haidi: bridgewater associates have become the hedge fund to set up a wholly owned investment managementin china. bridgewater will operate in the city's free-trade zone. it raises expectations that china might lift the moratorium on new investment management friends the have been post over concerns. posedms that have been over concerns. the government plans to step up pressure for the largest mobile phone carrier to offer cheaper prices. surging profits show the company can reduce costs. twitter is going to give people more freedom to express themselves. the message will now count 140tos and links within the character limit. this is part of a larger plan by the ceo to give the site more flexibility. that is your bloomberg business flash. manus: thank you for that. the ceo of the u.k.'s biggest fund management company said that he would bring severe ut --ility to markets, b of course, we are talking about brexit. but not another lehman's moment. the aberdeen asset management ceo spoke about all of the risks. >> no, i don't think so. i think it will be very uncomfortable for a few days. cu

bridgewater associates has become the first foreign hedge fund to win approval to set up a wholly ownednvestment management business in china. the shanghai-based consultant says that bridgewater won permission to operate in the free trade zone back in march. it raises expectations that china may lift the moratorium on new investment management firms imposed over concern about activities such as peer-to-peer lending. corporate loan issuance in town has slumped to the lowest in 16 years, as private equity firms slow mergers and acquisitions while the u.k. decides whether to stay in the european union. leverage sales this year totaled 2.3 billion pounds; 59% down from the same. when 2015, and the lowest since 2015 and that is the bloomberg business flash. francine: gold is up for a third day, and george soros joined the slew of investors piling into it. the move comes after he cut investments by more than 1/3 in the first quarter. gold has climbed a lot this year., the best quarter in three decades. joining us now is the sector head of global mining research a bloomberg intelligence. still

looking at some of the filings of major investors, david tepper's shed his apple stock, while bridgewater associatesut its investment by two thirds. carl icahn exited stakes in six companies, including apple, last month. coming up, could didi chuxing be the first ride-hailer to go public yet go we will break down on how -- breakdown how apple's investment could pay off. our next guest discusses why one city could snatch the title of the world's most innovative tech hub in the near future. ♪ emily: to a story we are watching, facebook ceo mark zuckerberg has invited a group of conservative leaders for a meeting at the company's headquarters in menlo park. according to the associated press, attendees will include radio host glenn back, former white house press secretary dana perino, and donald trump campaign advisor barry bennett. this after reports that facebook employees are more involved in choosing stories for the trending topics section than we have been led to believe. next contractor claimed facebook would downplay conservative stories. facebook responded by saying the trending topics section i

bridgewater associates has become the first foreign hedge fund to win approval to set up a wholly-ownednagement business in china. the shanghai-based consultant says bridgwater wants permission to operate the free trade in march. thatises expectations china may lift a moratorium on investment management firms that were imposed over concern about activities like peer-to-peer lending. twitter is planning to give its users a little more freedom to express themselves. a person familiar with the matter says they will stilart stop counting photos and links and their character limits. the move is part of a larger plan backed by jack dorsey, to give greater flexibility. that is your bloomberg business flash. matt: thanks. the saying goes that investors should sell in may and go away to avoid the annual market slowdown, but one strategist has been looking at the data and says selling in may might not be the best course of action this year. let's go to tillman gull ar. i'm looking at the bloomberg -- the seasonality chart, for the stoxx 600. i see that june, the last 10 years, nine of the last 10

bridgewater associates is headed to china. bridgewater has become the first foreign had monde -- hedge fund manager to set up an investment management business. bridgwater manages $154 billion. housing prices in the u.k. rose in march at the fastest rate in a year. home values increased at an annual rate of 9%, more evidence that investors rush to buy houses before a tax hike on second homes and investment property in april. twitter wants to make it easier for users to send longer messages. twitter will stop counting photos and links as part of the 140 character limiters -- character limit. links take up 23 characters even after twitter shortens them. as part of a longer term plan to give more flex ability to users. thethan: time for a look at influential personality in business and politics today. we are looking at the gaming industry. good bet for investors, outperforming the s&p over the past decade. is the international chairman and ceo and he is still with us alongside brian egger. let's start with what is happening in the

bridgewater associates is the biggest company for the sixth year running saw assets raise to $104 billionth $50 billion, that's a sharp dropoff lost $9 billion in assets year over year between 2014 and 2015. aqr capital management saw a modest gain whereas och-ziff saw a modest loss. overall there was a cumulative $1.66 trillion loss. a better showing than funds tracked by hfr that reported while 7500 funds added capital year over year the industry lost assets during the first quarter of this year. that's a more recent set of numbers. $15 billion in losses, marking the biggest outflows since the depths of the financial crisis in 2009. we are seeing evidence of losses in the market and/or redempti s redemptions. there could be more to come. late yesterday we reported on paul tudor jones cutting fees in response perhaps to redemptions. >> the fees from 25% for performance. i was like, you are kidding. you were getting away with that before? >> the model was 2.5% for expenses. it moves to like 2.25 and 25. which is still higher. >> than the industry average. >> how do you think the year will

associates areer headed to china. he has been the first hedge fund manager jeter to win -- manager to win china. bridgewateranages $150 billion. department store chains had a rough first quarter but some discounters are thriving. t.j. maxx and marshalls posted better-than-expected sales growth. they offer raised annual forecasts. macy and nordstrom cut their outlooks. that is your bloomberg business flash for this hour. let's head back to the markets desk where julie hyman has a deeper check into lending club shares which are nosediving. julie: we are looking at the broader markets as well. let me start there. all three major averages are pulling back by about one third of 1%. a consumer staple and more value stocks, perhaps, are doing a microsoft,worse so png, and coke are some of the worst performers with the biggest drag on major averages. another one that falls into that category is abbvie. the u.s. patent offers said the patent on humira may be invalid. this is their largest selling drug that accounts for about 60% of its revenue. the company that is challenging it is surging. this is something accordi