selina wang is there for us. ahead of this offer record dialogue posted by the national committee relations.na i'm excited to be joined by carla hill, former u.s. trade representative, and former secretary of housing and urban development. tariffs on hundreds of billions of dollars of goods still remain. on one hand, it is hard to accept a deal without the removal, by the u.s. does not want to remove them until they see reforms. how do talks move ahead? >> i think they are going to have to sit down and talk about how they move forward. i can understand both sides. there has been commitments that haven't been followed through. the u.s. is very skittish about lifting all the sanctions for past wrongs and not have anything to talk about. they can do it in stages. >> you successfully negotiated with the chinese. enforcement has been an issue. what have you found to be the best method to hold countries accountable? >> holding trust is the most important element. i can remember negotiating with the vice premier, and go

i am selina wang. with the headlines.de talks may resume in the coming days, after what would your describes as goodwill gesture from china. mainland companies have contacted u.s. exporters about agricultural products and also implied for exemptions from china's retaliatory tariffs. the south china morning post says the u.s. trading team will fly to china next week. the governor of the bank of japan says he and his team are keeping a close eye on global growth and, they will maintain their policy of easing. governor kuroda told the imf in washington that the bank is monitoring global risks. >> uncertainty regarding the growth of the economy has been heightened, and some nervousness has been seen in global financial markets. the bank needs to pay close to the last economic activity and prices. any report from london says the uk's stumping moves toward brexit may have already triggered a technical recession. of economic and social research says the e. u.k. economy will only grow by= 1% of the year and next. is also a one in

here is selina wang. selina: the u.s.holding off imposing sanctions on an iranian foreign minister, at least for now. the treasury had been expected to punish him as part of a wider crackdown on iran amid rising tensions in the gulf and the shooting down of an american military john. -- military drone. it is not clear if sanctions will be imposed in the future. the opec forecast says the oil market faces tougher charges. the cartel admits it is producing half of one million barrels per day as the continuing surge in u.s. shale threatens another surplus. of excess oil supplies from independent producers will grow more than twice the global anticipated demand. a powerful weather system in the gulf of mexico may put 70% of u.s. lng exports at risk. tropical storm barry is threatening facilities. american lng exports have surged with three planes coming on since december. -- plants coming on since december. president trump has abandoned his attempt to insert a question on citizenship into next year's u.s. census after being d

this is bloomberg. ♪ selina fish it is 12:29 p.m.ey, i am selina wang with the first word headlines. the british pound is at its weakest ever july level, hitting a two-year low against the dollar, suffering a record run of weekly losses against the euro. patterns suggests it could august.urther in the pound may also weaken as the u.k. u.k. conservative party chooses a new leader, with a no-deal brexit still a possibility. the au is bracing for billions of dollars of u.s. tariffs as a 14 year dispute over aircraft boil.ies come to the brussels expect the wto to give washington a green light to impose measures of up to $7 billion. duties on aircraft parts may be announced in the coming wings and -- coming weeks. this would add to tariffs already impose on e.u. steel imports. u.s. treasury secretary steven mnuchin says the administration has "very serious concerns" about facebook's cryptocurrency. libra has already drawn criticism from president trump. mnuchin says it is a national security issue and that the administration will not all

shery: selina wang, thank you.ina's slowing growth adding to headwinds, we will learn of the direct impasse on a variety of businesses that has faced uncertainty from tariffs. sophie kamaruddin is in hong kong with the latest. what bellwether's are being watched for trade war troubles or triumphs? sophie: it's companies with a large exposure to china that will offer a fuller picture of the trade fallout. the semiconductor industry, china is a major market. in april, intel said a drop in orders was more pronounced there. plus, huawei. watch for the update on july 25. apple is up to bat on july 30. we will see of the new trade talks support the company's outlook. boeing has been caught in the fray. it has been negotiating one of the biggest orders ever of jetliners with chinese airlines. 's office to say, this is expected to be --'s office to say, this is expect it to be a down quarter. that would signal an earnings recession. of to wrap things up, a chart showing earnings revision tracking chinese pmi more so than t

i am selina wang. this is bloomberg. david: looking ahead on the program from a quick swing to forever, russia's energy minister tells us why this is good for oil prices. we also talk to the oil director about market reaction and his take on the marriage. rishaad: taiwanese lawmaker jason is all over blockchain. exclusively from him later on. this is bloomberg. ♪ yvonne: news on central bank. president trump announcing he will nominate judy and christopher to the board of the central bank. of vice in a thicket president and director of research at the st. louis fed. of economics at the university of notre dame. are the u.s. executive director for the european bank for development. but discuss all this now. who joins usmoss from singapore this morning. great to talk to you. we have seen president trump attacked the fed quite a bit this year already. what we make of his candidates now? both very different. if there is one thing they share, it's the absence of, shall we say, extracurricular landmines. the previous two nomin

selina: the numbers have been a big story when it comes to samsung.he whole industry has been battered by the declines in prices, as well as the slowing demands. layers have been buying less, as well as the slowing smartphone demand. samsung issued positives for the second half of the year. they expect demand to pick up, the data center players to start repurchases. investors are still really concerned about the geopolitical overhang. one of the biggest challenges is the u.s./china trade war dragging down on global growth, chip demand. you also have the japan and south korea dispute, which is a big risk to samsung. they have had enough inventory to deal with this in the short-term, but if it drags out in the long run, there is a big question as to what their options are for other suppliers. they may have a hard time replacing japanese lines. yvonne: stay with us, we will have more. let's bring in our next guest from san francisco, king lip, baker avenue asset management partner and chief strategist. great to have you on apple earning day. your take on

this is bloomberg. ♪ sydney, i'm9 in selina wang with the first word headlines.hairman jerome powell has reiterated policymakers have room to cut rates as the link between inflation and unemployment has been broken. a second day of congressional testimony, he stressed the u.s. economy is in good shape and the fed will "use our tools to keep it there." investors fully expect a quarter-point cut at the next meeting at the end of the month. sri lanka held its benchmark rate at 8.5 percent amid slowing inflation and demand of the economy. the decision was predicted by all seven economists we surveyed and comes as inflation decelerated for the first time in six months to 3.8%. the central bank cut key rates by six basis points as the economy reels from april's terror attacks. president trump has abandoned an insert to question of citizenship after being defeated in the supreme court. he will now seek the information through other means, cities, counties, states, and immigrate right -- immigrant rights groups challenged the in menstruation, saying it would frighten --

i'm selina wang.loomberg. ♪ >> as we've been reporting, deutsche bank embarking on what may be its last chance to reverse a decade of decline. there are concerns on sunday to cut 18,000 jobs, several executives are being shown the door, but the cfo will be staying. he told us how he sees deutsche bank's next growth driver. theorporate banking will be greatest growth driver in the franchise as we see it going forward, especially in today's interest rate environment. but for now, we see great growth opportunities that have existed for several years, and we have not been able to participate as much as we should or could have. we also see growth, of course, in the private bank, and the german consumer banking franchise that we have in italy and spain. asset management has recovered after a difficult year in 2018 and is back on a growth trajectory. we see underlying growth in our franchises. obviously we are taking the decision to retrench and step back from elements of our global markets franchise, in par

i am selina wang, and this is bloomberg. shery: selina, thank you. central banks things to be more of a global trend. the turkish lira slumps since the bank governor was fired. power global economic policy editor kathleen hays is watching these developments. let's start with the white house. what led to president trump's latest twitter barrage? is interesting, because he started on friday as he was getting ready for the fourth of july celebration o, ad he ended up on sunday, he could not quit. he was talking to reporters on friday. he said the fed does not have a clue on how to remove policy, does not know what it is doing. he said if it knew what it was doing, it would be cutting rates right now. he also tweeted the fed is mostly a result problem, they and raised fees too soon too often. what do we think donald trump going again? i think it could have something to do with the jobs report that you just mentioned, shery, that jobs rose 224,000 from 72,000 in may. they are back on track to show solid gains. even manufacturing jobs growing at a time whe

selina wang in china. the other big story we are tracking, it ab inbev has listed its asian unit, citing prevailing market conditions. we will send it back to sophie. it seems a valuations were too rich. sophie: too rich for investors. plenty of signals they believe the ipo was too lofty and lawfully -- too lofty an offering. the competition there with heineken may have kept investors wary. last week, ed jeffries told us there are better places to be invested in beer such as heineken and carlsberg. budweiser bring valued to a more sober $45 billion. paul: what does this mean for the climate for ipos in hong kong? sophie: their decision does leave hong kong with just half the ipo volume it would have had if the listing had gone ahead. frompo would have doubled 79. to say, this year is seeing less momentum that we saw in 2018 point 202 companies raised more than $37 billion. that was more than 2010. the ipo gained listings. more than 32 billion in the bag based on tech unicorns. for hong kong, that highly an

i'm selina wang. this is bloomberg. >> thank you.hina's economy continuing to slow, with sluggish domestic output and trade tensions pulling growth to their weakest pace since the early 1990's. gdp grew 6.2%, matching estimates, but lower than seen in the previous quarter. let's get more from our chief asia economics correspondent, the head of asia economics and ubs investment bank. let's start with you. but stillow down above 6 -- how bad is it? >> clearly it is slowing on a think thebasis -- i take away is the activity june, fixed asset investment and industrial output headed in the right direction, beating estimates, and if you look at the retail sales, a hint of a turnaround, that all points to an economy that clearly there is a long way to go but at the same time it hints at some kind of stabilization after a rocky period. >> your initial thoughts about this? sales numbersil were definitely stronger-than-expected and i think a contribute in part is car sales, especially on the retail end. and also what's surprising is industrial

selina wang joins us to discuss.retty dramatic off apple'sing results which were not amazing but certainly not this bad. is this more of a samsung-specific problem than something that has to do with trade or smartphones in general? : they beat some estimates on some fronts, but they did see falling net income, operating profit, and revenue. the big story for samsung has been an industrywide story around memory chips. the whole industry has suffered from low demand, falling prices, the overhang from the trade war, economic uncertainty as well as slowing demand from new data center players, but we did hear positive news from samsung -- they are expecting demand to pick up in the second half of the year. a big sign was they expect these data center players to reconsider purchasing again. we also did see declines in their mobile business. 42% decline in operating income. the whole industry has been dealing with problems, but they did say profitability was eroding because of intensifying competition in these low to midran

i'm selina wang and this is bloomberg. david: thank you so much.ero today, south korea gdp numbers out, returning to growth pickup in the second quarter, dodging a technical recession. also rebounding from the worst detraction since 2008. still dark cloud hanging over the outlook for the economy. rishaad: let's find out about those dark clouds. stephen engle is our north asia correspondent. abouter: who knows better dark clouds then i? [laughter] rishaad: i'm not saying that. why are you being so depressing? [laughter] reporter: i just came back from seattle, where the summer has not arrived. let's talk about hynek's. even as second quarter operating profits did miss average said they the call aim to achieve higher cost cutting in 2018, significantly -- versusnvestment in 2019. this is against the backdrop of what people are concerned about, supplied curbs from japan in the tech space and a decades-old spat between south korea and japan has re-flared. goes into more concerned about the south korean economy because of the concerns with the north kor

i'm selina wang. this is bloomberg.: gold holding his rally among weak macroeconomic yields -- news. who knows what is driving up gold. rishaad: our guest might. david: let's bring him in. he joins us out of singapore. very nice to see you. what is your take what is behind the gold rush, if you will? guest: we have not really seen a gold rush yet. we have seen gold moving up 9%. and 13.50.ween 12.50 it got tooc heap, now it starts trading up. rishaad: ok. athink what david is getting is how long do you expect this to go on for? juerg: we have been ending period -- in a period where we had been -- trillion negative yield in negative debt. if you are in switzerland and you have a bank account, you have to ask yourself how long i'm going to do it. 10 years, -22 probably. you might want to move. are you going to put it into equities or go more equity if, -- negative? if you look at central-bank activities, east asia, it has been accruing the last five years at a rapid speed. that is putting pressure on short positions in am

i'm selina wang, this is bloomberg. david: coming up, the latest nissan.n job cuts from we take the recent losses for the entire auto industry to more than 50,000. we discuss that and what is driving the problem. yvonne: gold prices have surged in the last three months as investors run for safety. we speak to the chairman of australia's evolution mining on whether gold will continue to shine. this is bloomberg. ♪ david: welcome back, you're watching "bloomberg markets: asia." just to get you an update on what's happening in china, there's the ongoing briefing. live pictures. the national defense ministry is releasing china's national defense in the new era paper. a new key slogan by xi jinping. china will not ever -- it has in fears ofxpansion influence, it also says it looks at richard risks and challenges. what else do we have? yvonne: they are talking about military cooperation between the world's largest economies. they were mentioning in the 2015 paper that the u.s. was only mentioned once, this time it has been mu

selina: it has been a really interesting contrast.mentioned in the u.s., we , are seeing antitrust issues, concerns that these tech companies are getting too big the techg to hit companies in the u.s. with , comic is going very hard with them. but in china, a different situation. the trade war, tech war has caused a lot of nationalism, and at least, anecdotally, when i stick to people as well, there is a sort of patriotism that comes when they learn with what is going on with huawei and how the trade war is hurting their companies. there has been a regulatory let-up. we used to see regular headlines against the likes of censorship, safety, and we have not seen the same clip in frequency of regulatory crackdowns. of course, it is always very opaque, but it seems to be beijing wants to give their tech companies breathing room as they are already dealing with a bunch of hampering issues given the broader geopolitical issues. of course, there is huawei, zte. indr, whichen gr is owned by a chinese tech company. we have seen the overall eco

i cut up with the captain earlier, selina guthrie and experienced player who knows the expectation onhis team and what people are wanting to see from them and she knows she just want to get going. that is some nerves but that is because it is such an amazing and big event and we are very excited to crack on, so ready for this competition to start, it has been an amazing build—up but pressure cooker off and let's get going. the tournament format is fairly complicated and england have an interest in janet to get to the final matches. there are 16 teams split across four groups with the top three from each proceeding to the second phase of group matches purchase when it starts getting interesting and competitive. it is very complicated and we will not worry about that for now. and scotla nd worry about that for now. and scotland and northern ireland will hope to make it through to the next stage. scotland have been a much improving team recently, now seventh in the world best ranking to date but unfortunately they find themselves in a very tough group. we a lwa ys themselves in a very to

selina seth.nt companion to the week in parliament. on the committee corridor, the international development secretary, rory stewart — a leadership candidate himself, of course, in the early stages — was being questioned about his department. but inevitably... you have said you would not serve in a cabinet let my borisjohnson. is that something you'd reconsider? no. then, the snp were at it during questions in the commons on thursday. but we do know isjust with the prospect of prime minister boris, support for independence rises to 53%. so we are having a particularly good tory leadership contest here. and after revelations of a domestic argument at the home of borisjohnson, labour's shadow foreign secretary couldn't resist a reference during questions to her opposite number. and it gives me an opportunity to congratulate the foreign secretary directly — notjust for being in the final two, but also being the only candidate who has the police outside his house for the right reasons. laughter. but c

i'm selina wang. this is bloomberg.eparing for what could be the world economy's busiest week of the year so far, rate positions in the u.s., japan, the u.k., and brazil, with the highlight being the federal reserve. markets and economists are united in predicting that jerome powell and his colleagues will cut rates for the first time in more than a decade. >> joining us here in singapore is our credit suisse we near investment strategist, a very big week. we are expecting to see some kind of a cut, showing the spread between the implied august rates in the current level is closest to that 25 basis points -- is that what we will see? >> i think we will see a rate cut because the manufacturing sector has been quite weak. the fed will take precautions to support the economic outlook but we don't expect any aggressive rate cuts. language,l about the and we heard the same thing from every meeting from jay powell, the plan to support the economy -- are you planning to see any change in the language -- >> i think we will focu

and selina wang in beijing, thanks to you both. forl to come, audiobooks the asian units have closed. watching what could be the biggest ipo. for itshe fed ready first rate cut in more than a decade. qma strategist looks at the market impact. paul: we are counting down to the sydney open. abouts pointing south by 0.4% as the asx edges away from that record close. i am paul allen in sydney. shery: i am shery ahn in new york. you are watching daybreak australia. it was a third day of gains for the s&p and the second day in front of congress for fed chair powell. tech stocks led the way higher. su keenan has more on this. it was a day of contradictions. you have a more dovish fed in chair powell, and very strong inflation numbers. they came in much stronger than expected. that put the fed in a tight spot. another late day rally pushing to records at the close. let's look at the snapshot. we saw treasuries retreating after the latest inflation reading. dollars -- impact on bonds. we saw gold slip. we saw the s&p gain for a third day. c

let's get to first word news selina wang.f california were hit by an earthquake measured at 6.4. authorities say there are no reports of damage. it struck at 6:00 a.m. about 240 kilometers northeast of l.a., the strongest to hit the region in 20 years. swedes had to the polls with prime minister alexis tsipras struggling to defend economic upheaval. voters like the opponent's message that austerity has failed. the bundestag bank president has ruled himself out of the race to run the imf, narrowing the field of european candidates who might see the job. he says he is happy with his current role and is not looking to move elsewhere. he was seen as the front runner to succeed christine lagarde, having missed out on the job as president of the ecb. president has been named in a lawsuit over air quality in jakarta. the ministry of environmental health are in the lawsuit saying it is responsible for air quality crisis. the pakistani prime minister has been revealed to have assets that war many other local politicians. local media r

leadership positions and they have a difficult time in spite of a high position as district administrator selina missouri cannot go out in public alone her husband has to accompany her to every appointment he's not paid for this and he has had to give up his own job to do so. and i got him at home with and without the support of my family i couldn't do this. on the corner of our community is a very traditional one as a woman you can't just go out on your own you know so my husband always comes with me then when we come home in the evenings we cook together. mazhar is bean district governor for about a year now she studied in iran has a masters degree in management and is also an artist she works with tiles that work is on display in the provincial capital. she does city and landscapes often depicting reformers and famous figures in afghan history. she and her husband have 3 children her parents and other relatives take care of them during the day when i'm out of the laughter when a man comes home he finds it a quiet place for him to relax women have a harder when they get home their next job beg

selina wang. ina: boris johnson told the conservative party campaign meeting that the split from brussels is key to keeping the u.k. together. he said he would prioritize u.k. warnedver the e.u., but that failure to deliver brexit could split the nation apart. tory members would choose brexit even if it meant breaking up the united kingdom. release its budget later with the government saying it expects economic growth to rebound from a five-year low. the finance ministry projected real gdp to hit 7% with upside and downside risk evenly balanced. the ministry's economic survey says india's political stability should drive growth without undermining deficit goals. british marines have seized an carryingr suspected of crude to syria in violation of sanctions. it was halted off gibraltar at washington's request. they summoned the british ambassador to explain. european powers struggle to save the 2013 nuclear deal that has been unraveling since president trump walked away from it last year. one of the

also joining us from beijing, selina wang. thank you very much for joining us today. this u.s.rade dispute, as you have written, is about so much more than trade, but let's deal with trade first. do you see some sort of limited face-saving agreement being reached in the near term? what would that look like? graham: i am still betting that it is only 51-49. over the next couple of months, we will see lighthizer and mnuchin reach an agreement with with the -- representative which will have further tariff increases and probably includes some reduction in the current tariffs. that will be good enough for xi in trump to declare victory for the time being, but it will be in thetemporary victory larger hostile relationship that i think is destined to get worse before it gets worse. shery: let's talk about the hostile relationship. what does it say about the rationale behind the relationship between the u.s. and china, if you go from what you thought would become a strategic partner to a strategic adversary? where are we headed now and how do you break the impasse? graham: a very good

selina wang is at the shanghai stock exchange. what can we expect today?hai stock exchange. a lot of excitement behind me. there is a board that is showcasing the top innovation that these companies are showcasing. i moments ahead of the opening ceremony where 25 companies will be listed out of more than 100 that have applied to be on this tech board. we are expecting a burst of activity when the trade starts. on average, demand for retail investors has outstripped supply by 1800 times. there are some concerns from investors that after this huge evaluation rise, there will be a dramatic fall as expectations start to come down. this to huge stakes for succeed because this is promoted by changing king -- xi jinping. it is significant as china may be cut off by the global tech supply chain, and this causes more impetus for china to build its own domestic exchange to incubate these technologies and make sure these companies have enough resources and funding to succeed. kathleen: trying to encourage development of new technology companies, help china move ahead

. >> jimmy: oh, yeah >> and it's unheard for selina meyer to ever cook or do anything like that and we laughter ] and the food was rancid that i gave him [ laughter ] >> jimmy: yeah >> andli >> jimmy: but this is really cool because we never really get to see bloopers from -- >> right ever >> jimmy: ever >> and we've never posted any bloopers ever of "veep." >> jimmy: so this is -- but this -- you brought this just for us and i -- >> yes, i brought it as a gift >> jimmy: thank you so much. >> merry christmas >> jimmy: thank you very much. [ cheers and applause here are some outtakes from that scene in "veep. take a look at this. >> look at that. i'm gonna pull it on over. >> smells kind of funky, does it to you? [ laughter ] >> that's the bleu cheese. >> no, there isn't any bleu cheese in there. [ laughter ] oh, yeah >> explain to me something where -- what is it they're making here in this, do you think? [ laughter ] come on. how am i supposed to endure this --? [ light laughter ] >> lord. >> i'm sitting next to a circus act. [ applause ] >> jimmy: you can hear him breathing. >> i kno

selina wang is following that in beijing. our negotiations going? -- how our negotiations going?elina: kudlow said the discussions were constructive and he said there are more meetings planned, but the view from beijing is less than optimistic. conversations that bloomberg has had with bureaucrats and officials shows the view is very pessimistic and they see trump's 2020 election strategy as being critical to whether or not a deal can be reached in the short-term. a few different views have emerged. one is that trump will try to make a deal ahead of the 2020 based.ns to a piece is the other view is that he is going to drag out these discussions because he needs to ism tough on china with me dealing with a whole swath of democrats that are also taking a very hard-line view. regardless of how the 2020 elections go, beijing is concerned that it -- whether it is trump or not. the two sides have really become even wider in their positions as they both face political pressures. president she cannot agree politically to a deal that does not remove tariffs. tariffs are not removed until

our chinese correspondent, selina wang, in beijing. the big banks are beginning to feel the pain of lower rates. j.p. morgan cut its net income forecast as revenue from stocks trading and investment banking both fell more than expected while wells fargo posted its smallest income since 2016. goldman sachs bought the wall street trend with an unexpected revenue jumped. let's bring in our guest. bright side. goldman sachs, how did they do? >> their equity division crushed it this time around. the ceo talked it up on a call with analysts. he said equities were really strong across the board and that carried the franchise. trading was not as good, but still, equities managed to carry the banner so that kicked off a very busy day across all banks. a bit of a whirlwind. paul: goldman sachs, as you say, the standout on wall street. mainstream banks did not fare so well. can they blame the fed? lananh: yes. the interest rate outlooks are really starting to pinch the banks and they are starting to talk about the rate cut in environments ads pot

our correspondent selina wang. how will these duties affect china?erce department is accusing several asian nations of unfair trade practices including china. some of the steel wheels being imported into the u.s. are being unfairly priced. vietnam getting hit hard with duties of up to 400%. arguing some companies and businesses including china are rerouting through vietnam to get by some of these higher tariffs. we did see this trade truce. there aretrates issues including fundamental policy,round economic enforcement practices, and huawei. he u.s. is hitting back at challengenstitutional to a sales band. .ot allowing american sellers this is about the ban of federal agencies from buying equipment. there are a lot of questions, despite the temporary truce. purchases could be a part of the goodwill agreement. how much do we know about this? china ise heard considering using this as part of a goodwill part as these trade talks start to resume. american counter arts are not yet aware of this. inyou remember back december, china had agreed to buy 20 mill

. >> let's get it over to selina wang. an update of our first word news.ranian foreign minister told bloomberg washington has shot itself in the foot by point out of the 2015 new there deal. u.s. powers have failed to offset sanctions. although arent has the capability to pursue nuclear weapons, it will not do so as the supreme leader has made a religious commitment banning them. >> we are not going to build them. if we wanted to, we could have built them a long time ago. he made a commitment, a religious commitment. which is not readable. his view is the weapons are forbidden in islamic terminology. shows china continuing to slow, but a company with industrial science across the country says the economy is humming along. things are on the mend. he said the company is sensitive to changes in the economy. but the situation is stabilizing. pushingbrexit seen sterling to dollar parity. a fall would happen in the worst case scenario crashing out of the european union without a deal. the bank says the risk of that happening is growing daily. the pound hit a two

bloomberg'swas selina wang with china renaissance group ceo bao fan.g up, deepfakes continue popping up across the internet. how one company is attempting to stop the spread of misinformation. this is bloomberg. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. this is bloomberg technology. i'm emily chang. back to our top story -- the trump administration versus china. the u.s. and china continue their trade standoff, the white house is convene a meeting of tech minds to talk about the tension. from a tech perspect

selina wang in beijing for us. >> thanks. jerome powell says the central bank is always monitoring any threats to growth. he will act as appropriate. rising, uncertainty is in trade and global growth. his comments echo his testimony earlier this month to support the case for lowering interest rates. singapore continues to reel from the trade war. exports plummeted in june. their second biggest decline since the financial crisis. non-oil shipments contracted 17.3% from a year ago. as thetwice as bad bluebird survey. singapore's economy took a short drop in the second quarter. premier has openly admitted the economy is facing increasing downward pressure. he says the government will do whatever is required. he points to a range of challenges as global loaf -- growth weakens. he says the government will continue to use prudent monetary and fiscal policy. south korea is urging japan to negotiate over its block on tech exports. despite the government saying there's nothing to discuss. the spat threatens to spiral further out of co

more than 2700 journalists and analysts in more than 120 countries. 00 journalists and analysts i'm selina this is bloomberg. yvonne: japan is heading for elections this sunday and a vote seen as crucial to prime minister shinzo abe cough plans to change the nation's pacifist constitution. are up for grabs and the ruling coalition needs to have 53 of them to its current tally to secure a majority. a sixth straight win any national election would reinforce the party's status as japan's undisputed ruling political force. it would also cement abe's legacy. longest-serving pm if he wins. david: sunday's vote, seen as a verdict on some of his policies with the opposition claiming he has failed to deliver widespread prosperity. the electrical -- electorate is fairly divided on the sales tax. has beencurity reform cited in polls as the most important issue this time around. constitutional changes among the hotly contested items. an antiwar provision has been one of abe's central policy goals. let's head to tokyo and our government reporter is with us to talk about what we should expect. it is a c

shery: thank you so much, selina wang.e have an update on the story we are following, hearing that jeffries has named this man as chairman of asia. he is the former chief executive officer at -- now he is named the asia chairman and he will be joining after the exodus from jeffries, people familiar with the matter say it is now becoming official with jonathan becoming the head of the asia business. this will be forward in basement -- for the investment banking throughout the region, and it will be one of the significant hires according to jeffries with the asian platform that represents the next stage of growth and commitment for jeffries. former --loan, the chief there. ab inbev has shelved the hong kong listing of its asian unit, citing prevailing market conditions. more on how the market is evaluating this, let's get back to sophie. why scrap its? -- it? sophie: the offer was too rich and ahead of the anticipated pricing, analysts we spoke to raise concerns valuations were just too high. ab inbev struggled with the pric

selina wang, with the china renaissance group at the launch of the new exchange, and asked how this newenu will distinguish itself. ♪ -- it's allfferent about the sponsorships. neednot about whether you a certain requirement, at the end of the day. us, with a lot itchinese tech companies -- is quite interesting. >> how much do you see this shifting the balance of listing from new york in hong kong to mainland china? the u.s. is still a very attractive place given the opportunity to raise u.s. dollars and get capital control. >> i think these are different markets. they'llng kong, china, have a different focus. company,e a large cap the u.s. is a perfect home. broadestt liquid, capital market in the world. it hasng, obviously, connections to the china markets, and if you are a company with unique business model, hong kong is probably your topic. and if you are hard tech semiconductor, china is probably the best choice. it isur perspective, always good to have more options. i think eventually the chinese tech companies entrepreneurs -- they will group toward different selections. ♪ >> the

selina: i am in shanghai ahead of the launch of this, and there will be a fair amount of hours at theock exchange, expecting representatives from 25 companies to be there. that is out of 100 applicants that applied to be a part of this. there has been huge demand for this that outstrips supply. context, demand from retail investors outstripped supply 1800 times. we are expecting a huge frenzy of activity, a lot of investors going to sit it out because they expect lofty valuations that will die down after the initial excitement. the stakes are incredibly high or this to succeed. xi jinping promoted this, it has been touted by the top levels of chinese government and has taken with the tradeds war, at a time china is threatened from being cut off from the global supply chain, it is greater reason for china to have a domestic exchange to a debate and provide enough resources for domestic tech innovations. what are the rules of the new exchange? changesthere are pulled in the new exchange. it does away with the opaque government controls that have ruled exchanges in the past in china. her

selina wang in beijing. thank you for joining us.f "bloomberg technology." be sure to follow tictoc on twitter. this is bloomberg. ♪ ♪ welcome to "bloomberg daybreak: australia." ahn. ahn: i am shery sophie: we are counting down to the open. ♪ paul: here are the top stories in the next hour. can't wait to cut. andents from numbers two three suggest a ready to move. morgan stanley losing ground, 14% drop in equities trading revenue the steepest among banks. the fallout from the 73

i'm selina wang. this is bloomberg. back to you. rishaad: let's get a little bit more on what carrie lam has been talking. she's talking english now, reiterating that this extradition bill is dead. she hasn't withdrawn it. just quickly seeing if she confirms that in english. >> if anyone in hong kong has any different views, especially those about hong kong government policies, please continue to uphold the value of expressing it in a peaceful and orderly manner. june, i tendered my most sincere apology for the disturbances and confrontations caused by our work in amending the ordinance. since then, i've met a lot of people and listened to their views. i just want to give a brief account of our views now. first of all, because of all these grievances and there is anns, exercise to amend the ordinance. i have almost immediately put a stop to the amendment exercise, but there are still lingering doubts about the government's sincerity or worries whether the government will restart the process in the legislative council. here, there is

. -- selina wang.resident trump resumed his attack on federal reserve's, saint jerome powell doesn't have a clue -- saying jerome powell doesn't have a clue. himself -- he has accused the fed of not doing enough to bolster the economy and claims he has the power and authority to fire powell at any time. the turkish lira slumped after the president fired the central bank governor and demanded the policymakers support his view that higher interest rates cause inflation. he also was top -- he also talked of unspecified consequences for other things. breachedofficially agreed limits on uranium enrichment in response to what iran says is europe's failure to live up to the deal. the government will resume. fighting iranian -- resume purifying uranium. people are struggling to deliver relief from u.s. sanctions. the usa soccer team has wwon the women's world cup beating the netherlands in france. the star of the game and tournament was megan rapinoe who opened with a penalty embedded six goals across the comp

we got more with our china correspondent, selina wang. >> we are trying to dissect the play-by-play hereot of windows and to what it all means. we have heard positive sentiment leading up to this point, including reports that chinese companies are looking to buy more u.s. agricultural products. looking for exemptions from chinese retaliatory tariffs. that being said, we heard u.s. officials tried to downplay the significance of these talks. with wilbur ross, saying it's unclear how long it's going to take to reach a deal. and that a quick deal is not likely. at the same time, we are hearing from the china side, the commerce minister will be playing into these discussions. the reason why this is significant is that he's been a hardliner. h.e of a hardliner than leo they may bring a more hawkish sentiment to the table. we've heard from sources that this is likely going to be a chance to feature wide-ranging, broad discussions on where things stand now. it's not likely to be a venue for substantial talks. remember, there are structural issues that there are disagreements on including the ve

bloomberg's selina wang caught up with china's renaissance group ceo at the launch of the new exchangeasked how this new stock menu will distinguish itself. what's different is the timetable, and it is all about disclosures, in the end. it's not about whether you need certain requirement for those things. the process for us, with a lot of chinese tech companies -- it is quite interesting. >> how much do you see this shifting the balance of listing from new york and hong kong to mainland china? i mean, the u.s. is still a very attractive place given the opportunity to raise u.s. dollars amid capital control rules. >> i think these are different markets. u.s., hong kong, china, they'll all have a different focus. the u.s., i think, if you are large cap company, the u.s. is a perfect home. it is most liquid, broadest capital market in the world. hong kong, obviously, it has connections to the china markets, and if you are a company with a unique business model, hong kong is probably your topic. and if you are hard tech driven, the technology or based economy semiconductor, , china is prob

bloomberg's selina wang caught up with china renaissance group's ceo, fan bao, at the launch of the newnge, and asked how this new stock venue will distinguish itself. >> what's different is where to find the timetable, and it is all about disclosures, in the end. it's not about whether you meet a certain requirement for those things. at the end of the day, it is about disclosures. so that's a process for us, who actually represent a lot of chinese tech companies both here and overseas, we are quite familiar with. it is actually a quite him interesting change of the concept. >> how much do you see this shifting the balance of listing from new york and hong kong to mainland china? i mean, the u.s. is still a very attractive place given the opportunity to raise u.s. dollars amid capital control rules. >> i think these are different markets. u.s., hong kong, china, including the stock markets, they'll all have a different focus. and the u.s., i think, if you him are large cap company, the u.s. is the best place to go because it is most liquid, the broadest capital market in the world. hong

selina wang joining us there. let's get a bloomberg business flash. >> a bridgewater associates flagship has lost 4.9% in the first half of the year according to the financial times. it is one of the fund's worst performances in two decades. global stocks and bonds markets rebounded on hopes of looser monetary policy. shares of asahi falling the most in more than a year after the an 11maker unveiled billion dollar deal to buy a be and in that australian inbevions -- ab and australian operations. signaledlators have they are on the verge of approving the merger of sprint foxt-mobile according to business. it says there could be a settlement announcement as soon as wednesday that will give us more details on the consensus agreed as part of the deal. his include asset sales to create a new wireless network. "avengers: end game" has toppled avatar as the highest grossing film of all time. mojo, it to box office only ranks 16th if we factor in inflation. the top spot in that ranking is still held by 1939's "gone with t

selina wang has the story. how significant is this?lent to 80 billion yuan in bonds sold out of sight of china, and 50 billion was sold by the pboc, offsetting the depreciating pressure over the currency. if you look at this chart, this would be the most yuan bonds sold out of china in any quarter since 2014. economist noted this part of china's effort to stabilize the currency before the g20 meeting that happened with trump, who has repeatedly accused china of being a currency manipulator despite the fact that the treasury department has declined to label china as such, but calling china a currency and if you been one of trump's key economic pillars. china wants to take every measure possible to not provoke trump, so stabilizing the currency is one method to do so. shery: thank you so much. our china correspondent. appetite for ipos is hot in hong kong. we will add up what could be another big year for public offerings. this is bloomberg. ♪ ♪ the wave of protests in hong kong, including storming of the city legislature is creating a h

shery: let's turn to selina wang in hong kong with a preview of what to watch in markets this morninguntdown to the open of trade in hong kong and china, i want to bring up the hong kong gdp numbers. the economy was continuing to contract, missing the lowest economist estimates, for the second quarter, so before the protests really started. that suggests it was probably because of the u.s.-china trademark. no surprise given hong kong's trade-dependent economy. switching boards, that does not bode well for retail sales for the june month, the first month where we will see the impact from the protests. expected to paint a grim picture, fall for a fifth consecutive month. disruptions are expected to put pressure on these retailers from those protests. and in china, we are watching for the private reading, estimated to come in at 49.5, a bit lower than the official reading that came in at 49/.7. it is still in contraction territory, but better than expected. conditions are improving a little bit amid government support, but it is amid these weak global demand factors. paul and shery? paul

chiquis rivera: selina mujer transparente y honesta estoy decepcionada porque siempre me he portado biene su hermana. no, su sobrina. francisca: y siÉntese, por favor. tambiÉn, el verano sigue azotando, muy candente. vamos con albert con informaciÓn muy importante para todos ustedes. alberto: estamos en verano y salimos a la carretera, nos metemos dentro de nuestros autos. mostraremos quÉ diferencia hay entre un auto de nunca debemos dejar dentro porque se pueden daÑar y ser muy perjudiciales para toda su familia. lo contamos en vivo y en directo. satcha: muchas gracias. regresamos en instantes. antes, les queremos contar esto. la patrulla fronteriza amanece bajo la lupa tras complicaciÓn -- la publicaciÓn de mensajes sarcÁsticos y agresivos contra indocumentados en facebook. unos 9000 agentes y exagentes migratorios formarÍan parte de este grupo secreto. esto ocurre mientras congresistas demÓcratas narran todo lo quieren en un centro de detenciÓn en texas. los acompaÑaron en este recorrido y veremos lo que pudieron observar de primera mano desde clint. >> buenos dÍas. a pesar de las ame

technique called gene—silencing — which doctors say will be life changing — is given the go—ahead for use selinanta . johanna konta plays .johanna konta plays half match later. new zealand are 211 for five against india. anti—government protesters in hong kong have said they are not reassured by the territory's leader, carrie lam, describing a controversial extradition bill as "dead." the proposed law — which would have allowed criminal suspects to be put on trial on the chinese mainland — sparked huge protests, even after the bill was suspended. rupert wingfield hayes has more. it has been a month of stunning, unprecedented scenes on the streets of hong kong. again and again, hundreds of thousands of ordinary people have come out demanding the government withdraw a widely reviled extradition bill. mostly peaceful, there has also been violence, with radical student groups storming into hong kong's parliament. after another huge demonstration last weekend, today hong kong's chief executive finally came out to face the music and make what initially looked like a stunning climb—down. but there are