the australian bank anz denies claims made by australian authorities that it is involved in criminal cartel activities. and on the markets: they are down a bit. the dow was down, the nikkei and the hang seng are bumping around the middle ground, which might come as a bit of a surprise given what we have seen with us tariffs being announced. there was positive news coming out of asia for some trade and the italian situation seems to be resolved. so all in all a bit of a steady ship. the us has slapped steep tariffs on metal it imports from key allies, including the european union, canada and mexico. the trump administration says the levies are needed to protect national security, while the countries on the receiving end of the measures have promised to retaliate. from new york, the bbc‘s paul blake. all smiles for the camera, but behind closed doors are simmering family feud. just a day after meeting european leaders in paris, us commerce secretary wilbur ross slapped europe, canada and mexico with harsh tariffs on steel and aluminium. everybody has spat is every now and again. every

anz will be doubling their buyback program to $3 billion.oking at for the china markets. we saw for the selling on a shanghai composite. this is where we closed. we're watching to see if we are getting closer to the bear market territory, rami. ramy: that's it from "bloomberg daybreak: asia" so stand by for "bloomberg markets." rishaad: asian stocks facing a grim week as trade trauma haunts investors appeared the yuan fully and play as a trade more weapon, markets waiting on central bank support, cuts are further easing. china's plan hitting a speed bump after xiaomi's snub. i am rishaad salamat. also, opec and partners revealing a plan to boost output by 600,000 barrels a day, despite objections from iran. this is "bloomberg markets: asia." ♪

one of the largest, anz, admitted it wrongly forced some farmers from homes.y and reasonably. did you say that? yes, that is right to bite -- right. the only asset henry has now is he struck. he hopes the royal commission will bring a change in the landscape. —— is his truck. commission will bring a change in the landscape. -- is his truck. if you have ever gone looking for a car, it is not an easy prop that. if you have gone looking for a used car, things get trickier. —— prospect. this is a small singaporean start up aiming to change the second—hand car market place i changing car dealerships of the future. —— by changing. we have more. forget buying a soft drink, these days, giant vending machines can spit out a new ford or ferrari with just a simple swipe of your smartphone. some people are predicting traditional card —— car dealerships could change. this is a singaporean entrepreneur. three yea rs singaporean entrepreneur. three years ago he founded an on line marketplace for used cars. he has raised billions of dollars from investors. you have to ask you

anz group the treasurer charged as well. understand all of these folks denying any wrongdoing, so how are they defending themselves? >> that's right. deutsche bank putting out a statement after accc announced the charges, saying former staff did behave lawfully and the employees are well regarded and have the full support of the bank. citigroup called this an unparalleled for rate and to capital markets by prosecutors, and it said there is a technical area and if there are legal issues to be cleared up, they need to be clear that. the penalties are hefty. $10 million for the banks, three times profit gained, individuals, could be up to 10 years in jail. the trial set to begin on july 3. ramy: thank you for that update. in decision-makers private equity and corporate america have been gathering here for the bloomberg invest summit. take a listen to their thoughts on the investment outlook. >> you can't ignore the far east. china, 6%, seeing in six point 5% growth despite the financial deleveraging that has occurred, and treme

one of the largest, anz, admitted had wrongly forced some farmers from their homes.airly and reasonably? you say the bank did not act fairly and reasonably? yes, i think that is correct. after a lifetime in farming, the only asset henry has left is his truck. he hopes the royal commission will help bring a change in the landscape. now let's brief you on some other business stories. us regulators have cleared walt disney's plan to buy most of 21st century fox, removing a final barrier to the $71.3 billion deal. they have, though, demanded the sale of fox's regional sports networks in the us, because of competition concerns. the deal still needs approval in other countries to go forward. apple and samsung have finally settled a seven—year—long patent dispute, bringing to an end the long—running battle over the design of their rival smartphones. the terms were not disclosed. but it comes weeks after a us jury ordered samsung to pay apple $539m in damages for copying features of the original iphone. the us supreme court has shut off a key revenue source for labour unions

joining us is the anz banking group economist raymond young., 4.1% versus the consensus 3.9%, though this means china is out of the woods in terms of any concerns for growth? >> i think the first half china will be outperforming at least with the official target of 6.5% in terms of gdp. the rebound of the pbi is a good sign. we know china has come through 4.5 years of deflation, starting from 2016 and the rebound of the ppi basically helped revive the economic momentum. we had some concern whether there will be a drop of the ppi, but the number released over the weekend is welcoming, and we think the number will go around 4% this year. ramy: continuing the rest of this year, but in terms of the knock on effect for cpi, that is 1.8% unchanged area but what are your thoughts on the domino effect? i don't think the chinese authorities are looking at cpi as a target at the moment, even though they talked about the forecast. 1.8% cpi is basically driven by pricing.urn of that has dropped by 3% month on month basis. we think the decline of the cpi is

shares in australia's anz bank have fallen as much as 2.4% on news it will be prosecuted over an allegedgo to our asia business hub in singapore, where leisha sa ntorelli is following the story. this is a big story? it is, and typically when you hear the word cartel, you think about people like pablo escobar and the drug trade, but cartel behaviour can also apply to all types of businesses including banks. this explains why people act together to drive a profit rather than compete against each other. the case in australia focuses on anz‘s nearly $2 billion share sale that took place a few years ago. the other players were deutsche bank and citigroup, who were the underwriters, and these three banks are accused of working together on a cartel—like arrangement that influenced the trading of shares. the banks say the allegations involve a highly technical area and that they acted in accordance with the law. but this is just the latest example of banks behaving badly and it came to light as part of a government backed inquiry in australia into misconduct in the financial industry. this inqui

the australian bank anz denies claims made by australian authorities that it is involved in criminalitive news coming out of asia for some trade and the italian situation seems

there's anz: development in the case against presiden trump's personal lawyer, michael cohen. he's likely to cooperate with federal prosecutors. the law firm representing him is expected to give up the case. prosecuts in seized 4 million documents when they raided his new york property and office. president trump there's no longer a nuclear threat from north korea. the president is back in the u.s. after the meeting in singapore with kim jong-un. kim said the econic sanctions.d to lift trump says opec is at it again. oil prices are t high, and he's blaming the cartel. he made similar comments in april. prices have appr80 a barrel recently. floating several proposals for increasing output. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: lots more ahead. up next, i will be speaking with andrea jelinek, chair of the european data protection board. she is europe's most powerful data protection official. she has the ability to fine companies billions of dollars. we will have more

the anz group treasurer, all facing charges.ese folks you mentioned and have denied wrongdoing, so how are they defending themselves? right, and deutsche bank has issued a statement saying it believes all of those are former and current that. they have full support. city says -- they went back to .n earlier statement there really needs to be some more clarity around the lot here. the penalties are reasonably hefty. they couldividuals, be facing up to 10 years in jail. quite a lot at take in this process, and the trial scheduled to get underway. ramy: looking ahead to that. paul allen, thank you very much for the latest for the cartel case in australia. two bring up purchases. we will dig in with the eurasia group just ahead. this is bloomberg. ♪ yvonne: this is "daybreak asia." i am yvonne man in hong kong. ramy: i am ramy inocencio in new york. and offered it to boost purchases of american goods by $25 billion this year. to fulfill president trump's desire to shrink the u.s. trade deficit with the country. joining us is todd ma

angie: interesting, -- ramy: i am curious about investor appetite, anz down 3.8%.biggest fall from february, so you would think it is all going to be better now? a creditn talk from side of things, not so much the equities side. what we are hearing from credit investors is there is still an appetite for the banks. we saw that post results announcements are a number of banks -- number of banks got more ideals, race pricing. it is more with the price will be, so to the extent that we continue to get some of these negative headlines coming through, that may lead to some pressure on credit pricing going forward for these banks, but at the moment it is not impacting the access to credit. ramy: one major issue of course is the rise in funding costs we have been talking about. hop into the bloomberg terminal. i want to bring this up. this is the gtv library. the white line is local funding costs. it has fallen. it is beyond that the highest e june 2016. thoughts on moving ahead for funding costs, any kind of reprieve for the foreseeable future or not really? especially in

anz doubling the size of its share buyback, $2.2 billion.ceived proceeds of $740 million from the sale of its austrian life insurance operations. expect the expanded by back 1 ratio at theet end of march. haidi: the timing of the saudi aramco ipo back in the news, with the saudi energy ministers and it would be nice if it happened in 2018. he says the time is not critical to whatsaudi government should be the biggest ipo in history has already been pushed the next year after being flagged for 2018. intel dipping after the ceo was removed over a relationship with an employee that violated company policies. officerf finance was made interim ceo. intel heard about the relationship from an employee under company rules that requires employees to report such matters. assemblesconn, which iphones and ipads, is looking to grow revenues from other sources. our bloomberg opinion columnist joins us. we heard about the impact of a trade war between washington and beijing, but this diversification of revenue theme has been going on for a while. are they

the anz is up .25%. the rbc, no change. record low 1.75%. that was the messaging.ow andfutures down modest declines for the nikkei 225, but we see futures a little firmer. the kospi futures down .3%. e.m. was hobbling. but look at currencies. the dollar is stronger, we see .ollar-yen 110.24 the aussie dollar is unchanged. the kiwi is seeing strength. -- in termshe rv a of hikes or rate cuts, they could go either way when it comes to policy depending on where the economy goes. we have been watching the rush or renminbi, down for 10 straight days, the longest on record. just barely under the sixth when 52 handle. 6.52 handle. we are close to the highs of last year than the lows, but the has beenepreciation the fastest since the devaluation in august 2015, so one to watch today. we did not see a lot of intervention, but the fix getting more and more important. kathleen: got a lot of tongues wagging. let's get to stocks, taking a look at the u.s. close. su keenan has more. if i was a tech investor and feel good, today i am not doing great and worried about trump. su: t

there is a criminal charge having to do with some placement of securities of anz bank.he former hands of oni and deutsche bank criminal charges having to deal withhese share placements. >> never a good thing when the word cartel is thrown around. syndicates, when you have banks going together to issue debt or equity, they agree on stuff. alix: you are not even allowed to call opec cartel. hit on the exact argument the banks are making. this is what we do, we get together and we decide how to sell things. whether oneo say man's syndicate is another man's cartel. david: there is something unusual here about what goes on everday in the markets. alix: yesterday you had a great event, you spoke to david rubenstein. the big takeaway? >> let's hear what he had to say. he made kind of a conviction. -- prediction. >> at some point there will be a slow down. no economist is predicting in this year that i'm aware of, and even next year. but at some point there will be a slow down. i don't know what would cause it, i could not predict the last time went subprime mortgages being und

on friday we had the news of criminal cartel charges that anz and its underwriters are likely to faceo of their underwriters, deutsche bank and citigroup, are going over that capital raising. johnson, and bloomberg's managing editor for australia and new zealand, joining us from sydney. let's show you our chart. let's bring it up again. the blue line is the lira. what is the red line? you have a clue here. we have been talking about this country as expected to release a rate decision. we see the two currencies snagged recently. send in your answers on our interactive tv function. you can click on the box to send me your reply. if you want to look at the chart again, scroll back to tv . we will announce it later on the show. ♪ ♪ the hong kong hub is well-equipped support the rise of passenger numbers across the asia-pacific, as china is expected to surpass the u.s. is the world's biggest air market by as early as 2022. --ert hobbs spoke about his >> looking forward, we have a new aircraft until the third runway opens in late 2024. that gives us the opportunity for expansion. not on

. >> and leveraged loans issue anz so off the charts, that it is now surpassed junk market market capy mushroomed, you are seeing a massive lowering credit standards 75% of issuance now like versus 17% back in 2007 in heyday. >> since 2014, so i have seen headlines, the levered loan market isn't new went to you know, like covenants on a corporate this is on the corporate side right, if you look at the shock to the system, it should not reverberate to 2007 because that was more of a real economy this is more in you are talking about levined, through financial markets so it is hard to see the should there be distress in levered loans knock-on effect? >> i am using as capital of credit market in general, credit conditions if you works with the fed, taking back monetary accommodations you are seeing a degradation of loan standards and coming at a time when corporate sector has to roll a trillion dollars of debt here spreads are widening out that is going to catch people whether levered loan market or weak links i am highlighting degradation lending standards. dagen: watch cd you talk hist