i'm paul.s the democratic presidential candidate had the campaign trail this holiday weekend pulls point to a reshuffling of the 2020 field. bolstered by a strong showing at the democratic presidential debate california senator kamala harris has catapulted into a virtual tie with former vice president joe biden in the latest poll. it shows biden with 22% support and harris with 20. double-digit jump for this since last month and a cnn poll released this week shows there's a big bum for harris as well. let's bring in wall street journal columnist. >> to big development i think this week. biden is back to the field of the polls number one and number two elizabeth were beginning to edge ahead of bernie sanders as the favorite of the left but let's take biden first. how much trouble is he in? >> he is in a lot of trouble. here is why. if you look at the numbers after the debate what you see is that the people who were up there on the stage where the fighters and landing the punches are the ones tha

paul: okay.icipating that the federal reserve is going to cut rates a couple of times in 2019, and do you think that's a good idea? >> they have to. i mean, the fed has always followed rights, it's never led them, and it shouldn't lead them, and the rates have been falling dramatically. when the rates fall dramatically, the fed should lower rates. it's right in accordance with their policies historically. i see nothing inconsistent with the fed lowering rates say right on the same policy that they've done. i think the two new members of the fed the president is proposing are both good. i think judy shelton's spectacular, to be honest with you. i think she'll add a fresh breath of air in the fed board, and i expect the fed to lower rates a fatherly sizable amount. i mean, there's no inflation -- a fairly sizable amount. the ten-year bond yield is less than 2%. paul: that's astonishing. how do you explain that? >> well, i explain it because there's no inflation and, you know, there's not been a pol

paul: welcome to the journal, editorial report. i'm paul jacoby that was president trump on wednesday at a rally in greenville, north carolina. he's doubling down on his attacks on the four freshmen congresswomen what he calls their anti- american political views. the night to get ugly turn with some of the crowd chanted send her back in reference to minnesota representative omar echoing the president treat from earlier in the week. the president on thursday expressed regrets about that chant saying he disagreed with it. is his feud with the four democratic congresswomen setting the tone for his 2020 reelection campaign? let's ask wall street journal communist who served as senior advisor to president george w. bush, karl rove. carl, welcome. you wrote this week for us that you thought that alexandria cortez and i assume some of the other women in her squad are hurting democrats and helping the republicans. how so? >> they are so big a presence in social media and in the media generally that their left-wing views are getting an out

paul: yeah. and so if that avenue is shut down, nothing on collusion at all seems to be an avenue to go to, unless there's something i guess that could potentially turn up in the president's tax returns which have been subpoenaed by the house ways and means committee, although we don't know if we'll get those tax glurns yeah, no, this is all being litigated now. the white house is certainly resisting it. their prince principal argumene power to subpoena information must be tied to legitimate legislative purposes. they're arguing it's harassment of the president. on the house's side, there are specific laws passed about tax returns which give them a little more of a hook to hang this on. so it will be litigated. it will take some time and we'll see what happens. paul: want to ask about specifically the new york statute. but new york passed a law signed by governor andrew cuomo saying they will provide the president's new york tax returns. of course, he lived in new york for years. to the house way

paul: yeah.nt to summarize the debt, as i understand it. it's made up of bank loans, legal bills, the build-out loan for this place, taxes, and payables. you said that you -- man: ah, farrell's crowd, look this way! 'cause i got something very important to say! lemonis: so, the total amount of debt... [ drums beating ] you want to hear something funny? that's the reason people don't come back here. shauna: i know it is. lemonis: it's actually annoying. it can be done in a more elegant way. i don't want to come here and enjoy a meal if it's not my birthday, 'cause i don't want to listen to that nine times. $1,940,000 is the total debt for this entire company, and you have no cash. i mean, it's just -- it's like a train wreck. paul: yeah. lemonis: out of their five locations, three are making money, generating profits of just over $600,000 last year. but when you look at the two remaining locations, their losses take that profit down to just about $250,000. and then you factor in servicing debt of

performanceing a titled " alice paul, the fight for the 19th amendment . " ♪ >> alice paul, a separatectivist and fighter for equal rights was an american woman been able to vote despite the tragic and unjust treatment of the suffrage activist they continued to fight for women's right to vote. after receiving their goals -- --ter achieving goals, they fought for the 19th amendment in many ways. after finding the national women's party in 1930 and participating in protests concerning rights. oflearned experiences women's rights thanks to them and many other activists. >> that doesn't mean it was easy. many parts for the 19th a minute were established. from january 11, 1980 -- she had two brothers, william and perry and a sister. she grew up with her family a strong believer. in 1901, she went to a coed college. her mother was one of the first students at the college. after that, she went on to do graduate work. >> in 1906, she got into the women's suffrage movement. movement that men and women were equal and she had a duty. she was arrested several times. she and other suffrage activist

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paul: thanks.he nomination of christine lagarde to leave the european central bank followed a european union selection process but leaders seem to be on board. >> i have known madam lagarde for many years. i'm absolutely sure she will be very independent. >> christine lagarde this somebody we know very well in ireland, heading up the ecb. she will continue the policies of mario draghi, keeping interest rates low. >> we believe she has all the necessary skills to head the central bank. i do believe christine lagarde experience. she knows how to cautiously address issues. she will be very committed and engaged. shery: the markets seem to be on board as well, even if cautiously. if approved, she would arrive at the ecb at a difficult time for the euro zone economy. here to size up the pick and what it means or policy in the markets is financial chief economist chris. great having you with us. i saw in your notes the first thing that stuck out was if i were her, i would not want this job. it is a chall

paul? paul: thanks.as closed its $34 billion purchase over red hat, the second largest tech acquisition on record. the deal is helping ibm play catch up cloud technology. the chairman and ceo told bloomberg there is more to come. >> we will help extend their reach into 175 countries. on the other hand, the synergy at ibm with our current products are those are going to work and you will see a lot of announcements this summer. paul: the deal not only has competition on the cloud but also the sometimes rocky path. olivia carville covers this for bloomberg. what does this do for ibm and the cloud? olivia: we know that ibm is an american icon. it has been around for 108 years. economic booms and busts and survived. and has gone through a transformation before to stave off bankruptcy. with this acquisition, ibm is essentially reinventing itself to become a competitive provider it is pretty fierce cloud marketplace. emily: what are some of the risks with this new strategy? this is obviously a huge acquisition,

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paul: welcome to daybreak australia. i'm paul allen. shery: i'm shery ahn in new york. sophie: i'm sophie kamaruddin in hong kong. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering. doing a deal, president trump says there is an agreement on the debt limit. it may push the u.s. deficit over $1 trillion. the bank of japan governor addresses the imf in washington. he says he is watching global developments closely. silicon valley chiefs head to the white house for talks that may lead to the easing of the sales blockade on huawei. shery: we will have more on that big tech meeting in washington and what this could mean for the huawei been later on bloomberg technology global link. first, that get you started with a quick check of how the markets closed the market session. a positive session for u.s. stocks. we saw the s&p 500 gain ground, up 3/10 of 1%. a couple of analysts calls, including one on apple, with morgan stanley boosting its price target. that actually made apple rally and the biggest winner on the nasdaq. micron

paul: all right.ery much for that. let's get more on those market movers with the chief global investment strategist for charles schwab. i want to get your temperature take of earnings season so far. a mixed bag. morgan stanley, not such a great result. some good numbers from microsoft. what is you will, of things? >> a pretty lackluster earnings season. we are seeing outright declines on a year-over-year basis for the s&p 500, the stoxx 600 in europe, and even the nikkei 225. these are modest declines on a year-over-year basis for the average company. that does not bode well for the stock market now at all-time highs. i think the second half could be about the guidance we will get out of this season, which could trade in then overall global slowdown, as evidenced in the manufacture reports and pmi which is now in recession. paul: as you say, you are underwhelmed by earnings so far, and may the outlook as well, yet of s&p nudging, so how much this equity rally has been inspired by the fed, and doesn't

paul: good morning. i am paul allen in sydney. we are an hour away from the australian open. shery: good evening from bloomberg's headquarters in new york. i am shery ahn. sophie: and i am sophie kamaruddin in hong kong. welcome to "daybreak: asia." our top stories this monday, a radical shakeup at deutsche bank. in a billion-dollar plan including the elimination of thousands of jobs. the turkish lira slumps as theident erdogan fires finance minister. president trump says jerome powell and his team "don't have a clue." haidi: we saw -- shery: we saw a downfall while the s&p 500 was down .2% of your declines on the s&p 500. we have a very strong u.s. jobs two hundred 24,000, beating expectations. that leading to traders curving back the fed rate cut expectations to the treasury yield, the 10-year yield come at least 2%, and equity markets fall from highs. we see futures unchanged at the moment. shaping upow we are for the asian markets. could be looking at a risk-off session today with stocks already under pressure in wellington. some we could see in tokyo. futures are pointed

this is bloomberg. ♪ paul: good morning. i am paul allen in sydney.r one hour with the australian market open. shery: i am shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to "daybreak asia." paul: our top stories this friday. issue markets look set for a muted start -- asian markets look set for a muted start. oil slides again and heads for a weekly decline. worries about growth and demand are outweighing the lift from

paul: welcome to daybreak australia. i am paul allen. shery: i am shery ahn. sophie: i'm sophie kamaruddin. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering in the next hour. stocks fall and the offshore yuan weakens as president trump says he can add more china tariffs if he wants to. the chairman watching developments closely. jay powell says he will do what is required to bolster the economy. contrasting fortunes. jp morgan cuts its full-year forecast. goldman sachs revenue bucks wall street trend. shery: later in bloomberg technology global link, we will be talking about the showdowns in washington facing silicon valley. let's get a quick check of how the markets closed in the u.s. regulatory scrutiny in congress being felt across the market as tech stocks underperformed in today's session with the s&p 500 now holding the five-day rally. we had president trump's comments on tariffs dampening sentiments as well. tech giants took a hit. we had energy producers leading some of those declines as we continue to

this is bloomberg. ♪ omberg. ♪ paul: i am paul allen in sydney.ry: i am shery ahn in new york read you're daybreak australia. more insight into how china's economy is faring. the president of the asian infrastructure investment bank tells us he is confident china is doing what it can to support better quality growth. lothe government is doing a to improve the quality of growth and take care of people. as well as investing more in green economy, renewable energy. china is doing more to take care of low income people, low income areas. china is theay beneficiary of globalization, no wonder you embrace globalization, but other countries suffer setbacks or consequences. this is unfair. but you see in china the growth does not mean the same thing for everyone. domestically the domestic policy should take care of those people who might not be so fortunate to take advantage of the faster growth. this is what china is doing to improve the equity, social equity is important. >> we have a prolonged u.s.-china trade war. one, what are the chances of a deal a

here he is. >> paul line let us down. paul ryan was a terrible speaker. frankly, he was a baby. he didn't know what the hell he was doing. >> just a smattering there. we also, david jolly, found out a little bit more about the i.c.e. raids, it would seem. the president saying that these are, in fact, going to start happening on sunday. but he also said we're focused on criminals, we're focused on if you look at ms-13, we take those people out, we take them out very legally. they all have papers. it was -- it really didn't seem to make a whole lot of sense. >> no. look, this is a campaign for imagery for this president. what he should have learned from 2018 is the imagery of separating families, in other words, going into somebody's home and pulling somebody out with the deportation order does not work for him politically. you have to ask, is it just rooted in cruelty or is it the politics of his base? but, craig, if i could reindividuals it a clip you played where he said there was an epstein deal and 12 years later people don't like it, who is the president blaming there? is he

paul: the u.s.ld like to see some structural reform in china, but is there simply too much to ask? >> not at all. i think the fact that the united states is pushing back, especially in relation to intellectual property, as i said has been welcomed in a number of corners and i think it is in putting to delineate between a number of different elements in u.s. policy. lighthizer i found terrific to deal with, very pragmatic, but also unapologetic about the policy outcomes the u.s. is pursuing. the u.s. is pursuing particular outcomes around ip policy and that is different to what is being pursued around threats on auto tariffs or biopharma and the sort of thing. we also need to see real commitment to what can be done around reform at the wto. there was a conversation initiated when i was trade minister that is ongoing today. ultimately, how the wto is reformed will also have a marked impact going forward. shery: it has so many different paths. see the path of a conciliatory tone coming from the trump a

paul: good morning. i am paul allen in sydney. we are under one hour with the australian market open. shery: i am shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to "daybreak asia." paul: our top stories this friday. issue markets look set for a muted start -- asian markets look set for a muted start. oil slides again and heads for a weekly decline. worries about growth and demand are outweighing the lift from opec's cuts. samsung reports earnings that seem sluggish domestic data and export curbs from japan. shery: happy fourth of july. u.s. equity and bond markets closed on this independence day holiday. let's see how things are shaping up for asian markets. sophie: while our american friends are enjoying their july 4, futures are heading higher ahead of the jobs report due friday, with s&p futures topping 3000 early. ian stocks set for him -- a mixed end. in australia, we will be gauging reaction to the government devoting income tax relief to the slowing economy. shery: thanks very -- paul: thanks very much. sel

paul: the u.s. and china are set to resume trade talks later on tuesday in shanghai but neither side is showing any real desire to compromise. last friday, president trump seem to indicate that a deal would be some way off. >> i think that china will , let'sy say let's wait thatf one of these people give the united states away, let's see if one of them can possibly get. i will tell you what, when i win , like almost immediately, they will all sign deals. angelest's head to los where sarah mcgregor is watching all of this. what can we expect from these talks? we will don't think expect a lot of substance from these talks. we certainly don't expect a deal to come out of it. this point, just to go back a little bit, the talks collapsed in may, and there has been no face-to-face talks. this will be the first time the real top negotiators have sat down and had a chance to try to solid way forward. the u.s. wants to start were things left off in may. that leaves the big question of where is the wiggle roo

paul: welcome to daybreak australia. i am paul allen. rishaad: i am shery ahn -- shery: i am shery ahn. sophie: file sophie kamaruddin. we are cap -- i am sophie kamaruddin. we are counting down to asia's major market open. ♪ here are the top stories we are covering in the next hour. china's trade war wounds will be on display later with retail sales and industrial gdp showing how much tariffs are hurting. earnings from big banks, j.p. morgan, citigroup and others releasing numbers. to decision by ab inbev do can its ipo has major implications for the hong kong market. shery: let's look at how markets closed, another day of record highs with the s&p 500 closing above 3000 and the dow reaching 27,332. we had tech and industrials leading the gains. energy stocks gaining ground as crude rallies on potential impact from tropical storm barry in the gulf of mexico. seeing the nasdaq up .6%, u.s. futures not doing much. we saw data last week showing u.s. producer prices gaining more than expected. still u.s. stocks managed to rent at a record h

paul: welcome to daybreak australia. i'm paul allen. shery: i'm shery ahn in new york. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering. entry, 1950's jazz and an -- angry tweet. trade talks begin in shanghai, coming down to the fed rate decision. the president says a small cut will not be enough. april takes off on a forecast that will top expectations. tim cook says he is thrilled to the return to growth. shery: later in bloomberg technology global link, we will break down apple's earnings with bloomberg intelligence. first, a quick check of how the markets closed tuesday's session. another day of losses for u.s. stocks. a mixed bag of corporate earnings. procter & gamble rising on earnings. this coming at a time as the fed starts its meeting. president trump did not help market sentiment when he lashed out at china saying it was ripping off the u.s. late market trading, we did see the sentiment recovery as president trump said he recently spoke to chinese president xi jinping. the s&p 500 fell three chance of 1%. the

paul: i am paul allen in sydney.ial in new drugs research driving astrazeneca's return to growth, leading the charge to focus on cancer treatments. they revitalized the fortunes of astrazeneca. ♪ as work boosting tookzeneca's drug pipeline off, a fresh threat appeared, pfizer. >> it would be one of the biggest deals in pharma history. >> we know that pfizer made a approach in january. >> a very keen fire but perhaps not a keen seller. >> the u.s. rival made four attempts to buy in under six months, the final offer for $117 billion which would have been the biggest pharmaceutical takeover ever. >> i arrived in london, opened my phone, and i had a message, my wife was at the hospital, so i called her, and she was fine, but it was a stressful day. then we arrived at the office and worked the whole day with the lawyers. day,e end of the first the bankers said, you have to know you will have less than a 10% share. so at the end of that day -- >> you didn't believe them, clearly. [laughter] mesometimes when people tell a p

paul: i am paul allen in sydney.rack to be the largest mover this year. is tracy ku.p you are obviously optimistic about the prospects of trading. why is that? quite optimistic but still concerned as there is .ecently a flood -- fluctuation the final price might be a little lower than what the market expected before. paul: are you concerned by the amount of debt? >> sorry? aboutare you concerned the amount of debt the company will be carrying? shery: the debt levels. we are talking about $112 billion when it comes to company the --pecially after they acquired sab miller. are you worried about the money they owe? we can --lly, because we are optimistic about the goal in the future. we are sure we can get the money back. shery: what about the beer market in general? we are seeing the company do this because they are optimistic about the asian market. what are your views about the beer market in asia, especially china? is the biggest market like globally and shared like like,d lake in china, there is like a major trend.

ryan and paul ryan has never liked trump. and that is just the fact of the matter. they patched it up for a couple of years to get a few things done and now that that is over, paul ryan is telling the world how he really feels but for people it seems a little too little too late. >> and now you spend your career in national security and the reports that we're getting that the director of national intelligence dan coats may be the next senior trump administration official to be removed. >> and we don't need another acting cabinet-level official and we have four with the acosta resignation but when it comes to the director of national intelligence, it is largely irrelevant who is fit -- who is filling that seat. we have a lame duck dni in dan coats. president trump puts more trust in vladimir putin than dan coats and trump is the ultimate client for the intelligence community. he's not looking for a director of national intelligence he's looking for someone to fit his political talking point so if dan coats leaves, whoever come

paul: i am paul allen in sydney.'s get a quick check now of the latest business flash headlines. giant may be about to deliver the biggest ipo of the year. $2 billion byise selling a 10% stake on the shenzhen stock exchange. it gets more than half of its total revenue from the unit. it plans to use the proceeds to finance new projects in china, including soybeans and flour mills. shery: it is getting more expensive to hail a ride in new york. the number of trips with 8% down. lyft faced a slowdown. it comes six months after new york passed the first u.s. minimum wage rules for ridehailing drivers, pushing upstairs as a result. shares in both companies gained in trade but trailed their ipo prices. paul: think set -- spacex says a leaky valve needs a re-dying, making it much harder than planned to fly astronauts this year. spacex had a contract to fly nasa astronauts to and from the international space asian, but an explosion -- space station, but an explosion destroyed one of the caps off and was a humank to sending a

paul: i am paul allen. shery: i am shery ahn. sophie: i am sophie kamaruddin. we are counting down to asia's major market open. ♪ paul: the top stories we are covering, deutsche's savings plan, ceo's -- the loss of $3 billion and elimination of 18,000 jobs. the turkish lira slumps as president are to want fires the central banker. he wants policymakers to support his view on rates. criticism of the fed, president trump renews his attacks saying jerome powell and his team don't have a clue. let's look at how markets closed. the dow fell for the first time in five sessions. session,thin trading after the independence day holidays. s&p 500 down .2%, led lower by health care and utility stocks for the main focus during the session was on the very strong u.s. labor report. 224,000,ayrolls rising leading expectations to pare back some of the fed rate cuts. you have treasury yields, 10 year yield also retake the 2% and u.s. stocks falling from record highs. let's see how u.s. futures are looking unchanged. see how the asian markets are shaping up. sophie: futures are

paul: okay.o -- how would you proceed right now, if you were the administration just go ahead process the -- the process the -- the census data? and go ahead with census as planned? and then, and then see what you find out about the any one citizen population then make decisions about how you want to proceed from a policy point of view i guess not just redistricting could be benefit programs how would that effect different decisions how paid out that sort of thing. >> that is exactly what i would do, if the data is there, it should be gathered and it should be used. and if you -- if you step outside the beltway if you will, own this issue, i think a vast majority of americans look at this as the political circus this question as part of the political circus, that washington has become. we ought to have hard data and if there is hard data available, then we ought to know what it tells us, and then make policy decisions based on that. >> yeah the irony some census bureaucracy wi objected to adding

paul: thank you.et's chicken on the first word news with ridicka. >> brexit talks are becoming more hostile as divorce looms ever closer. officials in brussels say a meeting last week was one of the most difficult of every time in the last three years. the british team seeming to bully gets way to new concessions. the eu is bracing for the expected appointment of boris johnson for prime minister. he is threatening to quit brexit with or without a deal. iran is warnick and might revive its nuclear program back to the status it had back before 2015. tehran may back away if eu powers do not do more to offset u.s. ancients. --sanctions. a return to conditions would createa balance. . the eu says there is still time to save a deal. >> we will see how we can together with all the member states an internal test -- international partners to maintain the deal with iran and put in place all the measures so iran can go back to compliance as it had been a few weeks ago. >> the eu is bracing for billions of dollar

paul. paul: let's check in on commodities briefly as well.ntioned the oil price gaining, as we see renewed ofsion in the strait hormuz. silver closing the gap with gold. coming up in the next hour of "daybreak asia," brian gibson joins us to offer his outlook on global rates. the market open, next. this is bloomberg. ♪ his is bloomberg. ♪ paul: good morning. ages maker -- major markets are about to open for trade. shery: good morning. sophie: i'm sophie kamaruddin. welcome to daybreak asia. ♪ paul: our top stories this friday, shinzo abe hopes victory is on the menu in the elections. korean companies say they can handle japan's restrictions for now but are looking to diversify the global supply chain. shery: 50 years since the historic giant leap. how much has changed since apollo 11 took mankind to the moon. let's get straight to the market action with sophie in hong kong. what are you seeing? sophie: green shoots in tokyo %ith the nikkei opening 0.5 higher. it's the worst week since may for japanese stocks and earnings. signs of a rebound.

paul: welcome to daybreak australia. i am paul allen. shery: i'm shery ahn. we are counting down to asia's major market open. ♪ paul: here are the top stories. wall street rises to another record from the tray truce with china but stops amid signs the economy is swelling. oil on the rise as the opec and allies extend the curves into next year. there is concerned of weakening demand around the world. hong kong protests take a violent turn. police fire tear gas and pepper spray and the government condemns vandalism. shery: a quick check of how the markets closed in the u.s. the u.s. -- s&p 500 closing in a record for the first time in 10 days. chipmakers leading the gains. the semiconductor index closing at a three week high after president trump announced in easing on that band on tech giant huawei. we have the dowd gaining 4/10 of 1% but industrial shares did underperform the bottom market. we have the u.s. ism manufacturing gauge showing the orders stall the last month and that is coming on the back of factory reports across the world showing weakness in the

paul: i am paul allen in sydney.'s economy rebounded in the second corner -- quarter but earnings have been mixed as exports continue to face headwinds. sophie kamaruddin has more. what signals are we getting from korea? taking cues from earnings we have had so far it has been a mixed bag across industries as more surprises to the downside. external factors not making for the most favorable conditions for korean companies. this morning we got sk hynix's result. a miss on operating profit. salsees were just beating estimates. if you look at what sk hynix said they will adjust chip production and investment. that does not bode well for growth. they will cut 2020 estimates. that exacerbates pressure. central investment has been slowing since about 2010 in south korea. not looking good for growth. as for hiring, investment facilities and construction remain in contractionary territory -- boost less motivated to hiring. the government is trying to spur job creation. tohynix, we will be waiting see what they have to say re

paul ryan looked like a guy with a spine. >> he did.ry he disinvited the president, the nominee from his own event, and told reince priebus we have to get him off the ticket and had a conference call where he said i'm done with him. that was a decisive moment but not decisive in the way a lot of us thought it would be this is -- a lot of people don't like to hear but the tragedy of ryan, republicans caved into donald trump, who they compromised their values and their principles but what makes ryan different is he knew better he always knew who donald trump was. he knew what donald trump was all about. he was privately disgusted about it he didn't have a different opinion than jennifer and i had about donald trump so in a lot of ways, his is the most disappointing and hard to defend >> thank you for joining me tonight. we'll be back with richard engel what it looks like on trump's other side of the trade war with china. hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's

paul: good morning. i am paul allen in sydney. we are under one hour away from the australian market open. shery: good evening. i am shery ahn. welcome to "daybreak asia." paul: our top stories this wednesday, treading water. asian markets on pods ahead of ahead of the pause testimony. investors want some guidance on where rates are going. desperate, how to train were threatens the very existence of chinese factories. our exclusive interview with the top supplier of consumer goods. shery: breaking news out of south korea. we just got the unemployment s, in line with estimates. the government continues to support job growth. we are seeing more job creation in the government sector, not to mention some green shoot in the private sector as well. in recent months, we have seen the hospitality industry showing some signs of recovery, so the unemployment rate holding steady at 4%. this after edging down to that level back in may. we have some pressure when it comes to manufacturing jobs given the trade tensions and uncertainty there. le

paul: welcome to daybreak australia. i am paul allen. kathleen: i am kathleen hays. sophie: i'm sophie kamaruddin. we are counting down to asia's major market open. paul: here are the top stories in the next hour. hong kong street protests taking a new term. -- turn. they fire police guess. taking stock of of the new tech board aims to persuade the next tencent or alibaba to list at home in hong kong. engle ini am stephen tokyo. shinzo abe wins the upper house vote but failed to secure a super majority. we will have results and reaction. kathleen: market action into asian trading, we have to take a look at u.s. trading first. the stock market was on its way to a modest gain, mixed results on earnings reports, microsoft with a great report, netflix not so great looking over the course of the week. friday it was news late in the day iran's revolutionary guard seized a british oil tanker in the strait of hormuz. as you can see at the close we had the dow jones down a quarter-point, 68 point decline. at .75 percent loss. it is just after 6:00 in the u.s., so futures are

paul: i'm paul allen in sydney.pen up its $44 trillion financial sector are to the world, having announced earlier plans to remove limits on a shift in the bank, and scrap size requirements for firms that are onshore. let's go to rich beijing and our china correspondent, selina wang. selina: i'm here at the off the record i'll of hosted by the national committee on u.s./china relations. i'm with the managing director of cicc, and vice president of economics. we havet 18 months, seen reforms made by the chinese government to open the financial sector, scrapping ownership limits on local banks. how do you see this impacting you? how the you foresee the competition playing out? >> we are the first joint venture investment bank. we started in the 90's, 1995. we -- i think we are the most important china-based international company. we have been covered with major, international banks. goldman sachs and others. we are in the chinese clients, international clients. the way we have been facing competition, working with col

david: i am paul allen -- paul: i am paul allen. in g.m. billion and they are confident of targets for next year. let's discuss this result and others with angela, a china renaissance equity analyst. thank you for joining us. , narrow beatult there, but looks like chinese revenue once again -- angela: but actually it was in line. there wasn't much surprise, good to see that at least it is ramping up. on the other hand i think i have takeaways from china results, seeing some kind of competition landscape in macau gaming segment. basically the ultrahigh end business got hammered by macro issues, so all of the players are moving too low -- china is gaining market share in the past quarters but in this quarter basically lost market share in [indiscernible] the other highe players are trying to focus on the lower end the ip business, creating more addition here. been a lot ofs commentary on how the weekend -- weakened data has been waiting. -- weighing. angela: i hear from the market macau gaming might be recovering in the second half because we

paul: good morning. i am paul allen in sydney. we are under one hour away from the australian market open. shery: i'm shery ahn. welcome to "daybreak asia." ♪ paul: our top stories this tuesday, washington ramps up the pressure on brussels. the administration proposes slamming on $4 billion of e.u. products new tariffs on $4 billion of e.u. products. hong kong protest take a violent turn. the government commends vandalism. news out ofing south korea. we are getting consumer prices for the month of june year on 0.7%.ricing this is as much as it rose back in the month of may but also slightly disappointing yeartations of a 0.8% rise on year. month on month, it contracted zero point 2%, which is a bigger contraction as expected for the month of june. we have seen a lot of pressure for consumer prices. we are talking about lower oil prices. brent crude prices down 20% on average in the month of june compared to one year earlier. not to mention the domestic demand in south korea is pretty weak at the moment. the bank of korea's signal

paul: good morning. i am paul allen in sydney. we are under one hour with from the australian market open. shery: i am shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to "daybreak asia." paul: our top stories this tuesday, policy under pressure. the fed looks set for a quarter-point cut next week as its global peers lineup to join the march to ease. to talkvalley chief had about the easing of the sales ban on huawei. grounding may have serious implications for boeing's future credit worthiness. shery: let's get you started with a quick check on how markets closed in the monday session in the u.s. .3%, as we rallied had tech shares leading the gains. the philadelphia semiconductor index up 2%. we had some positive trade news on the u.s.-china front, not to mention a time of earnings and analyst calls. apple being the biggest win on the nasdaq, up .7%, with morgan stanley boosting its price target for the stock. we had energy shares gaining ground with crude jumping the most in more than a week. tensions-anu.s. ongoi

paul and shery? paul: thank you.ost in almost five months after it reported slightly slower subscriber growth than business had hoped. they ended the recent quarter with 108 million subscribers to its premium service. the ceo said spotify had failed to mark a obstruction plan for students, but it plans to make up lost ground by the end of the year. shery: ibm is facing more criticism over age discrimination in one of many ongoing lawsuits. the vice president of hr says ibm has fired up to 100,000 employees in the last few years in a strategy that targeted all their workers and tried to make the company seem cooler to younger applicants. ibm had earlier said it's hr strategy is based on delivering value for its clients. --l: apple is free poised apple is poised to rejoin the trillion dollar club alongside microsoft. apple shares topped the trillion level in market value after the company reported earnings that were mostly cheered by wall street. hand it over to bloomberg markets: asia, let's take a quick look at how w