the ousting of carlos ghosn, how much is that impacted the company's strategy? key differences of opinion with carlos ghosn was the focus on market share. currently you are seeing them pull back from what was quite unprofitable sales. things like fleet sales. you are seeing their overall numbers for quite sharply. the key will be whether they are successful in lowering incentives in order to improve the profitability in the us market. the second fallout, you've seen the departure of several senior managers and that's obviously going to impact them as they look both internally and externally to fill some of those empty posts. are we now sing a clearer strategy for the car manufacturer going forward? clearer strategy for the car manufacturer going forward ?|j wouldn't manufacturer going forward?” wouldn't say that we've actually seen a full new strategy presented. there are suggestions the company is going to come out with new numeric targets. clearly the targets put in place 18 months ago simply are not achievable in terms of total sales, they were looking for an

another day and another story carlos ghosn.a report from kyodo news, prosecutors in tokyo have filed a request to revise the content of their indictment against the former nissan chairman for aggravated breach of trust. mariko 0ijoins us now from singapore. let's get the very latest from her. what is this now about? tell us the latest. remember that carlos ghosn was accused of making a payment to a saudi businessman and that is where we might get more new details emerging from this latest filing by the prosecutors. 0f emerging from this latest filing by the prosecutors. of course, carlos ghosn was out on bail has repeatedly denied charges. but this storyjust keeps on giving. news came to —— just hours after nissan released latest results and it is not looking great. it warned last month the prophet may have fallen sharply for the fiscal year which just ended in march. it is struggling to sell cars in the united states and the rumour that france's renault which is a majority stakeholder, wanting to merge with nissan has not gone

seems to be roiling from the carlos ghosn saga.there could be opportunities for nissan but there could be also plenty of headaches as well for nissan. keep in mind, you know, they have been rebuffing the merger attempts with renault that carlos ghosn started and subsequently after the post carlos ghosn era at renault, may have been trying to lure in europe to set power -- for it hiroto to consider the merger. he was a bit blindsided, hiroto saikawa. he is on his way to a meeting where the chairman of renault is going to brief is japanese partners, nissan, and mitsubishi , on the merits of this proposed merger with your chrysler. again, nissan is not involved in this merger, but we are hearing from sources that perhaps they could be asked to join later. he is likelyg that to seek a renault board meeting as early as next week to get preliminary approval for this merger with your chrysler, which they -- fiat chrysler, which could create savings of more than 5.6 billion u.s. dollars. shery: hiroto saikawa blind-sided, as you said, so w

lisa do live out of tokyo with the latest on carlos ghosn.the charge to win our hearts, hopefully. battle of charts is coming up next. plus, a full market roundup. ♪ there is an infinity of chinese bonds. yvonne: that's a nice title. you can access those charts on the bloomberg via the function at the bottom of your screen. >> my chart is about asian dollar bonds. trade wars are my topic. you might be wondering what's happening to asia's dollar bonds. most of them, about 60% of this universe, consists of chinese dollar bonds. we have seen a little bit of a spike coming earlier this month when the trade war really thelated, but if you see spreads have compressed, and that shows the level of resilience in this market. that really presents a beautiful contrast from what's happening in the currency and stock market. one of the reasons we are hearing from investors is that is drivingyuan investors to buy more dollar-denominated assets. drivinger yuan is demand for credit, and that is coming as a big support for the market. surprise,re is a huge we

the partnership has been rocky since the rest of carlos ghosn for financial misconduct.denies all charges. pretrial hearings start later on thursday. shery: qualcomm fell the most in more than two years after a u.s. judge ruled the company violated antitrust law by abusing its position in the cell phone chip market. the ruling says qualcomm used its power to charge excessive licensing fees from fun makers and suppress competition. all comes that it strongly disagrees with the judgment and will seek an immediate appeal. themg up next, the huawei is already -- ban is already rippling through the chip sector. it could deliver a blow to apple. that is coming up. this is bloomberg. ♪ ♪ . . bed: this is "daybreak asia." smearis denouncing u.s. tactics as the trump administration debates blacklisting more chinese tech companies. that would widen the crackdown beyond huawei with a new potential blacklist group. bar mayidth of our -- keep others from u.s. technology and further escalate tensions between beijing and washington. itshe u.s. keeps using power to willfully smear and c

nday will be the six-month-iversary since carlos ghosn was detained.have been distracted in the those six monthsing maybe taking their eyes off the road ahead. in particular for nissan, the u.s. auto sales have slumped, they have a bunch of aging models, they're out of sync product psychle is hindering them as well. there's all this talk about a potential merger, you see him bow, apologizing for this fiasco even though he's blaming carlos ghosn. it's hindered their ability to move forward and keep in mind, they have yet to reveal any kind of detailed turn around plan. he's taking a lot of heat for that as well. we're hearing from sources that some inside the board and within the upper echelons of the nissan ranks are starting to question whether this man is the right man to turn it on. maybe he has too close a vested interest and agenda with getting carlos ghosn out. the earnings report we get later today will look ugly. already in april, they cut their preliminary profit for the fiscal year through march to $.8 billion u.s. dollars, that's a decline f

you may recall there was a deal that was tried to be had between gm and there was a deal with carlos ghosnidn't go anywhere now the others have got something on paper, which is palatable to both sides and now they must go and sell that to the various constituencies you know there's a lot of rivalry. now others will try to stick a fork in it to see if there's a hole. >> it's not at like hee. if gm and ford wanted to link up, they could do that the governments are involved i think france owns 17% of renaul so there's a governmental approval aspect to any kind of deal, is there not >> and the government -- yes, the french government owned 15% of renault it's a 50-50 deal. so they'll own 75% of the new company. they've signaled they're open to the deal we signaled john elkin went and met with macron to give him reassurance that everything would be okay in the weeks leading up to this announcement, so the boxes have been ticked. now the various politicians will stick their nose into the wind and see if they can effect it. but it seems like they have the state's support to do this. >> does this

november 19, carlos ghosn was first detained in tokyo and we have seen the saga unfold.ure. his fate is sealed as far as the future in nissan but the future is not necessarily set for the currency yield. rebuffing the merger attempts by reynaud and trying to put together a turnaround plan and no details of a formal turnaround plan have been announced yet or revealed. there is a lot of uncertainty and against the backdrop of a slumping auto market. slumping u.s. auto sales and aging model lineup and what analysts are saying is out-of-state product cycle is dovetailing with the turmoil. perhaps management is taking his eyes off of the road for future plans while dealing with the short-term problems with carlos ghosn. he will be battling for his survival as well and might not necessarily have the support of the larger shareholder which owns 43% of nissan. if he does not get the backing, he will not stay on as ceo and we already got a warning from nissan in april and it does not look good. theuts profit for cats for -- forecasts for the fiscal year. from the previous forecas

tough times for nissan as carlos ghosn remains in lelegal trtrouble. >> the annual profit for the fiscal year that ended in march was less than half of the previous year. they are forecasting the current year will be worse as earnings are hit by restructuring and development costs. thecle sales were down, but scandal has weighed heavily. rebuild itsmust management team after many left. step back from apple. alleges the 30% commissionon on paidid apps in s app store unfairly drives up consumer prices. the outcome could h have a major effect on how apple handles t te 2 millionn apps available for iphones and other devices. it is confronting a complaint that is expressed by apple developers. >> regardless of what we are doing and whether it violalates antitrust laws, if f we are cler about howw we construct this, consumers cannot sue us. the app developers are scared to sue apple because apple can cut them o off. consumers are ththe only ones wo consider. -- who can sue. someone gets to find out if apple violated antitrust laws. electric scooters are everywhere. city hall in pararis icrcrac

publicly and they were having difficulties with renault agreeing on the future path after having carlos ghosn seen leaving the company over a lot of scandalous headlines but an analyst i just talked to says optimism because basically no and the other 2 don't have a choice but to include nesson in the deal each needs it and that way you get europe you've got north america you've got asia and you get all the savings that the people are looking for whether indeed french jobs or italian jobs or japanese jobs can be left unscathed by this as the french minister hopes and has a tally and hopes that is questionable because if you want to save that kind of money job cuts will be inevitable somewhere down the road he was in frankfurt thank you. china's got to come join hallway is asking a us court to overturn a. it's lation blocking american federal agencies from buying its products amid an escalating take dispute 12 ways calling us president trump steps to ban the company from the u.s. market unconstitutional saying the government failed to provide evidence that huawei is as national security threat

earnings on tuesday as it continues to grapple with the fallout of the ousting of its former boss, carlos ghosniant alibaba receptor were —— reveal its report card, with the slowdown likely to drag on its earnings. 0pec is due to release its monthly report. analysts will be watching closely for the impact of tougher oil sanctions against iran. and australian voters go to the polls on saturday for the general election and also the following day, sunday, the general election in india will begin to wrap up after the month long round of ballots there. let's talk about the train system in mumbai. well ahead of that election result. almost 8 million people use it every day and as you can imagine, it's in a state of disrepair. the city is building its first underground metro and the woman in charge of the project gave the bbc‘s monica miller talk 20 metres beneath india's financial centre. this is what mumbai's future is in there is going to be light at the end of this tunnel, maybe by 2021. roughly 8000 workers are on the job 2a hours, seven days a week, to get line three of the mumbai metro up and r

marchione and carlos ghosn were big proponents of this european merger, tie-ups going ahead. pipe dream for both of them and we're finally seeing the results of that, but we have to see whether or not the french government will accept that. but it looks that the deal is in pretty positive territory already and the analyst kmunl reaccepting has been quite positive. >> absolutely. we'll be continuing follow this deal as it progresses. let's shift geerls president trump has excepted an olive branch to japan saying a deal is possible washington is willing to begin talks with tehran and he doesn't want to see, quote, terrible thpgs happen he's not seeking regime change in iran, but he wants to prevent the country from gaining nuclear weapons. now the foreign minister hit back accusing the u.s. of caution regional tensions and, quote, hurting the people. according to multiple results a deal would take place in the second half of the year. alibaba raised a record $25 billion since its ipo on the new york stock exchange in 2014. you man y joumanna. >> again, the markets digest the re

coming up, carlos ghosn arrives in court.ormer nissan chairman and ceo faces charges as he arrives for his pretrial hearings. more on that next. this is bloomberg. ♪ ♪ viviana: this is "bloomberg daybreak." coming up in the next hour, beth ford, land o lakes ceo. ♪ alix: we turn now to wall street beat to cover three things wall street is buzzing about this morning. first up, harvard's pay practice coming under fire. overseeutives that endowment are overpaid. and carlos ghosn arrives in court for pretrial hearings. and the we world of agm. and virtualirmish meetings part for the course when you attend a general meeting. david: if you were german, you would speak proper sausage. they take it very seriously. joining us now is should ali basak. -- is sonali this is not the first time they've complained. sonali: it is not. job atve a very hard harvard when you have people like ray dalio. how much are you supposed to pay people investing in other funds? it is hard to keep people around if you are not paying them enough. david: but

like to, carlos ghosn's prove his innocence has moved to the courtroom. the former nissan chairman appeared at a pretrial hearing today. the allegations range from falsifying financial records to redirecting company money into his own accounts. the trial is expected to begin next year. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm taylor riggs. amanda: live in toronto, i'm amanda lang. we are joined by our bloomberg and bnn bloomberg audiences. global stocks are taking a beating as trade tensions show few signs of easing up. that has investors fleeing to save havens. haves on the u.s. 10 year some to the lowest level since 2017. we will talk treasuries with the head of u.s. rates interest strategy at societe generale. and the mood ring of the future. developing ao be gadget that can recognize human emotion. a quick check on the major averages. we have seen a risk off atmosp

the partnership has been rocky since the arrest of carlos ghosn for financial misconduct.es all charges and pretrial hearings start later thursday. football's governing body has plans to expand more teams. growing the tournament from 32 to 48 countries would have to qatar.pact on the world cup would not be expanded until 2026 when the finals will be held jointly i the u.s., canada, and mexico. that is your bloomberg is this flash. -- business flash. bjp has extended its lead to 282 seats easily winning the seats needed to form a government. markets have opened strongly with the same-sex. -- the semsex. semsex seen the going higher. if we look at valuations, this is what a lot of investors have questioned. if you look at lender it forward p, 18 times for india versus 11 for the rest of the em spectrum. overweight equity position in india. i'm guessing this is not based so much on short-term valuations and the election outcome. but is it based on? luciano: we have been more than five years being overweight india. it is not because the government that much. reforms in india o

ch carlos ghosn was set up for this you don't get imprisoned for this kind of a question.e was getting a salary considerably less than any of his peers were making, and there's just a lot of suspicion, of course, that this had something to do with japan inc., that he was going in to replace the ceo of nissan for some faltering performance after he pulled off a rescue. there are questions as to whether or not the board cleared, the nissan board had cleared a compensation plan for him that hadn't been revealed to shareholders yet he hasn't gotten a penny of this extra bonus compensation, so it was -- that was just crazy there was certainly something to do, resentment of the control that renault had in nissan 20 years ago carlos ghosn had pulled off a remarkable recovery for nissan by taking renault and buying into it, and they missed that opportunity the production is twice as high as the production of renault so that's the frustration. furthermo furthermore, they've got, i don't know, about a 43% control. the french do of renault of nissan, there's a lot of resentment for t

. >> remember, renault and nissan have been parers since decades whenut atrities arrested carlos ghosngrowing rift between the automakers and it created the opening for fiat chrysler chairman john elkin to approach renault about aha merger tt would let compaes pool resources and in an auto industry where profitarns are being squeezed. renault's alliance with nissan is the unknown factor in this merger offer. with the french company tried to break its partnership with nissan or would it try tng b fiat chrysler into that alliance. the questio theenault board will be pondering as it considers the offer to merge with fiat chrysler. phil lebeau,ightly business port, chicago. >> the sports illustrated brand is sold for $100 million in a rather unusual deal. authentic brands purchased the intellectual property of the iconic sports magazine fm meredith corp. under this deal, meredith will continue to publish thenaper versf the magazine and manage its website and then it will pay autheic brand a licensing fee for at least the next two years. the stock was down nearly 4% to 52.57. alibaba is rep

former nissan boss carlos ghosn reportedly rang up millions of dollars in suspicious expenses, an audit the wall streetjournal reported the audit flagged $12.2 million in costs incurred by mr ghosn over a nine—year period that may have been personal expenses. through a spokesman mr ghosn who faces charges of financial misconduct in japan, disputed the allegations. president trump has called on the us central bank — the federal reserve — to cut interest rates by a full percentage point and renew its quantitative easing programme, involving pumping trillions of dollars into the economy. on twitter the president said the us economy had "the potential to go up like a rocket". fed policymakers conclude their two—day meeting later. we'll have more on that from new york shortly. plant—based food maker beyond meat has increased its share price range ahead of its us market flotation on wednesday. it means the firm, which is loss—making, is valued at nearly $1.5 billion. the firm, which boasts actor and environmentalist leonardo dicaprio among its investors, will now offer shares at between $23 a

boss carlos ghosn a newew cloud will hang over those talks possible merger of renault with fiat chrysler on gainsford explains. we only send be the third wheell if the merger between were known fiat chrysler goes ahead. the japanese company has been linked to run -- for over twenty is but its ceo was only told about the discussions the last minute. nissan is cautiouous about the proposed merger fiat chrysler is one of its main competitors in the four by four markets in the us. let us now look for the sign on nissan is wary that the new alliance would want access to its technology the battle of the little sauna. if you need some that thiss coud boost fiat chrysler is business to the detriment of nissan's brands. in t the us -- ninissan it. and on the negative from the sun is that it could lose influencee over no. at the moment it holds a 15% stake in the company. of the marriage goeoes ahead tht would drop to seven point 5% the new fiat chrysler run it would be much larger than the japanese company. she said for you if the merger takes over it will change the power balance in the alliance

. >> carlos ghosn, huge problem apparently led to make this happen go back to what carl said. >> ther three automaker in the world. >> number three in the business is awful >> no growth >> when you look at their rev l revenue number and you are like whoa and you look at how much they make. >> how about the fact that apple is up? >> jaime dimon should make some comments about it. >> dimon is on the tape, "i think trade is a real issue, trade has gone to be squirmish to changed." >> i think he's right. what are the leading retailers the dollar tree stores, knock offs, tjx -- >>that's a reflection of what though >> people are not feeling so great. >> this is a real debate right now whether the weakness to the degree we get is consumer led and enterprise led >> i was working for the lowest. >> i think people are worried. by the way, there is a boat sharing. the sharing economy -- >> it does make sense. my wife keeps on wanting an upgrade. open o owning a boat is a chore >> that's why we have you as a friend, we like friends with boats. >> i have six people with boats. >> you are welcome

being in charge, is because nissan was so weak is what carlos ghosn said. >> i think nissan isned than renault in that they have dealerships here, they have a good brand, a good quality brand established. i think the consolidation certainly would help legitimately on the technology side that we talk about as we go to e.v. and some of the other advanced technologies, the autonomous car. so any time you can bundle the research -- right now, everybody is doing their own. you pull that together, you get favorable leverage. you get productivity. but operationally, pulling a all that together -- don't forget, we didn't mention mitsubishi also. it really becomes -- they're talking about being the third largest car manufacturer, production-wise. but i think you ought to focus on productivity and profitability. maria: yeah. i would say so. boy the way, there's -- by the way, there's also cuts to report at general electric, g.e. cutting jobs, announcing a plan to cut 1,000 jobs in france. the french finance minister said he will fight the move. the stock is down almost 1% this morning. >

this is more than just the carlos ghosn for -- fallout. it's the faulty model cycle.their models in a long time. he will introduce 20 plus new models. it's a struggle in the united states market where sales have slumped. he's going to revamp the u.s. retail chain. we haven't seen a formalized turnaround plan from the ceo yet. maybe he has been too distracted over the past six months. the mother -- numbers we previewed yesterday, we said it was going to be bad. we were quoting the analysts community. the result yesterday after the markets closed were worse than the worst-case scenarios. that's how bad it was. i can run through the numbers quickly. most importantly, the 2020 .utlook profits through 2020 will be ¥230 billion. 2.1 u.s. billion dollars. that is half the average projection of the ¥453 billion. it cut its midterm revenue target and operating margins as we predicted. paul: pretty dark numbers there. renault still wants a merger. >> they do. that is a delicate negotiation process behind the scenes between the chairman of renault and the ceo who has robust -- r

the partnership has been rocky since the arrest of carlos ghosn.nies all charges and pretrial hearings start thursday. shery ahn: the world's leading world exporter has begun dealing east.l in the middle saudi aramco has started operating as it moves further into its trading business. its expansion plan would push it of globalop tier traders. it has a branch in singapore and is considering opening an office in europe. shares fell the most in two years after a u.s. judge ruled the company violated by abusing its position in the markets. it could force qualcomm to renegotiate its licenses. how big of a blow with this be and how could affect qualcomm's bottom line? some kind of sideline where they get licensing revenue here and there. this is a fundamental business for qualcomm. this is multiple billions of dollars a year in licensing income. that is high-margin income. upheld,judgment is there could be lots of byegotiations, and concerns investors that qualcomm will be getting a lot less of this money. paul: qualcomm signaling strong they it disagree

in tokyo, carlos ghosn's fight to prove his innocence has moved to the courtroom. the former nissan chairman has appeared at a pretrial hearing today, and the allegations range from falsifying financial records and redirecting company money into his own account. ghosn's trial is expected to begin next year. global news, 24 hours a day on air and on tictoc on twitter, than 2700 more journalists and analysts in more than 120 countries. vonnie: courtney, thank you. coming up, we get an insight on france's economy from france's france's ambassador for investment. this is bloomberg. ♪ ♪ vonnie: from new york, i'm vonnie quinn. guy: and in london, i'm guy johnson. this is the european close. a tough day for risk assets. let's find out what is going on. abigail: you are absolutely right. it's a tough day for risk assets. take a look at these stock indexes. the kleins on the day. in the u.s., the s&p 500 and nasdaq are down 1.3% or more. we are on pace for the worst value of the year. shenzhen,k at the down 1.8% in the asian session. we go to the bloomberg and we see it is

nissan's ceo is staying, carlos ghosn's protege reappointed.n is out on bail in tokyo. the pga championship, fans keep a close eye on tiger woods. we've got highlights. game of thrones sick-out, fans staying up for the finale sunday night might not show up to work on monday morning. plus, betting big in vegas on the iron throne. all though stories coming up. rising tension with iran, intelligence suggests the u.s. and iran misread one another. the iranian government prepared itself for possible counter strikes. congressional leaders receiving a classified briefing yesterday after some raised concerns they were being kept out of the loop. there was intelligence that apparently showed that iran did want to attack u.s. interest across the globe. joining me right now is former u.s. am a bass door t ambassadod nations, former deputy secretary of state, ambassador john negreponte. thank you for join us. first on the iran threat. let me start there. this is nothing new. we had these tensions, what, for 40 years. but is there reason to be concerned tha

been under pressure and jittery since the arrest and ousting of former chairman of both companies carlos ghosn on financial misconduct charges. lots to develop there. it is not a done deal. breaking this hour, canada stealing the trade spotlight away from china, at least for the moment. this after news broke that canadian prime minister justin trudeau now says the new usmca trade deal is a quote good deal for canadians and that canada aligns itself very much with the pace of the american legislative process when it comes to ratification. the canadian government is set to formally present legislation tomorrow to ratify the usmca. what about our congress? we're waiting on them. meanwhile, president trump is back in the u.s. after visiting japan over the weekend with shinzo abe. the president said the u.s. is not ready to make a deal with china just yet but added sometime in the future china and the u.s. will quote absolutely have a great trade deal. let us get to edward lawrence. edward, we have heard that before. >> yeah, we have. let's start with the usmca. steel and aluminium tariffs being li

the arrest of carlos ghosn. a lot of pressure on nissan. what do they do to repair it?hat is the question. markets, the broader we are still seeing a selloff in equities. moderation because investors betting ultimately there will be a deal between the u.s. and china. more tariffs mentioned but donald trump and the chinese leader may be meeting again in june. six days of losses. the yen retreating against the dollar is well. manus: oil takes its cue from the trade tensions in the gulf. nobody named who sabotaged the uae ships. more than the amount of china imports. euro-dollar up this morning. that is the latest on the currencies. we still have worries over this u.s.-china trade issue. and concern about a rate cut coming this year and some betting more. the euro dollar options have a cracking that. suggesting as many as three quarter-point cuts could calm in the market. on the issue of trade wars, that is affecting growth. he is keeping an eye and open mind on the policy review saying it is premature to speak about an outlook at this stage. thought for one moment that th

you need a strong leader like carlos ghosn to navigate an alliance like that. shery: very ironic.ts opening in japan at the top of the hour. aphie: we are gearing up for tepid open with little direction from the u.s.. markets are closed for memorial day. markets muddle along. beatty --trump is not not ready to make a trade deal with china. we are watching the actions to reports of changes to the battery purchasing plan. one of its supply deals with samsung may unravel. brokers with a lower stock transaction tax set to take place on may 30 as they try to attract more investment. executives from the china company visited to request memory chips. japanrade in korea and and australia. more coming up on "daybreak: asia." ♪ paul: good morning. asia's major market are about to open for trade. sophie: welcome to daybreak asia. paul: our top story, mulling a second listing in hong kong. more trays brace for turmoil. president trump says china is ready for a trade. success exit at. here part two of our exclusive interview. the marketeady to action with sophie in hong kong. little shares ope

with renault that's the reason why the situation that developed over the last sex months with carlos ghosn and nissan executives and japanese authorities, that's one of the factors that many believe caused the situation with him being arrest and charged with a number of financial crimes that he denies. so what does nissan do from here, guys, because they don't want a full merger yet at the same time if they don't go forward with one. their influence on renault, especially if it's a merged fiat chrysler, it would be diminished dramatically. >> phil, though, see, to me, i spent a lot of time over the weekend about this transaction it seems to me on the nissan piece, which i think is actually the most interesting piece, especially given that trump was over in tokyo and apirnlly there were conversations -- >> president trump. >> president trump was over in tokyo that it cuts both ways in that nissan was always upset about how much power the french government had vis-a-vis renault and by turning into this transaction, the french government gets deluded. it becomes alarmer component, but in term

carlos ghosn as well. this probably is something that is a silver lining for nissan. idea of further consolidation. they do not see scale and volume right now as being the answer to this situation right now. in beijing,'brien thank you for joining us on that very. let's get a preview of what to watch in markets later on this morning. get over to sophie kamaruddin. we are watching shares of china construction bank and others state-owned lenders as bernstein anticipate they will come under pressure in the near term after chinese regulators took over the bank, citing credit risk. they are to manage the smaller lenders business for the year. may havebailout concern. jpmorgan and credit suisse joined morgan stanley in upgrading the stock after the company narrowed accordingly losses and margins are seeing improving further. today, we have chinese industrial profits plus april trade data from hong kong. continuing with flat export growth seen for april compared to a 1.2% drop that was clocked in march. keeping an eye out for the data in hong kong. paul. paul: thanks very mu

twice in the last year, nissan cut forecasts after the arrest of former chairman carlos ghosn.afone dividend cracking under the strain of falling revenue and rising cost. europe's biggest telecom slashing its outlook. the company has to deal with buying new spectrum and paying for the purchase of liberty global asset. that is your bloomberg business flash. alix: thank. you so much u.s. futures facing a recovery after major averages closed 2% lower yesterday for the second time so far this year. joining us on the phone is in km technician.ief take a look at the options market. what is that telling you? guest: i think when we look at our indicators, specifically from the options market, we are seeing signs that a reversion is like to hear. what we look at is how many puts are bought relative to how many calls. that is the standard ratio. you smooth it out over five days to remove the gyrations and volatility, we find that indicator is at levels that have historically represented prior troughs in the market. those have been viable. the last time they were at this height was to sim

the partnership has been rocky after the arrest of carlos ghosn. -- to the bloomberg business flash in theirhe denounces all d pretrial hearings start on thursday. football's governing party has scrapped the plans to include more seats in the 2020 world cup. they say that growing the seats would have too much impact on the host qatar, meaning the tournament will not be expended until 2026, when the final will be held jointly by the u.s.-canada-mexico. latest fed minutes show policymakers will be patient for some time, even with inflation below target. the markets have bet on a 70% chance of a rate cut this year. fed president john williams had this to say about the rate cuts. >> we have inflation a little below our goal. our view is to basically be right where we are. and i don't see any strong arguments today, based on what we have seen in the data or other information, to argue to move interest rates one way or the other. francine: joining us this morning to talk about trade and the fed, head of u.s. equities and thebia threadneedle global multi-asset strategist at jpmorgan. let me s

. >>> and former nissan motor chairman carlos ghosn attending a hearing in court ahead of his trial.rst pretrial discussion with people who will be involved in that trial. >>> you're up to date, that's the news update this hour. back downdotown to you. carl >> thank you very much. >>> markets feeling some pain today, down 347, lower across the board. u.s./china trade worries weighing on sentiment, more companies suspending business with huawei. with us art cashin as oil is getting crushed here, art, and it is not doing anything for the transports. >> no, not at all. the inventory data yesterday was stunning, you know they had looked for more like a neutral number and instead of aggregate when you put the products and the crude together were up about $11 billion. and the market just could not handle it. and so that's adding to what is primarily a trade war sell-off this morning and it is nearly universal very few markets around the globe that are not getting pounded. >> do you think -- can we start building an argument that production is not demand on oil, inventories are not sales an

with any talks, but this is just coming through, as we do have this measure proposal coming from carlos ghosnhis is what nissan has been doing, down around 4% this week. this is bloomberg. ♪ ♪ markets." "bloomberg i'm rishaad salamat in hong kong. >> i'm haslinda amin in singapore. a quick check of the latest business flash headlines. japanese broadcaster tbs says its offer topward nissan for a merger proposal. mergerve so far reposted but pressure is mounting on the , who also serves as the nissan director. nissan is set to announce its lowest operating profit in a decade, raising the possibility of a dividend cut. journal"all street says costco is considering buying singapore's international lines. costco recently acquired the container manufacturing business, going on to say they are not informal m&a talks. they have denied any interest in selling the shipping business. injecting $700 million into a london-based fintech company. offer alternative supply chain funding to companies, and brokers have more than doubled since 2017. hassoftbank vision fund $3.5 billion, and we are told the money

that's one of the reasons that carlos ghosn was imprisoned for so long.ld this fly even though nissan and renault had all been clinched a deal? dagen: it could fly. auto mergers historically have been hit or miss. if you look back at daimler owning chrysler, that was a disaster. but i'll point to peugote bought opal from general motors in europe and has turned around that brand. with th the merger of fiat and renault, that potentially puts a lot of other automakers at a disadvantage. i'll look at ford. one of the things driving the merger is because there's so much focus and there's so much money required for electric vehicles, self-driving cars, in-car connectivity, things like that, that you're seeing a lot of potential partnerships like the new mobility, trying to combat, say, an uber. you've seen a lot of partnerships come together. volkswagen and ford are talking about sharing technology. volkswagen, daimler and ford have teamed up together to build a super charger network in europe that would be one of the reasons behind this combination of fiat and