i'm ramy inocencio. we'll be looking at how action in wall street and around the world will play into the asia pacific trading day. today's turmoil was brought to you by the letter t, turkey, ten cent, tesla and who let the bears out? copper now in a bear market. e.m. equities also. of course the s&p down by the most in about seven weeks. let's get more with su keenan here in new york. sue, even some positive u.s. data couldn't stop this sea of redful >> not at all. name the commodity, it's a down day. the trade war and turkey. the only one-two punch, stocks closed off the lows but boy, they were down. 10 cent, tech stocks were the lowest. the s&p 500 again down for a fifth out of six sessions. let's go to the commodity story. the bears in control. g.t.e., copper and commodities as a whole tumbling amid the trade woes and the big movers. tesla sexilet subpoena worries the least down stock of the bunch. macy's as mentioned, getting hit hard excite the fact it beat -- despite the fact it beat earnings. ten

. >> i am ramy inocencio.ver the next hour, we will look the action in australia will play into the asia-pacific trading day. it was confident, but whether that is a question of being well placed or misplaced as u.s.-china tensions continue is the question. 0.3%, shy 15 points of a new record high. the nasdaq up similarly here. the big story, especially in the u.s. afternoon trading was tesla. let's talk more about that. tesla, just a fraction of a percent under 11% for the pop. the big news is that it could go private. elon musk saying he has his funding secured to go private at $420 a share which would value the company at $82 billion. there are a lot of folks out whether they should continue to be shorting that stock. haidi: we will get a lot more on that tesla story. we know elon musk has had his fair share of difficulties in investor relations, to put it that way. take a look at the setup in asia. ramy, unusual situation, where you see optimism in the markets despite this escalation of the china-u.s. trad

ramy: i am a knee inocencio in new york -- ramy inocencio in new york, and you are watching "daybreakia." japan's top wireless carriers tumbled after the government said they have room to cut some bills. they lost $9 billion in market cap when chief cabinet secretary -- said they could lower build by 40%. he also said competition between the big three was not working, sparking concern the government will renew its push for greater choice. haidi: american airlines is dropping a second major china route after services turned out to be a colossal loss. direct service between chicago andchunk -- sean high -- shanghai will end in october. it will connect the two cities. an insurance company bolstering its case for buying credentials business in asia. results show profitability in china, at its weakest in six years after a rebound in the second quarter that may revive talk about buying the operation, a deal that would bring customers from singapore to vietnam. itsaid it is not -- it said is not interested. we will hear more about those results from james gardner. stay tuned for that intervi

. >> and i'm ramy inocencio. we'll be looking at how the action and really elsewhere in he world will play into your asian pacific trading day. the news was all about turkey. the lira continuing to plunge. look at, that weakening over the course of this year by nearly 82%, this as erdogan says he still will not consider rate hikes or those capital controls. having a cratering effect. there is some hope. the u.s. national security about john bolton met the latest turmoil. the ran is now as its weak nest two years. theage teen possessos is at its weakest ever and the ruble down to a two-year low. in u.s. markets, more red on the board. the s&p 500 down by about .4%. this, though, having to do with stronger dollar and energy. stronger dollar means it gets more expensive for commodities pretty much everywhere you look. >> you see that in gold as well. really getting hit from all fronts. not behaving very much like a safe haven these days. look at the chart in asia. we're looking pretty mixed as we continue to assess

i am ramy inocencio.ver the next hour we will look at how the action on wall street will play into your asia-pacific trading day. haidi, looking at the markets, looking at currencies, looking at bonds, it definitely was a risk-off environment. take a look at the s&p 500, up a little more than 0.6%. looking at this, it was actually a very broad rally, across all 11 sectors of the s&p. the leaders were consumer discretionary, also financials, also materials. looking at currencies, the bloomberg dollar was up by its strongest in 14 months. in addition, there was this knock on effect in emerging-market currencies. the turkish lira rose the most since, get this, 1994. in addition, we also saw the ruble rise as well as the south african rand. let's take a look at asian markets. see how those are trading, as we look ahead here. we are not getting as much of a knock on effect, but we see the new zealand 50 is pretty much unchanged, as is the new zealand dollar against u.s. dollar. sydney futures down about 0.1%.

ramy: i am ramy inocencio. you are watching daybreak australia. likely to become trading headlines again. a sovereign fund from saudi arabia could be making it a leading investor and part of elon musk plan to take the company private. there is a matter of an investor lawsuit and maybe more than one. the plot thickens for tesla. su: the question we ended with last week was where is the [indiscernible] and how can we haven't heard of it? bloomberg has confirmed, speaking to people close to the sovereignudi arabia's wealth fund is in talks to see it become a significant investor in tesla as part of the ceo's plan to take the carmaker private. we are told discussions are at a high level but no commitment are set. the public investment fund has 2 billionake worth dollars in march, under 5% of tesla. we are told by these people close to the matter that the fund is interested in exploring how it could be involved in a potential deal. they also say, and this is interesting, discussions were set to begin before the controversial tweet, which will be import

jenna: i am ramy inocencio in new york -- ramy: i am ramy inocencio. to first live -- first word news. hasinda: president trump defended tariffs, saying playing hardball on trade is his thing. he told supporters the u.s. rebuild china over the years and it is time to focus on america. he knows the plunge in chinese stocks weekend beijing's power. $60a released a list of billion worth of u.s. goods it intends to hit with tariffs very of the president has -- with tariffs. strategydent said the to get information on hillary clinton, it is routine in politics, totally legal and done all the time. this contradicts a statement that said the meeting had been focused on adopting children from russia. he said recently he did not know about the meeting at the time. aan is racing to complete string of deal before the u.s. imposes new sanctions. they have taken delivery of five new passenger planes after washington gave the sanctions. public resentment is building that the u.s. push the riyadh -- the riyal to historic lows. they will try to halt the currency decli

ramy: i am ramy inocencio in new york.east asia's biggest developer, capitaland, just posted earnings for the second quarter. net income at 605 million singapore dollars after the city tightened property curbs. julia is standing by with the company ceo. takeaway. -- take it away. julia: that is the key question, the singapore property curbs and whether they have done enough. let's get it over to mr. lim. thank you for joining us. you have seen the property curbs start to have quite an impact. have they done enough to quell demand? mr. lim: i think it is adequate at this point in time. the market has moderated. sales volumes are coming down. but on the other hand, when you look at it on the capital level perspective, we have always been watching this market very carefully. over the last few years, we have decided that we will take, we will underweight this part of the market. we have been reducing exposure to the singapore residential market. with these curbs coming into place, we are in position to look at potential opport

i am ramy inocencio.e will be looking at how the action on wall street will play into your asia-pacific trading day. i have to say today was confusion because based on reports from china as well as the united states doing tit-for-tat in terms of words, escalating what is happening in terms of global trade, it has been confusing and that brought investors to wonder where they should put their money. let's show you how stocks ended the day today. you can see confusion. the s&p close to the flatline. 2813. the nasdaq was up .5%. that is thanks to apple which did see a pop of 6% very not yet but gettingrillion, close. $973 trillion is where they stand. traffic -- trey definitely weighed. haidi: we are expecting that to play out with most asian futures in this part of the session pointing lower. let's look at how we are setting up for the asian open. trading in new zealand getting underway. kiwi stocks are trading flat at the moment, exactly flat as you can see. also seeing downside as we get into the aussie o

ramy: i am ramy inocencio in new york.d deal did not only lift up wall street, but is boosting emerging markets as investors hope a successful outcome might pave the way for a resolution with china. kathleen hays is looking at this. em currencies up for the third day in a row, but volatility has to be attached to this, every time you say em currencies. kathleen: maybe it's because em currencies have been so beaten up, starting with fed rate hikes. so many things. argentine inflation, the turkish lira, erdogan's problems. but now you have a situation where the u.s.-mexico trade deal looks like it might go through. there is something on the table, canada rushing in to see what they can get to maintain the nafta relationship, if not the agreement. but three straight days they have been up. they are on their way to their best move in a month, when it comes to moving higher, partly because they have been so pessimistic, even a ray of hope helps. what could happen now, president trump is getting ready to look at the end of the 2

i am ramy inocencio in new york. haidi: i am haidi stroud-watts in sydney.re watching "daybreak australia." yum china jumped the most in a month amid rumors of a buyout. we are told the proposal values the company at $46 per share, a 28% premium of monday's close. reported they rejected the offer. the new look seems to be working wonders, from debt fueled expansion to sustainable profitability. the developer reported eirst-half net income at a pac close to larger rival country garden. profit rose to $4.5 billion through june. last week evergrande announced a dividend worth more than $2 billion. haidi: a different story at china southern. yuang oil and a weaker dragged on earnings. net income fell 24%, to just over $300 million through june. china southern says the trade war and rising oil, as well as fluctuations in currency, would continue to affect the results. coming up, trouble for tech. president trump accusing google of rigging search results, warning social media to be careful as well. we will assess his claims of liberal bias next. this is bloomberg.

i am ramy inocencio in new york. it was a bad day for commodities. copper fell to a bear market and west texas crude hit his lowest. the aussie dollar is reeling from the trade war, becoming the leading collateral damage in president trump's battle with china. good morning to our viewers across the asia-pacific, but not a good day in the united states. taking a look at equities, they fell coming back from the breather we had yesterday from the turkey turmoil. s&p 500 down .8%, its worst in seven weeks. energy, materials fell, as well as consumer discretionary. a knock on effect on the technology sector. happening where you are in your neck of the woods, that started with tencent. yvonne: let's take a look at how the offshore chinese market did. 10%, thell as much as china etf's fell close to 4%. global tech concerns are in focus, added to a stronger dollar, e.m. currencies taking a strong hit. hit 6.95, we're at 6.94 right now. e.m. on the cusp of entering a bear market, given these headwinds. sydney futures not looking .8%, unchanged for it nikkei f

in new am ramy inocencio york. for a look at some of the stories trending across the bloomberg universe, and on the web, we are reading about indonesia's burgeoning gig economy and how part-time work is a crucial lifeline for onslow laborers in the country. on twitter, to talk tweeted -- tictoc tweeted a video future. a trade war will only make america poor, he says. on the bloomberg terminal, subscribers are reading about china's pledge to play hardball, saying the nation is ready to endure the economic fallout. storiescheck out those trending on bloomberg, online, or on the terminal. haidi. haidi: let's talk more about trade. i want to bring in the global strategies founder and a bloomberg columnist. great to have you. really just kind of taking a look at this trade deficit. a u.s. china trade balance. the big picture. weigh less than zero as we see. we see this tit for tat. it will come to a point where like for like is not possible due to the nature of the trading relationship and the nature of the chinese econ

ramy: i'm ramy inocencio in new york.set to send another $200 billion in tariffs on china. that would keep extra pressure on beijing, with trade talks going nowhere, and early indicators showing the economy weakened again this month. over to shanghai, china markets economist david to. when you heard donald trump said these words that he is ready to pull the trigger, what were your thoughts? david: i think i saw it brings only uncertainty to the global trade. we allthoughts? know that china is in the chains.tream of global everyone should consider what would happen if desk -- if china is affected. on the other hand, this has been a long-lasting thing. i think china is somehow ready for this. it seems hope is definitely falling away from us, with less than a week from when this could happen. in terms of policy tools that could happen, that beijing could pull, we already know things are on the table, including reserve rate cuts. do you think one, that's enough, and what else could they do? expect more cuts by the pboc, and m

ramy: i am ramy inocencio in new york.ou are watching live pictures of donald trump in west virginia, talking about right now about steel tariffs making the industry when of "the hottest." we are looking for lying to see if he will be talking about what's happening over the past few hours with two men from his inner circle, michael: and paul as michael cohen as well paul manafort. you can watch it on your bloomberg terminal, mliv . we will get you headlines as they come from donald trump campaign speech here in charleston, west virginia. meantime, let's go to the markets. the s&p 500 touched an intraday record in the latest wall street session, marking yet another milestone in the nine-year bull run. we are one day away from breaking that, depending on what data you are looking at. joining us from l.a. is a ceo and chief investment officer. jason thomas, good to have you here. before we get into the highs, let's actually go into the market lows. the s&p 500, in terms of its features, are at a low. .afe havens are also

ramy: i am ramy inocencio in new york. wondering if it will be followed by a terrible tuesday. they do remain under pressure. the feeling is there developed peers are relatively well insulated. president erdogan insists his come -- country is under economic attack. let's discuss this with kim wallace, who joins us from washington. hasing at what mr. erdogan been saying in terms of not moving or excepting capital controls or rate hikes here, not really exactly sure what the endgame here is especially with the lira now near its record weakness. where -- what are they waiting for? kim: they are likely waiting for evidence of how the negotiation with washington is going to unfold in the near term. the longer term issues of turkey's structural imbalances are not in question. short-term debt is very high, and will need servicing this year. at the same time, the political issue that brought turkey and the u.s. to this point is not yet resolved in the subject of talks that at least last week seemed to be making progress. ramy: are

ramy: i'm ramy inocencio in new york. you're watching "daybreak: australia."st word news with haslinda amin. slinda: it- ha is prepared to detail with the budget of illegal immigrants. deputy prime minister said italy will look at all merges content -- considering the finances and will oppose anything that is not convenient. the populace government is irritated that other eu states refuse to accept migrants that reach italy by c. lawmakers and iran have -- the follow-up from the u.s. decision to abandon the nuclear deal. they voted to fire him after a year at the job in what is seen as another blow to the administration of the president. he said, iran and the u.s. are in an all-out economic war. commodity trading for survival is put to the test later monday in singapore. a debtlders voting on for equity plan that will strip them of control. the proposal will have most power to creditors while diluting shareholder. it has lost billions in values amid a looming debt, default, and questions about its practices. the big screens how much --, -- for a second weekend

ramy: i am ramy inocencio in hong kong -- in new york.mera -- let's bring in sophie. reporter: stocks gaining ground in tokyo as well as in seoul. the political turmoil continues and we have earnings to digest. aussie assets, you have bonds gaining ground heading the 10 year yield lower about -- at about two basis points. the dollar is that for a second day of losses as it's the klein deepens. now it is -- as its decline deepens. it is trading at session low. qantas is off at about 6%. we have legal losses amongst travel related stocks. tbd telecom earlier jumping to a high as it considers a merger with hutchinson australia. you can cook cosmetic hankookory jumping -- cosmetic company jumping nearly 46%. i want to highlight japan's daido metal sinking. and machinery.s, their production facilities in the u.s., thailand, and indonesia. they delivered a 60% revenue and the quarterly profit and it's made an earnings report while setting off a challenge for local rivals as well. however, things may not be so rosy behind this change. let's brin

ramy: i am ramy inocencio in new york.n to turkey again, where president erdogan has vowed to boycott iphones and other u.s. electronics in tariffs andfor sanctions. tradeer u.s. representative -- let's get to the top of the view. where do you see things going? >> it is hard to say at this point, because the turks have to deal with their problems. the u.s. has not made any easier. in fact, trump has made it a lot more difficult, and that is a problem in itself, but the fundamental problem, they have a current account deficit of 6% of gdp. they borrow heavily in foreign currency to finance that. they will have a lot of rollovers, refinancing. interest rates are higher in the u.s. than before, the dollar is higher, making servicing the debt more difficult. first of all, they have to deal with fiscal problems, so they don't have such a big domestic deficit, external deficit. second, they are going to have to do something with interest rates to make it more attractive for people to hold their bonds. ramy: it seems, though, tha

ramy: and i am ramy inocencio in new york.haidi stroud-wattsa very brs investors speculate that the trump administration will continue to make progress on the trade deals, at least in north america. joining us is a chief financial officer. chris, the s&p, a brand-new high. let's take a pause to collect where we are at this moment. how are you feeling? chris: great. yes, it seems sustainable. maybe some of those trade war headwinds are lessening a little , so there is a little more confidence out there. we also got corporate earnings today, gdp style earnings, corporate profits. those were pretty good. ramy: sure, revised upwards of 2%. on the bloomberg terminal, i our to show you as well as bloomberg terminal subscribers and our viewers this chart here, called "bulls on parade." i brought this up yesterday, because we are seeing while folks are raising their forecasts, including barclays, there is the red line, hitting above that marker -- is that a red flag to you that we are due for a correction? chris: it has to be somethin

i am ramy inocencio new york. >> this is purely generation -- i am showing my age here.go and watch people playing a videogame. and then actually find -- yvonne: apparently this is a big thing this ea sports thing. phenomenon.uge i am not here to judge in any way. it is great that people enjoy it. it could be expected as a sport in the olympics in the future. companies have really benefited the most from the rise of this, --will discuss all that with yvonne: always an interesting space. thank you so much. bloomberg markets is coming up next, this is bloomberg. ♪ rishaad: asia pacific markets gently positive, trade tensions eased slightly. dollar holding declines, the yen flat, the lira paired three days of gains. washington warning more sanctions in the park line. investors optimistic about trade talks. china willrump says have to give up a lot more if a deal is to be done. i am rishaad salamat in hong kong. this is "bloomberg markets: asia." ♪

ramy: i am ramy inocencio in new york, it is just past 7:00 p.m. on sunday.arkets set forth a mixed and muted start. traders looking ahead to the meeting at jackson hole. elon musk says this is the way im and rejects calls for him to change and the way his company operates. ♪ ramy: good morning, happy monday. looking ahead to this week, the biggest events is what will be happening with the trade tensions and negotiations happening between the u.s. and china, we have low-level ministers from both sides, as well. they are potentially paving the possibly inmmit november. yvonne: everyone expecting that maybe not so much a breakthrough, if we can get some illumination of further tariffs. the u.s. has threatened more for later in the year. we mentioned also jackson hole, the central bankers meeting on the break. it will be interesting to see jay powell, his speech, and how he will deal with the e.m. of volatility spikes we have seen, and what it will mean for rates. ramy: a lot of people will be reading the tea leaves to see where he stands on any possible tweaks

ramy: i am ramy inocencio in new york, it is just past 7:00 p.m. on sunday.arkets set forth a mixed and muted start. traders looking ahead to the meeting at jackson hole.

ramy inocencio, bloomberg news, new york. manus: we had the abn amro numbers.ond-quarter net profit this morning. operating income came in at 4.6% above the analyst estimates. joining us now on the phone for his first interview of the day is the cfo, abrahams. the market is absolutely focused on the changes. you are in person. my apologies. my changes for the investment amro'shat will abn investment bank be. who will you compete with after these changes? 250 jobs are to go. is that a starter number in terms of the job cuts? >> yes -- no. we announced the change at our corporate bank this morning. we have a very strong franchise in our corporate bank here in the netherlands but also in a number of factors globally. the oil and gas sector commodities in shipping. we are not fundamentally changing our outlook. we are making a number of changes to ensure that business meets its r.o.e. target of 10% to 15%, which is what we have for the group at all. we are looking to do three things in the corporate bank. we are looking to reduce the capital we deployed to that bus

this is daybreak asia and i'm ramy inocencio in new york.vonne: the carefully worded policy statement cementing at expectations it will hike again in september. by contrast, the reserve bank of to raise not hesitate its rate. and now the threat of currency wars. let's get to kathleen hays in tokyo was a recap of what happened. absolutely. when you just take a look at what they said in the statement, it was not dramatic but there was nothing to alter the sense the fed was ready. the word strong being key here. let's read it. information received since the federal open market met in june indicates the labor market is continued to strengthen and economic activity has been writing at a strong rate. in the last statement that was a solid rate. it is simple and a small tweak. it sends a message. that's what this does. job gains strong. unemployment rate has remained low per people have been concerned about the yield curve and the fed is watching it closely. i want to show you a chart that says the fed might feel relaxed on that. just in the last f

ramy: i am ramy inocencio.n to the opening bell, and tesla likely to dominate the headlines. a sovereign wealth fund and saudi arabia could become a major investor in elon musk's plan to take the carmaker right of it. tesla is facing two investor lawsuits. bloomberg's su keenan is here. su: a lot of pressure to push the stock either way. let's talk about the possible ending. we have learned from people close to the matter saudi arabia sovereign wealth and, also known as the public investment fund, has built up a stake of 5%, under $200 billion in tesla. the way tesla has traded has a lot to do with the questions about where their private funding might be coming from. couldarabia's involvement possibly be the answer to taking the electric our maker private, as elon musk has tweeted out he intends to do. people close to the matter say discussions are at a high level, but no commitments are set. we are told according to people who have asked not to be named that this investment is a strategic way for the biggest c

this is bloomberg. ♪ ♪ asia.this is daybreak i am ramy inocencio in new york. am yvonne man. the hong kong and shanghai hotels revenue rising 10% in the first half while underlying profit increased 41%. the company is known as the owner and operator of the peninsula hotel, a luxury brand with roots here in asia. let's discuss this with the ceo who joins us exclusively here this morning. great to have you. these you mentioned uncertainties, the results were pleasing. how confident are you in the second half? >> things are looking good because the market is hong kong and even their ups and downs, but at the moment we are seeing a stable growth in our business. mainly chinese travelers coming back to hong kong and international markets are strong. what that has enabled us to do because of the super luxury space, to increase room rates and that is pleasing. generally we are very long-term looking business, and we are an owner as well as operator. it was great when the cycle is looking good but you have to go through up and down cycles and have staying power for the

ramy inocencio in new york. haidi: i am haidi stroud-watts in sydney.o first word news with jenna dagenhart. isna: the commerce secretary signaling more pain for china. he told foxnews the administration will create a situation where it is harder for china to continue bad practices and then it would be to reform. beijing has pledged to respond in kind. the foreign minister said tariffs could hurt american companies. >> we live in a globalized world. we are not doing 19th century trade. good all from one country to another on the globalized industrial and all chains. 60% of chinese exports to the united states are actually made by foreign companies including american firms in china. as -- is the united states trying to put tariffs on its own companies? jenna: the bank of england raise rates, but some say it jumped the gun. it is now the highest since 2009 when policymakers are saying further hikes will be needed for inflation. the british chamber of commerce said they should have waited until november meeting, to take into account crucial brexit deadline

ramy: i am ramy inocencio where it is fast 7:00 -- it is past 7:00 on thursday in new york.d equities in new york, the dollar is higher and the yuan is pulling back.

and from bloomberg's global headquarters, i'm ramy inocencio in new york where it's just past 7:00 p.my. president trump lashes out again, accusing the e.u. and china of manipulation as well as promoting jay powell's perf

ramy: from bloomberg's global headquarters, i am ramy inocencio in new york. spotlight later after snuffing out initial gains following the pboc move must week.

ramy: from the global headquarters, i'm ramy inocencio in new york where it is passed p.m. .m. -- pastina and turkey fell. the peso saw the falling -- warren buffett is still buying

is vital for ellie mae me.e ramy inocencio has the details on elon musk. of taking tesla private. reason, a better operating process. in a tweet, he says he has funding secured. his target share price is $420. the big question he has left us with is how will he pay for that? he would need to find $66 billion. that means that would be the biggest leveraged buyout in history. there have been reports that saudi arabia's sovereign wealth fund could be related to this. pushed share price up 11%, to its highest in almost a year. but short-sellers are still out there. earlier, i spoke to david could udla. -- david k >> this does not change my perception or outlook. more sharesting today on the strength of the stock. ramy: doubling down. the next question we should be asking mask -- asking elon musk is show me the money. rishaad: up next, the battle of the charts. stay tuned for that. this is bloomberg. ♪ rishaad: time for battle of the charts. who's going to start off? i think it will be andrew. andrew: i like this chart because it shows what trade wars do with a

and from bloomberg's global headquarters, i'm ramy inocencio in new york where it's just past 7:00 p.m. on a monday. president trump lashes out again, accusing the e.u. and china of manipulation as well as promoting jay powell's performance at the fed. and malcolm turnbull fee is that feels the heat as party lawmakers meet in canberra. his leadership could be challenged. ♪ yvonne: of course all these headlines on president trump really highlighting more traction when it comes to jay powell's speech on friday in jackson hole. the president saying he should be getting a little more help from the fed. he doesn't like the nuts of cheap money fed raising rates. given the short positioning we have when it comes to treasuries. ramy: pushing the norm if not the addition of central bank independence there. so the bloomberg dollar spot fall to its weakest level while he was talking there. maybe get you up to speed with where he ended the monday close, and beside that, it was a pretty green session. the s&p 500 was up by little under .25% but still the highest in almost two weeks, just 15 points