with so many rain forest fires you want to hear what the industry has to say so we're flying to the aipac conference the body. this conference is attended by the biggest. in the hall of ceremonies there are many of indonesia's top politicians this is no surprise as many of them. more implantations. in religion americans got really bout with and took it to be my going to your most activity was is how we didn't want to be as our. 20000000 dollars dollar is just more money so big huge money in result was hard to but in my name is and. was an illusion done for us not medically to him. but i mean i'm a good man is impossible given i'm one year after many one on one end of my given up. down around me i mean one morning at 0 my down. was what was good. enough to know from what others the guy who might have been going to give it up on the saturn. v. is the perspective of the people making me want to go thank you. thank you. it's not as it is still a media company. and i'm glad some how soon it was dismissed and this is on the list. as i'm saying in my own time is exactly as i thought it was the c

data you saw production increases coming through so thus on the back of the original breakdown of the aipac deal the size of the cut pretty staggering from a when you look at them in relation to april so i think there are going to be some countries the are going to quite reach their target certainly at the beginning of the month but there is there is a real issue into as well in terms of storage capacity filling up around the world and whether. countries and companies can actually produce and sell the oil i think the the data will start to be visible over the next couple of weeks there's area early indications there rusher is making the carts you can see for on the shipping loading data. and oil trucking and analytics paranoia lexan they're sharing the russian production in may has already started to fall. by thinking it's going to take a few weeks to see the evidence of the large declines coming throwing in cern's of last anchors leaving countries like russia. other big exporting oil producers canada is banning assault style weapons off of the country's deadliest mass shooting 2 weeks ago

sophie: after a choppy week for asian stocks with the msci aipac index snapping a two-week advance, futuresre mixed but mostly lower going into china's npc. japan as well as thailand are going to publish first quarter gdp numbers. japan may have fallen into a recession through the yen trading steady ahead of the asset managers -- steady. the asset managers have boosted it five straight weeks. we will get policy decisions from thailand and indonesia when bets are raising that major central banks could be forced to embrace a good of rates. theble under pressure after chief economist of the option of subzero rates was being considered among other unconventional policy tools for let's look at oil -- policy tools. let's look at oil. seeing brent gaining ground and of uti adding 2% after -- wti adding 2% ahead of the june contract expiring on tuesday. there is pressure to turn negative area that has been less intense after -- negative. that has been less intense. haidi: and of course also we are moving markets as we get into the start of the trading week. the frayed relationship between the trump

oining us now from the head of nvestments from aipac. we look at another round in the china-u.s.we continue to look at a completely devastating p.m.i. across parts of asia. but are valuations so rock bottom cheap at the moment that you have to look at these opportunities? >> yeah, hi, thanks for having me. you are right. valuations are bad but while volatility remains high, has been high, we expect it to continue. i think there are a number of reasons why we have concerns in the short term. when we think about what's happened with u.s.-china trade tensions coming back as well as what sing a lot of uncertainty with regard to the impact on companies and on economies across the region and in emerging markets. so what we are doing is we are keeping our momentum exposure and being more defensive. however looking for opportunities where we think there are stobblings or sectors countries that are sold off sig canly. those will be attractive entry oints over the next 12 months. haidi: what are those opportunities in the early stage that you're seeing potential when it comes to sectors co

about house reimagine the future on the view that how we learn the value we live in from both coasts a aipac the both house influence is everywhere those guns set out to formulate a language of design that was universal. as a listing is that everything has an ideal high it's an ideal size and that's what optimize is its utility been nothing congress. there was this kind of push to go over your procmail over your design everywhere with a lot system. belle house is a legend the brilliance of the bauhaus school remains undiminished even today. even though its existence was short lived it continues to shape the world we live in. new approaches to education and training architecture painting dance and design were explored and developed here. when hitler seized power and force the school to shut down its artists architects and visionaries emigrated fanning out and spreading the bow house doctrine around the world. what became of the bell house utopia and the principle that good design can improve people's lives. in the early 1960 s. vantage o.p.'s drew up plans for a large housing estate on the ou

that was the ceo of aipac lloyd, germany's biggest shipping company.is bloomberg. ♪ this is "bloomberg daybreak: europe." larry fink has a stark message for corporate america. the blackrock ceo laid out his ,oncern in a call with audience warning about everything from taxes to consumer demand. what did we learn? fink definitely speaking and sharp contrast to what is going on in the market. his fears come from conversations he's having with bankers warning him about mass bankruptcies likely to hit corporate america. he pondered whether the fed needs to do more. pay for the relief in some manner and it probably isn't going to be on individuals. he sees the corporate tax rate moving even higher. that would severely water down what trump sees as one of his biggest accomplishments in his term, which is tax cut. likely to see not airlines and travel rebound anytime soon. restaurants in that category as well. one of his more grim messages directsaid the economic on individuals could mean there is a rise of nationalism and there could be the rise of -- the peo

time and, again with on the aipac on his back, he must traveled the highway to reach a patient in need. often, they return with him up the steep slopes to his hospital. this is a trail to to bat. and this is doctor frederick's hospital. in this isolated area north of to bet and who knows how far beyond, there is no other modern hospital. later, the doctor diagnosis his case as black fever, a fly borne disease often affecting the liver and spleen. in his primitively equipped ward, he makes the rounds with his nurse, seeing first 18 be patient, then encouragement to a little boy who had a broken arm from falling out of a tree. and finally, tending a man severely burned when he rushed into his flaming house to save what belongings he could. on the way to his semiannual checkup of the school children, dr. fredrik passes through the marketplace, streets that have never, incidentally, known the wheel. meets there a young lady whose broken wrist he once repaired. he continues on, greeted with a friendly shake of the head by those who have come to know meaning of the word "doctor." ♪ ♪ >> grad

stocks setting up for a week delivering more corporate updates with about 500 companies on the msci aipac to respond this week. and the impact of lockdowns certainly how look -- growth will be impacted is going to be in focus. we will look at korean trade for may area so this one is edging lower, -- may. this one is edging lower. chicago nikkei futures edging higher. the 10-year yield adding seven basis points. tracking the move we have seen of supplyelds pressures pre-looking at the offshore yuan over 7.09. it will bring us monthly economic activity data from china this week. look at the pboc plans to strengthen monetary policy report and pay attention to growth and jobs on the mainland. let's look at commodities this morning, oil edging lower after two weeks of gains. conversely we are seeing hedge fund managers cutting to an 11 month low, gold holding steady this morning. check out the dollar edging higher. we could see the greenback facing headwinds as markets have negative rates from the fed. fall toy we saw the -- one week low. the yield curve steepened again and the dollar is edgin

still to come on "daybreak asia ," we will get more on business sentiment, exclusively with ubs aipac cohead. shery: some more on those breaking news we got you earlier. ocbc, the singaporean bank, saying their total cumulative allowances increased by 632 million sing dollars quarter on quarter. their first quarter loans ratio coming in at 1.52% versus 1.5% year on year. the uncertainty, because of the pandemic raising the ratio to between 2.5% to 3.5% have also suspended share buyback speed that is very important given banks around the world have been setting aside large buffers against nonperforming loans. we are seeing the same play out with ocbc. they are saying cost management will be further tightened. however, they are not really expecting -- they are not planning on retrenchment. they are expecting a net interest margin compression in subsequent quarters. of course, we know that that does have a delayed effect when it comes to those rate cuts that we see across the world. bankan see the singaporean loan loss provisions just continuing to rise ahead of the impact that they are

joining us is jim mccafferty, ofura international head aipac equity research. investors wanting to stay invested given that the bond markets give so many yields and holding cash gets you nothing? >>>> i think that's right and one of the things we have looked at his asset allocation strategy and liability matching. that means big pension funds globally need to pay income to some of their members because people are retiring and there is on gdp, u.s. treasuries, or guilt. investors are looking at things like corporate ponds and equities as well. haslinda: and there is still a lot of money sitting on the sidelines. fair to assume the stock market will keep going up as more and more funds get invested? think if you got to look at valuations to give you another understanding of where equities are trading relative to equities and other markets and also their history. in equity strategist singapore put out a report this morning looking at 2021 earnings. i think everyone is taking a view that 2020 will be a bad year for everyone and therefore we look to 2021. what we th

american international aipac president will be speaking to us exclusively a little bit later on. bloomberg. ♪ >> we are less than half an hour away from the opens in japan thomas south korea, and -- japan , south korea, and australia. let's see how we are setting up. phie: the debate over negative rates is playing out over markets. we are seeing the yen find support this morning. the dollar holding onto gains sparked by powell dismissing the possibility. upside for kiwi assets. the kiwi dollar testing 60 after being dragged lower on the rbnz 's cuts. let's check out the risk barometer. the aussie yen stalling at a key resistance level for the second time in two weeks. we are light on the data docket. australian jobs report due out in two hours. figures.worse for aussie holding onto a three-day decline. kiwi securities recommending going short the aussie versus the greenback on u.s.-china trade risks. oil steady this morning while gold is extending gains after jay powell warned of the u.s. economy and infection risks. running a sustainable business may be rewarding in more ways th

joining us on the line now with goldman's chief aipac equities strategist, tim.hen you take a look at asian stocks, they are up 19.5% since the lows in march. why do you think that earnings are going to make a difference? tim: i would like to break that into two bits. first, it does make sense for markets to have rallied from their lows back on march 23, and the key reasons would be a tapering of infection curves. i am sure they are familiar with the idea that china was first in that area and that we have seen clearer science of the virus being in control in north asia. we can get to second wave issues in a moment, but clearly, there was a tapering of those infection waves, and that means bounded.becomes more in the chinese data, we have seen a strong recovery domestically. when you see the virus it data begin to moderate, that can certainly support it. we have seen strong policy support. third, we have seen some encouraging news headlines. not much factual detail but encouraging headlines on their pubic. we have oversold market conditions. that is a rally from t