haidi: welcome to daybreak australia. in bloomberg's world headquarters. sophie: i am sophie kamaruddin in hong kong. we are counting down to me asia's major market open. ♪ growing pains with the global economy yet again. tit for tat tariffs are damaging world trade. the eu and china bans together in brussels, presenting a united front to president trump.

the railing the deal. wynn resorts abandons just hours after it became public. later in global link, looking at what twitter is doing to expand the video efforts in the middle east and north africa. let's get quick reminder on how u.s. stocks ended the session and you can see red on the board. the s&p 500 cannot make the eight days of gains into nine the nearly6%, down 800 points. feeling the heat, down by little more than half a percent but a lot of negative catalyst. the imf global outlook forecast is down. we were talking about the eu and china, in some kind of discussions during the summit that when it comes to the eu and united states, just yesterday, we were talking about the trade

tariffs try to take hold not only that, some lines across the terminal. the fed pfister has been discussing the volcker rule in washington, d.c.. he is saying regulators can supply the volcker rule and the limits need to be less subjective. on the issue of fed independence, he says it is not a factor into fed decisions. we will see how analysts and investors take those words. let's go over to asian markets. sophie: that may weigh on sentiment in asia today. futures lowing to over love. stocks up about one half of percent and extending for the sixth straight session. take a hitit may after it hits the brakes on takeover talks in japan. retailers with more industry earnings along with automakers as the slump in chinese car sales persist.

a loss of half a percent. continuing for japanese equities as investors shift out of the fences into cyclicals. looking for the quick check of eagle agenda this wednesday. producer prices and machine orders. onwill get a pulse check consumer confidence as melbourne races for a demonstration against declining living standards to take place this wednesday. haidi: first word news with jessica summers in new york. jessica: the u.k. seems to be heading for a long delay from brexit. the short extension from theresa may will not be enough to break the deadlock. she held talks in paris and berlin but they should last up to one year. that is a blow who seeks deep divisions on the conservative party. the labor opposition says she is offering enough concessions.

the eu and china released a joint statement after talks in brussels over divisions to present united front to the president. the two sides reached the court after china made concessions on industrial subsidies that removes the threat of an eu detail. beijing stand together. >> we can also be honest with each other when we need to be over progress that is lower than what we but like. dishonesty and the determination to face the challenges together have made a lot of progress. jessica: steven mnuchin says he is not worried about losing as his job as he releases president trump's tax returns. a request from the democrat is under review and he will follow the law.

several members of the administration have called the requested political attack and a violation of the president's privacy and valid to fight it. >> i am not afraid of being fired at all. having said that, i want to be clear, i said we will follow the law. jessica: the israeli election with both sides claiming victory. benjamin netanyahu's party with 120 seat. as the former general is moving. they will try to work coalition with a large number for testing the election. lashed out at top nissan executives in his first public comments. he accused unnamed figures of playing a very dirty game, orchestrating his attention and downfall. releasing a video statement

recorded before he was rearrested last week, he said some top executives conspired to put him in jail instead of focusing on fixing the company deteriorating the performance. global news 24 hours a day on air and powered by more than 20 70 journalists and analysts. i'm jessica summers. this is bloomberg. ramy: thank you very much. the international monetary fund has chopped its 2019 global forecast to its lowest since the financial crisis and running risks are rising on the chance of a no deal brexit and the ongoing u.s.-china trade war. kathleen hays is here with the imf report. this is the second downgrade in the past three months. kathleen: big geopolitical risks. it is more politics and economics that are weighing down on the global economy and darkening the imf outlook for growth.

let's jump into the bloomberg library and look at the chart of the world growth is. outcast, they see it coming down from last year and this latest number to 3.3%. then rising to about 3.6% next year. that is the good news. you can see it is not just the more advanced or developed nations that have had the forecast looking dimmer. it is also be emerging markets, although they are expected to outperform in 2020. here is a quote, a key phrase from the imf said. the waning global growth momentum and limited policy basing, central banks cannot cut rates. avoiding policy missteps can harm economic activity need to be the main priority. as i mentioned, there is growth recovery in the second half. they think the fed pausing on

the interest rate hiking's, better data out of china. that is where the near term often with agency rescued to the downside because of the risk of a heart exit and that the u.s.-china trade is not ended yet. here is with the chief said. >> we are expecting a recovery back to 3.6%. however, we see this as a delegate recovery because it will rely on recovery in argentina, turkey and whether other economies in the world. not slowing faster than we expect for china. haidi: a lot of gifts. some optimism but making it clear, if some of these they rex turn into a reality, they can make the economy weaker. haidi: it is interesting, when it comes to the u.k., we have seen a certain resilient when it comes to the data but the imf

warning if we get a no deal brexit, it can have a big impact on growth. what sort of damage? kathleen: as you know, the bank of england chief mark carney has warned the risk of a no deal brexit is alarmingly high. 2019 gdput the uk's butcast to 1.2% to 1.5% they do see the risk of something much worse. let's look at what they see if there is a no deal brexit. 1.4% off of gdp over the following year. brexit, theo deal cut could get as high as 3.5% and a more chaotic brexit where there is hardly anything agreed and crashing up. it could be even more severe. they set a no deal brexit did not just heard the u.k. but eu

gdp could be cut by 0.5% by 2021. a note of optimism because they raised china's growth forecast by 0.1% from this year because of all the monetary and fiscal stimulus china has thrown. it is not a big upper division but it is something. haidi: it is something. kathleen hays, global economics and policy editor with the latest warning in growth expectations from the imf. in australia, wynn resorts plan to buy australia's crown was all off again. the developing story. it seems like we got excited before things got when a contract. >> and somebody spoke too soon. wynn resorts putting out a rather terse statement saying that premature disclosure is what brought all his to an end. rapidly. it was really on monday when this first surface in the media.

the ground it on tuesday, this deal worth $7.3 billion. of course, we also what happened next. the crown shares went up on a tear. closing about $14 but the blow the buyout price. where that particular roller coaster leads when we open today. 7.7%shares slipped about and investors unconvinced on the merits of this deal. many analysts doing this as a defensive move. they are trying to get bigger from stopping it to become a takeover tiger. ramy: eat or be eaten. is this likely to be the end of the? we have a guest coming up in a couple of hours, he is saying m&a is a large claim. will we see more? be whatat does seem to

a lot of the commentary about this field deal is about. putting out a note today saying there is not a guarantee this will not resurface. macau. confined to wynn, among the competitors for a gaming license in japan. a different story. it really retreated from asia or the vip market after it had a number of employees attained and trying in back in 2016. that incident shaken james packard to the core and he has pulled back from crown resorts as well. the buying crown would have given him a new market in australia but perhaps they did not fully understand. other way, they have not reached the end of the story yet. haidi: the latest on the wynn crown talks falling apart. still ahead, softbank's new $5

billion tech fund that is focused on monomeric a. ramy: next, terry stotts says forget equities. high-yield bonds are the way to get your risk on. this is bloomberg. ♪

haidi: we are counting down to the start of trading in australia and asian. futures shaping up for the asian session. a commuter response in asian equities. the sentiment fading in the u.s. after u.s. stocks ended longest rally in 18 months. forecastut the growth to the lowest since the global financial crisis. also had trade tensions with a proposed terra by the u.s. on europe as well. i am haidi stroud-watts in sydney. ramy: i am remy inocencio the new york. u.s. stocks did and the longest

winning streak in 18 months. that is amid the new concerns about trade tensions and global growth. terryhe into that with joining us from los angeles. good to have you on the show. we broke this winning streak. we could not make it nine for nine. nine the looking at trading, it was down by a loud 11% or so against the 20 day moving average. it seems like folks are still on the sidelines. how do you take apart the reaction? >> i think today, it is one day out of nine. i don't think it is that abnormal, but that said, i think this rally still has some amount of termination that is going on. very strong start to the year with that comes against the very awful downdraft. if you look over the past six months, we have not been a lot of progress. i think that accounts to the

trepidation. it is prudent to pull in a little bit on the ricks side with a strong moves we have an that is what we are doing for a clients. ramy: last week, we had you on bloomberg and you were talking about how most data shows a yellow or green light to the global economy. of course, we get the latest imf downgrade. is it still yellow or green? terri: yeah, interesting thing to bring up. i think what is going on is that in 2017, we had synchronized global growth. everything around the world was growing. last year, 2018 was the u.s. outpacing the rest of the world and we are seeing the u.s. coming down to the lower levels of the rest of the world. still positive or of globally and that is introducing the volatility we are seeing recently. the yellow lights we are seeing are specifically focused on the

10 year treasury, minus two-year treasury. it is not inverted. we don't think it is going to invert but if it does, that will be a problem. that is what we're talking about the yellow light in this environment. haidi: it is interesting the guys you look back at the last year and u.s. exceptionalism, the equity market performance, economic data or even performance in the fx markets -- if that is an effect going into this year, would you be looking towards outside of the u.s. for better value given that most of these markets have already priced in the bad news from last year? terri: i would. i think the u.s. growth is slowing down to the rest of the world level. the i do think with q1 earnings gaming out, we will see negative comparisons. i am not sure everyone feels

prepared for that is priced many extent so it think there is a risk the u.s. market could lag. we are putting our first dollars in the equity side of the emerging markets equities raise because it has better risk reward trade-off than what we have in the u.s. it would be the trade. is restingem theme because a relative amount of dollar strength and that will impact the story going forward. how much is that something you are factory into and how much is the market were anchored by what happens in china with it currency and its economy than in the u.s.? terri: they are more anchored by what is going on in china and they are showing stronger trends. the risks in the u.s. are hoping are fully vetted at this point. we are seeing that play out in the relative value against the two.

it will be driven by china. but i think that will be in the positive and that is what we see getting price been on em so that is where we feel more comfortable putting the client money at this stage of the year. ramy: real quick, you have a contrarian view. we think it is absurd for the fed to be pressured to cut rates. pop into the bloomberg terminal. the rate cut ability hits more than 50% in the december meeting. 52.7%. walk me through the logic. terri: i think it is really interesting that folks that were looking at -- have delivered such a political message now. i think it was will stay independent but there is this belief there could be more political input into the decision-making of the fed. i think it's the independent. the jobless claims in the u.s.

last friday, less than 39 years. inflation in check. ratesea to cut interest in my mind is completely absurd based on the economic data. it is prudent that might give a little cause. curvehat steepness and more comfortable i think that is what needs to be a just. to cut interest rates right now, i cannot see any justification of that. i really hope we don't see that. haidi: great to have you with us. terri spath, sierra mutual funds chief investment officer. a lot more to come. this is bloomberg. ♪

ramy: welcome back. this is bloomberg technology global link. i'm remy under since you with haidi stroud-watts and emily

chang in san francisco. lets the can look at the top global tech stories of the day. em? emilay: facebook has committed o changing its terms and services to meet demands by eu regulators. it will more clearly showed users how the data is in the party and how it can be disabled. the eu says failure to make changes could lead to possible sanctions. pinterest's ipo plan has done a bullish review. rating pinterest overweight with a 12 month target price of $1200. that could return as much as 50% of the price. $15 to $17 a share. sales should reach $1.1 million this year. china is planning to band cryptocurrency mining as part of a clampdown on industries that wasted fiercely

resources. china was home to about 70% of that coin mining and 90% of trade, but authority does strength of the crypto industry amid concerns over speculative bubbles. those are the top global tech stories we are watching. haidi: we are also watching twitter the is the company is looking to boost its efforts on the middle east and north africa. the company has signed 15 deals as it capitalizes on the fastest-growing global markets. selina wang has been tracking the story. what is the stupid against when it comes to the middle east we'll? selina: some executives told us it is one of their fastest-growing regions and there is huge demand in the area. not surprisingly, video advertising has become the largest are met and part of the

fastest-growing. note the prize are investing heavily in this area in it is interesting to see them partner with some of the largest consumer entertainment and media and sports companies. it is part of twitter strategy to localize the product in order for them to gain mass usage across markets. they need to make it feel local that is why you are seeing in them create programs and own original content that will be streamed over roma done. hugeillie: twitter has a international often. what appeals to the middle east and audience? >> they have global prevalence, celebrities, journalists are on the world that use the service. the middle east is no different in that sense and clearly by creating this first-ever new front, media distribution partnership. 16 of them in the middle east.

they are responding to that consumer did. twitter has had mixed success. fromhave a lot to learn their success in japan where it is actually the only region where twitter is ahead of facebook and instagram. it is more ubiquitous in japan. we are seeing that twitter needs to invest more and lean into this international growth because u.s. users are stagnating and the need to find new growth entry points. emily: thank you so much. ramy, back to you. ramy: that is bloomberg technology global link.do not miss her technology 7 a.m. in sydney, 5 a.m. in hong kong, and 5 p.m. in new york. up next rate year, don't go away. the eu claims a win in its parts for china to push fairer economic policies. that is after the two sides and

their summit in brussels. we will break down the outcomes next. this is bloomberg. ♪

haidi: it is 8:30 a.m. in sydney. market open is 19 minutes away. looking at futures pointing low. flat, probably higher finish. pretty much bless them. not a lot of impetus from the u.s. session. renewed concerns about global growth because the imf cut global growth expectations to the lowest since the financial crisis. tensions between the u.s. and european union. i am haidi stroud-watts in sydney.

jessica: the imf cut its outlook for global growth, the lowest since the financial crisis, citing a more bleak picture. bonds has will economy work and a 3.3% this year, down from three point partisan in january. it is the first of the imf has downgraded its outlook six months and will be the weakest and's 2009 when the global economy shrank. >> it is imperative that costly policy mistakes are avoided. policymakers need to qoek cooperatively - work corroborative what. fiscal policy will need to package trade-offs between supporting the man, protecting social spending and ensuring that public debt remains unsustainable path. jessica: the government expense reform to be approved in the

next few months by late july or early august. he says pensions are top of the agenda under the president with the government targeting eyes sales worth $20 billion. pensions are most important ally with changes to tax laws. brazil as a whole , it would be good of the whole deal past. some $260 billion to be saved than 10 years. be $200 billion. jessica: saudi arabia has big and its first step to the global financial stage, issuing $12 billion of bonds for aramco. one of the most oversubscribed and it allowed the company to borrow at a lower yield. ,ith $111 billion of robin

remco ranked as the most profitable company in the world. campaigning in the and him election as close with marathon voting on thursday. a second term and the vote seemed as a referendum in the management of the economy. opposition parties accused of national security concerns to scare voters. the congress party with the family.old's global news 25 was a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts., i'm jessica summers. ramy: thank you very much. let's get a market check with sophie kamaruddin. i am seeing futures are getting a little bit of what happened in the u.s. sophie: some risk off sentiments and asia, with futures pointing at the clients. it could snap a three-day

advance and shares with the hint of the caution. shares in wellington at a sixth straight session. energy stocks as well. they may take a hit as food prices tumble in three weeks as russia proud of the output did geopolitics may be top of mind as the south is sounding out a summit with the north. moon jae-in is heading to the u.s. for a summit with donald trump. we are keeping an eye on crime resort. it has been downgraded. shares making back of tony percent surge. delaying the expansion in asia. retail players r&d with more initially earnings to digest. did offer a slightly higher than expected guidance but the company did cut the were cast back in february. the report that the

bank considering scaling back overseas trading operations in london in the you are and overhauling the japanese equity business. they report that the letter is in talks with ei to support rebuilding the industry. haidi: more on what we are watching in asia. adam hayes is with us and watching the yet with voting starting tomorrow. a series of days and is a next elections. do we extend the rally from your? adam: remarkable how much money has flowed into the inequities. you look into modi, you see this run for equities. it was the first of the asian market to reach a fresh high this year. for inflows at a decent clip. what that has done is the valuation premium let lofty. that shows the ratio relative to

asia in the white line. that has set the bar pretty high for the elections because ultimately this is about whether he can promote the second term or whether or not he needs to and can hunkern down and take more time to ticket legislation. we surveyed 21 global investors across all around the world from places in asia, london and new york and they all are in agreement that there is a surprise loss for the bjp or less than a majority, there will be some disappointment with the valuations looking pretty rich. it will take a few weeks on thursday and go into may. we don't get a result until the final week. there is still room for further upside we need to see this big three secure and see if in the inequities could push on.

says in china, one manager he's government through 3500 stocks and the only one he likes. aside from his preference and alcohol, why is this. which has rallied, why is it so popular? adam: it is a remarkable story. the stock has had run not just this year but over the lifetime since the ipo and really out there kind of performance. to, fund managers continue bring up the price of this stock and traded at 26 times. it is china's biggest distiller and have spat a 90% growth arjun over the last decade which is kind of unheard-of. so what these folks in china universal asset management, the therell of that is still

the free cash flow that it generates will continue to be a rate place for investors to be. you looks at more than 3000 stock mainland china in this is pretty much the only one is interested so it shows a level of foreign interest in this stock of the press continues to set record highs. thei: you can get to library and check out the charts he was referring to on the bloomberg terminal. the european union is claiming a diplomatic win. brussels is a joint statement following talks signals concessions from beijing when it comes to curbing subsidies and opening up its market. tom mackenzie joins us now. what did beijing agreed to? tom: first of all, the european union says is a major break to because expectations were set

very low. we were not sure if they would put out a joint statement. they did it. the key points that were stressed by the european union is an agreement, concession by the chinese to curb subsidies for industries, industrial subsidies but also to continue to open up the markets to foreign act sex. tusk. listen at donald >> both sides will intensify discussions, international will on international subsidies. it is a breakthrough. for the first time, china has agreed to engage with europe in this key priority. chinesee eu and a saying in investment deal have been negotiating since 2013 could finally be sealed by 2020.

that would be a far-reaching investment deal. a lot of these pledges in this joint statement which come down to simply how and to what extent they will be implemented, particularly the on the chinese side. that is what the chinese acknowledged. we must deliver on our promises. ramy: it is always a situation of words over enforcement. what are their issues that europe need china's help on? tom: to some extent, it was presenting a united front. europeans and chinese for the america first policy. the summit came on the same day that president trump was considering slapping tariffs on $11 billion of european good at what the u.s. says are subsidies to the aircraft maker airbus. china is suffering over a more significant said.

europe needs china on issues like climate change. the climate accord and the iran nuclear deal. a number of different issues that the europeans need chinese help on. we are seeing signs of weakness on the chinese economy in march. tom: yes. car sales falling by 12% in the month of march. 18.5% in february. it is 10 straight months of falling car sales in china. 2018 was the first year and almost three decades we saw it come down. it is a pretty bad sign for the consumer and it has significant implications, not just domestic on a makers. they have relied on the second largest car market for a big chunk of their sales to about 11 8 million units in march.

you have the industry lobby group, passenger car group said they want to see more policies enacted by beijing's officials to support the sector. they didn't knowledge that some of the tax-cut might help to turn things around in the month of the. they want to see more action from officials to support this sector. ramy: tom mackenzie, the china correspondent in beijing, thank you. let's look at a major move for softbank, which is tapping veterans from jpmorgan, two of overseas a $5 billion tech fund focused on latin america. emily chang spoke with softbank group coo marcella chlorate about the new product. marcelo: you look at the size of the product, it is twice the size of india and china. it is in the right place at the right population, right technology.

we are looking at tech companies that are growing and leveraging data, artificial intelligence for business models. the first three weeks, we are looking at 140 companies so this is way above occasions for investment in the latin american region. fund is raising record amounts of capital at a time where power is already a record highs. how does softbank stay disciplined and put some of capital to work at the same time? marcelo: we have been quite disciplined in terms of we have a very clear investment mandate. we are looking for that company some of the number one company, entrepreneur that has the ability to leverage artificial intelligence, data and disrupt intelligence models. that is brought in terms of we

believe -- because of artificial intelligence, the level of disruption in the next three years is significant and pretty much been it is an disruption. "capital, a growth strategy. we can help them grow. have over 70 companies that we have invested. they are doing great and applying the same logic to the statement in latin america. it is focused on india, china and the u.s. and now we have decided to put some focus on the latin america because the size of the market applies that region of the world. emily: how much time will you spent on the latin american part of the job and your duties as coo? >> we are pretty well organized

within the system. we have a ceo of division funds who is in charge of the division fund. i run softbank group international, most the operating companies in the group. companies we have a majority ownership such as sprint or austin dynamics or energy groups. also, i am launching this and technology fund so we will was spending some time america but it is basically run and most of the operating companies in the group and being the coo. we have a partnership between marcelo and we are the leaders in the company and we basically are able to accommodate responsibilities accordingly. we have an amazing group of people throughout the role. great investors. we're busy, a lot of activities.

but at the same time, we have the same discipline the level investors we do. o claurehat was marcel speaking to emily chang. next, we take a look at the growing significance of investing. we are joined by the ceo of principles of responsible investing in sydney. this is bloomberg. ♪

haidi: we don't have a date for the australian election but it is expected soon, without it to take lays the second half of may. it will be around how the major parties plan to tackle the emerging issue of climate change. joining us now is the ceo of the united nations principal for responsible investment, the world leading voice and responsible investing and representing over $82 trillion of assets. seehis the year we finally

it actually becomes an election issue for voters? >> i hope so, because i do think australia has lost the last 10 years and having climate wars between the parties. i am not based in australia. i am based in europe. other countries moving well at about the about climate change, how they position themselves and what they do, that debate is not happening in australia. and ohio us really gets position for the future. what do we do as people are using last fossil fuels. what do we do about the industry's required for the future? the green -- i am on planet platform. it is all about the world is an heading different directions and how we position london as a financial hub for the future;. it is going to be making the

most of the opportunities that become available. i think australia needs to stop seeing everything as a threat and stop thinking about the opportunities and treasures in to a low carbon economy. haidi: looking shareholders and boards of companies do? the problem is the policy, noise over amortization and the debate. as a result, there seems to be a lack of investing. fiona: what brought investors are looking for is some sort of policy direction certainty from government. -- we'rere going to talking about investing in large-scale structure we need to know the direction that country is heading in the cross really are, that is including increasingly difficult for investors. i think governments need to have strong signals and a strong direction and other governments are doing that.

china, around the world, the u.k. strong direction about transitioning that is not happening here. help the election will change. if we look at this debate that has been going on over the past days about electric vehicles, ridiculous. the world that many other vendors have been out many years ago that they were at target electric th. we need to think about the opportunities data creating a car industry. what are the natural resources that will be required for the future? all of these kinds of issues, what jobs will be created? it is always seen as what is going to be taken away. the salt lake about you cannot drive their usual -- rather than think about the economic benefits that come from a new

industry seems very small minded and rather than that feature of the country. ramy: what you were talking about, you raised the word future a couple times. we talk about short-termism. how do we change people's minds to say, hey, where do i go on the weekend with my car to say this is something we need to change in the long-term? ramyfiona: when you are thinking about this from the investors perspective -- we think about long-term investors. pension funds who are managing money for your's and mind retirement. many of those pension funds are managing liabilities. 50's, 70 years. issues like climate change are not going to affect invest and ludicrous. of course, they are stepping in to fill the void.

we are involved in a collaborative intimate called climate action 100 and it involves 300 invest is the the invest $32 trillion in asset management of the world engaging with the largest in the world. they are talking to them emissions reductions. they are talking about the board gave the board having the right conversations about the transition to a low carbon economy and also about disclosure. what are they disclosing about? plan of the transition. i think the dialogue investors becoming very important in the discussion. particularly where governments are not in the discussion. we have already seeing it has had some impact. some announcements from shell, bp, all making commitment about the transition land.

but the feeling, the disclosure. it is not going to expand its coal mining for example. that is got in whether his capital and business is becoming important. ramy: your scorecard for the u.s. in terms of responsible investment, how are we doing? it is thethe u.s., biggest signature repays. i think and is definitely increasing. in the u.s., things are a bit more through a black letter and not necessarily always help when you were thinking about responsible investment. obviouslybig funds how responsible investment at the heart of what it do. i think we will see this continue. a numbers., you have of very large investment ,anagers and no invest manager

investors all around the world, not just the u.s. but on. europe really drives the way in responsible investment in that has pushed one of the managers as well. they it is not going anywhere. it is only increasing. people -- investors are of the world, investment managers need to come on board and to pay demands from their clients. haidi: try to get ahead of the curve. they give for joining us. lots more to come on david australia. ♪

ramy: the next hour, we will have an occlusiveness view with the international chamber of shipping chairman. meantime, looking at how markets are faring. new zealand, we are starting to see the asian market looking

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♪ anchor: good morning. i am in sydney, one hour away from the australian market open. ramy: good evening. from new york, i am rama insincere. sophie: and i am sophie kamaruddin. welcome to "daybreak: asia ♪ anchor: our top stories. growing pain. economy, saying the tit-for-tat tariffs are damaging world trade. the eu and china in bruss