shery: -- paul: australia's markets of just opened for trade. shery: we are under an hour away from the open in japan and south korea. welcome to daybreak asia. our top stories this hour. asia-pacific stocks look set to rise as almost -- as wall street sets and other high. modest but continuing growth. amazon and ebay are accused of offering unsafe products.

critics say some cosmetics have dangerous levels of mercury. china prepares for its biggest ipo since 2015. it may not be plain sailing as investors lose their taste for mainland stock. paul: let's check how we are treating right now. australia's asx has just come online. we are looking flat at the moment. we have the staggered open. we will see how things unfold. new zealand has been treating for a couple of hours. currently higher by four tens of 1%. no change for the nikkei futures. s&p futures becoming as well. we have had some encouraging news today regarding the usmca. beingas if that bill is pushed through as the thanksgiving holiday approaches in the u.s. out of have the poll

britain that shows boris johnson's conservative party on trunk to secure a majority in december's election. let's get the first word news. su: we are going to star in the u.k.. sterling strengthened as the u.k. poll suggested the conservative party may when a comfortable majority. the survey of 50,000 voters sees the tories winning 359 seats. a top aide to boris johnson is warning of a hung parliament. he says there is a real chance of no overall victory and that things are much tighter than they appear. triggers in precious metals are betting that gold could triple over the next 18 months and hit $4000 an ounce. the options market in new york so huge trades in the last session. an option giving the

holder a right to buy gold at for those of voters in june june -- it is still below the all-time high. to vietnam, where they are set to buy up to buy up to 200,000 -- to keep the food markets. the government has pledged to support companies to purchase whatever the company needs with many local delicacies relying on the pork supply. the outbreak of african swine fever has seen fresh pig prices increased by almost a third compared to last year due to a local supply shortage. thailand is lowering its factory outlook for 2019 is the trade war takes an increasing toll. manufacturing output is expected to follow 3.8% year-over-year. that is compared to an original projection of flat growth.

factory production is seen expanding 2.3%. refineriesn of two stopping the manufacturing. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. ♪ shery: the much move by president trump -- he has now signed the hong kong human rights democracy act. this was passed almost unanimously by congress. he has released a statement saying he has signed this into law. this reaffirms and amends the united states-hong kong policy act of 1992, specifying u.s. policy towards hong kong underwriting the assessment of the political developments in the city. he is saying certain provisions of the act would interfere with the exercise of the president's constitutional authority. would really review the

annual certification of the hong kong special trading status. this coming at a time in the china-u.s. trade negotiations are ongoing. you can see the market reaction, swift. paul: that is right. s&p futures are easing off. the one to watch, the u.s. dollar, back above the 702 handle against the offshore yuan . we saw the aussie 10 year yield easing off the back of that news. the u.s.t's bring in congress reporter, and entered. -- anna edgerton. was this inevitable for this stage, given how unanimously it was passed in congress? >> that was certainly part of the president's consideration.

it is hard to look at the margin by which these bills pass in congress. the president knew if he vetoed this, there is enough support to override his veto. rather than facing the embarrassing political situation, he signed the bill. shery: does this have any immediate impact given that there still needs to be a review of hong kong special status, right? >> that is right. it is an immediate symbolic symbol of the united states' support for hong kong. in terms of whether or not it will affect the special status, it is up to the state department to send the recommendation to congress. paul: we heard from kellyanne conway earlier this week saying the hong kong bill is not related to the trade talks. do you think china is likely to see it that way? >> she is right is that -- in

that it is not directly related, but it will be factored into the ambience in which the two sides are negotiating. while this might not actually scuttle the deal, it could harden the negotiating position as the two sides head into the final stage of the negotiation for the trade deal. what does this mean when it comes to this bill and how it could be perceived by china as a confrontation amid the ongoing trade negotiations? >> chinese officials have made no secret they are not pleased with this proposal. strongrned of countermeasures and say it is a violation of international law and of china's sovereignty. it remains to be seen how they will respond in any concrete way.

the relationship between the two countries is not a very good point. we have a lot of members of congress from both parties using china as an easy thing to criticize about risking -- criticize without risking much political support in the united states. who seems to be a difficult position between the two countries. seeing into next year, we people seeking the democratic nomination for 2020, nobody is speaking up in support of china. china has very few friends in u.s. politics. expect that to be the case for the near to medium term future. shery: our congress reporter. thank you. we have some lines coming out from president trump saying he signed the bill out of reach -- out of respect for china's xi jinping as well as the hong kong people saying the bills and acted in hopes that china and hong kong will settle their differences.

in coming out of a new statement from the president, saying he signed the bill out of respect for the chinese president, xi jinping, as well as the hong kong people. gold now spiking to tens of 1%. recouping the losses we saw the previous session. coming up next, the white house is making a preholiday push to wrap up talks. meeting in washington right now. paul: still to come, japan's retail sales likely plunged in october. this following the nation sales tax hike. this is bloomberg. ♪

shery: we have breaking news on the bloomberg. we know the usmca negotiations continue in washington. we just heard from the canadians, the deputy prime minister saying she had a good

discussion. she is in washington to get the usmca trade negotiation across the finish line. we have not seen any concrete evidence that the usmca has been agreed on. negotiations continue. we have seen more optimism across the board. saw u.s. stocks continuing their run in the regular session, hitting another new high despite the low volume. fallingve u.s. futures a quarter percent after we heard the president has signed the hong kong right, backing the protesters in hong kong. joining us is andy catherine pugh it is great to have you here. this quiet day, despite low-volume thanksgiving week. how are the markets -- how will

the markets perceive this given we are not getting any story on the usmca. it seems we have more hurdles for the u.s.-china trade deal. >> pick about what is happening over the past few weeks. we have seen a really big rally in risk assets in response to two things. the first one is likely to be sustained. the risk of a recession has gotten derated. it looks like the fed engineered is off. all these things are good news. the bad news is, the trade war is still on. it is still on for a couple of reasons. the biggest reason is that 2020 is going to be a big political year in the u.s.. it is going to be the put it -- the presidential election in the cycle. there is just one thing everybody agrees on, and it is that trade is important and china is exceedingly unpopular on both sides of the political

aisle. you see how easily the hong kong bill went through congress. this is more posturing than substance. the substance is going to be trade. part four -- apart from a dodful of wins on trade, i not see a lot of progress on trade with china with the exception of usmca. the deal has already been agreed to in principle. we just have to think it. shery: what is this due to the u.s. market performance? this chart on the bloomberg showing this has been the long-term trend between the s&p 500 against the rest of the world. where we headed in 2020? will this continue? >> why has the s&p 500 up performed all of the assets for so long? part of that is driven by better fundamental growth. part of it is driven by better valuations, meaning higher valuations. let's talk about the fundamental

front first. . what has enabled u.s. companies to enable better growth is partially legislation. we have had a tax cut to previously near world highs. that is not going to happen again. if anything, politics may drive those -- shery: well, who knows. we are heading to 2020. >> i do not want to make political predictions to early into the cycle. was the first to market with a number of companies that are really important to the modern economy. google is the killer app search engine. facebook is the killer app of social networking. amazon is the killer app in the western world of online shopping. all of these companies exercise their privilege as a monopolist to earn excess profits. you can see in their profit

margins. . you can see it in how they can perform. that is starting to get challenged. we have seen a new regulatory watchdog in europe become rambunctious about how they want to approach this. we have seen more legislative hearings which may lead to more legislative action. this means the u.s. will not be an outlier anymore. if anything, we might stand out as an outlier for lack of that growth. paul: two-year point on valuations of u.s.., i will raise you this chart. they are getting expensive. a number of analysts see a correction as being almost inevitable. you think it is time to take some profits? >> it is something i see. here is the biggest way i see it. what has supported the valuations is the fact we have achieved much higher earnings growth among the major corporations relative to the

rest of the world. if that is not going to be sustained, the delta of valuations is not going to be sustained either. it could also translate the currency values. gone from has undervalued to overvalued relative to just about every major trading partner we have had. all this can flip. all of those turn in a single year and contribute to substantial performance. earliere of the themes this year was all about the yield curve in version. it is pretty uncool to talk about that now. was that a predictor of a recession a little bit early? is there still potentially one around the corner? >> i am not going to take any bets of a recession off the table. it has become materially less likely. you can see in the way the yield curve has behaved. barely dipped into negative

territory. you can see it in other economic data. we will see it more next month when we review the pmi's and see if they have returned to something closer to an expansionary level. we will see it again in the employment levels. paul: director of research, andy of -- andy catherine pugh thank you for joining us. the white house is making a push to wrap up trade talks for a north american trade deal. this is as the administration and house democrats managed to narrow the differences on the deal this week. it's get over to washington and our congressional reporter, eric watson, on the phone. what were the issues and how have they been resolved? >> am standing out here outside of the u.s. trade representative's office. upeeting has just wrapped between robert lighthizer and his canadian counterpart and the

mexican negotiator. that included an agreement -- not included an agreement this time. they are going to me as soon as friday to wrap up the final issues. democrats in the house of representatives are pushing for changes in the enforcement of labor rights. this needs a mexican and canada sign off. it is going to require changes to the base of the agreement. there is a multipronged effort to get this on track and get voted on in the house by the end of the year. shery: what exactly are the issues at play in the moment? we heard from nancy pelosi this would help america's workers. the original- nafta was not really enforceable. anre were supposed to be arbitration mechanism put in place. the accused party of the three could just block formation of the panels. it looks like that is going to be resolved.

further than that, the u.s. labor unions want labor rights to be enforced by blocking products made in factories not obeying labor laws to be blocked at the border. that is something mexico says it cannot accept. u.s. pushing back against inspectors being stationed in mexican factories. the mexicans may be pushing to get that removed from any tentative changes that is being talked about. shery: even if we do get a deal, what with the congressional timeline look like? we do not have much left to the end of the year. >> it can be voted on next week, but it could be voted on as soon as the week after. are likely towards the end of december. congress is likely to leave -- congress is set to leave december 20. the senate could take it up in january. complicating this is the impeachment process. the senate will be borrowed down by an impeachment trial for two

to six weeks. that could complicate passage of the usmca. paul: thanks very much for watching that story for us. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers can go to daybreak go on their terminals. you can customize your settings so you are only getting news on the industries and assets that you care about. this is bloomberg. ♪

>> what kind of a leader are you? >> i do what i say and i say what i do. shery: this is daybreak asia. i'm shery ahn in new york. paul: i'm paul allen in sydney. amazon and ebay are entering the holiday shopping season fending off reports of quality control issues. critics say beauty products with high mercury levels are being sold on their websites. i have to ask, what is work you

read doing in these products -- what is mercury doing in these products? >> they do get into the products, and they are not really policed very well. that is the whole point of this report from the sierra club and other activist groups, to be mindful, especially if you're are using a skin lightning product. that could be contaminated with mercury. mean amazon has the responsibility to police this? >> that is what the groups are saying. to -- for amazon to just let any kind of dangerous product flow onto its site. it says it tries to identify things that are suspect or potentially risky. what reports like this showcase for consumers is stuff always manages to slip through the cracks. . they purchase more than 150

in 12ts from amazon, ebay countries and found 60% of them contained dangerous levels of mercury. it is hard to dismiss it as some freak anomaly. we've also got news that amazon is on a bit of a hiring spree ahead of the holiday season. what is happening there? >> they announced they are hiring 200,000 seasonal workers in the u.s. this is about twice as many as they hired a year ago. that signals they are expecting a stronger shopping season. everyone wonders when they're there -- when they are going to -- a saturation point. shery: thank you. our check reporter joining us from seattle. -- arotech reporter joining us from see -- our tech reporter trying us from seattle. outlook andous

expected. trade tensions and difficult conditions keep customers from replacing large demand for equipment. trade concerns have farmers worrying about who will buy their product. construction equipment purchases are also set to decline. paul: reports from hong kong say alibaba is on the fast track to the city's main trading index. the index has more than 400 members and covers 90% of the capitalization of the exchange. alibaba made its debut in the city on tuesday with the stock rising strongly. shareholders who bought into westpac before it was accused of money laundering can ask for their money back. retail investors have until the end of next week to change their mind. earlier this month, the bank

sold the equivalent of $1.3 billion of stock. let's get a quick check of what is happening on the markets right now. australia has been trading for 26 minutes. a good chance for all those stocks to come online. currently higher by a quarter of 1%. we have had the news from the united states that president trump has signed into law the amendments to the hong kong policy act. that may cloud the picture on the u.s.-china trade talks. some of theing back earlier gains. now higher by a quarter of 1%. new zealand, stronger i 1%. futures for the nikkei traded out of chicago are a little weaker. let's see what we have coming up next. we are going to hear why the european union plans to push for a digital tax.

we are going to have our interview with the competition commissioner. that is coming up next. this is bloomberg. ♪

paul: this is daybreak asia. i'm paul allen in sydney. shery: i'm shery ahn in new york. coastal savings bank of china is set to ipo on the mainland on thursday and i what is expected to be the nation's biggest listing since 2015. it may not be plain sailing with investors losing interest in mainland stock. a challenging time to be going public in china. >> absolutely a challenging time. just for the context, this would be the largest ipo in theory in 20.a since

15 globally, it would be the fourth-largest after the likes of uber, alibaba, and budweiser as well. enthusiasmlack of from investors. the trade talks have -- in terms of the turnover you have seen in mainland markets, it has fallen more than 70% since the ides of march. in terms of accounts, those have dropped off as well. in terms of the ipo's, if you look at the 36 ipo's since the end of october, seven of those have fallen below their ipo price. it is a difficult environment in which to list. there is this lack of enthusiasm. we are going to have to watch to see how it does. given the lack of enthusiasm, why would investors buy into the ipo? >> this is still a bank that has

a huge footprint in mainland china. they have about 40,000 branches across the country. they also have about 550 million retail users as well, retail customers. footprint significant they have in mainland china. if you look at the stock price and a hong kong, it is up about 25%. there are some compelling reasons to get into this stock. the flipside is the macro environment. it is very difficult without economic slowdown. you are seeing great cuts from -- seeing rate cut from the pboc. that has been a big question for the banking sector. you have the officials here, the central bank pressuring these banks to do their bit to lift up the economic growth by ensuring loans are getting to private companies. that potentially increases

their. exposure to risky debt all of those question marks -- their exposure to risky debt. it could be set for a lukewarm reception when it does list. paul: china correspondent tom mackenzie in beijing. let's check in the first word news with su keenan. su: we check -- we start with a signing by president trump should trump has signed legislation passed by congress that backs supporters in hong kong. the report requires an annual review of whether the city is officially autonomous from beijing. beijing had threatened to impose unspecified retaliation if the bill became law. the latest fed survey of the u.s. economy shows modest growth through mid-november with steady consumer spending and bright spots in manufacturing. tone then more upbeat

october. it affirms the fed's outlook from modern expansion. more regions reported growth this month than last. lake management is buying just over 10% of english premier league champion -- premier league champions manchester city. the deal puts city football group among the highest professional sports organizations. manchester knighted would jump more than 10% in new york trading. sterling strengthened as a poll suggested the conservative party may win a comfortable majority in next month's u.k. election. the survey of 55 -- 50,000 voters see the tories winning 359 seats. a top aide to boris johnson is warning there may be a hung parliament. dominic cummings says there is a real chance there is no overall

victory and things are much tighter than they seem. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. l on then the pole on uso it -- on the u.k. elections, the results affected the british pound. up against all g10 peers when it comes to the sterling against the euro and against the japanese yen. also a pound at a six-month high. we can see that swift reaction in the currency markets on the news that the conservatives are expected to win a majority in the december election. the european union still plans to pursue a digital tax even if a push of the oh acd fails. the competition commissioner spoke to bloomberg about the

need for the law to be much more assertive on the tech stage. to promote what we have going for ourselves already. in the business to business environment, you find a lot of impressive tech. you find an impressive start up environment. the willingness to balance or the pot -- balance all the possibilities and the downsides. >> we do here many times from u.s. companies that the reason you are foot -- you are so focused on taxation is because we have not seen any innovation in europe. is that fair? >> that is absolutely not fair. offer all ofis to the businesses -- that every company should contribute where they do extra in business. that is the bottom line in europe. >> is that something you still think by the end of 2020 there is no international agreement that it would be fair for the

e.u. to go it alone? >> of course that way. a are strong believers in global agreement. i am happy to see the progress made by the oecd. there is a positive setback on their first draft. that would be the better solution. if that cannot be met? -- cap he met, we look at all of the -- >> based on what you hear now from the oecd, this time, there is momentum. we have not actually seen progress being made. >> normally, i would not be optimistic it comes to taxation. i think now, there is momentum. there is a deeper understanding we have to update corporate taxation to digital times. also the global dialogue is changing. thee also heard today from president that data is key. data is power, but it can also

be weaponized. what measures to partake consumer data in europe and how are you going to deal with that? >> we are going to make a comprehensive strategy. for ai, data is the main input. it is so much more than a commodity. it is what defines us as people. we have taken a number of steps with digital citizens rights in the gdpr. we have a lot of public data that has been made available. we need a company in such energy for data to be the driving force. you -- ifosperous possible -- a prosperous european economy. >> what timeline are you looking at? it ties in very well with what we are planning to do on artificial intelligence. the two things will have to come together. for people to see the full scope of what data can do, we have to make a specific strategy when it

comes to data. >> and mergers and acquisitions, that was a big theme for the old commission. you said you disagreed with a few of them. we were going to see a rule to -- a change in the role? >> it is quite easy already. we have giants that come from mergers. we see noust -- competition concerns. we do not question the business logic. it is so where this happens -- so rare this happens. they are not the prime example. what we want to do more is that when it comes to data, that you cannot just acquire access to data that you would otherwise not be able to have if that is a problem for competition. shery: the e.u. competition commissioner. coming up next, depends october

retail sales numbers due in just a minute. we will assess the typhoon hit and the impact for the sales hike. this is bloomberg. ♪

paul: alerts on the bloomberg terminal at the moment. ministereputy foreign has been making some remarks about the progress of the usmca. there has been encouraging news. it appears the u.s.-mexico-canada deal may progress through the congress in the next couple of weeks. the deputy foreign minister from mexico saying they will meet with canada on friday to -- to move the usmca forward. he earlier made the remark that every issue causing him to lose sleep is now off the table. the usmca appearing to make some

good progress. sales inn to retail japan, which we are expecting in a few moments to see falling sharply in the month of october. this is after we saw the implementation of the sales tax hike. have a us with more, we partner of -- as we wait for the numbers to drop, i just want to draw your attention to the chart on the bloomberg terminal. it shows the effect of frontloading. waslast time the sales tax implanted in 2014, we saw a big spike in retail sales. are we expecting to see the same thing this time? >> this time, the consensus is the impact from the tax hike is going to be moderate and muted compared to the last time.

quarterlypact on the gdp after the sales tax hike, which was a sharp 7% downturn last time. the estimate this time is going to be one to 3% on a quarterly year-over-year downturn. this is due to a couple of reasons. one is the sales tax hike increment is one point as opposed to three points last time. it is moderate. the government has rolled out and number of -- photo a number of impaired measures. -- a number of impaired measures. it seems people are getting adjusted to the reality. after october 1, the consumer confidence index was slightly up from september. reversing the downward trend, which lasted over two years. this gives basis to the government assessment of the state of the economy. earlier this month, it was announced the economy is in

still slow recovery. that said -- there are some earlier indicators decline may be sharper than expected. recovery seems to be the operative word. i just have another chart on the bloomberg terminal that illustrates how slow that has been. if we look at the broad sweep of history, retail sales are not even really back to where they were sent back in the early 1990's. are we looking at a much longer term structural problem that i suggest maybe link to demographics? -- linked to demographics? >> demographics and a slow and persistent deflation have affected japan. economics was once attempt to get us out of the downward spiral. it is still a work in progress on many fronts.

aging demographics leads to rise in social securities cost -- security costs. on top of that, slowing global economy that we see around us is polling down the economy domestically as well. the corporate earnings chart, the exporter is down year-over-year. this is all weighing down. the bright spot of the japanese economy has been that the labor market has been very strong because of the labor storage caused by the aging society. we see some saturation in the labor market as well. the job to applicant ratio peaked in the first half. we have shery: an update -- paul: we have shery: an update -- shery:we have an update on those numbers. we do have resilience in the real tail sector. why are the early indicators

that you mentioned earlier like new cars and home appliances purchases slowing down? i think several hypotheses. one is definitely the backlash of the frontloading of purchase. the other irregular factor is october was hit with a number of natural disasters in japan including a big typhoon. that may have pulled down the number artificially in october. shery: what does this mean going forward? how long can we expect the retail numbers to stay in contraction? is the question. if you look back on 2014, the contraction after the tax hike monthly consumers spent was 5% down the first month. a percent down the second month, and 3% down the third month. how does it compare this time to that? it is going to be more muted

because of the reasons i have stated. how deep that is and how prolonged that is going to be is yet to be seen. there were a couple other extraneous factors in the month of october besides the sales tax increase. there was a severe typhoon. fanste the influx of rugby for the world cup, tourism numbers declined as well. are you expecting to see much of an impact? isker the tourist numbers very much driven i the economies in china and also korea and the bilateral relationship japan has with these countries. curious situation has been very bad over a year already. then, we see a dramatic increase in the number of korean tourists coming into japan. environment ashe well as the economies of the nation.

will we see a boost come 2020 when we have the tokyo olympics. >> there is a boost. there is a possibility of a flip. it is a contraction right after the olympics of the consumer appetite. in the appetite to spend and make a capital investment. be is stilll that to be estimated. these are the worries from reason why the government is planning a package of fiscal stimulus the size of ¥10 trillion to prevent the economy from falling apart and a 20. shery: are we going to see more mitigation measures from the tax hike coming from the government or is everything been done so far? >> everything that was planned is being rolled out. i cannot see any new majors coming to be reintroduced. some of the majors that have

been announced is going to have more of a late effect in taking impact. the childcare support for the young families. how that would translate to more of a consumption boost, that is yet to unfold. there are negative factors as well such as the expiration of the point reimbursement system. that is one of the mitigation -- that would expire at the end yet -- the end of next year. there is a mixed bag of negative and positive still coming. ey -- thank you of the we do have the japan real tail numbers. sales are falling seven point 1%, which is a steeper fall than the 3.8% the analysts had expected and is a reversal of the gain of 9.1%. as she was telling us, this has to do with the sales tax hike

that we had the previous month. rising october 1. there was a lot of frontloading for the month of september. coming after that, retail sales falling 7.1%. a much deeper decline than expected. month-to-month falling in the double digits. 14.4%. much bigger fall than was expected. also, a reversal from the gains we saw in the previous month. there is the sales tax hike alsot and the typhoon playing a fairly big role in depressing the october sentiment. do not forget. if you are away from the screen, you can find in-depth analysis and a big newsmakers on bloomberg radio. now broadcasting live from our brand-new studio in hong kong. lesson through the avenue are on the radio. this is bloomberg. ♪

shery: this is daybreak asia. i'm shery ahn in new york. paul: i'm paul allen in sydney. commissionropean president has made climate change our number one party. she spoke to bloomberg about working more closely with european businesses on tackling the issue. >> i think it is a must for all of us because we know that climate change is existential. there is a huge opportunity. at the moment, we are european front runner. green financing. if we do well, it is not leg over the planet, it is not only good for the people, but it will also be good for the european economy because we will be the exporter of knowledge and technology. we will be the front runner.

>> when you look at the friction between germany and france over 8 -- over nato, micron said it was brain-dead. you see a bigger role for the e.u. with nato, or do you believe it is time to consider a bigger european army? benato will always collected. without any question. nato is the strongest military alliance in the world. the european union has a different role. of course, we have many european member states that are also members on the nato alliance. fields where we do not need nato. european union is called upon. if your memory five years ago in malley, the european union had the will to answer the crisis and to fight terror, but neither the procedures are the structure. therefore, we are building up the european defense unions

knowing that it will be complementary to nato. it is where we need the european union with a huge toolbox. we have investment to diplomacy to servicemen and servicewomen so that we are able to act when called upon. e.u. europeang commission president. --o maple trip with profits rising, but still missing expectations. net income rose 1%. in the move into online services helped offset slowing smartphone sales. wasits through september $360 million. below forecast. asset sales fell 3% to 32.7 million units as they seed grounded to rivals. aul: hong kong has struck record land deal despite months

of violent protest. plaids of the high seed -- high-speed rail station has gone for the equivalent of 5 billion u.s. dollars. hotel, andluxury retail space. it is next to hong kong's tallest building. india's -- the aviation minister said parliament is ready to solicit bids for air india 18 months after initial attempt to sell the carrier failed. air india began as titi airlines in 1932 and later became state on. it is struggling with $11 billion of debt. check in on how we are trading in asia. we have been up and running for an hour. we currently have the equity market higher by a bit better

than a quarter of 1%. new zealand performing very strongly. we did see another good close in the u.s. albeit on some pretty light volumes as we head into the thanksgiving weekend. plenty more to come on bloomberg daybreak: asia. stay with us. this is bloomberg. ♪

paul: ipaul: am power allen in sydney. the major markets have just opened for trade. yousef: welcome to -- shery: welcome to daybreak: asia. paul: our