let's have a look at the prospects of the trading day over in india. 45 minutes ago before things get going. looking at what is going on pretty much flat here. still looking towards 12,000 magical level as the close to the nifty. we've touch that record high but only intra day. a bit of telestrate. -- of dollar strength. one chart indicating that it could be under pressure. the modiver since election, seeing money coming back into the market. bonds with yield continuing to fall today. we've got them down six basis points. 7.17%. year

the stocks we are watching out for later on the hour. this is the position as we head towards the open. third we are seeing a session of gains in asia. the msci up by .3%. but very cautious trading as you would expect with a factor to wall street was closed yesterday for memorial day. the u.k. was also out of action. thin trading volume. u.s. futures suggesting that will start the new trading week on a high note. the nikkei up .4%. further weakness coming through in the japanese yen. as we see trump wrapup that visit to japan. he's not pushing through some kind of a deal. during that very short trip seems to have investors a little -- taking money out of the safe haven yen. also worth watching what is happening in the iron ore market, continue to rise.

now saying we could see prices remain elevated at that $100 a ton level because we have such a drawdown on some of the supply. cba thinkinghina say that you could see these levels hold around $100 a ton. now, let's get the first word news with paul allen in sydney. paul: thanks. reports from japan say at least one person has been killed -- when a man armed with knives attack children and adults outside a bus stop. 19 people were wounded, including 13 children. the attacker died after slashing his throat. the number of people has been reported as high as three. motives are not know. nigel farage says his brexit's party success in the european elections should stir the u.k. to leave the e.u. without a divorce deal. british voters turned away from

the major parties 14%. conservatives won less than 10%. may called the results disappointing but is likely to harden the stances of the candidates vying to replace her next month.t hth european commissione is considering disciplinary action against italy's failure to rein in debt. an official says the step could come next week as part of the e.u.'s regular budget monitoring process. buoyed by success in the e.u. elections, the deputy prime minister has indicated he will push pack against brussels in crafting his next budget. the chinese government's first seizure of a bank in more than two decades is piling fresh pressure on small letters who already trade at rock-bottom valuations. control of the bank for a year citing serious credit risk. the index of hong kong listed chinese bank dropped to a former low on monday while the repurchase rate jumped to the highest in a month.

indonesia's bank is overhauling its payment system. and the governor says it's a move towards a more integrated and efficient infrastructure. bank indonesia will inerlinke -- interlink digital opening to prevent shadow banking risks. the new mobile retail payments as will be developed to replace the current national clearing system known as fk-mdi. global news 24 hours a day on air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. jules: let's get more on the u.s. and china. we've seen the yuan extended strop to .21%. against the dollar. president trump saying the u.s. is not ready to make a deal with china on trade. although he claims that beijing is. he's repeated his threat to further increase tariffs on chinese imports. president trump: as far as china

is concerned, they want to make a deal. they probably wish they made a deal they had on the table before they try to renegotiate it. they would like to make a deal. we're not ready. we're taking in tens of millions of dollars of tariffs. that number could go up very substantially, very easily. was speaking in tokyo where he is on a state visit. let's join our chief correspondent stephen engle. did china and north korea japanhadow the u.s.- trade relations during the first official day of trump's state visit to tokyo? stephen: the china-u.s. trade war as well as north korea. look at the headline of the japan times. no surprises as abe meets trump in tokyo. no surprises? that was kind of boring. foregone conclusion that japan and the united states will hammer out a trade deal after the elections in july here japan. there is still that threat of

the white house's holding over japan. it seems that will likely be resolved through negotiations that will take place. as shinzo abe and donald trump unifiedave off a front against the other global challenges in the region. being north korea and china. he said, not ready to make a trade deal of china as you just heard. now beijing is responding to that saying, listen, we have been getting flip-flopping messages from the united states while we, china, have been pretty consistent with our message. rishaad: just taking pictures of him on the uss wasp. got him addressing u.s. troops. that's about it. he's wrapping it all up and having a look at the f-35 joint strike fighter aircraft as well. stephen: yeah, that's right. u.s.-japanthe

military relationship is one that does not sit well with beijing. but donald trump yesterday at the press conference with shinzo abe again reaffirmed his support for japan's strengthening of its defense forces. shinzo abe also trying to come of course, push the a revision to the passage of his constitution. the f-35 stealth fighter jet is on the order book from japan. perhaps as many as 147 of them to be bought from lockheed martin, including the f-35b, the vertical takeoff version that can go on the ship that donald trump toured today. and that is the caga. it is a helicopter carrier that to handlefitted vertical takeoff jets. he also went aboard the uss wasp , which is a similar ship in the u.s. navy that are both down asre -- at the naval base

part of the memorial day, a day later, but memorial day celebrations with a u.s. military and japanese defense forces. the visit beens taken, i suppose, by the people you saw that the japan newspaper, was saying that no surprises here. but, overall, what has been the narrative in your view? ,the narrative has been shinzo abe's goal was to have real no surprises from donald trump. that was the bar they set. they pretty much at that square on. donald trump did not hammer thantoo hard on the deficit the united states has with japan. he called it unbelievably big but really he did not hammer shinzo abe in front of the japanese and the medaia on the auto tariffs.

it was a bit of a victory for shinzo abe showing a unified front. keep in mind, there is a reason why they have delayed announcing any trade deal between japan and the united states, and that is because upper house elections are coming in july. it could dissolve the lower house and have a general election. and pretty much they want to y deal after an that, because it would be much more difficult in an election for shinzo abe to make concessions to the united states, especially on some of the more sensitive trade issues , shih-tzu obvious push for a revision to the pacifist constitution. revision to the pacifist constitution. rishaad: he's also book telling us a bloomberg that alibaba group is considering raising $20 billion for a listing in hong kong. the deal would bring china's biggest company closer to investors in its home nation. asia ipo's reporter crystal has

this. deal inldn't strike a 2014 because of the rule for the hong kong exchange. are they revisiting now because they can have a deal listing, or is this -- is this polarization between china and the united states? >> a little bit of both. first of all, they can because this is really -- a second chance. they missed out on the 2014 $25 billion deal. this is the chance they recover on it. and, because since then, they have already change the rules to allow individual voting rights. and that is one step closer to what alibaba is asking for. so, like i said, there is an increasingly escalating trade tension between china and the u.s. there are some threats that china may be shut off the u.s. capital markets and that makes this move a little bit political, because it is showing that alibaba wants to be close

to home, wants to bring capital back to china and also they want investors to china to back them u.s. marketthe threat. jules: what would be some of the obstacles and bringing it back home? >> the hong kong stock exchange has made very many changes. and alabama -- in new york -- alibaba listed in new york. it is not quite there in terms of having relaxed listing for what all obama is asking. alibaba has a partnership structure which means a group of directors make decisions for the entire company. whereas hong kong only allowed individual structure. and there is a confrontation going on in hong kong right now. that has to happen for the alibaba homecoming. ines: ipo's reporter crystal hong kong. ahead on bloomberg markets, bitcoin is back on the up. and some are the same the

cryptocurrency is becoming a haven asset. we'll take a closer look in this hour. rishaad: telling us where to find opportunities in emerging markets equities. that in more on the way. ♪

jules: you are watching bloomberg markets: asia. rishaad: the escalation in the tensions has prompted many investors to stay on the sidelines. the emerging scour market in terms of trade war gains. are there opportunities? is it a good time to get in? let's ask our guest. fourked about three or questions. >> so, sure. i think definitely now is a

tricky time to be going into emerging markets but we are definitely finding opportunity in the sell off. basically we are finding a lot of interesting opportunities in india. because of the self-help aspect that india has, a strong structural growth story. even in china which i think is bearing the brunt, we're still finding some interesting plays in supply types of forms. old china. which is an area that has been completely ignored in the trade war sound and fury. rishaad: kelly something. we have a lot of evidence to show that ever since this trade war turned hot, after those tweets by donald, money has been coming out of china. are people getting nervous? >> i think really a lot of questions we are received is around the tech side. what does it mean for the supply chain? i think people are much more on the sidelines, probably because people have been fairly lightly

positioned in the region. it is different to what it was this time last year. it was a lot more euphoria and the markets. more hawkish fed, etc.. in terms of how lightly positioned people are, it is quite humble for investors right now. rishaad: you mentioned tech. this trade war with tech characteristics. what are you looking at exactly here? and how does this dovetail? tiff, whatever at the moment between china and the the united states. >> since the politics clearly has gone beyond just a trade war. gone more into technological supremacy. we're playing it, i think we are trying to avoid those names that are playing in the second derivative. names that would have potentially improve trump the-

improved from the capex side. we're definitely staying on the sidelines. in terms of the e-commerce story, there are still some very long-term structural fees we see playing through on the tech side in china. e-commerce and things like gaming, etc. we're still finding a lot of opportunities. it's important to different to between the two buckets. juliette: you also make an interesting point that asia is not just about tech. their other areas you are looking at, financial and steel. tell us why you like those sectors. >> the financial is asian of savings and in china you have -- especially on now the insurance side, are actually now moving on to more protection products rather than investment products. very long term, that we still see playing out. a a lot of people think about financial as being purely

technical names but it is interesting to look at them in a more structural growth profile. that's one area we find very interesting, not just in china but also outside of china. financials is very interesting. outside of china, we are seeing a lot of kind of mega vanilla banks that serve some of the more niche segment. some of the more specialty players are doing particularly well. the secondary where we find a lot of interesting ideas -- sorry, go ahead. juliette: let's turn to india in terms of you are bullish on that. we have the index trading at record highs. how much more can be priced into that? also, why don't you like energy stocks in india? >> right. of election,ind there it will be that your for you, especially, gieven the strength of the victory of the

bjp, which is not what people expected. india has a strong structural growth profile. this big mandate gives them the ability to push through a lot former reform. modi gave aeekend magnanimous speech were he was trying to bring a lot more individuals, in a more divisive election campaign. to re-galvanize the reform process. india is one of the few countries that the imf increased its growth expectations. i would still look at the long-term structural growth as underpinning equity market performance. you have to careful as to when you get in. juliette: and being careful means staying away from energy? >> right. on the energy side, that is more, rather than -- what we do find is that sector there in

particular within india has a lot of conglomerates. t allocating capital and the way we would expect for our investors. as shareholders we are keen to always make sure that capital is allocated sufficiently. noise turning of sour. unileverd the coming out and saying they are not recession proof anymore. they were. the staples, for instance, these -- they are tailing off a little bit. the consumer story is shaky in india. does that concerning? >> we haven't been huge buyers in consumer stocks for that reason. we are selectively overweight in the consumer name. in things like second derivatives. airlines thatke make it different to consumer staples but still playing into a

stronger, consumera richer consumer. on the consumer side, clearly we have a situation with the economy -- it has gone through a bit of a lull. that is going to have an impact on performance. we also had gsp, and demonetization, all of those things that are setting up a stronger long-term situation. we ha-- will have short-term impacts. in terms of what the government will do, it is difficult for them to give a boost to consumption given the budget deficit. rishaad: i want you to have a look at the whole gamut of e.m. one sector and one country really, really would bet on. >> india would be the country and financials would be the sector. rishaad: why? >> india because of the long-term structural growth profile. china we definitely like that it will go through a period now where there is a bit more uncertainty. and directly we get the long-term trajectory. the financial side, it

is definitely again the fact that these stocks are incredibly cheap on the whole. very diverse within financials and you are getting richer consumers that are tapping into a whole wealth of products and the fema for nationalization of savings. -- the theme of nationalization of savings. rishaad: thank you for joining us. are bloomberg subscriber you can have a look at that interview again. she was nervous. she did not look at, did she? fantastic job. send us a message during our live program. look at it on tv this is bloomberg. ♪

juliette: a quick check of the latest headlines. nissan has risen the most in 10

months following fiat crisis announcement that it plans to merge. the deal would tie the japanese automaker with a much bigger entity. nissan initially indicated they did not view the deal positively but that positions appears to be evolving. plan bringinghe more opportunities in being positive for the future. rishaad: volkswagen -- juliette: to a $56 billion battery purchasing plan over concerns a supply deal of samsung my unravel. differences on production volume and schedule have emerge during detailed negotiations between the companies. units pledged supply cards from 20 gigawatt hours to less than five. add 30% moret will capacity in the current financial year after fourth-quarter profit increase fivefold to $85 million. asia's biggest budget carrier by market value. it's hard not to be bullish

looking ahead. plenty of opportunities for profitable growth. he's trump aneting new aircraft. rishaad: ok, just turning to the markets. as we get these headlines coming through from seeking saying that china will further widen access to more industry groups death s. a trade fair. that just playing out at the moment as we head into the mainland lunch break. we are moving to the upside. .9% for the csi 300. others by roughly the same margin. the laggard for chinese equities in hong kong up by .5%. juliette: we are looking at the -- stabilize a little bit after that depreciation in may. we see that strain unfolding against a basket -- as

represented by this chart. over the weekend we were showing a warning against shorting the yuan. huge losses if you choose to do that. this is bloomberg. ♪

juliette: it is almost 11:30 in singapore. in the middle of the trading day. the underperformer off by .3%, versus a gain on the broader msci asia-pacific index. a flat session yesterday and some gains on friday. not much movement in terms of positive stocks when you look at the straits times index today. moving on, and the huawei ceo has denied his company ever steals intellectual property and says president trump is targeting his company because of his success. he spoke exclusively to bloomberg television at huawei's headquarters. >> [speaking chinese]

>> it's more likely that u.s. steals our technology. we are leading them. whether we have a government background, american auditors can audit us. you can ask for report from them. this unfounded conclusion may not be right. we are you leading the u.s. if we were lagging behind, trump would not have to make so many efforts to attack us. we are now more advanced than them. a moment of national crisis the government came to you and said we need your help, we need access to your network, because it is for the good of the country, for the good of the government and the chinese people, how would you respond? >> [speaking mandarin] >> we absolutely never would install any backdoors. we serve human beings. we don't serve intelligence services. why should we install backdoors?

>> what are the practical steps for denying a request like that in china? >> we've. never done that. a german newspaper released an article saying they could not find any backdoors in huawei's systems. u.k. we were under the government strictest scrutiny. under such strict scrutiny it was as if we took off all of our clothes to proof we have nothing to hide. so, the u.k. agree to use our equipment. founder andhuawei chief executive speaking to our china correspondent tom mackenzie. you can watch more of tom's exclusive interview with the huawei boss this weekend. it is called " huawei connected and contested" saturday at 12 p.m. friday at 9 p.m. in new york. let's have a look at what is the latest on trade now between

china and the united states. let's get to the first word headlines. joining us is paul allen in sydney. paul: president trump says the u.s. is not ready to make a trade dillashaw and although he claims beijing is. speaking during his visit to japan, the president says tariffs on chinese goods could continue to go up substantially and very easily. he said beijing probably wished it agreed to the deal it was previously on the table but the chinese foreign ministry says beijing's position has not changed. >> first, we always believe that any differences between any two countries should be result in friendly consultations and negotiation including differences between china and u.s. in the economic and trade field. we maintain the china-u.s. economic and trade confrontations must be based on visual respect, equality, and mutual benefit. paul: alibaba group is considering raising $20 billion by a second listing is a hong

kong. sources tell bloomberg that e- commerce giant is working with financial advisors on the planned offering which would bring china's largest company closer to investors. aibaba can file confidential listing as early as the second half of this year. the e.u. is signal it would reject any white house efforts to curb imports of european cars. the trade chiefs meeting of russell dismissed president trump's warning he could see -- blocks on auto exports for national security reasons. voluntarily restraining exports is illegal under wto rules. the austrian has started his campaign to return to power. the youngest austrian leader -- as his estranged coalition partners in the national freedom party back to vote to submit him. the administration would be named in the coming weeks forcing electsiions.

the 32-year-old says he is confident voters will back him in global news 24 hours a day on september. air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: in tokyo we saw the nissan rising the most in 10 months off of the back of fi at-chrysler's plan to merge to make it a much larger entity. the fiat-chrysler chairman says they have learned from experience. >> we are incurs about the successful merger of fiat and chrysler. the automotive industry has gone to huge changes. we have learned that such deals can be done. wthey are advantageous. rishaad: we can get the view from tokyo. thiscompany -- dave, does

actually make industrial logic? it certainly does. scale is everything as these carmakers compete to be the first two come out -- to come politicaldvanced vehicles and autonomous driving system. this is an incredibly competitive space. the first what to get those models out has a good chance of dominating the industry. the research and develop a cost for that are huge. at the same time, just the overall global market for a. number of vehicles is contracting so, consolidation is a natural response to that. traditionally there have been a lot of challenges to this. these kind of global conglomerations of carmakers have had some trouble in the past, but as we just heard from the ceo, they have madea success of their alliance with chrysler. that's some indication they might also be able to make this work. juliette: we're talking about

the share price reaction in nissan, which seems a little bit of a change from their position early where they did not see it as good for their company. for the applications for nissan? >> well, being a member of this alliance does give them more global reach in the markets where their products are weaker, renault and fiat have stronger products. in the u.s. you can see that fiat got 90% of its operating profit from the u.s. last year on the back of the ram pick ups, the jeep suv's selling very well. going along with those products helps extend the reach and they can introduce co-production, share resources. that is a big plus for nissan. amassst allowing them to resources in pursuing electric vehicles is a very big deal. nissan has the number one electric vehicle in the leaf. renault has the number five. those are both very strong

well sellingell vehicles to the extent they can increase their collaboration and expand their scope, it could benefit both companies. there's also some confidence in the idea that they feel they can execute this kind of structure, this kind of global carmaker if all, all production is counted, you now have 50 million vehicles under one carmaking alliance. that makes than the biggest, depending on how you count all of those vehicles. so, that could put them in a stormed a position. whereas now, being on the outs with renault, without any real a clear plan of how to build up that alliance, this additional carmaker added into it makes for a stronger picture. juliette: a story to continue watching. thanks to dave mccombs in tokyo. up, ages biggest budgets

airline plans to raise capacity after profit jumped fivefold. what differences between indigo 's founders become a headwind? this is bloomberg. ♪

biggest budgets airline has reported a fivefold increase in company profits and plans to raise capacity 30% by 2020 but despite the impressive growth in outlook, it's differences between the airlines two founders are grabbing the headlines. let's get more from our reporter in new delhi. let's start with the dispute between the founders. what is the latest? >> yes. we don't really know much about what the differences are. the we do know is that differences are not over the company's-- international

expansion. now, local media have speculated it could be over control. but indigo has not given any details on what the difference is. it has insisted there is only one issue over which the founders are not agreeing on. solutionxpect a shortly but we do not know what that issue is or how significant it could be. rishaad: well, these differences don't really seem to be affecting indigo's performance. profit jumping fivefold. one could argue they might've been even better if they had not had these differences. did report a really good quarter. profits up fivefold. also probably because of the -- the temporary closure of jet airways. the airline has not flown since april. before that it started grounding flights. giving more power to big airlines like indigo.

that held their revenue, the revenues a lot -- helped the revenues a lot and that translated into profits. the performance of this moment is not impacted. [indiscernible] theing in the way of company's profits. rishaad: right. in new delhi. let's have a look at some of the business flash headlines. considering a capital increase as part of a wider overhaul planning in the next two months, tapping investors with fresh cash. the least favorite option because it could trigger a backlash in the light of low stock. the chief executive has signal deeper cut as germany's biggest lender struggles to make a profit. global switch. a u.k. data center operated control by chinese investors is said to be planning to file for a hong kong ipo this week.

bloomberg did report in march the london-based company plans to raise $1 billion. its website says it owns and operates 12 data centers across europe and the asia specific. one of tencents most valuable investment is sinking as china expands its crackdown. china led literature tumbling to a new low as another online site is targeting for disturbing obscene. material the stock is 70% below a record high. price.% below its ipo juliette: the chinese governments first seizure of a bank in two decades is putting more pressure on shares of small lender's that are trading at rock bottom valuations. a bloomberg index of hong kong listed chinese banks is still hovering near a four motnth low

afte regular season control citing serious credit riskrs. for more we are joined by a financial reporter in beijing. are there other banks in similar situations? lisa: right. there are, actually. so, this bank, the thing the analysts have been pointing to is this intra-bank exposure. and receivables which are essentially investment disguised -- loans disguised as investment. and also failing to report financials over the past two years. there a range of other banks that have the same characteristics. we're currently working on a piece with some of the names of these banks. so, why baoshang? of course, sources have told us tot baoshang has links

tomorrow group, a conglomerate in china. int ts comptroller is under a probe the last two years. certainly the could be links to baoshang felt to government control first. rishaad: ok, nothing of course coming from the bank. we tried to get in touch with them. the thing is, there has been a lot of talk about this being political. tell us a bit about that. lucielllle: right. so, china has been trying to dissolve the shadow lending sector for a while now. two regulators cracked down years ago, and so this is the first instance we have seen a very formal takeover by the regulator, but in the past, we have seen sort of the head of the banking, rather not the head, but officials from the banking regulator go sort of oversee a bank. we've seen other ways they have

basically been informally trying to unravel that interbank connections as well as the shadow lending. but certainly this is a first, the first one in 20 years. we're starting to see it as a pilot for a way that regulators may look to reserve issues -- resolve issues at small banks going forward. stuff.: tgogood our china financial regulations reported. markets in india getting underway a short while ago. let's have a look at how the nifty and sensex are going. sensex pretty much flat. the nifty unchanged. rupee under pressure with the dollar up. we've seen this move into -- how the yield has gone down of late. down in the last six days or thereabouts, by around 14 basis points of their on the ten year. that is the position at the moment.

let's take a look at the other companies making headlines. we've got indigo. and zee entertainment. they came out with some numbers that did disappoint. interclub aviation is a long way of saying indigo. five fold jump in profits. we've discussing with devina with its and its miss latest set of net income numbers. up next, cryptocurrencies. bitcoin. extending its best one month ral ly says the forest 2017 surge. discussing whether this rally really has legs. ♪

rishaad: you are back with bloomberg markets. in hong kong, i am rishaad salamat and. juliette: bitcoin jumped as much

as 10% on monday to almost breaking $9,000 as it extended the best one-month rally since before it's seruge in -- surge in 2017. shows that bitcoin prices are higher versus a year ago for the first time since november 2018. that itsts reckons coin could get to $30,000 by year's end. great to have you with us. $30,000. $9,000 to it is now may. you are calling this by the end of the. >> thanks for having me. 10 years out from the bitcoin story, we are starting to see story become reality. what people are really seeing is that cryptocurrency is not going away. it's facebook, it is jamie all getting in the space in building infrastructure or providing

services. ti's going to drive mine share and drive adoption. what we are seeing is a countercyclical are the recent disappointment of uber and lyft in the ipo markets. people are looking for a different type of tech story. that's push the price and double digits. the combination of these three factors will really see us getting from where we are now 230,000. -- to 30,000. thistte: do you think remains a bitcoin story or do some of the other coins fall by the wayside as they start to look at bitcoin is a safe haven? >> bitcoin is the biggest brand, the elephant in the room. it's definitely had center of gravity that many other cryptocurrencies benefit from. it's going to pull up the rest of the market but in truth many of the different applications that backed the cryptocurrencies of their own right are developing on their own store in

developing utility. lt-coin thate a have their own large market caps like ether, coming up to its own all year highs. juliette: what other coins would you be looking at because we have these very bullish coin on bitcoin. what other ones are going to perform as well or nearly as well? >> forom a utility standpoint we are seeing etherian. the rate of adoption that the team is providing a decentralized global commission -- global -- is astounding. it is not going away. that is one of the largest coins in the world. the 24-year-old founder being on the stage at the recent microsoft conference really shows not just much -- not just how much traction there is a lebron but also with major institutions determining the future of technology. bullishethryiam is a

call. ripple has made great headway. those of the 3m keep an eye on. juliette: we're looking at the sec still waiting for this etf from bitcoin. what implications is that going to have for the space? >> commissioner pierce has said that it is the time for an etf but there are still questions which are outstanding and that is fair. to be honest, i am not waited with bated breath on an etf to be listed. if it does, great. we will get major traction enzyme increase from people like fidelity offering institutional custody and trading to e- trade to ameritrade. samsung is putting a cryptocurrency wallet. all of these factors will drive adoption regardless of the etf. rishaad: we have blockchain

but what is the point of cryptocurrency? a quantified value in different types of utilities which wasn't possible before. bitcoin quantifies the ability to store value and transfer value in ways that are not available to many people. think of people around the world cannot even get a bank account much less a visa card or access to capital markets. rishaad: how will they put bitcoin with 30,000. >> you can buy one 1000th rishaad: why not buy $10.00? >> at any level. rishaad: get some currency? >>. this is the countercyclical argument you only have access to certain things. bitcoin is a populist techno investment. rishaad: it is a proxy more or less. >> the single most important investment opportunity since the

in internet. rishaad: it seems like it has nothing behind it. i'd rather put my money in gold. >> think of the upside of gold. the 10 year term is greater than bitcoin. rishaad: how does it even all? we have so many ipo's? >> to be fair, meany of the ipo's were cryptocurrencies trying to raise money. people from silicon valley have great experience launching companies and building real traction. as a v.c. we're investing in experienced founders who actually didn't come in crypto. rishaad: some of talked about getting rid of the anonymity if they have registration in various jurisdictions which would actually do that, what would happened to it? >> bitcoin is not anonymous. if you are a drug dealer you would have been much better

served by dealing in dollars and bitcoin. bitcoin has been proving by the justice partners that they can and will track. first of all definitely not anonymous. there are many coins that are anonymous, like narros orw or z-cash. think point is this i that anonymity is one feature of an entire toolset available for cryptocurrency and blockchain technology. if you are looking at this as an asset manager it is no longer acceptable to have your head in the sand, thinking it was a ponzi scheme. that's why we miss the 100x. done a littlehave bit of research into how often people are searching for bitcoin saying it has been a bigger search than donald trump. what is your thinking behind it? >> it is about mindshare. one of the beauties of bitcoin is that it comes from the people. it is always been a community of technology. trumpn exceeding donald

maybe their-- hedging against the apocalypse. kenetic cofounder and managing partner with us in hong kong. rish, we have been seeing a little bit of upside coming through in the asian markets today. a third session of gains, pretty cautious trade is you expect with u.s. markets closed yesterday and the u.k. closeness well. offshorein the on and renminbi. the offshore down by .2%. rish? rishaad: yep. quickly looking at this, we will leave with this chart this morning. this is what we have at the moment. a situation where chinese shares have really been taking absolute beating. in -- which are listed in new york. u.s. and chinese shares, really suffering. these worsening trade sessions.

baidu all on the way down. not fallen as much since 2008. bloomberg daybreak: asia least is next. ♪ ♪

♪ yousef: this is test manus: mrs. "bloomberg daybreak: middle east." >> president trump says the u.s. is not ready to make a deal with china, repeats his threat to further increase tariffs. manus: stocks and bonds advance as populist challengers are mainly held off in elections. the pound falls as results further polarized the brexit debate and the u.k.. yousef: benjamin netanyahu promises to do everything he can to form a new government by wednesday's deadline, as parliament gives preliminary approval to dissolving itself of holding new elections. manus: for tao