paul: welcome to "daybreak australia." shery ahn: i'm shery ahn of bloomberg world headquarters in new york. sophie: i'm sophie kamaruddin in singapore. we're counting down to asia's major open. ♪ paul: here are the top stories we are covering in the next hour. trade talks resumed in washington with president trump saying the deal is still possible. even so, wall street closed with a fourth straight loss. of the bottom of

the range. the ipo valuing the company below its last private estimate. -- to infinity and beyond almost. jeff bezos fires up the space race, making a case for a return to the moon. shery: the s&p 500 fell for a fourth consecutive session, now headed for its worst week of the year. we saw materials and tech stocks leading the declines. those are two sectors that are sensitive to trade. we had at one point stocks paring back some of the earlier declines as we heard more positive news out of the white house with president trump saying he is still expecting a deal this week, that he may be speaking on the phone with president xi jinping. of course, that was not enough upside from trade tensions. we also had geopolitical

tensions with iran, not to mention north korea testing missiles. really, investor sentiment is pretty fragile. mention the three-month 10-year part of the curve inverted once again for the first time since march. u.s. futures down .1%. let's see how we are shaping up for the markets in asia. alsoe: investors in asia being tested as folks consider which markets are most vulnerable to a negative outlook on u.s.-china trade talks. futures are pointing lower as we set offf a volatile days. it has been especially painful for greater china markets. in australia, a spike set to evaporate. on the earnings front today from japan, we have rakuten, panasonic, and more on the

calendar. paul: thanks very much, sophie. let's get to first word news now with ed ludlow. over $8 has raised just billion in its ipo after pricing shares new the bottom of the range. the amount of stock outstanding after the offer, the ipo gives uber a market value of 75.5 billion dollars below its last private market valuation of $76 billion and far short of the one hundred billion dollars -- 100 billion dollars that had been touted earlier. the u.s. is expected to track more countries for currency minimization. we're told vietnam may be named outright for artificially holding down the value of its currency and hanoi has been asked to disclose more information. it expects to raise the number of countries examined from 12 to 20.

has joined the asia easing cycle cutting its benchmark rate and saying it will consider lowering the aserve ratio next week from four-year low. the central bank reduced the overnight borrowing rate by twitter five basis points to 4.5%, making his first cut since 2016. the philippines joins malaysia and new zealand in easing this week amid low inflation and growing global threats. the u.s. air force has tested a second unarmed icbm this month but denies the launch has anything to do with renewed missile firing by north korea. the minuteman rocket flew almost evan thousand kilometers over the pacific. to test the accuracy of the system and demonstrate what authorities said is a robust nuclear deterrent. global news 24 hours a day and a tictoc on twitter powered by more than 2700 journalists and analysts from more than 120 countries.

shery: thank you. u.s.-china trade talks are under way again with hours to go before the trump administration is it due to high. speaking at the white house, president trump was confident of the latest progress. >> our country is doing great. we are going to find out about china tonight, and i think in the end, you are going to be very impressed with the kind of things we're doing. shery: it was really interesting premier thisce time around traveling without the designation of special envoy of president xi jinping. what are we expecting from this latest round of negotiations? >> the delegation arrived about thatur ago to begin talks will last into the night. at 12:01 a.m. friday washington time, the next round of tariffs by the u.s. is set to go into effect and china has threatened to retaliate if they do so

immediately afterward. there still is time for the u.s. to back away from that. much will depend on what they as talksto get going are under way now. at this point, trump has been talking optimistically about being able to get a deal, but he has given no indication that he will dial back on the tariffs before they are set to take effect, and there is also some indication from china that they are reluctant to be bullied into areal, so these, in fact, very delicate talks going on now and we will have to see in a matter of hours what comes out of them. hearing a lot of mixed messages. what are the odds of actually getting a deal? depend on how motivated both sides are. both sides really are under some pressure here because imposition

of the tariffs and a continuing trade war start affecting the growth rates in both countries by the end of the year. we are already seeing a downturn in agricultural commodity prices in the u.s. as china has been a big customer and its presumed china would retaliate more in that area. sides are eager to get a deal, but both sides also want to be seen as standing firm on some of the principles they have set out. not to mention we could get an impact on inflationary pressures. when we talk about these tariffs on $200 billion of goods going up, what exactly are we talking about? >> we're talking about computer components, furniture. mostly things that are used by companies in terms of building products. not right now hit

immediately with consumer products such as phones, things a realat that would have quick and very visible impact on u.s. consumers, but it inevitably does drive up prices any time yous, and , youa terror -- tarriff may be protecting one industry but other industries have to pay more for the goods that they use. manufacturers dependent on imports from china for some of the raw materials will be seeing that affect. paul: thanks very much for joining us there. aia earnings out of hong kong. new premiums rising 8%, value of new business up 14%. we also have total weighted

premium income $8.2 billion from aia group, so first quarter results coming out now from hong kong. let's get some more now on the other big story of the day. besides trade, that is. uber raising $8.1 billion in its initial public offering. let's dig in a bit more with bloomberg -- with our bloomberg intelligence editor. did this meet market expectations? underause lyft has been so much pressure, now trading at five times sales where as it opened at 10 times, so the way investors are evaluating it, i think uber is being sensible pricing at the bottom of this range just because of how lyft has traded. >> how believable is their story to profitability as compared to lyft?

of a platforme play. the ridesharing business is the fooding, but delivery business is still growing at about 100%, so if you compare them to, like, grubhub which is growing at 35%, you place a premium on their ability to combine ridesharing and food delivery and it makes a bigger footprint. more on that have story coming up a little later on in the hour. -- low range rate pricing set it up for a pop? we have war on what it all means -- we have more on what it all means. >> plus, white a trade war may force more asian central banks

in to rate cuts. this is bloomberg. ♪

paul: we are counting down to the sydney open. futures are pointing a little after a lead-in from u.s. equity markets sent a winter chill blowing through the city today. you are watching "daybreak australia." paul: the s&p 500 is on pace for its worst week of the year. goldman sachs telling investors to count on president trump imposing his new threatened china tariffs. su keenan joins us with more on the u.s. close. what are the key takeaways from today's session? su: it looks like the market got what is being called a trump bump as trump came out with his optimistic views which technically sets up for a stronger open, but let's go on

to the bloomberg. gtb is where you can find our library of charts. there was serious weakness. as you mentioned, the s&p 500 set up or its worst week of the year, so far at the low of the day. all the major indexes of the s&p, the nasdaq, nasdaq 100, the russell 2000, dow transfers falling below their moving average. suggesttchers say that the s&p 500 could fall below its 200-day moving average. we saw the vix on the move once again. futures you can see relatively flat at this point, but the positive is that we came off -- there were some buyers that came in at the end very quickly and , forwe will see is roku instance, big mover on positive earnings. gopro setting of earnings after the bell. notice caterpillar, which was down three times as much as a close that, that was a stock and a bull's-eye and real quickly,

after hours, gopro coming in with strong sales numbers beating the outlook and that has been up as much as 10% after hours. goldman seems to think tariffs will take effect on friday, so they have made some recommendations. su: they are saying reality is likely it goes forward, and they say go with stocks more focused on services rather than goods. take a look at some of the stocks they say likely to survive better than others. and they say those likely to be in the crosshairs, those that are focused on goods like johnson & johnson, exxon, and apple, which was down as much as 3% at the top of the session. >> thank you so much with the latest on the markets. always great to have you with us. she was talking about some of the stocks goldman likes. this chart on the bloomberg shows those stocks with high

exposure to china not surprisingly have then underperforming global stocks this past week. do you have any sectors you prefer over others as the tariffs look to come into effect the equity line >> the market is pricing in again on other phase of tariffs going up, therefore impacting different parts of the globe different lee. look at the equity performance this week. has not just china that done poorly but other parts of the asia-pacific region have done worse relative to europe and the u.s. if you look at the broad analysis, you can start drilling into what sectors would really be outperforming. clearly, materials and technology, anything related that is on the list that's now circulating people will stay away from and become more defensive. it's about being in sectors not hit by the trade war. >> not surprising we are seeing yields falling toward this

year's low and that part of the curve, the three-month and 10-year spread. surprising at all, given all the really gloomy outlook out there, if it's trade tensions or geopolitical tensions? >> i think this three-month, 10-year spread, the three-month is linked to the fed rate, so it is kind of stuff there. anything that happens moves it a little bit down, but you have to take a signal of it because what is happening in the globe is reflected in that spread. at how thislooking trade war will really play out globally and affect the u.s. economy. if tariffs go up tonight, which seems to be relatively certain, the u.s. consumer will be hit more than the previous time, and there are estimates more like $40 billion with the goods will be hit. that is why that spread starts to respond.

good you make a very point. this round of tariffs, unlike the previous round, very much likely to hit the u.s. consumer. what sort of an impact can be expected? >> it is still to be seen how much of an impact. the estimate is more volume of goods being affected and how will consumers respond to it. it was also announced how this entire trade policy is trying to divert all the production that takes place in china to other countries. the capital investment from china into the u.s. being diverted away. all those other effects are happening, too. i would say you're looking at an impact on the u.s. economy that will be negative if these tariffs persist. in addition, and this is floating, too, how will china respond to the latest trades here in terms of how much of retaliation there will be.

that $60 story out billion of goods will be affected. that, too, will affect u.s. companies. as we go through this, we will see data points coming in may that start to show what the impact could be on the u.s. economy. paul: yeah, we heard earlier this week from the fed saying that the u.s. economy is in a good place, but as those data points start to trickle in, at what point does the action on the bond market and difficulties with trade disputes become a real issue for the fed? >> that is an interesting point. thinking about what we've been when we had the tension in the fourth quarter, they still hyped and subsequently, the fed started to evaluate that situation and pivoted. that is now in the markets, so the next to that would have to be easing. the market is flirting with this rate cut quite a bit. ,s these data points come in

right now, they do not see the evidence. would have to start signaling that they would take an even more neutral stance if not accommodated in order to avoid what would be a real negative impact on the u.s. economy. >> what happens if we actually do get a deal but tensions still simmer in the background? >> just this binary idea is .nteresting it's back to those individual it's too late to the trade tensions in the background. overall, the broad sentiment of the market would be a focus on

deal or no deal. meanwhile, while that's happening, tariffs will be higher and will impact economic activity. call: thanks very much for joining us today. you can get a wrapup of the stories you need to know to get your day going in today's edition of daybreak. can go tosubscribers the bloomberg terminal and it's also available on mobile in the anywhere bloomberg app. customize your settings so you only get news on the industries and assets you care about. this is bloomberg. ♪

paul: i'm paul allen in sydney. shery: and i'm shery ahn in new york. you are watching "daybreak australia." in threeose the most

months as it dropped its $33 billion pursuit of anadarko and left the way clear for a rival five times smaller. chevron saying it will collect a $1 billion termination fee and .ncrease share buybacks blackstone has so much demand for its buyout funds it has decided to cap investment at $25 billion. that would set an industry record or private equity funds as investors continued to express confidence in the return potential for the asset class. private equity firms raised more than $400 billion last year. >> he declined to comment on the

possible ipo for the current fund but did not specifically rule out the idea. softbank will create a second fund and invite other investors. of the launch, size, and structure still will be sorted but it will be about vision one.e as paul: the federal communications commission voted hours before official set out in washington for the latest round of trade talks. view? the >> good morning and good evening from here. collectively, the five of them 5-zero and said china mobile creates a security risk. is taken seven years

after the company applied in 2011 and now the fcc has finally acted at the urging of the trump administration. >> is china mobile connecting all those dots? them? get a response from >> last week, they went into the federal communications commission and said they thought the action probably had more to do with the tensions than with the fact of their application, quietly. sat some say this does not change anything in the united rates and she took the commission to task for in her words not doing enough for network security. hand, the chairman

come the republican, said china mobile poses an unexceptional -- unacceptable risk. paul: what other telcos are under review? sec members said we should look at china telecom -- one of the fcc members. one member said we should look at beijing-based china mobile and hong kong-based china unicom and after the meeting, the fcc chairman said they are looking at those companies. looking at is all we could get from them. not clear to me what it may involve. checking out and telling the fcc with a to revoke their authorization. >> coming up next on daybreak

australia, u.s. consumers and businesses may be paying the price as president trump presses for a narrower trade gap.

paul: 8:30 a.m. friday morning here in sydney. the market open 90 minutes away. futures a little weaker after .nother rough day its 6:30 p.m. in new york. you are watching "daybreak australia." china on their latest trade talks. began suppressing investors by saying a deal is still possible this week. to stopwarned beijing

reneging on causes already agreed. >> i received last night a very beautiful letter from president xi. let's work together. gets see if we can something done, but they renegotiated the deal. if it's intellectual property tasks, they took many parts of the deal and renegotiated. you cannot do that. >> a chinese citizen has been indicted for aiding a massive computer hacker on health insurance. them ofctment accuses helping the u.s. businesses. the hat gained access to personal data on nearly 80 million people. and the private sector space race is heating up with the world's richest man saying it's time to go back to the moon. has days us -- jeff bezos

displayed blue origins' lunar lander and told washington 50 since a walklong on our nearest neighbor. >> just -- this generation's job, my generation's job is to build an infrastructure so you will be able to. road tooing to build a space and then amazing things will happen. then you will have space entrepreneurs start a company in their dorm room. >> new liberty has been named .he worst airport in the u.s. airports are rated on three factors. atlanta was best placed in the global survey.

-- top-ranked airport globalist one of four hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. paul: thanks very much. let's look at what we should be watching as trading gets under way in asia. adam with us. is clearly going to be a volatile session before this trade tariff deadline is reached. unless you have adjusted your portfolio going into today, it's kind of almost too late, really. we have to see what happens over the next few hours, but what's very clear is that markets are sitting in a reasonably precarious place after a really torrid week for equities. in the u.s., for example, the s&p 500 is now basically back below that 50 moving day

average. have a look at that chart. nervousness and the selling momentum that has really governed equity trading around the globe this week. of course, losses have an even more pronounced in places like 12%a where we are now about operating highs, but in the u.s., we're still only 3% or so off those recent highs, so it will depend on if indeed the u.s. does implement the tariffs and what kind of retaliation we have from china, but the markets -- the market certainly at this point is leaning toward more of a situation where we are going to go through and we are not going to get the 11th hour kind of surprised that might help risk assets. hours, of course, will be key. >> what are the most at risk assets yahoo! talking to think the canadian .ollar could be one of them

-- what are the most ask rick assets? -- what are the most at risk assets? >> the loonie has not seen the kind of swings we have seen in many of the other g10 of late. today they expect that could get some pretty heavy downside. of course, chinese stocks have had a pretty poor run, but you could certainly see and make the case that they would have considerable downside now from here, but it's going to be a presume,e, you would if this actually gets done in six or so hours' time, but it will be very nervous for the next few hours as we watch those headlines. for joining us. forcan check out our gtb another look at those charts. let's get to sophie kamaruddin in singapore for what you should be watching. sydney, we will be

watching ree a group after a trade update. marking conditions are not seen improving in the short term. news corp. third quarter coming in with a miss on estimates. it is expecting improvements in fourth-quarter revenue. cbg telecom on watch, it was upgraded to overweight at jpmorgan in the wake of the vodafone deal being rejected by regulators. we're watching for the stock in sydney as trading has been halted for the stock in wellington. macquarrie also in view and graincorp on watch as it did just sell its liquid terminals unit. this news comes as the company posted a first-half loss. >> thank you so much for that. president trump celebrating the smallest u.s. trade deficit in three years thanks to the billions of dollars of tariffs

on chinese imports, but as the u.s. looks set to impose steeper duties, it looks like consumers and businesses will have to pay even more. our global economics editor is here with the likely impact. this may start with a narrower deficit. can we say it was due to the latest trade moves? >> in some ways, but maybe not quite as you would think. yes, the trade deficit in goods did narrow the $23.8 billion in march, the narrowest in nearly three years. we had imports in u.s. falling and exports rising, so president trump says it is working. if you look at the bloomberg with me now and our bloomberg library, you can see a broader measure of the trade gap, which actually got a little bit wider because it includes services. overall, exports from the u.s.

increased 1% to $212 billion in that was due to a 39% jump in soybean shipments, so you could maybe say that is one of the results of the trade war. inorts climbed on some gains oil, vehicles, and pharmaceuticals, but one thing we want to move on to talk about, the trade war is hitting china. trade between the u.s. and china has dropped. u.s. imports from china were down three point 6%. exports to china down 17.6%, but here is how trump's new tariffs could slam u.s. goods. people knew the tariffs were coming and they started stockpiling inventories, and is one of the big reasons why first quarter gdp this year did 3.2%. without the inventory built, cells in the first quarter only 1.4%. trump also praising the drop in the unemployment rate to 3.6%. factory jobs only grew by 4000

in april, so the manufacturing sector that was supposed to get help looks like it is not being helped that much. worst-case scenario estimate, next round ofthis tariffs, china retaliates, one of the estimates in our story is it cuts u.s. gdp in the next couple of years by 2.6%. china's gdp gets cut by 1.5%. that's a pretty big cut. they have already tried to -- they have already had to try to stabilize their growth. paul: what will it all mean for the federal reserve and the bond market in particular? >> the president of the atlanta fed was speaking today. he said there is a concern voiced by business leaders he's are going tosaid start seeing that passed through into the consumer space. the businesses i have talked to say they are willing to forbear on 10% tariffs and 25% is a whole other game. they want to see higher prices, but do they want to see that big

hit on growth i just told you about in the worst-case scenario estimate? if we go to another bloomberg chart, you can see a warning sign in the bond market because brieflyd curve inverted again, a classic economic slump and recession signal. manager forcome morgan stanley saying the 10-year yield could drop pass two point 3% and even had to 2.25%, so there are some big ramifications heading over. we will see what happens in the next few hours. paul: thanks very much for joining us. sticking with the theme of central banks, we will hear more from the reserve bank of the courtlyday when monetary statement is released in a couple hours' time, three hours' time.

garfield reynolds joins us here in sydney. no move on tuesday, as we know, but the statement of monetary policy really gave an opportunity to set out and stall . >> it will certainly give the opportunity to outline in greater detail some of the factors that were behind its thinking both in not cutting interest rates which a lot of people were expecting, and the market was set up for at the very least a strong dovish tilt. the key things here are employment and inflation. the question is -- is there an indicator that employment has to improve further here to stop them from cutting rates, which is how it has been read in some corners, and then with inflation, they seem to move the

goalposts a little bit on which measures of inflation they are using to measure underlying inflation and did so in a way that made it easier for them to say inflation is not so bad, so some confirmation that those goalposts have been moved i think would be welcomed by the market because we give them a chance to work out where are we going from here, what is the state of way, how can we price this? >> we saw the aussie pop after the rba held steady. gains erased by the fact that the president said china broke the deal last night and then we saw a plunge. what are we expecting as we get this statement? on the day, this could well turn out to be a physical just because it's going to come out just a couple of hours or so before the tariff deadline, and that is going to dominate short-term trading matrixes, but i think the risks for the aussie

if the rba is going to move today are to the downside. the statement on tuesday was taken as being rather neutral. disappointing, as i said, it even hinting at any sort of a shift on easing bias, so it's hard to see them get too much harder on the neutral side of things. what is more likely is they make a clearer what would be needed for them to cut rates and that might firm up some of the pricing or rate cuts which at the moment, you have an august meeting just about pricing by the cash rate futures. you could see that get well and truly priced in and that would help to give the aussie a kick down. .> thank you so much for that we have an alert at the moment. we are seeing that anadarko is saying they have reached a , sayingve agreement they have paid that $1 billion

breakup fee to chevron. we know that was the breakup fee as a result of the bidding war ,etween occidental and chevron chevron declining to match .ccidental's higher bid now occidental has double in the battle. anadarko saying they have paid that $1 billion breakup fee with chevron as they have agreed to sell to petroleum occidental. winning that bidding war with chevron. paul: thanks very much. next, we have an ipo specialist joining us to have a look under the hood as it starts trading. this is bloomberg. ♪

technology set to hit the public market friday. shares of the ride-hailing giant priced at $45 ahead of its debut. a national ipo services leader and partner at deloitte joins us in new york. that ipo pricing towards the bottom of the range, obviously setting things up for a pop. what is your interpretation? and i wasn't,ised right? these kind of ideas that are these super dynamic companies everybody knows about, you generally tend to see them purposely set the original range just so they will be able to price at the high-end and be able to tell everyone its oversold, everybody wants to be part of this, and then even price it a little bit higher, but still leaving room for a pop . the fact that it actually went down is surprising. i think it surprised a lot of us. that said, that is if you're

looking at the ipo in a silo, but when you take a step back and look at everything else that in the broadert markets and everything else, it's probably not surprising. in fact, probably kudos to them for getting out, period, where a lot of other companies may not have even made it this far. think this will play out on friday? ? lyft any guide do you think shareholders will after the initial enthusiasm go hang on, wait a minute, this company does not make any money? >> it's hard to say. it feels like emotion is playing probably a bigger role than the fundamentals here. will we see the same exact thing happened here? maybe. i would be surprised. i would still expect some sort of pop tomorrow. this is generally how these things are drawn up, but exactly what we saw before?

i don't know. maybe we are starting to see a shift toward path to profitability being back in which i was on here earlier this year and said that growth was everything and that there were other variables and that typically you got a pass when it comes to ipo as for profits, but i'm not so sure anymore. when it comes to popping the stock as they go public, how sustainable it is will really depend on profitability. lyft,ou compare uber and how do their businesses stack up? >> the ipo is one event in time, right? like the wedding compared to the marriage. it is important, but really, is it going to have a significant impact on the existence of the company as a public company? you know, maybe not. in the extreme, if you have a

really, really good one, these are the kinds of things that can carry you forward for a little while, but i would not expect -- they still have to perform. they still have to provide a very believable path to profit that other investors are going to buy. shery: how do these companies set up an ipo market for the rest of the year? >> that is a great question. i was very bullish on it, but i'm starting to wonder if we are seeing things soften a little bit just because of -- is unusual to see some of these super well-known brand-name .ompanies struggle in their ipo that said, some have been fantastic, so i'm still hopeful, and it is ipo season right now, so i think we are seeing a lot of the really exciting ones, and i know several others that are talking about trying to get out this year that i would expect to go well, but i mean, if

volatility stays up -- you know, it ticked back up this week, this is bad news for anybody considering an ipo. volatility is the enemy of the ipo and uncertainty that drives that, we are dealing with a lot of both of those right now. it's hard to say. paul: the cornerstone, i think it is fair to say, of the rideshare business going forward is autonomous vehicles. how do you judge the timing of the ipo's? have they gone a little bit early? >> i mean, maybe. the question of if that happens in 2025 or 2035 i think is very valid, but i also think when it does happen, the prospect of these companies could potentially be wildly profitable is very much out there. are bets, all ipo's are, but these are bets on a pretty specific factor.

shery: thank you very much for your time today. of course, you can find our past .onversations on tv you can also watch us live and died into the security functions that we talk about. that's tv . this is bloomberg. ♪

i'm shery ahn in new york. paul: i'm paul allen in sydney and you are watching "daybreak australia." let's get a big check -- a quick check on the latest business flash headlines. xiaomi and ping on have permits by a local entity and the firm's plan to offer services with a nine-month -- social banks

taking up to 70% from lenders. netflix stepping up its drive to serve chinese viewers around the world adding romantic comedy "i hear you" and it will stream 24 episodes of the show in 90 countries and regions next week. netflix has been investing in chinese language content for distribution abroad. paul: china mobile being blocked from the u.s. market on national security grounds and other chinese companies are under scrutiny. the news comes as trade talks resume and maybe another point petition -- point of tension between washington and beijing. at earlier licenses granted to china telecom and china unicom. the new private space race is picking up speed.

there's another big player entering the game. jeff bezos has made the case for a return to the moon and showed off blue origins' lunar lander. bloomberg executive editor brad stone was at the event and joins us now. tell us about the event and what jeff bezos had to say. brad: he was speaking at the satellite conference, so a lot of space executives on hand to listen to the world's wealthiest man. jeff has a very specific vision for the future of humanity. he does not want to go tomorrow mars or other planets like elon musk. he sees humans going to the moon and taking the resources that are necessary to create basically orbiting space colonies as he unveiled the first step of the plan called the bloomberg lunar lander, and he wants to sell those missions to nasa and the trump administration. we know that he has not

really been very friendly with president trump. president trump has hit amazon several times in the past, but business seems to like this administration's space drive. to hearys he's happy vice president pence say in march america should go back to the moon. there have then these vocal disagreements. they are really kind of speaking to the administration's faithful . shery: thank you so much for that, our bloomberg senior executive editor, and we have plenty more ahead on "daybreak asia." the cumberland executive chairman will tell us why he is holding a cash reserve, this coming at a time of trade tensions rising. for "daybreak a

straley shery ahn will have all the action next. stay with us. this is bloomberg. ♪

at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.

paul: good morning. i am paul allen in sydney. we are one hour away from the market open. shery: i am shery ahn. sophie: i am sophie kamaruddin in singapore. welcome to "daybreak asia." paul: our top stories this friday, trade talks resume in washington with president trump saying a deal is still possible. closed with a fourth straight loss. the negotiations