news is tencent earnings.pecting we got earnings, but the results are still much worse than expected. the tencent related stocks like the other tech giants like alibaba and by do have been slumping in new york. baidu have been slumping in new york. we will see a drop in tencent shares. we only way to see how much. tencent is the third biggest stock hong kong has on the index. we will definitely see some declines. yvonne: the options market staying i think 5% either way. pretty big moves and wild swings. thank you, our china markets reporter tian chen. enormous influence of tencent and alibaba has huge implications for new companies in china as well. customers, and, support, but their health comes at a price as well. shelly banjo joins us. through two dozen ipo filings of companies back to buy tencent and alibaba. what did you find? therter: you wonder why all other tech stocks are down when they have nothing to do with the problems tencent has faced with gaming. that's because tencent has such an outside influ

tencent is diversifying but it's still known as a games platform by investors. in china, we see increased regulation on the internet in general, and society in general, it is up increasingly authoritarian and even for the companies who have played well in the game before, we are seeing more tension so tencent is under pressure to deliver more growth areas. but you have unpredictable politics on games that can hit them disproportionately, and there are competition, other companies eating on the margin and they aren't as big player, tencent, in e—commerce, like alibaba, still valued more highly than company. -- big a player. thanks, duncan. no longerthe freewheeling opportunities there we re freewheeling opportunities there were perhaps. shares in australia's commonwealth bank fell during morning trade as executives of its pensions unit give evidence at a powerful banking inquiry. the royal commission, which is investigating wrongdoing in the financial sector, has heard australia's biggest bank breached legal requirements when it failed to transfer pension custome

on conversation on tencent.baba, had serious applications for new companies in the tech space in china. our asia tech reporter joins us. you went through two dozen -- companies backed by tencent and alibaba over the last two years. what are the stories that you have found? >> your earlier point in how all these other chinese tech company stocks are down, even though they have nothing to do with gaming. and part of that reason is because a lot of these newly ipo chinese companies have a big tie to tencent and alibaba and particularly on tencent. it goes to show what kind of power that, these companies wield over the zone companies. wrongd: what could go for these tech startups, being invested in by the likes of tencent or alibaba is usually important. >> so, what we found in all of these ipo perspectives is really interesting. it was this very cautionary language. and t thish factor saying, just soe you know, it might not be super the way things work in china, china's tech ecosystem, are the future of our company

tencent with earnings.25%e, down down if you take it from the january 23rd, wiping off $150 billion worth of market capitalization. let's discuss the problems. our guest is still with us in singapore. you bought the stock towards the end of 2017. do you regret that, and a lot of people are bullish on it, but does the company have the legs to recover all this? , we have a small holding in tencent. anything we bought at a higher upce, today one ins short-term regretting, but when you look at that this is outlook for the company, what has encouraged us is the move away from gaming, which has been taking place over the last five years or six years, a fantastic diversification. recent news has caused the stock to wobble again has been on the gaming front, restrictions from the government level. that has always been something that has historically concerned us, but having built up strong platforms across the board and having their fingers in so many prospects arethe still very good for tencent, certainly when you

it was once asia's most valuable company — but can tencent reverse it's tumbling share price?e from london, that's our top story on wednesday the 15th of august. in a few hours from now the chinese tech giant will be announcing its second quarter results. the company has seen $150 billion wiped off its market cap so far this year, its shareholders will be praying for a strong set of figures. also in the programme: we take a look at greece, which is set to emerge from its bailout programme — we look at the impact the financial crisis has had on its housing market in athens. the market is opening in the green. and we'll be getting the inside track on the company that's working with the local community to ease the england's housing shortage. today we want to know — do you think it's fair for ceo's to have much bigger pay rises than their empolyees? a new study shows that uk ceo wages went up 11% last year, while workers only went up 2%. is that fair enough? what do you think? let us know — just use the hashtag bbcbizlive hello and welcome to business live. welcome to the show — w

tencent has a u.s. investment arm that is very strategic.the bay area, they look at a lot of early-stage startups and looking at the data, they have been relatively active. those are really focused on very early stage for tech investment. emily: -- their friends up, on the basketball court, but rival investors off of it. we hear from golden state warriors' star andre iguodala on his investment rivalry with his teammate. check us out at technology and be sure to follow our mobile breaking news network at tictoc on twitter. this is "bloomberg businessweek." ♪ -- this is bloomberg. ♪ ♪ welcome back to "the best of bloomberg technology." andre q put all of to his name but he has a host of hot tech investments including limebike and allbirds. he is one of the growing number of sports stars making a name in the world of venture capital, and he says it is a lot like building a championship basketball team. chang spoke exclusively with andre iguodala. andre: to invest in people, in entrepreneur. jeff jordan has taken me under his wing, helped test t

people also forget that tencent has a u.s. investment arm that is very strategic.y have -- here in the bay area, they look at a lot of very early-stage startups and looking at the data, they have been relatively active. they have not come with any serious issues in terms of those areas. those are really focused on the early stages of frontier tech investment. and we have yet to see how those will play out. selina: that was ben harbourgh of msa capitals. coming up, they are friends on the basketball court, but rival investors off of it. we hear from golden state warriors' star andre iguodala on his tech investing rivalry with his teammate. and bloomberg technology is livestreaming on twitter. check us out at @technology and be sure to follow our mobile breaking news network at tictoc on twitter. this is bloomberg. ♪ ♪ welcome back to the best of bloomberg technology. andre iguodala may have three nba titles, but he also has a host of tech investments. the golden state warriors start is the -- one of the growing number of sports stars making a name for venture capita

it depends on how tencent will be able to monetize it.e, it isive used to great for tencent because they have this massive network and they need to make breakfast used -- best used of it. there are other factors in play. mark: thank you. julie: we have been watching a lot of charts today to talk about the contagion from turkey. the bloomberg allows you to browse all the recent charts we have been featuring. catch up on the analysis of it. turkey flew perhaps contained. --rging markets'third or day -- this on gtvty . this is bloomberg. ♪ ♪ york, i am from new julie hyman. mark: live from london, i am mark barton with the european close. julie: in the meantime, let's take a look at the bloomberg business flash, some of the biggest business stories in the news. macy's return to growth but had to spend more to do it. shares are trending lower today. they posted same-store sales that beat estimates and boosted its earnings and sales forecast, but investors may be unhappy they are spending heavily. constellation brands is extending its bet

these licenses tencent have been halted for several months. for a long time was seen as an unshakable media giant. but what people forgot it's a gaming company in they make a very significant portion of their profits of their revenue from gaming. and, because of this, they cannot cash out some of their biggest blockbuster games like fortnight. the fact that one of their biggest blockbuster games was forced to be recalled shortly after it was announced, shows that they are not immune to the issues of the chinese government. and that is why we are seeing this reaction. emily: it's ironic, given that the chinese government has giantsthese chinese tech flourished by blocking u.s. technology companies from operating in the country. ben, do you have any insight as to why regulators are now cracking down on these games, and if there is any end in sight? ben: china has been suffering from an epidemic of gaming addictions. some estimates put it at 23 million individuals in china suffering from addiction. so, consumer protection has come to the forefron

tencent the kind to comment. -- tencent declined to comment.ed by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. guy: thank you very much indeed. as surged.vest withompany came through guidance on revenues and margins. basically the whole tone seems to be underscoring how difficult the world is at the moment for renewable technology manufacturers. ,oining us is anders runevad the ceo of vestas. trading really strongly. you are one of the best-performing stocks in europe today. a lot of what you said this morning sounds cautious. what you think people are seeing in the numbers you posted today in the outlook your posted -- the outlook you posted that is encouraging people to buy the stock? overall, we have delivered a solid quarter. high activity compared to the market. , intake upom the top 43% year leading to record highs. that's a strong message. concerned about increased competition? nordstream, it seems like there's a lot more gas coming onshore in europe. does that cloud your outlook? we see a very s

has a gun to tencent now? better thanmuch tencent. who is actually winning out in this reverie? not think it is -- sophie: i do not think it is determined by investors pared have not been through a tencent has been through with this regulatory hiccup on the game approval. they also have some margin issues himself. growth is actually slowing down. i think it is probably not related to the investment. >> what do you think of their advertisement strategy right now ? what kind of performance show you expect? >> they actually have a lot of from to grow for advertising. i think there is still a lot of cash and in terms of managing the balance. in the meantime, they can actually monetize other places. the establishments of the many program actually help them to gain increasing and did not have to really push towards the moments. yvonne: this was a cut from your 524, are you going to have to readjust remodels targets in/ -- targets again? i think everybody is waiting for the numbers to come out and i think for people to expect and will be quite week. at, despite, a lot of us cut our num

are there any upsides to these investments that tencent will benefit from?a: they blamed some profit declines on fewer investment gains in order to bankroll some of their other investments and other services. their snapchat investment, we have yet to see but so far, they have not done well this year. tesla, there is a lot of question about where that stock is going to go. people also forget that tencent has a u.s. investment arm that is very strategic. they have -- here in the bay area, they look at a lot of early-stage startups and looking at the data, they have been relatively active. they have not come with any issues in terms of those areas. those are really focused on the early stages of frontier tech investment. it will be interesting to see how those play out. selina: that was been harbored of msa capitals. coming up, they are friends on the basketball court, but rival investors off of it. we hear from golden state warriors' star andre iguodala on his tech investment rivalry with his teammate. and bloomberg technology is livestreaming on twitter. chec

the results are out of china were tencent posted its first profit drop in a decade. shares plunged as much as 10% on the news. thaniant has now lost more $160 billion in market value since january. remember monday, chinese regulators forced tencent halt distribution of a popular videogame and froze and approval of the licenses amid a government shakeup. despite that, gaming and the popular we chat app are going strong. to discuss, we have the managing partner of msa capital and the celina bang -- selena lang. -- selena lang -- wang. how concerning are the revenue and profit issues here for a company that has been going strong for a decade? in china,gaming space we have seen substantial amount of government involvement around consumer protection and regulation. that has been the theme of the last few weeks when we had a faulty vaccine peer-to-peer lending issues. it is not too surprising to see the struggles with some of the games coming out of the gate in the -- skate. in the long term, when it comes to tencent, some of the bigger issues lie with the loss of share of

this is not tencent's first runin with beijing's video game regulators.ny was forced to change its popular mobile game over its addictiveness and gorey content. but they aren't the only chinese tech firm with a rocky start to the week. foxconn, one of the main makers of apple's iphone, posted a surprise drop in profit money. foxconn, saw net income fall 2% to $568 million. the news comes amid slowing demand for apple's iphones. foxconn relies on apple for more than half of its sales and is seeking to change that with ventures including a panel planted -- planned in wisconsin. -- plant planned in wisconsin. here to look at is this -- we saw that surprise drop in foxconn's earnings partially because of slowing demand for iphones. how can they successfully wean themselves of being so dependent on the iphone maker? >> foxconn's founder for the last several years has been does to find out how foxconn exist a little bit more independently of apple. i think roughly 54% of the company's profits come because of its relationship with apple. and i think he knows wel

tencent was hit by some of the bureaucratic issues. that said, tencent is a great company.ery close to the government. i expect there to be a good rebound over the next six months. it might be time to buy tencent on the cheap. i wouldn't buy j.d. on the cheap. they have been hit by regulatory issues, rather than just the changing competitive environment. selina: why in this case would china be willing to put one of its national champions at risk, given the broader economic picture, which is looking a little bit shaky right now? government is looking to create five national champions in the internet space. tencent, alibaba. they are doing this because they want to control them. they're saying, if you listen to us, we'll let you have great opportunities. they'll punish them once in a while to remind them, if you don't do what we want, we will end your business. but if you do what we want, you can make tens of billions of dollars. so tencent is working with local governments to improve its official public administration system, whether that be booking a doctor's visit or payin

the tencent lows google out of the water. jason: tyson's raced toward a meatless future.lor: plus, an industry rocked by job cuts. jason: this is "bloomberg businessweek." ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competito

tencent knocked off its gain.st valuable tech firm delivered a drop in profit breaking a growth streak stretching back more than a decade. we will have details. this is bloomberg. ♪ ♪ mark: i am mark crumpton with first word news. theident trump revoked former cia director's security clearance. he was a 25 year veteran of the agency before leaving the cia under barack obama -- leading the cia under barack obama. he has been a critic of mr. trump since. sarah huckabee sanders read the president statement -- president's statement. >> i've decided to revoke his security clearance. he is inconsistent with access to the nation's most closely held secrets and facilities. sanders denies the president was retaliating for mr. brennan's criticism. detectives in london searched several properties as they try to build a pro feel -- profile of a man who crashed the car outside of britain's parliament yesterday. three people were hurt in what authorities is treating as an act of terrorism. police searched several locations incl

tencent falling because of those sales growth concerns. also moves by chinese regulators to block the sale of one of its

tencent blows google out of the water. jason: tyson's race toward a meatless future.lor: plus, an industry rocked by job cuts. jason: this is "bloomberg businessweek." ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. jason: welcome back to "bloomberg businessweek." i'm jason kelly. taylor: i am taylor riggs. we are looking at electric clouds over japan's auto industry. jason: and personal data in big banks. taylor: u.s. cover story is all things tyson foods. >> the ceo is a renegade in food processing. taylor: he is talking about more sustainable ways to make foods. jason: for chicken, he is going from meat to meet less -- meatless. >> we think of tyson foods as a chicken company. i didn't

he says the setback for tencent is just a slight head wind. he understands the intention of the government is to work with game makers and not against them. raul: and from china tech, yvonne later on will go into hina bio investment. this just started trading on the nascar today and it's -- nasdaq today and it's bringing together 20 chinese bio tech firms to try to bring back u.s. investors into the growing game. haidi: yes, we'll also be talking about the issues we saw overnight with the tech sell ah. we'll be joined by the financial c.e.o., also talking about the fallout from turkey, whether we really are past the geopolitical tensions. he citizen it's not surprising that the markets have come down somewhat when it comes to turkish con teenage si but he says this strategy of turkish ar fare could be here to stay. this is bloomberg. ♪ ♪ >> it is 7:00 a.m. here in hong kong, live from asian headquarters. top stories this thursday, asia-pacific markets decline after wall street's first -- worst session in seven weeks. on tech afterng shockingly

have a quick look at tencent, we are awaiting earnings to come through.as been a gaming clampdown from chinese regulators. awaitingesian, we are a central bank decision. most saying itbe will be on hold. turkey is clouding things for the bank and indonesia. sterling is a little weaker against the dollar. the dollar is at a 14 month high. a lot of home price numbers coming out of the u.k. today. , thank you.tte to the turkish lira now. upestors are trying to way bank measures to stem the rise in the currency. temple us now from his is my cohost of "bloomberg daybreak: europe -- b; thoses one of grandstanding moments for erdogan. they have raise taxes. what is the latest in the rhetoric from erdogan versus trump? we had a cascade of important speeches in the last 12 to 16 hours. we heard from the president, combative, saying turkey's economy is under siege. he is pointing the finger at the united states, saying they are responsible for attacking economies around the world. that is beefed up from a response from the turkish government. basically it puts an a

if tencent turns around, can it pull up the entire market? if you're a buyer of tencent, do you have to be a buyer of the overall chinese market >> if you're a buyer of tencent you're taking a view that the chinese tech global growth story is as alive as well as f.a.n.g. is and your biggest issue is the chinese government is concerned about capital flows, and that tencent, alibaba, baidu could be collateral damage. the base business model is alive and well price to earnings growth is more significantly attractive >> so you would be a buyer of some of these chinese equities >> you could still see some weakness it's a difficult time. but yes, i would be a buyer. >> i know you have to get to the airport. you're heading up to toronto >> a lot going on up there >>> we have a triple play of news on tesla. let's get to landon dowdy. >> lots of tesla talk today. the s.e.c. is pressing tesla's board for details on their communications with ceo elon musk the "wall street journal" says regulators want to know how much information he shared before tweeti

tencent also had terrible earnings. what is going on?this regulatory freeze because of a pure craddock shakeup? is the chinese government trying to assert its authority? shaun: there is a lot of political risk in the country today, not just the trade war. a lot of chinese companies are starting to get more regulatory approval problems from the chinese government. is gaining more power and trying to import his ideological views on the country. that is starting to impact areas like gaming. tencent was hit by some of the bureaucratic issues. great company and very close to the government. i expect there to be a good rebound over the next six months. to buy tencente on the cheap. i would not buy j.d. on the cheap. they have been hit by regulatory issues, rather than just the changing competitive environment. would why in this case china be willing to put one of its national champions at risk, given the national economic picture, which is looking a little bit shaky? is looking to create five national champions in the internet space. they want

the tencent blows google out of the water. jason: tyson's race toward a meatless future.lor: plus, an industry rocked by job cuts. jason: this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." i'm jason kelly. taylor: i am taylor riggs. we are looking at electric clouds over japan's auto industry. jason: and personal data in big banks. taylor: but do you -- u.s. cover story is all things tyson foods. >> the ceo is a renegade in foods -- food processing. taylor: he is talking about more sustainable ways to make foods. jason: for chicken, he is going from meat to meet less -- meatless. >> we think of tyson foods as a checking company. i didn't know tyson foods was actually a big producer of beef and pork, as well. they are the biggest meat company in the u.s., possibly the world. they do $15 billion of meat production a year, $11 billion of chicken, $5 billion of pork and have direct to consumer plans and our mammoth. i heard they were investing in alternative me, plant-based meets and these lab grown meats. i thought, does this mean they are r

the tencent blows google out of the water. jason: tyson's race toward a meatless future.r: plus, an industry rocked by job cuts. jason: this is "bloomberg businessweek." ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. jason: welcome back to "bloomberg businessweek." i'm jason kelly. taylor: i am taylor riggs. we are looking at electric clouds over japan's auto industry. jason: we also look at the data goldmine in big banks. it is personal data. taylor: i want to look at the cover story. it is all things tyson foods. jason: the ceo is a renegade in food processing. taylor: he is

what may we see from tencent? many factors going on that it is hard to know where to start. even before we heard about regulatory risk, there has been headwinds facing the company. one thing we have been noticing for six months, eight months, it is more expensive to procure revenue. the amount of money they have to spend on marketing to get every dollar of revenue on to the platform has gone up and up and their growth margins have been squeezed to the lowest in 10 years. we expect to see similar levels when earnings are released in the next few minutes. that is one of the key themes. and regulatory risk surrounding the games platform. tencent, even though it is well known for the chat app, it is more of a games company. revenue coming from games and a freeze on new game titles. ishout new game titles, it difficult to go back into the market and get revenue from games. people get bored with old titles. the regulatory risk is the key. the great reporting by our colleagues in china and hong kong to ride out if it is

ist we saw in tencent specific to that stock.ook to the long-term trend it has been going down for a while, so it's idiosyncratic and that's what we focus on. stock specific examples where we can pick the winners worst losers. >> i hear what you're saying, but if anyone is nervous about valuations, they look at turkey and they see this ripple effect. they look at tencent and see a ripple effect, largely because make up ad alibaba big chunk of emerging market index. because of the index ownership, and the positive, it's going to have an impact on the crisis. that could hurt confidence in the short-term. obviously i am biased as an active growth manager, at eaton vance we preach this. this is important to know what you own, this is a perfect example. investing is about taking risk and getting paid for taking the risk. if you look at the emerging market index, in the past year it has returned 1%, the s&p 500 has returned over 17% lower volatility. , it hasnger-term period returned 3% per and him, and the s&p 500 has returned three a

when it comes -- 45% of its revenue from tencent.the street is shouldn't have a major impact on developers.these one bright spot in the games after anmping over 3% announcement with a tie up with tencent, which could include a venture. we do have this pressure. avid: it is quite a cell that's a selloff -- it's quite a selloff though. parents have failed to do this since the dawn of humanity, really. overall xi measure is to limit the negative effects of gaming addiction. that has been a common thing of this administration. the latest regulation very specifically targets eyesight, myopia. so there are measures ensuring adequate lighting and so on. one of the measures is to curb the overall number of games, as well as the amount of time miners stand playing these games spend playing these games. it adds another layer of uncertainty to what is already a fairly opaque and murky industry. haidi: i love the fact that david defies the start of civilization when computers were invented. first, we had this month-long freeze on gaming approval

going to continue to talk about tencent.gap between its share price and analyst targets. here we go. this is the position we're in. the analysts we spoke to. they say it is a most 50% above current levels. that is indeed the average that we have got from the analyst. looking very closely. what is the deal? >> analysts have been trimming their forecast. including morgan stanley, this week. and yesterday, tencent off of its focus list. it is at the shares have been following much faster. creating this gap between what the shares are trading at of the 12 month forecast. the shares would have to rise on most 50% to reach the target. rishaad: it is not impossible. we have seen that before, haven't they? amazing howpretty much it has fallen from the january high. recent global selloff in the tech names has impacted tencent shares. though we are seeing rebound, people are cautious on the sector. tencent has also been vulnerable to general selloffs in hong kong as a liquid name. concerns also been about tencent specifically on its e

tencent 27% below its high.st around half of its value since its post ipo highs earlier this year. china large cap etf, that group of stocks is down more than three percent on pace for the worst day since late march and that is entering what some call bear market territory down 23%. another etf that tracks chinese internet names is the kwee. and take a look at shares of jd.com, down more than 30% from recent highs. that company reports earnings tomorrow morning. investors will be waiting to see if those results could help stem some of the bleeding we are seeing in the broader chinese tech industry. >> we'll see how that looks tomorrow. >>> joining us to discuss china's impact, jeff dennis and richard kang, former cio of emerging global advisers. jeff, what does all of this say that the chinese economy is slowing? >> the chinese economy is definitely slowing, but we know that already. i don't think the numbers that we are getting today from tencent necessarily make that situation worse. the economy continues to e

it's the same size as our parent company, comcast tencent lost a comcast value since january.penny for ten cent's investors thoughts. see you tomorrow "squawk box" is next >>> good morning china announcing plans to jump start trade talks with the united states. articles are becoming more frequent another one in the journal and in the "new york times" about president xi and some criticism. >>> elsewhere, twitter ceo jack dorsey says his platform has been weaponized. more of his exclusive comments to nbc ahead. >>> and big retail reports on the docket today one day after macy's 16% slide in the stock. we'll get you ready for the quarterly numbers from walmart and jcpenney it's thursday, august 16, 2018 "squawk box" begins now. ♪ >>> live from new york where business never sleeps, this is "squawk box. >>> good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures after a down day in the markets yesterday where the dow clos

juliette: tencent shares have poorn after it reported quarterly numbers.rprised investors with its first profit drop in at least a regulators restructure. regulators said they had little clarity on when the process would return to normal, putting more pressure on a company that's lost $180 billion of u.s. market value since its january peak. cells were 1.2% above average analyst estimate. 10:00ins us just after a.m. u.k. time. generated profit in two weeks as turkey's economic turmoil triggered a slump in emerging-market assets. bloomberg has been told that traders made more than $10 million in the turkish lira plunged the most in almost two decades. the senior barclays trader is understood to have faced losses of about $19 million on turkish bonds over the past few days. that's your bloomberg business flash. anna: thank you, juliette saly in singapore. the beverage giant behind corona beer is making a $3 billion bet on america's love of cannabis. increasing its stake in the canadian grower to 38%. manus: tesla never far from a trend on the bloomberg. it r

it was already a weak session for tencent on tuesday.now lost more than $150 billion in market value since that january peak, and gains growth, slowing. there's plenty of worries. what these companies overnight have shown is that there is plenty in that sector to disappoint, and when and if they do disappoint, you can see very large moves, 10%, 15% on the day declines. it's increasingly important now as we run into tencent and alibaba, both due to report earnings in the coming days. haidi: global markets editor adam haigh with us in sydney, and don't forget to check out g tv live. bloomberg lives second annual players technology summit is well underway in san francisco. the event brings together athletes, entrepreneurs, and investors to share business experience and lessons learned. makes computers and mobile accessories. 70% of its sales come from online in china. let's bring in logitech ceo brock and darrow. great to have you with us. let's start off with the elephant in the room, the real threat that has been imposed on your company a

here you see tencent revenues. that was where the weakness was. we have jd dot come down 30% tencent down 30% xiaomi down almost 30% alibaba is down another 3% today. finally, these exchange traded funds, country etfs. these tend to be based around commodities like brazil, africa, argentina down 20 to 30% tough week and tough day essentially sitting at the lows. >> thank you for that. for more on the markets let's bring in blackstone's byron wien always a goodvoice to check in with byron, good morning. >> good morning. how are you, carl? >> hanging in there, byron let's sort of place where we are. last couple of weeks obviously the story's been about robust corporate earnings, strong unemployment now we have em debt. has any of this changed your view >> no, i'm still optimistic. i don't think there's any recession in site. i think the situation in turkey is serious for the moment, but i don't think it represents systemic risk. so i think the market was over bought and overdue for a correction we're having a correction. turkey is the trigger. i thi

a huge portion of this loss is tied to tencent.ant to give you a closer look at tencent off 3.6% today, 3.4% yesterday. you can see from the january high, a huge loss of 29% lots of concerns now around gaming revenue going forward concerning chinese regulators just pulled a license for the hit game monster hunter world. >> we talked a lot about the december makes of the market cap of facebook over the last month or so. tencent probably lost 125 to 0 $140 billion in market cap over the last couple of months. how much concern is there in asia that the chinese stock marketos affect the rest of the market cycle >> in the chinese market, the b.a.t.s., when we talk about the role tencent plays, many investors were saying wait a minute, could this be the start of something bigger. on the regulatory concerns about this game, it's been murky some different tales as to why the regulators did pull that license. so it does raise concerns going forward about any regulatory blow back for tencent. that's why investors and analysts will be honing

emily tan filed this report. >> reporter: tencent reported its first profit drop in 13 years.et income down it% eps of 1.8 yuan per share. value added services which covers online games and social networks generated revenues of 6 $6 billion online advertising, it billion the others category, which includes payment and cloud, 2$25 billion. messaging and wechat continued to grow in popularity and user numbers. up almost 10% to 1.06 billion. shares in tencent have been subject to significant selling pressure in the last four sessions hong kong shares have lost more than 10%, and $45 billion in market cap it comes as regulators blocked the blockbuster game less than a week after its release this comes as the state administration of radio and tv has not issued a new gaming license since march. tencent has no idea when the formal approval process will resume several brokerages have cut their outlook on tencent >>> beijing announced a fresh round of trade talks with the united states for later this month. a chinese delegation will travel to washington in the latest attempt to reduce

will be telling us about tencent and where he thinks it is going. the open is next.ve made our lives effortless. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. ♪ rishaad: [indiscernible] andight here in hong kong, in shanghai and shenzhen, counting down to the first day of trade this week. this is what we have currently, a move upwards for equities in this part of the world. we are keeping our eye on canada versus saudi arabia. saudi arabia suspending diplomatic ties with canada over their criticism of holding a canadian citizen are protesting. in, in the face of fresh rules designed to stop the shorting

many know tencent as a social media giant, but at its core, tencent is a gaming company.ue from games, and the fact that they can't make money off their most profitable games is a huge problem for them. ♪ rebounding, posting its best quarterly u.s. sales growth in a decade, fueled by major grocery visits and online success, sending shares soaring. >> is a tale of two companies. walmart's u.s. business is performing amazingly. greg foreign and his team run the u.s. team have really turned this company around in the last couple years. the challenge in getting excited about the equity is all the investing the company is doing in commerce, that they will close fli with cart in the next couple weeks. that company loses $1.5 billion. there only e-commerce business in the u.s. continues to lose money. in fact they said the losses will be more than the anticipated. that is the challenge as an investor. we have this great supercenter business taking share really well, and then with all these losses on the other side. ♪ >> macy's earnings topped expectations, and investors are conc

the ipo for now the company isn't planning to sell its cars outside of china and nio is backed by tencent holdings >>> now to the latest story out of turkey and the rhetoric from their president. sara eisen joins us from fx currencies >> it is calmer out there. certainly the lira is up after a brutal beating over the past few days first time up in about a week.

. >>> asian equities close in the red as tencent shares hit an 11-month low ahead of the tech giant's earnings release dragging hong kong stocks to a one-year trough. >>> and the italian government prepares to launch a safety audit on aging infrastructure after at least 35 people have been killed in the bridge collapse >>> welcome to "street signs." let take you to the market action in europe it's been a bit choppy on the market open. we started out much firmer on the ftse trading up by a quarter percent. we are just trying to stretch higher right now the dax has been a bit more stable around a third of a percent higher some slim gains on the french market we are showing you what's taking place in turkey. the bist 100 is down almost 0.80%. fairly wide range as investors grapple with the turkish crisis unfolding. it's nowhere near the challenge we had when we started on monday, but still investors are seeing fairly decent swings on the stock market and on the lira >>> let's take you to the asian markets. what we did have from wall street was a handover. markets stateside bouncing as th

would you be buying things like tencent at the moment? >> tencent certainly.ooking at the darlings of the market and are not fully weighted, these are is theocks, then this time you need to get in, unless you feel we are going to have a substantial bear market. to my mind, equities are still the place to be because the underlying economy's are quite strong. the economies could come back. nothing goes up in a straight line and we could see weakness, but that is reflected in markets at the moment, which this year have done nothing come in some markets have been badly. haidi: always a pleasure. richard harris joining us in hong kong. we have been talking about day.dent trump's terrible we will get the latest on that story with first word news. >> president trump's longtime lawyer michael cohen faces five years in jail after pleading guilty to a charges. it stems from hush payments to women who claim affairs with the president. michael cohen said he violated the law at the direction of an unnamed federal candidate for office. serious charges and reflect a pattern

bloomberg intelligence telling tencent may find support from its ad segment.elopers rising in hong kong. china vanke due to release earnings next week. analysts are expecting strong profit growth and improving margins. l jumping the most in two years after the purchase of a company that will create austria's second-largest mining services company. 20% as thee government has decided hit can keep its business license that was at risk amid the crackdown on the family that owns korean air. the new route approval will be withed for some time along approvals for new flights, but the stock gaining ground, up 13%. somead: let's take you to of the stores trending across the bloomberg universe on bloomberg.com. walmart's results show it is putting up a fight against amazon. is it putting amazon on notice? ondtech talk, and explainer a proposal to legalize marijuana in thailand. the surprise gift of free tuition for all. those are the headlines topping the bloomberg terminal. have a look at those stores trending online or on the terminal. more on the way. ♪ rishaad: i am

. >>> still ahead, your morning rbi, it's on tencent >>> joining us is jeff kilbur.azing all this talk every day, trade, tariffs, trade, fight, trump going after tech, the nasdaq all it did was rise 5% this month. one of the best months of the year for tech stocks why? >> we got a chuckle a month ago that the nasdaq 100 has become a safe haven, but it's true. we're about 15% above the 2 200-day moving average but it's true. netflix is up over 90% amazon up over 70% when you see selloffs in asia, they're coming to the domestic market in the united states and buying tech. that does give me pause her at the end of august, but every time we hear a renewed trade conflict it attracts assets to the stock market u.s. treasuries, not so much the nasdaq 100, wow. >> some people are saying the gains are in the market is not telling us that, not yet. >> i think you may have to buckle your chin strap here. at the end of the day the nasdaq 100, that's where a lot of profits have been made in the event you have a pullback in september we have to digest the fed. we have the renewed