paul: you were saying how resource stocks have been buttressing the asx.s is in that as well. in the current environment, how will it be? in timesld is a haven of volatility which we are in at the moment. in terms of how the real interest rate picture looks, quite clearly that is a big factor in the extent of which the gold stocks are performing and gold itself is moving. we are seeing a great deal of activity. coupled with the fact it is a very highly penetrated sector. it has been underpenetrated in that regard. capital flows are beginning to come in which will add to the fact it is a safe haven, plus the interest rate environment working in its favor. paul: all right, jason steed, thank you for joining us. you can watch us live and see our past interviews on our interactive tv function. you can also dive into any of the securities or bloomberg functions we talked about. new can become part of the conversation as well by sending us instant messages during our shows. this is for bloomberg subscribers only. >.u can check it out at tv

market open 90 minutes away, futures pointing higher .2% after a pretty wild week on the asx last weekhe index finishing down a little more than 2% but poised to open higher monday. i am paul allen. shery: i am shery in. let's get to first word news with su keenan. su: we start with tens of thousands of protesters who defied the rain in hong kong and marched are an 11th straight weekend. protest organizers claimed 1.7 million people took part, spreading beyond the path where police estimated 130,000 had initially gathered. the hong kong finance secretary is warning of an economic because of the city the continuing unrest. president trump is indicating trade talks with china remain on track ahead of schedule meetings in washington next month. he tweeted things are doing very well and the two sides continue to be in contact. his top economic adviser larry kudlow said recent photo op -- phone calls have been positive with more discussions planned for the coming days. in india the country is easing a lockdown in kashmir with a curfew partially lifted. communication was restored. landline a

giving up a lot of the gains we saw on tuesday when the asx closed 1% higher.d aussie dollars both coming under renewed pressure again. that is it for daybreak australia. we will have markets action and the rest of the day's news as well when we get underway next. 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 pre-order a new samsung note. click, call or visit a store today. ♪ good morning, we are under an hour away from the australian market open. welcome to daybreak asia. ♪ paul: our top stories this wednesday, president trump raises pressure on the fed days before jackson hole, repeating the call for a big cut in interest rates. hong kong

a bit muted on the asx 200, up .2%. the asx is on its fourth straight day of gains.zx 50 up .7% but it is down one the asx 200 is on its fourth straight day of gains. kathleen, paul. >> thanks very much selena. the first word news with jessica summers. >> thanks paul, s&p global ratings is cutting argentina's local and foreign debt to select and default. they said they will postpone payments over $100 million of debt. institutional investors this year. a voluntary profiling of $50 billion of longer-term debt. u.k. and e.u. teams will meet twice next week ahead of the october 31 deadline. they are playing down the chances of a breakthrough. boris johnson said they are some distance apart on key issues. kristi lagarde is saying she is seeing clear signs on the dovish path set by mario and draghi. in her first pass the policy since winning the job, she said the bank has the jobs to tackle the downturn in europe and must be really to use them. the reins of the ecb in november. used agencyhin one has issued what it calls the strongest warning at two antigovernment protest

asx, little change their.ness as well on the australian dollar on the sides that the global trade war is morphing into a currency race. we will watch out for australia's job data this week. if it comes out worse than expected, could push the aussie dollar toward the psychological level of .65. switching boards again for stocks that i'm watching, crown resorts trading. this is after this data gaining regulator said it will investigate claims that organize crime gains and laundry money at the companies casinos, also looking at korea gas core up more than 1%. that is after positive earnings. samsung moving up more than 1.5%. that is after the company told the nikkei it is die serve -- diversifying its suppliers to deal with japanese export restrictions. kolmar continues the fall after falling to a four-year low, down more than 3% after reports that the company's chairman showed youtube video criticizing president moon jae-in's government's response to demand -- to jim at -- two japan's export meetings. paul: all

. >> this after we time ways on the asx on monday. did close few points higher.quities all closing lower on monday. seeing futures point to a weaker open here. i'm paul allen in sydney. >> we're 6:30 p.m. "bloomberghing daybreak" australia. >> hong kong airport has been operations after protests forced the cancellations of all flights on monday. the china allying said hong kong critical juncture and there are growing signs of terrorism amongst the demonstrators. >> protesters have extremely on us.us to attack seriously violent crimes. >> president trump former director anthony scaramucci said he won't support 2020 election.or 2020 he's undecided who to back. democrat.e a his break with trump came after criticized him on twitter over the weekend. u.s. attorney general william the federal jail jeffrey epstein died. he's calling for a full investigation of what happened in the leadup to the former finance near's death. died in a suicide in lower manhattan. he was facing charges of sex trafficking and molesting teenage girls. day onnews 24 hours a air and tictoc on t

the authority of singapore saying that policy has not likes tout the asx reach for the rates.ion? >> absolutely. and i would say the forecast was more than expected. we thought it would be reversed down to 0.5. so it is a surprise. this is the second estimate, so you do not expect big surprises but that is a very weak number. i think the odds of action are increasing and it is consistent with the fact that the odds of action by other central banks in the region are increasing as they move to act more aggressively. paul: i am wondering to what extent that affects the thinking at the mas, as easing is becoming fashionable and central banks at the moment. are you seeing a race to the bottom in the asian-pacific? >> yes. obviously, more central banks in the region have cut at this point. i think people realize given the dynamics are so negative, it is hard to just sit back and be seen as doing nothing. like in australia, saying we need more from the fiscal side and structural reform and regulatory reform, but central banks cannot be seen as sitting back. asia, centraln -- banks ar

asx up point tend to the one side.oining the negative field club, all the way up to 15 years and negative terrain. ,et's look at what is happening german futures there as well. guild,ed, look at the nearly 1% in negative terrain. they're joining with the germans and the swiss here. treasury at 1.64%. where are we with the trade talks? out as we get over to the first word news with su keenan. kudlow saying the u.s. and chinese officials have had a productive call on trade negotiations and they are planning a follow-up in the next few days. he also said there is no change on plans for a chinese delegation to visit the u.s. in september. china's ministry of congo -- comers echo the hope of finding a solution but also criticize the u.s. approach so far. postpone the tariffs on some chinese goods has proven there is no winner in a trade war and the u.s. consumers enterprises will suffer huge losses if the trade friction continues to escalate. french president macron has poured cold water on any hope of a new brexit deal. th

asx 200 up .02%. the kospi is lower. we see bright spots for the benchmark.are on the move. ending its military intel pact with japan. in the currencies base come of the kiwi dollar is the clear out performer. jumping as much as .0%. the majority of kiwi buying coming from the aussie rather than the greenback. the korean won is under pressure this morning. back where we were at the start. the board-checking and on bonds. we see yields climbing just a tad this morning. the aussie 10 year yield at 1%. pressure in the front. ois rates higher on the fed governor. treasuries are just steady at 1.6%. the focus in markets has been on the commentary from the fed governor. paul: let's stay with the kiwi. bulls were bullied by the comments by the governor. he's going to have a more patient stance on future rate cuts. forward when everyone was telling us to be lower. global growth is slowing. move get ahead of this and now to reduce the probability of having to do a lot more later. we are safe where we are. paul: this should boost the near term ceiling. the long-term ou

the asx higher by .1 of 1%.ead to the start of trade shenzhen.i and this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. >> it is not :00 a.m. in beijing, and singapore. welcome to "bloomberg markets: china open." david: we are counting down to the open on the chinese mainland. president trump said china has been on the phone asking for top -- for talks. beijing says that is not true but both sides agree on the need for calm. nne: how deeply the trade war is biting on the mainline. the athleisure maker lands a worldwide expansion.

taking a look at australia and new zealand, looks like the asx 200 is little changed.ng a little for the shares. lastly, i want to get a quick check at this interesting bloomberg terminal chart, which shows u.s. trade policy uncertainty is spiking to a quarter-century high. as you can see from the chart here, going back all the way to 1995, that really is no surprise, given how much we have been discussing the vacillation in trade rhetoric from trump and the fact that investors are struggling to price in this very unpredictable path. on first's check in word news with ritika gupta. venoco: thanks, paul. -- iran'sin iran leader said the u.s. would have to lift sanctions if there were to be any chance of negotiation. rouhani added that iran would be interested in solving problems reasonably but is not prepared simple provide a photo op with trump. movement blaming each other for the threat of an early election in italy. the harsh rhetoric indicates that even if they meet, the coalition would be hobbled by infighting. government sees a chance of restarting brexit negotiat

the asx 200 is up 6/10 of 1%.nd consumer sector leading those gains. let's get a quick check of futures trading as well. you futures up 1/10 of 1%. we saw every sector on the s&p 500 in the green. more optimism over better than expected earnings, especially of those retailers. we are looking at chinese futures, up four times of 1% since they closed for hours ago. the chinese yuan holding. paul: thanks. big interviews coming up later. qantas ceo will be joining bloomberg markets china open in a few minutes. south32 ceo will be on at 11:50 a.m.. we will hear from the kansas city fed president later on. don't miss these interviews. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is help

equities market as i mentioned, we have the asx futures looking weaker there.ory in japan basically flat since similar story as well. new zealand has been trading for 30 minutes currently higher by a fifth of 1%. we saw in volumes in the u.s.. with the lack of visibility on trade, investors sitting tight , thingsolatile month just keep getting darker don't they? >> that's right. andave to more trading days the index looks like ended the month about 4% lower at this stage. it would make it the worst august since 2015. traditionally, august has been -- the benchmark has declined an average of 2%. september 10 to improve of course we are in such a different environment right now. i don't think that we can count on much improving in september. we have this unpredictability of tweets that is just making investors so nervous and making it very difficult to trade these markets. you have the ongoing protest in hong kong. uncertainty of brexit overnight. unstoppable bond rally that indicates how nervous the markets are. we have the three year yield tumbling to an all-ti

we do see the asx 200 on it third straight day of gains. yesterday, we saw the health-care sector leading. switching gears and taking a look at what is on tap on the economic calendar. a very busy day. we will be breaking a lot of these numbers later in the hour. want to focus on that japan factory output. industrial output probably rebounded according to bloomberg's economics forecast with analysts projecting a gain of .3% in july after a decline in june. on that bank of korea decision, we will be expecting that benchmark to be mostly unchanged, monitoring that july 25 basis point cut. paul: thanks very much for that. jessica: u.k. and e.u. teams will meet at least twice a week next month in a bid to resolve the brexit impasse ahead of the october 30 first deadline. london has asked brussels to step up talks, although both sides are playing down the chances of a breakthrough. boris johnson's office says they "some distance apart" on key issues. the eu says it is still awaiting what it calls concrete proposals from the u.k. offering lagarde

the asx intraday was up, but futures pointing quite steeply lower.ll be off more than 2% if those are to be believed, and the aussie dollar continuing to test lows as well, currently 67.5 cents, but that 10-year one to really keep an eye on at a fresh record low. that will put extra pressure on the central bank. many expect to see further easing from the rba certainly some time this year. coming up next, we will take a look at potential opportunities in the credit markets. this is bloomberg. ♪ : let's take a look at some of the many issues weighing on markets right now. named wall oftly worry. we see a number of bricks in their from brexit to the trade war, the inverted yield curve. we need to add another for argentina as well and all the been happening there. plaintiff for markets to digest. this is on a day when global markets are also worrying about falling yields and a slowing global economy. we now turn to our next guest, someone who i guarantee will offer a different perspective on the current mania and more reportedly, a long-term investment s

this is following a week in which the asx did close almost 3% lower for the week, but we saw gains onday and friday. it -- u.s.rket equity markets closed lower. shery: i'm shery ahn in new york, where it is 6:30 p.m. let's get the first word news. sue: we start with the former u.s. secretary -- treasury secretary. he says the global economies are at the riskiest moment since the financial crisis. he told cnn that the slowdown has worsened into president trump's trade war, which he called "sadomasochistic and foolish." he added, the u.s. is losing out in terms of uncertainties and lower job creation, and this is for the sake of benefits that are "unlikely to be of substantial magnitude." >> we are probably at the riskiest moment in terms of recurrence of recession that we have been in since the financial crisis. some of that has to do with how long the recovery has gone on and the inevitable buildup of imbalances, but a great deal of it has to do with the uncertainty in risks created by what i think is a rather saddam must've to stick -- a rather sadomasochistic and foolish trade confl

instead of the apple acts asx are i kind of stuff they're going to get a pro versions now part the pro version is it about a camera back with a 3rd sensor and ultra wide angle photos will be possible to wide videos will be possible zooming and out with a larger field will be possible better camera better cameras really the shtick are that's the sign calling it pro instead of ax to just calling it and it's expensive couple more things will help reverse wireless charging system stake in charge or air pods are tricks analysis found hey, i'm the video upgrades will make it more like a video camera. >>the camera great to make it more like a professional rider i wonder what sort of pixels right, i'll tank and there's a it's it's qualify for 30 minutes under water. i don't know what that means. >>yeah, it means that if you drop it like now if i drop in cereal for a second. like i take it right up and i don't it was ok. so i guess i could just let it sit in the bath time now for 30 minutes. yeah, i think that's what they mean you got to go diving with it. >>and still got a question i dropped t

up about 1% on the asx. tuesday is setting up for some gains as well.you are watching daybreak australia. let's get the first word news. >> the trump administration is extending exemptions for another 90 days that protects rural networks and other customers from a ban on doing business from huawei. secretary wilbur ross says some smartphones rely on huawei. the administration is adding more than 30 huawei affiliates to its blacklist. the number of people migrating from hong kong to taiwan is surging as protests continue with no end in sight. jumped by almost one third this year compared to the last, with hong kongers making up 12% of all new residents in taiwan. the president has been vocal in her support for hong kong's protest movement. there are more demonstrations to come after a peaceful mass march over the weekend. --our message is very clear do not use violence, the police will not use force. the protest took place on sunday shows if protesters are peaceful, rational and orderly, the police have not and will have no reason to intervene. it is nev

you have the asx 200, one of the worst performers with a big drop in energy shares dragging on the indexwe had employment numbers out of australia which were better-than-expected area also a lot of money going into australian bonds today. the yield on the tenure falling below 1% to a record. the csi 300 faring better than some in the region. a little bit of upside in the hong kong market. liquidity i mentioned really helping out sentiment in hong kong. let's have a look at tencent. we were talking about the fact most analysts expected it would seem a bit of a slowdown in ad revenue, but it was worse than expected. ad revenue only coming in at 60% growth. it has been hit by rivals and we start to see this broader economic slowdown hit tencent. you can see the 20 day moving in terms of volumes on this stock is very high, we have seen sawes fall by 3% after we the u.s. fall by 4%. it has prompted broker houses to cut their price targets on hong kong -- on tencent, i should say, after the numbers. citibank and goldman have , calling it a disappointment. nejra: let's get the bloomberg busines

and us really is market is the weakest performer, down 2.3% on the asx 500. the biggest fall since early december last year. and the rba decision came through. the aussie dollar has been strengthening, up by about 0.4%. we weree expected as expecting from the rba but they did come through think it would likely take longer than expected for cpi's to return to 2%. and it is reasonable to expect an extended period of low rates. rbc bringing forward their next fromate cut to november february. and of course, we also saw the aussie 10 year yield falling below 1% for the first time amidst haven demand. the aussie dollar paring yesterday's losses. nejra: juliette saly in singapore, thank you so much. the trade war is as collating further with the trump administration labeling china as a currency manipulator. however, in response, china has taken steps to slow it be you once dissent. today, we are asking the , what does itiv mean now that china has been named a currency manipulator? silvia us now is dall'angelo, senior economist at hermes investment management. we ar

the asx 200 firm or by over 1% on the close. fluctuation coming through in india's market today.what we saw with china's new loan prime raise. let have a look at what it actually looks like. we have fixed income at 9:30 a.m. beijing time. it's going to happen that time every 20th of the month. you see the white line where we had the right before that. 4.31%. to significant a move. thatboc has made it clear mortgage rates are to remain stable. lpr also hit a five-year today, trying to bring it in line with other central banks we have seen globally. thank you very much for making three big lines come to life and making a little bit of sense. u.s. president donald trump has been calling for rate cuts for some time, but he is urging the federal reserve to got by a full percentage point. the president has been a critic of jay powell. could more hawkish members of the fomc start to feel the heat? spoke against cutting at the last meeting. exclusively to kathleen hays. >> my own view was that we have to be careful not to ease too much when we don't have significant problems. the focus i

asx also feeling its. all in the red. everything is negative as far as the market goes. where is the money going? let's have a look at what is going on. on top of that the u.s. 30 year. gold up. at levels not seen since 2013 or thereabouts. $54 accounts. at one stage yen was at 144.45 against the dollar. we have recovered a bit, 105. 24. there are all sorts of resistance. there we go. to the downside. 97, 51 for dollar, 30 yield 9.81%. money ise is where the going as people seek safety. what's move things along and look at the first word news with selina wang. macau has chosen a pro china businessman as its new leader after a political process that featured no other candidates. he'll be the third leader since he territory was handed back to china in 1999 after more than four centuries of rule by portugal. unlike hong kong, the appointment caused little controversy, highlighting macau's weak opposition live -- movement. the u.s. and japan agreed in principle to -- president trump and prime ministers shinzo abe announced the news during the g7, saying they agreed on every

asx down as well. the top performers is a hughes who of gold miners on that market.futures trading. the yield we are seeing with a global bond rally taking on. three year yields falling three basis points. gtv yields, taking a hit, falling to the lowest level since march, futures looking across the board in taiwan. daybreak asia, this is bloomberg. s is bloomberg. in beijing,:00 singapore and shanghai. i am tom mackenzie. yvonne: i am yvonne man. we are counting down to trade. david: i am david ingles. our top stories today. >> until such time as there is a deal, we will be taxing the hell out of china. that is all there is. david: on the back of those -- oil stocks sink. president trump is adding 10% next month. yvonne: reversing losses on gold. this

looking at the asx 200, up almost .2%. the index has been in the green for the last couple of days. long it holds onto amid those trade headlines. paul: let's check in on the first word news now with jessica summers. sachs isgoldman telling investors not to hold their breath for a trade deal. in a strategy note, the bank said it no longer expects an agreement before the u.s. presidential agreement next year. trimming earnings for share forecasts for chinese companies and lowering chinese index targets, but it is overweight on chinese stocks, saying growth prospects are decent and valuations are low. administration is said to be pausing a decision about licenses for u.s. companies to resume work with huawei. that's after china said it is halting purchases of u.s. farm produce. in june, the president said some restrictions on huawei would be loosened, what promise was contingent on china the thing up orders from american farmers, which he complains beijing has failed to do. there are increasing warnings of a downturn in the world's leading economies as the escalating trade war hurts c

the asx higher by .3% here in australia. resourcesme of the stocks performing particularly well.be suffering today. that is it from "daybreak asia." the chinese open is next. this is bloomberg. ♪ >> it is not a clock i am in beijing, shanghai, and singapore. welcome to "bloomberg markets: china open." david: we are counting down to the open of trade in hong kong and on the chinese mainland. let's get your top stories. hong kong airport wins an injunction against protesters after another night of chaos and more canceled flights. tom: president trump bows to corporate america and will delay extra tariffs on china. concern is growing about the economic impact in the u.s.. david: we are looking ahead to second-quarter earnings from tencent. the period

the asx 200 under pressure. just off a session low.erns about chinese earnings growth. in seoul, the kospi looking a little -- looking at little change while the korean won is under pressure against the dollar. trade data this morning, south korean next boards for the first 20 days of august putting it on course for a ninth straight monthly decline. the bond space, treasury future under marginal pressure. the curve are covering slightly after the flattening we saw amid ongoing recession fears. most strategists warn the annomic war could push to five-year treasury yields to zero. bond traders will focus on germany's 30 year bond sale set at 0% on the coupon for the first time. that will test demand for assets with the whole of germany's yield curve in negative territory. lack of appetite for the upcoming sale could trigger a selloff similar to the one in april 2015 so german 30 year yields, under close focus. shery: company earnings in singapore have taken a hit from the lion city cost slowing economic growth. the trade war intensifies

the asx 200,, marginally higher after falling the most since october on tuesday when it lost 2.4%.easing benchmark rate trading below 1.2% ahead of the rbis decision today where rate cuts are expected from new zealand. the r.b.i. is also expected to cut rates. but thailand is seen holding. paul: thank you, sophie. let's check in on the first word news now. australia has issued a warning for travelers to hong kong, recommending they exercise a high degree of caution, is unrest in the city escalates. there were more clashes tuesday night, as police charged at protesters who surrounded the police station to demand the release of students they say were arrested unfairly. more protests is planned on wednesday. >> i want to warn all those criminals, don't miss judge of the situation or take restraint as a sign of weakness. don't underestimate hong kong society's are full force for justice and protection of the rule of law and security in .rder >> the u.k. minister in charge of planning for in no deal, michael gove, says the e.u. is at fault for failing to engage on negotiations. brussels

asx 200 on the up of the start of cash trade. is alreadyroup trading. latest earnings, which did jump to a five-year high, which helps with dividends to ats record $21 billion, adding this latest dividend update that the minor provided. we are seeing investor enthusiasm deflate. paul: let's check in on the first word news. has resumed trump to default on the fed, falling -- calling for a full percentage point rate cut and complaining the strong dollar is hurting other economies. shouldted the key rate come down by 100 basis points, along with additional easing. if that cut rates of last month for the first time in a decade and some policymakers are not convinced of the need for more. forecaster still expect we will get reasonable growth over the second half of the year. but ittes are low, is reflective of global conditions, which are week. there are not circumstances in which i would not be able to ease, i want to see evidence we are going into something that is more of a slowdown. if i am growing at 2% i am not worried. peoplenumber of migrating from h

the kospi is also falling to a two-week low, the asx 3%.ue to see this risk off mood around the world as the trade war escalates. of the world's biggest corporations are heading back at president trump's latest escalation of the trade war with china. this after he ordered u.s. companies to start looking for an alternative to china ahead of the business roundtable said it members may halt investment of tension steepen. tariffs are the worst idea since the smoot-hawley tariffs act, which catapulted the country into the great depression. ' president of the consumer-electronics association and joins us now. we continue to see this as collation of trade tensions with the u.s. and china. give us a sense of the impact on companies you represent, more than 2000 consumer tech firms. what would this latest escalation due to this firm? gary: thank you for having me. this is a big escalation, the biggest since initial tariffs were imposed. i have heard from many companies, including several-we all understand watch president trump is doing this. and the

z, and asx, y and long as i do my job, -- we spend time talking to political campaigns around the world of art basic cyber hygiene. what is two-factor authentication. kate: i am sure largely they don't even have. ginny: a lot of them don't. they think it is really hard. it is really not. we spend our days sitting down with political campaigns with their phones and walking them through two factor -- kate: post 2016? ginny: yeah. that happens a lot. they don't do some of the basics it is becauseimes someone is not teaching them. kate: they think they will not be a target? they still think it's like not going to happen to me? ginny: this is not like everywhere, but we do run into resistance with folks who just don't think they are a target. speaking of the myanmar example, it kind of made me laugh because try to do meetings with countries where they treat us like myanmar. like, that stinks for you, america. but that's not going to happen here in this country, that it absolutely and will happen in. we are trying to get them to not just think of themselves as the target but their democracy a