that is it for daybreak australia.ing at a slightly positive open. ♪ asian stocks poised for gains. the yen slightly stronger. loses: president trump the first battle to reinstate his travel ban. company chinese owned emerges as a key bitter for embattled airbag maker takata. yvonne: honda defend his contribution saying the president misunderstands the situation. betty: this

this is bloomberg. ♪ haidi: this is daybreak australia.arcelona football will open its first academy and china later this year. the club has 20 schools around the world. the new one will be the biggest. china wants to become a major player in the game. work on tied can imported foreign stars. >> it is normal. if a team wants to be successful, they need more talent. sometimes we tell to chinese clubs, do not forget about other academies. they are teaching values about their culture of the club. it is not always good to buy players from abroad to make a good team, you have to combine the own and hometowns with the talent you bring from abroad. i see some projects in china .hich are interesting also, some chinese investors are going to europe, investing in some stocks. >> barcelona has been dominant in the world of football for decades. they seem to have lost a little bit of edge recently. how much of an impact will discontent with your performance have on your business? >> i do not agree totally that are losing the power in our football. we

that is almost it for daybreak: australia. next is daybreak: australia. what do you have for us?strian prime minister mentioned the budget. we are going to head to singapore and talk the 2017 budget. it seems like they target the critical areas in the short-term. we will get rebates as well as plans to help the struggling oil services industry and accelerate infrastructure spending. is it enough? we'll ask those to singapore's second prime minister in the second hour. >> that is going to be interesting. usually not a lot of surprises come out of the singapore budget. there were some unexpected elements. se c.e.o. joining us from tokyo. it is interesting. some of these topical issues driving investment in japan are looking at health care. also potentially a revival of tourism and gambling stocks as well. he is saying trump is going to ,ominate the investment side essentially what we talk about every day. >> we will be asking about the underlying business and what this means for 2017. haidi: looking forward to it. the open in sydney is coming ♪ yvonne: australia prime minister back

this is bloomberg. ♪ haidi: this is "daybreak australia."quick check of the headlines. the world's biggest coal producer has reported a 20% decline in profit. it dropped to $432 million. it missed analyst acts estimates -- estimates by 6%. they wanted to cover potential salary increases for employees. a bigger share of the u.s. pickup market. redesignntroduced the for 2015, he said the company would reach 100,000 annual sales and 5% market shares within two years. nissan fell short last year. they captured less than 2% of the market. as for the company, the ceo remains optimistic. >> we benefited in 2016 of a strong european market. we expect to see the same thing in 2017. the reasons for which we showed some results is we have a good performance in europe. in only have we participated the growth of the market, but we gained market share. we have a fresh lineup. basically the reasons for which are profit is that the record level. betty: there is inflation. walt disney has increased its u.s. theme park ticket prices by almost 5%. regular entr

you're watching "daybreak australia." lets the to first word news with paul allen.ohn mccain has angela merkel in criticizing president trump's description of the media as "the enemy of the american people." mccain told "meet the press" that depressing free speech is how dictators get started. trump intensified his attacks in a series of tweets added -- and at a rally in florida. we are notrump: going to let the fake news tell us what to do, how to live or what to believe. we are free and independent people, and we will make our own choices. paul: president trump's revised executive order on immigration e streamlined, according to the security secretary john kelly. trump's previous attempt to heighten immigration screening caused chaos and protests in u.s. airports in january and was blocked by federal court. kelly says it is a good assumption the new order will not affect people holding valid visas or green cards. >> we are contemplating, the president is contemplating moresing a tighter, streamlined version of the first e.o. and we will have, i will have opportuni

daybreak australia.entink the key at the is the consensus price is below the spot price. but that canal, cut in two directions as well, so i would not say it is paul off a cliff or anything like that. juliette: that is your bloomberg business flash. manus: thank you. japan's economy expanded, go on, japan, by 1%, the first time the nation has had four consecutive quarters of growth in three years. demand and export gains, the yen falling today. let's bring in brian fowler in japan with the story. when you look at the data on the japanese economy, a lot of this is driven, but how sustainable is the picture? >> good question. sustainable, i can say definitively the answer is yes and no and maybe for all of that. as you said, we had good export numbers, and that was driven in part by the weekend, that boosted capital spending and the weakcompanies -- yen, that boosted capital spending in japanese companies. inestic consumption came weaker, and there is some possibility that weakness will persist as we have

he told daybreak australia that he has had several frank and open discussions with the u.s.ontent ofut the those discussions was not for public view. this comes as australia continues to push the case that tpb should continue forward without america. vital that we maintain the drive towards more open markets and free trade. trade means jobs. australia is a trading nation. our future depends on not simply selling pe best selling things to 24 million australians but to the whole world. and as i said at the g-20 last year, protectionism is not a ladder to get you out of the low growth trap. it is a shovel to dig you much deeper. juliette: global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. this is bloomberg. talk about the hotel industry. intercontinental hotels group has missed estimates as it released its full-year results this morning. at least if you look at the revenue line. the pretax profit line though, the full year of adjusted tax line profit, came in ahead of estimates. let us talk to the ceo of the company. from the lon

bloomberg has launched a new daybreak australia show. your day started and or finish your day. they break australia. every day. out of sydney. it is 3:17 in the afternoon in hong kong. let's get a business flash. sophie question mark sophie: statoil has reported an unexpected loss in the fourth quarter after deepening write-down on its u.s. shale assets. this would exclude other financial items worth $40 million. that makes the average forecast $618 million profit. whether the collapse in oil prices has led to the downturn in its generation. kkr has agreed to combine its hedge fund unit with pacific alternative asset management to create one of the world's largest investors and hedge funds. in thel have a 40% stake amco holdings, which will manage about $34 billion. the deal, expected to be completed in the second quarter, bring them to the higher end of the hedge funds league, dominated by blackstone. bnp has posted fourth-quarter profits that missed estimates. the income doubled to 1.4 4 billion euros from a year earlier, it fell short

australian trade minister talking earlier on daybreak australia.ggles at disney's espn bringing down the company's first-quarter results. we will look at the numbers. this is bloomberg. ♪ rishaad: a quick check of the business flash headlines. profits, 34osting million dollars compared with a loss of $408 million a year ago. seeingmills, j us to have profits jump in part two prices advancing. china is the biggest consumer. shares dropping, this is down to ofder earnings falling shy forecast, net income missing billion, by 12%, $1.5 bnp consumer bank earnings were down 30% due to record low interest rates and not great conditions for the economy across europe. the bank is looking to cut billions and costs, but will spend to upgrade digital services. global governing body could be facing scrutiny, and internal fifa investigation has uncovered wrongdoing beyond current corruption allegations and could prompt new charges should authorities in the united states and switzerland choose to pursue them. the findings will be presented to leadership later thi

bloomberg daybreak australia. >> i think at the moment you can see the consensus prices are below the that's obvious. it's unusual. that can come from two directions as well. i would not say it's going to fall off the cliff or anything like that. vonnie: he said the china is in a shift to less polluting or. mark: after a year of falling sales, product is growing again. it january showed positive results think to a revival in europe. 9%.al sales fell they hope to double the e-commerce sales in each of the next three years. prosecutor is, a questioning a billionaire samsung executive on corruption allegations. thes the head of samsung, biggest south korean conglomerate. he is accused of taking payments that were made to a south korean friend of the south korean president. chocolate has gotten cheaper. cocoa growers are collecting bigger harvests in west africa and latin america. futures are the lowest level since 2008 print that has cut cadburyr companies like chocolates and oreo cookies. vonnie: it's time now for our quick take. we are looking at a issues of interest. the most viable c

in an exclusive interview with daybreak australia, he described the american president as having a bignality with a very big job. we have had several conversations now, and they have been constructive, frank, and forthright. deep engagement with the american administration, and every american administration. australian-u.s. alliance, relationship, is deep. ofis held over a century fighting side-by-side in every major conflict. it is an alliance. it is an economic heart ownership. and it is built on millions of people links and family links come in so it is very strong and deep. >> what you think of the man though? >> he is a very big personality and has a very big job. >> in terms of the added difficulty of decision-making, he is someone who does diplomacy by social media, twitter. there is an element of the unexpected. is that change the way you deal with the u.s.? know, we pursue our national interests methodically, calm lake, consistently. we make our case, very frankly and forthrightly when we are speaking to our american friends, but like as you would expect, with good friends, we

"daybreak: australia" that he had several frank and forthright conversations, but they were not meantill continue to push the case for the tpp to go ahead without the u.s. vital we maintain the drive towards more open markets and free trade. trade means jobs. australia is a trading nation. our future depends on not simply selling things to 24 million australians, but to the entire world. as i said at the g20 last year, protectionism is not a ladder to get you out of the low growth trap, it is a shovel to dig it much deeper. >> a small plane with five people on board has crashed into a shopping mall in the australian city of melbourne. everybody on board was killed. witnesses say the plane came down and exploded soon after, taking off from the nearby airport around 9:00 a.m. local time. it is the worst civil aviation accident in the state of the tory a in 30 years. euro area finance ministers greece may hopes have had. they are demanding the labor reforms before they sign off on any agreement. the last chance before european elections this year. the e.u. agree to pick up discussions in

turnbull told "daybreak australia" he has had several frank conversations with the u.s. ent, but the content was not for public view. australia continues to push the case for tpp to go ahead without america, which abandoned the deal as one of trump's first moves in office. it is vital that we maintain the drive toward more open markets and free trade. jobs.means australia is a trading nation. our future depends on not simply selling things to 24 million australians, but the whole world. year,aid at the g 20 last protectionism is not a ladder to get you out of a low growth trap. it is a shovel to dig it much deeper. nejra: euro area finance ministers have poured cold water on a quick dispersal of new aid payments to greece. athens and its creditors have agreed to pick up discussions in the coming days. greek bonds rallied. creditors are demanding the nation is to use tax, pension, and labor reforms before they sign off on an agreement. >> they have to realize that there is no agreement. there is no political agreement at this point. that would be too early. it is a very po

amanda: that was malcolm turnbull in an exclusive interview on "bloomberg daybreak australia."tailer posted 19% gain in fourth-quarter profit. this is bloomberg. ♪ lang.: i'm amanda time for options insight with abigail doolittle. abigail: joining me is kevin kelly, investment officer at recon capital. great to see you and thanks for taking the time. another day, more records. you are talking about depressed volatility under the trump administration. what does this mean? >> since he has been elected we have seen volatility about 12.2. look over the last five years, they've averaged about 15.6. that includes all the crazy monetary policies that have happened, with quantitative easing, things like that, low interest rate policies. it's hard to imagine that volatility could have fallen even further, but it is at 12.2 since he's been elected. it is kind of one of those things where, why is it like that. one of the reasons why is that sector correlation since he's been elected actually have dispersed. everybody is worried about complacency in the marketplace, but it is simply not tr

part of ours exclusive interview with australia's prime minister, , on "bloombergl daybreak australianel of three female ceos about how the landscape has changed and how entrepreneurs can gain an edge. this is bloomberg. ♪ amanda: "what'd you miss?" scarlet fu talks to about theirs strategies. she asked of the group whether a scarred up could be small and still considered a success. >> not as a venture capital business, i don't think. scarlet: it has to be scale? you toy investor wants be enormous and profitable. and there's just a fine line. i think that you can be both of those things in the right amount of time, if you have taken the right steps to get there, but i don't think that these small-scale profitable businesses are in line with a venture capital model. what about you, claudia? what do you think? claudia: it is the first question you should ask if you are starting a business, how you finance it? venture is looking to -- to do something it's truly scalable and not what you are signing up for. the environment has changed the germanic play. i agree, it has been wonderful for

rishaad: peter speaking to haidi on daybreak australia earlier.ofits, what does asia x have in store for 2017? we will be talking to ben ishmael. this is bloomberg. ♪ rishaad: ms. news conference taking place at the moment in seoul, the bank of korea governor there, speaking about the possibility of the united states naming the koreans as being for the change manipulators and talking about authorities not intervening for other purposes. the fx rate is as determined by the market, haidi, so that is what we have at the moment coming through here, and of course the backdrop of those interest-rate being kept on hold. right.that's a low possibility of the u.s. .aming korea as a manipulator this shows you how intertwined global trade and regional trade is in waiting to see whether president trump makes good on the rhetoric and threats he made a labeling china and other countries as currency manipulators. governors saying china being named as a manipulator would be hurting korean exports, and overlap when it comes to regional economies, and the be saying

was speaking on daybreak australia early on.g through the numbers. this is bloomberg. ♪ betty: this is daybreak asia. i am betty liu. yvonne: a quick check on the latest business flash headlines. launched a new range of phones including a redesign of nokia 3310. it was a major text to revive nokia's glory days -- major push to revive nokia's glory days. they are releasing to others. -- two others. the three and five will be released separately. right, such a flashback. some of the world's biggest telecom companies are joining .orces for a faster move to 5g at the world congress in barcelona, they signed the standard for the next generation. they are hoping that will accelerate the rollout of the new technology in 2019. intel andven rivals qualcomm will join the efforts. yvonne: the damages spill from diesels -- from volkswagen diesel emissions scandal is more. there was an agreement to resolve consumer claims in the u.s. operating profits rose 14% due to improving sales margins and intends to pay shareholder dividends. betty: th

two full pages which i get to go through each and every one will be here for the launch of daybreak in australia a few we're watching, most of these guys on after the markets close later on. one stock i'm watching very closely here. let's change things up here. in hong mpany listed kong and shen general. the company coming out with some earnings warnings if you will. so it sees a loss now of roughly $19 million but certainly the news line here is the company itself says the company may be at risk of being delisted. these shares of course are what we're watching. this is a listing over in hong kong. this opens up in about roughly 15 minutes from now. guys? >> all right. david, thank you so much. david ingles there with a look at the markets. a phone call between president trump and australian prime minister malcolm turnbull has rattled one of america's oldest alliances and is having economic and political impacts. we have all the details on this tweet, this explosive tweet. >> yeah. this tweet as well as this phone call that happened about a week ago or so. you'd have thought it would be somethin

rishaad: that was the rio tinto chief finance officer on daybreak australia.ature to bring your attention to, it is our interactive tv function. it is called tv on the bloomberg. live,ly can you watch us but on the right side of the anden, previous interviews any of the functions we are talking about and be part of the conversation, send us messages during our shows. this is for bloomberg subscribers only. check it out. tv there. , in trump'sg up sites, which asian nations are most vulnerable to the next trade tirade. this is bloomberg. ♪ rishaad: you are watching "bloomberg markets: asia". most of asia has escaped donald trump's glare, but he may come looking. the country has deficits with many countries in this part of the world. haslinda amin, concerns are growing here? there are several reasons for asian economies to be jittery, trade surpluses with the u.s., and some are huge. even though trump has only named china, japan, south korea, others may be targeted at some point in time. india, indonesia, malaysia, vietnam, they should be ready for tru

just to highlight the big-name guests coming up on daybreak australia tomorrow, haidi lun will be joinedinterview from 9:15 a.m. , 5:15 monday if you are in new york. don't miss that. will bee's builders looking for signs of relief in the annual budget later today after almost five years of curbs on the construction industry. companies are falling behind on payments to suppliers, and it looks like the problem could get bigger. joining us from singapore to is our bloomberg gadfly columnist. it take us through some of the signs of trouble in singapore. it is physically conservative. if they're going to do this, there must be a big reason. we don't know if anything will happen to be honest. there had been hopes they would ease property curbs for the past three years. none of it has played out because they are weighing, there is a difficult balance they have to strike a between making property more affordable in the city, and also not letting the things lose track. banks have already been facing higher delinquencies among builders. the number of nonperforming loans from building companies, c

still ahead, australia bank earnings with the decline, details live from sydney next. this is bloomberg. ♪ >> this is "bloomberg daybreakne man. shares and national australia bank higher, up 1.3% after unaudited cash profit for the first quarter of $1.2 billion. for more, paul allen in sydney. this is broadly in line with market expectations, right? paul: pretty much. no great surprise with that 1.6line number, about billion australian dollars, in line with what the market was expecting, but down 1% on year. quarterly revenue was up 1%, dragging that backwards, expenses rising for national australia bank, mainly due to regulatory and staffing costs as well. really trading, and we see shares up 1.3%, bad debt was down 23 percent, so i reversal of what we saw in the second half last year, so bad debt charges down, the market trading the good news there. of australia's major banks will announce results this month. are we expecting a soft quarter for them as well? paul: commonwealth bank on anz on friday. they do face the same challenges, the regulatory environment tougher, lending growth has slowed, costs are rising, and i

daybreak asia." breaking news out of australia. looks brighter as well for business there. business conditions index up at a multi-year high at 16 where the index reading is for the month of january carrying over from a positive numbers we saw in december. business confidence also up -- also higher up to 10 is the reading. higher than the six that was back in december. we've seen these numbers, or seen the confidence increase, given the higher commodity prices, higher oil prices helping australia but of course there are lots of concerns about how long that will last and whether we might see it petering out later this year. also on the residential side as ell is that going to start affecting the australian economy. we'll go to the first word news now. >> thank you, betty. toshiba shares are falling in -- there r the nikkei is already a huge loss and broadcaster nhk says an impairment charge on its nuclear operations could top $6 billion. the nikkei says the loss will probably wipe out shareholder equities. saudi arabia has told opec it cut oil production by the most in more

daybreak asia. we have some breaking news out of australia. 4/10 ofns rising about 1% on the month.r than what economists had estimated. surveyed for a gain of 1%. prior to that it represents a slowdown from the prior month. of course lots of concerns in some parts of australia. now let's get to the first word news with courtney collins. tweeted,ent trump has quote, see you in court, after bid torejected his reinstate travel bans. it means the u.s. will remain open to refugees and visa holders from seven muslim majority countries. the justice department failed to convince the san francisco appeals court of its national security argument. suggests he will ask the supreme court to step into the case the tests to limit of executive power. the central bank should not be in any rush to raise rates next month. he says continuing uncertainty over trump policies is clouding the economic outlook. the next meet in mid-march with investors saying there is a one in four chance of a rate hike. he says the risk means the low rate regime should remain. >> the regime will not go away naturally and

. >> australia's trade minister says they can go ahead minus the united states on the tpp. host: this the second hour of "daybreaksia." i'm yvonne man in hong kong. betty: i'm betty liu. , i guess youd of could call it lackluster. we tried to rally earlier in the session, but we just pretty much ended up flat. we will see whether or not earnings from tomorrow are going to help these markets. another thing we are watching tomorrow is the decision by the courts on this travel ban that was issued, this executive order by the white house. over the past hour, a federal appeals court has been hearing arguments for and against president trump's executive order to ban refugees from these muslim majority nations. ramy inocencio has more on the story. off listeningot to what has been happening over at the ninth circuit court of appeals in terms of the oral arguments on behalf of the department of justice and the lawyers for the state of washington. i'm not sure if it is finished yet, but it was interesting at least for the first half hour. department of justice lawyer gave his argument, saying that washington state has no

daybreak asia. we have some breaking news right now out of australia with the release of the december trade numbers,allen watching those data for us. paul: we have a big beat on those trade numbers, the balance $3.5 billionis balance for the december trade surplus. better than the 2 billion estimated by analysts. that was the -- the latest november figure was the trade surplus and look at the aussie dollar go. it is climbing on the back of those better-than-expected numbers. commodity prices have been rising pretty strongly over the past few months. iron ore above $18 per ton propelling australia's trade balance very nicely. this will have implications for the reserve bank of australia. which will hold its first meeting next tuesday. they did have a weaker cpi read to have a look at last week, cpa -- cpi coming in and these trading numbers will be encouraging. we have one of the 26 economists surveyed thinking the rba will move next tuesday. to recap, the trade balance for us still yet in december a very impressive 3.5 billion surplus. back to you. betty: let's get to the first word news with courtn

daybreak asia, coming to you live. it is just after 8:00 a.m. in hong kong. >> and it is just after 7:00 p.m. in new york. australia is just tapping up an interview with the qantas ceo alan joyce. we are really focused in the u.s. on the fed and what they indicate for u.s. rate hikes and how it might impact central banks in asia. >> i am feeling that confusion in the start of asian trade with that failing soon comments. doesn't mean -- does it mean a march fed rate hike on minerals? >> do we ever think the fed will be clear? >> it is a balancing act for them, talking about inflation, too, not a whole lot of people in the fed think it is a problem at this point. as mentioned, odd minerals desperate first let's take a look how the market open is shaping up. were just you discussing, the central banks focus is on r.b.i., and today bank of korea will be in focus. it's forecast to hold its record of 1.25% as it waits clarity around a domestic political sandal. there are mixed signals when it comes to economic data. there is inflation on the rise in the community were desperately consumer -- consumer sentiment sliding. o

australia's latest job numbers. we will be watching for signals on its best move -- next move. >> this is the second hour of daybreak asia. it is just after 8:00 a.m. in hong kong. betty: we are watching several developments that are going to happen this morning as you had mentioned a few moments ago the appearancend at the prosecutor's office. also the australian jobs numbers at the bottom of the hour. we will see how those two events move the market in asia. yvonne: that ever volatile aussie job number could be interesting. givingd be choppy here just the mixed signals we have seen in the labor market. we did the unemployment pickup a little bit the previous month. we will see how things go in the bottom of the hour. let's take a look at the market open in tokyo and seoul. looking atnt: we are 10,000 jobs. it is an all-important number. horribly hard to get. comes out and about nine minutes. were looking at a higher start in japan 30 minutes back. that has been paired back. early gains. have a look at the top three and bottom three. when you look at iron ore demand and you look at world steel production. the marke

bloomberg sits down with australia's prime minister to talk trump, trade, and the nation's future. ♪ anna: a warm welcome to "bloomberg daybreakeurope. our flagship show. the biting -- the mining sector, reports from both already this morning. what we have going on in the u.s. dollar, stronger by .4% against the japanese yen -- 25ro down by .25% adding to the hawkish commentary around the united states. adding to some people's expectations about whether libel -- march is liable. he said mark is not the table. now into the mix overnight. asian sessions. tech markets coming through. we also see futures moving higher. quietday in trade was a day and trade for the u.s. -- europe. we might have hsbc weighing on the european, that's just a moment. --ther high being taught planned production cuts at mills ahead of key political gatherings. boosting some of that commodity complex once again. strong there's coming through. let's start with what is going on in the banking sector. hsbc shares are falling in hong kong area fourth-quarter loss of interest. billion forof $3.4 the three months ending in december compared to an $858 million l

coming up, australia's -- plan to return money to investors as it forecast a 50% jump in earnings in the second half. details next. this is bloomberg. ♪ betty: this is "daybreaka." yvonne: let's check on some shares on bluescope here out of sydney. we are seeing it rise some 2% this morning after the astro-med steelmaker announced a big jump in first-half profit. let's bring in paul allen, joining us from sydney. how do numbers stack up for bluescope steel? paul: stepped up very, very well as illustrated by that move in early trade on the asx. net profit for the first half, $275 million. australian dollars, that is up 79%. underlying profit almost tripled to 360 million australian dollars after, due to a rebound in the price of steel. a few goodies on offer for shareholders. the share buyback of up to 150 million and an interim dividend of four cents. very good set of results for bluescope steel. we will have paul malley a little later on. betty: reflected in the shares as we mentioned. northern star is also out with their first-half results. it is a good time to be a gold miner in australia. paul: yeah, it is. if you cast your mind back to when gold was arou

. >> australia's biggest gold mine are reaping rewards on higher prices and volumes. >> this is the second hour of "daybreakve from bloomberg's u.s. and asian headquarters. is just after 7:00 p.m. in new york. i am betty liu. we just had japan fourth-quarter gdp numbers, a slowdown as expected for the fourth quarter, but in line with what economists had estimated. we will have a bunch of economic numbers in the u.s., at sales, inflation, the fed speaking, so the direction of the markets could move any which way at this point. from janettimony yellen will be crucial to see if she's trying to manage rate expectations on a march rate hike. be asay that march could live meeting already, so some bullishness on that front. let's get more on the markets in asia. the reflation trade in tact after that gdp data from japan, and now the latest from david in glass. right, the government releasing its statement on this gdp report. highs, 1n, session 13.96 is the next resistance level. things, moves and financial markets, nothing has changed as far the gradual recovery is concerned and speaks to the fact you had the miss

australia, details in the show. plus, our next guest remains optimistic about world trade 2017. in we'll be speaking to the c.e.o., next. >> this is daybreaknext guest, g.d.p. growth stronger in 2016, but not when china.s to joining us now from the japan tokyo is the company's c.e.o. on howto get your take the markets -- this euphoria we seems like wes, see this bipolar world with what ares and the currencies telling us. what do you make of equity and our outlook this year? can these animal spirits live on under somewhat volatile trump and the confusion on capitol hill? >> well, aside from what's happening with donald trump, we that the commodities cycle has bottomed out. therefore, we're gonna see back in commodities and therefore see a pickup in trade. so places like china, which have deflation their for a long time, also russia, also going, that recovery is to drive a commodity recovery, which is also going to drive an recovery.ade despite the fact that there are structural issues in, say, china, we think that growth is going to be better than some people expect and we actually are very positive on the equity market there as well. thef