♪ >> u.s. stocks halt their longest slide since march as investors shrugged off the turmoil in turkey. >> ankara's not backing down. president erdogan boycotts u.s. electronics, and says he will not be pushed around. >> tesla among the days losers as goldman sachs says it is not actually on board with the going private plan. >> oil's brief recovery ends on a surprise expansion in u.s.

crude stockpiles. a key delivery hub also saw a jump in supply. >> hello from sydney. i am haidi stroud-watts. this is daybreak australia. two hours away from the opening. >> just past 6:00 p.m. in new york. i am ramy inocencio. over the next hour we will look at how the action on wall street will play into your asia-pacific trading day. haidi, looking at the markets, looking at currencies, looking at bonds, it definitely was a risk-off environment. take a look at the s&p 500, up a little more than 0.6%. looking at this, it was actually a very broad rally, across all 11 sectors of the s&p. the leaders were consumer discretionary, also financials, also materials. looking at currencies, the bloomberg dollar was up by its strongest in 14 months. in addition, there was this

knock on effect in emerging-market currencies. the turkish lira rose the most since, get this, 1994. in addition, we also saw the ruble rise as well as the south african rand. let's take a look at asian markets. see how those are trading, as we look ahead here. we are not getting as much of a knock on effect, but we see the new zealand 50 is pretty much unchanged, as is the new zealand dollar against u.s. dollar. sydney futures down about 0.1%. at 72.40. first word news with jessica summers. jessica: indonesia plans to restrict imports of capital and consumer goods and also cut crude oil purchases to defend the rupoaiah's slide. policymakers may be forced to

raise rates again, after three hikes since may. asia'siah is among worst performers since the emerging markets selloff began in january, weakening to the lowest against the dollar since 2015. india's trade deficit widened last month to the most in more than five years, worsening the outlook for the rupee, which hit a record low amid a selloff in emerging market currencies. the $18 billion shortfall was field by higher oil prices, compares to a $16.6 billion deficit in june. a weaker rupee is positive for exports, but poses inflation risks. it fell to 70 for the first time ever. at leased 22 people died when a highway bridge collapsed in the mediterranean port of genoa. a-10, a major route from northern to southern italy. rescuers fear more people might be buried in the rubble. the fridge is built in the 1960's, and the company --

bridge was built in the 1960's, and strengthening work was underway. the company operating it dropped 10%, the biggest one-day fall since 2008. the tesla private drama has turned another page. goldman sachs now says there was no formal relationship when elon musk tweeted they were working together. sources tell bloomberg the bank had not officially signed on when musk sent the message, following silver lake saying it too was not officially onboard despite musk's apparent confidence. tesla shares fell on the news. global news 24 hours a day, on air and at tictoc on twitter, followed by more than 2700 and analysts in more than 120 countries. i am jessica summers. this is bloomberg. ramy: we have breaking news across the bloomberg terminal right now, with west farmers reporting revenue for the full-year missing the lowest analysts estimate. looking at the numbers here, looking at $1.2 billion for net

income. the estimate was for much higher, 2.7 8 billion aussie, more than half, less than half o what they were expectingf. wesfarmers says guy rousseau will retire as ceo of department stores. the company also saying target's managing director ian bailey will step in to lead the department stores. one more line, the fiscal year, food and liquor sales up 1.1% year on year. with a headline that you want to know here, revenue missed its lowest analysts estimate, and fiscal year net income came in at $1.2 billion, versus estimated $2.78 billion aussie. spat betweenthe the u.s. and turkey escalated, with turkish president erdogan

vowing to boycott iphones and other american electronics. in back-to-back speeches, he and the finance minister accused the u.s. of waging an attack on turkey's economy. the latest from istanbul -- speeches defined the conversation in turkey, starting with president herder one, making it clear he -- president erdogan, making it clear he felt the u.s. was responsible for the recent turmoil, saying turkey has come under a coordinated attack and they would do anything in its power to defend themselves. as a result, he that they would be boycotting american products, shifting specifically for iphones to other alternatives and domestic options. we heard from the finance minister, who called the u.s. dollar a tool of political punishment. that shows you how the broad conversation has escalated a little notch. we will have to wait and see if the u.s. response again, either

with sanctions or tariffs. we did see a recovery in turkish assets, stocks, bonds and the lira posting a bit of a rebound, but liquidity is slim, so not necessarily the best reflection of the realities of the market. the coming hours will be a test for the country as they look for sustainability but also credibility among international investors. the latest out of turkey. let's take a deeper dive now into the u.s. market close. that four day fall came to a stop as economic data overshadowed concerns about turkey's lira crisis, at least for now. it also helps some strategists say turkey's turmoil isn't like the asian financial crisis, you might are member, of the 1990's. su keenan has more. su: bernstein with a note to that effect, and other strategists saying it appears the turkey fears have abided,

but they say it could change on a dime. let's go right to the snapshot, the dollar continuing to rise, the highest we have seen in 14 months. small caps were a big part of the push higher, the s&p halting a four-day losing streak. as jessica mentioned, tesla under pressure as a number of major players, goldman, silver lake, saying they were not involved during that tweet. there continue to be questions about financing. formerly known as coach, the luxury purse maker, dega earnings blowout. a lot of optimism about their exposure in china. l brands looking like it will get financing, the very battered stock, parent company of victoria's secret, getting a big rebound. nxp semiconductor in the news, a lot of chip stocks taking a hit

despite the rising market. take a look at what was badly beaten up yesterday, the etf, tur is the ticker, it rebounded in a big way, showing that all those investors that piled in on monday, the short-sellers smelling blood, may have picked a bad time to take bearish bets, many of them likely having to buy back some positions. we talked about the lira rebounding. let's go to the bloomberg gtv, where you can find our charts. a chart of the correlation between the lira and other e.m. a onecies, which shot to year high as it looked like emerging markets would be sucked in, but it appears there is a separation. the growing view is that turkey really stands on its own in this particular crisis. oil, goal too saw

continue to trade at 18 month lows, and bitcoin down 70% from the high, all in that space. su: a lot of volatility. first, oil did rebound but erased gains later in the days as focus turned to wednesday's supply data in the u.s.. a private report showed a surprise surge, bearish for price. losses, evennded though there was a slight rebound earlier in the session, as investors are seeking the dollar and yen as havens. we talked about the decline in gold, the very bearish outlook. the fac you have risingt interest rates, strong dollar, all negative for gold going forward. let's talk about bitcoin. it has dropped below the 6000 mark, down 70% from its peak. a lot of analysts say it has

further to fall. that has to do in part with some global volatility, and a a lot of uncertainty about a bitcoin ipo. ramy: we also got a sneak page sorosome major funds dea, chief among them. su: soros, berkshire hathaway's buffett. berkshire is doubling up on the favored area, banks and a irlines, not to mention apple. they increase stakes in goldman, delta, southwest, and reduced some positions, they say not because they fell out of favor, but to make sure they do not exceed 10% ownership of american, wells fargo, ual and charter communications. soros took new stakes in spotify and pandora, also facebook, buying when everyone was selling, and devon energy.

a a lot of the big billionaires are buying into energy. we saw that with stanley druckenmiller's family fund. soros increased his stake in nxp semiconductors, reducing stakes in netflix. very interesting, some reduced stakes in tesla. ramy: with what has been happening in the share price, moving back and forth. still ahead, we have a lot for you. we will dive into the booming world of esports. for competitive video gaming in asia. haidi: up next, the outlook for the markets, as fears about turkey appear to take a breather, for now at least. this is bloomberg. ♪

haidi: we are counting down to the citi open. we appear to have global markets

a little more risk-on, the u.s. market coming back from the longest line since march as investors feel a little more sanguine about the contagion risk out of turkey. till down 0.1% from the sydney futures. i'm haidi stroud-watts in sydney. ramy: i'm ramy inocencio in new york. you are watching "daybreak australia." on wall street stocks have halted the longest slide since march. investors are brushing off fears about turkey, at least for now, and the u.s. dollar has hit a 14-month high. treasuries are falling, but how long can this last? -- thanks for joining us. take us from the 30,000 foot level here. in your note, you say the u.s. ptor, when this disru in the past it has been a

peacemaker, and it doesn't appear set to change anytime soon. todd: thank you for having me, ramy. the way i look at it right now, the world is starting to weigh in on this, but there has been a paradigm shift where we have gone from being the world peace maker to this world disruptor, and it seems trump should have two more red hats made, one for each, because we put them on, take them off whenever we want. this is creating some uncertainty and concern.turkey is feeling the brunt of it right now . argentina is getting a piece of it because of what's happening in turkey, getting caught in that for tax, so it creates a lot of uncertainty in the markets. see the dollar strength. there's going to be winners and losers.the important thing for us , investors need to arm themselves properly because this looks like this is going to be the way it is for the trump administration for at least the next two years. ramy: interesting that's strengthening america,

strengthening the house of trump right now, and the u.s. it seems is the biggest safe haven play. on the bloomberg terminal, gtv library, one interesting thing from one of our main charts today, we can see that a lot of u.s. indices set record highs in august, but how do we play the u.s. as a safe haven here? todd: in the short run, the u.s. is a safe haven, ubt i would -- but i would at least look at it, this movement creates opportunities overseas as well. one of the things investors have to look at, not just riding the indices. i think the push for passive etf's, low cost, becomes dangerous for investors in these volatile markets with the disruption type of white house. you are much better served, i feel, and our research shows,

with more active management built into the portfolio. somebody has to be picking between who the winners and losers are, rather than sitting aside, riding a passive index up and down. from our standpoint, active management, 45% of the u.s. equity funds outperformed their indexes in 2017. on the international front, 55% surpassed their indexes in 2017. so one of the corollaries we see for the next couple of years, with this new paradigm shift, is, we think passive is way overdone. we think active has a big role going forward.investors need to look at that , and look at making sure that they are putting people in there that are making decisions, not just riding the waves. these, wees like talk about the famous warren buffett saying, be greedy when other people are fearful. is it time to be more bold on emerging markets?

todd: thank you for that question. i think that time is coming. as i look at what's going on, i thank mark cuban, by the way, for saying he is in cash. he just came out, saying he is sitting in cash. i cannot vote for a person who gives up on the u.s., the world economy. to me he has lost my vote, but as an investor he's created a great opportunity, because as people are going cash, as money is flowing into the u.s., that creates awesome opportunities for us to invest internationally and in the emerging markets. we are looking at the international markets right now with a dividend of over 3.3%, trading at fundamentals lower than the u.s., coming with an unemployment rate that was at 12% for the high, now 8% and going down, creating a potential wealth effect in international markets. on the emerging-market front, demographically that's a longer-term trade, but we would still be buying on dips, because our long-term strategic focus,

specifically in india and china, is that they are going to be booming for the next decade. the middle-class movement in india will go from 12% to 79% in only 12 years. that's incredible. in china, from 32% to 72%. even if those studies come out half-right, having a strategic allocation to those areas i think will be beneficial to portfolios. rate: todd, do you assume divergence, dollar strength, trade wars, could throw a spanner in the em play? todd: i don't think it will throw the em in a tank. there's not really contagion right now. , emerging markets down 3.8%. i could sneeze, and have emerging markets drop kick 20%. that's really -- dropped 3.8%. that's really, emerging markets

in dollar terms, down around 8%, a little more concerning. but let's face it. we could get a quick solution in turkey on a dime, depending what hat trump wants to put in, see everything rally, a nice boost in the major market -- emerging markets. i don't know they are down so far that we back up the truck, but i would keep a margin of safety in my portfolio. there's no reason to be sitting on cash. but use that as opportunity to buy on dips. use it for opportunity. the global economy will be strong for several years to come. haidi: appreciate your insights, spending time with us. green andglia of meg associates. charts to see featured on bloomberg tv to

catch up and save for future reference, if you do wish to do so.this is bloomberg . ♪

ramy: welcome back. i'm ramy inocencio in new york. haidi: i'm haidi stroud-watts in sydney. you are watching "daybreak australia." demand driven by strong economic growth in asia, and the ongoing power coal powered plants across the region. the ceo of whitehaven says coal still has a place, despite the push toward renewables. >> you have no choice but to do something with coal. if anyone continues to believe we can go on the way we are going, they are living in a world that's very different from the world our customers live in. elevated prices hurt everyone, not just households, industry as well.

you have to be able to provide reliable, affordable power on a 24-hour basis, and if you can't do that with renewables, with any form of backup we have available to us. gas coal, nuclear if you have it, depending on the jurisdiction you are in, has a role. >> what is the growth market? >> taiwan has been the biggest. if i'm surprised by any market, that is the most. the quality specifications they are demanding have been increasing, stepping ever closer to the japanese standard. that has surprised me. that market has overtaken korea. >> how well-equipped is your business to handle risk? that leads me to the last question. what is the biggest uncertainty, the biggest risk? we spend a lot of time talking about the trade war, deterioration in growth, a breakdown in global growth? >> look, i think uniformly we are exposed to areas which are growing, and i think that if anything, the growth i see around the world is less

convincing in the northern hemisphere. we are not exposed to that area at all. but in asia, i feel quite comfortable about the growth position in each of these jurisdictions. of course a trade war provides uncertainty for all players, that -- but the lights still need to be turned on. if there is a real change, i see metal sideing the more than the thermal side of things. a lot in china driving the belt road initiatives, and i think that will continue regardless of what happens between the u.s. and china. ramy: that was whitehaven ceo paul flynn. let's do a quick check of the latest business flash headlines. copper fell to a one year low on unions in signs the chile are making headway in avoidingg a strike.

copper is often seen as a barometer of economic growth. investmentrts china is part of a consortium with hillhouse capital considering a buyout that might take yum china private before relisting in hong kong at a later date. tshares have fallen 10%. ramy: singapore's state investment firm has concluded a ,ell down of u.s. lenders distancing themselves in order to focus on new economy investments. it says chinese banks remain a priority. in july temasek said

expansionary policy might threaten a cyclical recession in america. up next, bloomberg is hosting the second annual players technology summit. we will speak to logitech's president and ceo about his push into esports. this is bloomberg. ♪

>> it's 8:30 a.m. in sydney. waiting to see how that plays out. i'm haidi stroud-watts in sydney. >> i am ramy inocencio in new p.m., and it is 6:30 you are watching "daybreak australia." sica: president trump is

experiencing great frustration in dealing with turkey, calling ankara to release an american pastor. erdogan has vowed to boycott u.s. electronics and says turkey will not be pushed around. harley davidson is pushing back on what it calls misinformation surrounding plans to move production overseas. harley has been the target of president trump's anger since it said it would look abroad to sidestep tariffs. saysatt levitt pitch harley wants to be price competitive in markets. berkshire hathaway has added to its holdings, widening its bets on banking and aviation. it boosted an investment in goldman sachs and southwest last

quarter, that as part of the strategy to shift its $180 billion portfolio. berkshire has quit some like ibm,holdings, while moving into apple and other companies. goldman sachs shareholders have won the right to proceed as a group in a $13 billion lawsuit. onclaims the banking fraud mortgages happened before the financial crisis. a judge in manhattan has granted a request to certify the case as a class action. global news 24 hours a day on powered bytwitter, more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> let's get a quick update on markets as trading gets underway. new zealand, just getting underway. pretty flatg a

session, not too much optimism being pushed through. rising forng the s&p the first time in a few days. at 65wi dollar, trading -- at .6572. we had some comments from the finance minister talking up the saying that growth is resilient and holding up. 7239, we have that trading at a against a 14-month high for the dollar. adam haigh is here with us. not to ben this, fooled by all the complacency. adam: that is the backdrop to these moves we have seen over the last few days.

we've come off are really good earnings season in the u.s. and around the world. stocks have been priced pretty well, and people had been looking for an excuse to take some risk off the table. turkey provided that. now we are seeing things stabilize a little bit. volumes were reasonably low in the u.s. session, but still, some stabilization. the idea of complacency is reflected well in this chart. the vix, although it has come up in the last few days, is still back to those 2017 levels, and complacency at this point in this cycle is scotland yard's point about how you want to be dialing down your risk exposure. it's only going to be a couple weeks, and this will be the longest bull market in u.s. history. to stay andwant make those returns up until the last minute and run the risk of

getting stampeded to, as everyone runs off the dance floor at the end of the cycle, that's a tricky thing that investors face, but we've got a reasonably decent set up for asia. we don't look like we will have any huge moves, but some signs of stability. mi: in the new york session earlier, even though we saw broad gains, looking at chinese tech and e-commerce, those stocks got hammered. what were the weights there? >> it's not a good day for some of these names. you can have a look at it here. huawei, the likes of why just weaker earnings, and it has filtered to some of the other tech names, some of the more household names, tencent and alibaba. it was already a weak session

for tencent on tuesday. it has now lost more than $150 billion in market value since that january peak, and gains growth, slowing. there's plenty of worries. what these companies overnight have shown is that there is plenty in that sector to disappoint, and when and if they do disappoint, you can see very large moves, 10%, 15% on the day declines. it's increasingly important now as we run into tencent and alibaba, both due to report earnings in the coming days. haidi: global markets editor adam haigh with us in sydney, and don't forget to check out g tv live. bloomberg lives second annual players technology summit is well underway in san francisco. the event brings together athletes, entrepreneurs, and investors to share business

experience and lessons learned. makes computers and mobile accessories. 70% of its sales come from online in china. let's bring in logitech ceo brock and darrow. great to have you with us. let's start off with the elephant in the room, the real threat that has been imposed on your company as a company that has been headquartered in the u.s. do you feel under threat at the moment? day, the end of the everyone is manufacturing in china and shipping into the u.s. it's working. if there is a second or third round of tariffs, we don't know. there,st round is out and we have had to adjust to that, and we are all waiting to see if a second round will come. we are prepared to act. are you having to think

differently about expansion and investment and business decisions? >> it's not certain where this is going. i would not say it has directly affected our investment decisions thus far. we've got to be able to adjust to any economic or regulatory environment. rami: looking at what is happening in the china market, it is still a growth engine, but the market is still slowing down. looking at the peripherals of what you guys sell, how are you looking at that as you move ahead? bracken: we are super bowl it. we certainly aren't looking at what has happened in the last quarter. our overall business in china was very strong. globally, we are gaining business. our expectation is, within china

itself, which is the biggest gaming market in the world, we are going to continue seeing strong gaming growth. rami: what are your biggest products there, and who is buying it? bracken: we are in the mouse and keyboard business for productivity, but we also sell videoconferencing technology. we talked about gaming, and in gaming, we have several different products. of course, people are using webcams. bought a microphone company to go with those webcams. we are adding all the time. mentioned microphones as the most recent transaction. what are your intentions? rami: we love long-term secular growth trends.

it's true everywhere in the world. more and more of us are creating things and putting them out there, and broadcasting yourself is becoming a bigger opportunity for every individual, every creator. microphones are a part of that, making sure the video is terrific. we make webcams, and now we are into the audio stream. haidi: are you putting all of your expansion eggs in one basket with china? rami said it's been a phenomenal growth story. what other developing markets are you looking into? bracken: we have a terrific distributor business around the world. we are in virtually every market in the world except for north korea and syria. many is just one of our markets. it's a great market, but so is india. so is most of southeast asia.

so is australia and the u.s. and latin america. we have strong growth in developing markets all over the world, and we have many categories that we are in. rami: the reason you are there right now is to talk about the growth of esports. where do you see that going in terms of the masses? it has already been growing exponentially here. bracken: i think we are at the very beginning. i grew up in the u.s., and when i was growing up, u.s. sports of football and basketball were relatively young. looking back at those times in the late 1960's and 1970's when sports were tiny, that is exactly where we were. we are at the start of a strong growth trend that will one day leave esports as the biggest collection of sports in the world. rami: socialization and gaming is a big theme of 2018. do you see this as something

that is likely to stay around? we talk a lot about the struggle that gaming has had with pushing diversity and inclusion. do you think a more social aspect is going to help that? incken: first of all, gaming general and esports has become a socialsport. when you get online and play video games, you're often not playing with people from your city or state. you are playing with people all over the world simultaneously. it is a super social thing. the diversity and inclusion thing, the number of women playing games is on the rise. ortnite" areke "f attracting more and more women into the sport, and i think you will see the sport transition to a much more inclusive environment. we are big believers in that. haidi: i appreciate you spending time with us, barak enderle --= darrell.acken

operating revenue, $2.39 billion. gross profit, $1.19 billion. rami: up next, we will take another look at the turmoil in turkey. this is bloomberg. ♪

haidi: m haidi stroud-watts in sydney. rami: i am rami inocencio in new york. it you are watching "they brock australia." turkey says it will watch boycott iphones in retaliation for u.s. tariffs and sanctions, that as the trump administration

demands the release of an evangelical pastor. >> the president has a great deal of frustration on the fact that the pastor has not been released, as well as the fact that other u.s. citizens have not been released. we are going to call on turkey to release those individuals. rami: let's bring in matt gold. his former assistant to the u.s. trade rep. very good to have you here. i want to hop to the terminal and get us started in terms of the trade flows. we are talking about these boycotts, but i can see here -- the united states has $21 billion roughly in terms of total trade. not so much, a pinprick of pain for the u.s. your thoughts? [no audio] matt: can you hear me?

it sounds like we have just lost audio. matt, can you still hear me? matt: i can hear you, but i am gathering you cannot hear me. rami: now we can. hopping to the bloomberg terminal, we can see that the trade flow between the u.s. and turkey is $21 billion. not so much pain when it comes to the boycott. matt: not too much pain for the united states economy, but president trump's move to double tariffs he imposed on turkish steel and turkish aluminum took a hit on the turkish side and caused a further drop in the turkish lira. that is mostly because of weakness in the turkish lira that was pre-existing, but it shows how weak the turkish economy has become. it shows that president trump is willing to do something quite

damaging to an important nato ally of the united states. rami: have you seen any races to the bottom in regards to this? how might turkey be able to cause any pain, if at all? matt: turkey would have difficulty doing that. i can tell you like many of the blunders that donald trump has made for u.s. trade policy, he's playing straight into the hands of vladimir putin, and putin would like to make better relations for that critical nato ally. that would hurt in other ways for the united states. you mentioned that a take away from this is the united states willful destruction or twisting the knife into turkey's already horrible economic fundamentals to create a real problem. what does that say in terms of

implications of other nato relationships? we know donald trump is willing to rip up the playbook on traditional alliances. matt: he very much is, and it is hard to know what his motivations are, but it's a very dangerous sign for the united nato partners and countries dependent on the nato alliance for their security or elements of their security. haidi: one of our guests of that we spoke to yesterday said its becoming an interesting point that turkey does not want to agree to the conditions of an imf bailout. is there a chance that turkey may look to the likes of china for a bailout? matt: yes. thatme you have a country is in a vulnerable position like turkey is in, they start looking for desperate measures. it's like an organized crime syndicate that is trying to lend usurous somebody at

rates. when they have no other options, they go to the mob and end up borrowing money, and they get their legs broken. this is one of the ways that gets allies. this is one of the ways russia gets allies, and trump is refusing to recognize the realities of the geopolitical security picture. a welcomes been re-spite where we haven't been talking about the trade tensions and the burgeoning trade war. what are you expecting? do you see any kind of circuit breaker between washington and beijing? matt: i don't see any exit ramps, and i have been saying that. donald trump and the united states, we are within our rights when we called out china for stealing u.s. intellectual property rights for 15 years, but trump is completely wrong by retaliating outside the wto's

retaliation process. ace he did that, he triggered downward spiral. there's almost no exit except trump unilaterally backing off, which his personality is not likely to do. haidi: do you think there is agreement within the administration from what you know of what they want the u.s. trade policy to actually be? there are a lot of question marks over what trump actually wants. are: among trump's advisers four people on trade. peter navarro, the economist, and wilbur ross, the secretary of commerce, and larry kudlow, the director of the national economic council. the fourth one very much agreements,trade rob light heiser, the united states trade representative. it's hard to know what he's missing. or is he self-dealing?

steel sectorsnd are the only sectors benefiting here. it's hard to understand why light heiser is in providing effective advice. the rest of his team, i wouldn't say they are in disagreement. i would say that the three of them don't know enough to even have a meaningful opinion, so there's nothing to disagree among themselves on. haidi: thank you so much for that, matt gold, former deputy assistant to the u.s. trade rep. ,ome earnings out of australia continuing to come through. fairfax media, reporting a loss million, final dividends per share of 0.01 aussies per share. this creates greater pressure for that proposed takeover, that $4.2 billion takeover that was announced late last month. that's expected by most analysts to go through without much regulatory scrutiny.

it has to go through a review process. you can get a roundup of that story, as well as everything you need to know to get your day going, on today's edition of "daybreak." this is also available on mobile and the bloomberg anywhere app, and you can customize your settings so you only get the news on assets you actually care about. this is bloomberg. ♪

rami: a quick check on the latest business flash headlines. when struggling commodity trader noble reported a net loss of $128 million in the past quarter, having spent more than $100 million of that on restructuring expenses, noble has been in crisis for years after its default. allegations of improper accounting, which it rejects.

the rescue plan would hold control to senior creditors while existing shareholders would see their holdings slashed. haidi: china's equivalent of we work is talking to international investors as it prepares for an ipo. hong kong is the most likely home for the listing, which could happen early next year. it's challenging we work and other rivals to become china's leading provider of shared office space. it announced it new funding that values it at $1.8 billion. haidi: a chinese sports retailer is looking to move some manufacturing abroad as rising trade tensions threaten plans to expand in the united states. it says it wants to make it supply chain more diverse and is considering vietnam and other locations in southeast asia. haidi: that's it for "daybreak australia."

yvonne and rami are up next with "daybreak asia." we are looking to see if this $150 billion wipeout for tencent could be the bottom. yvonne: it's hard to see what hasn't been priced in. tencent earnings, taking a huge hit today. in january, it once was the tech darling. we will speak to citigroup's global market chief. talking about not just of the , but also recently, the regulatory hurdles that it faces. rami: before that, of course, we will have to go back to turkey. we are going to be speaking about the economics and politics.

haidi: that is it for daybreak australia. this is bloomberg. ♪

>> welcome to "daybreak asia." face acific markets mixed start after wall street halted its longest slide and's march. -- since march. boycotts u.s.gan electronics and says he won't be pushed around. rami: from bloomberg's global headquarters, i ramy inocencio in new york. losers. among the day's goldman sachs says it too wasn't on board when musk