we are excited to be soon able to join the shenzhen connect. there are a lot of companies that you can find in shanghai but not in hong kong. and i think more investors the look at the market. >> what are some of the main differences between investing in the shanghai market versus investing in shenzhen? >> very big differences. to start with in shanghai, 75% of the companies are state-owned enterprises where in shenzhen it is only 25%. on average the companies in shenzhen are more like high gross talk stalks. and in shanghai it is mainly banks and materials, which is fine in hong kong. in shenzhen the most important sector is the i.t. and consumer discretionary. another important sector we are specializing in is related to the environment and environment protection. so very different. we think people will be looking into this market. of course, it is paving the way for the inclusion of shares that might come quite soon. >> but there are also pitfalls because the shenzhen market is where investors are very fickle. they are mom and pop investors

now they are doing the shenzhen willam which will mean we be more easily able to invest in the chinesethat is very exciting because the shenzhen market in particular has a lot of tech names, a lot of small companies nobody knows about. this will be a very exciting opportunity. >> do you think this will make it easier for china to be included in the benchmarks? >> it will help. becauseot do the job they are very strict in ensuring liquidity and free flows. with the restrictions in the program, although it is better than the other, it is still a problem. >> how long will it take? >> i hope it will not take more than a few years for them to open up more. to be realistic, we are talking five years. >> do we need consolidation in the european banking industry and will we get it? i was interested in mario draghi's comment. he went on the record saying there were too many banks in europe. i think if you look at wells fargo, bank of america, j.p. personallyas involved in one of the largest mergers in america. those banks have been created largely through mergers. with mergers is you cost-cutti

the chief executive of apple made a surprise to shenzhen, china, tuesday pretty tim cook is using the occasion to announce the company's second research and development covered a this is the second time apple's ceo has visited the world's second-largest economy. moving on now, vladimir putin's pledge on monday to support an oil production cut has been put into doubt. it will not cap production as part of the agreement with opec. opec members are talking with non-opec member countries. a global agreement will be hammered out to limit agreement. >> an impromptu meeting on how to deal with the glut of oil it again, a six-month profession cap is on the table when opec members meet with other oil-producing countries, including russia and wednesday. the main concern, output. order to restore stability on a sustainable basis, we need to meet together with our friends to a dress the issue. >> oil prices have more than as global surprise that's as global supplies swelled. it sends mixed messages with crude sliding back down vladimir said his country was willing to join an outward freeze on mon

now they are doing the shenzhen-hong kong connect program.t we will be more easily able to invest in the chinese market. and that is very exciting because the shenzhen market in particular has a lot of tech names, a lot of small companies that nobody knows about. and this will be a very exciting opportunity. >> do you think this new stock link will make it easier for china to be included in the mspi benchmarks? >> it will help. it may not do the job, because the mspi stock is very strict in ensuring liquidity and free flows. and with the restrictions in the connect program, although it is , there isn the qfii still a problem. angie: how long will it take? >> i hope it will not take more than a few years for them to really open up more. to be realistic, we are talking five years. >> do we need consolidation in the european banking industry and will we get it? >> that is very -- i was interested in mario draghi's comment. i think he went on the record saying that there were too many banks in europe. it gives me the cover to talk about that. i t

shanghai and shenzhen about the come on stream. haidi: let's find out more from david.t me get started with , the fixing coming out 15 minutes back, a surprise given that it was the biggest adjustment since august. we have been on a weakening trend in any case. we are seeing a little leg up. with leading to this? some people are pointing to a big drop in the euro overnight following with the ecb did not announce, perhaps pushing up the dollar, an adjustment here and there, then we find ourselves in this situation. 109.21 is your level. -- 1.0921 is your level. there we go. we have been pushing higher and higher for the most part of 26 dean. for thewhere we are -- most part of 2016. that is where we are at the moment. preceded levels which two selloffs in risk assets previously. something to watch. in shanghai, not in hong kong, we are close to your, philippines also, nothing there, shanghai down. three trading debuts in the mainland today. if history is any guide, there we go, different day, same story. ipo, regardless of what they do, does not matter what violation, th

this has changed in beijing, shanghai and shenzhen guangzhou. those areas certainly have changed their perception of foreigners. it's much more regular to see foreigners and interact with them, but in the poor me that every time you go back it's like a different world. tell us something about the pace of change you see in this country. ling: every time i always visit the beijing and shanghai, even with beijing and shanghai i mean like you go to a place in beijing and you're very familiar with that area, the next time you go there and you're like, "whoa, what just happened? i'm so lost." there's like another 10 new buildings just sitting there. its economy has increased rapidly in most of the major cities in china. leon: we're through, we're going to go next here. let's talk about the investments the two countries are making in one another. is anybody prepared to share something with that? maybe we're relying on andy too ling: right. leon: tell us a little bit briefly and we'll get back to these folks as well. andy: coming back to your point on t

shanghai, shenzhen, hong kong all just now online. let's get over to david.t's have a look at what is happening with the renminbi, not a big change in the fixing. what were seeing into perhaps the time when we get the g gdp report, the dollar being sold off. it is picking up against the renminbi and kiwi dollar. have a look at where we are. have a look at equity markets, there we go. overall, higher, better than 30 minutes back. volumes have picked up. when hong kong opens up, that tends to swing the regional benchmark. a few things we are watching here, have a look at casino stocks. thrown all over the place the last few days. hsbc the most notable newsline stocksrning, casino taken out with a cleaver. threere cutting these stocks, the outlook. moving things along, have look at the movers in australia. tatts and tabcorp, the story here. 434 based onfer of the premium, pulling back from that level, which seems to mean, the spreads or what? a good day at the office, 13.8%. galaxy resources, 4.6% above water. one of the thing before ago, oil gold $1262.$52, up

we're bringing you the stories that matter most from san francisco to shenzhen, tel aviv, and more. we would like to and but you to bloomberg technology and say farewell to "bloomberg west." it is been one year since jack dorsey returned to the helm at twitter. he is one of bloomberg's biggest shareholders. chris sacca tells us what he thinks of the right hell are's prospect -- ride hailer's prospects in and i feel. -- in an ipo. first to our lead. it is one year since jack dorsey came back to twitter as ceo. twitter shares are nearly 12% below where they were a year ago and investors fear check mercy may not deliver on the turnaround he needs. disney and google have been cited as entrusted buyers. -- interested buyers. are -- in a strong position right now. as a board member, we have to consider the right options. >> we have always had a lot of speculation about what twitter could become, and where twitter would go. you have a really strong plan ahead of us and it is something we are focused on executing. successful,an be a independent company. teamink the world of the over there.

beijing property rose, shenzhen was up. jen -- tianjin banning non-locals from buying second homes. again, the focus is more to containing risk. they have seen their property prices skyrocket. yet, and when you consider the proper market is strength i present of chinese gdp, policymakers are between a rock and a hard place. guest: underpinned the recovery. angie: very much. ok. overlyr guest -- not optimistic on the outlook for japan. includingicy, monetary policy, they have been trying to push out the japanese growth rate. the economy is doing ok, but i would say the momentum has come down. for the moment, we not expecting theeconomy getting into chinese recession, but in the meantime, we do not expect the growth rate is pick it up again -- is picking up again because of depreciation and the power of japanese consumers. angie: he is the chief macro at a company, and he believes the boj can afford to take her time before any further policy revisions. >> it's not shocking to boj people, in my view. probably the boj could wait to think about their next action, with this being the yen

analysts have been more given the hong kong-shenzhen connect. haidi: thank you so much for that.rations. it could be part of a broader strategy. rishaad: su keenan has the details for us. su: deutsche bank continues to be in the spot light, the latest headlines, the ceo under pressure to cut costs as the legal woes continue to build. over ae bank mulling partial retreat from its u.s. presence according to people close to the matter. the pullback has been discussed with a supervisory report according to published reports. of the bank most affected are said to likely be the investment bank. $14 billion offer to settle the pro put the bank under pressure. probe put the bank under pressure. talks are said to be ongoing. if you look at the 30 day stock chart, it is off that record low when the settlement offer was first announced. deutsche bank said to be looking at reducing its presence in the u.s. looking ahead, more bad , the note 7sung band by airlines as the crackdown looms. the latest on overheating gate on the overheating phone. that is next. ♪ who try tossengers take samsung n

that reasons it flows and hong kong stock is because there was great anticipation for the shenzhen-hong lot of investors in equities -- that flow has started to dry up a little bit, partly off fears of a fed rate hike. but there is still plenty of money going out of china into global property, into global equities. europe m&a, for example. hong kong is not necessarily the best perimeter for outflows out of china. guy: let's talk about that m&a story. this is a german technology company which the german government is having another look at in terms of a takeover by a chinese company, syngenta dropping as well. what will the chinese authorities make a more resistant europe? >> well, they are still very keen on acquiring foreign companies, partly for technology, partly for market access, so they are meeting more and more resistance in many countries, and that's obviously not necessarily welcomed by the chinese government. it, howld anticipate surprised the backlash has been. but we are always focused on where there is backlash. there are still a lot of deals that go through very smoothly.

beijing, shanghai, and shenzhen want to restrict them to local residency permits. that is less than 3% of its drivers. it also says tighter vehicle standards could rule out more than 80% of its cars. singapore listed commodity trader noble is raising $1 billion by selling a u.s. energy unit. the deal gives $800 million in cash. hit by a rout in commodities. richard said he aims to raise $2 billion by cutting jobs and selling assets. asia's richest woman is linking up with a chinese company to form the most iconic capital company in asia. they are paying 277 million u.s. dollars. the deal still requires regulatory approval. 1.3% of thecover total land area. global news 24 hours a day powered by more than 2600 journalists and analysts in 120 countries. ramy: thank you. still ahead, we are counting down to the second presidential debate after a disastrous weekend for the trump campaign. we will discuss what to expect from that showdown. japan's bondw can yields go? francine lacqua asked the bank of japan governor exactly that. her exclusive interview is next. this is

we have seen property prices rising the most in six years in august, shenzhen prices over 6% year-over-year. a number -- prices up to 60% year-over-year. a number of cities issuing curbs on property purchases. one is increasing down payments to 35%, the most. tianjin also banning locals from being second-home buyers, and a also tof other cities strengthen their curb. it looks as though they are moving from the fueling the recovery to kind of containing the risk. --di: and a string interesting that they are doing it on a citywide level as opposed to nationwide. stephen: the chinese property market is not one market, it is many different property market. you have to take it region by region, city by city approach. haidi: concerns are coming through with those 70% year on year. thank you so much. less take a look at some of the other stories we are watching today. rosalind is here. deutsche bank is preparing to cut about 1000 jobs in germany. the losses will be part of the cost cuts announced last year. they are set to reach an agreement with labor executives this week. we are told the job cut

first ports of call whenever outbound investment leaves china. , you look atperty the hong kong shenzhentally, where capital outflows are concerned, the appetite for onshore chinese corporate is to diversify the wealth overseas -- that is not going away anytime soon. has beense government tightening controls, but it will remain for some time. much, thek you so senior china economist at ubs. , china says the fight against pollution is at the top of its agenda. a dutch artist may be able to offer a helping hand. an inside look is up next. this is bloomberg. ♪ ramy: you are watching "daybreak asia." i am ramy inocencio in new york. yvonne: and i'm yvonne man in hong kong. air pollution has been a big concern in china. it has driven an artist more than 600 kilometers away to take action. bloomberg got an inside look. >> what we are looking at now in beijing, you could say the largest cleaner in the world, which sets up polluted air, cleans it, and then releases the cleaner into areas like these, which are 75% more clean and the rest of the city. innovator.is and we are here now in beijing sh

being record lows when it comes to the .ffshore yuan let's get over to shanghai and hong kong and shenzhenavid. it, i it is busy, isn't busy morning. have a look at the open. seng risk-averse at this point. if there is anything different, friday after the fbi came out with a bombshell, the dollar stronger. everything else extending what we saw on friday. equity markets australia with the exception of australia because of this jump in gold prices, on the way down. you're getting a big pop in shares of japanese shipping companies. .here is talk of a merger there will be a press briefing that involves the presidents of the three companies together in about 30 minutes. it is hard to imagine they will be talking about what they did over the weekend, so speculation of a merger here. we will update you on the details. aia pulling kong, the index down, 6.5%. union pay said to be curving what you can do. so we are seeing those curbs affecting the stocks at the moment. , thechina with earnings guidance not the best, down 1%. to expecty saying 2016 net to drop substantially from last year. and tradin