>> emerging markets continue to sell off, sparking fears of contagion. south africa injures the recession and the raffia -- rupiah is at an all-time low. declines andeads the lear is falling on fears the central bank will disappoint. >> president trump says the deal will happen with or without ottawa. >> and amazon joins apple in the trillion dollar lounge.

gains this year push jeff bezos even further ahead of the field. >> hello from sydney is just past 8:00 a.m.. this is "bloomberg daybreak: australia." >> is just past 6:00 p.m. here in new york. over the next hour we will see how the action on wall street will play into your asia-pacific trading day. let's pull up those boards and show you where we finally ended .p after the labor day weekend the s&p 500 down by nearly .2%. we can see we are starting the new month on the back foot, that is thanks to trade fears both with canada and china in focus. there was one bright spot, amazon briefly becoming the u.s. second $1 trillion company. it did pay her back from those gains but it's in the running against apple. will get more on that from su keenan.

story other half of the other than the ongoing trade war that seem to come to a head after we get this additional $200 billion worth of chinese goods. the volatility continue to play out, this is how were setting up in terms of this part of the story. the lira continue to fall to the weakest in three weeks. declineew continues to despite intervention from the central bank. not a lot of conviction when it comes to the rand, although we do have the economy sinking into recession. the setup pretty lackluster going into trading there in sydney. less dovishollar than expected on comments from the rba yesterday.

down when it run comes to the wall street close, the dollar x -- advanced on strong factory data that we had. concerns over facebook and 90 helping push the major stock indices lower. su keenan has all the details for us. even amazon wasn't enough to keep things looking positive. su: it hit the big mark and then fell back a bit. investors returning from a lovely three-day holiday to find out stocks were lower, trade war tensions were higher in the fed headed toward a late september rate hike. oil briefly above 71 as it reacted to the first hurricane of the season and then decided it's not that much of a threat and it ultimately slipped lower. let's look at some of the big movers. what you have is a very big move out oneanalysts point stock is up 170% year to date.

short-sellers coming in and buying as well. facebook under pressure, and a slowdown, seagate also under pressure. let's look at amazon again, in 10 years, look at the client of the stock, briefly touching wins for bezose incredible. facebook user activity stalling, and you see another reason that facebook is under pressure as it heads to congress to defend itself on capitol hill against a lot of social media concerns. ramy: interesting that it's hanging around 66% flat there for the past several months. looking at the automakers, ford

is in focus, and tesla falling to a three-month low. let's look at the size of the moves, because that was the biggest decline. negative news that were sadie's is advancing its move with an electric car, so new competition there. gm was down about 2%, and reportedly had about a 13% decline in sales, double what analysts expected. this chart shows for, 10 the leading carmakers, is thinking about withdrawing its export it would china because of the terror of issue. ramy: let's get the first word news -- because of the tariff issue. slumped after the

colin kaepernick just do it at. apex marketing says nike receive more than $40 million of media exposure in the ad's first 24 hours. 31 percent this year through friday's close. yorklimbed briefly in new as a powerful weather system forms in the gulf of mexico. it temporarily shut down production of two operations. about 100ing kilometers per hour as it heads for louisiana. new orleans has declared a state of emergency, 13 years after being devastated by hurricane katrina. reeling afteris the strongest cyclone to hit the country in 25 years. killed at least one

person and flooded the osaka areas main airport. winds gusting to 160 kilometers per hour. 2 million people forced to seek shelter and companies halted operations as train services were disrupted. north and south korea hold talks in pyongyang on wednesday. hoping to revive talks of ridding the peninsula of nuclear weapons. kim let's to move toward denuclearization, but has not defined what that actually means. global news, 24 hours a day, on-air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. canadian prime minister justin trudeau says his government will hold firm on his demand that any do nafta deal would include a dispute

resolution mechanism. earlier president trump tweeted that a deal is happening with over that canada and warned congress not to interfere. president trump is clearly taking a hard line with canada. he's getting quite a lot of pressure to try been little more conciliatory and get a deal done. >> that's right. there are a lot of u.s. state to do a lot of business with canada thomas of their we heavy pressure coming from congress. there is also pressure from labor unions. trump was counting on unions to help them get support from some democrats and get all this through congress once it is wrapped up. there were some provisions in the deal with mexico on wages that were favorably viewed by nafta, but the head of that afl-cio came out this weekend and said that he didn't see how any sort of trade deal can happen without canada involved, because they are such a large

part of north american trade. ramy: will they have any impact on negotiations with china then? joe: i think china will be watching this very closely. 's escalationrump continues. he is at odds with european trading partners and now with canada. justin trudeau has taken a tough line in the negotiations with trump, so we will watch how that approach affect the outcome of those negotiations. firm in still standing its confrontation with trump over the tariffs, a new round of $200 billion worth of goods that are supposed to take effect at the end of this week. that will be going into the next round while this negotiation with canada is going on simultaneously. job with the latest out of washington, d.c.

anytime investors assess the economics of the global trade tensions, p oppenheimer says there may be hidden damage. >> you look at the direct effects of the proposed tariff increases on global gdp, it modest, be relatively but of course those don't take account of the second round effects, the impact on confidence, for example, and therefore on investment decisions. i think it is the second and third round effects that could be more damaging. ramy: let's get more perspective david kotok. in on what we way just heard there about confidence getting impacted and the second and third round. david: the second and third rounds on the unknown, they are evolving. we see this now where a business

decides there is too much uncertainty, i'm not going to make a decision today, i'm going to defer it. i need the air to clear. the second part of that, without a dispute resolution mechanism, you have no method to resolve things. the first trade deal was made 2500 years ago among greek city states. when they made the deal, they had the oracle of delphi, a woman who was knowledgeable and .espected, resolve disputes without dispute resolution, how do you do business with each other? 2500 years and we still haven't learned anything. ramy: through that lens of history, chemistry to figure out what might happen? what is your base case scenario for canada as well as china? david: it's not so simple. for example, we impose tariffs

on china, china retaliates with fisheries that hurts the lobstermen in massachusetts and maine. what does the lobster business do? it migrates to nova scotia. china reduces the tariff on a canadian lobster. i just came back from the trip to maine, and suddenly lobsters swim 200 lost to get to the canadian side so they can get sold from the chinese. this is not a simple bilateral matter. it is complex, and it's getting worse. the problem is, it's getting worse. ,amy: if i were an investor everyone is probably wondering how do they position themselves ahead of this week of uncertainty and volatility. what do you say to that? david: i know what we have done. we emphasize domestic u.s., we have a cash reserve depending on

the type of portfolio, it's higher, and we focus on those sectors in industries that are domestic u.s., transport, for example. trucks are u.s., we like the banking sector. health care in the u.s.. the areas which are not impacted by the tariff war. , we took thing is positions in canada today. we think the canadians, we think there's going to be a deal eventually, everybody wins with one, nobody wins without one. in canada has suffered so it looks like it's attractive. haidi: i want to talk about a chart in our library. you had this asymmetric reaction and at what he markets. a lot of the markets in asia and china bearing the brunt of the poor sentiment related to trade. anecdotally, it seems like we

tell investors in china feel more poorly about it than investors in the u.s. do. this is looking at trade policy and surgery in the u.s., the highest in about 25 years, i believe. as you can see in terms of what were seeing in terms of stock market performance, investors don't care. startat point do they caring and do we start seeing a reaction both in profits and earnings in the market reaction? david: if i knew the answer to that question with precision, i would never have to work again. economist forecast an event or time but never in the same moment. i don't know when investors look at this and say there is something else going on in the momentum trade. maybe we need to actually see the third quarter growth rate less than the second quarter and maybe we need to see a little more inflation pressures coming from trade. maybe we have to see some

earnings impact that starts to show up because of trade. that could happen in third-quarter reports. shock, ag to take a wake-up call to the u.s. investors. as you put up the charts, you look at emerging markets at go one way and the u.s. goes the other way. the division is widening. sooner or later it's got to close. haidi: that's down to the dollar, right? i guess if you get the dollar right -- is the greenback winning this by default at the moment? david: what do you do if you are the least worst currency in the world, and the world ignores a deficit that's going to go to a trillion? it ignores the composition in the u.s. which is threatening a little more inflation pressure because of the trade war. clearly, when you look around the world and see the rest of

the world, we'll look so bad. so the dollars seems to get stronger. we don't know how to call the currency shift and when the dollar peak. ramy: you were talking about what you like, financials, health care. what you are outlining is basically some of the big sectors in the trump trade. see thathead, we can most of everything has been andg up for both financials energy and health. the s&p 500 here in yellow. are you saying the trump trade can continue moving the field? david: some of the trump trade moves the field. it's done well this year. changes,from tax code domestically protected and health care is still a growth sector. that is an example, i think. part of the trump trade is in. ramy: hold that thought because

we will continue this conversation over the next hour and we will discuss the deepening crisis in emerging markets. fears ofbeen sparking a wider contagion. plus a crucial week for trade with new tariffs on chinese goods looming and a deal with canada hanging in the palace. -- chain in the balance. this is bloomberg. ♪

ramy: welcome back. haidi: you're watching "bloomberg daybreak: australia." the selloff in emerging markets resumed with south africa sliding into a recession. turkey and argentina grambling state stabilize their currencies and shore up investor confidence as well.

-- scrambling to stabilize their currencies. to what extent are you starting to see sentiment contagion if not actual traitor economic contagion? >> i think the worry is spreading. it has been a while. 1997 come you had thailand, the thai baht. by the time he got to 1998, you had worldwide contagion. youcollapse the hedge fund, had an intervention by greenspan to get banks to bail it out. it took the year and a half. when a country or business borrows for their operating purposes in somebody else's currency and their currency gets week, and the other currency strengthens and those trends divide, they are in trouble. you just listed some of the ones who are in trouble.

it looks to me as if that list is going to grow. be greedy when others are fearful -- there's lot of fear at the moment. when you look at the economies in asia, is it time to perhaps reward some of the better em's and not just punish the whole lot? david: if the trade war resolve so we don't have this expanding trade war, emerging markets can become the hottest sector in the recovery. they have been beaten down so hard. what do you do until you see a possibility that is real of resolution? bellicosegerent, warnings, the rhetoric so intense, it's very hard to get in front of that. win, it will be great,

but it's hard to make that investment that now. about contagion, i want to hop into the bloomberg one more time to show you as well as our viewers the spread between what is happening in terms of developed market currencies, volatility, and em 's. highest since 2008 happen 2009. my question is, can we do anything to stop it? are we powerless to stop it? david: i think so. those are working driven prices. bloomberg is wonderful about reporting all of them all over the world. you have to remember there is something going on in europe with italy that would change that spread if it were not in their. i don't think this is within the power of market agents. markets will set those values and they will do so eventually

in the behaviors of the government's, unless they adjust them, and it's hard for a politician to do. if you take your interest rate to defend the argentine currency by raising the interest rate, to the real rate, you throw your country into recession. ramy: looking at this through strong dollar, where pretty much expecting a hike. should they care, and do they need to care now? jerome powell has said america first. fed always has to focus on the domestic u.s. economy first. it's the nature of a central bank to look inward first. all over the world and here, too . if the fed starts to see trade war effects that are slowing growth and they start to see more inflation, at the same

time, their task becomes much harder, and i believe the fed is commenting about that. you see it in the beige book and in reports. but to change action requires them to see the whites in the eyes of the perpetrators. ramy: and we are not there yet. david: not today. ramy: will hold on to that thought. david continues to stick around with us as our guest host. bloomberg users can interact with the charts shown using tv . for yourave the charts own future reference. this is bloomberg. ♪

ramy: welcome back. let's do a check of the business flash headlines. for remains optimistic after month that saw underwhelming sales from other automakers.

analysts were expecting a slight decline. honda extended a bleak stretch for one of the best sellers, deliveries of the accord as demand for sedans approached a record of share of the market. bins is bracing electric with his first battery-powered car in a direct -- were sadie's be ends with the first direct -- mercedes benz with a threat to tesla's electric car. low. hit a three month ramy: suzuki's backing out of china as car buyers increasingly prefer larger sedans than suvs. continue to make and sell suzuki branded vehicles under license.

following the exit from the u.s. in 2012 after three decades in the market there. coming up, have the trade war is prompting china to accelerate its 5g push. we will look at that. this is bloomberg. ♪ xfinity mobile is a new wireless network

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haidi: 8:30 a.m. here in sydney. futures are looking lackluster. we are set for a potential fifth a of losses when it comes on c-shares. pretty great and grizzly day. the sydney opera house. i am haidi stroud-watts in sydney. i am ramy inocencio in new york, and you're watching "daybreak australia." first word news with jessica summers. jessica: emerging markets continued to slide with south africa entering recession and joining currencies, tumbling to new lows. the rand led currency declines.

the rupiah hit its lowest level in two decades despite central-bank efforts to protect it. a gauge of u.s. factories unexpectedly jumped to the highest since may 2004 as orders , production, and employment picked up. it rose to 61.3, far ahead of the estimate in the bloomberg survey. the measure of new orders smashed forecasts. the rise in the unemployment gauge suggests friday's unemployment numbers will be strong. brett kavanaugh said the institution must never be viewed as partisan, during an unruly senate hearing that bitterly divided lawmakers and the public. he called it a charade and mockery. a republican accused opponents of trying to impose mob rule. more than two dozen protesters were ejected from the meeting.

>> my philosophy is forward. a judge must be independent and must interpret the law, not make the law. a judge must interpret statutes as written. a judge must interpret the constitution as written, informed by history and tradition and president. jessica: mark carney told british lawmakers he is open to extending his tenure for a second time to help the transition of the u.k. out of the e.u. he is due to step down three months after brexit. he is said to be staying on until 2020. a spokesman said there will be news shortly and the governor is doing a very good job. global news, 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. haidi: let's get more on what we should be watching.

adam haigh is here with us. this notion of e.m. contagion, we said it again, what does history for less? [laughter] adam: remember what caused all this, haidi. there was a lot of trade angst, this short grind up in the appreciation of the u.s. dollar as well as the fundamentals. we knew what they were like. if we look back to history, there are a lot of people pointing to similarities of what we saw in the late 90's. it affects the commerce bank. it reminds them of what was happening then and also some of the issues around clear high debt levels in some of these markets. it is clear to make the comparison, but we need to keep the sentiment levels, the fundamentals, and look forward really to see what is happening with this dollar trade. a lot of this is a reflection of

the america first trade and the strength we are seeing in u.s. equities and the dollar. if we see either one of those start to falter, there may be some signs that some of the stability could return here. betty: it is rare that wall street strategists apologize for getting forecasts wrong, but it turns out mike wilson is definitely pro. apparently he is still bearish on stocks. not today, but sometime in the near future, he says. adam: right, ramy. who would be an equity strategist? you need to make forecasts all the time. chances are you'll get some things right, something some things wrong. you need to get your core calls right. what might wilson is saying is he is maybe a little early on the call for caution in u.s. equities. a lot of people have been surprised, not just him, by the fact that u.s. equities have

continued to drive higher. all the key components prop up the market, the fundamentals in the economy, the strong earnings growth and that continues every quarter, so really, he is pushing out his forecast a declines inor some u.s. equities to come in before long. one of the key indicators that it is worth keeping an eye on is he notes you do not have the breadth of the market that he thinks you need in this stage later on in the economics cycle and the cycle for equities. he would like to see a little more breadth and absence of that, equities will start sooner or later to decline. ramy: adam haigh. don't forget to check out our gtv library for some of the charts you just saw adam pull up on gtv on the bloomberg terminal. one more story we are watching today, china is said to be exploring a megamerger between

two of its three wireless carriers. combine china unicom and telecom would create a company with 500 million mobile phone subscribers, but knows -- no decision has yet been made. david, we were talking over the break just now that the 5g jump is something china can do. in the united states, we are limited because of technology already in place. david: we are behind. they are moving faster than we are. we talked about it off-camera. a merger like this, where you don't have to worry about an antitrust lawsuit, that is not going to happen here. 5g is 400 times faster than some member like that. it facilitates so many new developments, driverless car's,

pilotless airplanes. rolling that out in china is huge, and they are hell-bent to do it. ramy: we are talking about beijing laying the foundation for a new generation of technology. putting this through the lens of what china is trying to do in the made in china 2025 initiative, it seems that with this, he cannot do anything about it. david: not only can't you do it, you createdo it, distrust. the prospect which could be joint ventures, capital assembly, technology which combines and is better for all parties is being severed by the distrust of the trade war. if you are a chinese entrepreneur today, how do you feel comfort doing business with the americans? ramy: yes. is that sort of a

bit of a preview of this next step in the trade war? we know that at some point, china is going to run out of runway with this next $200 billion charge we are expecting at the end of the week. is the next step going to be the deterioration and cutting off of investment and business collaboration? david: it might be because protectionism has all kinds of forms, haidi. the tariff is an easy one. i will charge you one dollars we five cents instead of a dollar. -- $1.25 instead of dollar. what about access and permitting time? there are so many moving parts in this narrative, and we are used to, in the u.s., for decades, dealing with numeracy. interestd inflation, rates, had central-bank policy. it's all members. this is a narrative. it is not linear. it is a shock and a cliff and shock and a cliff.

we don't not to deal with this. we have not had to deal with this in 30 or 40 years. i'm not saying where this trade war goes. when we brought in the policy, instead of taking a narrow policy that says you cannot steal our secret, intellectual property, that value has to be protected, let's have a narrow discussion. what do soybeans have to do with that? once he brought in a trade war, anything can happen -- once you trade war, anything can happen. i am worried that this spirals and 200 billion ratcheting up its spiraling in the wrong direction. ramy: all right, in terms of where you see this ending up, $200 billion, september 6, could hit as soon as this thursday. where is the end of it? cutoffs possibly, the has been put on xi jinping and

donald trump meeting because now, he's not going. david: i do not know where it goes. certainly, it looks like midterms first before there is any resolution with china. and then, what is the resolution -- what does the resolution look like? this has become more than expected. when peter navarro sold the trade war concept, his initial interviews in that wall street journal editorial, which is history, they said what about retaliation? he said there will not be retaliation. what happened to the forecast? you said economists made forecasts. they made weathermen and astrologist look good -- astrologists look good with the forecasts. [laughter] david: we are in such uncharted water. maybe i am trying to avoid

getting one of the hiccups. [laughter] david: the fact is, i don't know. cliffe in an unfolding shock narrative which means you cannot forecast it. there are nosy scores -- no z scores. ramy: no trend lines. david kotok, a pleasure having you on. chairman. advisors coming up, from china to canada, it is a big week for the u.s. on the trade front, as we have been talking about. tim keeler joins us next to discuss the outlook. this is bloomberg. ♪

haidi: i am haidi stroud-watts in sydney. ramy: i am ramy inocencio in new york, and you are watching "daybreak australia." u.s. automakers sold more than 16 million cars and trucks over on its, but most of them

actually missed their estimates. this appointment comes as industry braces for new tariffs on china amid rising trade concerns. greg coversoe -- this. this is not a new story. basically, why was this month particularly bad? this was really rough in part because of how steep the declines are. it's a simple answer. we do have with gm a situation where they no longer report on a monthly basis and we have the results for this month on a people familiar basis. the chevy malibu was down in a big, big way, more than 60%, which is quite unusual for a model that sells in those sorts of volumes. the board fusion had a rough august. ford is following in fiat footsteps.

it was widespread, deeper than we expecteds. michelle krebs at auto trader said that the passenger car share of the total market may which ised below 30%, a level we have not seen, so that's a significant drop. point, known, to your that this has been a problem, but not to this extent. most automakers missed estimates even though terror threats have not really -- tariff threats have not played out materially. craig: the only tariffs that have actually come to pass have been in china. we had a small number of vehicles that are imported from china, hit with a 25% tariffs a couple of months back. the big concern is obviously nafta, which i know we will get to shortly. and that would have a significant impact on our lot of on a lot of models.

point, the specifics that we do have on that deal bad mexico do not look too for the industry, but we do have a situation in addition to nafta where the commerce department is looking at putting tariffs on imported cars in general, and that obviously is a major concern for the german automakers which did not have that great a month on the luxury side for august, so that is a big question mark for the industry and de-risk going forward -- and a risk going forward. haidi: lots of uncertainties weighing on the auto sector. manufacturing output has accelerated in august, coming in much stronger than forecast. president trump's tax cuts seem to be overpowering any trade tensions. the question is how long can this last for?] kathleen hays is here with early signs that manufacturers could be feeling the effects.

kathleen, all roads in this story lead us back to china. kathleen: it's a very interesting story. looking at how they are feeling the impact of trade tariffs, and of course, this is something that could feed over to anyone who relies on auto parts in the states. there are definitely some dots to be connected here. what our team is saying is this trade war threatens to up and this whole supply chain -- up- end this toy industry that is so important. the $34 billion of tariffs that went on in july included things like car gaskets, ignition wiring sets. we don't think of those things, but they are very important. 200 billion more will be put on, including car lights. this story features a company that makes car lights in eastern

china, and they are wondering happen?going to they cannot cut prices. they are in a very tight spot. what does this mean for the u.s. buyers going away? will they return when the trade war is over should that come to pass? important to china overall, china exports of auto parts, over five years, rose from $17.5 billion in 2019 to 98, excuse this year alone, they are up nearly $10 billion in the first half of the year. let's look at the u.s. side of this. can we find alternative suppliers? mexico is far and away the biggest supplier to the united states. china sits at 12%. you can try to make new supply chain, but china is known 13, high-quality parts. can they be replaced? the other side of the poor he --

the story as well is you have the institute for supply management purchasing manager report that went to a 14 year high, 61.3, well above what signals growth. production, new orders, and more. the mystic demand is driving the economy -- domestic demand is driving the economy. president trump feels emboldened to move ahead with this trade war and tariffs because the bite has not come out of u.s. manufacturing it. haidi: thank you so much for that, kathleen hays. i want to bring in a partner and former chief of staff in the office of the u.s. trade representative. great to have you here on "daybreak australia." in terms of what we are expecting by the end of this week, which is additional tariffs, does it feel like this has turned into something of a war of attrition? do you see any likelihood and means by which we could get some kind of circuit breaker? >> not in the short-term.

i think that the tariffs going to place, and the chinese will attempt to mirror those tariffs as much as possible and retaliate for those tariffs, and the chinese, like everybody else, are likely looking to see what happens in the u.s. midterms. i think, however, one thing the chinese and some of the markets may not fully a digest -- fully , ifst is on this issue the democrats take control of the house, there may end up being more support for that type of fight, not less support in congress, so it does feel like both sides are digging in for a protracted war. haidi: you know, when we had the , that seemsoptimism to have been walked back. there is the situation we had in canada.

he is sort of trying to get them out of the way and focus on china. does that in order to -- narrative fail given the lack of conciliatory attitude we have seen this week? tim: you are referring to the league's comments to the dresident i think that -- leake comments to the president that were very tough on canada. it does appear to have the strategy of essentially ending a north the fights with america and europe to really focus on china and have the west combine against china together. i don't think the president's comments will blow up the negotiations with china. i think the deal the u.s. made really aco was tectonic shift in the negotiating dynamics among the countries. i think canada has a lot of pressure on it. i think the u.s. however want to the next 30 days.

i think we will see a deal that brings all three countries together. the canadian prime minister made comments today that appeared to draw some red lines around certain issues. u.s.ly, he did not include dairy exports, and the trump administration may be looking for a win on that issue. itty: it seems -- ramy: seems at least in this administration that it is -- the word possibly could be bipolar in some degrees. one of our most read articles on the bloomberg today is about gary cohn, the former national economic adviser, lifting papers off of donald trump's desk to exit.a nafta's what does that say to you when you read headlines like that? when you read a bloomberg news articles like that talking about these machinations in the white house? tim: i don't know anything about the book or the accuracy of its contents.

bipolare of -- reference could have some truth to it. as a former negotiator, you a -- look at bipolar as it may just be here that the roles are reversed, where you have the meter being the bad cop and the u.s. trade representative eating the good cop, and typically, it -- being the good cop, and typically, it is vice versa. at the end of the day, if in six months from now, the u.s. has multiple trade war is going on across the world, then a lot of the strategy will be in trouble and the markets might react badly. but if it is essentially one where it is more about the west versus china, and the u.s. having a lot of leverage because of our strong economies, then the strategy might just work. betty: we have been seeing -- ramy: we have been seeing u.s.

gdp rising. chinese gdp is flat around 6.5%, so that could be one of those cudgels. tim keeler, we have to leave it there. you can get a roundup of the stories you need to know to get your day going in today's edition of "daybreak." can go tosubscribers dayb on their terminals and it's also available on mobile in the bloomberg anywhere app. you can customize your settings so you get the news on industries and assets you actually care about. this is bloomberg. ♪

haidi: that is just about it for "daybreak australia" this morning. yvonne and ramy up next for "daybreak asia." taking a look at what's coming up over the next part of the morning, yvonne, what are you watching? >> we saw that finally the u.s. being dragged down by this year volatility.

take a look at what is happening in indonesia on this emerging market crisis. cio tospeaking to the talk about what's going on next. she has been watching out for key things happening in congress. aheadre back in session of midterms. she says a lot of things when it comes to trade and will have a lot of implications for markets as well as currencies. ramy: about one hour after that, we will be speaking to the global macro strategist, and we are going to be looking ahead of course to two big tariff trade events, mainly china and canada, affect thet may market news of the day. haidi: we were talking earlier essentially about this idea that this kind of trump policy on china 20 more innovation within

china. we will be speaking with a chairman and ceo. tom mackenzie spoke with him about aia ambitions in china and the return of facebook and google. this is bloomberg. ♪

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