rishaad: i collect them all.t ruled that ipo -- apple does not have occlusive rights to when it comes to other things. rishaad: a registered trademark? guest: this is handbags and leather goods, products using the iphone name on its accessories, very strange to me. anyway, this is the latest below for apple in china. it has to do with fake versions of their own products. and fake stores popping up all over the place in china and now it is having to follow -- swallow this pill. the copyright only fits well in a sentence with infringement, so a lot of -- exactly. there is going to be a lot of different iphones in china. i guess if you are talking about handbags, it could last longer. and even donald trump getting dragged into this. is it is an example of america getting ripped off by china? some scathing reaction on social media. rishaad: thank you. we need to take a break. still ahead, opec and to the new plans for the next meeting next month. and a market check when we return. asian equities down. we are back, ri

rishaad: thanks very much indeed for that.ook at criminal proceedings launched in thezerland, and indeed with singapore unit of a swiss bank effectively being shut down. igation into 1mbd claiming its first victims. singapore shuts bsi unit down. the cfo resigned on tuesday as the attorney general announced the seizing of $96 million and take relation -- action related to money flows from 1mbd. there are still questions swirling around this fund. our kuala lumpur bureau chief joins us now to connect the dots. what is ds eyes involvement with bsi involvement with 1mbd? they became the latest casualty in this. yesterday there was serious misconduct at bsi when it , leaving the authorities to pull its license for bsi. recommended a cayman islands fun for 1mbd to put its money in. well, bsiight, to the caymand island fund. what is this all about? >> there was this fund managed -- and bsi had recommended 1mbd to put $2.3 billion worth of units. said that those funds -- still $900 million. right, well, what do we know about malaysia

by the said doing less, inflation -- hence, interest -- rishaad: [indiscernible] guest: anymore -- rishaadreat talking to you. [inaudible] ♪ rishaad: you are back with "trending business." heads it is on the banks are discussing challenges as well as opportunities. what is really topping the agenda at? you know what? lori take a look at the theme, global is setting the tone. it is about taking the islamic banking world forward. this is the 2 billion dollar economy poised to be a $4 trillion economy by 2020 if issues like sustainability and millennials are addressed. millennials can form 50% of the business. the baby boomers do not really understand. islamic banking is not taking millennials into consideration. lots of discussion on how syntax -- that is not really happening in the islamic banking world why? because infrastructure is not in place. regulation is not in place. it is hard to embrace technology in particular in a sectors like islamic banking. those issues are being addressed at this particular for him. now we talk about potential? there has to be a gentrification of products as

rishaad:.c looking set to head -- nope. ♪ -- rishaad: you are back with "bloomberg markets: middle east." as we look at opec without a proposal to freeze output. oil hovering under $45 a barrel. any analysts are convinced that prices will rise slowly. where does the this leave opec? inorter: representatives at the end i yesterday to discuss what they see is the improving it seemsnamics and that this shifting dynamics they are seeing means that they no longer see the need to discuss the caps on output as they did in until. doha.they did in it is continuing to increase since the meeting in spite of the doha meeting and a rich $48.50 a barrel. that is what is taking some of the pressure off of opec. rishaad: what has changed in the market? the international energy agency sees global demand getting closer to balance in the second half of the year and that is these historically low prices put a cap on production from outside opec. has fallen for eight consecutive weeks and speculation that it will c

i am rishaad salamat.his is "trending business". ♪ rishaad: right, taking you to tokyo, singapore, and annoy. japanese exports dropping, the yen strength blamed. imports and exports worse than forecast, a wider trade surplus. oil sliding again with iran rejecting calls for a freeze. the bedding is on for an supplyl rally due to disruptions in canada and nigeria. president obama in asia, looking for stronger economic security s influenceith china' in vietnam. let us know what you think. follow me on twitter @rishaadtv and use #trendingbusiness. we've seen some swings between gains and losses, not a lot of conviction in this market. we had a little disappointment over the weekend with that failure of consensus from that g7 meeting of finance ministers and central bankers. we are waiting to hear from janet yellen. looking for signals as to whether the fed will be going in june. also, what the bank of japan will do. there is speculation that they could buy more bts next month. gains, deeperier in the red. japa

rishaad: it is tuesday, the 24th of may. i am rishaad salamat. this is "trending business." here is a look at what we are watching. falling to levels -- the yuan falling to levels that we have not seen since february. gorman saying he still sees fast growth in china but once that economic changege will not come without the occasional bump in the road. has accusations of bias as a valid to change the way stories are trending. follow me on twitter. that is my handle. ere as use that hashtag th well. hong kong getting underway in about 30 minutes. singapore and malaysia online as we speak. let's have a look at what is going on. fed speaks, that is when the market reacts. that is being reflected in the early asian session. singapore, malaysia, and taiwan coming online. take a look at taiwan. about up -- we are off by .25%. the biggest move in nine months on the account of heavy buying into some of these tech stocks. we are seeing some of those names giving back gains today. there was the story of potential demand for the new iphone coming through and the impact on the taiwanese

rishaad: yeah.happening in singapore already here has been -- how is it repositioning itself? you please, what are the opportunities? >> you have to take a look at the technology sector in particular where you see most opportunities, the likes of apple, facebook, google, all expanding their operations, with more programmers, coders. singapore will have to respond by providing workers with the skills to fill those positions. this is not the first time singapore has had to reinvent its economy but some say it is more difficult this time around. it is no longer just about identifying growth sectors like wealth management, growth sectors, or technology for are that matter, rish. rishaad: thanks. there in singapore. coming up we'll hear from delta's new boss on where he sees growth opportunities for the airline coming up next on "trending business." ♪ >> welcome back. it is 10:45 here in hong kong. 11:45 in tokyo. these are the stories making headlines. malaysia has received an official protest from taiw

i am rishaad salamat.his is "trending business". ♪ rishaad: well, sydney, tokyo, and singapore this hour. asia-pacific markets shrugging off a lackluster session on wall street. japan sales tax on the back on burner. bloomberg has seen a draft communiquÉ, where the prime minister said the world could face a similar shock to the collapse of lehman brothers. thinks over all risks are under control. course, you can always let us know what you think of our top stories. follow me on twitter @rishaadtv, use #trendingbusiness. the last trading day of the week. we are ending on a high note. quite a good rally coming through. despite that unconvincing lead from wall street. retail index on track for a third weekly gain. it is the last full week of the month on may. taiwan up 7/10 of 1%. singapore up a third of 1%. we are looking to japan for a lead, up 6/10 of 1%. shares have climb the most, up by 7.6%. some good moves in australia. up by 7/10 of 1%. a little weakness from gold players. gold close lower in the offs

rishaad: why? slicing and dicing totgages and selling them each other, creating is multi-trillion dollar investment portfolio. china, the investment products are only 10% to 50% of the total that the banks are investing in each other. the fundamental problem are the underlying investments. i think a lot of it is fueling the property bubble. rishaad: you are just coming at it from a different angle. there is a crisis in china. a lot of people have been saying that for years. whether it will because by banks playing games or excessive investment in zombie properties and companies. i think it is the second one. rishaad: there are these remarkable echoes in the lack of transparency. it's not even possible to have a look at some of these wealth management products. >> that's right. there is a complete lack of transparency. also in other parts of the banking system. 12y went from 6 trillion to trillion renminbi. we don't know where they are investing with the wealth management products investment between

rishaad: it is tuesday, may the third. this is trending business. i am rishaad salamat. we are going to take you to singapore to take a look at what we are watching. with japan on the break, asia-pacific stocks snap a four-day losing streak. it is also cut its dividends for the first time in seven years. the poor performance is partly blamed on rising charges. an official investigation into the role it has played in the death of a student. the company is saying a healthy internet is the responsibility for all. follow me on twitter for all of the top stories. kong markets getting underway. singapore and malaysia getting online. let us get the pulse of the market. mind it isa, keep in getting the first jab at pmi. you have a bunch of earnings, china construction bank, securities. i will get more for you on that. in the meantime, have a look at dollar-yen. equities are on their way up. oil is seeing pressure despite dollar weakness. have a look at this. dollar-yen closing in on 106. .02 -- that was the low so far. goldman sachs putting out a note for their clients. the gist

rishaad: that is the thing.apan is in a situation where we have seen all the work done by , pullingal bank there his hair out thinking it's about time my prime minister did something. guest: the printing part is easy. something structural needs to happen. why actually do we still perceive the yen as a safe haven? i don't necessarily see that and until this perception is away, he can print and do what ever he wants and it's not working. rishaad: trajectory is to the upside. people have been talking about approaching that 105 level but we're still waiting for the supplementary budget. there's talk he will not do anything unless he shares what has been done in that. guest: we are sort of waiting for each other. at one point we are hoping and trying to deflate but at one point, you start to get inflation. looked likeerything deflation. also it explains the pricing of volatility in the market. themore you look forward, relatively more movement will be priced in. arele are looking at we currently playing a goldilocks

rishaad: noble group is making headlines. nda amin.ng in hasli this is a little surprise, certainly. haslinda: well, yes. it caught everybody by surprise. according to a statement this morning, alireza decided the time was right for him to move on. noble says he will be replaced by william rendell and jeff frame. the founder will continue in his role as chairman of the company. reza'sacknowledged ali contribution moving the company model.sset-light he played a pivotal role in the sale of its agricultural unit. has beenays alireza crucial in securing the recently announced refinancing. but it has been tough for the company and challenging for ali reza. in an interview with me last month, he was realistic in what still needs doing at noble. >> the markets are difficult. to sit here with confidence and say the worst is behind us is not realistic. our jobs are to come in everyday , do our jobs, focus on the business, and the markets will judge us by those results. haslinda: separately, noble will stop the sale process of some of

rishaad: have a good day. talking to you. >> these of the stories making headlines around the world. has hit out at the u.s. and japan over disputes in the south china sea. beijing says japan is failing to perform its duty by trying to tarnish china's image. the ministry said washington is trying to cause trouble in the area by stepping up its military presence. french andired italian companies to locate the black boxes from flight 804 as the search continues in the eastern mediterranean. the voice and data recorders are presumed to be on the seabed at a depth of 3000 meters. conducted on being the small body parts retrieved so far. the plane was carrying 66 passengers and crew when it crashed en route from paris to cairo. has causedater main part of a riverbank in florence to collapse. the sinkhole appeared on the river arno. power and water supplies were severed, and local people were your homes.ve it is due to break in a 60 senate leader waterpipe, and not because the riverbank is falling away. powered by o

rishaad: thank you.ad of china's national people's congress has told hong kong to embrace integration with the mainland. and to quash the independence movement. help thate boat won't will harm people's livelihoods and the economy. he also warned that everyone will lack the stability. his visit to hong kong ends today. hundreds of people are still missing after mudslides area key villages in sri lanka. days of torrential rain. many bodies have been found. more than 200 families are still unaccounted for. survivors say each typically has about 5000 people. visited the scene and said the government would take full control. the head of u.s. intelligence says hackers are snooping on the presidential candidates. officials say president obama and mitt romney were targeted by cyber attackers from china. they've declared war on donald trump urging supporters to take down his website. wildfires around the canadian oil patch continue. out of control. although forecasts for the next few days provides a glimmer of ho

manus: let's get back to rishaad.nning some vital breathing spaces after its middle eastern partners stumped up a new payment. the interest on these bonds on the due date when they didn't the last time? is this a sign that this dispute , this long drawnout dispute is over? not at all. they did make the payment yesterday. on the bonds. they didn't do it within the new. that doesn't mean the dispute is over. to indemnified for the payments before the next payments have been done. rishaad: how are they going to resolve this debt defaults. they will be speaking to bondholders later this month. moneyshould do have the to make the payments. they do haveit more payments due later this month. as well is in the months ahead. nomentioned they do have indication that there will be making those payments on bonds guaranteed by itv. rishaad: what is the investment community making of all this? >> they seem relieved about it. after the payment yesterday. you saw a big jump in those bonds. rishaad: thank you. manus: let's check in on

rishaad: right.just to reiterate, any idea why ted cruz chose this point of time to pull out? the math was never working for him. there was that whole lure of the contested convention. will he see it too difficult? reporter: his statements suggest he does not think it was viable, that strategy was even going to work. he really needed to win indiana tonight to make that kind of algebra work. at this point after winning indiana in such a dramatic fashion, donald trump is really within spitting distance from having enough delegates who have voted him, represent him at the convention. having to be contested is probably very unlikely. i have no doubt there are people trying to figure out a way to do that. you can even see it with republican leadership in the last week or so. more party elders come out and say it is time to get around the idea of donald trump being the nominee. rishaad: thank you very much. in d.c..ns it wasn't we will go to new york where donald trump makes an appearance . this is 9:07 p.

rishaad: thanks, juliette. on that and all our news at the new digital destination tailor-made for the middle east, with reports and market data region. and all of our reports and special content available only online. manus: coming up later in the hour, voting continues in the philippines, where more than 50 million people are choosing a new president. we will cross live to our correspondent in manila a little later. next, a reprieve for oilsands facilities in canada. more from our guest robin mills when we return. this is "bloomberg markets middle east." ♪ rishaad: welcome back. you are watching "bloomberg markets middle east." its, arabia is shaking up ending the -- shaking up its cabinet, ending the worst week for gulf stocks in two months. is markets finally see saudi making a move to reduce dependence on oil. bute had a lot of rhetoric, it certainly appears investors are judging this to be a turning point of sorts, giving much needed optimism when it comes to saudi arabia and stocks. they ended the longes

rishaad: thanks, david.ium-range rocket appears to have failed, the first launch attempt since the ruling congress took over. peter, what kind of missile is north korea's suspected of testing today? an intermediate ballistic missile, and the key point is ballistic missile, which is banned by the united nations resolution. significantvery that they would again try testing missile technology that is banned by the united nations. rishaad: right. well, how significant, and why is it so significant? because first of all, it is banned by the united nations -- the reason why it is banned is because it's a technology that can be developed in a way that a nuclear warhead could fit on it. and an intermediate ballistic missile has arranged reaching u.s. territories, particularly japan and guam. the analysts estimate that at a range of 3000 kilometers, which is about 1800 miles, it is within range of guam, where the u.s. has a significant military presence. rishaad: ok. the thing is, sanctions have been toughened up. th

rishaad: yes, it is.t forget that in the case of the malaysia flight 370 we had radar telling us that this airplane climbed to 40,000 feet, then went back down to below 20,000 feet, then came back up again, all inside of a minute or two. and after analysis, it was deemed that that was not what happened. of this data none is 100% reliable. we need a little bit more time. what we really need to do is find those recorders. that would unlock everything, wouldn't it? if we could actually recover those, but nothing could be rolled in or out, and that takes me to what happened in 1999, egyptair 990 flying out of john f. kennedy to cairo, driven into the sea by the pilot then just south of nantucket, so nothing can be rolled out, can it? >> know, we should keep an open mind. be inigators are going to the investigative process driven by fax, and we just him have any facts yet it it may be that we only get the boxes, and if we do get the boxes, i think this one will be sold by the boxes. it wewas an explosion, will

♪ rishaad: it is wednesday the 11th of may, this is "trending business," i am rishaad salamat.e will be taking you to singapore, shanghai. we're watching the rally by japan, there been a recovery also in prices. above $45 a barrel again. some say it is a marathon, not a sprint. remaining unfailingly optimistic , the method the stock could jump in. amazon delivering for jeff bezos, making him the fourth richest person in the world. nearly $62 billion. please follow me on twitter. singapore trades, on the way down, just over 15%. we are expecting a drop of about 9% there, as well. we want to see if there have been any reactions there. pesos,much unchanged, 46 69 could buy yourself a dollar. in china and indeed in hong kong, taiwan and malaysia coming on stream with julia. juliette: we are watching the south east stocks quite closely today. you've seen a pickup in the singapore, .7%. but they have been on their before theing streak asian financial crisis, malaysian down by .1% three but there is a rally coming through in regional stocks. regional, we know the index for japan has b

rishaad?ater,: coming up egyptian tourism minister saying the 100 cut prices to encourage visitors following the flight 804 crash. at vision looking 2030. bloomberg markets middle east returns in a couple minutes. ♪ manus: you are watching bloomberg markets middle east. melman.guest is dr. penciled in for this year? guest: for this year, we penciled in total growth in gdp of about one .4%. next to come and we expect it to pick up to 1.6%. on whatl depend in part policies are taken. that may change after we hear that specific policy that will be announced in a few weeks measures.s, revenue, the gcc itself has a tax addition of 2018. will that get executed? how much social acceptance therapy around the taxation? that will be as you'd there is enough time to put in place a mechanism to a secured such a plan. accepted socially because we are starting at 830 hello great of 5%. it is not a very high rate. in saudi arabia, one of the things floated is that they will be given compensation to the cover

i am rishaad salamat. this is "trending business". ♪ right, were visiting sydney and beijing this hour. japan dodging a technical recession last quarter. asia-pacific markets on the slide, the case for higher interest rates, struggling to hold onto gains after a four-month high on april 20. number three says he will listen to differing views as he prepares for a speech in hong kong. the most senior party leader to visit since street protests. do follow me on twitter, @rishaadtv. use #trendingbusiness as well. street,nd from wall china opening in 30 minutes. we are seeing losses flow through into the region. has to fed president signaling a rate hike in june. the firstling for time this week on the back of that weakness. all coming on line following that downward lead. interesting one, first-quarter gdp numbers beating expectations, avoiding that technical recession. japan switch in and out of positive and negative territory, but now with the wind strengthening -- yen strengthening, we are seeing some weakn

rishaad: thank you very much.anus: doha bank says it is .eeing an extraordinary stress it will expand abroad to offset that pain. homeng in the bank's market. cheap oil is causing liquidity to dry up in the region area coming in to join and discuss all the issues of the day is our guest. we've just been talking about the death knell of opec. the saudi's no longer being got committed to opec. give me your sense of that conflict. >> they have realized that the solution has to come. you have to privatize. and you have to realize the market space. it is a medium and long-term plan. the compromise in terms of damaging the public investments. making the public-private partnership more active in investing globally. bringing in the macroeconomic fundamentals. they have to be transmitted in terms of market share. that is what is happening they have to slow down from those investments. to emphasize liquidity and consumption. creating stress in terms of liquidity. you have to privatize. you have to borrow from external sourc

rishaad: it is tuesday, the 31st of may. this is "trending business." ♪ rishaad: in singapore this hour, here's a look at what we're watching. asia-pacific stocks are bracing for their biggest monthly fall since the beginning of the year. the index is down by more than 2% this fall, the worst showing since january. virgin australia's shares are gaining some altitude. h in a group is buying a stake. they will buy 30% and made by more overtime. have an analyst saying in india, there must be a balance between a strong rupee and a realistic rupee. follow me on twitter. markets, opening in shanghai in about 30 minutes. , we have memorial day in the u.s., and much of europe also having a break. what do we have? of these markets in europe are up 5.1%. -- up by .1%. this is how asia looks. i should note it is looking slightly better at the moment. in japan, we were down by 4/10 of 1%. we have basically erased those losses. australia is pulling the index closer -- index lower. volumes are very light. you have these three markets open

i am rishaad salamat. this is "trending business". ♪ right, singapore and tokyo this hour. ,uzuki in the fast lane recovering losses from its fuel efficiency in missions. using a wind tununnel to measure consumption rather than real-world conditions. online ad revenue jumping 73%, users talk to hundred 60 million. mark zuckerberg defended facebook from accusations of a liberal bias. said conservatives are important to the social network. ,ollow me on twitter @rishaadtv using #trendingbusiness. the trading day under way at the bottom of the hour. look of what is happening so far. digestingan markets , underpriced or do we have to re-price expectations. ,ed funds futures went from 4% now over 30% of something happening in june. feels like some uncertainty. tokyo leading gains, up .5%. ae yen weakening to three-week low against the dollar, the dollar surging to a seven-week high, a bit of relief when it comes to exporters. south korean shares down 3/10 of straightmonth of declines at the factory gate, the slo

rishaad: great talking to you.'re going to have a look at some of the stories making headlines. 28 people killed in an airstrike on a refugee camp in the area. -- rebel held red territory. 2000 displaced people. it is unknown who ordered the attack. alliedere no u.s. or warplanes operating in that area at the time. speaker paul ryan is the latest senior republican to distance himself from donald trump. more would have to be done to unite the party before he would consider and endorsements. endorsements. president bush and president bush said they would not offer their backing. if donald trump becomes president and delivers on what he says which is a big question mark, you are talking about a market on fire. he is going to spend money fiscally and he is going to have debt coming on the past. -- on the path. rishaad: singapore would reportedly spent $1.7 billion ailing defense infrastructure in australia. queens land would then be used to train singaporean personnel each year. australia would ease restrictions on inv

rishaad: i am rishaad salamat. it has been a relentless climb taking place.eople are asking if there is a line in the sand. 110ere talking about this level being the spot where the bank of japan is coming in, buying dollars to weaken the yen. 105 is perhaps the in the sand. manus: we are going to spend some time on this. is it a haven trade? there were comments over the weekend from the central bank. officials saying, we do not take much heed about what the americans say. for us in the region, it is about oil. take a look at this. you have the oil bulls back. net longs at the highest level since last year. we are retracing our position on bloomberg. highest since 2015. short positions at a 10 month low. think about iraq pumping the most since 2011, opec members pumping like it is 1989. the oil market is on a little bit. rishaad: let's look at the markets and see what is going on. hong kong, china, taking a break for may day. let's look at other markets in this part of the world. 0.5a came online, down percent. topix, absolute pounding taking place because of

rishaad: i'm rishaad salamat. oil is grabbing the headlines.anus: it absolutely is, and this time it is a red-hot hairline -- red-hot headline. it has broken $50. this is the chart you want to look at. there are a number of different aspects and play. the dollar is up over 3%, but it is all to do with u.s. production and the road to opec indiana. -- in vienna. we are just under $50 at the moment in terms of printing. you've got dollar at the bottom of your screen. up, stockpiles are coming and this is what has condom moment for the market, because it is stockpiles versus opec. there are a number of different elements in play. stockpiles have fallen for the second week out of three. we have not seen that since january. that u.s. production is falling for the 11th week, the lowest since 2014. i suppose this is a combination of everything. are you a bit more glass half-full than glass half empty to global growth? this price it dictates what goes on in other sectors. the ring it is strengthening very much. the market is strengthening well. on top o

rishaad: we are back after this. ♪ rishaad: a look at our latest story, the chinese date, showing tol seven-week low. exports are down 1.8% in april almost 11%.plunged this is after week u.s. job data led to a fed rate rise. crude is rising as canada's wildfire spreads towards oil industries. of the region's usual production. and the canadian prime minister is expecting to keep the oil production and near market levels. president aquino is leaving the philippines. there is 33% of the vote for his opponent. japanese traders are heading off for their lunch break. let's see how your money is doing so far today. >> the regional indexes pretty flush at the moment, but we are seeing a big pickup in japanese equities. trading veryapan close to their golden week. break, ito the lunch is going up half of 1%. those that are trading higher really took that lead from wall street. that rate hike from the fed last june could have affected this and there is anticipation for a jobs report next friday. thee is a seven-week low on trade out here. this is affecting a number of equities come up putting

rishaad: joining us from singapore. get up to speed with the stories that are making headlines around the world. >> a day after lifting a ban on arms sales president obama has criticized hanoi for making progress on human rights. while the u.s. expressed concern john kerry said the fact the meeting happened it all is remarkably significant. french police and prosecutors have rated googles offices in paris. they're looking at whether the failed to declare revenue by booking them through ireland where company taxes lower. they're calling on google to pay back taxes. google released a statement saying it complies with french law and is cooperating with investors. -- investigators. the daughter of a hong kong publisher believed to be abducted has helped -- ask to help when his release. daughter told the congressional committee that she spoke to him on the phone months ago and still has no idea where he is. he was missing in october. he appeared on chinese state tv. this is bloomberg news. i am tom mackenzie. let's return to

rishaad: absolutely. we have turkey and what has been lira on with that and the as it has been plummeting. what prism do you look at it through? guest: i am looking more from the global perspective. the middle east economy is important most notably from the oil perspective in that regard so that is the prism most people sitting outside the region are looking at. the other prism is this is the emerging -- one of the emerging areas of the global economy including some frontier economies. looking at whether this region will step up to be an emerging economy that attracts local investor attention i think that is the key focus. manus: we'll have a lot more global perspective with our guest who is visiting the region . chief global economist at sap global. we are in just a couple of minutes. this is looking like the longest losing streak in this part of the world excluding japan. what have we got now? : the index is still lower by .1 of number 1%. it is down for 10 sessions in a row. put japanwhen we do back in

rishaad: absolutely. the strategies are there.oldman saying they are now seeing the bombing of the dollar happening. rallying, thehis greenback having its biggest advantage in six months last week. they are suggesting this goes on for another 15% per movement to an upside against a basket of currencies if we actually get the normalization of monetary policy in the united states. if that happens, we will see this move up and up. let's talk about what's going on elsewhere. let's move from fx markets in the dollar to what goes on with equity trading. we have had 20 minutes of trade so far for india, mumbai up i-19's of 1%. the topics are largely -- 9/10 of 1%. the topics are largely negative. the hang seng losing ground as well. in the middle east, about two hours away from the opening of the markets in the emirates, dubai, and other dobby. this is what we saw in the last section. dubai finishing out the session on tuesday, i don't want to say in decline, up 3/10 of 1%. looking at what is going on in down, nearlyally 2/10 of 1%. manu

i am rishaad salamat. news out of the region is that moody's downgraded several sovereignties in the region. oil price is increasing budget deficits. manus had a chance to interview the analysts who reported markets earlier this week. manus: let us talk about sovereign rating. moody's downgraded the credit rating of several middle eastern countries, and the local oil price environment is to blame. we are joined by middle east analysts. what changed? you downgraded saudi arabia couple of months ago. you are back again. what has materially changed for you since april? >> let me clarify what we did. action on all sovereigns, we decided to confirm the kuwait raising, changing the outlook to negative. as for saudi arabia, oman, bahrain, we decided to degrade by one notch. manus: i am trying to understand what has changed? typically, on the saudi. oil prices have risen. >> we decided to start a review in march, following the drop in oil prices. we wanted to see how impacted public finances, and the fiscal reacti

eggs, rishaad. back to you. rishaad: yes, absolutely. about eggs while realizing there is a market for them. that doesn't for this edition of "bloomberg markets: middle east." we will take a look at more detail of what is going on with the equities session when it gets underway in middle east. and you are going to be involved in "countdown" coming up in three or four minutes from now. also toyou are looking body das as well? -- adidas as well? manus: adidas is coming up. we will break down the socgen numbers all in just under a couple of minutes time. a lot happening next. that' and the ceo of france's second-largest bank said it was not an easy quarter. economy and the oil price on china, that environment is very special. i think our government is pretty strong. nominationd trump's is all but certain after his competitor exit the race, following a crushing defeat in the indiana primary. and tony blair on brexit,

trending business's next, and rishaad has what is coming up. are going to be kicking things off with what is going on when it comes to australia. we have important economic data coming out at the bottom of the hour. open, and alle these things play into one another. we will be getting views of one of the movers and shakers with a comes to the oil industry. joining me will be an energy adviser -- a former energy adviser to the iranian prime minister. and we are talking to the nest founder and current ceo. he will be joining us. ♪ rishaad: it is tuesday, the 31st of may. this is "trending business." ♪ rishaad: in singapore this hour, here's a look at what we're watching. asia-pacific stocks are bracing for their biggest monthly fall since the beginning of the year. the index is down by more than 2% this fall, the worst showing since january. virgin australia's shares are gaining some altitude. h in a group is buying a

with rishaad rishaad: japanese investors showing up 0.3% from april.t as bad as the 5% drop we had been forecast. meanwhile, spending up by 4/10 of 1% a year ago, less than the 1.3% drop which have been forecast. they're increasing the country's scale tax. the reverse goals have joined the ranks. againe equities are once with short-term risk, short interest on one of the largest hong kong exchange traded funds. all of that according to data compiled by bloomberg and by markets. such optimism has proved well-founded as the bull market turns to a $5 trillion route. -- inclusion have shot up to 70%. that's for government efforts to confirm trading holds and clarify beneficial ownership rules. all that according to goldman sachs. -- the rocket early in the day appears to have failed. south korea's joint chief of staff says the ballistic missile was filed around don local time. it's estimated to have a range of 3000 kilometers in japan". there are doubts over its accuracy. the chief executive officer and a distillery shop has committed suicide. they said th

we need to get up to speed with rishaad. rishaad: thank you.eycentral bank laundering related to its troubles. it is ordering to shut the operations in the city state. moneyng to serious laundering requirements, poor oversight of the bank's operations and misconduct by some of the bank's decisions. the chief executive is stepping down. deutsche bank is the subject of probe among its bond trading business and millions of dollars around 2014, according to people with knowledge to the matter. the losses could have helped boost the banks earnings for several quarters. another headache with central-bank ratings going two grades above junk. it has been week for several quarters and it has taken substantial headwinds, including macro economic uncertainty. the bank messaging system swift will say later today that more business may have been hit by hackers. swift will raise security further and help clients with system checks. it is warning after hackers stole information from banks and 12 million from an ecuadorian bank. the attack on the jeff and -- b

here's rishaad salamat.aad: we've got the aussie dollar dropping and three-year bond yields falling to record lows after the rba reduced its outlook for core inflation. the quarterly statement sees underlying inflation of 1% to 2% this year. disinflation will be a key challenge for the incoming reserve bank governor. few policy weapons in his armory. giving theirs first verdict on jeremy corbyn's leadership of the labour party. sustained losses across england and elections in the scottish parliament. the bright spot may be the london mayoral elections where khan is likely to defeat conservative zac goldsmith. results may also give hints of voter sentiment ahead of junes eu referendum. japan may not be able to ignore the yen's throwing strength for much longer. prime minister shinzo abe going so far as to say he may raise the eu should -- the issue at the g7 talks. abe says much of and would carefully watch and respond to these moments as necessary. a weaker yen has been a linchpin of abenomics. goldman sachs

rishaad salamat is here.rump now thed presumptive president nominee, after ted cruz quit the race following the primary. it means he can secure the delegates before the convention, after denigrating his opponent. clinton,im at hillary instead. mr. trump: we are going after hillary clinton. she will not be a great president. she will not be a good president. she will be a poor president. sanders slowsnie hillary clinton's progress, but does little to narrow the lead in the delegate count. come funds have once again under attack from a high profile name in finance. steve,he billionaire thatg there is a standard is blown away by the lack of talent. meanwhile, the cofounder of the hedge fund says he is very worried that machines could cause large swathes of job loss. that the bulkid of people are not involved in super high-value jobs. they're doing routine work. and it is concisely that computers will be doing better. former british prime minister tony blair is beating a global congress, telling bloomberg that vo

that is where we find rishaad salamat. rishaad: thanks a lot.nators talking an historic vote regarding the impeachment of dilma rousseff. the decision will not come until around dawn local time. the simple majority says that she will be impeached on the trial. mitsubishi motors says they are in talks with capital ties amid the fuel economy scandal. the company is confirming the discussions in separate statements to the tokyo stock exchange. saying that no decision has been made yet. they are seeking a 33% stake in mitsubishi motors. the bank of england holds its last so-called thursday before the eu referendum. they predict no change to the interest rate. bank of america and merrill lynch says one or two of the nine were panel may vote for a rate cut. they reported a news conference with mark carney, where he was scrutinized by both sides of the brexit effect. thinking they had taken a toll on production data. japanese investor appetite for 30 year bonds made in the worst, in one hedge fund manager opinion, the face of the year. withnly ones the

here's bloomberg first word news with rishaad salamat. rishaad: thanks, guy.rton: off their merger, blaming it on challenging regulatory conditions. the proposed union between the oil services companies had met antitrust resistance. halliburton must pay a termination fee by wednesday. puerto rico will default on a bond payment later today, escalating the biggest crisis ever in this $3.7 trillion municipal debt market. the governor warning the commonwealth needs to focus on providing essential services. reached a tentative framework with investors who own $900 million of it that, under which creditors would have a potential haircut. warren buffett has taken aim at hedge fund managers again. the billionaire said that wall street salesmanship has masked or returns for years. managers underperformed. he said, sitting on your rear end in index futures. donald trump repeating his claim that hillary clinton is using the women's card to win the democratic nomination for president. despite the backlash, the republican front-runner told fox news if she were not a woman,

rishaad: you have also lodged khan the khan -- launched the khan labs go.amazon opening a brick-and-mortar. but you believe it could be complementary to the overall effort -- platform. what have you learned? sal: our mission is a free world-class education for anywhere here take that seriously. the spirit behind starting a physical lab school is, let's use that as a lab to understand what the best learning can be, where students learn at their own pace. students get more responsibility, they are building a portfolio. as we learn, we hope to share with many people and incorporate it into what is on the khan academy. i have already learned a lot. people think virtual and physical are in competition, but they are complement to. if students can learn to own pace and time, it frees up a lot of time during the day for more human to human interaction, and more projects. more peer tutoring. when you don't have everyone learning at the paid -- same pace, you can have a mixed environment. my own son, he's already able to mentor younger students. it really mature stud

hihere is rishaad.ishaad: cost-cutting in the forecast of a minimum of 1.4 billion euros compared to 1.6 and 1.9 billion. they set a just and earning the end ofl be until march which fell 20% from a year ago to 326 million euros which beat estimates. cfo.re speaking to the china stock regulators could deter the flow of overseas trade which is seeking backdoor listings in the equity market according to people familiar. the chinese regulatory commission is weighing a possible restriction on reverse mergers including cap evaluation. gm leading the pack in china when it comes to auto sales in april. last month, passenger vehicle delivery at over 60% with average discounts of 18% of the automakers recommended price, according to bank of america merrill lynch. have badst man will news out of brussels today. they will expect the 10 billion pound bid for o2 with the three networks to create britain's biggest mobile network. that is your bloomberg business flash. manus: thank you very much. let's get into ing. t

rishaad, good morning.ad: we've got saudi arabia reportedly signing a three-way listing in new york, london, and hong kong. we are hoping exxon mobil will take strategic stakes with the expectation that they will lift as early as next year. has a value that could reach $2.5 trillion. maybe increasing to $118 million worldwide. the biggest safety crisis in the history of the auto industry. the expansion may result in $6.2 billion of additional cost. lowr won't have long to settle in/ won't have long to settle in. rba admitted they probably missed the bottom of the core inflation target this year. disney's new shanghai theme park proving popular even before the official opening. it has pulled in tens of thousands of fans. forey is opening the resort the growing middle class. that is your bloomberg business flash. back to you. anna: thanks for a much. crude prices are on the rise. wildfires in canada's oil-producing region knocks out nearly one million barrels a day and it is threatening to spread. how will hi

rishaad: at what point does shale make an impact? --ink once we reach and we are almost there -- anywhere between 45 to 55 shares begin to come in, but they won't gush in a million barrels per day. what we must see our trips and drops -- they won't be coming back in a wave. if the price is go to $200, then yes, they will rush in. but in this range of pricing, it will be coming in slowly, in measured ways. the founder and chairman of energy analyst. let's check in on markets. let's head over to sydney, where it is a bit of a foggy day in sydney harbour. it is down one third of 1%, and we are seeing asian stocks on the last trading day of the month -- the biggest monthly drop since january, gains the central business district and you can see this house right on the back, prices half a percent higher. a beautiful day here in hong kong and we are looking forward to the afternoon -- the latest after the break. ♪ >> asian stocks are paring their worst monthly loss since february. the dollar continues to dominate the end after the threat of

let's get to rishaad salamat. rishaad: the u.s. economy should be solid enough to merit american interest rate increases this year. to sanl according francisco fed president john williams who told fox news that they've forced a balancing act against largely in current sing it -- encouraging it in the u.s. . they will raise the rate sometime this year. meeting with no agreement on how much crude to produce. saudi arabia's strategy to disturbing rivals by it record volumes. sending a submarine to search for that egyptair black box flight recorders. also there he is remain open and nothing has yet been proved. cracked ons thursday. the french air accident investigator says they sent automatic messages from the cabin before it lost contact. britain will be plunged into recession of its own making after the country votes for brexit according to dave karen and george osborne. the controversial treasury analysis will be published today that says house prices would slide or inflation would jump in the event of a brexit. austria's political

here is rishaad.haad: g7 gathering in japan, end of summith an communiquÉ saying economies have strengthened their resilience to avoid falling into another crisis. the group says it feels the monetary policy alone is not enough to spark growth. this is the prime minister, shinzo abe, talking. warning of a risk of a global economic crisis. this after presenting documents saying there was a danger of the world careening into a crisis. dovish speech expected from janet yellen. fromsay they will refrain raising rates in june. investors seeing a 28% probability of an increase month. china says there is room to increase borrowing in support of the economy. thatsaid they can increase gradually. the local government debt is more than double the figure. more than 100 cities have debt bigger than their local economy. --ald trump has run corded reported picking up enough support to clinch the nomination. that it's him over the top for the delicate count. he can expect to be named the choice at the party conventi

rishaad: french police have raided google as a part of a tax fraud investigation. lower.h google releasing a statement saying it has complied with french law and is cooperating. by 120powered journalists. indeed for more stories, if you're on the bloomberg terminal, go to top go. anna, manus. anna: thank you very much. let's get up to speed on the market action. we have seen a lot of strength coming through. >> we are in the money which is a good thing given the past couple of days. asian markets eking up where the u.s. really left off -- picking up where the u.s. really left off. this is really a confluence of events of a weaker yen, stronger oil prices, a pickup in commodity prices. that is feeding through into risk capital when it comes to equities. it is the energy space that is driving the game. apex. look at the refiners oil services as well as miners. php tracking those 80 oh gains. -- top recliner in sydney leading the client when it comes to the gold miners. the imminent fed -- fed rate hike could be putting that rally very much at risk. japan also higher. that w

let's get the bloomberg first word news with rishaad.isaad: through policing the federal reserve is moving closer to raising interest rates at one of its next two meetings. echoing sentiment in the april meeting which were published this week. >> june is definitely a live meeting, but what we do depends on what -- we're looking at the market expectations. it looks like june is roughly one in three, and tightening to the july looks like about 60% if you look at the futures market. : meanwhile, double on capital and blackrock think upon the traders need to start pricing that back into the federal reserve. it also saying that officials will likely wait until july to gauge the outcome and implications of britain's eu referendum on the 23rd of june. the mystery surrounding the disappearance of an egypt airline has deepened after greek authorities dismissed reports from egypt that debris from the jet had been found. of sudden turns before descending rapidly. 66 passengers and crew were on board, and the pilots had to know distress signal. the

." ♪ Âi ♪ rishaad: it is wednesday the fourth of may, this is "trending business." ♪ rishaad: we are washington dc, canberra, sydney, and singapore to look at what we are watching. it is all in for in indiana, ted cruz quitting the race after a lose to donald trump. that the mccracken race remains -- the democrat race remains too close to call. we have