haidi: i am haidi stroud-watts in sydney. shery: i am shery ahn. sophie: i am sophie kamaruddin. we are counting down to asia's major market open. ♪ haidi: the top stories we are covering, president trump hailed his trade to with china but critics say questions remain and key issues are yet to be resolved. markets lacking -- liking the deal with the asia pacific set to start with gains.

there could be a muted start. turkey battles the kurds in syria, washington ready to hit turkey with sanctions if it oversteps the line. shery: we are seeing u.s. futures higher at the moment after major indices on the u.s. markets closed higher by more than 1% on friday. there was a lot of trade optimism, but suffice it to say stocks pared back early gains late in the afternoon session. there was no real signed document between the u.s. and china. we saw the s&p 500 jumped the most in a month. we had semi-conductors index gaining the most in five weeks. the nasdaq closing at the twoest level in about weeks. we saw a lot of movement when it came to treasury markets. we saw yield gaining ground and the risk on move affecting other asset classes like the japanese

yen and gold. let's see how we are shaping up. off for then is long weekend. asian stocks closed. the first weekly -- we are setting up for a higher open in the region. the offshore yuan trading around 7.09. goldman's expecting a move to 7.20 in the next three months and cost -- unless there is a deal to roll back existing tariffs. it turned theism, spread between three months and 10 year treasury yields, positive for the first funds -- first time since july. this is the steepest move since may. this monday we are getting chinese september trade which comes ahead of third-quarter gdp friday. from singapore we will get gdp. growth will remain muted it is

expected. inflation from india which had its growth outlook cut by the world bank friday. but get to first word news. su: we start with the latest on the typhoon. japan drying out after the of deatheft a trail and destruction. 21 people were killed, 60 missing and 160 injured. ,he typhoon brought record rain causing landslides and mudflows with rivers bursting. there was some good news. the rugby team beat scotland to advance to the world cup quarterfinals. -- a policeofficer officer in a hospital after being hurt in the neck in hong kong after protests. unrest spread across the city

sunday with crowds blocking major roads, vandalizing shops and subway stations. this came despite protest groups trying to ease back. they are worried the violence is alienating people. the world bank is increasingly pessimistic about india, slashing its growth forecast among southeast asian nations. down 6%, compared with 7.5% forecast back in april. it is recovering to 7% in the next two years. the world bank said india's slowdown is severe. and the u.k. prime minister boris johnson has told his cabinet he still thinks the brexit deal is achievable. the e.u. says his latest plan is not good enough to be the basis for agreement. negotiations continue monday

with brussels warning time is running out and all sides must be prepared for the u.k. to crash out. leaders will meet again thursday. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. ♪ president trump is hailing the partial trade deal with china but critics say it leaves major issues unresolved. the president we did what he calls phase one of the agreement -- tweeted what he calls a phase one of the agreement, saying china has begun to start u.s. agricultural purchases. tom mackenzie have the latest. so many false starts in this trade war. nothing much has changed since i have been away. is it genuine progress? is pushing back

against the skepticism and dealcism that this partial as received. a big win for president trump, agricultural purchases from china which he says they will double over two years between billionion and 50 dollars u.s. whether anything has changed, the offer to buy u.s. agriculture was put on the table two years ago. nothing has nothing really changed, but the sentiment on the back of this partial deal, at least some in the markets. -- some in thef markets can breathe a sign of relief -- sigh of relief. those remain but they are not going to be raised on october 15. there is relief. in terms of what the u.s. got out of this, commitments around

the currency and intellectual property. we will have to see if details come out on those aspects before the deal is signed off. that is the hope that president xi and president trump sign off in november. there was no enforcement mechanism. listen to what president trump had to say about phase two. industrial policy and state subsidies are other areas left out of phase one but listen to what trump had to say. intellectual property, a lot of agreement but we will have it included in phase two, security companies and stuff we have to be careful with. we have to pay close attention but we are doing tremendous business with china and chinese businesses. we have tailed it off. we have purposely done that but it will build quickly again. trump sounding optimistic

but pointing out the national security issues around huawei, for example and blacklisting of companies,hinese those have not been addressed and remain shadowing, overshadowing this relationship. this is a deal done by handshake. it is not on paper. there is a long way to go. all of this uncertainty has had an impact on the chinese economy especially with trade. we get an update this morning. this underlines and underscores the chinese side getting to a point where they could have these terrorists frozen -- tariffs frozen. they have had them frozen for ofober 15 and the remains threat others can be put in place december 15. we look at export and import numbers out at some time between 10:00 and 11:00.

we expected exports out of china to drop 3%, so a sharper fall from august. in terms of imports those will drop 6%. pressure on china's trade continuing. tariffs on $360 billion worth of chinese goods. officials say policymakers are putting in measures to support the manufacturers and exporters, but pressure is expected to remain. we have yet to see any of these rolled back. we will get that detail and data out this morning and looking ahead to the third quarter gdp, the end of the week. you may see growth below 6%. tom mackenzie, thank you. u.s. ist trump said the ready to go with sanctions on

turkey in response to its military incursion into syria. he is working with members of congress on powerful new measures should turkish forces go off limits. let's go to washington. ros krasny joins us. we have not had much clarity on what off-limits would be for the president. we know at this point what the president is threatening and if this will go into effect? ros: i think it is fair to say we don't have clarity. we think back to the obama administration talking about red lines here, don't do this or that. it is unclear what will trigger the trump administration to take action, but president trump came ,ut in strong terms today repeating a thing he said last week, that he could take down turkey's economy by sanctions, with joint efforts by congress or other measures if he turns to

do so. we heard from the treasury heretary today, how he said has the authority to shut down u.s. dollar transactions with the turkish government at the drop of a hat should trump decree that be the case. there is plenty of pressure. it is unclear what the trigger would be and there is so much kind of very disturbing news out of syria. this is putting pressure on trump and his administration to do something. we have seen the president at odds with republicans. what sort of specific measures are we expecting? there might be five republican lawmakers who are solidly behind trump on this policy and maybe another five or a handful who are taking away --

wait and see approach. other than that you have love -- influential lawmakers like lindsey graham who want to push forward with legislation that would guarantee sanctions against turkey. that is something you will hear more about in the next few days. what are we expecting in terms of the impeachment inquiry? seems like we are focusing on where it leads to, rudy giuliani. ros: very interesting. he is supposedly under for relation to the campaign finance violations of his associates. that has put him on the radar of the u.s. attorney in new york. that is a big thing. going into the weekend it seemed like president trump was maybe ready to sever ties with giuliani. there was a question if he is still the lawyer. trump gave a wishy-washy answer

but he came out strongly saturday in favor of giuliani, talked about what a great law man he is, and how he is being attacked or the deep state. seems like they are still together. there have been reports rudy giuliani and president trump had lunch on saturday at trumps golf club. other things looking ahead this week, the u.s. ambassador to the e.u. gordon sondland is supposed to testify to a house panel behind closed doors thursday. it seemed like according to reporting that he is walking back the idea there was never any quid pro quo surrounding president trump and ukraine. we will not hear directly from the ambassador but certainly we will be watching to see if anything leaks from that. he would be the second trump administration official or state

department official to defy a ban the white house has put on department officials testifying. it seems like there is a lot of momentum going into these committee hearings. congress is back this week. you may hear sort of more on a lot of fronts. haidi: it could be a critical week. thank you. deputy managing editor ros krasny looking ahead to the weeks to come into the sea - in d.c. the debate turns to how close the world is to its first recession is -- its first recession since 2009. shery: sterling could strengthen. this is bloomberg. ♪

i am haidi stroud-watts

in sydney. shery: i am shery ahn in new york. this week on wall street kicks off a parade of earnings led by big banks and financial while tariffs will be in focus. su keenan is looking at what is to come. it looks like president trump's many deal will be invoked folk -- little deal will be in focus. su: we saw a relief rally on friday but there are questions. many are saying what -- was it worth it? does it resolve the issues? some say there are questions ahead as we hammer out the rest of the beyond phase one, as the president is calling it. financials with the strongest area of the s&p friday. you can continue that as earnings from banks and financials are front and center. look at the companies that are reporting. they include j.p. morgan chase, citigroup, goldman, all had strong performances. netflix will be reporting.

other stocks, apple reclaimed its title with the largest title with the largest market cap as it closed friday. it took microsoft, put it back in second place. notice pg&e restored power to 99%, the stock had recovery efforts which plunged the day before. the boeing ceo, lost his chairmanship. the board had been considering this for months as pressure builds. also the subject of a big merger which we will see a focus on monday. haidi: we are likely to see commodities impacted by the headlines, positive and negative on the trade front. how did we see oil and gold? su: gold was lower and look at oil. we have the big talks from the mid east tinker tax, big picture, many say we are seeing the hedge funds bearish positions, double in the past

several weeks, which were up 47%. gold while he was down friday different story. in, which areling in at record levels. gold etf holdings at all-time highs. strategists don't see the interest in gold saturated. haidi: su keenan. we are looking at asian stocks going to set -- start the week with gains on the progress of trade negotiations. the positive move could be kept amid simmering skepticism. a keyay sentiment will be short-term driver. having aeing markets muted reaction because we have had optimism that has not translated to substantive results before and it is a long road? >> absolutely. reporting sentiment

and trade talk weariness around the headlines that have come out. we are likely to see restraint reaction. the pricing of futures friday night after the announcement was ofe, indicate opening gains half to 1% only. this represents a big turnaround in the outlook. we are concerned there could be further deterioration in the trade disputes. instead friday night we have seen a big turnaround, 180 degrees. it is a positive, but the keys -- with like intellectual property, currency management and tariffs still unresolved, it is unlikely we will see investors getting carried away today. , isi: the key seems to be it too little too late even if we get a resolution on the trade front, the local economy is still heading for a recession?

how much of it is doom and gloom regardless of china and the u.s.? michael: we are concerned about the outlook of growth. there is no two ways about it. there is slowing, but with 3%,al growth around 2.5 to we are not near recession. 2020.a danger for the u.s. earnings will be a good decision. the top-down shows the potential for recession. bottom-up analysis sector by sector, it is indicating earnings growth. that is an issue for investors. what we see over the reporting in the u.s. will bring us resolution of the issue, because the reality is we can't have recession and solid earnings growth. projections for 2020 companies put on the table will be one of the key factors for the reporting season. -- notmasur parting

surprising we got this may deals. against declines options among the most popular levels against protection on gains. when you have this context, how much do you rely on expectations you will still get supported by central banks easing? keyael: that is the crosscurrents, the concerns about a slowing global economy balanced by the accommodation and consideration of further measures. it is one of the reasons why it is a difficult market for traders and investors. the key to the markets is sentiment. when we see sentiment at exchanges, we saw it a week ago, forecasting the session or at the other end forecasting a big bounce back in the global economy, there are the times to act and going against -- against the current sentiment. onry: how much can you rely traditional indicators like

valuation and so forth? they have been blown out of the water the last few months. they have become unreliable for investors. a lot of stocks are in value territory, not responding to that valuation. at the other end the fundamental doesn't seem to be a driver in asia-pacific markets we have got the lowest pays and highest dividend yield but they have underperformed global counterparts. the measures are not working for investors at the moment. respiteo you see our for the currencies like the aussie? where does the u.s. dollar go here? michael: it is likely to be a key factor, the weakening of the u.s. dollar. it represents a big turnaround. we here? have seen the dollar index strengthening. pull back from their.

it could be very important for asia-pacific markets. if we are looking at a weakening u.s. dollar over the last quarter of the year we see support factor, tailwind for asia-pacific markets. and it could be a quarter of outperformance particularly for markets like korea, hong kong and australia and new zealand. mccarthy, thank you for joining us. plenty more to come. this is bloomberg. ♪

haidi: i am haidi stroud-watts. shery: i am shery ahn. let's get a quick check of the business flash headlines. malaysia is widening the hunt for the missing money for 1mdb, turning to hundreds of people who received relatively small amounts of cash. the anticorruption commission is launching the third phase of the recovery drive, targeting recipients who pocketed $120,000

or less. they said it will not pursue charges against anyone who willingly returners -- returns money. haidi: northern california bracing for another shutdown after pg&e says it can't afford other options. with several weeks left in the traditional fire season, they will cut power to stop equipment from starting fires. last september a damaged line sparked the deadliest fire in california history. shery: a chinese sportswear company is on a tear and in stock market returns it is the hottest brand in the world at the moment. the stock tripled in hong kong this year, making it the top performer on the msci asia pacific index and the best among clothing firms globally. morgan stanley listed its dust lifted its rating to overweight and raised the share price target by 33%. protests next, violent

eight raging on, xi jinping said any attempt to split the nation will be crushed. this is bloomberg. ♪ from the couldn't be prouders

to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today.

haidi: the market open is 30 minutes away. we are looking at a positive outlook with the markets open in asia, futures looking up a half percent when the session gets underway. a bit of a holiday truncated session with japan off for a public holiday. trade optimism continues to abound in the markets. i am haidi stroud-watts. you are watching daybreak australia. let's get to su keenan. we start with divisions widening at the ecb with the austrian central bank governor telling local media several council members are against resumedaghi's plan of

bond buying. they say there is a feeling to inject more liquidity, which could be counterproductive. draghi first floated this at a conference in portugal despite not discussing it with council members. is warningesident the u.s. is ready to go with sanctions on turkey over its military incursion into syria. he is working to finalize measures should turkey's forces go, what he calls, off-limits. . the u.s. has poor and thursday -- stephen mnuchin said the u.s. has full authority to destroy the turkish authority -- turkish economy. saudi arabia said no involvement in last week's attack on iranian oil tanker in the red sea. kingdom, but the it later pulled back from the accusation. the incident is the latest in a

series of attacks on oil infrastructure and what -- and missile strikes which riyadh blamed on tehran. joe biden's is leaving the board of a chinese backed right equity company and will terminate all foreign work if his father wins next year's election. he has faced unsubstantiated allegations from president trump and now wants to avoid any conflict of interest. trump has claimed without evidence that biden made evident -- millions off of china while his father was vice president. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. keenan. this is bloomberg. ♪ shery: we are going to the open in australia and a half hour. let's turn to sophie for what to watch. sophie: aussie yields are extending gains for a third session with the 10-year yield

up six basis points. the yen is on the back foot after the worst week since july 2018. the sing dollar staying strong. not seeing easing from the singaporean central-bank. the dollar almost unchanged on the nominal effective racist but most economists think it could be reduced. thebank says it could sing -- send the sing dollar close to 140 against the greenback. the british pound under pressure onthe e.u. requires progress negotiations. the crucial week with a summit starting thursday. the turkish lira off .2%, declining as much as 4%, reaching 590. let's get more on what we should be watching with trading underway. adam haigh is here.

is there enough in this trade truths we will see sovereign bond recovery? adam: we saw a lot of that last week going into the meeting. there was a backup in yields which followed through in the friday session. it started to taper off. you had a reversal of the inversion in the treasury's market which is a signaling indicator of how markets are starting to price this truce. it is a piece of good news. the aussie bond market which has been open for a few minutes and basically what we are seeing is a sense that we have priced a lot of that good news into the meeting. without anything substantial, using yields are reasonably well capped without further information we are receiving on the trade front. from an equity's perspective we moved from global macro themes into more of the micro level with the earnings season ramping up in the u.s. we will hear from the big banks,

j.p. morgan, morgan stanley and also consumer bellwethers, coca-cola and others. seeing if weakness is filtering through to the consumer. that is where we start off, positivity from the trade lines, but you get a feeling sovereign yields are capped. shery: we are getting yuan volatility coming off given the trade progress we have seen. one that's where we expecting it to go? adam: the move has been relatively muted. the friday session where we had a pickup it was only three or 4/10 of 1%. we did get pretty high on the volatility signals in the chinese currency market which came off a little bit friday that remains relatively elevated. heard goldman sachs,

limit -- we have got latest details from the tree truce and of course we did this we go into a situation where we have to wait for the economic numbers out of china first on the trade side early in the weekend and into the back end of the week we get industrial production retail sales and gdp number. that will give the market the latest flavor for how the slowdown in the economy is being managed. the base case is, and options pricing suggests there is an inbuilt short position and people expecting a gradual weakening of the chinese currency. haigh joining us there. you can find this on the gtv library on the bloomberg. the u.s. and china have done enough to keep hopes alive for a comprehensive trade deal but it remains to be seen how much damage this spat has already

done to the global economy. done to the global economy. kathleen hays is here. we have the imf world bank meeting starting this week. this will be a key focus. kathleen: it will lead off a lot of interviews with everyone at the annual meeting for the international monetary fund. it is a dark cloud because damage has been done. , he alreadychief told us last week the imf is cutting its economic outlook for the world again. it will be the fourth time since october. she told bloomberg she is concerned about the trade war damage turning into something more dangerous. looking at manufacturing, exports, jumping into the library, this chart shows four major nations and what has happened to their numbers on the purchasing managers index. all of them below 50 so everyone

is in contraction. 48.9.is japan at the eurozone down to 48.7. the u.s. under 48. these are ominous signals about what the trade war has already done. people are not just talking about the trade war. they are talking about brexit. people are seeing progress but if you look at if we are going for a recession, these two are at the top of the list. ing had a report. this trade deal will not make businesses more confident or all the -- all of a sudden determine investment has not been made. they said more is needed before a trade war stops tormenting business. it is another aspect of this. even if we had a complete deal, it would take a while to heal. haidi: we might see policy

repercussions because they are getting trade numbers out of china today, easing from -- singapore has held off for so long from doing any of this. is the trade war the main driver? kathleen: singapore and china are major exporting nations. hurt by the been trade war. as for trade, china is the one we are waiting for a couple of hours from now. hurt by the trade war. we are expecting another decline in exports. this is the bloomberg library --re last month was down expected to percent in september, imports down 5.6. they are supposed to -- gdp is expected to slow to 6.1% in china in the third quarter on an annual basis. it is the worst since before the great recession. seeing,ngapore they are

easing the policy stance and do it through the currency band. they are getting ready to move. jump into the terminal. i have another chart. there we go. great. a gdpore is looking at number. thank you, control room. the lion is sleeping, has been for a while. there is one negative quarter of gdp growth, another which starts look like a recession. finally singapore has to move as well. lots of key economic reports. i will not list them all but another central bank, the bank of korea will cut back to a record low 1.25%. unemployment has suffered. with the federal reserve, nate -- 10 fed speakers. the dallas fed president said he

supported the cusp but someone asked what about the impact, he is ready to sit back and assess. that is another theme as we wait to see what all of these people say and we hear more and more from all the sites about what the deal means and what it will -- what will or will not happen next. hays there.een the chinese president has warned anyone attempting to split china will be crushed. he was speaking on a visit to nepal. selina wang joins us. how do these comments and a rising sense of nationalism in china really play into what we are seeing with trade talks with washington? response to the trade talks we have seen a lukewarm response from officials and state media which were caught -- declined -- you have the official statement

saying the sides have made progress, working towards a final agreement. they did not mention the fact china agreed to buy $50 million of agricultural products which were hailed by a big win by the trump administration. then she brought saying the ration -- rational talks reached -- gives sense given the fact china has not -- besides the waiving of a small increase this week. it is a far cry from the complete removal of future tariffs china had had on the negotiating table. it is being hailed as a trust building step and not much more. you have rising nationalism in china which makes it much harder for china to be making compromises. the public is willing to see a tough policy when it comes to trade talks with the u.s. shery: we have seen businesses,

and the crossfire of these tensions. we have been reporting for a week about the controversy over hong kong with the nba. tencent had a close relationship with them. we know what all-out they are getting? fallout they are getting? selina: tencent had been building a large portion to gear towards becoming go to destination for nba games. last year they had half a billion watchers tune into their stream and they had inked a $1.5 billion deal to stream nba games online. at stake is not only the viewers of the stream but also advertising revenue and subscription revenue. they had been building a memorable really a -- a memorabilia business, entertainment. it is now being thrown into question given tencent has agreed to halt streams of the

nba following the decision of the state broadcasters to hold broadcasts. in addition to the direct business,r tencent's they are facing headaches with other businesses that had stakes in the subsidiary's. blizzard games, which had huge backlash when it decided to ban a gamer for endorsing the hong kong protest. now blizzard is facing boycotts from many government -- many gamers that saw that move as kowtowing. and then epic games, another that tencent has a stake in, the ceo disagreeing from blizzard, so they are facing black -- facing backlash from chinese gamers. headaches on a number of fronts from tencent. shery: thank you so much. don't forget if you are away from a screen you can find in-depth analysis and the days big news makers on bloomberg

radio broadcasting live from our brand-new studio in hong kong. you can listen by the app, bloomberg radio plus or bloomberg.com. this is bloomberg. ♪ this is bloomberg. ♪

haidi: i am haidi stroud-watts in sydney. shery: i am shery ahn. president trump is striking an optimistic tone after his partial trade deal. he tweeted china is already buying u.s. farm products and this phase one deal can be finalized and signed soon. the deal has made skepticism from investors and economists. let's look at the records and ask what phase two could look like with andrew bishop from signum global advisors. great to have you with us. we keep talking about a deal and accord, but can we say it is

such a thing because it seems a chinese statement from beijing, they don't refer to a deal at all? they call it progress. what will these divergent expectations do for the upcoming negotiations? the fact that the phase one deal is in a way underwhelming is not negative. it allows both parties to have more concessions and stock in two opensbox as phase up. it increases the odds they will be able to reach some sort of agreement. phasein skeptical that two agreement will be reached but it has to do with china's position and its leverage. the other thing on phase one, the right way to look at this, confidence building measures1 rather than a deal. -- measures rather than a deal.

i think the u.s. was hyping the deal more for domestic purposes but probably realized it is the beginning. shery: what does it mean for the december tariffs in place for u.s. threats? i am optimistic they will be suspended or delayed. the main reason being the two parties don't have to reach a phase two deal for that to happen there you just need constructive conversation going on. if it is true phase two will only start after the summit -- mid-to-late november, it will leave very little time for those negotiations beginning of the december tariffs happening which would paradoxically make it harder for the talks to break down. there will be enough momentum even if you do not reach a deal for those december tariffs to be postponed.

haidi: if you look at the amount ,f leverage the two sides have is there one that is in a more favorable position? is trump desperate for a win given the election campaign ramping up? andrew: yes, our view has always been that china holds the upper hand in this negotiation. the main reason being sure, china suffers more than the u.s. economically but for xi jinping it is a sort of sharp drop in know it is stable. for president trump the situation gets it dire economically and politically -- situation gets dire economically and politically. the more baseline and stable situation -- has the upper hand. we know they are working to maintain stability with everything going on in hong kong. let's look at the economic

suffering we are seeing, which has been inflicted on the chinese economy through the last 18 months. import and export growth have been decelerating. we are getting more trade data. this, what risks do you see existential he within the chinese economy, even if a trade war scenario were to play out positively? andrew: i agree the chinese economy is softening and suffering in many regards. to your point the trade war angle of this has been overblown. we are looking at a typical sort of cyclical downturn but also middle income traffic situation. the chinese decision-makers have not been caught offguard by the situation. someact they have withheld

of the greatest firepower in terms of fiscal policy really shows in their mind they are in control of the situation. they can sort of still decide when to meet out the additional fiscal levers. i agree the situation is worsening but i don't think they are in a desperate situation. shery: let's turn to another policy front, turkey. lindsey graham saying president trump agrees with the need for crippling turkey sanctions. lindsey graham has been vocally opposed to president trump's actions on turkey despite the fact he is a key ally. he is saying trump will work with congress on these sanctions. what can we expect with the measures from the white house against turkey given the incursion into syria? andrew: the first round will be human rights focus. what you see with measures frome white house against these sanctions out of the treasury department is they are targeted individuals,fic

military leaders or people involved in the defense industry which are relevant to the operation in syria. you can see turkish government entities being affected but i don't expect banks, sovereign debt or any other financially relevant institutions will be affected. i am on the bullish side. i would say eventually we expect president trump will have to pull the trigger on the [indiscernible] that are a little bit more serious but those can be weathered. haidi: thank you for your time. andrew bishop, head of both the research and signum global advisors. you can watch us live and see our press interviews on the interactive tv function at tv . you can dive into any of the securities and functions we talk about. join in on conversations, send us questions during the shows.

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shery: i am shery ahn in new york. haidi: i am haidi stroud-watts in sydney. but get you a quick check of business flash headlines. australia's competition watchdog will investigate rises charged for residential mortgages. they say the agency consider how banks make pricing decisions including passing on movement from the rba's official cash rate. they have criticize australian banks for passing on rate cuts. -- failing to pass on the rate cuts. shery: the boeing ceo is increasingly seen as a fall guy in the long-running 737 max 8 drama. he was removed as chairman of the board on friday, saying this would let him focus totally on bringing the plane back to

service. boeing's reputation has been battered since two crashes killed 346 people and prompted the jet's glut -- global grounding. haidi: volkswagen denying reports that it is considering the sale of lamborghini. last week bloomberg said volkswagen is focusing on the three marquees. the ipo for lamborghini could be a possibility. vw says it is not on the agenda and any speculation is unfounded. ahead plenty more still in the next hour. the president and ceo of american apparel and footwear association joins us to discuss the impact the trade war has had. and our exclusive interview with the malaysian finance minister talking about his country's plan to bring in new investment. this is bloomberg. ♪ ♪ everyone uses their phone differently.

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haidi: i'm haidi stroud-watts in sydney. we all shery: i'm shery ahn in opening. new york. sophie: i'm sophie kamaruddin in hong kong. welcome to "daybreak: asia." stories, president trump hailing the trade deal with china but questions remain. key issues yet to be resolved. dokets lacking to