shery: i am shery ahn in new york. become a major sticking point in the ongoing trade war. unsecured --he unexpected consequences. predecessor in the wto. i.t.s. global director, alan oxley. fallve seen corn futures the most since 2013. the impact on commodities market has been huge from the trade markets. the top five export markets for u.s. farm goods has been mexico, canada, japan, south korea. them, every all of single one, having these trade issues with the u.s. and even the usmca has not been able to be ratified here in the u.s. our farmers in the u.s. the ones that will suffer the most if the u.s.-china trade stalemate continues? a very good question, one we wondered about for some time. we saw a u.s. pole on the attitude of farmers toward trump policies. they are strongly backing trump. their expectation is any time they lose in a particular area there will be subsidies paid to them to compensate. that may work in the short-term, but in the long term, has serious impacts. shery: what are you expecting? presiden

shery: and i am shery ahn in new york. let's get a check of the headlines.achs trading division is planning its biggest hire spree in years with the entire effort focused on coders. the bank wants more than 100 engineers for tech recommended votes on the tech floor. and they plan to raise rivals in london. wall street is seeing a dramatic focus on deck force work flows as automation is alter the way it done. aul: wall street reports a 17% drop in full year pretax pros. the airline says it will recover next year, lifted by expansion. qantas he had said it is planning a buy back of almost 18 million shorts. shery: markets open at the top of the mark. here is sofi. >> futures are pointing to gains. that is looking stead around the mid point of the row sent range. this is the count down to the jackson hole conference with the jury fill out on whether powell will hint at more rate cuts. more signs of waning and tights, such as germany's lackluster sale of the first 30-year bond that pays nothing. it is earnings bonanza in australia today. as paul noted, qantas re

shery: and i am shery ahn in new york.re than 900 million hong kong dollars in the first half of this year. joining us exclusively from hong kong is the ceo, richard lancaster. richard, great to have you with us. you are challenging australian markets in the latest results, how long do you expect those headwinds to last? siding: we were actually headwinds this time last year when i was reporting exceptional earnings, 33% above the previous half-year. we were at that time flagging some changes in our business, one of them being the change in the permitted return in the hong kong business. we had sold down 40% of our indian business and we were also flagging some challenging regulatory changes coming up in australia. so with our results today, we are back to 30% down, whereas we were 33% of this time last year. we have also booked an impairment, a reflection of the value received see in our retail business in australia over the life of that business. when you compare it to a half year set of earnings, it reflects a loss. but

this is bloomberg. ♪ shery: i'm shery ahn in new york. i'm paul allen in sydney, and you are watching "daybreak: australia." the ongoing trade war between washington and beijing boosts fears on the health of the global economy and keeps economy investors on edge. james bond hill joins us now. what energy investors are going to be watching this week? james: first on the docket will be saudi aramco's first ever earnings. saudi arabia's behemoth will be interesting as to how they are performing, and it should get some insight there. one of the world's most profitable companies. alsong that aside, we will be looking at the u.s. inventories data. the last week showed crude supplies rising for the first time in quite some time. there will be keen to focus on whether that trend continues. another thing investors will be keenly focused on is the trade war, of course. we have some chinese factory data that should give interesting insight into how the chinese economy is performing amid those trade tensions. shery: what are we expecting to see in th

shery: i'm shery ahn in new york.thanks to the south american country -- the south american country will reject the aid package for the fires devastating the amazon rainforest. the funds pledged at the g7 have spared a public rift between jair bolsonaro and french president emmanuel macron. chief of staff rebuff the funds also taking aim at macron, saying we are thankful but maybe those resources would be more relevant to reinforce europe. avoid as unable to preventable fire in a church that is a world heritage site. for his part, bolsonaro has said that he would take the money if macron apologized. let's welcome in eric farnsworth. anknow there has been ongoing feud between the leaders on social media. bolsonaro making a sarcastic comment, mocking the french first lady's appearance. is this really spilling over into real issues that both countries should focus on? eric: thank you for having me back. this is an unfortunate circumstance that the feud has become personal. that does not lend itself to a positive resoluti

shery: i am shery ahn. sophie: i am sophie kamaruddin in hong kong. we are counting down to asia's major market open. paul: here are the top stories we are covering, talking trade, president trump said negotiations with china are making progress but he is not ready to make a deal. protest in hong kong amid warnings of a widening fallout. they talk of an economic typhoon. nothing to fear but fear itself, bank of america has more net -- brian moynihan seems little -- see little chance of a recession. shery: in the u.s. it was another relief rally with the dow gaining one .2%. every sector in the s&p 500 in the green, chipmakers pacing the gains, nvidia' positive resultss helping not mention circulation european officials could come to the rescue if economic numbers deteriorate more in the continent. we saw more optimistic. -- optimism. the nasdaq was up. the future will be on jackson the fed chair has to say when he gives a speech on friday. in the meantime we have u.s. futures up .3%. let's see how we are se

shery: i'm shery ahn in new york. sophie: i'm sophie kamaruddin in hong kong. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering in the next hour. president trump keeps up the pressure on china with a new set of tariffs. the final list of duties may be published in days. wall street clause back after china stabilizes the yuans, maybe cooler heads will divert escalation. central bank decisions. trade uncertainties are accounted for. later in bloomberg technology global link, we will break down disney's earnings. now, let's get you started with a quick check of the markets close tuesday session. some calm returning to the markets. the stocks rising, the dollar studying. the search we saw in treasuries peering back a little bit. the s&p 500 being led higher by tech and financials. every sector of the s&p 500 was in the green, except for energy. oil slumping into bear market with brent falling more than 20% since its april peak. not even the fact we have eight straight weeks of declines in u.s. stockpiles helped debt

shery: thank you so much.ig banks in canada reporting quarterly earnings and see bic is a bright spot. ♪ shery: this is bloomberg markets. i am shery on in new york. -- an in new york. amanda: we have thanks earnings season in canada. canadian bank of commerce shares jumped after it showed that operation south of the border and higher revenue the banks. for more on this we have doug alexander. great to have you here. that seems to be the story. the u.s. operations were a real gift. i want to talk about something cibc did, which was to increase loan loss provisions. so, and acknowledgment that we are headed to a slowdown? doug: the provisions were up, from a year ago. if you take a look at the last quarter, which shows a trend, they were also up. and ily, on the call spoke to the cfo, and they downplayed the economics. they do not see cause for concern on the credit front. there were areas and commercial banking and capital markets where they sauce -- saw some impair loans -- impaired loans. amanda: we heard fr

shery: i am shery ahn in new york. u.s.kets, optimism over trade war progress gave stocks a boost but commodities under pressure. su keenan has more. let's get started with the stock market because we saw them higher. the volume was still low. su: many say it is the end of the summer time where typically you see a lot of wall street veterans take off. there is the hidden volatility. even though the vix has declined, volatility remains and you've got very fragile investor sentiment. investors watching the headlines read especially when you have trade headlines, it adds the volatility. the stocks index was actually strong after a big selloff friday. take a look at some of the big movers. they have a lot to do with the drugmaker sector. amgen, allrs squibb, of them related. amgen to pay $13.4 billion for a blockbuster psoriasis drug. shedding the asset in order to win antitrust regulatory approval for its merger with bristol-myers squibb. all three are winners. dropping as much as almost 6% monday. the biggest drop since decem

shery: i'm shery ahn. sophie: i'm sophie kamaruddin. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering in the next hour. president trump raises pressure on the fed days before the repeated call for a big interest rate. hong kong protesters reject the olive branch, deemed unacceptable. as it faces pressure misses forecast. the depressing demand for smartphones. later, we will have more on the earnings but first let's get you started with how markets closed in the u.s. on this tuesday session. later, we will have more it was stocks down, yields down, risk obsession for the markets in the u.s. this of course as we have seen investors cautious of the gathering on thursday, getting started and gearing up for what could come out on monetary policy changes. that led to more concerns on trade tensions as well. the s&p 500, we saw every sector in the red. we have materials and financials leading the decline. that halted the three-day rally. we also had a pretty mixed picture for u.s. retail earnin

shery: i am shery and in new york. the third since the middle of july. joining us from singapore, our guests. tell us how significant is this latest development for the oil market? think it is going to register even as a blip on the radar of traders today. it is apparently an oil tanker out iran says was smuggling iranian fuel. it is more and internal iran matter. there was a similar incident a few weeks ago, and overall, the tensions are simmering for sure in the persian gulf region, but the oil market is not too bothered for now. shery: yeah, i was wondering what is behind that. we continue to see the rising geopolitical risk in the middle east with the latest iran headlines, and concerns about the safety of shipping in the region, but at the same time, the markets don't seem to move as much. is it because we have other concerns like demand concerns over trade? vandana: a couple of reasons for that. one is of course the demand concerns are overshadowing everything else in the market right now. we have had this escala

shery: i am shery ahn. we are counting down to asia's major market open. ♪ paul: here are the top stories, hong kong braces for a citywide general strike as chinese state media warned beijing will not allow the unrest to continue. stocks are set for a losing streak. investors are preparing for a bumpy start in the terror threats and tensions in the gulf. great decision -- rate decisions this week. and gun control on the u.s. agenda after shootings leaving 30 dead in texas and ohio. let's get you started with a quick check of market close. it was another day of risk off, not just a day but a week of risk off. we have not seen such losses this whole year. in fact we have not seen such massive selloff since december 2018, before the fed did a u-turn and turned dovish grid we have taken energy leading the declines, the dow at the lowest level in six weeks, the nasdaq losing a percent or we have the lingering impact of new tariffs on chinese goods imposed by president trump. we had decent jobs numbers but thel 1

shery: i'm shery ahn in new york.s it is preparing for a slowdown in the global economy all year and a so far, it has been able to manage the trade tensions between the u.s. and china. the ceo spoke to bloomberg from copenhagen. >> right now, there is not much to suggest that it will be done anytime soon. it actually seems to be going in the other direction. with that being said, for our business, what really decides demand, that is not tariffs, it is a consumer and the consumer spending. the u.s. consumer is still in a relatively good mood. labor markets outside, salaries and it remains relatively good. we also of course have the fact smallt is a relatively share of the u.s. consumer spending basket. it is as low at -- as 4%. far, so good. sayt is interesting you that because what we have been talking about through the show is in the bond markets, we have seen an inversion of the two tend yield curve in the u.s. that in the past has been a strong recession signal. not for 18 man -- months, granted, but a signal. we s

shery: i'm shery ahn in new york. sophie: i'm sophie kamaruddin in hong kong. we are counting down to asia's major market open. ♪ storiesre are the top we are covering in the next hour. huawei wins a waiver extension in the u.s. but still says it is being treated unfairly. the new reprieve will last for 90 days. baidu's earnings top estimates and holding onto advertising despite a rising challenge. china moves to lower borrowing costs in the slowing economy. the loan prime rate tracks credit of trustworthy customers. shery: we will discuss the crackdown by social media giants and what they called a china backed effort to undermine the protests in hong kong. first, let's get you started with a quick check of how the markets closed the monday session in the u.s. the s&p 500 gaining more than 1% for a second session. every sector in the green, led higher by energy and tech stocks. oil rallying after a drone attack in saudi arabia. that really highlighting middle east tensions in the oil market. the dow gaining 250 points. the nasdaq up 1.4%. more optimism over the

shery: and i'm shery ahn a new york. jackson hole symposium wrapped up over the weekend with president trump's tweets a hot topic. michael mckee was there and he joins us in new york. one of the tweets we paid close attention to was the confusing one where he blamed the fed for doing nothing. michael: it was confusing because it almost sounded like he thought they were having a meeting to change interest rates. he seems to have been upset jay out to not promise rate cuts even though the markets were pricing in a rate cut based on what jay powell said. everyone in the room watching their twitter speed while jay powell was speaking because they wanted to see what president's reaction might be. kevin: when you look at it in the broader context of the president's remarks in the past hour at the g7 and then you couple it with his public comments last week, what becomes the consensus viewpoint of where the president is in terms of negotiating on trade and his pressure on the fed chair? shery: you know is -- michael: you know a

shery: out of japan.minary numbers coming in, which is beating estimates on a quarter on quarter basis. we are talking about the seasonally adjusted numbers. this is a slight deceleration from the previous month -- the previous quarter where we saw a growth of 0.6%. still beating estimates. guessing the annualized adjusted quarter on quarter gdp for the second quarter coming in at 1.8% . this is beating expectations, but a slowdown from the previous quarter. actually shows prices across the economy. we still have to get those numbers, but we saw 0.1% growth in the previous quarter. let's get our guest for immediate reaction to the second-quarter numbers to tokyo. seeing at the are moment, beating expectations, gdp. we got the year on year growth of 0.4%. better-than-expected, but still a slowdown from the previous quarter when it comes to growth in the japanese economy. how much worse could it get? the problem is a lot less about the yen. concerned,rofit is it will have an effect of about .6%. more much l

. ♪ shery: i'm shery ahn. i'm amanda lang. welcome to bloomberg markets.hery: here are the top stories we are following. germany makes bond history. the country sells 30 year debt of negative yields and is met with anemic demands. have investors reached their pain threshold? amanda: the fed versus everyone else. three more rate cuts this year later this afternoon. we will get fomc minutes. shery: mobile pay no more. jp morgan is scrapping its digital wallet app. what it means for the future of mobile payment. let's get you started with a quick check of where markets are trading in the afternoon. we are seeing some upside for u.s. stocks with every sector in the green. we are checking on those energy segments as well as consumer discretionary and tech leading the gains. we are seeing a little bit more optimism in the markets with better-than-expected earnings. trump saying probably the u.s. will make a deal with china. the nasdaq is up 73 points. take a look at the retail sector. the bloomberg retail index is now at a three week high. not surprising given t

shery: i am shery ahn in new york.resident trump's move to hit the paths button on new tariffs -- pause button on new tariffs -- su keenan joins us now with more. effectively, we saw those sectors that would benefit directly from these tariffs getting delayed just rally. throug -- su: intraday, it was the biggest surge in two months for the s&p. let's go to the snapshot. treasuries tumbled. we also saw oil surge and gold fall. wasou take a look at what the big strength of the s&p 500, it was consumer discretionary. take a look at the big movers. targety moved big as the . hasbro, the toymaker, gap, and others, big movers. of thel notice some other standout stocks included cbs and viacom having that big $11.7 billion all-cash transaction. out with earnings. take a look also at tech which rallied strong. apple setting the pace for the hardware stocks and many of its suppliers and chip stocks getting a big boost from this pause button on the tariffs, if you will. paul: shifting to commodities, soybeans leading the recover

shery: i am shery ahn. >> i'm selina wang. we are counting down to asia's major market open. ♪ paul: the top stories we are covering, regrets, he has a few. the white house said president trump wishes he had hit china with higher start tariffs. jay powell said global trade is the most important issue for growth. policean ominous term, drawing guns and firing a shot as a ministrations turned violent again in hong kong. shery: looking at where markets are trading, we see u.s. futures kicking off down 1.2%. is a big plunge after the regular session -- it is a big plunge after the regular session friday, and respond to retaliatory tariffs. in the regular session we saw the dow fall 623 point and tech and energy, some of the big losers on the s&p 500 while the nasdaq fell 3%. we have of the recession indicators like a 210 yield curve goes to inverting while the three-month tenure was the deepest inversion since march 2007. at the moment we continue to see the downward trend with u.s. futures down 1.4% which is a big plunge given fu

shery: i am shery ahn.fed president one of two fomc members who dissented on last month's rate cut. you see fearnd why and uncertainty right now. that is not the metric that i feel we have to focus on. we have a clear mandate and i think a long-term view, we have to stay focused on. shery: with more analysis on what we can learn from jackson hole this week, we welcome the chief come -- chief economist from moody's who joined us from pennsylvania. great to have you with us. we heard from several officials not ready for a rate cut next month, but we have heard from goldman sachs economists saying they predict a rate cut in each of the next two meetings because of the fact that the fed will want to keep bond markets calm. what do you think? >> that is a fair assessment. if the fed does not hit market expectations and the market expects two more rate cuts, if -- ifrket does not hit the fed does not hit those market expectations, marketable selloff, credit spreads will widen, and the value of the dollar will inc

shery. shery: thank you. the former head of the new york fed sparked a wave of criticism after he implied jay powell should not help president trump by cutting rates to shield the u.s. economy from the trade war. kathleen hays is here with that piece. bill dudley wrote it for bloomberg view. kathleen, the fed does have a dilemma. they could keep cutting rates but the president could continue to threaten the economy with a trade war? ritika: and that is it. some -- kathleen: and that is it. there is already that debate raging. build but we of course, president of the new york said ran the9 to 2018, he new york fed's open market test. he was chief economist at goldman sachs for many years. so this came as a bit of a surprise when he wrote this opinion column for bloomberg news that came out swinging on behalf of the fed and against trump. what he said was, in fact, the fed could go further than this. it is tough to deal with trade as an official banker. any will not bailout administration that keeps making bad

shery: i'm shery ahn in new york.adlines, milk is tumbling in new zealand trading. full year profits came in at $184 million u.s. dollars. that is $6 million lower than forecasted. the ceo tells us she is positive forrogress and the plan spending is paying off, including the way it is capitalizing on growth in the so-called die go middlemen market. >> we invested in the second half of the year significantly in building the brand in china. we are conscious of the mix of channels that are important to consumers in china. our strategy is multichannel into china, and you can see in our results that that is really proving to be successful. a record number of newly qualified cfa graduates this year, more than 21,000 people past the final level three exam in june. that is just over the -- half the number who tried. the institute's expanding faster in asia with new test centers in cambodia and myanmar. more women than ever are taking the tests, with australia one of few countries reaching gender parity for participants. shery

shery: from bloomberg's level headquarters in new york, i am shery ahn. sophie: and i am sophie kamaruddin in hong kong. welcome to daybreak asia. this our top stories monday. talking trade president trump says negotiations with china are making progress, but he is still not ready to make a deal. protests continue in hong kong amid warnings of widening fallout the government talks economic typhoon. turbulent times when out for cathay pacific" protest in hong kong and the loss of the ceo. -shery: we are seeing futures higher by four tens of 1% as we see more positive rhetoric from president trump on the u.s. china trade talks. this on the back of a strong rally we saw on friday with the dow gaining 1.2% and every sector on the s&p 500 in the green. the s&p 500 gaining 1.4% on friday. we saw chipmakers leading the gains, after we had positive results out of nvidia. there was also positive sentiment out of europe as officials there hinted they would come to the rescue if the region's economic data deteriorated further. that gave a boost to investor sentiment

shery: live from bloomberg world headquarters in new york, i'm shery on.are the top stories we are following. china fights back with yuans and soybeans. orders state owned companies to stop buying u.s. own story beings. 4000will fire more than people, targeting senior execs is and ceo john flint stepping down after 18 months. the fallout in the u.s. china trade war is being felt the most in tech. apple bonds among the worst performing in u.s. investment grade credit. let's get started with breaking news. we are seeing the fed governor discussing the payment system. she says the fed plans a real-time payment system to compete with wall street. we know that this system would allow consumers to instantaneously access funds that have been sent to their bank accounts. systemal-time payment would compete with wall street. saying the fedw service will be available in 2023 or 2024, that it's 90% of commenters back to the fed. the fed is currently seeking comments on how to design this new service. lyle brenner outlining these plans at a speech in the kansas city f

shery: good evening. i am shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to "daybreak asia." paul: our top stories this tuesday, huawei wins a reprieve in the u.s. but says it is being treated unfairly by washington. the waiver extension will run for 90 days. trump demands aggressive easing. we hear exclusively from eric rosengren. china is accused of using social media to undermine the protest in hong kong. twitter and facebook delete a string of fake accounts. shery: how markets closed. it was another day of strong rally with the s&p 500 gaining more than 1%. every sector was in the green. energy amtech led the gains. lead the- and tech gains. a positive sentiment with trade. that was reflected with the u.s. dollar. it rallied to this year's high. gain 250 points. the nasdaq up 1.4%. doing much butt let's see how things will be shaping up in asia. conviction investors will be tested with futures looking at a mixed session. kiwi stops adding .6%. we have the strong dollar to contend with which may put a damper on risk appetite for emerging markets

sheri: i'm shery ahn. trump administration does not intend to intervene in the u.s. dollar market for now. the dollar index has strengthened only 2% this year. from pictet ceo wealth management. david, we are seeing as this chart on the bloomberg shows, the index is on track for the tightest trading range of the year. how positive is a stable dollar for asian central banks, and you expect this trend to continue? david: it is hoped that the dollar will find some kind of stability. first of all, that would definitely help asian central banks to further cut rates in the region. real interest rates in a number of asian countries are still dreamily high in the current context of global deceleration, so provided the local currencies are not falling too fast against the u.s. dollar, those central banks would have more room for monetary easing. that would be supportive to growth momentum. so this is a very important point. what could actually lead to further u.s. appreciation would be easing the growth differentia

shery: i'm shery ahn in new york. world's largest online retailer stake rose 11% in the second quarter and is now valued at more than a billion dollars. joining us is bloomberg news finance reporter. great to have you with us. we are talking about a lot of money and yet it is smaller than their stake in apple. >> it's a good point. it's still relatively new within the whole berkshire portfolio of companies. it's now $1 billion and i think that's a big sign. that was made by one of his investing deputies. the fact that he's actually iing further with it was think interesting for buffett watchers. long time buffett stayed away from the sector altogether. there is sort of a new guard there. is this kind of a changeover where we will see more of these kinds of investments? >> i think it definitely increases the potential. himself has praised amazon and jeff bezos. he's never actually put money behind it and the fact that we are seeing todd combs and ted weschler saying it's worth kind of putting my money there is a -- my

shery: i'm shery ahn. time for the bloomberg business flash.s to sell 10% stake in universal music. it would value the world's $33.6t music business at billion. tencent has a one-year year option to double that stake at the same price. the vendee plans to find -- vivendi plans to find other shareholders. watching google closely on twitter is the president who claims they suppressed negative stories about clinton which he called all very illegal. he says the google ceo has been in the oval office telling him the company was not planning to subvert next year's election. google has repeatedly night the claims. rolls-royce suffering a cash drain. lehman on a bottleneck in deliveries and airbus and boeing. that reduced -- the possibility of a no deal brexit buildup negative underlying free cash flow. that is your business flash update. on walt disney to report the numbers after the bell. wall street will be eyeing numbers which included a record-breaking box office success of avengers end game, the opening of a new star wars attraction and the heavy

shery: from bloomberg's headquarters in new york, i am shery ahn. welcome to "daybreak: asia" this our top stories monday, u.s. stock futures tumble, and the yen top climbs on trade war escalation. the white house says president trump says he wishes he would hit china with higher tariffs from the start. global uncertainty the most important issue for their markets as jackson hole discusses threats to growth. an hong kong protest take an ominous turn. place drug guns and fire a shot, as demonstration turned violent again. shery: let's get started with a quick check of markets. u.s. futures at the moment plunging 1.1% heard this after we ended the regular session friday and president trump escalated the trade tensions against china, saying he will boost tariffs. this coming after china's retaliatory tariffs. on friday we saw a negative sentiment across markets. the dow falling 600 23 points, the s&p 500 lower by tack and technology energy stocks. after chairman powell comments at jackson hole which raised speculation now about the fed potentially easi

shery: i'm shery ahn in new york. markets open in sydney.p of the hour, tokyo off on public holiday. let's turn to selena for what to watch in the markets. that's right. japan, singapore, thailand, the philippines, and japan, markets are closed. features are pointed to mild losses at the open. you can see the kospi and sydney down more than 1/10 of 1% and more than 5/10 of 1%. when the markets open shortly, we will see how they continue to digest reports that the u.s. is putting together the list of goods that will be slapped with the next round of tariffs. we heard ahead of the weekend that chinese foreign central bankers are warning that the confrontation with the u.s. is deepening and calling for a rational view of the current headwinds. switching the board, taking a look at the end that has been strengthening on the backs of this rush to haven assets amid the escalating trade war. as you can see, from the chart, it shows the usc jpy pair has been at freaky levels. that pair is at risk of falling to a 2019 low. .aul: thank, selina let's g

shery. shery: what is the endgame for protesters?n are we expecting to break the impasse for beijing? the endgame is not entirely clear because you had carrie lam and the hong kong government doubling down around maintaining law and order, putting the onus on the police of sensibly -- of sensibly. -- obstensibly. we are seeing tension building with protesters around their demands not being met. we have seen a clear evolution of the demonstration from when it was first focused on the extradition bill and the withdrawal. isng forward, the economy something the hong kong government and beijing will use more publico garner support. later today, we are expecting officials from the hong kong office in beijing to announce something new. this would be the second time onr that china has commented hong kong in this manner. we are expecting again some attempts to focus on the economic damage. with protesters being detained, more than 500 so far is a tally since june 9 clashes began, it is unlikely we will see protesters back down while their de

shery: thank you for that.berg's asia cross assets editor joining from us sid nifment you can find her charts -- sydney. you can find her charts on gtvgo on bloomberg. the unrest in hong kong continues as protesters move to shut the city down with a general strike on monday. flashes flared between pro- and anti-beijing camps with at least six people arrested overnight. our reporter is watching the development. what happened and what are we xpecting the rest of the week? reporter: just to set the tone here. i'm here in the neighborhood of -- where -- one of the seven districts that saw protesters rally on monday. it's a very different scene we're seeing this morning. we have morning traffic. while yesterday we saw this area she rouded in white smoke -- shrouded in white smoke as protests intensified. we also saw residential areas being caught up in those demonstrations which brings that protest so much closer to home 82 people were detained on monday. taking the total tally to 420 arrested since the clashes bega

shery: i am shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to "daybreak asia." top stories wednesday, hong kong braces for more unrest after violent clashes and further disruption at the airport. the u.s. says china should respect the city's

this is bloomberg. ♪ shery: i'm shery ahn in new york. paul: and i'm paul allen in sydney. are watching "daybreak: australia." startup ellag thanh has filed for an ipo and is aiming to spin himself onto a nasdaq listening -- listing. gun sells high-end exercise bikes with a link to a touchscreen that shows spin classes for monthly subscription paid -- subscription. stake a deal includes bp in the largest producing oilfield in u.s. history as well as all its pipelines in the states. alaska's oil output has slumped from its heyday in the 1980's as reserves dried up and companies found it easier to produce crude elsewhere. paul: costco's barking wild enthusiasm and lengthy cues. it was the -- forced to suspend sales and shanghai ahead of what it called heavy traffic and customer flows. many global rivals have given up in that market. german wholesaler metro is looking to sell its operations. shery: hp jumped in late trading after recording strong third-quarter earnings. it gave a profit forecast that topped wall street estimates signaling efforts to cut costs and reshape its b

shery: i am shery ahn. silly not: welcome to "daybreak: asia." stories this tuesday, asia-pacific markets said to gain as the trade narrative turns more hopeful. futures are higher in sydney. beijing reports from say they are not calling. exports slipped for a ninth straight month in july. markets want injury at -- in korea, japan -- markets launch in korea and japan. >> even though we see conflicting news, the fact that talked, thes have nikkei up almost 1%. we saw the yen starts to strengthen on the rationing down of tensions. switching boards looking at south korea am a south korea, we had that consumer confidence index i was thinking about earlier which we did see fall to the lowest level since 2017. amid tensions with japan. war and we aree more muted andpi a lot of ongoing pressure on the won. taking a look at what is going on in austria which did come out with its weekly consumer confidence that rose 1.2%. we are seeing the asx 200 up even more muted than the kospi up .1 of 1% and the kiwi stocks up .8 of 1% following what we saw in future

shery: i'm shery ahn of bloomberg world headquarters in new york. sophie: in hong kong, we're counting down to me -- asia's major market opens. paul: here are the top stories we are in the next hour. procession -- recession fears down.reasury levels president trump says talks with china have been good and xi jinping wants to do something. alibaba beat the highest revenue estimates defying the slowdown with a june sales bonanza and robust demand. let's get you a quick check of how markets closed that there is a session in the u.s. a very volatile session at 10 trading day. we saw the s&p 500 fluctuating 12least 1% in the past sessions. it did manage to end the session higher by .25%, this coming as we saw quite strong earnings reports from walmart helping investor sentiment. that also being helped by the fact that we got some strong economic data. u.s. retail sales jumping the most in four months for a fifth consecutive session, consecutive months of gains. still, there was not enough for the treasury rally to subside. take a look at treasuries becau

shery: i'm shery ahn in new york where it is 6:30 p.m.a: policymakers feud rate cuts as insurance against weak inflation and the risk of a slump in investment triggered by a trade war according to fed minutes. they will do to counter the effects of uncertainty and slowing global growth thsince 2p says it's not enough and is calling for a bigger cut. chosen one. somebody had to do it, so i'm taking on china. i'm taking on china on trade, and you know what? we are winning. a: unrest in hong kong is set to inflict more damage on the economy with housing rates seen in decline. a complete reversal from the 3% gain seen in a previous report. this is the protest began in june. president trump is lashing out at automakers who are pushing back at his plan to weaken fuel efficiency requirements. he says his proposal would lower car prices and raised safety levels. he added there would be little impact on the environment and dismissed his critics as foolish and politically correct. trump wants to pull back on efficiency regulations introduced under

shery: live from bloomberg world headquarters in new york, i'm shery ahn.nda: live in toronto, i'm amanda lang. welcome to "bloomberg markets." u.s. consumers keep delivering for the most part. reaffirms its guidance but its stock is down. home depot shares take off. the head of canada's biggest pension fund weighs in on how negative yields are affecting his decisions. help wanted. workingnce industry is -- looking for a few good souls alo can get along with met colleagues. let's get a check on the major market averages. treasury yields falling again today, across the broader s&p 500. consumer discretionary, tech, utilities all seeing modest gains come but everything else is negative. materials are leading the decline for the dow. down pretty sharply more than 4%. consumer discretionary is strong. you can think the retailers for that. low passome depot and moving higher today. we are watching the unfolding political drama in italy, conte offering his resignation. we saw the spread between italian bonds and bunds fall. an interesting interpretation of what h

shery: that is it from "daybreak: asia."take a look at the start of trade. open,ina -- for the china this is bloomberg. david: so you have been to north korea and met with the leader of north korea. what kind of person is he? have you communicated in english with him? can you summarize your impression of the leader of north korea? withs, i spent more time him than any american. i passed dennis rodman on the last trip. trump never tweeted anything unfavorable about you. my experiences sometimes when people get close to a president and see the job up close they say, i can do that job. does that occur to you that maybe you could do the

shery: good from bloomberg's global headquarters in new york, i'm shery ahn. i'm sophie kamaruddin in hong kong. kathleen: i'm kathleen hays in jackson hole. here are the stories we are covering this hour. pressures on jay powell. the fed chair kicks off a fed symposium with three regional fed bank presidents saying now is not the time to cut. paul: more top stories this friday. the central banks are making headlines. boj facing difficult policy questions as inflation remains stubbornly weak. shery: easing later this year. the kiwi jumped as the governor tells bloomberg that they can afford to wait. ♪ shery: market action with sophie as we had to the open of japan, south korea, and australia. sophie: we see some generations at the start of cash trade in tokyo. nikkei 225 opening with little change. the topics up .10%. the yen is holding steady. there is a lot of folks on the sidelines as we wait for the jackson hole and g7 meetings to unfold. japan.on coming in in into the autumn, we're set to have lower price gates when it comes to inflation for japan. let's

shery: live from bloomberg world headquarters in new york, i'm shery on. live in toronto, amber kanwar. we are joined by our bloomberg and bnn bloomberg audiences. shery: let's go to breaking news. an uber engineer levandowski being charged in connection to a waymo case. we are talking about this ex- uber engineer, anthony levandowski, being charged with stealing trade secrets from waymo. we have an ongoing fbi presser in san jose. we had heard from the u.s. attorney david anderson, also expecting the special agent in charge to speak many time. tos is in connection stealing autonomous vehicle trade secrets from waymo. we have seen there had been a settlement in 2018. we are now seeing the press conference live. we will get more details on why thatis happening after settlement we saw in 2017 between the companies. for now, let's go to eric newcomer who has more details on why this is happening. we thought there was some sort of settlement, especially after uber agreed to give waymo $245 million in closely held stock. eric: the criminal justice system takes

this is bloomberg. ♪ shery: this is "bloomberg markets." i'm shery ahn in new york. i'm amanda lang in toronto. the hong kong airport looked to be reopening early tuesday morning after remaining flights were canceled today due to protests. demonstrations have been stage across the city for 10 weeks now. this weekend turned violent with lease firing tear gas into subway stations and rubber bullets at close range. fou for four days, protesters were inside the airport. mann is with us now. any signs that this standup could get resolved soon, are the protesters still there? what is happening? at this moment, we see the hong kong international airport getting back to normal somewhat, slowly but surely. or the most part, we have seen demonstrators and protesters calling it a night a couple moments ago. they left some of the signage up on the walls, so clean up crews are working, but we are starting to see some of these flights coming back online. those multiple flights we saw canceled monday evening due to the sheer amount of people that showed up here, it was something th

this is bloomberg. ♪ shery: this is "bloomberg markets." i'm shery ahn. amber: i'm amber kanwar.ls from the imf arrived in argentina over the weekend to access -- assess the country's $56 billion bailout, and to decide whether to keep out doling out the cash. this amid fears of the last imf argentina bailout, which ended in a depression. joining us live now is carefully milan.e lawn -- carolina this has to be a tough position for the imf which has to decide to they continue with the next tranche of investment, and if they don't, do they risk their current investment going sour at an accelerated pace? >> that's right. the first decision the imf must make is whether to approve the next disbursement as part of the $56 million. that is almost $5.3 billion expected to come to the country in september. what the technical mission will be doing over the next couple of days is listening to the president and the opposition, look -- which looks poised to win government seats in october and aside not just it argentina is meeting the current targets, but at the program can survive in the futu

shery: let's get a quick check on how markets performed. we see u.s.utures under pressure right now, down .3%. we just got the news that the white house has halted temporary licenses to sell to huawei. that is putting pressure on the market, dampening investor sentiment after a strong day on the markets here on thursday. we saw the s&p 500 gain the most in two months. was in the green actually managing to erase the losses we saw earlier in the week. we saw tech and energy leading the gains. the nasdaq up for a third consecutive session, up 2.25 percent. energy was also up in the session as we had oil gained ground. we heard saudi arabia was contacting other producers in order to find a solution to stem declining prices as trade tensions continue between the u.s. and china. we are seeing u.s. futures rapidly declining at the open on the latest news on wally -- huawei. let's see how things are shaping up in asia. selina: it looks like futures are pointing to a mixed open in asia. we are seeing qe almost .2% up. we did see the nikkei gain yesterday after

shery: i'm shery ahn in new york. are watching for a possible inversion in the 2/10 treasury yield curve. one person keeping his eye on it is bloomberg columnist brian chappatta. we continue to see the treasury markets react to these events, including just the trade war news, hong kong uncertainty, and overshadowing the strong inflation numbers we saw this morning. >> the treasury market is dealing with a marriage of factors. that is why you are seeing the curve do what it's doing. on the short and, inflation data is coming in stronger than expected. that will keep the fed from cutting rates dramatically. then you also have easing trade tensions with the tariffs being pushed off. at the same time, you see the images out of hong kong. if you are a bond trader, you have to like 10 year treasuries as a haven play when you see this political unrest. amanda: if we go back to when damon was noting, you don't see 2/10 inversion without getting a recession historically, could it be different this time? the bond markets are so

shery: thank you.ipo,as filed for giving potential investors the most detailed view yet of its finances and revealing breakneck growth on the back of massive losses. let's take a closer look at the filing. what, if anything, do we know ? out the company's valuation >> nothing yet. what we learned from the filing was a lot of the pieces behind the underlying economics of the , the interrelations between the ceo and the company, but we did not get any real feel for the valuation. that is going to be parsed out over time. emily: talk to us a little bit about the massive losses here and its investors can get on board with it. this is a company that has a andue corporate structure, the vast majority of its buildings are less than two years old. the potential for profitability is going to determine what kind of valuations the company receives. is this a real estate company that secures long-term leases and subleases it on a short-term basis, or is it a tech company that -- where profitability is less importa

shery: that is the key question.ment, we continue to see beijing backing chief executive carrie lam. the protest started with controversial extradition bill. now it is something bigger. they want carrie lam to resign. also, for other freedoms to be given to hong kong. protesters at the moment don't seem to have an end game insight. we have seen for the first time the most high-profile response coming from the office and they were asked about potential military intervention because there was a lot of speculation that the pla would get involved. they said they would have to act according to the basic law. joe: are more scenes like this expected or is this a one-day strike? shery: there is no end game at the moment. the protestsway the went away was they faded into the background they continued for two months. june 9, the hong kong superintendent saying hundreds of people have been arrested, more than 1000 rounds of teargas have been used june. they said the protesters ages ranged from 14 years old to 76 years old. scar

this is bloomberg. ♪ shery: i'm shery ahn in new york. paul: i'm paul allen in sydney.g "daybreak australia." let's get a quick check of what to watch in the markets this morning. sophie: here we are with the offshore yuan, just trading above that 7.09 handle. ame dovish fed commentary, wonk with that we data we got from germany that could show signs of a recession for that it, and we have seen this adding ton the yuan growth worries. we saw the onshore rates fall to a much 2008 low. take a look at what is going on with this chart. that's what i want to show you right now. more copper weakness is anticipated going forward, given factors like investors' positioning. jumping to the next terminal, which indicates what is going on with chinese stocks, which have is theall as well, this shanghai composite and we are seeing it hit its head against a resistance level that may see rebounds come under threat. the index has risen 3% in the past two weeks, but we are seeing that somewhat flat line. shery: thank you for that. abouttalk a little bit the outlook out there. see weakue

shery: how much sway with this give neumann?the ceo has a lot of control over it, always has, a lot of stock. this share of structure will enshrine that more permanently. three types of stock, a, b, and onlyhas 20 votes when a has one. basically the takeaway is that adam neumann has a lot of control and people seem to think it's appropriate because of his vision and leadership in the country -- company, but it is something investors may raise their eyebrows at. what did they tell the investing community they would do with the money? what did they say they would do with the money? .> they want to keep growing overseas, latin america, places in asia. commercial real estate, businesses are always talking about how much more they can go, how much farther they can expand. they are looking to get money --ngside the ipo and are seem to be raising a large debt offering. a reminder to the bloomberg viewers that users can interact with the charts you have seen at tv . from toronto and new york, this is bloomberg. ♪ mark: i'm mark crum

shery: another slow down. we saw this slight pickup in the month of june.v,d asset investments, g economists are expecting retail production to slow down again. we have seen some new channels to finance infrastructure spending in china, but there is a lot of pressure. easing, trade of tensions, backing down on those tariffs could help. for the time being, president xi jinping in a tricky position. you, shery ahn. on daybreakhery australia and daybreak asia starting at 6:00. we are joined by a senior fellow at the -- was this a blink by trump and how significant was it, the idea of pushing the tariffs back, at least toward mid-december? >> yes, it was a blink. it is not enormously significant if it is only a three month delay. romaine: the fact that we had this delay. you had a lot of companies pushing back, saying that these tariffs would disrupt. they get a reprieve for now. when you talk about long-term planning, what are companies going to do in this environment where you don't know if trump might change his mind a month from now? >> companies have to ma