now let's get to first word news with su keenan.ad: i was just going to say that there lower house it looks like has an majority, but in the joint house, we say 376 is the number we got to get, so no doubt, this is going to move on further as we see them perhaps making deals with some of the other political parties as well. su keenan is in new york. su: thank you. let's talk about president biden. he has expressed confidence that negotiators will reach an agreement to avoid default, even as republican lawmakers criticize his decision to travel to japan for the g7 summit. biden and congressional leaders have agreed to a round of staff level talks with hopes of reaching a deal. he has shortened his asia trip to continue negotiations in washington next week. foxconn's founder, meanwhile, has appeared to rule out an independent bid to become taiwan's president. he congratulated the party candidate for next year's election and promised to do his best to help with the election and to oust the current government. he will be taking on the c

i am su keenan. the chinese benchmark is lagging behind indices in japan, south korea and taiwan. let's get more from our markets correspondent in hong kong. has the reopening fizzled out before we can get into the next phase of recovery? >> it really has. it has really been a dark mood toward china's economy in recent weeks. we are seeing in commodity prices, they are toppling, copper really taking a hit. it underscores how negative investors are toward the reopening story. the consumption boom everybody was expecting, we did not get that. there are structural weaknesses in china's economy that people had not priced into the reopening trade. also, there are debt issues. the you juan is weakening. everywhere you look there is evidence of increasing bearishness towards china's economy. the market did rally from october when rumors of covid zero policy being scrapped were first circulating in the market. we have given up about half of those gains. and foreigners are selling onshore stocks as well. sher

i am su keenan.this is bloomberg. >> we have him joining us with a view on china tech earning we will get a look at tencent numbers as well as x dictations it comes to alibaba's upcoming results. how much market should really be concerned about they u.s. default. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant conta

i am su keenan. this is bloomberg. yvonne: still ahead, hindalco revenue beat expectations. we have breakup with the md. rishaad: the bank of korea holding its policy rate again, warning markets not to rule out future hikes. we will have details on the way. this is bloomberg. ♪ yvonne: epic side of things look like his morning, did a look at you get big, yen weakness, korean won also after the third straight hold from the be ok this morning. rishaad: looking at the yen, 139.65 approaching the 140 which people think is a psychological level, but it is more than that, columnist saying this to could actually be technical barrier as well, because it is littered with option expirations and will create a lot of choppcred in that area. yvonne: renminbi hovering around your today let's focus more on korea, the central bank leaving its policy rate unchanged for a third straight meeting and lowered its growth forecast for this year while hiking the inflation forecast. let's bring in kathleen hays joining us now. it look like rea

i'm here to watch my son watch this movie, because it's going to be great. >> thanks to keenan willarde my eyes off my child. enjoy every moment that he enjoys. >> the kindness to make that accommodation so he can do something he really wants to do. it's pretty special. >>> well, milk saver cookie is back by popular demand with a twist. oreo announced the s'mores flavored cookies will be returninreturn ing to shelves it includes a graham favored base with two layers of marshmallow and chocolate flavored cream it will return on may 8th. >> i don't think you can get a better combination than that one. an oreo and a s'mores together >> definitely trying it. >>> and we're saying bye-bye-bye to april with this viral meme. ♪ it's going to be may ♪ >> it would not be may 1st without playing the n'sync hit where it sounds like justin timberlake sings may instead of me also in on the jok mccarthy's first foreign trip to israel as house speaker. >>> just minutes ago a big bank's critical lifeline accepted saving first republic bank more oic

i am su keenan. this is bloomberg.od stuff. we are still looking ahead to what we have coming up. this is bloomberg. ♪ david: last 15 minutes of the morning session on shore in china. the shanghai composite might just wipe out the gains for the year if it is not careful. let's bring in eddy loh from maybank singapore. there is a lot of cash sitting on the sidelines waiting for clarity. what is your guide to a prosperous future? what is the advice? >> good morning. i think we still see merits in keeping some cash given the many uncertainties. we are suggesting to our clients to say maybe take a look at other asset classes. rishaad: this debt deal is likely to be done. are there implications from it? about whether there will be fiscal tighten and afterwords? what is the impact of back? >> i think for us, our base case is that a deal will eventually be reached last minute and that is the consensus view as well. the worry is about cost. we could see a short-term spike in equity market volatility because they have not been

i am su keenan. this is bloomberg. ♪ haidi: las vegas sands opens its luxury british-themed resort in macau. the gaming hub sees a rebound and presenters -- visitors and we will get a live report and hear from the ceo and as you can see, special guests. but first, the boston fed president susan collins is the central bank may be nearing an inflection point to pause. we will discuss the outlook with tribeca investment partners next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle

shery: su keenan in new york.ng an eye on earnings, we are nearing the end of the first quarter reporting season in china. annabelle joins us with a recap. what are some of the key takeaways? annabelle: not as much of a bang for chinese stocks. we are nearing the end of reporting season. this looks at firms lifted in shanghai. what it shows us is earnings growth was 2.5% in the first quarter. that's reversing that downtrend we had last year, particularly the 6.5% drop, but we are a ways off at double-digit growth quarter. investors in the market who had been looking to put their hopes on strong corporate earnings coming in the first quarter. a little weaker since it came online at the end of last week but goldman sachs have been taking a look at the numbers and their readthrough is impressions remain. the epa downgrade cycle has not peaked. on a positive note, they say stocks are expected to pick up in the second quarter because growth momentum is looking strong. despite further pressure from a sluggish lending ma

i'm su keenan. this is bloomberg.hery: and it still ahead, a look into wall street's push to expand in china. analysis from the conference boards china center for economics and business. up next, milford management's take on how to ride out the market volatility caused by tighter financial conditions. this is bloomberg. ♪ ♪ >> i believe you need to bring inflation down by bringing demand down. i want people to be convinced demand is coming down and that will bring inflation down. paul: richmond fed president, there on u.s. inflation. positioning long in terms of staples, health care, infrastructure. preferring cash or credit is a better place to wait. joining us now is william, portfolio manager at milford asset management. tell us more about your positioning. william: really patience is the keyword at the moment. we are keeping a cautious position on equities. until recently we were along with inequities and defensive stocks were a stable. utilities, health care. now that the market is moving into those companies the

su keenan us with the latest. that is getting a lot of attention.tian bale in the big short, because he predicted the big financial crisis, the crash of the housing market back in 2008. in fact, he made billions as a result. actually betting against subprime mortgages. it is a lot of attention being paid. we will get to how he feels about banks, but very interesting because he is known as a contrarian, he has doubled down on chinese text stocks and has started buying at the end of 2022 and has. alibaba now makes up 20% of his funds portfolio. they are the biggest holdings he has. he has tripled his jd.com stake. he has doubled his alibaba stake. what really got a lot of attention earlier in the day in the u.s. was the fact that during the financial banking turmoil we recently had in march and april, he was buying the regional banks. a lot of the usual suspects. first republic, pac west, new york community bancorp. the view is that perhaps you can see these have actually got some gains here that if a smart guy like burry is buying, perhaps there will

su keenan joins us.e three key contenders here. >> this is a trio of top executives at a top wall street bank and it will be widely watched who emerges as the one to succeed in james gorman who expressed confidence about his plan but did not announce any names when say -- saying who would be taking his place. can't pick is the head of the institutional securities group, dan simkowitz manages investments on both sides of the firm -- firm, and annie saperstein manage his wealth growth. morgan stanley was struggling to recover from the financial crisis, what the ceo transformed the bank after it nearly collapsed. taking over from 2010. he said he planned to step down as ceo within 12 months and was previously at merrill lynch, and he said it is the board and my expectation that the transition will occur at some point in the next 12 months. that is the current expectation in the absence of a major change in the external environment. that references that there could be a lot of volatility ahead that perhaps h

let's bring in su keenan. we knew this was coming. bad news is the big banks are going to be paying the lions share of the billions it is going to take to replenish this fund, which was drained by the multiple rate -- multiregional bank failures. let's take a look at what the proposal laid out by the fdic called for. the largest banks will take the biggest hits. banks with more than $50 billion in assets will be off the hook to pay 95% of their fees. again, the fund was drained by these recent sprays -- recent bank failures. in particular, the special assessment that the fdic is placing on these banks, that stems from the extraordinary decision in march to ensure all deposits at the two failed lenders, svb, silicon valley bank, and signature bank, to ensure all deposits where normally the fdic only ensures deposits with up to 250,000 in an account. the cost of making that decision to go outside the typical bounds of what they cover is about 15.8 billion. the fdic chairman said that in general, large banks with large amounts of uninsur

shery: bloomberg's su keenan with the latest on the banks in the u.s.. to tune in to bloomberg radio, you can hear more from the day's big newsmakers getting their analysis from the daybreak team, broadcasting live from our studio in hong kong. listen through the app radio+ or bloombergradio.com. plenty more ahead. stay with us. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. shery: pfizer is said to have sold $31 billion worth of debt to finance its purchase of seagen. the company raked in $85 billion dollars in orders for the deal. our guest joins us. this really pres

su keenan is with us.ll this battle of the activists. >> this negative report is entitled icahn enterprises, the corporate leader throwing stones from his own glass house. one of his formal battle participants, rival ill ackman, tweeted about the karmic quality about this report. you are looking at the stock price which dropped dramatically as the report hit. it was a hit his personal fortune as well. this after hindenburg claimed that his company is overvalued. carl icahn, known for starting a cash many a corporate brawl, is accused of a lack of transparency. the report says, you think icahn has native classic -- has made a classic state. a combination that rarely ends well. specifically, hindenburg, the activists short seller, is saying icahn enterprises value is inflated by 75% or more, raises questions about the size of dividend yields, and the way it has been financed. it says it has a ponzi economic structure. icahn hit back with his own criticisms, saying, stand by our public disclosures, strongly h

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it was with my colleague, thomas keenan and we wrote a book called mingle, it's called the birth of forensic aesthetics. what's the relation between forensics and the statics? for us, if was the reading of the process by which the attempt to identify whether that skeleton that was found under wrong, the mock ray in brazil was that off notorious nazi war criminals, murder, dr. phosphates. joseph main color found this call. they didn't have dna yet. and they started reading the scuffle traces, in fact, what was interesting is that we discovered that for forensic contra apologise, they were reading bones like they were. photograph expose to life like the negative is expose to light. right? so nutrition and wounds and everything else with kind of be inscribed and the scarlet itself has emerged as a kind of as a surface of inscription. and it kind of showed, with looking at the entire process, it made me understand that the forensic process that happens in court is actually to restore your process to tauriel nations. you need to show an object to an audience you need to make claim to that object.

su keenan joins us now. jp morgan, many people were fighting for parts of the business, but jp morgan offered to take nearly the whole thing. >> typically, that is what the fdic wants. no viable bid emerged. the fdic then seized the bank and in a predominant announcement said jpmorgan chase had taken it over. jp morgan seal jamie dimon predict in the crisis is pretty much over. he says everybody should take a deep breath. jp morgan is paying 10.6 billion this allows -- types -- $10.6 billion to the fdic. conditions were deteriorating at the bank. about 10 billion dollars had walked out the door in deposits, so a decrease in 10% just since april 21, a condition that indicated collapse. by end first republic could prove to be jp morgan's best acquisition in decades. that may explain why the stock took off right at the open in a big way. it is estimated jp morgan could earn up to $1 billion in annual net income. the biggest u.s. bank getting even bigger while at the same time doing the fdic a big favor, taken t

su keenan has more on this.ace themed resort that cost close to $5,000 for two nights. su: a minimum of $4800 for a couple nights, paradise for star wars nerds. it was a hit in that property, it was called star wars galactic star cruises. it was a pet project from the former ceo, it will shut down at the end of september. it takes guests on a tuesday imaginary cruise in a spaceship, the hotel closure and the canceled plans to bring in staff to a new corporate campus in the state, seen as disney pulling back on a one million-dollar investment and payback to the florida governor. they have canceled plans to move forward. they don't mention the fight with ron desantis, who is changing the oversight and benefits to the parks because disney was vocal about a proposed law. do you know who speaks about the conflict? the ceo, bob iger, let's hear what he has to say. >> this is about one thing and one thing only, that is retaliating against us for taking a position about pending legislation. we believed that -- i was tak

half of the people in this room think i'm keenan thompson, the other half think i'm -- and the otherand president biden things i'm the dad from family guy. i'm happy to speak to government officials who work at msnbc, former government officials who work at msnbc, and current government officials who will work at msnbc. this dinner awards scholarships to students who have made achievements in journalism. these brave young souls are the future of the industry, and i'd like to stop right now and congratulate the top recipients, arizona state senior, george santos. george couldn't be here tonight, he's auditioning for rupaul's drag race. we say, good luck to you george. sashay away. and also, speaking of drag queens, can we stop talking about that. drag queens are not at the schools to groom your kids. stop it. and even if they were, most of those kids are going to get shot at school, it ain't no problem. don't roam -- don't groan. passed legislation. you think the boos bother me, i'm like mitch mcconnell i have no soul. layoffs everywhere. axios, washington post, paramount global was c

now let's get to su keenan with the first word headlines. >> we start with xi jinping who wants chinand russia to work together to improve their ties at multilateral groups. amid growing pressure from the west. xi jinping told the russian prime minister that beijing and moscow could better collaborate at the u.n. and g20. both china and russia are facing sanctions from the west. governor ron desantis of florida has officially jumped into the presidential race giving donald trump his strongest challenge yet for the republican nomination. he made his candidacy official in a filing and also planned a twitter session with elon musk. m wrong con has offered to hold talks with the pakistani government as well as the military after his party was threatened with a ban. the defense prime minister says that the party was behind the violence on may not when he was briefly arrested by pakistan's graft agency. m wrong con announced he is able -- ready to talk with anyone in power. finally tina turner has died. she was 83. the queen of rock 'n' roll was known for her hyper energetic dance moves and

dani: su keenan on the three men who could possibly replace james gorman when he steps down in aboutmonths time. let's get to our other top stories with the first word news in hong kong. adrian? adrian: the greek prime minister has pummeled the opposition in the national election over the weekend. moving a step closer to another four year term. the prime minister's center-right new democracy gained about 21% of the vote. he will likely -- rather than assembling a coalition. china has delivered the latest salvo in the escalating chip war with the u.s., saying micron products failed to pass a security review. beijing has warned manufacturers of pm for structure from dying from the firm. the u.s. commerce apartment says -- department says the ruling has no basis in fact. global news powered by more than 2700 journalists and analysts in more than 120 countries. i am adrian wong. this is bloomberg. dani: thank you. coming up, we get the key takeaways from the g7 meeting in japan. biden on his way back to the u.s., saying relations with china are set to improve we will get more on that. th

shery: let's get over to su keenan in new york with first word headlines. >> we start with xi jinping, he will seek to deepen china's influence in asia at a summit on thursday. it will assemble leaders of kazakhstan, kyrgyzstan, and others. trade ties regional security concerns and russia's war with ukraine will likely dominate talks. meeting unfolds as g7 leaders meet in japan this week. the indian prime minister is pushing through with his australia visit next week. this despite the last-minute cancellation of the city quad summit. he is expected to hold bilateral talks with his australian counterpart and meetings with the business community. the visit is seen to eight us joy is bid to strengthen ties with india amid tensions between the u.s. and china. pakistan's former premier says that police have surrounded his house to potentially arrest him. he was given a 24-hour deadline to hand over -- at his residence who were accused of attacking military facilities. his arrest last week sparked clashes between his backers and security forces. he was granted bail. a panel says the write-d

let's go to su keenan. su: kevin mccarthy says his job is secure despite threats from republican hardliners over the deal with the white house to avert a u.s. debt default. house freedom caucus chairman says the debt limit deal fails to deliver and another lawmaker says he will trigger a formal process to remove the speaker. an upcoming house rules committee vote will mark the first key test of support for the spending deal. >> speaker mccarthy had a mandate from the american people , negotiated with a powerful negotiation position of a unified republican party not only in the house but the house and the senate to hold the line for the bill that we passed. this deal we have heard about totally fails to deliver on all of it. su: china's president has told officials to accelerate national security defenses. he told a meeting the complexity and toughness of security issues has notably increased. he reportedly said the government needs an early warning system for risks. he's is officials need to properly handle

su keenan joins us with more on the hearing. focused on the former of svb who made, let, $10 million, but of course, the bank has failed. su: yeah, it is not a good place to be for a failed ceo or chairman of the bank before a senate hearing like this. you had senator warren -- of course, elizabeth warren, who is known to be difficult in her line of questioning -- really zeroing in on svb's former ceo greg becker accountability. you also had scott shea, who served as signature bank. those were among the key testimonies, and they were literally on the hot seat. warren at one point demanding the accountability, that becker give money back and then saying, "you're not going to give a nickelback, are you -- a nickel back, are you?" and then she answered herself, no. lawmakers asked, why did you let things get this bad. let's listen to what becker had to say. >> i believe that svb's failure was brought about by a series of unprecedented events. su: x svb ceo becker got worse perhaps of the criticism. a big question lawmakers had is h

su keenan joins us now.report causing pac west shares to plunge after hours taking regional banks with it. >> we talk about how a drop of share prices is not reflective of the bank's balance sheet, what is important is a bank's balance sheet depends upon the confidence of investors, and the confidence appears to be walking out the door. pacwest bancorp down as much as 60%, it has come off the low of the day or after hours trade, but check out what happened among other banks. they are all being drawn done with it, which shows there is a reignition on the concern that the regional bank crisis is not yet over. very important to point out pac west, which has lost 85% of its value since the beginning of march recently reported deposits had stabilized after the withdraws in march, and now this. bloomberg reporting the bank is weighing a range of strategic options, putting a sale of two people close to the matter you say that the bank has been working with a financial advisor for some time now and also considering

i'm su keenan. this is bloomberg. haidi: steelhead, china's economic rebound, as we were discussing, his question commodity prices. coronado global resources ceo, douglas thompson joins us, for a look at coal demand. this is bloomberg. ♪ shery: cash parked at money market funds reached a new record, with the largest inflows in three weeks, amid uncertainty around ongoing u.s. debt ceiling negotiations. our next guest says we are seeing a huge move to cash, given recession concerns, but the consumer is very strong. let's discuss with innovator head of research and investment strategy, tim urbanowicz. good to have you with us. when you're looking at people moving to defensive assets, what you tell them in this risk off environment? tim: clearly, uncertainty is the name of the game right now. really in conversations where having with clients, our focus is on being risk aware, but not risk off. if you look at the move we saw in nvidia today, you can't be out of the markets. if you look at some of the other trends we are s

su keenan joins us now with the latest. what happened?an action-packed week to begin with. in the latest session, we saw bitcoin drop about 5%. it was in a matter of minutes. there was a lot of talk about perhaps speculation, the government moving some assets around. a lot of concerns about liquidity and regulatory issues which we will get to that are the bigger problem. and the swing for bitcoin comes on the heels of the craze earlier in the week for these micro penny tokens, where they bought four point -- point 4 trillion of the tokens. binance shot up in the stratosphere, raising the question, is meme coin the next big thing? then it nosedived 60% the next two days, answering that question, putting more so the focus on binance. binance appears to have lost a lot of market share amid change to its b structures and more importantly a wider regulatory crackdown on the crypto universe, and binance is under scrutiny from the sec, the cftc, the irs, and justice department. the cftc suit it for breaking american derivative rules -- sued it f

. >> that was su keenan there. or to come here on daybreak: asia.s is bloomberg. ♪ but by the third or fourth cup, your stomach might not feel so good. if that sounds like you replace your afternoon cup with 5-hour energy. it's perfect for when you're feeling coffeed-out. coffee in the morning... 5-hour energy after. your stomach will thank you. discover 5-hour energy. ♪♪ time for japan ahead now on daybreak asia. some of the stories we are watching. this comes on the back of their trilateral meeting. beginning machine orders in just a few minutes time. activism investors are post to make record amounts for shareholders. for more, let's bring in the senior agent stop reported here. why hedge fund activists and funds? " reform has been talked about here for a while here. people may wonder why it is being talked about here now. new thing is the tokyo stock exchange plan. people have been talking about more diversity, etc.. this time, they came up with a specific idea. that gives investors very strong support. that is what they have been calling for fo

we have sue keenan in new york. >> we start with the u.s.ft's is an unnecessary encounter with the chinese fighter jet. washington says its plane was in international airspace over the south china sea when the chinese aircraft flew directly in front of it. the u.s. has optical tensions with china. antony blinken stressing the need to improve ties. there is demand signal. we take every reasonable step for the competition we are in. it does not veer into conflict. this will allow others to accelerate efforts to modernize national security defenses. xi jinping said the toughness of security issues -- she reported this at the government needs a warning system for risks. officials due to properly handle these concerns. north korea has confirmed that in an effort to launch a military spy satellite in orbit early wednesday, it failed. the launch came days after kim jong-un said pyongyang planned to put a reconnaissance satellite in orbit. the lack of a double taxation treaty is unfair and discouraging investment from taiwanese semiconductor firms.

su keenan joins us. what else came out of that meeting?as very harsh on the banks, for the turmoil that has been going on. but what is important is a lot of people look to buffett, the ultimate value investor because his conglomerate mirrors the u.s. economy and so it is wide-ranging. what he's saying is gloomy and terms for his own businesses, good times may be over. he believes the incredible time for the u.s. economy is coming to an end, the majority of his units will report lower earnings versus last year and this is coming on the heels of reporting and almost 13% gain in operating earnings in the first quarter and topping off the cash pile. they end the quarter with a whopping 100 30 plus million cash on hand. still, despite the outlook, buffett expects earnings at the insurance underwriting operations, which are less tied to business activity to improve this year and other parts of the conglomerate took hits such as energy and the railroad unit. they brought -- they bought back $4.4 billion in stock. haidi: when buffett speaks, peopl

haidi: su keenan there.rgan agreed to buy first republic, we spoke with a representative who said it is in everyone's interest to have a safe banking sector. >> we saw a large focus on a small number of banks. there have been struggles and now we have seen a resolution of this particular chapter and i think that's great. >> maybe first republic, svb, signature bank, becomes a small footnote in history, not systemic and no contagion, but there is a concern about how this has affected lending standards, the appetite to lend and business activity overall for banks looking at regulators, looking at the potential there could be i guess much more of an umbrella over than when it comes to the regulatory environment. >> it is in all of our interests to have a safe and sound, trustworthy, reliable banking sector. it is important, it powers u.s. growth and gdp. it is to know one's benefit to have an unsafe sector. one of the things we've seen the past 15 years since the global financial crisis, is more liquidity, more

su keenan joins us. regional banks are in a lot of pain. su: not a great place to be.gger bonus. we talked with alec johnson with the con -- consulting firm. he calls it a case of the haves and have-nots. with bankers at regional u.s. lenders hurt by small bonus pools while year end bonus pools at larger firms expected to rise by double digits. we were looking at what is ahead at a global banking giant. bank bonuses are poised to jump as much as 20%. structural -- struggling u.s. regional bonuses could fall by the same amount. as you know, a lot of these smaller banks saw their stocks take huge hits. all after the collapse of regional banks such as svb, signature and silver gate kicked off a season of banking turmoil in march. you're looking at the year-to-date stories for a lot of these regionals. it is a sea of red and some big declines. the most recent collapse of first republic kicked off a whole new round of volatility. you will see that the rally in some beaten up shares such as pac west, which has a record rise of 83% friday and is on its third day of increases,

david: su keenan live for us out in new york.ng at the hong kong markets where we are seeing decent upside, which did not seem like the case going into today's session. 1% gains on the hong kong benchmarks. we are better by 2.3 percent on the hstech index. onshore, some of the consumer staples names, that indexes leading it up. a glance at where we are as far as the markets are concerned because of what is happening there with tencent and alibaba, near the session highs on the msci asia-pacific. yvonne: hitting things off on a positive note on this monday morning, still big earnings to tell you about throughout the week as well. the gmm looking like this this morning. this is bloomberg. ♪ we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down y

su keenan joins us now. this is about the activist tighten. corporate brawls, but this one also seems personal. su: now he is in one, and one of his rivals, bill ackman who was a previous target of one of icahn's dusts, he was on the losing side, he said this report, he tweeted out has a karmic quality. a hindenburg report named the title icahn enterprises the corporate reader throwing stones from his own a glasshouse. , look at the stock it dropped right at the open. the report hitting t around 8:00 a.m., u.s. time. the stoxx closing down 20% by the end of the day. a huge hit to icahn personal fortune, a loss of $10 billion after hindenburg claimed the company's overpriced and also, we think icahn, a legend of wall street has made a classic mistake of taking on too much leverage in the face of distant losses, a combination that rarely ends well. now, specifically, if you look at the highlights of this lengthy report, hindenburg, which is an activist short seller says icahn enterprises value is inflated by 75% or more. it the size of icahn ent

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