if you look at uber, the number one player, that continues to be where investors focus. and you look at lyft hoover, you're talking about a one-two punch. a battle for market share. haidi: welcome to "bloomberg this is an ocean big enough for two boats for now. shery: that is really daybreak: australia." interesting. shery: i am at bloomberg's big enough for both of them, and yet, how much has lyft benefited headquarters in new york. from the pr issues that uber has faced? great point.a sophie: we are counting down to asia's major market open. especially 2017, 2018. there was a pr nightmare that uber saw. as uber has tightened those issues going forward, market haidi: the top stories we are share gains will be more balanced. that will be a concern for investors. covering in the next hour. trade talks resume in beijing. profitability,de the white house says there is no rush, talks could run on for autonomous vehicles. , cumulativeuber weeks. down amidoan steps way, they have spent $3.5 billion on autonomous, where us

lyft continues to be around the continued criticism of the bank's corporate culture. lyft raises more than $2 billion air. shery: full disclosure, really in an ipo price at the top of the range. debuts on the nasdaq later like uber, so i write all the time. i tried lyft and it didn't take, friday. >> let's get you started with so my question is, what is brand loyalty like? dan: brand loyalty has been more how the markets closed in the thursday session in the u.s.. calm returns to the markets today. we saw a fierce rally in and more building, especially in the last year. treasuries yielding. a lot of it is driver loyalty. stocks were up. it comes down to the ecosystem. yft in terms ofl gains.als led the active quarter -- active riders, we had a brief time when the white house economic adviser that has been steadily rising. talked about a trade deal with weeks orng perhaps that is what investors are looking at. it is interesting, months off. that was not taken well by the because in a way, you can look markets. we managed to end in the green. at uber as being a more diverse play. from it investor point of view, we had small caps performing today. s&p futures unchanged. if you're looking at a ride-hailing investment, is lyft let's see how we are setting up the way to go? domestic is a for the asian open. >> after stumbling on thursday, asia stocks headed for modest double-edged sword because even though the u.s. is far and away

gains. the biggest from a ridesharing this friday we will also see perspective, when you look at japan release a bunch of data, uber, the international has different opportunities and challenge. including retail sales and right now, it is about market jobless figures. share. they have steadily increased market share. we have credit growth from you have localized competition, australia and new zealand. the asx 50 opening unchanged but now it will need profitability and what this this morning amid building data. battle for market share looks like as the ride sharing industry is the public way in let's put on the board the kiwi dollar. left. we saw it drop to a fresh three-week low. watershed and a game the rba governor said in a changer for the tech sector to have ride sharing as part of the speech this morning an easing bias is a starting point for the public market. haidi: great to have you with new monetary policy committee. us. a snapshot of the collapse in yields this week. coming up next, boeing's woes rate calls for malaysia to new zealand. continue to deepen. it is facing a lawsuit on behalf two more will lower the cash of one of the ethiopian airlines crash victims. rate to 1% by february. we look at what is ahead for the company up next. this is bloomberg. we are seeing the 10 year yields ♪ hovering below 1.76% for new zealand funds. australian money markets poising

and -- markets pricing in a quarter-point cut. after south korean three year yields slipped below rates since december 2016, further declines of 1.7% could be seen in the second quarter. expectations are low for the boj to alter its april bond buying plan, which is due to be released this friday. haidi: get you the first word news with selina wang. selina: the trump administration says there is no rush for a trade deal and is preparing to talk with china for weeks or months. friday will be a full day of talks before they head back to washington next week. kudlow says a major deal is u.s.

enforcement, and the u.s. needs to be patient. >> this is not a time driven, this is a policy enforcement driven deal. things have to be done just right. as the president said, it has to be a great deal. selina: theresa may is rolling the dice to roll her brexit deal through parliament. mp's will debate only the withdrawal agreement part of her covering the securities and futures trade with the european union. president trump has turned the heat on immigration, accusing mexico and other central american countries of doing nothing to prevent people crossing into the u.s. illegally. after his come a day administration signed an agreement with those countries aimed at reducing the number of migrants heading north. he said honduras and others are

all talk and no action. shery: i am shery ahn in new boeing is being sued on behalf of a passenger killed on the ethiopian airlines disaster. york. haidi: i am haidi stroud-watts the playmaker under rising in sydney. pressure after two fatal crashes boeing's legal and political in five months. the 737 max is grounded around woes are on the deepening. it is now being sued on behalf of a passenger who was killed in the world while boeing works on a crash other at this month over claims to 737 max 8 was not a software fix. earlier this week it said it was designed safely. let's discuss all of this with close to a fixed before the ethiopian plane came down. lyft has raised $2.2 billion in richard, from a consulting firm. its initial public offering, great to have you. pricing shares of the top of an elevated range. the ride hailer offered under 31 is this a little early to be talking about litigation, given million shares at $70 a piece -- $72 a piece. that the investigation is still on foot? the company will trade under the at this point, but expert analysis be able to establish ticker lyft. fault? richard: i think that is the listing is seen as a bellwether for new silicon probably way down the road. valley names. we don't even have the data in from the ethiopian crash. global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more it might have gotten through to than 120 countries. the labs. wang.lina

this is bloomberg. terms -- in terms of proper >> we turn to the u.s. market analysis, nowhere near there. close. haidi: is really the latest nail the bond rally eased. we are seeing the s&p 500 stay in the coffin when it comes to boeing. on track to close out its best we are very had some terrible quarter since 2009. testimony regarding the bloomberg's su keenan joins us relationship between faa and boeing, the fact that they were now. we have seen some calm returned able to almost certified to the market. themselves and china saying even su: those strategies point out if they do get this software although there is optimism on the u.s. china trade deal, the fixed, there are still suspending the airworthiness significant. the latest being the other market seems to react, almost a company is considering nixing knee-jerk reaction when there is their orders. is this recoverable? a comment on expectations. richard: at the end of the day, this latest close was a positive outcome for stocks. you saw the dollar move higher. despite the tragedies and the very challenging set of the rally in bonds did take a circumstances in legal and bit of a pause. take a look at the areas of regulatory, there is something strength and weakness in the s&p 500. fundamentally wrong with the we saw materials move higher. jet. they need to make changes in utilities were among one of the terms of training, software patch, possibly hardware, but weakest groups along with some there's nothing that would be of the downside we saw in tech. terribly onerous. let's look also at the big

the real challenges from a reputational standpoint and picture story. getting everybody in the world financials may count more than comfortable with the recertification process. tech is the title of this shery: exactly, given that the bloomberg chart. aviation industry, how much of you can find those charts at g an edge with this gives airbus? richard: that is the thing. tv. a huge divergence when you look at the right from the financials right now, you have two sides battling out for the next to the downside, and tech and generation and both sides have been production constrained. s&p on the upside. them, they two of this stands out even more given you have seen a reversal in trade action in 2014. have orders for 10,000 of these next generation jets. while these divergences tend to up, thistrying to ramp work their way out, att this juncture it is something many chart watchers are looking out has been very challenging. for. in other words, if someone lululemon reported after the bell yesterday, the yoga pants decided to switch, they would have to wait for a very long time for the airbus decision and maker had a very strong holiday in the meantime, they burn more period, they had a double-digit fuel relative to their competition, which can get you gain. you saw all of the wireless in trouble. boeing's crisis also stocks down, the big four

tumbling amid fresh concerns going to be an opening for the about sprint's merger with chinese jet maker? richard: they would have to move t-mobile. a couple of states indicate they quickly. may file suit to block the they do have an equivalent plane merger as well. oil futureshile the has been in the works for five or six years now. back in president trump's it is going to take at least another couple of years before crosshairs. he's telling opec they need to produce more oil to keep prices they can get it to the point where people take delivery and down. >> he telling them in a tweet it there are a lot of hurdles along the way. is very important to do this, their previous jet was something of a failure. there is no guarantee this one and it appears they are ignoring him. take a look at the five-day chart. won't wind up in the same place. we saw a dip intra-day, but by it is a long road for china and the end there was a rebound. there is a good chance boeing oil up here to date in a very will recover before they get anything out of this. big way. unlike the last time trump you would imagine that tweeted out opec should cut back beijing is pretty pragmatic. output, pledge to cut in terms of how this fits into the product -- the broader which resulted in an about-face by the saudis, you did not see you think that is a that here. oil appears for the short-term

pretty important aspect to look to be on an upward bound. at, given that we have seen ofsu keenan with a wrap up beijing take the lead in the grounding and in suspending the airworthiness significant? richard: think that is the overnight trading action. a shakeup at the top of a major essential. u.s. lender. china is the single biggest wells fargo ceo tim sloan market for jets of this class. resigned effective immediately. he faced mounting chrysostom right now, you've got so much in over several scandals -- criticism over several scandals. the background. elizabeth warren tweeted "it is standoff, theff vote.damn time" after the arms sales to taiwan, in the middle of this, a resident from we are just getting some fresh president xi to europe, for the lines after this investor call that tim sloan is saying the purchase of 300 airbus is. focus on him hurt the bank's there is an awful lot about this relationship going on that is ability to move forward and has just beyond the issues germane become a distraction. what does he leave behind, and to these certification problems. shery: a little bit of politics what kind of challenges will his sprinkled there. successor face? >> he leaves a pretty tough thank you so much for your time. situation behind for his

eventual successor. for now, joining us from washington. there is an interim ceo named, guest comingr big but tim sloan leaves behind a bank that has 14 consent orders up. we have an exclusive interview with the huawei rotating chairman today and, you can against it. it still has a lot of scrutiny from lawmakers. it is still seeking external watch our past interviews and watch us live at tv on your candidates. the difficulty is, who wants bloomberg. this job? this is a small people who can you can dive into any of the functions we talked about. take the job. this is bloomberg. ♪ -- pool of people who can take the job. it is a big task ahead of whoever follows him. >> we continue to see fallout from the various scandals. let's talk about the interim president. a nontraditional choice. >> usually when we see a bank ceo, they come up through the bank businesses. parker was brought in as one of the new faces to turn the company around. because they are in a letter

legal situations right now, that is a good person to have at hom -- at the helm. it is not usually a choice we see from the top ranks. arenother question we seeing arising from the shakeup at morgan stanley. who else is in line in terms of that job? >> the most obvious candidates businesses,eads of just like in the case of wells fargo. people who run the investment bank, or the international business or cohead of the brokerage. we are talking about the major divisions at morgan stanley who have cleared out one of their potential competitors and looking for james gorman's job. >> rank-and-file employees hurt

by new the news. there are plans to cut jobs. >> the first quarter, which is usually good for banks, has not been good. potentially this is a sign that the washout we had in markets in december has not been recovered from. obviously we have to take seasonal dynamics into account. a lot of banks pay their bonuses and cut staff this time of year. sign of see if a changing or this is the usual haidi: i am haidi stroud-watts flow. in sydney. shery: i am shery ahn in new >> still ahead, lyft is set for york. its biggest ever rise as it the global art market grew 6% in the high-endpo at 2018 to more than $67 billion. the u.s. still dominates, while range. china fell to third place. >> lawmakers say they have been blindfolded by the government. we will try to shed some light global sales grew for a second straight year, but the pace slowed. ubs global art

on the latest. this is bloomberg. ♪ market reports says clinical and economic tensions have a tangible effect. is whensense to happen there is less certainty in the projectionspeople's , they tend to move from the public auction factor into the dealers market. they shy away from the auction sector, because when things are optimistic, the skies are the but when it is short, it is easier to sell privately. shery: the u.s. has maintained its position of the top of the market. what are the drivers keeping it there. in theas a strong base upper and middle levels. it has got the cultural infrastructure and expertise that has been there for years

and it is regulatory -- the environment is very friendly to business and it is a safe place to transact. those three features have made a leading center for art sales globally for years. >> there has been a lot of uncertainty recently with politics and the international trade. market?ains for the art >> they seem to be filtering down quickly. in my experience, they take longer to permeate, but for the last few years, they have been so many changes, things are happening so quickly, that they are melted -- they are filtering. when people perceive that is not a good time to sell, that can make the market contract. >> i went to look at the chinese market, because that is significant. how far do you think trade tensions play into that? >> i think china acted a little more like a normal market in the political context filter down.

2012, they up since hosted such a strong run of consumption. now, it has slowed down and it looks more like a market in new >> we are counting down to the start of trading in sydney and york or london. asia. futures are looking a flat to this effectively auction sector. positive start, this after u.s. the gallery sector did well, but the auction sector contracted by stocks gained traction. s&p on its track for the best 9%. the overall market slowed by 3%. quarter since 2009. the trump administration brought a little bit of a settling in treasury markets overnight giving the equity rules a chance in tax on chinese imports and to rebound. shery: you are watching they are going to apply that to works of art. whether was coming directly from "bloomberg daybreak: australia." the house of commons is china or not. this caused uproar in the art preparing to vote on a scaled-down version of theresa mays brexit deal. trade in the u.s. in they rallied against the government parliament will only focus on an agreement about how to leave, and art was taken off the list of items. it shows how much a regulatory and not the state of any future one thatven a small relationship with the eu. let's get some insight on this. only affect a fragment of the market, can have a big effect. heather, thank you so much for joining us. the reason this future relationship with the eu will

not be included is because of haidi: that was clearly kendrew the 400-year-old rule you cannot bring back the same deal for another vote. mcandrew. essentially this is the same twice.at was defeated what are the chances of this passing this time around? europe's money laundering scam >> yes, it does not look very has claimed another big name. allegations the lender was used good. ourt we know right now, lab to launder billions of dollars of russian money. will not support it. the news came as investors the democratic unionist party indicated they had lost says they will not support it, confidence after she appeared to although we are seeing some movement of the most hardened conservatives, the brings it -- mislead the public about the seriousness of the money laundering case. shery: the man who sued sony is the brexiteers, realizing it calling it a day. will be this deal or a very long delay. who was ceo of sony is now it doesn't look like there will be enough votes to get just calling a day. hirai will continue to act the withdrawal agreement through tomorrow. then we have to explore some opportunities to see what happens next. >> are you talking about some of as an advisor. the brexit options that could be he reinvented sony by cutting costs, selling units and voted on monday?

refocusing on the playstation. haidi: japan's largest messaging >> wednesday there was a series of eight indicative votes. all failed, but at least two of service is elevating its founder to ceo as it looks to reignite them, the creation of a growth by tapping into the country's drive to go cashless. permanent customs union and promotionon -- his having a second referendum, certainly gained the most votes. takes effect monday. on monday it is likely the commons will start to debate those. what is unclear is what happened to the government. line is facing a stagnant user fail,s agreement doesn't the government will start base and a business model that relies on advertising. let's get a preview of the collapsing under the weight of market open. they don't have their next plan ready. sophie: futures are nudging >> we have seen the gradual unraveling of theresa may's grip hilar, but the aussie dollars on power, but she has surprised climbing after a two day drop. people on being able to hang on. we are keeping an eye on iron ore miners. >will she see this through? australia worrying the effects >> that is the question. will be felt for years. let's see the effects of that commentary. we are seeing a conservative leadership contest happening before our eyes. she promised if her agreement tonss of up to 75 million

in 2019. a quick check on assets. passed, she would resign, fluctuating. probably this summer. pass, she didn't not promise she would resign. for a snap shot in the open in you have great turmoil, sydney, this is bloomberg. y, this is bloomberg. so with xfinity mobile particularly if this vote doesn't work. you also have similar tour moil in the labour party with shadow ministers resigning last week. this will be pretty chaotic for both political parties. >> where does the possibility of a second referendum fall at the moment? we had that monumental turnout of protesters on the streets last weekend, clearly voicing what they would like to see. is that becoming more of a possibility. >> it certainly is. it is very divisive, particularly within the labour party. at those incredible demonstrations over the weekend,

jeremy corbyn, labour leader, was not present. there is certainly support for having a second referendum, but they are trying to delay that. i can customize each line for each family member? they are trying to find where yup. and since it comes with your internet, the majority exists in the you can switch comments for path forward, then wireless carriers, and save hundreds of dollars a year. are you pullin' my leg? getting some sort of reaffirmation. nope. jeremy corbyn wants to go to an you sure you're not pullin' my leg? i think it's your dog. early election. oh it's him. good call. what i'm certainly something in get the data options you need, and still save hundreds of dollars. do you guys sell other dogs? -- sensing in the conservative now that's simple, easy, awesome. party, they want an early customize each line by paying for data by the gig election too. or get unlimited. and now get $250 back when you buy a new samsung galaxy. click, call, or visit a store today. then i am not sure where we are going from there. s> what about labour mp' backing her deal? could she get even pro-eu tories to her side if she could not get the dup? heather: certainly there is a

group of 20 or 30 members of parliament that support brexit. they will vote for this agreement. they have in the last two turns. they are very concerned if there is a prolonged delay, the u.k. will not leave the european union. right now it does not feel like there are votes there between sydney, where us chile markets more brexiteers moving toward have just open for trade. shery: good evening from new york. i'm sophie kamaruddin the deal, they don't have the numbers quite yet. this may be closer than anticipated when they vote kamaruddin in hong kong. welcome to "bloomberg daybreak: tomorrow, but right now it asia." doesn't feel like they have enough. >> heather, really appreciate your time amid the chaos and turmoil. haidi: trade talks resume in you can get a roundup of the stories you need to know to get beijing with big issues on both your friday going in today's sides. the white house says there is no edition of daybreak. rush. talks could run on for weeks. it is on your terminals, also in the mobile bloomberg anywhere ceo tim sloan steps down with immediate app. you can customize settings so

you get the news on only the industries and assets that matter to you. this is bloomberg. ♪

shery: you are watching "bloomberg daybreak: australia." get a quick check of the latest business headlines. the world's largest lender by assets posted a 4.1% increase in profits boosted by chinese stimulus policies. billion,e rose to $45 narrowly missing estimates. lms concerns that the bank would offer cheaper financing to china's struggling sector. >> if you are looking for a recession for investment, why not try a strong drink? the world's most valuable liquor tocks that --

it reported a five-year profit of $4 billion, beating its own estimates from january. it is targeting further revenue growth of 14% this year. >> a chinese company you may never have encountered made a big splash on the nasdaq, surging as much as 246% during the session, closing up more than double its price. it is a hong kong based holder just a reader of water treating equipment. yet to comment on the jump. >> new statistics show australia's slumping pretty markets have driven the largest decline in household wealth in years, driven by falling land and property values. our bloomberg australia economy

reporter michael heath is here with more. tell us about this deterioration in one of the most traditional ways the australians, particularly the boomer generation have used to build their wealth. your debtnflate away with inflation and property values increasing, that is the way we have done it for years and years. that is where all of the wealth is stored in the country, and the baby boomers have enjoyed that. now that we have this decline in house prices, it is almost like we are deflating down. wealthy people are not borrowing more. the ratio of debt to assets, the debt ratio is increasing. as people are not borrowing, the value of their assets is falling. the idea of being able to buy property and leverage your way into wealth is not working now.

in the fourth quarter, stocks fell as well. is you are notse as well off as you were. that then becomes a worry about consumption, which consists of 60% of the economy for australia. >> exactly, that is where i was going next. the rba, what are the chances of an interest rate cut now? michael: the pressure is building. we saw new zealand move from a fairly neutral stance toward e asing. there is a sense from australia that is a matter of time for our bank does the same. markets are pricing in two rate cuts. one is already a done deal in their view. prominent economists are making the same call. also worldwide you have this move toward a sense, particularly in the u.s., easing is now the thing.

the pressure has really intensified for australia. shery: what changes do we expect to see when it comes with post -may, particularly under a labour government? sherymichael: both sides the pos are well aware you have a problem with consumers and wages. we have this fortunate budget surplus and an election coming. they are in a legitimate position to throw cash around, which is what the economy needs. we might have significant tax cuts and welfare spending, which is really needed by the economy. a fiscal boost is more important than a monetary one at the moment. that is what central banks will wait and see, how long will it take to the legislated? these are the forces moving around at the moment. shery: lots of uncertainties. coming up on "bloomberg daybreak: australia," gearing up

for a big debut. ride-hailing firm lyft sets off with a listing frenzy. we take a look at what we know. this is bloomberg. ♪

haidi: it is 9:30 a.m. here in sydney. in 30 minutes. markets looking flat. a little positivity across asian equities. when trading gets underway in tokyo and in greater china later, u.s. stocks are in advance with s&p on track for its best quarter since 2009. we have had a respite from the bond market surge in recent days. we're a 6:30 p.m., you are watching daybreak to show you. let's get the first word news. wells fargo ceo tim sloan is

stepping down amid mounting pressure over a string of banking scandals. asres jumped in late trading the company named leading counsel acting chief. wells fargo has been attacked for charging fees for services customers did not request or received. the thai election commission said the party of the prime , butter one the most votes the identity of the next government is still unknown. pro-military the candidate gained 8.5 million votes, while the opposition won 7.9. they say they have enough seats to form a coalition. a new survey of the world's top airports showed asia remains dominant. a singaporean airline is the number one. hainan in tokyo comes second.

hong kong came fifth, but took the crown for the best airport dining. north america ranks well down the list. in cooper came in a 17. new york's jfk fell five places to 74. global news 24 hours a day over the air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. they: let's get straight to market action and see how we are setting up for the open in asia. sophie. >> we're looking at a mixed picture with features nudging higher for korean talks. aussie futures looking little taste, -- little changed. momentum has swung losses off 2/10 of 1%. checking on the kiwi dollar, we do have it keeping around a three-week low. checking on the kiwi dollar,

just hovering below 68. much lower by the governor of her comments that the easing bias is a starting point. in the wake of comments yesterday, we saw a move for the cash they -- cash rate toward 1% and jpmorgan now sees interest ine cuts and another cut due june. i want to highlight what is going on in the commodity space. palladium catching attention in the stock price. 1353 afteround tumbling. a broader view, that overnight drop was the biggest slide in nine years. that has seen palladium drop further from the record. that comes after hedge funds cut bullish bets. a strong dollar adding to the headwinds. this could be a signal that the

metal's rally is losing steam. what weet's get more on are watching as trading gets underway in asia. global markets editor alan haig here in sydney. us through. jpmorgan seeing cuts in may and june. where to next? alan: what we just heard a few hours ago is this dovish tilt is to stay. as we are hearing from my colleague, there has been such a swing in the last two months. a situation in new zealand, where cuts are priced in by august. a chance of one or two cuts is very real now. jpmorgan jumping on the bandwagon, suggesting there will be more cuts in suggesting it will be down to this. , a strugglenomenon for inflation to take hold. is awe are seeing

microcosm of what is happening around the world. this ongoing sovereign bond rally. as you said, it did easily little overnight, but continues commentery incremental seems to reinforce this and give another reason to stick with that long on position. zealand, it is more short-term. with the fed, we thinking toward the end of the year. in new zealand, it could be seen as any time within the next couple months. shery: we have been focused on that rally in bonds and it seems that quietly, treasuries have been posting strong gains. is there more in this trade? adam: doesn't it seem at odds with a lot of what is happening in this market, the understanding and bond markets that there is an absence of

inflationary pressures across many of the developed market economies, including places like new zealand, but certainly places like the u.s.. and yet, some of the big fund managers of the world are all talking about continued outperformance of treasury inflation protected securities. this chart shows it pretty well year to date. just in the are background, creeping up and handing better returns than you have been getting for nominal bonds. the implication is that the fed to pushfically trying inflation in the economy, and it is one of the few areas where the fed is specifically targeting. that is enough in the eyes of some of these asset managers to suggest that with that being the central case for the fed this year, you will continue to see outperformance of tips as

inflation does gradually take hold. in a sense, the more dovish stance on the federal reserve with rates on hold for the foreseeable future may add weight to the fact that the fed hot.tting the economy run thank you so much for that. bloombergs global markets editor, adam haigh. you can find those charts on the gtv library. ride-hailing,u.s. it is beating its bigger rival uber. per share, it2 will debut on the nasdaq later friday. let's look closer at the ipo. always great to have you with us. $72 a share coming after the already upgraded to a higher range.

investors -- it doesn't necessarily -- what do we expect? dan: there's pent up demand that i call robust. takes the ridesharing market. it is a $1 trillion market and this continues to be a massive growth story. cars,ability, autonomous there are a lot of issues out there. toht now, that gets moved the side, because this is a watershed event. shery: that's what i was going to say. why aren't investors more concerned? dan: they are losing $1 billion, which is incredible. you look at the rideshare market, take a look back and you are seeing more within the u.s. lyft being purely domestic, this company has grown 70%. this continues to be one of the

transformational areas of the consumer ecosystem and now investors get the app from a public perspective. haidi: we are not seeing much concern over the regulatory impact, are we? dan: regulatory is in the background. it didn't work for uber, given the international issues, but right now, regulatory, the bark is worse than the bite in terms of investors. that continues to be from a driver perspective, in terms of labor and unionization. right now, labor -- it is more of a long-term tail risk, but not if -- not a factor for investors. haidi: they have be in uber to market. when that comes around, do you think ting up in the level of sentiment, or will they be a level of the main event.?