yvonne: 7:00 a.m. in hong kong, live from bloomberg's asian headquarters. welcome to "daybreak australia." the top stories this tuesday, nuclear options. president trump to announce the decision on tuesday as allies make their final pitches to fix that. stocks also paring gains as investors try to read the president's mind. betty: i am betty liu in new york, where it is just after 7:00 p.m. on this monday. china's top economic advisor to visit washington next week for another round of terror talks.

we are going to be in canberra. there is certainly lots of risks in the market these days's. in particular, they are awaiting the announcement from president trump. there is a lot of risk in the bond markets in this g tv chart which shows you what is kicking up on tuesday over several yield . you can see the demand here continues to be pretty much flat on this point as auctions continue to rise for the 10 year treasury note. that is giving some investors some concern that perhaps the

rate routes we have seen in the bond market is not over quite yet. yvonne: breaking news. a scoop from bloomberg. qualcomm, the biggest maker of mobilephone chips, said to be planning an exit from server chips amid these cost cuts they are seeing. to breakn effort intel's hold on the bigoted market according to people familiar with the companies plans. latest from ian king, who broke that story. qualcomm said to provide an exit. the company will sell its data processing unit. the big question we have been talking about here today -- is it deal or no deal when it comes to iran? we saw between from president trump earlier during the wall street session. said.s what he i will be announcing my decision on the iran deal tomorrow from the white house at 2:00 p.m.. that was much earlier than expected.

he had until the 12th to make that decision. of a reversal in terms of the oil rallies. oil getting below $70 just briefly. dollar is still the big story of the day. we did see some commodities currencies take a beating overnight. five-year the u.s. breakevens. what does this mean for inflation expectations? attty elevated right now 224, betty. betty: plenty ahead on bloomberg television today. we will be at the global china summit in beijing. you don't want to miss our exclusive chat with jamie dimon. we will be asking him about a trend in the markets these days. the geopolitical risks as well. later this hour in daybreak asia, we will hear from the on a majoraff

political issues facing the world, including this iran deal and what the president will do. plus, we will talk property with the ceo. a crowded in jampacked next few hours on bloomberg. first word news with jessica summers. jessica. australian treasurer scott morrison delivers his budget later on tuesday with company and individual tax cuts on offer. national one of a do with any year. households are pressed between high debt and weak wage growth. he reportedly set to announce a return to a budget surplus in the 2020 financial year. said they can accommodate and overshoot of the inflation target. he said he is not worried about the crude prices rising.

it's a good thing the preferred measure of inflation hit 2% in march. he does not see hiring energy prices fundamentally changing the economy's trajectory. the stockpile declined more than estimated in the last month. reserves fell $18 billion to a five-month low of 3.12 trillion dollars, the second monthly shrinkage in the one of biggest foreign currency stockpile. a drop in february and in 12 months of gains. jpmorgan says active investors are looking to invest in chinese a-shares ahead of their inclusion in msci indexes. chairman told bloomberg that they will be doing the same thing. she says american tariffs and sanctions, if implemented, will affect the global supply chain. expect a trade were

to actually happen. however, we do expect trade friction to continue, and this is going to be one of the most important issues facing the global economy. jessica: global news, 24 hours a day on air and@tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. betty: president trump will announce his decision on the run nuclear accord at 2:00 p.m., tuesday, washington time. european allies have been trying to persuade the president to stick with the pact. let's bring in gregg sullivan in washington. following the developments for this.ve us the timing of what can we read into what the president is going to do it 2:00 p.m. on tuesday? >> president trump has not fed

which decision he has made or how he is going to go, and the white house does not want to get ahead of trump's announcement. all signs seem to indicate president trump is going to scrap the deal. he has long been critical of it. corker, chairman of the foreign relations panel, said that barring any substantial changes, he would not be surprised if trump pulled out. rudy giuliani said he expected trump to pullout out of the accord. we have been told by european diplomats that that's what they expect. so all signs seem to point towards trump ending this agreement that he has long trashed. that's what we are expecting. betty: is that the same line of thinking as what other republicans have at the moment? greg: republicans seem to be divided. you have figures like mike pompeo, secretary of state. he has long been critical of the

iran deal. you also have hawks like john bolton, but there are more cautious republican voices out there. mac recently, we heard from thornberry, a representative in the u.s. house. he shares the defense panel, so he's very familiar with defense issues. he is not taking next steps into consideration. u.s. visibility will decrease pulling out of this deal. there have been other republicans who sounded notes of caution. recently, condoleezza rice said that she never opposed the deal. she thought it was a bad deal and would not have signed on, but that ending it might not be what she would do now that we are in it. she does not see the end of the role. republican voices are split. trump has his allies on both the hill and in the administration. ofin mccarthy is supportive

leaving the deal. it's not a unified voice in the republican party for leaving. >> we learned that china's vice premier is leaving to continue these trade talks, so tell us are sending ae high-level delegation after refusing to meet the american demand last week? is this a little bit of an olive branch? greg: not much was accomplished in last week's trade talks. neither side agreed to anything except to keep talking. i think that's what we're seeing here. china is obviously going to keep negotiating with us. -- $150 billion. the idea that they would want to keep talking, try to break this impasse in trade and avoid these tariffs, which would be very disruptive to the global economy, that makes sense. as we heard last week, they did

not accomplish much. that's exactly what we are seeing right here. >> greg sullivan, bloomberg washington reporter. you can see president trump's announcement on bloomberg television tomorrow from a very early 2:00 a.m. in hong kong. that would be a more reasonable 2:00 p.m. if you are watching in new york. certainly, the markets will be washing the -- watching this. su keenan has more on the days trade. oil has gotten way ahead of itself, up above 70. take a look at the chart that you can see the rise. the highest level it has really been since 2014, and then, right around midday, we will go to the today intraday chart. traders really bailed. you can see the drop. we erased all of the day's gains even though it has come back in extended trading. there was a concern that perhaps

this tweet, which did not trash the deal as all his others have, is a slighthere compromise here. let's listen to what the ubs chief investment officer has to say about how high oil can go, and then how low. to 85 onld see a spike any kind of pull out by the united states. i think iran would prefer no sanctions which would contribute to lower oil prices as a secondary effect. kathleen: that would be a su: that effect, -- would be a secondary effect. they did believe running up to this decision that it was highly likely the u.s. with pullout, highly likely there would be would shootat them higher. perhaps he does not they'll on the deal but tweaks it. let's go into the bloomberg if we can real quickly because you can see not only has oil been

running up, but geopolitical jitters have given up -- prices in the u.s.. that's a big deal on the economy because we are seeing gas prices almost as high if not higher than they were in 2015. that's going to the market snapshot because we saw the dollar rise to the highest it has its 2018. treasury yields was not much of a change. oil coming back close to 70 after hours. let's take a look at some of the most active stocks, which have a very good move higher for nvidia a high of its earnings on the 10th. a lot of positive analyst remarks. tesla. bloomberg saying and reporting that the ceo is putting his money where his trash talking mouth is, and investors have come back in support. energy stocks were strong leaders in this latest session.

>> more on iran later as well. budget day in australia. we are in canberra later this hour. a fiscal plan. sliding on president trump's promise of an yvonne announcement. we will begin to the market mood with ever bank president, chris gaffney. this is bloomberg. ♪

betty: this is "daybreak australia." i am betty liu in new york. yvonne: i am yvonne man in hong kong. qualcomm said to give up developing chips, yielding the market to rival intel. let's get more on this breaking story with mark gurman, joining us from san francisco. tell us how we came to this point. it seemed they were going to be .eveloping with arm there was interest in the beginning, but we did not hear much about it from qualcomm. what went wrong? mark: this was a significant colleaguetory from my

on the terminal. what the story says is qualcomm is looking to either shutter or sell, spinning off its is this. what these chips are are the processors that power the server farms used by companies like facebook to power the facebook website or apple in order to allow cloud services to work or serverin the fronts. it had the slimmest of market shares. with intel absolutely dominating the market over every other provider with 99% market share. as we have been reporting here on bloomberg for the past several months, qualcomm has been looking at ways to save money and slim down its business. there were layoffs i of about 10 people in the united states. anotherer move is cost-cutting measure for the ceo of qualcomm for right now. betty: but doesn't this make them more dependent on the

mobile phone market? mark: absolutely. there chips are not only suitable for smart phones. we know the market right now is contracting a bit. we know it is slowing down. you can see that from the year-over-year iphone sales, only growing 3%, which is not much compared to other years. smartphones is not the endgame for qualcomm. the endgame is to get their microprocessors and chipsets into as many mobile devices as possible. nobody is claiming mobile devices are going to go away. devices, inobile terms of their functionality, shape, the way you use them come are going to change. even if the smartphone goes away, there will be things like ai devices, smart speaker is scum all sorts of stuff that they can sell the technology into going forward. thank you so much, mark gurman. the huge news out on qualcomm. asian stocks are poised for a stronger start on tuesday after

the spate of deal making. the dollar climbing this year. west texas to mediate crude paring the gains as we await president trump's iran decision tomorrow at 2:00 p.m.. let's dig into all of this with the ever bank president of world market. this news a deal is going to be tomorrow? >> the markets have already tried to price in the u.s. pulling out of the deal. for your previous guest, talking about how they will probably pull away. investor angst, if you will. there's? exactly how trump reacts and what the u.s. does. , or do totally pull out they tried to reach them, compromise? and what really, impacts and will have on the price of oil. certainly, the price of oil certainly leads to problems

throughout the global economy. betty: let's say the scenario is president trump makes good on his promise and decide to pull out of the iran deal. does that change your outlook on where to deploy capital? >> not really. overall, we are very bullish on the global economy. while the u.s. is starting to raise interest rates, and globally, interest rates will be increasing, we think that's a result of the economy that is starting to heat up. we are starting to see signs of inflation. verymer confidence is strong. we went through a great earnings season in the u.s.. and growtht growth story will continue throughout the global economy. betty: where are the biggest opportunities then? commodity-based economies. if global growth continues to increase, those countries that make goods and provide services that are in demand are going to do well, and that includes

australia. i think that norway is another great opportunity, especially higher. prices ticking norway has rocksolid fundamentals, and i think it will benefit from that going forward. finally, china. china is taking its position as the global leader. to switchmanaged their economy from manufacturing to more of consumers. the majority of the economy is driven by consumers now. that the changes they put in place are going to benefit the chinese economy going forward. index shares to the msci is certainly going to help their equity markets also. yvonne: just bring it back to iran. chris, we have been talking about the oil positioning has been so crowded. gt the chart highlights that. we have come off some of the record longs. everybody i guess was pricing in the geopolitical risks beyond

this iran deal as well. does it mean we have come to the end of the bull run at the moment? chris: there is a cap and we have approached that cap of this will run. oil will be stuck within another range. we will see more production come online in the u.s. even with the sanctions. cap.nk there is a $80 is probably the top side on oil. we have also seen the dollar, you know, spiked up, as you mentioned earlier. are seeing a temporary short squeeze in the dollar, and also maybe in oil. yvonne: what does this mean for energy stocks? we have seen them starting to catch up to what we see in the oil price. will it continue to catch up? chris: i think the bigger story is demand. on the demand side of the equation, will global demand continue to increase?

that will have more to do with propelling those energy stocks higher than the price of oil. $70 oil, companies can still make money with $70 oil. yvonne: what does that mean for the dollar as well? we talked about how much with this week up yields. we have seen a cap when it comes to the tenure as well. are we waiting for this further breakout of the dollar? do you think this is actually sustainable? chris: i do not think the rally is sustainable. we started a new trend in the beginning of 2017. we have seen the dollar rally up here. it was more of a short squeeze. the u.s. central bank is leading the way as far as interest rates. investors, especially currency investors, like to look forward, , and not necessarily the bank of japan, but the ecb will start increasing rates.

we will see other major central banks start to tighten them credit again, and that should lead to the dollar starting to swoon again. betty: right now, the dollar is on the rise, and it is making people wonder -- i know you are bullish on asia. if making people wonder whether we will see another big emerging markets route as big as we saw in 2013. is this going to be any different? chris: i think it is different. i hate to use those words. but i think it is different. i think that emerging markets are not necessarily as correlated to the dollar as they were back then. i think there is a breakage there. i think they are more dependent on china and other markets for their goods and services. will the dollar rally certainly impact them, i do not think it has got lasting legs. the dollar will head back down, and we are very pro-on the

emerging markets to we think emerging markets are in place to be invested. >> thank you so much, chris gaffney of ever bank on the markets. bloomberg users can interact with the charts we just showed you on g tv . browse the recent chart featured on bloomberg television can catch up on key analysis and save charts for future reference. this is bloomberg. ♪ ♪

betty: this is "daybreak australia." i am betty liu in new york. yvonne: i am yvonne man in hong kong. 21st century fox jumped in late trading on reports that comcast plans to make a bid for most of its assets, countering a previously accepted offer from disney. reuters said comcast is talking to investment banks about bridge financing for an all-cash bid, threatening the $2 billion deal. comcast made a $30 billion bid for a 61% stake in sky u.k.. is deadline day for

cicada pharmaceutical, and it is $64 billion pursuit of shire. sources tell bloomberg the japanese company is nearing agreement on what would be its biggest ever take over. u.k. regulators set for tuesday deadline for cicada to make -- shire.to make a bid for yvonne: elon musk thought about $9.85 million of tesla shares, the biggest purchase since march 2017. in a series of weekend tweets, he promised to burn those. shares have -- he said questions were too boring to answer. betty: president trump promised a decision on iran. we will talk geopolitics with general raymond on what to

expect, plus how he thinks the china u.s. trade tensions will play out. this is bloomberg. ♪

yvonne: good morning. 7:30 a.m., tuesday in hong kong. a little bit of a break from the rain we saw a early this morning, but expecting some scattered thunderstorms throughout the day. 30 minutes a day from asia's first major market open, betty. p.m., monday in new york, where markets closed higher. this is after oil prices continue to rise, but then, scaled back down after president trump tweeted he would be making announcements tomorrow on the iran nuclear deal. i am betty liu in new york. yvonne: i am yvonne man in hong kong. you are watching "daybreak australia." first word news with jessica summers. u.s. oil fell back

below $70 after president trump tweeted he will announce his decision on the iran nuclear deal. germany, france, and the u.k. have lobbied trump to remain in the agreement, which the president has frequently criticized. in washington.s he is arguing the deal is flawed but can be improved. >> after 2025, it allows the current deal allows iran to go forward fast with enrichment programs which could lead to a nuclear weapon. back on it. go we need to find a way of fixing that. the president has been right to call attention to it. you can do that without throwing the baby out with the bathwater. jessica: the white house says xi jinping's top economic advisor plans to visit washington for follow-up trade talks after trump administration officials returned empty-handed from beijing.

the vice premier will travel to the u.s. next week. each side has issued a long list of demands the other is refusing to meet. italy appears headed towards new elections. arehole populist parties unable to agree on forming a government. the five-star movement says it is in campaign mode while the anti-immigrant lead calls for a new vote if there is no last-ditch agreement. sergio matamela is considering a final attempt to break the two month deadlock with the techno credit government. bitcoin has now spent a month ther $10,000 as two of world's richest people take fresh aim. bill gates told cnbc he was short bitcoin. as an asset class, if not producing anything. warren buffett told berkshire hathaway that the biggest cryptocurrency is rat poison.

powered by more than 2000 thousand journalists and analysts in more than 120 countries, i am jessica summers. this is bloomberg. yvonne: we are counting down to some of the major market opens in the asia-pacific. let's go to sophie kamaruddin. a busy day given we are waiting for this decision on the nuclear deal to battle with the trade data coming out later this hour. ,> checking on the set up>> amid speculation about whether it, thatump will tweak is wti's gains. money managers already curbed their enthusiasm, as you can see on the terminal here. tolish bets on crude falling the lowest level since early january, and wages shrinking for a second week. perhaps not as they could be

proven right in the longer run if tensions do subside and a focus moves back to the abundant american supplies. so far, the markets priced in a 60% chance that it won't be extended. oil stocks rise in asia as well as wall street and blackrock sees a stronger case for investing in energy equities over crude itself. it's positive on e&p firms as well as midstream companies. yvonne: oilyvonne: and china trade. this aussie budget of course. saw some leaks leading up to this announcement later on today. andie: we have retail sales aussie stocks have reason for aheadsessions out of nine of the data, and we have household spending following on year in march. we are keeping an eye on to akeda. it's to make a firm offer according to u.k. regulations.

sophie kamaruddin checking the markets for us. australia's government is expected to use tuesday's budget to win back disaffected voters before trade tensions between the u.s. and china could undermine the economy. usl allen in canberra joins from the lawns of parliament house. what are the specifics in this budget that we can expect today? paul: as sophie mentioned, a lot of the details trickle out in advance. one of the things we know is the government has had a revenue windfall. it was not really forecasting it a year ago. tax revenues are up. personal tax revenues are up. commodities prices have been a than the 12 months that were forecast. what it than the 12 months that were forecast. what it means for the coming year, the deficit will be much narrower than expected, $14 billion, where previously, we were expecting closer to $21.5 billion.

the budget will return to surplus one year earlier than surplus. $2 billionrplus for to $3 billion. the treasurer had a few words for reporters as he headed into parliament house this morning. let's have a listen to what he had to say. >> the strength of that economy that we will visit in will determine so many things. the plan for a stronger economy that i will be announcing improving theut opportunities for all australians to live in a stronger economy. conjunctionlan in with the revenue boost will probably include tax cuts, not just company tax cuts the government has been pushing for for the past 12 months, but personal tax cuts as well. the details of those will be unveiled in a few hours time. >> this is likely the last budget before the next election, so is this why there is going to be quite a bit of generosity

spending in this budget to make the voters happy? i have seen one commentator this morning described this as the mother of all election budgets. the election does not need to be held before may of next year. this will be the final budget before that paul is held. it's not surprising that we would see some tax cuts, but already, there has been some derision of how big the tax cuts will be. the opposition saying already that that is just enough to buy a burger and milkshake. the government will be doing more than just that. we will be looking at this contingency fund and how big that is. that is set aside for decisions that have been made but not yet announced. ofre will be billions dollars in infrastructure spending, particularly in the states of western australia and queensland, where the government will be looking to shore up its support. the self-imposed revenue speed limit that the government has, that revenue should not exceed

23.9% of gdp, which seems like a very specific number, and it is. i plucked it out of thin air. i wonder if they would adhere to that. no spending speed limit. critics are saying maybe the government has to do an eye on -- has to keep an eye on spending. theing disagreement between u.s. and china on trade that would leave australia very exposed if things go south. there are risks that we are expecting to hear about in this budget. yvonne: australia, they are sandwiched he tween the u.s. and

china trade talks, there, pop. a full wrapup of the budget from canberra tomorrow morning on "daybreak australia," with scott morrison and shadow finance minister jim. that's from 6:00 a.m. hong kong time and 8:00 a.m. from sydney. switching gears, geopolitics continues to dominate markets as we watch for president trump decision on yuan tomorrow. iranngoing trade -- on tomorrow. let's head to the summit in hasing where stephen engle a guest you can provide some unique insight. take it away. stephen: good morning from beijing and the jpmorgan global all china summit. our guest this morning ahead of -- we are going to be speaking to jamie diamond. general raymond. you are the senior adviser to jpmorgan, retired four-star general. the 38th army chief of staff. last year at that time, you said it was probably one of the most sensitive geopolitical environment the had ever seen. would you agree today or has the tension decreased a bit on the korean peninsula?

>> tensions decreased in whenever you have a discussion about having talks, people may be now are taking a little bit of a deep breath. we are not out of the woods yet. this is just the beginning. it is certainly much better than we were last year, rattling sabers at each other. this is a positive step. we have to wait and see. there is a long way to go. stephen: what do you think caused the about-face from kim jong-un? >> the north koreans have always been very strategic in thinking through these issues, and he believed this is the right time. he used the olympics as an attempt to soften the relationship and take it to the next step. the president has three tools. economic, diplomatic, and military. i can president trump use the military tool to threaten and make sure that we would stand up if they continued forward, so i guess it probably had a little something to do with it. it is about kim jong-un deciding

it time to talk. stephen: how long dostephen: you think the military planning from the united states has got? >> they plan for everything. i guarantee they have planned and are continuing to plan in case something is wrong. stephen: how advanced do you believe their capabilities were? >> they are further along than they ever have been, which has given kim jong-un a real becauseing stakes, they can fire an intercontinental ballistic missile. they are clearly much closer in achieving the nuclear warhead and being able to put it on. strength position of which he chose to take advantage of. stephen: how important is this upcoming summit if it does come through? what is at stake? there was a lot of goodwill between moon jae-in and kim jong-un, but trump and kim may be a different dynamic.

don't misinterpret our overtures of peace as weakness. raymond: you will have to wait and see. i have said all along that obtaining a nuclear weapon and kim jong-un size solidifies his regime. for him to give that up would be quite significant. what heto wait and see really wants to give up, so initially, we have initially leaked out that we expect them to get rid of their nucleus. it will be a difficult negotiation. stephen: how about in the middle east? what does it mean for stability of donald trump hold that of the iran nuclear accord later in washington? raymond: it is such a complex situation. it is more than the nuclear weapons. it's all the things that iran to hezbollah, through other surrogates, are doing around the

middle east, that continues to cause problems. what's interesting is we have seen some rioting or protesting in yuan saying you have not put enough money back into the economy. many people believe the money they did receive from the relaxation of sanctions went to the military, which allows them to conduct operations, whether it the syria, lebanon, iraq, yemen. so i think that is part of this. that put aside anything that aters them from obtaining nuclear weapon is key, because what we don't want to see is an arms race in the middle east. stephen: is that preventing that from happening? netanyahu says there is a weapons program happening clandestinely. raymond: i do not have access to that information, but i would just say this. i think it makes it much more difficult for them to do this. there are some signs they are not necessarily living up to the

letter of the law agreements. it's important to call them on that and make sure they start doing everything they agreed to. i think what we should be doing is getting with our allies and really putting the stephen: pressure on them to meet those. stephen:we are here in china. -- raymond: putting the pressure on them to meet those. stephen: we are here in china. could there because that between china and the united states? raymond: it's funny. i look at this probably bit differently. i see the relationship between the u.s. being competition and collaboration, not confrontation. i think we need to think of it in that way. .ompetition, collaboration let's stay away from confrontation. that is the road we need to go down. there's going to be tensions in the south and east tennessee. yes, that will -- china sea. that will continue.

that is related to the trade talks. that really is long-term freedom ofiew on trade for all of trade for all the nations in the asia-pacific region affected by some of the actions of chinese. is the u.s. going to do that, yes we will. stephen: we will spend the next hall segment topping china when we meet again. thank you. thank you so much. betty, full morning from the global china summit. ahead you have a busy day for you. chief north asia correspondent, stephen engle, with the president and former chief of staff of the u.s. army. up next, we will hear exclusively from -- on the global real estate market. also joining us from there. this is bloomberg. ♪

yvonne: "daybreak australia this is." i'm yvonne man in hong kong.

liu in york.etty that's had that to the global china summit in beijing worst stephen engle is standing by with the ceo of singapore's biggest property developer or an exclusive interview. steve. you i was going to be busy. i am back already here at the j.p. morgan global china summit and our guest. thank you so much for joining us. is your pulse check on the chinese property market? much of the real estate is under management. parties in the property curves are affecting the market? -- how do you think the property curves are affecting the market? >> it refers to the residential property market. stephen: and you are heavily into retail. we do quite a bit of residential. we also look at integrated development, and we also have a very significant presence in

china. 48 percent retail, 27% residential, 17% commercial, 8% serviced apartments. >> you have got it. stephen: i did my research. what areas would you want to expand? >> we looked at integrated development and residential and commercial trading. when we take a look at what happens in 2018, for example, have gone up by about 26% on the year on year basis. we continue to see strong -- within our shopping malls. withinllion of traffic our ecosystem. we talk about $290 million of traffic. still significant and

reverend markets. stephen: let's get back to residential. another 6000 in tier one and two cities. those numbers, are they about right? >> we saw a few thousand of our residential properties in the first quarter of the year. the whole of last year, -- it has not yet been recognized. it was valued above 50 billion. progressively, these will be recognized for the next few quarters within 2018. stephen: one of the biggest challenges in the china market -- what are the biggest challenges in the china market? >> with focus a lot on tier one, tier two. the companies that have got an undertaking development market, you need to stay focused. the resources can be brought to bear, and you can have the right for properteam

execution. that is where we want to focus. in terms of price cap and restrictions that we can affects thet developed cities, but it has not impacted the underlying demand, which has continued to be strong. at someopeful that point, the policies will be adjusted, and we could potentially see an improvement in the overall markets. stephen: the chinese government wants to deleverage this economy, and they are kind of sending the message to the people in china that you don't necessarily have to be an owner. there can be a rental class. they want to get the speculators out. how does that affect your forward plan? of policyome any form as long as it applies equally across all marketplaces. this is the apartment for rent. it's only at the experimental

stage. being tried.ew we think given the structure of capital. us toan opportunity for create a curve to hold on to the rental departments. we hold on to apartments for rent, for example, in japan, singapore, and a few other markets. lim ming yan: i was looking at stephen:he of them -- there is highly and prices. you have a low land bank. back inpensive to dip an auction. it could be profitable as prices rise. i think china, vietnam, singapore, and a few other markets in the region,

that is how we look at it. this allows us to deploy a capitals in the different markets. in the case of singapore markets, it's a fairly strong market right now. by price index has gone up over 3%. that's one of the strongest quarters for quite a few years now. on the whole, we believe that the market will continue. but weices are high, were able to secure one piece of land in the first quarter. stephen: we have been in a long period of loose interest rates. we will be likely entering global tightening. how will that impact you? lim ming yan: interest rate, what we can see, the interest rate is on a trend upwards. we continue to refinance our loans lower. quarters, i few

think it will be a generally positive. stephen: accommodative? lim ming yan: accommodative for us. going forward, yes. interest rates will have to go up and we have to price that in when we undertake investments. stephen: thank you so much for your time. yvonne, sending it back to you. busy morning. more to come. yvonne: we will see you soon, steve. hopefully, you can take a break in between. steve engle speaking with the president and group ceo of capital land. don't miss our exclusive interview with jpmorgan chairman and ceo jamie dimon today on bloomberg markets. stephen engle will be bringing us that interview at 9:20 hong kong time. the next hour of "daybreak australia," we will hear from the special envoy on the belt and road initiative. that's in about one hour's time. this is bloomberg. ♪

>> a quick check of the latest business flash headlines. qualcomm said to be put giving , tois push for processors break intel's hold on the lucrative market. sources told bloomberg that they are exploring whether to shutter the unit or look for a new owner. noble group will be first-quarter earnings next tuesday after losing almost $5 billion in 2017. the singapore listed company will report on may 15, followed by a conference call the same day. years of crisis. has been rejected by major shareholders. coming up in the next hour of "daybreak australia," dollar strength once again hits the world's biggest foreign reserves. the reaction from citigroup

chief china economist. shortly, a countdown to the trade numbers coming through in the next hour or so. we will see if there is a bounceback and export growth for the month of april. plenty more to come including the market open. this is bloomberg. ♪ mom you called?

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♪ i am yvonne man, what did "daybreak asia" and the top up for hisian stocks or her start in the dollar climbed to the strongest of the year. oil pared gains after president trump announces a decision on the iran nuclear deal on tuesday. betty: it is just after 8:00 p.m. on this monday, and ready for round two, china sends his top economic advisor to washington for further negotiations to avoid a trade war, and profit plunges the most in 10 years at india's icici bank.

♪ yvonne: it is a busy day, the news continues as we count down to president trump's announcement on whether to pop-out are not on the iran deal. at,gtv chart i am looking it seems to be mixed right now whether this is a signal that they are sending a deadline or is it note accord, or going to be status quo on may 13. oilerms of iranian production and blue, some analysts saying pulling out the deal would mean 700,000 barrels a day of iranian supplied that may be shut, equivalent of have

to rise of the global experiment that could push prices even higher. to leave a lot of questions whether opec will step in and if there is capacity to ramp up production. there's a lot of questions if this will be a deal or no deal by tuesday. insisting to hear from our question reporter greg sullivan who said it seems the president is going to lean towards leaving the nuclear agreement but won't know until the very end at 2:00 p.m. it is surprising to see oil prices back down after president trump's tweet. the market just wants certainty. plenty ahead on the television today, we are live at the jpmorgan-china summit in beijing miss our exclusive

talk with jamie dimon, and let's get to first world news with ramy inocencio. ramy: australian treasurer delivers his budget on tuesday with company and individual tax cuts ahead of a national election due within a year. higher commodity prices have delivered an expected revenue and households are pressed between high debt and weak wage growth. reportedly returning to a budget surplus in 2020 financial year. rachel bosticent says the central bank can accommodate and overshoot of its inflation target, and he is not worried by u.s. crude prices rising past $70 a barrel. bostic says it is a good thing 2%t measured inflation hits in march and doesn't see higher energy prices fundamentally changing the economy's trajectory. china's foreign currency stockpile fell more than

estimated last month as a stronger dollar weight on holdings the nominated in euro , a reserves fell $18 billion five month low of 3.12 trillion the second monthly shrinkage this year in the world's biggest foreign currency stockpile. august after a drop in february and it off months of gains. bitcoin has spent one month as two of the world's largest people take fresh aim, though gates said to it short the corn because as an asset class, it is not producing anything. fellow billionaire warren buffett said the biggest cryptocurrency is probably rat poison squared. global news, 24 hours a day, on the air, and at tictoc on twitter. powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg.

yvonne: a mixed picture so far when it comes to equities, and a lot of focus is going to be on commodities given the countdown to this i rent decision. decision. sophie: i want to look at the equity space, you could see that nikkei 225 in the third a of losses, this is a discretionary segment slight along with the materials space. with the emphasis in oil taking seeing a sustained overnight losses that we saw in wti hovering around a $70 level. as the market assesses whether or not trump will maintain the current sanctions on iran. i think 7/10eoul,

of a percent in the biggest boost coming from chipmakers, samsung electronics gaining ground, and we see, it is -- we see carmakers gaining ground. and we see stocks rise for a second day and we do have discretionary stocks heading lower, but energy and realistic players helping keep gains in the asx 200. i last gauge of what is going on with risk appetite, the yen is back below 109, and concerns that some emerging markets will struggle given the stronger dollar as well as these higher treasury yields. the u.s.-china meeting in beijing didn't produce any immediate concessions on trade, but the two sides did agree to continue talking and china's top economic advisor will meet a

delegation to washington. bloomberg economics editor kathleen hays is here with more. tell us more about what he is doing in washington? kathleen: he is going to do his best to make progress and keep trade talks moving ahead. a surprise that president xi is sending him because he has become such an important person and central to what president xi is trying to do in terms of economic issues and financial issues. he started off as an economist, a government researcher who worked his way up. president xi now considers him his number one advisor on all important economic matters. he was recently promoted to vice president and is higher up the chain in terms of power and influence. we know president trump has to the temples wehner $50 billion worth of tariffs on imports from china. endsublic comment period

in may, and no wonder he is coming next week. furthermore, trump wants china to cut his trade surplus by $200 and he by the year 2020, also wants china to say we want retaliate if you put tariffs on us by putting tariffs on you. on the other hand, china has its own demands. over the last 24 hours, there's talks of u.s.-china back and forth, watching it closely not just as a risk to economic powerhouses, but a risk to the world. let's take a listen. >> we don't expect a trade were to actually happen. however, we do expect trade friction to continue, and this is going to be one of the most important issues facing global economies. kathleen: she said she also asked the u.s. trade measures

taken against china could slow their exports to the u.s.. we are their biggest export market in the united states and i could slow down gdp in the second half the year. i think the pressure is on both sides, including china. they have incentive to head off any trade war and move down a reconciliation evolution, something that could get them to a place to agree. yvonne: since days after the beijing delegation u.s. delegation can tidenation, so that is a positive sign. we talk about how high these demands are, at with this china went and did they get it? the chinesethink would like to say back off, this will take a wild, give us to figure this out. the head of the people's bank of china was interviewed earlier this week saying china's huge principles with the u.s. must be addressed rationally. here is a list of what china wants.

stop the investigation by the u.s. of china's tech acquisitions which the u.s. considers sensitive. but just export bans on gte corp. exports to united states. they make smart phones and selling around the world, a big recentlyd put on having to do with north korea sanctions, but they feel it is another way to get to china and will hurt their business. to lifta wants the u.s. a ban on integrated circuit exports to china from the united states. it is also interesting that the chinese, one of their disadvantages is they don't have a lot of trade exports. ministry handle peace talks but is not only get it central commission on economy and finance. they don't have a lot of trade lawyers or a robert lighthizer or chinese equivalent.

this is something that is hampering them just a bit. on the economic information, china's commerce ministry is looking at cutting some tariffs on purchases of goods from the united states, the elderly culture and pharmaceutical items. this is something that maybe we are seeing on both sides, a little bit of tethering and moves along the edges that will help them to get to the table and say, maybe we can start agreeing on talks a little by little hammer out the steps to these both sides. i think trump is asking for a look when asked for $200 billion to be cut off the trade surplus in the next two years, but maybe between 200 billion and nothing, there is for problem is that both sides can live with. a little softening of a tone from both sides, kathleen, thank you for joining us. up next, how u.k. looks to join

china's initiative when return to jpmorgan's greater china summit in beijing. betty: up next, a stronger dollar is hitting china's for reserves and get reaction from citigroup chief economist, next. this is bloomberg. ♪

betty: this is daybreak asia. yvonne: chinese president she shipping top economic was plans and onel washington, the increment to keep talking and trump has the did to impose tariffs on 150 billion dollars of chinese goods after a public nds there this e month, and we look at china's trade numbers in the focus given these trade tensions. chief chinas

economist at citigroup. interesting -- the u.s. approach is all sticks and no carrots. ite? china b >> the talk was too demanding and china what accept the list given, but there are a lot of places both countries can talk more terms of market access and that the protection. more importantly, making china 2025, all of these areas, there is wiggling room for both sides to have some constructive talks. access,ple, market china in november last year had more or less committed to open up its market wider for u.s.

firms, especially in terms of airplane purchases, beef, committedand china is to opening up its financial services perform participation. goodis area, everything is , the u.s. should take off and move on. ip protection, i think the u.s. should involve china's reformers because for chinese high-tech companies, they also want stricter ip protection here. chinese firms and u.s. firms interest align. -- irms of made in china think there are suspicious approaches china is taking. for, what should be the low

foreign participation in the made in china 2025 plan? if this plan can be more inclusive in foreign , this should not worry u.s. policymakers because this would encourage trade. as that china high-tech industry grows, chinese import from the rest of the world will also increase. this actually will fundamentally reduce the large trading imbalances between china and the united states. yvonne: what would benefit china more. if it exports less or imports more of u.s. goods? >> in the medium-term, china's income is rising at a fast pace and china will definitely become the biggest foreign arquette for the u.s. companies -- four

foreign companies. we need to take a median approach to address a couple of billion trade imbalances without dressing the fundamental issue, and also, the u.s. firms to have a large stake in china in terms of sales and also most of the viewfortune 500 companies china as the second largest economy outside the united states. getting back to the trade issue and how china could retaliate or addressed some of these demands on the u.s. side. we have treasury auctions this week kicking off on tuesday in the u.s. there is a lot of paying attention to the demand of these

treasuries. the think there will be more consideration from the chinese to examine the treasury holdings and use that as leverage against the u.s.? china will usek that in conventional policy to retaliate at this moment. we have to realize that both want to avoid a trade war scenario and there is time for both sides to come up with a constructive agreement. a trade war scenario, i would think that treasury is something the chinese will talk about. that will have a larger impact on the u.s. treasury market. betty: you think it has come up at all or something hanging over these talks by any means? this moment, especially after discussions aren't on trade only, we have

not talked about investment issues. when asked whether treasury would be part of the policy mentioned that is part of the deal. i think we should not underestimate the potential of using treasury as some kind of in the event of a trade war. yvonne: they have talked about how they have intervened in the past year, but it is weaker than expected. >> even without the government banking to a depreciation, the market will take to the weak side. and evidently trade war, china's current account surplus will reduce, meanwhile capital inflow

will reduce substantially and put pressure to depreciate. for domestic investors in china, they view that without a good relationship with the united states, china's potential growth could also be undermined as a result of a great incentive for them to spend money out of the country. that will put pressure to depreciate. yvonne: we look ahead to's export-import numbers out of inna, or from the 2.7% drop march, but we have seen early signals that some indices of exports and pmi numbers are a little off, and south korea exports file in april as well. are we in for a surprise on the downside and you blame it on trade tensions? i think china's export growth small rebound to 6.4% while import growth remains robust at

14% as a result, china will register another substantial trade surplus, 27 billion against last months -5 billion. perhaps aill also see sign of u.s. trade surplus continuing to rise. yvonne: which may not be good for the u.s.. when it comes to trade tensions there is not a big maternal affect on exports in particular, but yet the some math on what it could mean for jobs and employment in china, what did you find? >> in our study we found that if the u.s. was to impose 25% tariffs on chinese exports, those 1000 items, china will 52,000 -- 520 jobs. yvonne: is that significant?

>> not very large, but i would put pressure on unemployment rates by .2% points, and then the other scenario is if china billion to reduce 50 trade surplus with the united states. if the 50 billion was only absorbed by the export sector, the unemployment number could be very large, open 6 million machinen electronic and industries could be laid off. because of this unemployment pressure, china is bound to ifct rather strongly as well the u.s. imposed 25% tariffs. yvonne: do think there will be able to make up from job losses? shortage of labor in the services sector and demographically china's working

population is declining. an employment is not a big pressure but we need to be areful that in july, there 808 million college graduates entering the job market. scenario, china's unemployment rate will shoot up, and that means the 5.5% unemployment rate will not maintain. forne: fresh grads looking jobs, but you for joining us from citigroup and you can get a round of the stories you need to know to get your day going today's edition of daybreak. just go to dayb on your terminal and also available on bloomberge and anywhere app and best of my settings to view the news industries and assets you care about. this is bloomberg. ♪

yvonne: a quick check of headlines, 20th century fox jump in late trading with plans of comcast to make a bid for most of its assets, countering ridiculously accept the offer from disney, reuters has comcast is starting to investment banks about obtaining financing for all-cash bid on effectively disney's $52 billion deal, compresses make a $30 billion bid including a 60% stake in sky. it is deadline day in a $64 billion of drug maker shire, sources tell bloomberg the japanese company is near an agreement that would be its biggest ever take over. deadlinelators set a to make different offer for shire, which has been seeking an increase in the cash component of the bid. bank.s ad, and yes i se

this is bloomberg. ♪

yvonne: it is 8:30 a.m. in singapore. open halfway away from the of trading in the land city, i'm yvonne man in hong kong. betty: you are watching daybreak asia, let's get the first world news with ramy inocencio. think's topould economic adviser plans to visit washington for follow-up for talks that the truck decision officials return empty-handed from beijing. willpremier deal you travel to the rest next week and each side has issued a long list of demands and the other is refusing to meet. thatberg has been told

jack must financial is among companies that could soon face tougher regulation. sources say the rules would force companies and to financial industries to obtain pboc licenses and meet minimum capital requirements for the first time. in has 500 million customers lending and the government is worried it is now too big to fail. italy appears headed for new elections with rival populous parties unable to agree on forming a government. the five-star movement says it is now in campaign mode while the anti-immigrant leak call for a new vote on july 8 if there is no last ditch agreement. the president is considering a final attempt to break the two-month deadlock with a technocratic government. accusingrs for jc are this securities and engaging in a celebrity hot. the regulator is trying to

compel the hip-hop mogul to testify in an investigation into a company he did business with more than a decade ago. the sec sought a court order last week to compel jay-z to prior testimony of accounting practices. global news, 24 hours a day, on the air, and at tictoc on twitter. powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: 10 to see how asia markets are shipping up. sophie: so far this morning asian stocks are higher with all healthverages be led by care, tech, and out the players, and aussie shares raising for a second session. the aussie dollar swung while bond yields are sliding. and the nikkei 225 has infatuations while the yen is test japan onwill

wednesday, toyota reports earnings and expected to post declines. at ahe korean won is off spot 70, and edging slightly higher at the chinese trade figures that will headline the ego agenda. , new yorkil prices crude and brent continuing to pare gains just above the $70 handle. betty: becky sophie kamaruddin on the markets. all reversing gains after president trump announces a decision on tuesday on whether to leave the iran nuclear deal and we imposed sanctions. for more is perry williams in sydney, how are traders watching this momentous event? little bit of a surprise with

president trump coming out and at 2:00 on tuesday in washington that he will make a does withat the u.s. sanctions. we are seeing a bit of a negative effect with crude down 1% for wti this morning. level, but the $70 obviously some concern in the market about which way trump will turn. yvonne: there's so many scenarios at this moment and it is too early to gauge where he is going to go with this on tuesday, whether to extend the deadline for leaving or staying with the accord. of thes to be a lot

version views, how do think his decision on sanctions is going to dictate the oil market next two sessions? it is very much the focus, around opec's third-largest producer. heavyweight and come back in the last two years. all eyes are on what could happen. i think in the market, they have taken trumps tweet and the lack of anything evocative in there to mean that he may be open to negotiation, which is obviously why oil has come back a bit today. some traders are saying if in the court is agreed, if in a is agreed, oil

to remain above $70, and the cap extend further. remain, and will see which way trump will go. yvonne: perry williams turning us from sydney, and you can see president trump's announcement like on bloomberg television tomorrow at 2:00 a.m. in hong kong and 2:00 p.m. in new york. asterisk government tries to win back disaffected voters as should tensions with the u.s. and china could undermine the economy. allen.ring in pol allaul what are the specifics we expect later this afternoon? although the specifics have been foreshadowed in the advanced, the big and expected revenue boost the government has had from a number of areas,

martin has his over the last 12 months were higher than forecast previous budget. there's also a boost in personal income tax revenues and corporate tax revenues as well. was perfect time for the government as they had money to come play with. budget toect the return to surplus earlier than expected and targeting 2019 and surplush a $2 billion and is expected to come at 13 or $14 billion, and scott morrison is saying not too much about it as he is heading at the parliament ahead of today's lockup. let's listen to what he had to say. >> this threat of the economy we will live in will determine so many things. the plan for a stronger economy that i will be announcing tonight is about improving the opportunities for all australians to live in a stronger economy. part of the plan is going

to be either tax cuts or moving the threshold which tax rates apply. there is going to be a few goodies for the australian public tonight. is this white we might see spending rise? is this white we might see spending rise? we might seey spending rise? we are expected to see some infrastructure spending, particularly in the states of queensland and west australia were the government was to try to shore up its vote. we also watch for the numbers contained in the contingency funds for decisions taken which are not yet announced. also expected to seek set in stone speed limits for gdp.ue to 3.9% of

23.9% gdp, and arbitrary number. just a leader is going to be no speed limit for spending as we had to the election year. that raises questions over risks and australia is a trait economy particularly with china and his environment where we see a ruling trade tensions between the u.s. and china. some commentators saying maybe tax cuts and expending plans are to a great idea even if we are looking at an election budget. yvonne: paul allen, thank you so much on budget watch. betty: let's turn to earnings watch, india's i cic felt as provisions more than double. to 150 $2ofit fell

billion in the quarter, what you make of these numbers? good morning to you and everyone, the numbers were down and 50% below consensus expectations which confirms my view that it is headed for the downside. ratioou notice is the went up and it was expected. the stress loans compressed a little, which is more encouraging. the new business momentum looks promising, and those are the key takeaways. but 43 analysts on the street expect a 43% jump in profits for the coming fiscal year and there's definitely downsides to those numbers. yvonne: a 50% drop, further downside on this is estimates. what are we looking cap, you anticipate more pain? actually, i am transitioning,

and he see lots happening which is why you see a huge drop in provisions, and that is mostly the optics. the key number to look at is the total stress on ratio which has trended down in the quarter. is it is still not very stable and we saw this account of a fraud case that rose number of little bit. what i want to see is more stability in that number to pick a more comfortable asset quality picture. as we go through the motions, r.b.i.'s new secular is going to create more near-term pain for i cic going forward. thank you for joining us from singapore. secretary the british and white discusses what part the u.k. is playing china's massive economic project.

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yvonne: this is "daybreak asia". betty: let's head back to the jpmorgan global summit in beijing are our chief is reporter is with our next guest, special envoy of the u.k. road initiative. we are joined by the u.k. chancellor's special envoy to the belgian roads initiative and also the former group chairman of hsbc for seven years from 2010 22017, douglas flint, and you for joining us. what are the opportunities in this new role you have is a special envoy and where are the opportunities the u.k. can have? douglas: this is a huge

opportunity for the u.k. to roads, whensize of you think about the skill of opportunity for global infrastructure, improving organization and dealing with we needon future and could connectivity to the countries around china and more probably across the world. that opportunity will be maximized if we can finance from from every part of the world and every type institution. i think the role do you can cap play constructively is supporting that crowding and using the institutions and expertise in terms of project management, legal risk management, arbitration, rule of law, insurance, so on and so forth, to maximize the political money that could be attracted towards project that will comprise. stephen: this brexit make it more imperative to make it involved or is that a distraction to the priorities that could be in hand?

douglas: i think britain at whatever construct it has earned is interested in being globally connected. belt and wrote is one of the great projects of the world, after brexit and without brexit, britain will be interested in playing a role, so it is not an impasse. stephen: i know you have a different view of theresa may, and the media some that her experience as not endorsing fully. is there some reticent on the part of the prime minister? that is unfair, the prime minister, chancellor, that made it clear they see a huge opportunity for the u.k. and are supportive of the u.k. supporting the commercial objectives of belt and road. there was reiterated in the prime minister's visit, and my

own apartment as a special envoy for the chancellor, if you like a physical representation of the importance of the u.k. government places on creating indexes between the uk's capabilities and china's ambitions. stephen: some opponents say why should the u.k. back belt and wrote, which is primarily a chinese the initiative at a time china hasn't opened up its market to the uk's biggest export, and as services, is that a fair criticism? douglas: the way to think about belt and road is it is a global procedure initiative. wars afterink of the the financial crisis and what the world needed to do, organization, growing population,, change, demographic we need to invest in infrastructure and china has taken the lead in saying we believe in expanding infrastructures. belt and wrote started and has

expanded beyond that to a global infrastructure initiative. all of us should think the global researcher initiative with good governance. stephen: and a key hub? it could be an asset class of its on. douglas: it would be a fantastic thing for the world. and without the governance and transparency and financial integrity and viability, if to get together and the project will be dependent on how much money you can attract, and dolby about the concert of the project. stephen: how important is this big bank financial opening up and reform to allow foreigners to have bigger participation in many different financial sectors, including banking? how do you think that going to facilitate foreign participation? douglas: the modernization will benefit from foreign expertise coming into the marketplace and

broadening liquidity and expertise. that plays into the sophisticated concert that is necessary for projects, which by their definition are going to be complicated to a range because they are going to be on the national terms of countries involved both in terms of participating, the design, the operation, construction, and the countries that received the infrastructure and the financial packages to make them viable and successful. they will be obligated projects and you need a sophisticated backing center and of that will be a check and expertise. this not just opportunities for foreign banks but also the chinese to do their r due diligence. of do you see this new wave globalization that is coming at june 30? is this a big bank for the

banks? douglas: over time the opening up of the markets of 1.3 billion people, when the most sophisticated markets in terms of digital banking and digital finance is a huge opportunity. douglas flint, thank you for your time, we appreciate it. sending it back to you, the big tease is that 9:20 a.m. local time as he speak to jamie dimon. yvonne: we look forward to the conversation. flint, andth douglas don't miss the axis of interview with jpmorgan chairman and ceo jamie dimon amateur in this life in the next hour from that summit in beijing. stay tuned. this is bloomberg. ♪

betty: this is "daybreak asia". yvonne: where turning back to the breaking news, qualcomm the biggest maker of mobile phone chip is want to give up processors for data centers. it is interesting because we have seen for years a lot of chipmakers trying to develop the technology and qualcomm has been trying to utilize the technology to get into the highest and the computing market.

to get into this market to provide owners of off of it and amazon with these processors. but not big enough against intel which continues to be the rival in that space. on one hand you talk about all,, this is adding to their goal of cutting costs and focus on reducing spending. also makes them more reliant on the slowing market as well. i think mark gurman said something along the lines that intel owns 99% of this market. seizing all control to the arrival. we heard from their ceo in a conference call earlier are going to try to focus on core businesses and should away non-core initiatives. this is one of them, and these chips are very high and an profitable it is tempting for qualcomm to be in that business.

speaking of the check, there focused more on the lesser profitable but massive market for smartphone chips. it reminded me of a story that crossed our terminal earlier about apple, which is in the highlight these last two days with warren buffett giving another not here that the stock is rallying today. i want to put up this gtv chart on apple which is interesting. it is $80 billion away from becoming a $1 trillion company. they can thank warren buffett for some of that added value today. interestingly, chinese companies have already exceeded that petrochina has hit over a trillion dollars in its stock debut. yvonne: and what a turnaround we have seen with concerns about the iphone x and the earnings came out and surprised everybody to the upside. seenfrom what we have

could lead to the $1 trillion landmark. people say given to the momentum we could sit by the end of the week. betty: possibly. just weeks agoe, we were talking about this tech route and whether or not for the fang's it will be over with, but apple is coming right back. yvonne: and to give you context, what trillion dollar market cap is greater than the gdp of netherlands or malaysia. it is going to be a big piece of the pie in the future. that is all we can talk about in terms of tech, but here is what is coming up the next few hours. jamie dimon is coming up. now, and you from guys have had several guests already. is on the ground and conducting the interview and a lot to talk about with him.

you do not want to miss that chat, and a lot happening in the markets. tell why and what we are awaiting as far as triggers are concerned. -- ae also looking at debrief on chinese trade and the general issue of trade. when you look at the credit temples and china you might have seen growth peaked. if there is a view that growth has big, then inflation has peaked. and oil is in the mix with earnings.reporting to add to apple, a trillion dollars would be about 20 times

sales, that is not very expensive. i did a quick correlation in my head, and one buffett spent $1.4 billion. yvonne: he saved the market. betty: heart to bet against warren buffett specs. toore we handed over bloomberg markets asia, a look at how markets are trading right now as you can see, we are carrying over from the rally we saw here and the u.s. with the nikkei up 2/10 of 1%. rally in australia. yvonne: that is also with oil prices continuing down at 1%. this is bloomberg. ♪