>> welcome to "bloomberg daybreak: australia." >> and i am sophie kamaruddin in hong kong where we are counting down to asia's major market opens. >> here are the top stories we are covering the next hour. wall street hours and emerging markets recovers somewhat as u.s. offers new trade talks with china. the feds see u.s. growth but also plans trump's tariff war is starting to hurt at home. devicesviews, two new

and a third will attract a broader audience. u.s.t's get started with major averages and how they finished the wednesday session. picture.mixed we had optimism over potential trade talks with china, but at the same time, a tech slump and semiconductors taking a hit. the dow raising by 0.1%. financials and tech weighing on the stock. goldman sachs downgrading a few semiconductor companies on industry concerns. bute debuting products,

launch since 2015. the nasdaq down 0.2%. let's see how this goes through the asians session. sophie kamaruddin is taking a look. sophie: with that tech decline likely overshadowing optimism, asians stocks set to continue their free fall after a 10 day slump. on the data docket, 7:50 a.m. hong kong time, slashed core machine orders. we do have the indian financial markets closed, so we will not get much reaction to the slowing read we got for august. aussie unemployment data due at 11:30 hong kong time. and new zealand home sales picking up 3.1% in august. -- down 0.2%. take a look at fonterra, the world's biggest dairy exporter. an annual loss of 120 time take- $129 million.

the company is assessing partnerships. we will get the outlook when we are joined by ceo mark rivers. haidi: thank you so much for that. taking a look at what lies ahead. could be another difficult day for asia and markets. [indiscernible] at topake a look stories. off itss taken the wrap new iphone a strategy, a trio of phones for a new customer base. we have bloomberg's technology anger, emily chang. what is new about these phones? emily: we have three new phones, as you said. an upgrade to the current iphone at ad a cheaper iphone x, range of price rates. the new phone a starts a $750, then 11 -- then $1000 and $1100.

are in mind iphone 7 and 8 still on the market. phonesve a huge range of and different prices to cater to different kinds of consumers. the top two phones you can preorder. as of friday they will ship the following friday. the following phone, the following month. biggestes were not the announcement. significant upgrade to the apple watch with health tracking features people are cut -- customers are excited about. >> ios is not just the world's most advanced mobile operating system, it is the most personal. we're about to hit a major milestone. we are about to ship our 2 billionth ios device.

talkingim cook there, about the reach of the apple mobile platform. 2 billion apple ios devices out there right now. unbelievable to scale of this company, now a $1 trillion company. we had a guest talking about apple's $1 trillion problems. the higher price point of these iphones will drive revenue is competingpple with lower-priced competitors everywhere else in the world. it is not going to be an easy sell in any of those markets. haidi: you see the concern playing out. theyat due to this worry are cannibalizing their own iphone lineup and everyone will make a beeline for the cheapest phone? emily: we do not see huge

reactions and apple stocks typically on launch dates. it typically takes time for analysts and investors to digest it, see how it plays out in the weeks leading up to the highway -- to the holidays. i asked the same question. the xr looks exactly the same as the xs. why would i buy the xs? a lot of customers will be making a beeline toward the cheaper phone. i heard a lot of people saying, i am definitely getting the cheap phone. and some people said, i am definitely getting the big phone. the big-screen some customers have been missing. you could not get it in the original iphone x. it seems we can expect great of theon both ends spectrum, but it will be the middle phone that is more questionable. the key for apple is raising the

average selling price of the iphone. we are expecting that average selling price to go up, but it is the mix that is important. we will not know what that mix looks like until next quarter. shery: guilty here. i am getting the biggest screen out there. i am really eying that phone. we are talking about the apple ecosystem. how much of the products announced today will help toward that? with you, i love a big screen phone. i went down and saw all three new models today and the big-screen. it is light, it is edge to edge and it is pretty compelling. it is very expensive as well. how many people are going to buy it? it is about getting people to buy more apple devices so they spend more money on the itunes store, on apple pay, applecare. that services business is a huge and growing part of apple's bottom line.

the services business is growing faster than the iphone business. all of this is working for the same purpose. haidi: emily, thank you so much. let's get first word news. here is jenna dagenhart. >> hurricane florence turns closer to the eastern seaboard. to 3 millionup homes and businesses will be left without power when it crosses the coast. duke energy says 75% of its customers could be cut off and it could take weeks to restore services. as many as 4000 companies could be hit. many are shutting down temporarily. fed beige book survey says the u.s. economy is expanding at a moderate pace, but the tight labor market and trade tensions. business remains generally optimistic in the near term. the report will be reviewed by policymakers as they prepare for their rate meeting later this month. they already signaled they are prepared to hike.

the indian rupee gains the most in 18 months after an official they may have a support measure after the planned review of the economy by prime minister modi. inflation they eased 4%, offerie r.b.i. a brief respite. they have spent billions of dollars to bolster the rupee, with little success. jpmorgan's ceo picked a fight with president trump and immediately regretted it. speaking at a bank philanthropy of vented jamie dimon said he could beat the president in an election, adding he is equally tough, but smarter. the bank issued a statement saying he should not have said that and he would not make a good politician. the white house did not offer comment. news 24 hours a day, on-air and online on tictoc on twitter, powered by journalists in over 120 countries. i am jenna dagenhart. this is bloomberg. shery: the u.s. government

prepared another round of talks with beijing to avoid escalating the trade war. joining us is greg sullivan. what is prompting the u.s. to take this measure? greg: tensions are very high between the two countries on the trade front, with the trump administration poised to add $2 billion of imports potentially. they have not pulled the trigger yet, but tensions are there. they have extended an invitation to their chinese counterparts. today white house advisor larry kudlow said the two sides were communicating and this was a good thing. essentially we are looking at the easing of tensions before subsequent round of tariffs come through. former tradee with representative michael froman today. i asked him what it would take

to get a breakthrough on china-u.s. relations and trade talks. take a listen. >> it depends what they see as end and the state -- state. china to agree to purchase more soybeans, airplanes or crackers from us, or do they want china to change the economic policy embodied in china 2025, or initiatives xi rolled out? that is a much more difficult conversation to have, and perhaps the more important one, because it goes to the structural relationship. to be what hasms the chinese confused. they do not know what the trump administration wants. what is there and game right now? game righttheir end now? greg: the administration has

thoughts to pressure china to reduce their trade surplus with the u.s. there are concerns in the ministration about china's behavior in trade, such as with intellectual property. they want to protect intellectual property rights in chinese markets and stop the so-called forced transfers of intellectual property that the chinese initiate in return for access to chinese markets. there is question as to whether there is divide in the administration, but they push for both, reduction in the trade deficit as well as the chinese trading behavior. steep concessions, for sure. should we bet end, managing our expectations about what is to come out of these talks, if china excepts washington's invitation? greg: managed expectations are important. counterparts from both countries have met four times and each time they have fizzled out, not much progress made.

the most recent time they met was in august. most observers did not have high expectations for these talks and no breakthrough was made from them. the trump administration is clear to move on another $200 billion worth of goods, but they have not pulled the trigger yet. tomp has also threatened have sanctions -- tariffs on all imports into the u.s. the stakes could be higher this time around. haidi: thank you so much, greg sullivan, bloomberg washington reporter. perhaps a ray of light in these trade wars. investors taking optimism from the news of talks between china and the u.s.. these gains weighed down by financials, a selloff in tech. we will get a marketing check. shery: later this hour, apple's core business will ask what the new iphone models mean for the

world's richest company. this is bloomberg. ♪ is bloomberg. ♪

haidi: i am haidi stroud-watts in sydney. shery: i am sure it -- i am shery on in new york. you are watching "bloomberg daybreak: australia." the tariff war starting to hit investment in an otherwise growing economy. will this affect rate hikes? kathleen hays is here with a look to the latest beige book survey. what i found interesting is that you are seeing the impact of the trade disruptions, but it is not being felt in selling prices as of yet. kathleen: but this is early days. the fed is sure i am thinking, we have been waiting for this to show up. first it did not, now it is starting to show up among businesses. how long before it is passed on to the consumer?

the fed beige book is a survey it does before every meeting, before every meeting of the m -- of the fomc, each bank takes a report, a summary. book saide, the beige tariffs are "contributing to rising input costs." in other words, mainly in manufacturing. also, that a number of districts saw their businesses scaling back, postponing capital investment. take a look at what is on the screen. this is a report from the philadelphia fed. each one has a separate report. nearly 2/3 of the firms that offer general comments -- they went on to say, some typical responses were that tariffs have put us out of business and or a cloud on every facet of our business planning. i think these are interesting findings.

in terms of what it means for a path of rate hikes, lael brainard is on board for more hikes. they think the yield curve is suppressed because they see higher u.s. yields. it will be harder for it not to get flats and invert. thinking of the setup for the september meeting where they think it is a slamdunk that the fed hikes rates. trade disruption could be a factor in the december meeting, another point where they could hike that rates. haidi: thank you so much for that, kathleen hays in new york. to recap, u.s. stocks had a mixed session. outweighing optimism trade talks in china would resume before the next round of tariffs. managert to portfolio linda bakhshian. ray to have you on with us. hard to imagine a scenario where

the trade were between china in and the is resolved -- u.s. is resolved. linda: absolutely come of this market once to go higher. it is underpinned by strong fundamentals in the united states, strong productivity, efficiency improvement, consumer confidence is improving and earnings are improving. that is what is under the current improvement in the economy. if you dare to assume trade negotiations do go well, the markets could potentially move much higher from here. that level of optimism is not in your base assumption, is it? linda: not right now. that is probably because we have a lot of negotiations with different countries at the same time that i think we need to see resolved. i think canada is one likely to

get resolved to soon and we will have resolution, at least a handshake, with europe. but china will be much more difficult. the china and u.s. are much further apart. china i do not believe has any incentive to solve negotiations, at least before the midterm election. shery: you talk about the solid performance in the light -- relative earnings performances of the s&p 500, relative to emerging markets. you are seeing the dynamics and what you are seeing is the change in earnings expectations for the s&p 500 against the msci emerging markets. prices will be the line in blue. you are not only sing the s&p -- seeing emerging markets. the s&p soar.

are people inclined to keep investing in the united states because expectations are higher than anywhere else in the world? linda: i think at the moment the united states is a safe haven around the world. if you look at emerging markets the last decade or so, they have been issuing a lot of u.s. consolidated debt and now you have the u.s. dollar rising or strengthening and tariff negotiations impacting them. a number of these countries had poor account management. political's -- political instability in their country. u.s. is the safe haven, that is why you're seeing the strengthening of the dollar, strengthening earnings in the united states, but at some point , i think emerging markets will become a pretty good

opportunity. but at this point in time, i think investors are still staying in the u.s. shery: as long as the u.s. and china do not enter a depression, em should be fine. what happens at the trade war escalates? trade curbsg the flattening. is this a sign of recession, and what does that bode for the rest of the world? linda: we do not think the yield curve flattening is a sign of recession. there are other factors. part of it is because the term premium is not there. part of it is because european rates are so low. you have the german bund at 40 basis points or so. we are not looking at the yield curve conversion as a sign of recession, especially when you take in the underlying strength in the u.s. economy. however, a trade were between china and the united states will impact the emerging markets and create a lot of volatility

there. point, we do not think china will land in a recessionary environment, even in the worst case scenario of a trade war. they could manage a soft landing, but there will be a lot of pain inflicted on both countries. emerging markets will be at the epicenter of that. haidi: linda, i just want to throw up this chart in comparisons between u.s. and china tech. it is a microcosm of how the broader two markets have performed. chinese valuations at a six-year low, versus in the u.s. we have been talking about the shift from growth to value for a long time. in fact, in february. is it time to start talking about it again? if you are, you assume opportunities for a longer term value investor would be in u.s. and chinese markets. linda: yes, we still do like technology.

what you are seeing in technology is a core, underlying secular strength. augmented reality, automated vehicles and so on. we are all demanding more memory, faster computers, faster phones and so on. i do not think the underlying technology growth rate is slowing soon, hence we are not abandoning technology, but you are right, the valuations are pretty reasonable here. looking at financials, selecting industrials, looking at even energy, is probably a balanced portfolio, what we will be advocating, especially over the next volatile couple months. linda, appreciate your time and views, linda bakhshian, federated advisory services company portfolio manager. you can browse our charts on bloomberg tv with key analysis

and save for future reference. this is bloomberg. ♪ omberg. ♪

shery: welcome back. here is a quick check of the latest business headlines. fiat chrysler seeking $7 billion for auto parts, and is in exclusive talks with equity firm kkr, however, the fund is aiming to pay less for spinning off the union -- unit have deteriorated. it has a japanese parts maker. haidi: elon musk says tesla is overwhelmed by demand. largeeted, due to a increase in vehicle delivery volume in north america, we experience larger -- longer response times. would be tesla in

do or but ultimately successful debut in new york. after pricing shares at the low end. this is bloomberg. ♪ xfinity mobile is a new wireless network

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haidi: it is a: 30 a.m. here in a.m. here in0 sydney. we are back to losses when it comes to trading on the asx. 0.3% lower. a typical read on jobless numbers. i am haidi stroud-watts, here in sydney. shery: and i am shery ahn in new york. you are watching "daybreak there were few surprises that iphone's annual product launch. there were three new iphones, including one bigger and one

cheaper. function has an ecg for heart rate. it is the first of its kind approved by the -- by the fda. >> ios is not just the world's most advanced operating system, it is the most personal. we're about to hit a major milestone. we're about to ship our 2 billionth ios device. government is proposing new trade talks with china in an attempt to avoid further escalation in a trade war. bloomberg has been told a senior team led by secretary mnuchin has contacted its counterparts in china. any future negotiations would probably happen in washington. emerging markets also rallied. bridgewater associates founder ray dalio says the u.s. economy

is about two years from a downturn, which will see the dollar plunge as the government prints money for a slowing -- he said trump's tax cuts will fade in about 18 months. rising tensions and health care costs will hit the budget. >> i do not think we are in the midst of another bubble. let me clarify. when you hit zero interest rates, you have a different type of debt crisis. you are more likely to have a depression. i think the period we are in is similar to the 1935, 1940 period. >> the bloomberg billionaires index shows the continent's 131 richest people lost $102 billion this year. 4 richest americans gained $130 billion. much pony mae how

loss -- lostoups come a comes to almost $19 billion. 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 jenna dagenhart. this is bloomberg. shery: we just heard from jenna the difficulties among asia and stock markets. let's get to sophie kamaruddin in hong kong with how markets are shaping up. sophie: looks like those difficulties will continue after a 10 day slump and tech will be a sore point, following goldman for thearnings semiconductors state. pivotal software tumbled in the after-hours session in new york. this as the company offered revenue guidance, despite the revenue beat we saw in the second quarter. nikkei futures looking fairly flat.

we could see losses at the open. the yen trading fairly steady. the aussie dollar just about 70 u.s. cents. we are expecting a pick up as hiring momentum has slowed in australia. the aussie dollar did get a boost overnight on the back of this trade alliance. some relief in greater china they rose on reports of u.s. trade talks with china. 6.83ffshore yuan trading against the dollar, the most since august 24. investors have been staying on the sidelines. turnover in chinese markets has fallen to a january 2016 low. just taking a tumble throughout the year. the shanghai composite just a hair away from the lows we saw in 2014. buti: tantalizingly close,

maybe that is not the proper sentiment for that milestone. let's get more on what we should be watching as trading gets underway in asia. day. a crucial if we get 11 straight days of losses, this would be the longest losing streak, going back to the 1980's. >> all these things working against asians stocks at the moment, the trade concerns, and the turmoil in emerging markets. the stronger dollar, of course, all happening at the same time in bringing downward pressure on equities in china and the growth story in china continues to be an issue. remind ourselves on the chart here in the library. 10 days currently. if we get a down day today, that takes us to 11. there is a sign trade is gearing up for respite based on what is happening with the u.s.-china potential trade talks coming up. that did offer a little sentiment boost. sophie mentioned we saw a tick

up and futures in the hong kong market and mainland china it else. we saw a decent pickup in the yuan. the dollar sold off pretty heavily overnight. there is a sense maybe we do get a little kick back in some of the most heavily hit markets like china and hong kong today. what happens at the start of the day is often different than at the end of the day. we will see whether the sentiment and pickup can continue throughout the trading session. cryptocurrencies in general have been slammed this year. the selloff is worse than it was in the tech meltdown. how does this bode for the future of crypto? people,think for many they are surprised the speed and magnitude of the selloff in the crypto currency space this year. i think many were expecting some type of selloff. there was talk of a bubble in this emerging asset class, but

the speed now is, as you say, has gone beyond what we saw in the selloff of the post nasdaq wreck in thetech early 2000's. there is a great chart on your bloomberg terminal in the gtv library. the crypto compare index is now down off january highs. a troughe nasdaq peak at 78%. the implications of this are smaller, it is a smaller market, but it is still about $640 billion worth of value being destroyed if you compare where we were at the start of the year. clearly that is significant. fact, turmoil around the will we adopt this asset class as quickly as expected? the sec pulling back on

securities earlier in the week, and those concerns that the heart of things at the moment. adam, thank you. you can check out all of the charts you have seen. gtv is your function. oil continuing to rise with brent crude touching $80 for the first time since may. a number of producers playing into the price trajectory including the u.s., iran, venezuela and russia. opec has a new report outlining its growing concerns. us to layncio joining it all out. and hurricane florence is not helping, either. ramy: adding even more fear, concern, but it is definitely a supply concern. a lot of players you just outlined are wondering if there will be enough oil in the pipes going ahead. hop into the bloomberg terminal. one of the countries we

mentioned, iran, in blue. exportsrude total oil you can see has been falling the past four months. iran is opec's number three oil producer. at the same time we are seeing opec trying to push higher. this is happening in white. the question is whether they can meet what is happening in terms of the fall in iranian oil output. one other bloomberg terminal charter one to show you is my next one. the question is whether they can let me clear this out. iran is the first. u.s. crude supply is another issue. we can see it is happening, falling, over the past year and a half, since 2017. at the same time include -- in blue, we can see wti crude rising in tandem.

earlier we did speak to the russian energy minister, alexander novak. while we are wondering if opec will step in, we did ask if russia would step in. it seems they do have the ability to step in, with 300,000 barrels, sometime next year. the question is whether they will decide or not to do that. take a listen. >> we have not yet made decisions on production growth. we have just spoken about the capacity that will be spared. we will be discussing these decisions and steps we plan to take. and 23rd of2nd october we meet with the jjmc. ramy: that is a meeting happening in algiers this september 23. haidi: where is opec seeing the

demand pressure points around the world? ramy: can i just some this up and say everywhere? say,m this up and everywhere? of course hitting growth. let's bring up the full screen we had regarding opec and its latest monthly meeting. trade tensions, monetary tightening. some em nations, we know what is happening in turkey, venezuela. this contributes to the growth trend. it will be essential to monitor. 10 daysahead, t-minus until algiers and we may get clarity going ahead. haidi: thank you so much, ramy inocencio in new york. coming up, closer look at apple's up. more of the same, essentially. this is bloomberg. ♪

haidi: i am haidi stroud-watts in sydney. shery: i am shery ahn in new york. you are watching "daybreak australia appear can the company has taken the wraps off and launched three new devices. prices ranging from $749 to $1099. shares though, fell more than 1%. let's look with a new birgit borman senior analyst daniel flax. let's start with the pricing strategy on the new iphones. the gtv library shows you the average price of apple phones.

will this allow them to squeeze more revenue per customer? what are your thoughts about the pricing tiers? daniel: it is really a continuation of what has been underway the last several years. more technology, more features, more functionality, into the device. that cost more. raise therying to price on what are now flagship devices. 50at is important on the $7 device, a six-inch screen with face id, is making it more accessible. there is always going to be criticism over the high price, but that is reflective of the technology. i think stepping back if one looks at the broader ecosystem, that is what users and buyers of the device are getting access to, and that is very valuable, i think. shery: why didn't the stock react better?

we saw better in 2015. daniel: i think there may have been profit given, there was a lot of speculation of indeed three devices and that is what we got. looking past to the launch date, the opportunities for the company are really just getting underway. if you look at the watch, they added a health care sensor where you can take an electrocardiogram. for consumers, ordinary people, their ability to monitor their health in a more comprehensive, data-driven way, is powerful. services is another powerful area where they have seen growth. i think what is happening inside apple, this is broadening out. i want to get to that revenue split in a moment. and i think it comes to the anecdotal voices we heard from cupertino, i am definitely going to go for the cheaper iphone, is there a chance apple is

cannibalizing its own products behaves the same as the higher end model. daniel: i certainly think there is potential for that, but if you look at the history of the company, they have in fact cannibalize themselves many times over the years, the ipod is one example. the ability to price the item $750 well incorporating key technologies like face id and bigger screen is important. if you think what is happening in emerging and domestic markets here in the united states, having access to this technology at lower price points i think can help drive demand. of course you will always have users who see value in the $1000 iphone xs and now we have the iphone xs max. there will be users who see value in different categories. will we see value?

we could. but by broadening out the portfolio, you can attract new and's eves -- new users keep the older users engaged, which is critical for long-term growth. haidi: i am curious as to how you explain of the breakdown of revenue. this is the chart showing in the white line how revenue as a percentage has come down from 70% at the start of the first quarter of the year, to just under 60%, or maybe lower than that. that because of rebalancing on things like the watch and services? withdoes not seem to marry the fact you see a higher cost per iphone sold. daniel: first of all, you have the iphone, which remains healthy. with prices being higher, that has impacted units.

as we have seen in recent data, the revenue growth for the iphone business is healthy. the next piece is services, where you have 30% revenue growth. that business is doing exceptionally well. what is going on under the covers, if you will, you have revenue drivers. you have the cloud, apple pay, itunes, apple music. and of course we have wearables and the watch and airpods. it is just getting going. if you think about when apple could do in the health care field as an example, there are a lot of new potential revenue streams from a product and service standpoint. shery: there is so much concern over data privacy, protections, protecting your own data. we are seeing tech ceo's testify in congress. how much is the strength in this

sector in apple products and asset for the company? daniel: i think it is a very important asset because the company is very open with its users and with the community that the data belongs to the users, it does not belong to apple. the data rests in a secure way on the devices and apple's business model is not predicated on trying to monetize that in some way. when one looks at all of the issues front and center at the moment, all companies need to explain to their users how they are using the data, and the users need to sign-up if they find value. data,is focused on user trust, privacy, for many years. it is not new to them, but the ability to distinguish themselves with that is an important asset. shery: thank you so much, daniel flax, newberger berman research

analyst. on yourdayb terminals. it is available on the bloomberg anywhere app. can customize stories and assets and industries you care about. this is bloomberg. ♪ about. this is bloomberg. ♪

haidi: a check of your latest business flash headlines. big tech lost a copyright battle in europe. for compensation and use of content online. google, facebook and others will be required to actively prevent copyrighted materials from appearing on their platforms. deutsche bond is said to be weighing its core business under a holding company, making it more agile, easier to break up in a crisis.

they have been encouraged by regulators to adopt the structure. it could create core divisions overseen by common management. the world's biggest dairy operation is posting losses. fonterra reported a net loss worth 129 million u.s. dollars. from marcve more rivers in just over an hour's time. shery: mastercard has launched a new platform, designed to help countries engaging in global trade. we discussed of the new initiative with mastercard why chairman michael froman. >> we think it is a huge opportunity, about $121 trillion opportunity. about half of that is still done through paper, through cash, manual processes.

while we have seen a lot of innovation in our person-to-person payments, merchants a merchant payments, you do by swiping your card or ordering something, in the b2b space, it is still 20th century. mastercard started making forays into the b2b space. they bought a company in the u.k. that allows for fast ach transfers. we have a btb space here. we announced track, which will make it easier to engage in national trade, on boarding companies and the supply chains, risk management, visibility into their payment flows. makes it faster for small and medium-sized businesses. >> many economies rely heavily on cash, especially smaller, developing countries. >> singapore is our first rollout. that is terrific. it will be part of their platform. singapore is known as being innovative as a global trading

hub. when you travel around the world, you talk to governments and trade ministries, they understand it is important to take frictions, where you can come out of the system. there are tremendous frictions, in terms of how long it takes to get through customs, process payments. how does this initiative reflected the priorities of mastercard and the future of payment? priorities of the mastercard in being involved in the b2b space. this is an area we have moved into the past few years and will allow us to position ourselves with banking partners, governments around the world, and trying to address a significant pain points. especially's -- especially for small and medium-sized businesses, the backbone of their economy, job creators. to engage in trade it is an onerous process. >> this platform depends heavily

on global trade roles. how are businesses preparing themselves for future trade tensions? >> at a time where there are frictions in the trading system, it is up to the private sector to reduce frictions where they can. this will be good for trade and within domestic economies as companies seek to diversify their supply chain, allow more competitive participants in their supply chain. it will help that process because it makes it easier to on board. right now it takes about 16 days on average just to onboard yourself as a vendor into a supply chain. this will cut down that time by 50%, make it much easier for small businesses to participate. shery: former u.s. trade representative michael froman, told me about his views on china-u.s. trade tensions. >> trading in new zealand is

getting underway. minutes away from the open in australia, looking like another down day. aged markets potentially on track for the latest -- biggest losing streak since the 1980's. this is bloomberg. ♪ his is bloomberg. ♪

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major markets are just one hour away from the open. >> good evening from bloomberg's global headquarters in new york, i'm shery ahn. >> sophie kamaruddin in hong kong, welcome to "daybreak asia. upseta-pacific stocks ecowas street gangs. live reports that the u.s. wants china to reopen these trade talks. signs of president