saidutgoing glenn stevens of philip lowe he is the job.let us take a look at some of the other stories. have a look at an australian bank that makes two thirds of its money overseas. yvonne: macquarie shares, has seen a rise in its shares. 29% jump in full gear profits. net income number rose to a record $1.5 billion for the year that ended in march. this is because of a boost from what the business was relying on which was asset management and lending units. s to expand the business and shield the firm's earnings from trading. he is gaining from investors there's for assets with stable yields. the bank faces some challenges from rising defaults on rising -- on mortgages and the strengthening aussie dollar. about $2.40.d for looking ahead to the u.s. payroll later today, markets will be watching closely to see if the jobs machine remains well tuned and running. april's report signals it will stay that way with employers forecasting to add 200,000 jobs. the jobless rate is expected to 4.9% which isto close to the feds definition of full emp

phillip lowe will replace glenn stevens for a seven-year term.ished interest rates after the central bank told the record lows to push into the end of the mining investment boom. lowe appointed deputy governor described ashe is an exceptional economist. the aussie dollar has jumped after a better-than-expected march trading data. some of theo deficit go to 2.2 billion australian dollars from just over 3 billion a month earlier. exceededles also expectations. almost trump is a last man standing, as it only republican rival john kasich the race for the presidency. he now must persuade a divided party to unite behind him was that many say they won't support trump. >> i have always said that the lord has a purpose for me, as he has for everyone. as a suspend my campaign today, i have renewed faith, deeper faith, the lord will show me the theforward and fulfil purpose of my life. juliette: the sicilian president has suffered a new low. the report says there is sufficient evidence to try on allegations he used illegal financing to manage the budget. gl

he is replacing glenn stevens who has run the federal reserve bank of australia for 10 years.n't have much interest rate ammunition to deal with as rates are now at a record low. in syria, a -- an airstrike has hit a refugee camp near turkey. it is not clear who carried out the airstrike. the camp is home to hundreds of people who have fled from the surrounding provinces. dayal news 24 hours a powered by our 24 hundred journalists in more than 150 news bureaus around the world. let's get a recap of today's market. we had a rally underway earlier today at around 1:00. then start -- docs started to slide in closed relatively neutral on the day. volume was quite light. tomorrow's jobs report. we had the initial jobless claims move higher last week. at gold --king looking at gopro, they have had a rough year. they did beat on the revenue, which clearly the market takes pre-well. for a company that has had as much trouble as it has, it might take a little more to get the stock moving higher. scarlet: news corp. has just come out with its results -- revenue slightly lighter and anal

philip low will replace glenn stevens as governor of the reserve bank of australia for a seven-year termhe inherits the post after the central bank eased policy to a record low to cushion the end of a mining investment boom and combat disinflation. he was appointed in february 2012 when stevens described him as an exceptional economist. the u.k. is holding a series of elections today on what has been dubbed super thursday. the london mayor is getting much international attention. there are mayoral races in liverpool. there are also parliamentary by election's and sheffield brightside. global news --global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stories on the bloomberg at top . francine. francine: turkey's prime minister is expected to step down this month after losing a power struggle with president erdogan. the politics have seemed tricky stock markets. is that she is meeting with the executive board. let's speak to jon ferro. he is in charge for all of our government reporting. great to have you on the pro

he is going to succeed glenn stevens in september.interest rates to 1% or even less in the first few months. that is after the bank admitted it will probably miss its core inflation target for the year. now our coverage of the philippines. what is the mood like among the electorate? linda: apprehension. the investment community is watching carefully. at least over the past three weeks. it has been on the decline. the speculation that perhaps the center of the pitino government may not continue its fiscal prudence. is business community concerned. what exactly are businesses looking for in this election? investors are looking at continuity. quite a success this last administration. for foreign investors. an average of $6 billion last two years. we are looking for an administration that will have continuity with those policies. almost seamless. securely and infrastructure. we will build on that. not everything has developed equally. the outgoing administration. linda: it is still lagging neighboring countries. done for the new governmen

this will be a key challenge for the incoming rba governor, who will succeed glenn stevens in septemberw policy weapons in his armory. 2400 journalists, 150 bureaus around the world, this is bluebird house -- bloomberg news. >> we've got a lot of anticipation ahead. payroll coming up later this evening. in the meantime, risk aversion selling off in the asian markets. we are seeing the eighth day of declines when it comes to asia. japan coming back online today, with three days of pent-up selling pressure. the nikkei, down. shanghai, doubling. close to 2%. quite a bit of weakness from the -- hong kong. the 10th seeing straight session of declines, along with a losing streak in 30 months. we are seeing a little pressure coming off of sydney, off to the rba cut -- after the rba cut. we are seeing the kind of class -- across energy and finance sectors. goldman expects to see a downside of 20% when it comes to hong kong property prices. land is down by 3%. the other big mover today is the aussie dollar, taking a tumble. could not be any more clear. rba cutting inflation forecast, 1% or 2%. r

disinflation will be a key challenge for incoming rba who willphillip lowe, succeed glenn stevens in september. u.k. voters have given their first verdict on jeremy corbyn's leadership of the labour party. early results suggest sustained losses across england and in elections to the scottish parliament. the bright spot for labor may be the london mayoral race. khan has run a pro-business campaign, distancing himself from the leftism of corbyn. japan may not be able to ignore the yen's growing strength much longer. prime minister shinzo abe says he's ready to respond to excessive currency moves, saying he may raise the issue at the g7 talks. the exchange rate must be stabilized and japan would carefully watch and respond to these movements as necessary. a weaker yen has been a linchpin of abenomics. oldman jobs is cutting jobs in cuttingrity unit, roughly 10% of workers according to people with knowledge of the situation. the dismissals in new york and london build on cuts that had targeted about 8% of fixed income personnel last month. news 24 hours a day powered by 2400 journalists

governor glenn stevens will he , pull the trigger? he did. is there more to come?ink there is. looking at the statement, they said inflation will probably remain too low going forward. we had quite a few banks and other institutions calling for another rate cut as early as july or august. it's very much on the cards. i think pricing is about 1 in 3 in terms of oz in the aussie money markets. we should not be surprised if we see it again in the summer. >> the australian government has kicked off a july 2 election with a double dose of stimulus. treasurer scott morrison delivered a budget he says is focused on jobs and growth just hours after the rba. cut rates for the first time in a year >> the government came up with a plan to reduce the deficit to $6 -- from 37 billion -- from $37 billion to $6 billion by 2020. it does rely on some rather optimistic assumptions about the price of some commodities including iron ore and growth forecasts. since there is not a lot of money to give away. it was really more of a document designed not to offend in an upcoming election

you are a bloomberg terminal customer, you will have al ready cnet philip low set to replace glenn stevensa appointing a new rba chief for seven-year term. having to deal with the unusually low or surprisingly that caused some big moves in currency markets. all change at the rba from september 18. manus: it is indeed. if you click on his profile, he going the interim -- i'm to blow up the aussie dollar for our viewers. you can take a look at it. 2006, let's have a look. this is where the aussie dollar was. volatility. to parity with the dollar. 110. we are all the way back down to 75. what doesn't mean? record low interest rates. cut from 2%. on the name, you get performances. all in context. let's go to julius. >> -- juliette. pain out intical turkey. how does it look at the close of trade in asia? juliette: we have seen estrella high. the -- australia high. reversing the earlier losses, due to the fact that we saw energy players arise. new zealand also had a good session. elsewhere, we are seeing weakness in china and hong kong. been closed since monday and will not reopen until tomorrow

rba governor glenn stevens cutting the benchmark by 25 basis points.s predicted by 12 out of 27 economists in the survey. last week we saw inflation data -- or should i say deflation -- in the consumer price index of the weakest and data on record for core inflation. that spurred today's move. all these currencies are rising against the australian dollar today, which has had a good year against its major peers. every major currency is rising. ubsday today for banks; saying first-quarter profits fell by 64%, missing analyst estimates. all divisions reporting a drop in earnings. heightened economic and geopolitical uncertainty, as well as global market volatility, led to more pronounced risk aversion. that is what the bank said in its statement. here are the big banks in europe. as you can see, youear to date, they are all falling from between 17 to almost 35%. quickly, hsbc, the other big bank reported today, bigger than expected first-quarter profits, weathering turbulence of financial markets. stuart gulliver paring costs. those are all the big u.k. c

in other news, the successor of glenn stevens will move forward and j.p.o cut rates. that is after admitting that it will miss its co-inflation targets this year. singapore could join forces to combat money laundering. they are considering sharing information on prospective clients in a newly created registry. this is whether to approve applications for new accounts. singapore froze several bank accounts in an investigation of fraud in several bank funds. toshiba's next president will come from within the company despite the fallout from the accounting scandal there. tsunakawa will take over and he intends to narrow toshiba's sprawling operations. parky's new shanghai theme is proving popular even before its official opening. the company had a trial run and pulled in thousands of fans. for aad operations limited number of guests before the june 16 debut. it hopes to tap into china's growing middle class. next, despite all of the delays and challenges, tender has high hopes for its operations in man goalie up. we have a special report coming -- in mongolia.

what is the probability of glenn stevens not being the governor next week?ll be the governor they will choose who will take over for him in september. it seems it would be a good idea to do that this week giving that waiting until august could be destabilizing and lead to uncertainty. naming a successor now would be a good idea in helping smooth that transition when it comes in the second half of the year. angie: all right, that is september. i want to talk about china here. we have plenty of pmi's coming out. we are still in some -- expansion territory. >> certainly. we saw in the subcomponents of the manufacturing pmi, they both sed up, thatt -- ea is a bit disconcerting. the biggest concern is the huge amount of credit growth in china in january and march. even then, we are not seeing that manufacturing pmi being able to hold their levels. despite such an aggressive expansion, it is a bit theerning and heightens credit intensity and china. the amount of output they are getting is certainly declining. the focus for china should not old growthg this strateg

everybody started thinking, glenn stevens pulled the trigger. is there more to come?> i think there is. statement,the rba they said inflation will probably remain to low going forward -- too low going forward. cut as early as july or august. it's very much in the cards. of odds.ree in terms we should not be surprised if we see the rba act again in the summer. megan: let's talk about the growth of australia. where are we in terms of where they are going forward? well we see this headwind in commodities and mining? interesting part of the rba statement for me was that like the imf and the world , the rba is looking at a global growth picture that is slower than expected and being revised lower. that presents pretty serious challenges for australia. when the mas said that last month in singapore, there's another economy very much dealing with global headwinds and they are at the mercy of what the global trading markets are doing right now. global growth is maybe not as buoyant and strong as we thought even a few months ago. matt: showing currency moves. this is a five-da

we needed to tell that story ant honor them and remember tyronebo woods and glenn court toward tee and chris stevenshat's what thisat movie is about and that's whyt' people should see it becausee e it's about american heroism, american sacrifice the goodnessn in them.hem >> agreed.>> >> that's not democrat. that's not republican.han. that's all of them.. >> michael bay did a brilliantri job and leave everyone withon quote all the gods all the heavens and all the hell's areel wienies.wienie joseph campbell quote.uote very heavily used in the film.ef thank you for your service. s this has been incredible honordl to sit across from both of you.f thank you so much.anyou so muc i really appreciate it. i >> thank you. >> thank you so much. >> we'll be back very shortlyy with the rest of the sho sw. thank you. ♪ >>> hey, hey, are you ready for the weekend? are you ready forr the summer? we sure are as goog day at 10a kicks off holiday weekend in huge way. w >> on this hot friday our zipur trip is in one of the coolestooe places around national harbor.br so don't miss what the crew hash there including reme