has run out at the start of his latest no albert edwards highlights a recent warning by the chinese central bank that the financial risks associated with grey rhino events which are highly obvious yet ignored threats may surface next year and reminds readers that going into the two thousand and eight global financial crisis many of the massive macro imbalances in credit bubbles that ultimately sunk the global economy were all too apparent but now he says we have all the same risks and actually more disaster on the horizon but what's going to be the trigger of this time might not be with the chinese say which is the grey rhino is it's obvious is there but nobody is afraid of it which he compares he uses a metaphor of in south africa where i think he's from but in south africa. reserves there you know the wildlife reserves what they find is that the buffalo actually causes the most danger and that's because most tourists. and people going for their you know wild game reserves what they're afraid of are the lions and the leopards and the elephants in the rhino so they're watching out for those the

chinese central bank flashes apple shares, or the supplier shares apple -- that's not -- well, yeah, a strong performance for those potential apple suppliers and the semiconductor chain. >>> apple fell as much as 7% in extended trade taking the stock briefly below its trillion dollar market cap. disappointing guidance and a change in recording ovreporting overshadowed the results did i not say people are concerned about the implications for iphone sales because they want to take away a bedrock for the analysts, how many phones and ipads have been sold >> it's worrying on the surface, but the key thing for apple is they sell high-priced premium products those have a limited market share. because apple has been so successful in selling those devices, they're at the point where there's little of againic growth left for them so them not reporting unit sales from now on is not particularly surprising to me because there's not a lot of good news that apple would ever be able to tell for iphone sales >> are the analysts being spoiled like me when you take sugar away and things, i have a tan

time has run out at the start of his latest albert edwards highlights a recent warning by the chinese central bank that the financial risks associated with grey rhino events which are highly obvious yet ignored threats may surface next year and reminds readers that going into the two thousand and eight global financial crisis many of the massive macro imbalances and credit bubbles that ultimately sunk the global economy were all too apparent but now he says we have all the same risks and actually more disaster on the horizon but what's going to be the trigger of this time might not be with the chinese say which is the grey rhino is it's obvious is there but nobody is afraid of it which he compares he uses a metaphor of in south africa where i think you see from but in south africa. reserves there you know the wildlife reserves what they find is that the buffalo actually.

consulate it's really what the term gray rhino let me fill you in on this the head of the chinese central bank warned of the risk of gray rhino and these are obvious threats that investors ignore see black swan are the they don't seem happening and they happen no they're right out there but they're still risk now what about china's corporate debt pile or other threats they characterize like hit that obvious threats and in china i guess that's what you're describing right i mean how many of these gray rhinos are there yeah i mean there's a think it's multiple of the chinese banking system is one you know they can hide debt put it anywhere they want all of these state economies they're supposed to get you know when i move to china twenty years. ago the whole game was going to privatized everything were to get rid of the state owned enterprises because they're totally inefficient you know there's the incentive problem they don't they're not in the market economy so they the liberalizing liberalize in about five years ago now they start pushing all the state on economies they're the only companies

at 113, the option might have been in a week.index hired last some people think it is the chinese central bankd this large option at the 113 level, we bounced off that several times since mid august. so one, i say that the technical micro market type of issue. the other issues it brought up, brexit. the idea that the u.k. could leave without an agreement is bad for the u.k.. and also for europe. .he continent and emu then you have the italian issue, tomorrow is a big day because it have to respond formally to the request to revise their budget. it looks like they made some offering somes -- minor revisions, but that may not be enough for the european commission, and that good to an excessive deficit procedurep it to a sanction,ad they cannot sanction on projections. they could only sanction it with a 22% of gdp fine, but only after they know the results, which is not until late next year. so this will be a drawn out struggle for a while, for the .est of this yearp . italian bonds, i would not expect them to come back and spread very much. like a low-grade fever, rather than an urgent crisis, l

market crash following regulatory reviews the european central bank is likely to ask weaker banks to strengthen their finances. as the u.s. chinese trade war rumbles on southeast asia is waiting in the wings for a boost in business a shift from china to other low cost production centers is already underway and tit for tat terrorists are speeding up the process indonesia is one of two on it if but it will have to invest in infrastructure to keep up the w.'s money claridge reports from jakarta. the singing of these caged birds in the indonesian capital is almost drowned out by the rumble of passing vehicles the metropolitan region is home to more than twenty million residents traffic there is a nightmare jakarta's air is heavily polluted it is while the indonesian economy is growing by five percent a year but the infrastructure can't keep up experts say more roads are urgently needed if the country of two hundred seventy million is to realize its full potential it provides the upper limit for the growth clearly if you don't have mass rapid transport and all that stuff but in a way it does create an interesting opportunity also like

boosttelecoms aid that don't use chinese technology are being considered >>> the chinese yew cuan softeno the back of data that the central bank spent more of the currency last month. the chinese yuan has lost over 6% against the greenback so far year to date we are joined once again by steven saywell from bnp paribas. all eyes are on the g20 summit coming up. give us a sense of how investors are positioned in terms of fx going into this event and where do you see the yuan going if we do see a resolution on trade >> really good question. again, i refer back to our positioning monitor at bnp paribas. what that tells us is the single largest long out there is the dollar that's very intuitive given what's happened as far as price action is concerned. when we have trade concerns, our view at bnp paribas is that tens to benefit the dollar. that's why the dollar has done well this year however as we go into 2019 and if we do see some developments there that may be more positive, that may be less focused on the u.s. side of things, we may start to see other current sis com currencies come back if that's the case we wouldn't be surpri

bears are shorter on proxies such as the aussie and kiwi dollars as risks of central bank intervention grew large. the chinesency is edging toward it's a decade low. they are more flexible, liquid and less affected. also say it is bearish on the aussie as the most liquid proxy for china risk. haidi: volkswagen and ford are said to be nearing a framework agreement to join forces on electric and self driving vehicles. --rces tell bloomberg they vw is poised to shery electric vehicle technology with ford piggybacking on to tens of billions of dollars of the german company. chairman isand's teaming up with companies from asia and europe to bid for a $6.8 billion high-speed rail links connecting thailand to three international airports. it is one of the largest projects entire history -- in thai history. opec and its allies have been laying the groundwork to output when saudi arabia announced a reduction in crude shipments starting next month. is one of our regular commentators here. great to have you. i want to talk about that too cut -- set the context of the bracket -- of the backdrop of what we are seeing, the

chinese economy. india and the economy is on focus on reports that the head of the country ‘s central bank may step downllo and welcome to asia business report. we will get to the equity markets in a little bit, but first, sterling hasjumped a little bit, but first, sterling has jumped by as a little bit, but first, sterling hasjumped by as much a little bit, but first, sterling has jumped by as much as a little bit, but first, sterling hasjumped by as much as half a little bit, but first, sterling has jumped by as much as half a percent against the us dollar. that is on percent against the us dollar. that isona percent against the us dollar. that is on a report that the uk government has struck a deal with the european union that could give british financial services continued access to the block after brexit. according to a london newspaper, the times, citing government sources, negotiators in london and brussels have reached a tentative agreement on all aspects of the huge partnership on services as well as exchange of data. you can see the euro trading firms. investors will be hoping for a positive

chinese trade relations. in other china news the american express company has become the first u.s. based credit card company to be granted permission to operate in china china central bank took ten years to approve the proposal from american express and only did so with a fifty fifty joint venture partnership split with a chinese firm the ling-ling group the partnership will operate as express technology services company the green light gives amex a head start over competitors a master card and visa of course who are. still seeking approval of similar proposals meanwhile authorities have given amex fifteen months to set up a network to clear payments with chinese financial and technical partners m.x. will need a second nod from officials to begin full operation. jumping back across the pacific back to m.x. his home country.

chinese trade relations. in other china news the american express company has become the first u.s. based credit card company to be granted permission to operate in china china central bank took ten years to approve the proposal from american express and only did so with a fifty fifty joint venture partnership split with a chinese firm the ling-ling group the partnership will operate as express technology services company the green light gives amex a head start over comp.

keeping a lid on further aussie gains, the central bank warned of risk to global growth from slowingotectionism in a chinesetop of that, you've got china shares, the main one among those the aussie dollar. bank coulda central prop up the sliding you one. of resistancearea at the currencies finding difficult to break through. what it means is that it would take a fresh catalyst to push the aussie out of its downtrend. quickly, do you think that there is any support there at all, or is this downtrend set? that's a really good question. i think probably longer-term the downtrend is set. the reserve bank has repeatedly said that while it does see growth week of an inflation pick up at some point, in the near term there really is no need for rates in australia to go up. at the same time you have the federal reserve last week resolute in its message that rates in the u.s. will keep going up. so when you have that interest rate differential, that certainly is something that will be a negative for the aussie dollar. let's get to matt. what have you got? matt: if you pull up this chart, if you are long tech shares i

chinese trade relations. in other china news the american express company has become the first u.s. based credit card company to be granted permission to operate in china china central bank took ten years to approve the proposal from american express and only did so with a fifty fifty joint venture partnership split with a chinese firm the ling-ling group the partnership will operate as express technology services company the green light gives amex a head start over competitors a master card and visa of course who are still seeking approval of similar proposals meanwhile authorities have given amex fifteen months to set up a network to clear payments with chinese financial and technical partners amex will need a second nod from officials to begin full operation. jumping back across the pacific back to amex his home country the us producer. price index indicated october inflation at the highest monthly level since two thousand and twelve figures released today by the u.s. labor department's bureau of labor to specifics or b.l.s. show an increase of two point six percent for the month surpassing consensus expectations closer to point two percent officials at major russian

central banking in a bit. but now, i imagine two chinese ships showing the flight between key west in cuba?or the third time this year, two ships have gone through. joining us now is our guest, and of course jean-claude trichet continues with us. what is the tension you just observed in your trip to singapore and hong kong, that trump tension that you see? >> we are seeing more concern about the leadership of china than the leadership of the united states. tom: discuss it. it is important. francine: it is important. >> it is important. the perspective in the u.s. and asia is entirely different. the majority, not all, of course , but the majority of people i talked to, corporate feeders, government people, investment of them over half support with the president of the u.s. has been doing, unlike the chatter we hear here in the u.s. the popularity of the chinese leader i have seen really slide a lot in the last 12 months, to the point where he is imposing dictatorial will, power in china. tom: can he and pose his death expansion -- impose his debt expansion? can he use debt as a weapon in the

for it all to disappear is chinese population been purged by gold yet it is written for the dollar collapse under trump administration there is no cooperation most central banks now he's de goble ization yes and he's written a zero mercantile ization and there's certainly no cooperation to me all for against all the right and the u.s. dollar sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming up with confetti and china and russia they're like. we've got all the gold. well much more coming away after the break don't go away. or. join me everything on the alex i'm i'm sure and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you that. you know world is a big part of the law. and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now we're watching closely watching the hawks. kind of financial survival john today was al

it all to disappear is chinese population been hurt by gold yet they're waiting for the dollar collapse and under trump administration there is no cooperation most central banks now he's de globalization yet and he's written a zero mercantile as asian and there's going to be no cooperation to me all for against all the right and the u.s. dollar sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming out the confetti and china and russia they're like. we've got all the gold oh well what's more coming your way after the break don't go away stay right there. relationship banks butts recommend trouble couples to keep talking to each other. this advice would also apply to president putin and president trump on the eve of the second meeting is it enough to pull the u.s. russia relationship out of crisis. while give easy evolve from this us. and. for union. rational. desire for livni thief. zuma. more than any. talk of impending war around the world is on the increase the great powers speak openly on the need to prepare for a conflict what does this tell us if anything it appears to be a sign the global order they came into

it all to disappear is chinese population been purged by gold yet they're waiting for the dollar collapse and under trump administration there is no cooperation most central banks now he's dick lobel ization yes and he's written a zero mercantile ization and there's going to be no cooperation to me all for against all right and the u.s. dollar is sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming up with confetti and china and russia they're like. we've got all the gold. well much more coming your way after the break don't go away stay right there. so what we've got to do is identify the threats that we have it's crazy going from station let it be an arms race into his own also a scary dramatic development the only really going to resist. i don't see how that strategy will be successful very critical. to sit down and talk. to people as i live the good feel confident. leave no. need to. be done. and we have many things in this world sounds this is it you know for everyone and why some people's also take our things all the power just for themselves and that is the mother. welcome back to the kaiser report max kaiser

it all to disappear is chinese populations been purged by gold yet they're waiting for the dollar collapse and under trump administration there is no cooperation most central banks now he's de goble ization yes and he's written a zero mercantile ization and there's going to be no cooperation to me all for against all right and the u.s. dollar is sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming up with confetti and china and russia they're like. we've got all the gold. well what's more coming your way after the break don't go away stay right there. i have the honor to once again the interview alister croaky is a former e.u. diplomat and founder and director of conflicts forum and of course we're going to discuss in weeks. he. says holland kentucky. boys says it was very funny using. a co money city with almost no coal mines left. the jobs are gone all the coal miners a said i'd. love to see these people the survivors of a world disappearing before their eyes. i remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a milli

it all to disappear a chinese population has been purged by gold yet it is waiting for the dollar collapse and under trump administration there is no cooperation most central banks now he's dick lobel ization yes and he's written a zero mercantile ization and there's an enemy no cooperation to me all for against all the right and the us dollar sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming up with confetti and china and russia they're like ha ha ha ha ha we've got all the gold ha ha ha ha ha well much more coming your way after the break don't go away. or. join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics school business i'm showbusiness oh so you have. relationship banks butts recommend trouble couples to keep talking to each other this advice would also apply to president putin and president trump on the eve of the second meeting is it enough to pull the u.s. russia relationship out of crisis. i've been saying the numbers mean something they matter us of that with one trillion dollars in debt more than ten white collar crimes happen each dish. eighty five p

it all to disappear is chinese population has been purged by gold yet it is waiting for the dollar collapse and under trump administration there is no cooperation most central banks now he's de globalization yet and he's written a zero mercantile ization and there's going to be no cooperation to me all for against all right and the u.s. dollar sitting there with like shooting blanks that the u.s. dollar is like bang bang bang nothing coming up with confetti and china and russia they're like. we've got all the gold. well much more coming away after the break don't go away stay right there. given the way in which the last terrorist attacks were proclaimed structured using european logistics you can say there's a certain desire to change the way of life change to society in france. room. welcome back to the kaiser report maximizer time not to go to bill barr id's the c.e.o. of. bill thanks for coming up my pleasure thanks for having me yeah we're all here in los angeles and hi this is los angeles you're here in los angeles and average. a wallet right if you're trying to while it's just describe briefly the product to the people yeah so average is really easy to use

closing in on neutral levels and signals the central bank is ready to slow down its tightening cycle >> interest rates are still low by historical standards. >>> chinese stocks sell off into the close as trade concerns dampen sentiment ahead of talks between trump and xi jinping at the g20 summit. >>> paul polman retires after 20 years at the helm of unilever. >>> and eu brexit chief negotiator michel barnier says theresa may's deal is the only one possible as the bank of england warns crashing out of europe could see the uk sink into a recession worse than the final crisis >>> while we're discussing everyone's favorite subject, theresa may is facing some questioning. let's listen in. >> i feel it's the right deal for the united kingdom >> you also told the house of commons on the 15th of november that if we, the house, don't vote for your deal, there's a risk of no brexit at all could you tell us why you said that and how that could happen >> i said that because some members of the house of commons clearly from their statements to me and other comments they've been making wish to ensure we don't leave the european union there may be various ways peop

central bank hold pat. we will be hearing from the chinese vice president as he speaks in singapore after xi jinping hits backt trump's trade policy. we will also focus on earnings. stocks did beat the highest estimates. they will continue using saudi money for investments. also on the radar we have toyota earnings and mitsubishi motors rounding up the big japanese auto results. apple bears watching. we have news the tech giant may not boost its xr production. we've had some data points this morning. japanese spending. the first yearly drop in three months. the curry and surplus narrowing. that is kicking off the mood in asia. >> thank you. let's get to jessica summers. president trump has been on the road and on twitter urging supporters to get out and vote republican. the most expensive midterm campaign in history heads to the finish line. victim democrats could potentially win the house and the gop retain the senate. that could alter the second half of trump's term. the outcome could hinge on a larger than normal turnout. the trump administration is warning companies around the that dodging sanctions on ir

chinese banks. because there are policies, and a lot of things that the central government does to influence how they why investors are still somewhat skeptical. for us, the insurance sector gets more interesting as we head into towards 2019. but more commercial. david: yes. yvonne: let's talk about these tech stocks. we have seen some of the moves in the taiwanese market. we have not seen disappointing earnings. that may not be over just yet. -- hon hai down at the moment. they will be reviewing the salaries of some of the senior executives as the company plans to cut costs. 1%.stock down close to , downgradedwas also the stock iran to 30 night -- 239. we are looking for238. we see the biggest operant -- outperformer on the hang seng, today.o 5% on the upside take a look again at some of these education stocks as well, which really got pummeled on friday after there was a draft proposal jerking run china that they were banning these for-profit kindergartens from using equity market financing. we saw a rebound. we are not regaining the losses that we saw on friday. plummeted just about 22%. still mor

chinese stocks are up. thank you very much, sarah. let's have a look at the stocks, rising after the communist party leader showed confidence. let's talk about gold as well. central banksn of gold in the third quarter of the year. that is their biggest buying spree since 2015. the ftse 100 their biggest buying spree since 2015. the ftse100 is down slightly. no doubt because the pound is rising, the pound is rallying sharply up at about 1.29 at the moment against the dollar, following reports theresa may may have struck a deal on agreement for financial services companies, that they would have continued access to european markets after brexit. big news, plenty more coming up throughout the programme on that. before we do, let's go over to wall street. on thursday investors will once more be treated to a slew of third—quarter company earnings. we will get apple's results after us markets close but before then we will also get earnings from everyone from starbucks to the new york times company to kraft heinz. heinz is of particular interest to investors because the company has already warned that rising trade tensions could hurt its bottom line. the maker of everything fr

they have become the most in asiave central bank this year. 175-basis point hike since may. you have seen a solid rally in chineseent bonds, heading for their best week since april. yield, falling by as much as 10 basis points over the past 10 days in the bond market. nejra: juliette saly in hong kong, thank you so much. get the first word news with mao. debra: theresa may is defying demands to quit, facing a revolt over her proposed eu deal. she said she would stay in office and the public expects her to see brexit through in an orderly way. embers of the government resigned yesterday, including two cabinet ministers. the leader of the pre-brexit wing officially submitted a letter of no-confidence in may. the newspaper reports northern ireland's dup says the deal to prop up the government is over unless may is replaced. >> i'm going to do my job of getting the best deal for britain. i'm going to do my job of hitting a deal in the national interest. when the vote comes before the house of commons, mp's will be doing their job. they need to look at a deal, of the britishsh people to leave the european union and ou

maybe chinese equities, which of course would perform well, but are subject to a lot more volatility. the aussie looks quite nice from that perspective. you might open the door for the central bankeway to normalize interest rates, which is not really the base case right now, quite the opposite. for me that's the most important -- that's the most attractive. for the level of risk involved, that's the most attractive. anna: what would define a surprise on the trade front between xi and trump? what is the base case? ist is the market assuming going to happen here and therefore, what would be surprising? is that the best we can hope for? timothy: i think a true's is ce is probablyu the best you can hope for. i don't know that this is all about trade. this is about the u.s.-china geostrategic relationship. just simply coming to an agreement to reduce trade tensions does not necessarily answer the bigger picture question. i think the surprise would be maybe not going any further than that are already announced to take effect next year, and perhaps an eventual removal of that. is not a lovely way for me to see a positive surprise. leewaye will -- a lot of for me to see a positive surpr

chinese. are they able to stabilize things? if so, we can achieve a soft landing. more to talk about on central bankingimely interview. with i will dive into this david westin. ceo harman, woodrow wilson but much more than that. astute on california politics. this is "bloomberg." ♪ tom: thank you so much for being with us. aires, mckee in buenos francine in london and i am tom keene in new york. president trump is in beunos aires. financial stability, let us go to the beginning of the powell speech. there is an inflation mandate. there is a jobs mandate here. should financial stability be part of the julia coronado calculus? julia: financial stability came back. the panic, we had a number of financial crises that gave rise to the central bank and their job was financial stability and they were so good at it, it evolved into the dual mandate on job rates and unemployment. they are there to keep the system stable and allow it to grease the wheels of the economy. financial solvency, liquidity, 2007. can we discern solvency versus liquidity issues? julia: they are doing their best to develop a dashboard th