighter and stronger but inflation is not going to run away. pricing power among businesses is the lowest he has seen in his entire career. bostic both said

in effect to more rate hikes, they still expect to see, that is all they expect to see this year. one more chart, gtv. take a look at how the arts are stacking up for three hikes versus four hikes. i have the wrong chart. that is what happens when you are away for a while. there we go. probability of for more rate hikes in 2018 was on the rise, but you can see that turquoise line turned down, so the white still a40% plus is bigger bet in the markets. there has been caution that has slowed them down. right, local economics policy editor kathleen hays. meeting.ffett held the they delivered everything from guns to elon musk to the future of media as well. but go to our finance reporter catherine. she joins us over the phone. thank you for joining us on the program. it seems like buffett and his

partners had some divisive and political issues. they were able to dodge these questions. not escape the kind of political rhetoric and questions that came up based on a lot of the ceo's recently. they were asked about their views on guns, trump trade policies, generic quality, but they navigated it carefully. buffett really spoke with his view on guns that he said he doesn't think he should tell berkshire managers how to influence their views on that, so i think they carefully sort of worked their way around dicey issues. , catherine,ssue buffett seemed to take on elon musk, telling him that they have got advantages. he was making the point that companies that make the most

still have an advantage in this economy. he was taking on elon musk there. katherine: actually a few days ago elon musk called this lame, buffett has this view of what makes business attractive. it is barriers of entry that make it harder for competitors, and buffett fired back. they did admit there are some areas where both sites have become a race a little bit, but they are still important, and i like elon musk tweeting after the meeting, saying he was going to start his candy company after buffett said elon musk would not taking them on in that regard. so a little back-and-forth between the two billionaires. come: certainly billionaire playground. it will only be disputes there. what about talking with the media landscape, because it was

interesting buffett did not do his newspaper talk i don't think at the beginning of the meeting which normally does? what does that say about his views on media? katherine: he was asked about his newspaper holdings. he holds a lot of regional, local newspapers. he reiterated that this business is hard and has not gotten easier. he noticed the rate of decline never moderated like i thought it would. there are some publications that are doing ok, but they are challenging for his own newspapers. while most significant financial aid to berkshire, they have a lot of money on hand, it is still a problem he is not sure how to fix. , our: thank you so much bloomberg u.s. finance reporter covering or was in omaha covering the week -- the meeting over the weekend. you can get around up on the

story and others you need to know in the addition of daybreak. you can go to dayb on the terminal and also available on mobile in the bloomberg anywhere app. the week ahead on wall street is chock-full of earnings, winding down the last few. a key decision we have seen heavily on the direction of oil. another eventful week. su: that question of whether the u.s. will stay or pull out of the iran nuclear deal is a big one and president trump said to make it by the may 12 deadline. u.s. republican leadership has set its best interest is to stay . trump has made it clear or signal that he is set on getting out, and you have a lot of oil traders that are bracing for what could be the worst, and that if the sanctions are imposed, it could disrupt crude exports from third largest producer. that has oil prices flying. looking at close to $70 a barrel

. we saw oil closed on friday at reallyhest since 2014, november. the view is sanctions on iran repositioned. officials are sort of getting ready for post-negotiations. let's go to the tv or you can get these charts, and this is commodities and early recovery. we see the dollar. oil goes all the -- higher on a number of geopolitical factors, beentrong dollar has not welcomed by many traders, most of all commodity traders. we have had a bit of a restaurant of late, but the dollar has been a negative for many commodities. yvonne: we continue to see quite a bit of strength in the last few weeks. a big week for earnings as well, you mentioned everything from media giants like disney, nvidia. give us highlights.

su: we are entering the peak of su: we are entering the peak of earnings season. the last two weeks were full of reports. this one has disney and nvidia. we'll focus on those. you have embed. these are all set to report next 24 hours. we have a look of the stocks and how they closed on friday, and another step behind them we have dealt. ea.ave duke energy, these are all companies in the spotlight. go to disney because it is set to report its most recent quarterly results on the 10th. revenue, 14.0 in in revenue. the focus is on the tv trends. there are profit gains that have slowed as people ditch the television ecosystem in favor of other options, streaming video. disney has been aggressive in terms of acquisitions and preparing that front. that will be a focus on how they deal with this and continue to

dominate in the box office. after nvidia, take a look at the charts. this quarterly release, they will tell us whether they committed the consensus forecast . nvidia has been one of those tech stocks that has really taken off and then hit headwinds as we have gotten into 2018 there we got an upgrade from barclays on the artificial intelligence area they are in, and that is a plus going into their earnings. yvonne: su keenan. as the u.s. trade delegation leaves aging with little to show, how concerned should the world be china is garnering the market -- cornering the market in high-tech? this is bloomberg. ♪

♪ we are counting down to

asia's first major market open this morning. japanese futures looking like this, a bit higher for the rally in the u.s. the report quite robust, nikkei futures up .2%. i am betty liu in new york. yvonne: i am yvonne man in hong kong. the former r.b.i. governor has sounded a warning on china's potential dominance of high-tech industries including artificial intelligence. the economist told bloomberg that beijing has greater inch -- ability to intervene in the markets. >> what china has which for example was not as easy in the u.s. is the government can locate losses a lot more than for example he can in the united states. even though the bankruptcy system is not as effective, the ability of the government to say extent this loan and don't demand that it be paid back now, because a lot of the money go through the public sector

system, it has some credibility. eventually they want a market system to work also have to move away from the sense that it gets into trouble, they have to let the market do a lot more. but at this point they have the ability and are using some of it . the special-purpose vehicles that local governments have issued, if you were in trouble, that debt has been extended almost by fear. reporter: what about china moving away more significantly from export led growth to domestic led growth? on some level that is what the trump team complained is. raghuram: that is in some sense china's goal also to move away from export-led growth towards domestic demand-led growth. we can see that there are some factors which are helping that. chinese wages have been picking up. when chinese household have more

income, they will have more to spend, domestic demand will pick up more. consumption picking up from the depths it had reached. i think one of the bigger fears of the trump administration is export-led that growth policy will continue, but that the chinese presence in certain industries will become significantly more, especially in high-tech areas. if china does what it did in steel and aluminum in other industries, such as artificial intelligence, chip manufacturing, aircraft manufacturing, what about the advantage the u.s. had? it will evaporate. reporter: one of the reasons china climbed so rapidly is they their exchange rate. even though that violated wto roles, no one really cared.

now people are pushing hard on intellectual property. is it a concern that china will tell you what is going to do and knows what it needs to do but will continue to do what it most needs to do, to keep growing its economy, whether exports am a domestic demand or whatever? raghuram: i think there was alleged concern about the exchange rate. concern,t is more of a more market-driven exchange rate now. there is concern about subsidies given to these industries about china's respect for intellectual property and we fit will in fact transfer either by the government -- you have to share your intellectual property here or with private properties stealing intellectual property. i think there is a difference in what china is doing, which should make the u.s. feel a little more confident. much easier to grow when you are in the industries which are not

at the frontier because the parts for aluminum steel are very clear. it is not rocket science. they need rocket science. ai is really -- the chinese are developing their own capabilities here, and that is important to the world, but it is not as easy. i am not saying there is no reason for concern in industrial countries, but there are partnerships, there are ways of making this work much better. it should not be given primarily by a fear of china. i think it will be harder for china to stay at the front. there is room for a win-win discussion. r.b.i.the former governor speaking exclusively to .ur policy editor kathleen hays don't forget our interactive tv function, tv . you can catch past interviews and dive into any of the securities and bloomberg

functions we talked about, and you can become part of the conversation by sending us instant messages during shows. this is for subscribers only. this is bloomberg. ♪ rs only. this is bloomberg. ♪

asia.: this is daybreak i am yvonne man in hong kong. betty: a quick check of the latest business flash headlines. alibaba shares jumping after predicting the surprise acceleration of sales with the growth in cloud computing and supermarkets. they expect revenues to surge 60% in the year, boosted by acquisitions of a food delivery startup and a transport business. even without those purchases alibaba sought sales rising 50% ahead of the projection by analysts. netflixwe may soon see

first tie up with a major copy rival. the starbucks business that sells coffee beans and supermarkets. the agreement may be announced monday. this would help nestle build it present in the u.s. coffee market after it added some nice, france. -- some niche brands. betty: the avengers has become the fastest movie to notch $1 billion in global ticket sales. infinity war helped turn around the year's box office income even before it opened in china. the film helped north american million.12 it has a relatively clear run until the release of the 20th latery fox's dead pool 2 this month. yvonne: i contributed to that $1 billion. coming up, the pension giant says there is plenty of bond turmoil ahead. we will hear from jamieson tunes bonds in 20 minutes time.

japan back online as well. we are set for some decent gains this morning ahead of you go data from china, but the jobs report was a good catalyst. this is bloomberg. ♪ this is bloomberg. ♪ we use our phones and computers

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betty: 8:00 here in hong kong. yvonne: welcome to daybreak asia. asian stocks set to advance as earning systems -- earnings season continues. and did had it, trump leaves beijing with little to show except the promise of more talks. sophie: i'm betty liusophie: -- betty: i'm betty liu here in new york. can you puzzle for the fed as u.s. wage growth slows. facing russians about politics and succession after rushers -- facing

questions about politics and succession. yvonne: looks like we are set for some decent gains. questions about what the dollar's or go away moving forward. we see recovering with u.s. treasury yields. we see this revived correlation. jpmorgan with a note. this could be disruptive to global markets, just as a reversal in the correlation between stocks and bonds and what we saw in february. that is what triggered the selloff. it's not their base case yet, but something to look ahead to in the next couple of months. betty: that's right, certainly complicates the situation for many central banks, and also for the companies, as we see the

correlation come back. we will talk more about that with our upcoming guests. let's get to the first word news. north korea says u.s. sanctions are not the reason for its willingness to remove nuclear weapons from the peninsula. the state news agency says the u.s. is misleading the public as weakness. it is accusing washington of trying to ramp up tensions ahead of a meeting between kim jong-un and donald trump. south korean newspaper say the summit will happen in singapore engine. the back of korea move to clarify comments that the central bank should raise its benchmark interest rate when it becomes possible to do so. just hours after the remarks, they released a statement saying that he was speaking in general terms. bounces may increase if the be ok -- the bok holds.

iran has spoken out against higher oil prices. the that the oil minister says a suitable price for crude is $60 to $65 a barrel. brent futures have surged on the $75. those counting has begun after lebanon's first parliamentary elections in nine years. the main battle is between a western and seti-backed coalition and hezbollah. companyming -- the in -- the incoming government will have to deal with the economy. >> there is hope from the market formede majority will be ofimplement the resolution

the conference. paul: the philippines central bank governor has given clues he is preparing to raise interest rates as soon as this week. he told bloomberg television he is concerned with friday's data showing inflation surged in april to the highest in five years. he says the decision on back to back hikes will depend on an assessment of price growth momentum. >> this year, we are really seeing a step up in inflation. it probably has not peaked yet. and earlier mentioned that it may be the middle of the year orore we see a tapering deceleration of inflation, back to our target range. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i'm paul allen. this is bloomberg. ♪

you.e: thank japan coming back after the holiday. we see decent gains over the fed jobs report, that came out on friday. korea closed on the monday session. iqs from hoping to get the u.s. -- our cues from the u.s. ix marginally lower this morning. have, in sydney, aussie stocks now in the green for 2018. gains after losses on friday as banks came under pressure. overall, asian stocks could make a gains by the start of the week. keep an eye on the end, that is fairly steady after the latest boj meeting where members said japan may spar for the 2% cpi target and it is appropriate to

keep easing. needed inl policy is deflation. one member saying it must be explained that normalization is not tightening. 10 nine after a six the weekly loss on friday, that is the longest. softer than expected u.s. jobs data. h -- another possible. it is not likely to prove successful. on oil markets, they outperformed ahead of the u.s. sanctions. iran iran came out against higher oil prices, saying $60 to $65 a barrel is suitable, putting it at odds with opec and saudi who want to see crude closer to $80. oil rallied 60% this year. you have net crude at $70.

betty: thank you so much. the divisions between the u.s. and china were laid bare following two days of high-level, and 10 straight talks in beijing. littleton it -- and intense talks in beijing. little to no traction. was anything achieved? they each came with a long list of what they wanted. tom: they did. we had a mood music friday as the talks move toward the climax at the end of the week. materially, they came away with very little, other than agreeing to continue talks. we don't know when that will happen or where. we don't have a framework for any of those talks in terms of the major issues. very little traction if at all. the u.s. issuing a list of demands that seemed almost

tailor-made to rankle the chinese, telling them that they wanted to see surplus reduction by $200 billion by 2020, telling the chinese they wanted to see the reduce their support for some of these key industries, as china season, robotics, electric vehicles, artificial intelligence, also saying the u.s. wants a quarterly review session with china, where the u.s. would oversee some of the changes that china would have made and to assess them. and if the u.s. was not happy, they would impose additional tariffs. so an aggressive stance from the u.s. but an equal amount of demands from the chinese, to lower barriers to technology, and an end do an investigation into technology investments from china. you have both the democrats and the republicans coalescing around the idea of a tougher stance on china when it comes to technology. certainly, the gulf between these two sides are underlined by these two talks and not much movement around closing this

divide. when the clock is ticking run potential tears, around 50 billion u.s. dollars. where are we: expecting to go from here? interesting to see media reporting balanced around this. there was some consensus reached, although they did not areas.tails on the there were disagreements, but there was hope there would be mutual benefits i continued negotiations -- benefits and continued negotiations. tote media is not pointed anger or exacerbate tensions. president trump saying of the determined to rewrite the rules around u.s.-china relationship.

he could initiate the first $50 billion usd. our china expert at cornell university says we should expect on the market should expect a ramping up of tensions. china is ready to negotiate, but not eventually. other experts have said this could play out at the g20 and spread and starting it supply chains and asset prices as well. that is a level of concern there was a more traction given these talks. yvonne: we also have to contend with the geopolitical tensions between the u.s. and china. a lot of these multinationals that operate in china have to tweak the language of their websites, especially the u.s. airlines. we got more news on that over the weekend. tom: that's right. this is something that has been building up. we have hotel chains here in china that have had their wrists slapped for the way they referred to taiwan, hong kong, macau, china, very wrinkled that

they see a neat suggestion that taiwan is independent. messages tog out u.s. airlines to be careful about talking about taiwan in macau. the white house issuing -- taiwan and macau. the white house issuing a statement saying this was an manipulatettempt to them it -- manipulate the u.s.. we have seen the build of military assets in the south china sea. there are cruise missiles that china has issued on those islands. thank you. still ahead, the blogging and social networking site that pays people for their content with cryptocurrency. he joins us live.

betty: tipping point as auctions grow larger. joining us with his you in just a moment. this is bloomberg. ♪

yvonne: this is daybreak: asia. betty: treasury officials say they have no concerns about demand for the offering of government. that the u.s. will issue a combined $73 billion of 3, 10, and 30-year securities. joining us is charlie jamieson. these options take on more and more importance given where we are with the 10-year yield? charley: clearly, they are very important. the free funding announcement was not as large as we initially

expected, which gave the markets some relief. these auctions sizes have been very expected by the markets. we are awaiting japanese lifers to reenter the market. i don't think the market will have a tremendous amount of issue taking on these options for now. it is important to remember, around this critical level in u.s. treasury's, -- treasuries, they have long targets. expect the market to calm down and arrange around these levels. clearly, the performance of oil us asflation will direct to which way we will break. betty: you mentioned inflation in particular and oil prices. but wage inflation in the u.s., which seemed like it was missing in the jobs report on friday, leaves people to believe that the fed will continue with just three rate hikes, not four.

but are the bond markets to come -- markets tooo too complacent? charlie: the picture still secular -- the picture still cyclical, not secular. the market has grand expectations about inflation, which have yet to be realized. we saw that in the earnings number on friday night. we do get another look at cpi data this week. around this 3% level in u.s. treasury's, if we look back -- if we lookries, back, the 10-year yield will finish the hiking cycle around the fed funds rate. stopthey expect to slow or the hiking cycle around 3%, it is fair enough for us to consider that we will be

hereabouts despite iteration on either side on which the news tape does fall. perfect for people who have been underweight. we have come a long way from the 136 yield liberals -- levels after brexit. now the attention will turn to things like credit instruments and the like, which are starting to underperform, as we would expect in this letter stage in the economy, the economic cycle, and we are more into a more mature scenario given the hiking cycle. betty: given that we might be coalescing around the 30% level -- 3% level, i want to show you what is happening with the dollar. it is similar to a chart we saw from yvonne which shows how the rating,s weak seller but also the correlation with the rates market, the bond market. it is happening again. how does that affect your outlook. ?

charlie: we've been very constructive on the u.s. dollar. interest rate differentials work very well in the longer time frame. certainly in the short run, foreign-exchange markets can be random. a lot of things happening earlier in the hiking cycle, where we had higher equity markets, low volatility, tighter , credit spreads, and a weaker dollar were easing financial conditions early on as the federal hiking. those things that to be behind us. . the u.s. dollar looks like it is finding its feet. we see substantial lift in volatility around the equity complex which is still 8:00 -- 8% or 9%. we are now starting to see credit spreads widen relatively quickly. all those financial conditions will start to tighten. we are starting to see that in the leading data, global data velocity has turned negative in a positive data results earlier in the year.

thiske to see in traditionally difficult period, sell in may go away cut timing. the markets easily does very well through the european and north american summer. with grand expectations and still very large speculative positioning's to the short side in interest rates, we feel that this is an going to be a one-way bet, particularly if the data starts to slow down. the u.s. data is still moving forward at this point. we will need to watch the carefully. there is a set up here that could trigger some type of short squeeze in the near term. yvonne: i was just about to get to that. what could potentially poke a hole in this bullish greenback story is the twin shorts we are seeing in the speculative markets. you have shorts on the dollar. -- have bearish been issuing bearish positioning on the u.s. bond which is at a record right now.

these cannot be sustainable as it is. we are setting up for a parallel shorts ways -- short squeeze. what gives? arlie: i absolutely agree. it is important to keep our eyes on the emerging markets complex. there is a lot going on in turkey and argentina. we have to remember, under quantitative easing, we made nvestible.assets uni sponsor otherto parts of the complex. now we have three-month libor rates at 340, despite the fact that the fed continued to look to hike. a lot of the sponsorship the has been elsewhere in the world looks set to come back to the -.sk space there is an alternative now that. risk-space.t --

there is an alternative. andtive rates in japan europe will gain significant capital flow overtime. that could put pressure on those that are funded aggressively in dollars and have benefited from the dollar depreciation. now that the dollar has found its feet, after more of a response in the additional supply the start of the year, we felt it was unusual that the dollar and yields would be rising at the same time. now that has started to reserve best reserve and we have a more normalized relationship. yvonne: before we let you go, what are you actually buying at the moment? i think you increased your allocation to treasuries, too. we are comfortable with long data interest rates. shorts dated rates can move higher as the fed continued to complete on their expected hiking program. the impulse for substantial move

higher in longer data rates would require us to add expectations around rate hikes the on 3%. certainly given the movement in the currency markets on a credit markets already, we don't feel the market can't 6 -- sustain that without some sort of credit risk correction. it is important to ignore that other sovereign curves that have moved higher in sydney -- in sympathy with u.s. yields are already performing well. we still expect them to do very well. that's a very different story down here with regard to the ability totheir garner any can a rate hiking environment into the economy that is quite brittle down here at the moment. yvonne: great to have you. appreciate your insight. bloomberg users can interact go. the chart using dtv

of theo captures some key analysis and save those charts or future reference. let's look at the global china summit in beijing. we will see big names in global finance and policymaking. don't miss our exclusive interview with jamie dimon hand nicolas aguzin. this is bloomberg. ♪

keeping nuclear arms out of iran. he told kathleen hays that dealing with the nuclear issue is taking sensibly with russia.

very strongs a ruler in president putin. he has an aggressive policy. what we need is a stop sign for him. say you're not going to get away with stuff. start with what we have already begun, which is arming the ukrainians. if we got him out of each ukraine, that would be a good stop sign. but it would be good to get back to talking with them insensible ways the way we used to. it's a great problem that we need to work on together. kathleen: what is the biggest problem? >> nuclear weapons. this time, instead of just having we and the russians talk together bilaterally, we should work with them and say let us

and but all are countries have nuclear weapons in this discussion and try to get everybody to go down, ideally go down to zero. kathleen: should the iran nuclear deal be renegotiated? >> iran doesn't have nuclear weapons, but they obviously want them. we have to reinforce all the efforts to see they don't get them. kathleen: does that include renegotiating the deal? >> the deal they negotiated i didn't think was a very good deal for reasons that are now --ious, namely there but they're developing ballistic missiles, disrupting the entire middle east, threatening israel with the money that they got. think continuing to stop them from getting nuclear weapons is important. personally, i wouldn't walk away from the deal. one of keep it because the problems with the deal is iran got rewarded a front.

we want it continuous overtime. let's keep after them on the nuclear weapons front. yvonne: coming up, warren buffett sees his first net loss in nine years. this is an accounting nightmare that comes true. this is bloomberg. ♪ mr. elliot, what's your wifi password?

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yvonne: 8:30 in singapore. half an hour away from the open of trade. good.g pretty income increased 29%, falling in line with its rivals throughout the work. certainly picking up momentum to keep singapore as a vestige a stock market so far. betty: you are watching daybreak asia. let's get to the first word news with paul allen. paul: thanks. two days of u.s.-china trade discussions ended on friday with an agreement to keep on talking and little else.

news agency says consensus was reached on some issues while acknowledging major disagreement on others. neither side reef to the media on the talks. --sident trump says he wants to trade between the top two world economies. kln groupands by could sink france's largest airline. employees must show responsibility. the air france ceo resigned after failing to reach a wage agreement with employees. shares drop to the most in six month after a warning full-year results may fall short of 2017 levels. theresa mayinister has declared her absolute determination to make a success of leaving the eu as she comes in a new pressure from conservatives on both sides of the brexit debate. lead --ts again to leave the single market and the

customs union. those who oppose that stands are plotting to support the opposition party. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i'm paul allen. this is bloomberg. ♪ markets are flat on the regional benchmark at the start of the monday session. in japan, not really joining the annals party. sophie from not at all. jack -- sophie: not at all. tokyoleading losses in with energy the only segment see notable gains, off by a third of 1%. in sydney some optimism,. the asx 200. gaining .8% with resource stocks rising. we see a mixed bag.

you have west bank rising after its profit beat macquarie. saying they hit a wall with revenue growth, looking very weak. keeping an eye on the yen. it broke below 109 again as they dollar jirga -- dollar drifts from recent highs. that will set the tone for a solar -- a softer dollar. fujifilm has fallen for a third day as a company calls to fulfill the agreement. the plan to replace the xerox ceo has been stoppered by a technicality. many consumers shares are faltering. even fast retailing under pressure, despite boasting a 10%

growth for april. blue sky alternatives is sinking. sydney is withdrawing its guidance, saying it is restructuring its business model and management structure. the chairman is to stand down and direct is -- executive directors are two be replaced. betty: thank you. let's talk about the jobs report. payroll growing, unemployment inching lower, we just like in low gear, leaving top officials to conclude that slow and cautious pace of rate hike this -- rate hikes is still best. kathleen hays has the numbers and some third data. kathleen: the fed is focused not so much on growth in the economy, but inflation. when will it pick up? this is what they are so concerned about. they see unemployment falling, wages not rising commensurately.

that become something that was closely. the jobs are going. payroll is up $194,000 in the month of april. they got the report friday in the u.s. add revisions from the previous month, on average, they show payroll going very nicely. wages? let's take a look at a really cool chart, a gtb chart they you can follow along on the chart that- a gtv you can follow along on bloomberg. on? is going this is the question the fed is waiting to answer. in the meantime, fed officials are willing to be patient. let's listen to what he said. >> i wouldn't quite declaring victory yet. but inflation data goes up and

down, month-to-month. though we have made progress. i'm certainly happy where we are today. kathleen: he said that on friday as well. so we have all those numbers in hand. the sanliams of francisco fed spoke at the hoover conference on friday at stanford university. he said you are never going to be -- we will be about 2% sometimes and below 2% sometimes. yvonne: we did not see a whole lot of reaction in the broad market on these job figures. does it actually change at all for the fed? there were more speakers at the hoover conference. with hima long chart on friday. he said the job reports shows the labor market is getting

stronger, but inflation will not run away from us very he's looking at businesses with the least hiking power. you are hoping for some upward movement in inflation, but you will like it that far. catherine -- the former head of the reserve bank of india, the former chief economist at the international monetary fund, i talked to him on friday as well. he spoke about many aspects of central-bank policy. the tools are not working that day to boost inflation. he thinks the fed is justified in moving preemptively. he is just precautionary in some ways. we have seen many years without high inflation. that doesn't mean that there isn't a magic moment. when all the labor markets across the world that are in competition tighten. japan is tight.

the euro is tight. competition from workers elsewhere doesn't hold down we just and you start see wages move up more sharply. betty: i will keep thinking about that. the magic moment in inflation. some say that it is a long way off. nevertheless, it is interesting he he's looking at that as looks at where central banks are heading around the world. yvonne: we saw that last year with a shot going in the opposite direction. hays and plenty of stories coming up. we will cover them here on daybreak asia. off --be looking at the the malaysian election. the spotlight will be on april trade data on tuesday from china. the consensus forecast, if it were to rebound to recover from

the drop of 2.7% back in march, early indicators show that things could be more negative. raising the prospect of a downside surprise. sawyellow line is where we when he came to march, the 2.7% in the blue line is where we see south korean exports, which has been a great office he to the trade figures in china. that fell to 1.5% from a 1.6% month.e previous it is getting harder to outpace the base effects that we saw last year. the big unknown is how the u.s.-china trade negotiations will go moving forward. the risks are still there, but the base path month among economists is that it will not have a whole lot when it comes to betty: material exports. so far, it is all talk, but it negativity.me

it could impact where investors aside to put their money. england, the bank of not a central bank we talk about often on this program, but we are watching their rates decision. a rate increase was once seen as pretty much a certainty. we will get a rate hike. but now, it is unlikely after a flood of weak economic numbers. their last quarter gdp numbers coming in at the worst rate in five years. that is pushing out expectations of rate hikes by the boe by several months. this chart shows you exactly that. hike.rst rate in the u.k. index. here, after seeing the dismal data out from the u.k.. rate hike being pushed

august this year. they continue to increase. more and more investors expect the boe will stay packed at this point. february,st back in warren buffett called berkshire a nightmare.call raimi and a sensor with a recap of the earnings resorts -- results. is here with a recap of the earnings results. ramy: this is twice as bad as expected. i want to show you this against the backdrop of history. this being the worst in nine years, here we are in the bottom right-hand side of your screen. while $.1 billion for a net loss. the first quarter of 2009 on the left, you're probably

wondering with his income a white bar is. this is the fourth quarter last year. this is thanks to the tax overhaul. this is something that i am at.ing mr. buffett is trying to say, while you are looking at this, what i really want you to look at is the actual net operating income, the adjusted net income here. because this is what he said is the most important. this actually does not change according to new regulations. i want to show you what this is all about. we are actually seeing in the gtb library there is a plus 49% rise from the first quarter of of7 to the fourth quarter 2018. this is in part thanks to a huge insurance is this swing up in profit after a tough 2017.

let me break this down for you in terms of some of the biggest divisions. for example, the railroad, the archer city, the energy and utilities units all of them came in except for -- rise.ze revenues that is a rise in fuel prices. we also talk about the auto insurer geico, we saw premiums rise because of the rate hikes that are raising. apple sorry rise in the holdings of two about one -- $41 billion in the first quarter. found something about $30 billion or so. yvonne: after these earnings came out saturday in omaha with warren buffett and vice chair charlie monger, they held a traditional hours long general meeting. they test on financials, economic, even political issues as well. ramy: when you have six hours to

talk, you can talk on anything. they talked about a lot of things. they talked about trade tensions with the u.s. and china. our viewers are very just it in this. mr. buffett was optimistic this is moreinks talk as opposed any possible action. . the also said the partisanship in the united states are now means this is a miss for investors because they should be focusing on businesses. in addition to that, he talked twitteron musk and some tit-for-tat because elon musk was saying that moats, in terms is it really effective anymore, mr. musk us he wants to buy and make his own candy company. he was in serious, serious business. lastly, we talk about succession basically, mr. buffett is not going anywhere.

yvonne: plenty of back and forth on twitter with elon musk this week. -- g to hear from this is bloomberg. ♪

betty: this is daybreak asia. a company trying to combine social media with cryptocurrencies. a blockchain social media platform founded two years ago has about a million accounts. joining us now from tokyo is the scott.t scott --n ned how does it work?

walk us through the business model. how do you earn money to pay for posts? >> thank you for having me on. very excited to be here. to give you a brief synopsis, we that steam it -- steemit is built on top of a blockchain called steem. it does she redid my than $50 million worth of cryptocurrency over the last two years. yvonne: where are the revenues coming from? you talk about advertising revenue for you guys. depending on these accounts and what they actually post, that leads to more eyeballs and potentially more people coming through. contentle have said the is low quality, given that some of the users are trying to earn a quick walk. they are building a reputation -- a quick buck.

they are building a reputation. how can you compete with the likes of red and instagram -- reddit and instagram. thee would use cryptocurrency that would use the wisdom of the crowd and inform generally objectively where the quality content was. you could use that to really create a trending page of content where you see the highest quality content at the top. we have only been somewhat successful in that mission. in going forward, there is plenty of software to help us further embrace the idea that aople can inform cryptocurrency. as far as the business model and what makes us all sustainable, steem is a cryptocurrency like bitcoin and ethereum and at has

-- and it has taken value like the others. people like it as value that is true their own in an autonomous contract that only they own. em then he becomes more valuable because it is distributed unlike any other crypto currency. no cryptocurrency is distributed as far and wide as steem because steem is pervading the media content where there's already millions of people ready to participate in this new cryptocurrency the system. betty: i want to be clear about the business model. people write these articles. dependent on the number of clicks or does it depend on the number of views? that's how they are paid than in steem? treasury,s actually a a sort of social treasury that is coded into the blockchain.

new -- new tokens are admitted or destroyed every single day by the logic of the blockchain. the users who hold the coin help to decide how to distribute the new tokens from the treasury. aey do that by supplying subjective valuation of the content they are reading. they hit up votes. the of votes get calculated inside the blockchain. utilize --er how to distribute the currency. by seeing the tokens flow through the system, they are able to take a percentage of those tokens. because the texans have speculative value, just like bitcoin, the websites are able to sustain their operations based on the tokens that they are receiving as well. betty: so people cash out afterwards? that is how they are able to generate the revenue than? >> they are able to freely trade steem i against bitcoin or any

fiat currency so they can cash out, watch them stay in the system and use the currency as more influence for themselves and the platform. there is total liquidity at the same time. as you are earning these tokens, it is like earning money. betty: can you see this business model working with other social networks. facebook, for instance, which is so dependent on the advertising model. can you see something like what you are building hitting it to -- into facebook? >> absolutely. several, in the last months, zuckerberg came out in his yearly address and said they are looking at a cryptocurrency, how they can be used to positively impact. community building that is a big us.s for if we look at our concept, without a doubt, i can say this is the beginning of a major phase ship. in five or 10 years, there will thousands of websites and

applications to reward their contributors with value. facebook will be an exception to that. the way we are getting there is we are working on a new protocol called smartmedia tokens which will allow any existing or new ownal media to watch their tokens to empower their users. betty:. .hank you so much coming up on bloomberg television this week, our special coverage of the malaysian election. the ground in kuala lumpur with the latest from wednesday. this is bloomberg ♪

betty: a quick check of the latest business headlines. astle says it is close to deal with starbucks. an agreement may be announced monday. the deal would help nestle build its presence in the u.s. coffee market after it recently added bluebottle coffee to its portfolio. yvonne: a top chinese fund manager is winning. the fiery chinese green liquor has returned 52% over three years, the best performer in its category. a third of the portfolio is just

stocks. a describes. the business model as standstill, collect the money. betty: the latest avengers film has become the fastest movie ever to notch $1 billion in global ticket sales. "avengers, infinity ward" help turnaround box office income even before it up and in china is weak. this week. it has a clear run until "deadpool 2" later this month. yvonne: let's bring in david ingles to see what is coming up in the next couple of hours. david: hopefully a little bit more excitement in the markets. a few guests coming up. we have the cohead of asia fx and race strategy for bank of america merrill lynch. ask why they are short cnh.

last week, we had the backtracking. he said something the governor and the bank had to pull it back in little bit. general terms is with a mentioned. so we will be asking about that. anderson, from j.p. morgan assets, is also coming on the show. to my -- wee access obsess too much on the two have in your yield. it's the reason why yields are up, which is more important. yvonne: thank you. for daybreak asia. betty: stay tuned for bloomberg markets. this is bloomberg. ♪ retail.

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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. david: asian markets are mixed. japanese shares falling after the return from holidays. the dollar is weakening. leaves --de team trump's trade team leaves beijing. with little except the promise a more talking. dale dudley said it is too early to decide victory. i am david english here in hong kong. aidi: oil prices rise with the trump decision. why china has the most of fear from the spike. this is bloomberg markets: asia.