trump has accused china of manipulating -- manipulating their currency.ook at changing the criteria that uses to make this assessment whether or not to label companies currency manipulators. >> the u.s. is also taking a name and postal rates. why is this such an issue? treaty between 192 different nations. the universal postal union which effectively allows countries including china to benefit from lower postal rates when they send small parcels into the u.s. market to be delivered to customers. the trump administration said they wanted to change and renegotiated treaty in september. they said they were rebuffed so they are going to pull out. there is a 12 month. of withdrawing from this treaty under which you can start renegotiations. they want to remain part of this treaty. you could get negotiations happening in the next 12 months. manufacturers have welcomed the move. they said the agreement was outdated. a subsidy for was chinese manufacturers. you should expect to see this have an effect on alibaba and others. this will not be welcome news for them.

be named a currency manipulator. but president trump said yes, china manipulates the currency. it looks as though the white house will continue their pressure on china on front from trade to the military, but at least on the front of currency many place in, they are holding their fire for now. haidi: as you say, the administration able to get a jab at china on another front. they previously given them discounted shipping rates, so what is the issue here? greg: it's another front for president trump to escalate his economic confrontation with china. the president at the white house today said they would -- give china a discounted shipping rate on small packages to the u.s.. business groups were happy with the decision, saying they amount to pretty much subsidies for china. it's another way that the president can say the playing field is tilted against the u.s. in favor of china and he wants to take action everywhere he sees a potential tilted playing field. here he perceives that china had an unfair vantage and it loo

the currency manipulator -- you a large current account.ou need to have a large current account overall. proving that you are systematically in the market. to prove.icult i do not believe this is the situation today. in addition to all of that, when do you recall that china was reserved as a currency manipulator or declared? it is more of a negotiating instrument. today, and dealing with china has so many issues, especially in the trade area. that the u.s., together with europe should join hands and basically approached with theirgroup grievances about intellectual property rights, especially in the technology area. a much more focused piece instead of the current approach. is it your view that this trade war is something that weakens the yuan. i would still call it a trade skirmish. i hope it does not become a war. creates and moves throughout a safe haven. u.s. is still the safer haven. it continues to the .trengthening we should have implications for other emerging-market. more generally, we should focus. whenever there is a trade war, t

we are looking at whether the us treasury will name china currency manipulator.of six countries on the list along with japan, south korea, germany, switzerland and india. for a come true to be named to currency manipulator, there are three boxes to tick. —— country. a trade surplus, current accounts surplus and a persistent one—sided intervention. what are the implications? here is an analysis from julian evans prichard. it would have political significance, suggesting the trump administration are keen to push hard on china regarding trade but practical implications, not many. the process of formal negotiations with china but it seems likely to hear that china will deny the accusation is given they are not even true and that would leave the us side with little recourse apart from the trade actions it is pursuing.” little recourse apart from the trade actions it is pursuing. i mentioned those three criteria in one of them is the huge trade surplus which it currently has with the us. could they potentially still go ahead, politicise the issue as they have done, to

you would call them a currency manipulator.ot fond of that term now because it does not matter to me. romaine: when you look at what is going on with regards to trade not just with china but with this upending trade system, do you see any risk to global growth as a result of this? srinivas: of course. what you have is the rest of the world is dependent on u.s. supply and demand. if you look at u.s. consumer demand compared to the rest of has arld, the u.s. current deficit meaning it is pumping demand into the rest of the world. we are starting to close the market or making it more exportst making those -- all of the investment behind exports become shaky as well. joe: let's talk about treasuries because they rally today. long-term, it is getting harder to find a confident treasury bull. someone that says the future rates will be lower than today. you are one of them. make the case. srinivas: here is the long-term case. it has been the case for the last 30 years of bull market in treasuries. if you look at the private sector bal

also -- currency manipulator. also president trump and xi jinping may meet at the sidelines of the g20 after those midterm elections. sentiment is turning around. we got solid trade numbers out of china. double-digit growth for exports. that is looking good. perhaps you can say it is frontloading ahead of tariffs. we see the likes of hang seng recovering. of 350 points right now. you mentioned the turnaround in stocks. the csi 300 large-cap is up. these are big when it comes to the kospi. about the currency manipulation thing, but also we did see a weaker than expected fixing from the pboc today, weaker than what analysts were expecting. that is why we are holding around 690 levels. we are losing the gain we saw overnight. this stock plunging from 24% today. the first time they are reacting to this news that bmw is going to be raising the stake in their -- and city slashing the price target by more than 70%. this unfair deal is actually going to hurt the company. ons stock rebounding by 5.7% reports the government

waiting for decision around currency manipulation. it seems they are not manipulating. commodities, it looks very green. don't be fooled by what you are seeing. not retracing the losses. the biggest weekly drop since july. expecting weekly numbers to be down. the biggest selloff showing signs of easing. from singapore, good to have you with us. -- put ito context, into context the rebound. -- only a little bit today. traders taking a breath before the weekend. it means we are a little bit fresher. a majorecide, was this pullback? will global markets follow? i think there are risks to the u.s. market what i expect the overall bull market will continue. overall, we can continue. there has not been a major fundamental shift. a sudden reason for panic. ask, i want to set up our next guest. we are going to go with haslinda amin. clearly, you are in singapore. why is it important to hear what he has to say? singapore is a trade dependent economy. what is important is they have tightened this year which shows they are not too worried. obviously, they do not feel those risks ha

but in the strictest technical definition, is china a money manipulator?'s central bank's policy on the currency market has been to bolster, not weaken the yuan. jeremy stretch is head of currency strategy at cibc world markets and joins me now. welcome to you, good morning. what are you expecting from this report? well, china has been on what's called a monitoring list for a number of years and that's very much where they are likely to stay. clearly president trump wants to put additional pressure on the chinese, but the evidence doesn't back up the idea that they have been artificially weakening the currency andindeed artificially weakening the currency and indeed evidence would suggest they have been trying to sustain it to prevent it from falling further. so pressure on the chinese, yes, but i don't think the us will go all in and label them a currency manipulator when the report is published. and what would happen if they did that? well, there are no specific sanctions if they did, but it would further ratchet up pressure in terms of the trade relatio

a void labeling china currency manipulator.eper into a bear market as the yuan is that a 2017 low. delaying the divorce. theresa may is set to consider a as eu brexit transition leaders in brussels decide not to call the november summit for now. europe's biggest technology company raises its projections for its cloud business and its operating profit. ♪ nejra: welcome. it is 7:01 a.m. in london. we are under an hour away from the european equity market open. u.s. futures pointing lower after a flat close for the s&p 500 yesterday. in terms of how europe might open, it looks like a little bit of a negative bias. ftse 100 futures dead flat. to be leadingok the losses at this point. we could see a little bit of a weaker opening, which means a second day of losses for european equities. in terms of breaking news, we are in earnings season. lots of breaking news this hour. unity, third-quarter revenues coming in at 12.5 billion europe's. the estimate was 12.5. that is being in line. we are looking at third-quarter underlying pricing

the watchlist, the countries close to the possibility of manipulation.orea was on that list, we will see if they are still on it when we come out with a report next week, but china is definitely on the watchlist, but it does not mean anything. a kind of designation that will be quickly forgotten when the report is finally issued. guy: we are looking for to the coverage next week. michael mckee, thank you. now first word news. : the force of tension between turkey and the u.s. has been removed. a court has freed andrew brunson after holding him in prison for almost two years. the court convicted him of collaborating with terror groups and taking part in the 2016 coup attempt. the trump administration imposed sanctions and threatened more if he was not released. shinzoanese premise to abe will travel to china this month for his first formal visit in seven years. it is a further sign of improving relations between the rivals, along with trade and investment, talks between the leaders are also expected to touch on efforts to denuclearize north korea. pope fr

does not label china as a currency manipulator.extending the transition leaving the eu. hardliners call it completely nuts. david: welcome to "bloomberg daybreak." we have earnings coming out. blackstone the expectations on eps, $.76 as opposed to $.74. assets under management were $457 billion, so the rich get richer. alix: that was a record. it was up 18%. i am looking at phillip morris. that company is cutting its full-year earnings forecast. they now see the high

could be seen if china is named a currency manipulator? despite it not fulfilling the technical requirements to have that label. >> the best place to start is emerging markets. a lot of the reasons why you sought emerging markets, under so much pain this summer was because china's currency was weakening so dramatically. the first order in effect, you might see that in emerging-market currencies and emerging-market bonds. another currency that would bid particularly vulnerable is the australian dollar. given how closely australia's economy is linked to the chinese economy. on the positive side, you might see treasuries get a big bid as investors seek a haven. >> we are seeing paula me -- policymakers in the u.s. say the yuan is too weak against the u.s. dollar. is that true? >> the yuan is weakening largely due to market forces. china has been a big target of president trump's. when you have a country get sanctioned, this is what happens to the currency, it weakens. president trump has made clear how he feels about the currency. treasury st

so they're not a currency manipulator.o use the yu yuan -- >> maybe they are but the other way. they're not weakening their currency to gain a benefit for cheap everer exports mitigatinge of the negative or cost inflation from the tariffs >> you are correct that's what they're doing. remember the trade manipulation issue is one from the united states point of view that has to do with trade advantage. the way to get a trade advantage if you're moving currency is to make it weaker so your exports are cheaper. they're not doing that it is not a two-way street it's not just a definition of manipulation >> 99% of our audience probably doesn't trade china's currency on a daily basis >> you really can't. >> so here's the thing if the chinese currency were to trade, free float, no government intervention, no band, no support, no nothing as they say, would it be 7.5 to $1, or 8 yuan to 1 dollar? >> it's hard to tell i would think at least 8 to 1. >> you think so. >> i do. the dispute with china is one that in my view the chinese wi

and trump will tweet them a manipulator. which will satisfy his base but it will leave them as not a manipulator. david: what other thing looks mispriced? the major exchange rates out there? what excites you at this moment? >> we have the mas on friday. i think the market was probably a little too excited about a slope increase. we are starting to see those estimates get pared back. in places like south asia, indonesia, india. also, more broadly speaking. i think the market got ahead of itself. now it is starting to normalize. we expect no change. there is no real need to adjust it further. aussie andalking central banks. the philippines, you think it is behind the curve. why? >> they have basically been slow to rein in what i think is -- -they haven't been doing enough. they cut rrr twice. the governor himself has noted rrr cuts are designed to free up bank capital to boost infrastructure spending. pfc --t the bse has -- they are very much behind the curve. you look at inflation of 6.8% versus the 2.4% target, they are clea

treasury avoids labeling china a currency manipulator. the yuan's it's at its weakest level since january 2017. mending fences, we will hear from former canadian prime minister on rebuilding the u.s. canada relationship. let's get you started with a check of the averages. we are seeing u.s. stocks trading at session lows. several firms missing earnings estimates. that's pulling down the dow which is now losing for a second consecutive session. is also down. we are seeing tech and telecom stocks leading the declines while the nasdaq is down 2.3%. treasury yields are being pressured today and we are now seeing the dollar gaining ground the most since august. a lot of this pressure was exacerbated by the tweet from 7 -- secretary mnuchin saying he had met with president trump that he decided not to attend the future investment initiative summit in saudi arabia. following that tweet, we saw more pressure for the market and all of this now playing into what is happening with investors and the selloff today. we are seeing that selling pressure

manipulate. by google i think is the new i'm even though it's pretty obvious now you know a few weeks ago google was caught within caught with internal memos on manipulating searches to keep certain things out has google respond to this not they haven't released an official statement they keep going back to saying that we're still neutral and biased and a google source did tell breitbart but even though they this document was leaked that it was just internal research and it was never actually implemented the same response that they gave when they said that they were manipulating search results now they keep saying they're not politically biased back then during the election trump was saying that google was actually suppressing negative search results for hillary clinton google responded and said no we're neutral we suppress negative search results for everyone but a search engine researcher robert epstein did find that cool i actually was in favor of hillary clinton during twenty six eighteen and

trump claims that china is manipulating its currency.into cryptocurrency and we will hear why the firm is starting a new business to manage digital assets for hedge funds. cannabis d-day approaches -- canada set to legalize cannabis and we look at the $8 billion worth of deals in the industry so far this year. shery: u.s. stocks are mixed at the moment after seeing its worst decline since march on a weekly basis. we are seeing the dow recoup some of the earlier loss death losses and regaining. we have president trump threatening more tariffs against seeing techare leading the declines on the s&p 500 not to mention that energy stocks are under pressure. there is rising tension between saudi arabia and the u.s. over the missing journalist, khashoggi. are down and the dollar is now at the lowest level in two weeks as we continue to see pressure in the dollar is down 2/10 of 1%. amanda: with the price of oil higher, take a look in the terminal at a chart that shows you the relationship between the price of crude oil and the 10 year. it's dri

that is with the treasury department debating whether to name china a currency manipulator. the yuan has fallen 9% in the last six months by speculation china as deliberately weakened it as trade tensions escalated. we're told the treasuries secretary led the white house ressure to confront beijing. oil fell to a one-week low in new york on signs that disruption caused by sanctions on iran may not be as bad as feared. futures declined almost 2% on monday after approaching a four-year high last week. however, iran takes a different view. the oil minister is warning that global markets face a severe shortage in the coming months and rising prices show supply is already tight. there was a software glitch found in google back in march that could have exposed data of about half a million users. "the wall street journal" says there was concern it might trigger a backlash from regulators already critical of facebook's privacy failures. shares closed 1% down after an earlier drop into their lowest internet price since july 5. north korea is being accused of trying to steal at least

will not label china a minute -- a currency manipulator. and you think they could get some deal by the end of the year? donna: i would love to be an optimist, but i have to be honest. news,rump delivered the the 10% tariffs would be imposed on $200 billion, there were no conditions set about what could reverse the impending move in january to lift it up to 25% on $200 billion, therefore taking next year's worth of chinese goods. there were no conditions about what china could do to stop that. it is not the first time we have had talks. it is possible we may have some deal being struck, but politically at home, the u.s. is helpful for president trump. you have the midterms coming up, and at the moment it is the chinese economy. next year, again the chinese comedy -- the chinese economy will be stable. what else is helping the up economy, -- what else is helping the economy, you could say yes. there is not much that china can do to hurt the u.s. trade. china needs a few more years to develop and restructure and rebalance before the exposure a

does not label china as a currency manipulator. brexit backstop, theresa may contemplates extending the transition leaving the eu. hardliners call it completely nuts. david: welcome to "bloomberg daybreak." we have earnings coming out. blackstone the expectations on eps, $.76 as opposed to $.74. assets under management were $457 billion, so the rich get richer. alix: that was a record. it was up 18%. i am looking at phillip morris. that company is cutting its full-year earnings forecast. they now see the high in the full-year earnings at $5.02, the low end of what they had seen before. it looks like shipment volume is down, latin america, canada. you name it. again, the pressure as we talk about what it means when you have bad press, movement into pot and cannabis stocks. david: it is a challenging industry. they made more money. $1.44 as opposed to $1.28. alix: that seems to be what the market is looking at come up 3%. in the market, for risk appetite. s&p futures down 10 points. up, a broadly weaker dollar story. hitting the lowe

she did manipulate him. did she manipulate him to the point of killing sam? i don't know. >> reporter: detectives mcdonald and szalbirak realized they needed to pay danielle dreher another visit. >> we're going back to find out what is your intent? what is your involvement with this? >> coming up -- did someone have a million reasons to commit murder? >> there was a substantial amount of money that she was going to gain if sam turned up dead. >> when "dateline" continues. strong... with a soft, soothing touch. kleenex soothing lotion. america's softest lotion tissue. about the colonial penn program. here to tell you if you're age 50 to 85 and looking to buy life insurance on a fixed budget, remember the three p's. what are the three p's? the three p's of life insurance on a fixed budget are price, price, and price. a price you can afford, a price that can't increase, and a price that fits your budget. i'm 65 and take medications. what's my price? you can get coverage for $9.95 a month. i just turned 80. what's my price? $9.95 a month for you, too. if you're a

china is no manipulator according to the us treasury, despite president trump accusing beijing of keeping yuan weak to boost exports. markets in europe are mixed, not sure which direction to turn, is the brexit negotiations stall yet again. from pulling pints in the pub to selling luxury holidays — we'll be talking to one entrepreneur disrupting the hotel scene. and the new york times is reporting on so—called brexit—preppers — people who are stockpilling all sorts of things in case of a chaotic exit from the eu. today we want to know, are you preparing for brexit? or is this just scaremongering? let us know — just use the hashtag #bbcbizlive. hello and welcome to business live. thank you for your comment so far. one has told me you are stockpiling passports. interesting. we start with brexit because, as you've been hearing, european union leaders have decided there's not been enough progress in talks with the uk to hold a planned summit next month. it means britain has edged a little closer to leaving the eu without a deal in march, a situation seen as potentially catastrophic by many in

if the us believes it so vehemently that china is manipulating its currency, why doesn't just manipulatingt and say it? while there nervousness —— nervousness about putting it on paper? it would be a notch up in diplomatic tensions and it would be seen diplomatic tensions and it would be seen that they would take further action in the currency markets, but it has to be said, the us treasury, this is a regular report on the last time the us treasury brought out this report, it said it was watching various different countries. it wasn't naming any particular country but watching various different ones and on the list were countries like japan and also germany, another exporter and what the us is effectively saying is all of these countries have huge trade surpluses with the us, the us is buying more of their goods than the other way around, we're watching you and we wa nt to around, we're watching you and we want to know whether or not it is because your currencies are undervalued. just some data that is coming out here in the uk in the next hour, unemployment data. what are we expecting? it

is china a currency manipulator? the treasury department is said to think not, but steven mnuchin can take otherwise. we talk trade war, global growth, and conditions with the finance minister of new zealand. ♪ francine: welcome to bloomberg surveillance. i'm francine lacqua in london. getting news out of the iea, cutting oil demand forecast. still seeing prices high. we did speak to the bureau earlier on this week. coming up, we have another conversation about oil demand and what that means for traders whether oil should go to 100 barrels or not. 14, othere 81 of story is market sentiment in general. we saw a second day of route. today, things are setting a touch. looking at the stoxx 600, beginning from 0.8%. of it of a bounceback in asian. 10-year gilts stable at 3.17. also coming up, we'll bring you our interview with the u.k. chancellor. we'll talk pound and brexit. let's get straight to first word news with the sebastian salek. he won't fire fed chair jay powell. he blames "out of control central bank" for the

bloomberg is reporting that the us treasury dept will not accuse china of currency manipulation whent week. there's also talk that president trump and president xi could be meeting for a summit next month. let's get more from maura fogarty, who runs our asia business team. maura, this is a bit of a breakthrough, perhaps? are you cautiously opt mystic about some of this news? —— optimistic. cautiously opt mystic about some of this news? -- optimistic. on the one hand we are cautiously optimistic because if you look at the trade tensions between these countries they have gone on much longer than anybody anticipated. so the report out in bloomberg and a few other media outlets is saying that the us, which produces a currency manipulation report twice a year, the treasury department does this, and treasury officials are recommending to not label china as a currency manipulator. something that would obviously make the chinese very happy. they have, however, expressed concern about the depreciation of the chinese currency, which has lost about 9% of its value in the last six months. that i

a report by the us treasury has not accused china of manipulating its currency, despite concerns thatina keeps the yuan artificially weak to give its exporters an unfair advantage. sharanjit leyl is following this for us in singapore. lovely to see you, sharanjit. i would imagine in china they are relieved they have not been named and shamed as a currency manipulator. but relations are far from good. absolutely right, sally. the irony of ironies, china escapes being slapped with the label currency manipulator and guess what has to happen, but the chinese yuan hitting a 20 month low against us dollar. the currency slid as much a 0.3% against the greenback. no big surprise china remains on a watchlist that us treasury officials monitor. the exchange rate practices and the declines are according to them particular concern. the trump administration has, as you said, it has long argued that china keeps it artificially low. it raises particular concerns. it has strengthened relative to where it had been. economists now say it is more in line with china's economic fundamentals. the story is

. > fighting back, how facebook is calling forllands on deck to combat any potential manipulation during the midterm elections. >>> and rising risks as torrential downpoursed flood more and more areas we show you how and why cities and companies on not looking for answers the ground. they are turning to the cloud. all that and mor tonight on nightly business report for this thursday, october the 18 >>> and good evening, everybody and welcome. october has not been kind so far to stock investors. so stop me if you have heard this before. stocks sol off today again. the usual suspects were to blame. interest rates,de t war, but a new wrinkle reared its head, at was overseas concerns. concerns about china slowing, europe and the growing tension over the situation between the u.s. and saudi arabia. and they all teame up to take stocks down today. the dow fell 327 points to 25379. the nasdaq plunged 157 poi and the s&p 500as off 40. bob pisani has more on the selloff. orter: it was another sharp down day on wall street adding to the steep losses for the month of market. the markets dealing wit

sought proposals from an israeli firm staffed by former intelligence operatives to do digital manipulationfake online identities, gather information about hillary clinton and her top aides. some of this is very familiar to people because it is the same type of stuff we know the russians ended up doing, creating online identities, pushing fake stories, et cetera. our information is that gates had conversations about enlisting an israeli firm to do this work. >> was there any collaboration, coordination with the russians as far as this is concerned? >> no, there's no evidence or we don't report any connection between the israeli firm and the russians. but we do say that even though the trump campaign didn't follow through on these proposals, the mueller investigation has the proposals and has interviewed several former employees of the strai israeli firm so it became part of the mueller probe and certainly this team has had some interest in the proposals and the interest from the campaign. >> now, were the proposals actually implemented by the trump campaign? >> no, we say in the story that

seventh, there is massive prize money manipulation. pump and dump schemes, spoofing, insider trading, coins created by fiat, used to manipulate prizes. massive criminality. eight, icos associated with securities are non-compliant securities that break all security laws. they're mostly scams and even this created a fake website to warn investors of initial coin scams. nine, utility talks would mean a return to the stone age. even the flintstones knew better than crypto, as they used clam shells as their currency. tenth and final point, corporate blockchains, so-called enterprise, are glorified databases and have nothing to do with blockchain. they're private rather than public. they're permissioned rather than permission less. they're based on trusted authorities, fine transactions, rather than being trustless. they're not distributed on millions of computers but, rather, on selected databases. in summary, the claim to be blockchain has nothing to do with blockchain. 90% of all corporations experimenting with them decided they are no be

if china had been labeled a currency manipulator what would the u.s. have done about that. >> that's the key question because we have seen the escalating tension between the united states and china, the trade war breaking out it would be an emphasis point on the part of the united states to say we are officially designating you and taking action about that. but it looks like the administration is not prepared to fully go there despite all the tension we have seen earlier today we did see the white house take other action that had negative consequences for china. that goes to the united states announcing it's going to withdraw from a global postal union that they said the administration said was giving china too much of an advantage in terms of sending cheap packages into the united states, particularly for online retail and also they said for opioids and drugs. the united states signaling its willing to put out of the global postal union in an effort to stem some of that incoming trade from china, the idea here is that that benefitted chinese exporters

treasury to label the scrutiny countries as currency manipulators. to talk about all of this, our next guest, philip, thank you for joining us. we talk about seven being the line in the sand, seven as though we have a currency which is entirely managed. there are elements that are not. is this reflective of something going deeply wrong within china? draw aink we should not line in terms of the leveling china. but the psychological, real thing we should be focusing yuan is nohinese heavily managed. it is more flexible so in that regard, it should be open to the prospect of dollar-china moving above seven, especially the current account remains weak, monetary policy divergences continue to favor more reductions in the reserve ratio versus rising u.s. rates. as far as i can see, at this point relative fundamentals should be the one dictating dollar china. if you look at the currency report, one big change i feel is that it is no longer about buting a currency, discourage them from allowing a rapid depreciation. ishaad: at what point, and intolike throwi

finds chinay staff does not manipulate currency. welcome to "bloomberg daybreak," on friday, october 12. david westin is sleeping in today. missing bank earnings. i love. >> i love it. we get to hear from jamie dimon in a while and the question is, is he the answer to arresting the stock drop? is a good thing financials are down 6% over the last five. you had disappointing ficc, banking revenue. in the overall market, it looks like recovery. history tells us you have to be careful of the first bounce after a selloff. it was a brutal two days. the dow lost over 1100 points. s&p futures up 27, 1% rally. twin peaks for the s&p, that is winnable market has in the past come to an end. euro-dollar flat on the day. fx market telling the fed, keep going. 317 -- yield up by 3.17%. lotn: a lot to watch and a to get to when it comes to bank earnings. let's take time for your morning brief. 8 a.m. eastern, third-quarter earnings from wells fargo, more banks on deck. 10:30 p.m., the fed randal quarles will speak at the finance event in bali. act

is ramping up pressure on china and may change the way it determines if a country is manipulating its currency. the treasury secretary said in 1988 act with a wider definition of manipulation could override the test in a new law. china avoided the labor basket because it doesn't me all three stipulations for currency -- meet all three stability for currency manipulation. that could change. but this a budget, government will continue to discuss this with the european union. they see the spending plan was taken by all members of the coalition government and warn of a potential ratings downgrade. a higher than expected deficit. italy must respond. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. liberaln australia the coalition government said it will fight despite the few million defeat. the loss of the seat held by the former prime minister markle -- malcolm turnbull also marks a loss of parliamentary majority. it was an engaging day of voting. paul: we have

there's a wider definition of manipulation.meet all three of the current standards for currency manipulation, however that could change under the earlier law. global news, 24 hours a day and at @tictoc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. >> we talked about chinese stocks, up 4% on the csi 300. the one we just got through, 5% on the china small caps. we saw the brunt of these cloud shares in shenzhen, and it seems like we are seeing a relief rally after the unwavering support from the likes of president xi jingping, possible tax cuts underway. let's bring in stephen engle, joining us from hong kong. it goes to show how much pressure china is facing. >> absolutely. , senior out the calvary officials in the chinese government have come out in support of the market. we heard xi jingping saying unwavering support for the private actor, but also the chief economic advisor saying the government values at healthy stock market. the bank and insurance re

currency manipulator printing money is a way of manipulating currency as well which we were doing in great abundance. but i would have hoped we could continue negotiating with other asian nations i just thought that would give us a stronger hand relative to china and open up more markets for those goods. in my view we are better off as americans if they are more goods excuse me more markets we can sell goods and services to we will outcompete the world i believe the american worker and american technology in american innovation will lead the world and i believe we try to wall ourselves off of innovation and from foreign competition then we find ourselves not making the kind of investments to lead the world. the old soviet union wall themselves off. so they didn't have to compete with the world that when the wall came down they didn't make anything that was competitive because they didn't have to their businesses didn't have to be on the cutting edge you have to compete and if we do america will lead. i look for us to get into other markets to sell goods and services of elsewhere and

so with the manipulation of information being used on everything from the serious to the ludicrous the only way to cut through the official blog is by watching the hogs. treat it like. it's. at the bottom if you. like you know that i got. it.

they specialize in the surveillance and manipulation of the social media. they offer their services to countries and organizations worldwide. they are not a liquidation, but during the years of 2014, '15, '16 and '17 they were very, very successful. as you correctly said, they offered their services -- they were solicited to offer their services to the trump campaign. >> twedo we know how they were solicited? do we know how they were connected to the trump campaign in the first place? >> yeah, a person by the name of sager connected an election expert by the name of george byr bernbalm. he was close to the master of the victory of prime minister netanyahu back in 1996. he was the one who met with rick gates of the trump campaign and spoke with him about psy-group. rick gates in that meeting in the mandarin hotel in d.c. expressed concern by the trump campaign highest authorities that delegates of the republican parties are going to sway away from trump and not vote for him. and was pitched a proposal to ask for a proposal from psy-group to have their expert

trump campaign aide requested online manipulation plans from israeli intelligence firm.trump campaign official requested proposals in 2016 from an israeli company to create fake online identities to use social media manipulation and to gather intelligence to help defeat republican primary race opponents and hillary clinton, according to interviews and copies of the proposals. the campaign official rick gates sought one proposal to use bogus personas and target and sway 5,000 delegates to the 2016 republican national convention by attacking senator ted cruz of texas, mr. trump's main opponent at the time. and that was not the only service the israeli intelligence firm reportedly was offering to the trump campaign. quote, another proposal describes opposition research and complimentary intelligence activities about mrs. clinton and people close to her. a third proposal sketched out a month's long plan to help mr. trump by using social media to help expose or amplify division among rival campaigns and factions. the times tonight reports that those are the proposals that wer

i can manipulate you to buy something, i can manipulate you to vote for somebody.like putting a target... painting a big target on your front and on your chest and on reyour back, and saying, " am. come and manipulate me. you have every... i've given you everything you need. have at it." that's a threat. >> narrator: waltzman says facebook wouldn't provide data to help his research. but from 2012 to 2015, he and his colleagues published more than 200 academic papers and reports about the threats they were seeing from social media. >> what i saw over the years of the program was that the medium enabs you to really take disinformation and turn it into a serious weapon. >> jacoby: was your researchpo revealing ntial threat to national security?ur >> when you looked at how it actually worked. you see where the opportunities are for manipulation, mass manipulation. >> jacoby: and is there as mption there that people are easily misled? >> yes, yes, people are easily misled, if you do it the right way. for example, when you see people forming into communities, okay, what'

but images can also be deceptive and they can be manipulated now even moving images can be altered making it possible to create extremely authentic looking fake news. decided from the pairs of the friends i have decided to resign from the of those of the friends. the next generation off a new face on the left trunk space but a facial expression and words are actually being generated by an actor. animation software developers like howley are busy perfecting the technology behind such high resolution facial mapping. customized. fourteen thousand to create these hyper realistic. you can see cookies screwed up face that we just photograph and you can see here it's all rendered in three d. and what's really effective about this device is that it even shows the pores we can hear and see all the lines on his face. and. team of developers aren't interested in creating fake. they're focused on creating new communication tools. to make it possible for anyone to create three dimensional avatars for use in various applications for instance in the film industry. could generate a new video features map

as an accompanying fraud to the original sin of emissions cheating so this has less to do with manipulating the cars themselves make them pass the emissions test which is what the diesel escape scandal was about but it has more to do with manipulating the paperwork on these old cars to be exported so we're told that three employees in leading but not executive positions are being investigated for this particular type of fraud so to reiterate belt they entered false emissions data on fuel efficiency data they switched around the chassis numbers that's of course the unique identification number that every car has to willfully confuse regulators so that me this kind of paperwork flood resounds banal even but it's potentially very damning for our idea of confirmed now investigators are paying special attention to already because of evidence that the original emissions trading software that was discovered in billions of cars was originally developed by audi and to now as you point out these are potentially very serious allegations meaning that these cause then made it to south korea but as we un

treasury has stopped short of calling china currency manipulator.pite the concession, the currency remains on the administration's watch list. it fell to its lowest level since january 2017 after the report. the trade war has turned to mail. president will pull out of the treaty to gives companies discounted shipping rights and packages sent to american consumers. what has been the response from the treasury department report? stopped short of labeling china a currency manipulator and said it did not meet the requirements to be it wasa manipulator, but not a favorable report otherwise and said the u.s. was going to be keeping and eye on the currency. >> british prime minister may raise the possibility of extending the brexit transition to avoid an impasse with her european counterparts. >> what has emerged is the option to extend the implementation could be a further solution to this issue of a backstop in northern ireland. >> how much progress has been made? >> nine. that is what we heard from eu leaders. they said the town had improved. we do have

too late and also by people who feel that they deserve to compensation for their cars that were manipulated and there's been some very interesting comments coming from big help you would sell. people they're lashing out at politicians i believe it doesn't sound like there's been much soul searching going on at his parent company which actually spot. that's right and it's no one less than have a nice to see folks wagon and the nerves seem to be getting a little frayed there because he's lashing out at politicians and other critics he's saying that they're hurting the car industry with their campaigns against cars taking on existential dimensions he's talking of about hysterical campaign and i just thought signs in a few cities with problem areas and he says that if you look at the car industry he fears that the german automotive producers will only stand a fifty fifty chance of being among the world's top ten in the next little while. hysterical i find that interesting considering it's all about al health. that's right in frankfurt thank you. european battery makers are about to get a welcom

they could label china a currency manipulator.e backdrop of the warnings from the imf about what this is doing for sentiment. he talked about what people in china are saying and highlighting now, that there is this sense in china this is going to be a prolonged trade war. listen to what he had to say on one of the panels at the meetings in bali. >> outside the risks from trade tension are significant. days, i present a model and predictor, what would be the losses for the trade tension. i think i am agreed with the imf production. telling pboc governor bloomberg in this interview on the currency that in terms of volatility he sees that as a fairly normal and expects to see a continued, reasonable trading range is how he described it for the rest of the year with the backdrop as he highlights and elevates a u.s. dollar. the currency, the renminbi was performing fairly well versus other developed and developing nations. the yuan is down 9% versus the u.s. dollar and is worth -- one of asia's worst currencies. the pboc governor highl

they wonder if the company is a stock market manipulation target.lphabet share stocks -- first to the top story, u.s. stocks give backings friday following a strong early rally in the midst of using trade tensions. the index rose the most since may, however, other technology giants have collectively lost $329 billion of stock market value at the beginning of this month. for more, let's bring in a bloomberg opinionist. what has gotten china so spooked? >> faq configure poison. it is the same issues we have seen in tech that the rest of the u.s. market worries about. they were about stock valuations for these growth dependent tech companies like netflix, amazon. we see in the chip sector, the tariff worries are where that is starting to be felt. caroline: that is linked to the stories of hardware hacking to. we get a bit more insight into this. particularly netflix. shira: i think netflix will be interesting to watch when they report earnings on tuesday. last quarter, there were hiccups in subscriber growth and the shares sold off sharply. now, earnin