haidi: very good morning. i am haidi strong -- haidi stroud-watts in sydney. shery: i am shery ahn in new york. welcome to daybreak asia. haidi: our top stories, oil is in the spotlight as producers signal curbs on output. saudi arabia reducing exports starting next month. 10 years after lehman brothers, u.s. banks are still falling short on risk management. alibaba delivers a shopping sensation, singles' day with a sales sales in 24of

hours. shery: let's get a quick check of the sales in 24 hours. shery: let's get a quick check of the markets close on friday. there was pressure for stocks as tech shares led the decline and we have weaker earnings pressuring the market, the nasdaq down 1.7%, the s&p 500 lower by energy stocks. 10thost ground for a consecutive session, the longest losing session ever. over the weekend there was signaling from saudi arabia they might cut production. we got some earnings from disney helping minimize the damage in the dow jones which felt .8%. not much happening with futures at the moment, but as long as investors have to wait, including plenty of economic data out of asia. see how things are looking now. haidi: plenty of data, and chinese domestic indicators. gdp from japan, the decisions

from southeast asia, thailand, the philippines to first word news. ramy: all right, thank you. sterling opened weaker in early asian trading as prime minister theresa may fights to keep her brexit plan alive. pro e.u. conservatives say it is the worst of all worlds while eurosceptics are demanding a clean break. the jean-claude juncker says he thinks a deal will be struck soon because a disorganized split would make things worse for both sides. china's import export in sean height was a success -- in shanghai was a success with $50 billion of deals signed. state enterprises in shipbuilding, energy and autos dominated. the role of the state is at the core of president trump's dissatisfaction with beijing.

alibaba set a new record for singles' day with $31 billion of 20 four hours. the online extravaganza featured mariah carey and cirque du soleil with xiaomi, apple and dyson among the most popular. it is a bellwether for the winery -- wider chinese economy. hot, dry winds continue to drive the worst wildfires in california's history. governor jerry brown calling on president donald trump to reduce the -- to release new federal aid. 25 are known to have died and a quarter million have had to evacuate and seek safety. brown's call comes one day after the president threatened to withhold funds because of what he calls gross mismanagement of the forests. 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 ramy inocencio. this is bloomberg -- i am ramy

inocencio. this is bloomberg. shery: matthew whitaker is said to have told associates he will not cut the budget for special counsel robert mueller's investigation into russian election interference. joining us from washington is editor ros krasny. we have known the budgets for fiscal 2019 have been approved by the justice department, so what difference would this make? i don't really know acting attorney general matt whitaker has the ability to cut the budget for the mueller probe. he has come out and sources indicated he doesn't intend to. there is nothing much meaningful. there are other things he could do to shut down the probe or limit the probe. there are other things the us attorney general could do. -- the acting attorney general could do. on tv last year, the white house that he was a private citizen,

so that appears to be off the table in terms of shutting down or hobbling the special counsel probe. democrats have urged whitaker to recuse himself. they see it as a constitutional crisis given the comments he has made about the investigation in the past. after that they want legislation passed to protect the special counsel investigations in general and this one in particular. haidi: there are a couple of midterm elections hanging in the balance in florida. what is going on? ros: florida, we all remember year 2000 and they say it is improved in terms of the electoral processes, but there are striking similarities in terms of the balance in these counties and confusing to voters. we have a recount underway. it is one that is determined is at a vote tally

certain margin. it is automatic recount. that will be done by thursday. the governor's' race -- senators' race and race. it has been uncertain. there is commentary on twitter and television today from the republican outgoing governor and senate candidate rick scott criticizing. president trump has weighed in hasn'tcusations, but he backed up the charged him across are trying to steal the election. there is one in arizona that hangs in the balance. a democrat is pulling ahead there, and that would be a pickup for democrats, and still a handful of house races. tuesday was a wave from republicans in the house.

they kept the senate but still most to be counted and politicians say it is america we must count every vote. goti: president trump has criticism from emmanuel macron and others. cassie caused lasting damage when it comes to the u.s. relations with the rest of the world? ros: you know, it is more of a continuum of troubles or awkward appearances president trump has ,ade at international meetings g7, g20 and other venues where he doesn't seem to quite get along with his international peers. certainly french president macron had sharp and pointed , nationalism u.s. doesn't equal patriotism, and having a peace summit at the same time as the world war i celebration, a peace summit president trump skipped to come back to the united states,

certainly doesn't help his case. i think the u.s. view at the moment is america first. it is isolationist, but you never know when a country needs a friend. it doesn't do the u.s. any favors. in the week coming up, president trump is skipping two big meetings in asia, sending vice president mike pence instead, and that is contributing to views that allies just don't know if they can rely on the u.s. as they have in the past. shery: ros krasny, thank you. we have breaking news on the bloomberg. sap is going to buy four's international for $12 billion in cash. they financed the prize and also related costs. that thisrd earlier

software company could ipo and that would have valued it at $5 billion, but now this cash deal would give $8 billion, now sap theoming in and acquiring company for $8 billion in cash. trix's isks -- expected to be in the cloud for $8sap acquiring it billion in cash. haidi: expect it to be listing this week. it has clearly gone in a different direction. let's get to our top stories, dominating the market trading day, a key copper brand. talking about oil prices, opec and its allies laying the groundwork to cut oil supplies

in 2019. it would be a reversal of a year-long expansion time. saudi arabia taking back the reins when it comes to the swing producer, saying it will export $500,000 -- 500,000 barrels fewer. >> no one country can do it alone. no one country should do it alone, and not only our colleagues in opec but even the non-opec countries recognize there needs to be collective, collaborative work amongst the majority of producers. haidi: the energy reporter in sydney. the longest losing streak, is this and other signal from saudi arabia? the 500,000 barrels a day they will cap from supply from december, that reverses the increases we have seen in six months.

whether it has a short-term impact on the price, it could be supportive. i don't think it will reverse the trend. as the energy minister, you heard him, it is down to everyone, not just the saudis, who can affect the market. it will be interesting to see what the russians do. iraq is boosting production and there economy -- their economy relies on this. it is unlikely they will be too keen to cut either. you have factors that are driving the price down in the first place, strong u.s. shale production and the fact the sanctions president trump slept on iran, they are leaky. you mentioned quite a few countries will be exempt, so that will force prices down. look at this chart on the bloomberg because it shows the top handle, crude, and the red circle. opec agreed to cuts.

we saw production coming down and the green circle right there, production, second panel showing the price of brent. you say potentially other countries may not be joining these efforts to cut reduction, what is next? reporter: it is a good question. we have to wait and see. the opec meeting in december, that will be disruptive to see the attitude of the russians and other players. marketeral view in the is russia can tolerate a lot of price more than the saudi's. the signal has been mixed. i think if the price of does fall further from here, it will put pressure on moscow to play ball and joined the saudi's encoding production as well. they hold the key here. it will be interesting to see what they do. the other significant players are not as keen to coproductions after the saudi's, and iran is

expected supply to come up the market, and it happened. some say it will be just the same as it was before. is a difficult dilemma in controlling prices. it is hard to see what they can do going forward. shery: james, thank you to have you. alibaba smashes records for its annual shop upon that. holiday. -- breaking down sales later in the show. split over traders the direction of u.s. inflation. what it means for the fed policy. weighing in. this is bloomberg. ♪ ♪

haidi: this is daybreak asia. shery: i am shery ahn. the federal reserve's first ever report on banking supervision issued friday says more than 40% of major u.s. lenders are

falling short in critical areas of risk management. our editor kathleen hays has the details. even with the shortcomings listed in this report, the fed's vice chair said lenders are in good shape. why? kathleen: let's find what they found. failing to banks measure up when it comes to risk management. itis pretty important, isn't ? they got high marks on the amount of capital they are holding. that has been pushed so hard by the fed and other regulators, liquidity reserves, they could have another downturn. where the fed sees risks -- mismanagement. remember it being too big to manage? protectacks, failure to the banking system overall and less than 60% scored well on

strength measures. this needs to be addressed. the vice chair of supervision speaking on friday at an event in washington said all the data would show us a healthy industry. return on equity is the highest in 10 years. hard to argue. when it comes to the idea maybe banks need to have another step they could take if there is , he says they don't see a need just now. listen to what he said. >> financial stability risks are moderate and are disciplined and methodical. it would not turn on the countercyclical buffer. banking: he said regulators have been reducing certain restrictions. dialing back the stress tests, so there is a chance to refine and tweak dodd-frank. a lot of republicans are for this. haidi: in terms of the inflation

outlook, it is number three on the list of indicators the fed does to gauge. the report from friday, is there guidance from what the consumer index might like -- look like? inhleen: it really jumped october. look at this chart from the bloomberg library, 0.6% was the monthly rise on top of 0.2% the month before, three times bigger than expected. gasoline prices played a part but even year-over-year the ppi oil up2.6% and food and 2.5%. bloomberg is pointing to services. they see bigger margins for wholesalers and retailers when they are paying for their inputs and getting paid for their outputs in services, trade in services. this is a services economy. maybe people are having to pay for a part of their product

mostly made up of labor and services make up half of the consumer price index due later this week. 2.2consumer price index is percent, steady in october which could be a steady reading when it comes to the pce inflator later in the month. that is what the fed is watching. haidi: kathleen, global policy editor, in new york. our next guest inks the treasury yield curve will steepen next year. he is the head of rate strategy. i want to look at the inflation outlook kathleen mentioned and tie it into our top story, oil prices. look at this chart which -- we talked about brent seeing the longest run of losses in history but wti falling 21% from october and entering a bear market. looking at a bear market in a month. it has been a steep fall.

how much is this weighing on your outlook when it comes to inflation in the u.s. and what that, what impact that might be on fed policy? >> when you think of the impact of oil, you think of it not so much on core but headline inflation. and as kathleen said, the fed focus is on core. limited effect on fed policy p or where it does impact the market, it has a big impact on inflation expectations, so investors think about treasuries and inflation bonds, they are less bullish than they were. more on investors. haidi: we saw yields falling during a tumultuous market week last week. is there a sense the fed going into the end of the year, the start of 2019, it is steady as she goes, the way it is being communicated the whole time until now? >> pretty steady. jay powell is the happiest central banker.

treasuries seem to be doing fine, why should we change policy? we will hike the fed funds rate until something breaks. go innk they will have to december, three times next year, in line with their own projections. barring major turnabout you will see the fed keep chugging along. from wells fargo, we think the move in december is based in, and one more beyond that. fed is on a steady path. shery: we see the move on interest rate on ethics -- excess reserves. the gtv showing since the fed started, we have seen the affecting rate which is a blue line which is starting to bump up against the interest rate on excess reserves or ioer in purple. movee expected to see a next month and how surprising is it that you are looking at treasury refunding, they are

emphasizing issuances? >> it is an interesting mix of things on the front end of the u.s. yield curve. what is excess and why should viewers care? what you want to focus is on what the fed pays to banks. this is important because the fedsets a target range for funds. like any big institution, they want the actual rate to be in the middle of the target range. the blue line is bumping up here you that is bad, so we think it is likely the fed cuts interest rates reserves at the next meeting. effect down to the middle range, probably a good thing. shery: are you concerned it could be draining too much money from the banking system? concern,a legitimate and for us with any market participant, we don't know what

the right level of excess reserves is. it is a situation not just in the u.s. but many major economies, japan and the eurozone where excess reserves are huge. the central bankers are not certain what the right level is, so they will adjust, see how the market reacts, short-term interest rates, and a just more. for the fed to say we think the billion orr is $500 $1 trillion, we cannot do that. it will be an experimental process if you will. haidi: has anything changed for you on the other side of midterms? are we gearing up for more wrangling over budget decisions and spending and borrowing? >> it is interesting when you focus on the midterms, the markets were worked up for a day or two, now they care less. looking back at prior times in the u.s. with a divided government, typically it is good

for markets. if you want simple terms, we would say democrats like to spend money, republicans also like to spend money. they don't agree, so they spend less when you have divided government. what has changed is our view on the outlook for the deficit in the u.s. it has become less severe going forward. treasuries supply should be lower and less upward pressure. that is how we see the impact flowing into the bond market. great to have you on with us. the wells fargo securities had of rate strategies coming to us out of hong kong. lots more to come on daybreak asia. this is bloomberg. ♪ mberg. ♪

shery: let's get a check of business flash headlines. rita's capital and elliott management are close to a deal $135quire athenahealth for per share.

the all caps transaction could be announced next monday. athenahealth shares closed around $120 friday. it is valued at $4.9 billion. haidi: volkswagen and ford nearing a framework's agreement to join forces on electric and self driving vehicles. they could see vw invest in ford's partner ai. they could share technology with ford piggybacking onto the tens of billions of dollars the company has committed to battery powered cars. teaming up with companies from asia and europe to bid for a $6.8 billion a high speed rail link connecting the three international airports -- the largest in thai history. the consortium is expected to submit its bid later on monday, including siemens and pacific group. alibabaoming up next,

shrugs off local competition to report its best ever singles' day with $30 billion of sales, not bad for a made up holiday. this is bloomberg. ♪

haidi: it is 10:30 in sydney, for 30 minutes. seeing a sluggish start when it comes to asia's trading. the benchmark is off .1%. we are seeing weakness as you can imagine across materials, energy, seeing a rebound with the wti rebounding as well on opec andof indications friends or saudi arabia is looking to lay the groundwork for supply curbs into 2019. this oil story will be the dominant story whether you look at it from supply-side or demand side. we will get a lot of data out of china. uncertainty on the waivers for buying iranian oil.

we saw that from the 10th session of declines on wti prices with energy sectors leading declines on the last session. looking at futures now, really onking clear direction change -- unchanged at the moment. we saw french selling of tech shares in the u.s. and we have to keep an eye on oil as saudi arabia is vowing to cut production. i am shery ahn in new york. stroud-watts.idi you are watching daybreak asia. let's get you caught up with first word news with ramy inocencio. ramy: more on opec, opec as well as its allies laying the groundwork for output that saudi arabia announcing a reduction in crude shipments from next month. after the meeting in abu dhabi, the energy ministers said the group was responsible and would work hard to balance the market. the kingdom will export half a million fewer barrels a day in

december with wider cuts seen in falling months -- following months. emerging.a glut quite frankly we are seeing some signs of this out of the u.s. we have not seen the signs globally, nor can we predict 2019. ramy: the u.s. acting attorney matt whitaker indicated he will not cut the budget for the robert mueller investigation. some say it is a signal fears about attacks on the inquiry will not happen. cnn last year he could imagine and acting attorney general not firing robert mueller but reducing his budget so low an investigation grinds to a halt. macron called for greater cooperation as the world marked 100 years since the end of world war i. he criticized the protectionist policies embraced by america under president trump saying patriotism is the opposite of

nationalism. nationalism is the trail of patriotism. -- betrayal of patriotism. chancellor merkel said the world is regressing on human rights. and a commercial mission launched from new zealand, for a hopes of a new era of affordable spaceflight. from -- busted off from the north peninsula with six satellites. launch was set for april but was delayed. they used expendable boosters with 3-d printed engines. 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 ramy inocencio. this is bloomberg. alibaba rang up $31 billion in sales at the annual singles' day extravaganzas having a record. tom mackenzie joining us from

shanghai. any signrs running, know of a singles' day fatigue? if you are really skeptical and you look at the scope, the sale -- scale of the growth i should say, it grew 27% in terms of the total sales number over 24 hours. compare that to 40% in 2017, and you see the growth is starting to slow, but the big numbers here are pretty impressive. you look at the first two minutes, there were $1 billion worth of sales here there were 180,000 brands. when this was started, there were fewer than 100 brands. 240 brands, notched up sales of $14 million each. in terms of the items that were the top dollars, you had apple,

show me, dyson vacuum cleaners. some of the top three countries selling into the chinese market because alibaba wants to make this international because -- includes japan, south carolina -- south korea and the united states. items that were less popular this year included tv's and refrigerators. one of the cofounders of alibaba said that could be linked to softness in the real estate market. shery: alibaba may have invented this, but other companies have joined in. they have tried to make this a global festival. we know at this point how they compared when it comes to sales against alibaba? -- i: tom: two things to point out, competition has increased. there is incredibly intense competition between alibaba and jd.

also coming up quickly is a company called -- which listed recently and is targeting second and third tier cities with really cheap deals. that is starting that company to carve out market share, so it is a more competitive market space, more saturated as well. is out as, that it alibaba is putting more ,ttention on expanding overseas particularly southeast asia. for the first time this year they included the sales of a --a unit a singapore-based southeast asia is a highlights. they had hoped in the u.s.. they hoped this region will prove something of a catalyst going forward. sales we have retail coming later on. if we extrapolate, think what it means for the broader economy. is the demise of the chinese

consumer overstated? i think you can pretty confidently say that the chinese consumer is not down and out yet. but wage growth is slowing. real estate crisis inserting to soften. asset prices are weakening. have put inkers place some action, some policies to help shore up consumer sentiment including personal income tax cuts. that could be doing something to boil the consumer. others say it is alibaba's angles' day, leveraging incredible number of assets by the company. data,, off-line big juicing up the consumer for this . what they may have been doing was holding off on purchases. what they could do on the back is hold off on purchases. there is only a certain amount

you can read into this, but you can say china's consumer has not been written off. $30 billion worth, more than $30 billion worth of sales this year. ma's lasts is jack singles' day. this is basically a made up holiday he latched onto and created that turned into this retail behemoth. thehere any indication what next 10 years will look like the way the company is diversifying away from where it started, domestic online retail? you are right. this was another big event where jack ma will be seeing his last. he told us he will be stepping down to focus on philanthropy. so the ceo, soon to be executive chairman is taking over that role. and the cofounder still playing

a crucial role. what we saw yesterday with the media sentiment, 300 journalists covering this event, they laid out what they see as their future for the business in terms of technology. automated hotels, they have their supermarket chains that are heavily optimistic -- automated. in the retail space they want a terms oflout in connecting the consumer to their desires and needs, and that means automated check-in's at hotels and a comprehensive system around the supermarket chains this order to buy out as well as the international expansion with an eye on southeast asia. they are making strong head rose -- inroads to spain and central and eastern europe. haidi: they want to get half of their sales from overseas eventually. thank you so much for that. tom mackenzie in what looks like a cold shanghai morning.

take a look at what we should be watching. joins us. the post-midterm pop we had, seems like we are running into resistance. oil is not helping that. adam: there is a few things going on. .ne of them is the bear market energy shares have performed badly in relation to that. you have a situation where through the midterms you got that democratic house, and it sets up the gridlock for a list inflationary outlook but one that is going to be harder to get things done. have a look at that chart. you see fair value on s&p 500 some way off. that kind of propensity for people to want to take risks has come back somewhat. earnings is one reason why that has been the case. we are getting through to the end of the earnings season, you got tencent still to come in in

china, but we are through a lot of that. clearly profit expectations have been downgraded. it is a tricky environment for risk assets. starting out to the week looks soft across the board for most equity markets. one market, hong kong. does this imply for the weakness -- further weakness for equities there? adam: you have already hit the bear market level in hong kong and mainland china, so stocks are pricing in significant deterioration in the outlook from the profit growth point of view, but we have had another couple of drivers. back last week you think about changes to the credit environment, for banks which has knocked on financial shares, but you see pretty well the magnitude of how much profit expectations have been wound

back. it is rare to see that. clearly there are a lot of people who are thinking they might have further downside. last week we also had technologies pretty weak as well as what was going on in financials. hong kong does look like a tricky place to be from a sentiment perspective. there are plenty in the camp that look to that valuation argument, the hong kong market certainly pockets and sectors looking very, very, presenting opportunity for value investors but sentiment still fragile especially with policy being moved on the mainland in china and how they are stemming the slowdown in growth is tricky to see any sustainable risk rally in hong kong. haidi: thank you so much, adam haigh. you can find his charts on the gtv library, gtv , on the bloomberg. this week we kick off with a

fresh round of earnings, continued pressure on oil prices and more. on monday bond markets are closed for veterans day. su: when it is closed, it makes a quieter day, but we have bonds in focus. take a look at the snapshot. a lot of bond traders are looking ahead to the cpi number to figure out if inflation risk is overestimated. that is a big debate. note the red on the screen. the nasdaq 100 with a heavy concentration of tech stocks, a two-day slide, tech weakness was the story. that is how we set up for monday trading. let's go into the stocks in focus because of earnings. we are coming to the tail end of earnings season but these bring up the rear. home depot, walmart, tencent. come -- ayer, vote of

lot of other big named stocks. and merger monday usually brings a deal. we have talked about the fact athenahealth looks like veritas deal.liott are close to a bloomberg learned a $5.5 billion is the size of the deal, $135 a share. deal. that will be nice for the stock. gtv is where we can find the library chart. volatility using after the election. it is self-explanatory. 2014, white, yellow 2016. you will notice the volatility came down after the midterm election. we need to get into this coming week to see if that plays out here.

haidi: thank you so much for that. the monetary authority of singapore joins us to talk about fintech in southeast asia. this is bloomberg. ♪ ♪

asia. this is daybreak i'm haidi stroud-watts. shery: i am shery ahn. the fintech festival kicks off today in singapore, bringing together 800 companies and 400 investors. the indian prime minister narendra modi and the imf manager christine lagarde are at the event. let's go to singapore where haslinda amin has a guest that leads the charge. the fintech festival includes its third year, and we have narendra modi, thank you. year, grown every single

how big is it, and how has it spread? >> 40,000, expecting close to the number. the size has gone in terms of content much bigger. we have a different kind of people coming. people are here to talk about fintech. that has expanded the scope. we have new topics like ai coming in. we have financials are a big part of the story here. it is taking the imagination of people, what it can be and we don't know where it will go. haslinda: you have the likes of christine lagarde, justin trudeau, all coming in, and you have policymakers and why be interested out our fromere is a shift physical to digital, and they want to play a role. you will have that shift. there is interest which is driving them temperatures a great in this process. technology, everything is cool

here. why not be here? haslinda: [laughter] that could be a tagline. how is this different? what is the competitive advantage with london, -- why singapore? >> the whole ecosystem has been built by the people. it is different from the fintech hubs of other markets. it is community. region is big. china and india are popular with syntax. so it makes singapore unique for this market to participate out of singapore. at --da: in terms of this at the environment, how would you rate it? it is a continuous process, it is still evolving what to define as fintech. in terms of technology, induction, innovation, it is a

long way to go. but the speed at which things are moving is amazing. haslinda: funding is an issue. >> it was. now the question is do you have good ideas? last year we had $6 million as part of funding. this year is $12 million. money is available. great idea, great opportunity, they will get matched. are you seeing growth more from southeast asia versus the african nations? >> southeast asia is strong. ashford up is picking up -- africa is picking up. the emerging market in particular, latin americans, africans, the asian market are all growing rapidly to catch up. thatnda: there is a sense for singapore, it needs to turn to deep attack if it wants to help grow the economy. your thoughts?

it is the only way to go. singapore is smart. our success lies in the ability in the business-to-business space. it only works if there is a deep tech in the structure because we need to be the engine behind the economy. the middle of automation, the back office automation. you can't do much with deep tech. we should be focusing on that. we are focusing on deep tech, b2b will be a big part of our story. haslinda: where are you in the transformation? >> two days from now we will be launching topics platform. it will be the largest cloud platform which allows fintech and the banks to connect. fintecha classic b2b, middle platform. you will see much of this coming very soon out of this part of the world. haslinda: one of the topics we

discussed here is the transformation of the banking sector. and 20, 30 years down the road whether or not banks will look the way they look today, one of your thoughts is banks will -- i know they say in third year -- 20, 30 years? >> the banking itself will be there. banking will not be the same. i don't want to predict [indiscernible] the banking process will be here. the technology, it will be shipped. it will be part of your ecosystem, invisible. payment is invisible. you will not see that. things like identity, you don't need to put a password in, photo id and move around here. so that whole process will change and it will drive the financial services. sense theys there a are not moving fast enough? >> they have no choice.

they have to catch up, and they are. in singapore our local in -- local banks are doing well catching up. haslinda: thank you so much for your insights. coming to you live in the singapore in tech festival, 40,000 produce offense expected, justin trudeau to christine lagarde. amin, just ada glimpse of the future. we will go back at the festival in the ally and the city. getting breaking news out of japan. the latest producer, inflation picking up more than expected. we had been seeing a slowdown in october. 2.9% is the year on year number. still a little bit of moderation from the previous month 3%. in growth we had a basis of -- against the backdrop of prices, weighing on consumer price

inflation. when it comes to the month on month numbers, 0.3%, quickening from the .1% that had been expected, matching the growth seen in the previous month. going forward, we don't expect it to continue. weaknessoking at broad with energy prices per that will weigh into consumer pricing inflation as well, which could create headwinds. 2% inflation for abenomics, on the upside, should point out result inr costs and greater wage initiatives. plenty more to come on daybreak asia. this is bloomberg. ♪ a. this is bloomberg. ♪

haidi: let's get you a quick check of business flash headlines. companys buying another , 8 billion dollars in cash. it is a pioneer when it comes to experienced management software.

last month they filed for a u.s. ipo and announced at listing -- that listing. it will now be in the s.a.p. cloud business group. $7 billion in euros for the acquisition. revenue gains, reported a 7% year on year sales jump in the time from july from -- through november. strong growth with electronic gaming revenue up 6%. sky city agreed to sell its casinos to do our where north for $106 million u.s. haidi: take a look at asian markets. looking like the monday morning blues with asian markets. australia trading to the downside. a bit of recovery in energy stocks. .ti is perking up a bit we had saudi arabia moving to act. new zealand pretty flat, nikkei

futures looking down to build on the losses we ended the week with and the kospi not looking too bright either. this is bloomberg. ♪

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haidi: asia's major markets have just opened for trade. shery: welcome to "daybreak: asia." haidi: top stories, asia-pacific markets facing declines after a friday session. opec and its friends signaled renewed output area saudi arabia will -- output. shery: alibaba delivers a shopping sensation.