i want to bring in tom mackenzie from china.

i'm tom mackenzie. this is bloomberg.nk of japan policy and its affect on the currencies, we are heading to tokyo and meeting with mr. yan himself. this is bloomberg. ♪ ♪ rishaad: this is "bloomberg markets." the bank of japan's move to allow the 10 year government bond yield to trade higher macron to rethink credits. that means it could cost local companies which plan to tap the markets. let's find out what is happening and get over to tokyo. catherine hayes is with the man with the nickname mr. kyen. kathleen, this -- make sense of it all. kathleen: who better than mr. yen himself is eisuke sakakibara who is now a professor. japaner you say mr. yen, coming u.s., doesn't matter where you are, everyone knows who you mean and why are we fortunate to be here to talk to him today in the wake of the bank of japan meeting that has made what everyone initially said, a tweak to policy. if you are a bond trader, it seems it has been anything but. think you for having us back. eisuke: you are quite welcome. kathleen: 20 of a cover

tom mackenzie in shanghai.oving to how this escalating trade tension is weighing on the you when and other currencies, we are joined by senior currency strategist sean callow. i want to start by looking at what's been happening. the yuan has been in a trajectory since march of only going one direction. we seem to have slowed down that move. i'm going to bring this chart up from the gtb library. library. chinese investors are not dropping yuan denominated assets. , the was this huge outflow sale of chinese assets, and we are actually positive, at least we were in june. opped?e rot st >> certainly we got to a demarcation point. the storythink with this time last week from china that there would be probably know break, essentially you would have to be very brave to be still buying dollars close to seven against the yuan. that seems to be a line in the sand for now. the pboc has $3 trillion in reserves. you could be forced to push them on this. steps forrse, those requirements on fx forward, if there was not such a

let's go to our china correspondent tom mackenzie for what to expect.are you going to be watching for? particular lee interesting, given the change in the credit environment in china. starting to feed through gradually from the trade tariffs and trade war with the u.s. that's why we are focused on these banks. we are talking about the big four. the bank of china, icbc, agriculture bank of china, china construction bank. the results are expected to be relatively positive, particularly as a result of this place by policymakers to see more lending pushed out to the infrastructure sector. that is expected to have played into some of these earnings potentially of benefit.we have a deleveraging campaign and tighter rates earlier in the year. those are starting to soft in. the big banks also benefit because they have a massive number of branches. that is something smaller banks can't benefit from. that's a positive for them overall. we have seen assets up year on year by about 7.5% ruggedly in the sector. liabilities also rising a little over 7%. in capitalt's

tom mackenzie is watching all of this out of sean high, -- shanghai. we heard about talks being set up, but what happens now? tom: yes, it is far more about the action than the talks, isn't it? this is the second of this. 25% levels. not unexpected. we got a lift of 279 chinese products that will be hit with these tariffs, including things like steam turbines and motorcycles. we should expect china to respond dollar-for-dollar pretty quickly, today in fact, with their own $16 billion with of tariffs on u.s. goods. they made it clear they would retaliate in kind at this temperature. we are looking at the review process in the u.s.. ranging from potentially 10% to 25% on $200 billion worth of chinese goods. it ends september 5. after that, the tariffs could be imports. china has said it has its own list of $60 billion worth of u.s. goods that it would target if those additional 200 with the billion dollars -- $250 billion worth of chinese goods are hit. we heard about potential discussions at the lower levels, but no potential talks at this stage. it is a

tidjane thiam spoke to tom mackenzie.omies.ll-managed economies that have a current account surplus are public finances in order, and have significant foreign reserves. the market, when people fear contention. fore is no contingent well-managed companies -- there is no contagion for well-managed companies. have aecause they significant current account, and that makes them vulnerable. it is not because they are emerging markets. it is important to manage the fiscal situation responsibly. it is important to be in the current accounts office. of will find with a lot emerging companies, the ones that have pressure in turkey and brazil, have more fundamental -- [indiscernible] ] i met with all the senior authorities, and it is clear that argentina is a real challenge to deal with. but to extend that to other emerging currencies is too simple. tom: in terms of the contagion from turkey in particular, you think it is being overplayed? tidjane: exactly. i don't think there will be material contagion overtime. it is a strong, spon

we go to tom mackenzie in beijing. tom, how much do we actually know here?om: what we are hearing is that this is a proposal from the u.s. trade representative, as you say, raising the tariff levels from 10% to 25%. it is just a proposal at this stage, not baked in. there is a consultation and review process for the suggested tariffs of $200 billion on chinese goods. it is after that point at which we may get these tariffs imposed. of course the new element to the raise. what it means for china is it is ratcheting up the pressure at a time when we're seeing the already. being felt on the chinese economy it reduces the room for maneuver for chinese policymakers, and it is still not clear how the response should be. and interestingly of course, this comes after bloomberg reported that stephen mnuchin's people, the treasury secretary in the u.s., or holding talks with chinese premier leu ha, about restarting negotiations. did not know was the timeframe, we did not know the content of any additional talks, all of those things were still up for negotiation, but i

bloomberg's correspondent tom mackenzie joining us from beijing.ob parker,ie investment committee member, quilvest wealth management is still on set with us here. you had this conversation 20 years ago, even 10 years ago, to be highly critical of data gathering and policy of data, and also manipulation of data for the chinese economy. you cannot make that statement today. they have put huge resources into improving their systems for clarifying data statistics on the chinese economy. to answer your question, i have a lot of confidence in chinese data. 10 years ago i did not. this is a chart that shows the consistent growth story out of china. that is in there with the bloomberg measure. do you still look to alternative measures like electricity use and other factors to get a sense of chinese growth? bob: yes and no. it is because the chinese economy, like a lot of modernizing economies is changing to the extent that the service sector is becoming more important. if one looks at structural changes in the chinese economy, point number one, china is no

joining us now, tom mackenzie. good morning. sponse, what is in the response from china? to it for 10, isn't it? tom cole and it is. they hit back with their own said theyith -- they were forced to retaliate and said they will be taking the u.s. to the wto. in terms of what we are seeing from the business community, i am here in a metropolis in southwest china where there is a meeting of the tech ceos with policymakers also, western u.s. companies are meeting here as well. what we're hearing from the , he wasexecutives saying that the u.s.-china trade tensions are starting to have an impact negatively on technological innovation. other sentiment we have had talking to business leaders for the few weeks and investors is a concern not just about the thect on exports that sentiment toward chinese investment. whether that is the retooling of [inaudible] telecoms equipment maker and the illustration of how vulnerable some chinese companies are. the concern is that many have seen their stock prices pummeled as a result of the trade ten

tom mackenzie in shanghai. hong kong in the middle of its biggest summer for ipos, however of stock market has been lackluster with little to stoke excitement. let's get over to sophie kamaruddin the hong kong stock exchange. the debut has been marked by a lack of enthusiasm best far, why? i don't think sophie can hear me. why the lack of enthusiasm there for this particular offering, china tower. a couple of audio issues there. we can have a look at first word news. some of the stories making headlines, particularly having a look at the u.s. .iring another salvo here is first word news. >> the trump administration says it intends to reimpose sanctions and considering further penalties after that. the national security adviser told fox that any waivers will be few and far between. the renewed tensions are having an effect. speculation is rising that turkey will need to controls and a bailout from the imf as the currency reels from monday's plunge. the currency remains vulnerable as officials head to washington

i want to bring in tom mackenzie from china. pitting their hopes on the domestic market. ins us from beijing. onot of talk and propaganda domestic demand. can it really fill that gap? tom: that's the key question, isn't it? for some it looks like it could well do that. bloomberg has been speaking to the manufacturers of things like richer and seafood. strong domestic demand now and you have a middle-class in china. greater spending power. a competitive market but there is demand for high-quality products. you have an advantage because you can turn around and talked to your consumers and potential customers here in china. .ith the ability to shift consumption, household consumption in china has been growing. about 40% last year. that is well below what you see in the u.s.. but it is moving in the right direction. you hear from the likes of ing saying it will lift the veil on this shift to consumption in china. it could help to some degree at least. haidi: we have heard from chinese officials who have vowed to respond to each u.s. move like for like. toknow that this is goin

our china correspondent tom mackenzie is watching this in beijing. this a change in guidance from the abuse -- the pboc? tom: ittom: -- tom: it underscores what we have been talking about. one line was saying the monetary policy should ensure that there is a balance between tightening and easing. said, they stressed he irrigatione massive the way they described it. challenge,cing this ensuring that those get cap under check. it is a balance that is tricky but they are reaching high quality growth. , they will the yuan not step in a must there are massive fluctuations. yvonne: if the focus is supporting growth, how does this affect the credit environment? data out aboute new loans. that was interesting. it was up about $91 billion year on year. particularly out of this what was of interest to the infrastructure sector. it came in at 25 billion. that was a noticeable pickup. industrial production and resale is expected to pick up. it will give an indication of how much emphasis they are putting on the growth environment. still with us out of singapore.

tom mackenzie joins us from the smart china expo.ent relates tie the boat -- tie the bow? it is really at the heart of the frictions between the u.s. and china. the frictions around china is industrial policy around upgrading sectors to ensure they are competitive in fields where they as -- expect to see the greatest efforts and revenue streams of the future. things like 5g and big data. like autonomous vehicles. almost topics are being discussed here. got the local government and central government representative along with the rabbit sector the chinese private sector. the big heavyweights in the tech world. then you got the international representatives, top name executives from companies like intel and cisco and microsoft. they are all here as well today discussing those issues. they want to have by and despite the flexion between these two countries. areareally speaks to an that has yet to be resolved. china is showing very little sign that it is backing away from subsidies and some of these areas. it wants to promote these secto

nejra: that was tidjane thiam speaking to tom mackenzie in beijing. does not regret appointing jerome powell as fed chairman, even after criticizing interest rate hikes by the fed. he made these comments and an exclusive interview with bloomberg in the oval office. andl with us is james athey christian keller. everyone had stars in their eyes at jackson hole as jerome powell spoke. james, you want to focus on what bloomberg is calling the financial stability star. a different picture to the neutral rate? james: yes. i read that article a few days ago and it was a bit of a hallelujah moment. to me it is a philosophical question. this is not about the academics ,nderlined, the economic theory this is about the notion of making decisions under uncertainty. what you can and cannot know. what we have seen in the build up to 2008 is that inflation is not a sufficient measurement of the potential for instability to build up in the system, potentially -- particularly in financial markets. i find it difficult to separate the notion of monetary policy and finan

rishaad: starbucks chief kevin speaking to tom mackenzie in shanghai.king at japanese stocks as we head toward lunch break. selloff in this part of the world. disappointing earnings not helping. they are weighing on sentiment. nejra: -- sophie: when it comes to laggards, dragging on it. electric falling after reporting double-digit declines in first-quarter profits as concerns grow over its optic and electric cable units. kobe maintains a profit outlook which was disappointing and cut the outlook for its steel business due to lower sales. -- afteruter fallingo operating profits through the first quarter, only 19% of its full-year target. looking at the broader nikkei 225, i want to highlight the financial space. one of the bright spots, up one third of a percent with banking stocks climbing to a 2017 high. that is a snapshot of japanese markets. this is "bloomberg markets: asia." ♪ phones have 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 m

let's go to tom mackenzie. the president claiming to have the upper hand on china. tom: that's right. the president saying the tariffs are working big-time. he also said they were the measure that were going to take action and make an impact on china. he hit again at the deficit. take a look at what he said at this rally in ohio. trump: $500 billion. we have really rebuilt china. we rebuild -- it is time we rebuild our own country now. if the president is talking about the deficit, it is not quite $500 billion. it was interesting to hear from him pointing out that the u.s. equity market is weaker. he said that was a point of leverage that showed that the u.s. had some pressure to bear on china. he suggested these measures were starting to work. the lines out of china on friday evening, outlining this list of retaliatory tariffs. in ine both sides digging terms of these trade tensions. ramy: beijing has responded with some kind of number. what are the details? this is targeting $60 billion worth of u.s. goods. they would kick in after the u.s. imposes its $200 billion

tom mackenzie joins us from shanghai. what comes next after china runs out of u.s.t tariffs on. tom: that is the key question. this is what you get here from the officials but from business leaders. almost a sense of resigned fatalism that the tariffs will continue to play out. that is a concern for both sides. china said surprise, it would hit back with $16 billion as the same time as the u.s. one minute after the imposed its additional tariffs. 333 products will be targeted by the chinese including: cars and medical devices. a broad range. we're looking at getting toward the end of all this having $50 billion worth of goods with additional tariffs baked in and then you are looking at as early as a month later, even sooner, the middle of september. -- could be getting $250 $250 billion targeted and u.s. goods being imported to china that will be targeted. come into the middle of september. outlined in terms of global gdp, you could be looking 0.7% to global gdp as a result of the trade war. you could be looking at it -- a cut of one point 3% by 2020 and u.s. gdp by

a trade were with the tom mackenzie joins us for more. cymakers turning to a familiar strategy to promote growth schemes. tom: certainly, this has been building the left few weeks, the -- the last few weeks, that they are using this lever they have used before, juicing the economy by reducing ever structure spending. -- by increasing infrastructure spending. regulators saying the financial sector, banks and insurers, to make sure credit and funding is going to viable projects, infrastructure projects. if you bear in mind, for example, infrastructure spending is about a quarter of the level so far this year compared to 2017 and that the fixed asset at the slowestow pace in 2018 for almost two decades and policymakers would point to those and say there is room to maneuver. bankslso stressed that are going to export oriented sectors and the agricultural sector. it seems the trade war is on the minds of policymakers. vice president of the national reform commission must we can he said the biggest downside risk for the second half was this trad

that was coffee box ceo speaking to tom mackenzie.k check of business flash headlines. indian oil posted a 50% jump in quarterly profit. that is converting crude into fuel. the net income climbed $999 million. it is benefiting from rising domestic oil consumption, which expanded for a 10th straight month in june. equal sales surged and economic activity picks up. haidi: [indiscernible] from a year earlier. deliveries rising with demand from consumers, mainly power parts. income rose to $500 million from $340 million a year ago, but it was below average estimates. coal india is benefiting from the increasing demand for electricity. ramy: china says the government is trying to ease liquidity risks in online lending platforms. the news have identified problems, and local authorities have taken measures to maintain stability. regulators will help with mergers, assets sales and will crack down on the exit of 120 p tempe lending platforms in july. -- malicious exit of 120 p2p lending platforms in july. haidi: looking at what we are opening

ramy: tom mackenzie with the latest between the u.s. and china. breaking news crossing the terminal, saudi arabia has said is canadian envoy in riyadh unwelcome. this is according to the present is she -- the the press agency. quotinginvestment, also . saudi arabia has recalled its ambassador from canada. this may be related to a detained blogger that has been covered in canadian press. we want to get confirmation on that, but we are looking at these lines crossing the terminal that we do know saudi arabia said it envoy is unwelcome and frozen all trade investment with canada. moving ahead, three months after president trump's decision to exit the iran nuclear deal, people are bracing for fresh sanctions. joining us is bloomberg editor ros krasny. what areas will be targeted by these renewed sanctions? ros: good evening, ramy. the first round of sanctions which go into effect on monday into tuesday cover iranian trade, automobiles, certain elements of trading in the dollar as well. it bans iranian products like carpets and pistachios coming into t

he outlined his bull case for chinese stocks in an exclusive interview with tom mackenzie. >> we aresh at this moment. we think the market has overreacted to the u.s.-china trade dispute. there will be more opportunities than risks, because the market discounts too much bad news, the cycle has been so weak that they turn a blind eye to policy development. there has been a major policy shift featuring slowdowns in deleveraging and an extension of fiscal steps. i think those changes should have quite a policy impact down the road. >> how do investors position in this environment? where are the opportunities? >> we think the market has priced in too high risk for finance of crashes. that reaction has been overdone. we are increasing our risk exposure by taking our positions on major stocks whose long-term investors remain unchanged, and become more interactive after a selloff. we like financials, we like independent power producers, consumer discretionaries. we also like manufacturing for machinery, homemade technology. >> the japanese telecom and tech firm softbank made plenty of headl

that was tom mackenzie's exclusive interview with the head of china's national bureau of statistics,s he expects the country to exceed its growth target this year despite the threat of a trade war. time to revisit the wide open spaces of jackson hole am aware financial leaders gathered at the annual economic symposium. bloomberg spoke with top officials from the u.s. central bank, starting with the kansas city fed president. >> i agree the economy is doing well, and based on what i see today, i think two more rate hikes could the appropriate, but i am mindful that at each meeting you have to recess and what are you seeing in the data, what are you hearing from your constituents, and make the decision at that time am so hopefully everything holds together. >> would you say the committee is coalesced around that view? plot,you look at the dot it minutes, the statement, would suggest there is a degree of consensus around the state of the economy, but within that committee, you will get differences on how many rate hikes are appropriate. >> you were worried about the pace of growth and i

rishaad: tom mackenzie in shanghai. , china banking corporation. up 2.1%.his is one of singapore's big three lenders. we had you will be and dbs reporting -- uob and dbs reporting. profit beating estimates as lending income increased and alone allowances -- loan allowances fell. expected to hold. last week it was cut to neutral at j.p. morgan. the stock fell the most since february. , they work tosmc recover from a computer virus. there is reduced revenue because of the impact on factories. this is the first time a virus has ever brought down a facility, and the incident underscores the vulnerability of the global tech supply chain. i want to highlight hirose up after their profit missed estimates. sluggish sales are leading to weak sales on all applications at hirose. haidi: let's get you to first word news. arabia and canada, the latest x -- the latest escalation. its ambassador to canada. criticizedcanada saudi arabia's arrests of activists. killed in af people powerful earthquake in indonesia has risen to 82. the magnitude seven tremor struck a week aft

guy: i was listening to our correspondent tom mackenzie who joined us where there is a big tech eventing place. the tech superstars are there from china. what he was saying and what he was hearing is that they are concerned that while the trade story is manageable, it is the impact it is half inning on innovation is where they feel the damage will be done and that is where maybe the relations do not reflect how the trade story is going to impact the bottom line. i think you are exactly right. i do think when it comes to chinese tech, the animation is still there and the chinese fenced thehas industry that we should not see too much impact from the trade war moving forward although it is a sector that donald trump is keen to put under wraps as it threatens the u.s. dominance in terms of the technology space. tencent,nal question, alibaba, these are massive stocks with a huge impact on emerging markets. they make up such a huge weighting in those portfolios. in difficult is it to invest a.m. elsewhere with what is happening with these stocks? with what is happening with alibaba, with te

guy: that was the credit suisse speakingane thiam exclusively to bloomberg's tom mackenzie in beijingteresting what he had to say about what is happening with the market reaction to out of europe. this talk about the stock stories we need to focus on now. coffeead is selling its to coca-cola. sage down by 8%. up next, the bank of finland's governor, olli rehn, an exclusive interview with matt miller. this is bloomberg. ♪ matt: welcome back to "bloomberg markets: european open." made,rst trade deal ever in an exclusive oval office interview, president trump threatens to leave the wto. president trump: i would say the wto is the single worst trade deal ever made, and if they do not shape up, i will withdraw from the wto. the president also tells bloomberg he thinks the eu is as bad as china, only smaller. we will get europe's response we speak with olli rehn, governor, bank of finland/ . ugly augustand for emerging markets, contagion world cann if the withstand escalating trade tensions. short-term,the there is a strong and spontaneous reaction. matt: good morning, welcome to "bloomberg

tom mackenzie joins us from beijing. tom, what else did we hear from trump on china..y the optimism surrounding these talks that kick later this week. overso took aim at china what he says is currency manipulation. that puts them at on's with his own treasury secretary or treasury department who put out a report in april where they did not label china as a currency manipulator. from the chinese perspective on , i spokede tensions exclusively to a policymaker in china. he is the head of the statistics euro. the major state planning agency. right at the heart of these discussions. said that the trade tensions do pose a serious threat to china's economy. the exports from china to the u.s., 40% are made a foreign companies. not -- not only chinese companies but american companies in china will be affected on the restriction. meanwhile, u.s. exports to china have seen double-digit growth in the past four or five years until this year. for u.s.al trend exports to china is very positive. the broader quick to learn -- the broader concern is that beijing could start to target

rishaad: that was the head of china's national bureau of statistics speaking to our very own tom mackenzieke a look at some of the movers, 20 minutes into the trading day in hong kong. indeed, in shanghai. what if we got so far? a lot of companies reporting. ophie: china -- among them after posting a strong first half which prompted the telecom. wuxi biologic. earlier the ceo said the drugmaker is aiming for over 60% revenue growth in the next two years, given the huge medical need in china. glass gaining ground, the most since 2016. delivering strong first half resolved. and we are seeing cspc pharma lead gains on the hun sen after first-half net income rose 40%. 34 buys on the stock compared to one hold. haidi. haidi: thank you so much for that. some of the movers. let's take a look at what some of the stories trending across the bloomberg universe on the bloomberg terminal to subscribers are reading about why banks are giving tellers razors instead of firing them all. takes plain how fashion companies are turning to southeast asia for production with tariffs hitting chinese made goods.

tom mackenzie joins us now from shanghai. the selling pressure did not abate for long, did it? tty short-lived. you saw bit of strength yesterday, and it eased off and ended slightly weaker by the end of the day. in terms of the string hike opposite, that -- shanghai composite, but closed down. again, there is this caution amongst investors. wariness particularly about those trade tensions. we did have that announcement out on friday just before the list of $60 billion worth of u.s. goods china is looking at targeting which came out, and the move by the pboc to make it more expensive and short the yuan does not seem to have put much of a floor under the currency for very long. that is what many of the in 2015.had told us it is interesting that we have pboc speaking to one of the newspapers, saying that we are not going to get to seven yuan per dollar at least in the short-term. that is a key psychological level. and also, that is a line that others have pointed to as potentially a line in the sand. we have had previous lines in the sand that have been crossed. interesting to hea

tom mackenzie joining us with more on this. can the stability be sustained? will probably avoid going through the seventh level for the time being. of course we have continuing pressures from the trade war, the slowing economy longer-term, which will continue to put pressure on the chinese currency. for now at least we have the cyclical factor reintroduced on friday. the currency stabilized on monday. we have 13 consecutive days where the fixing has been stronger than expected. we have had additional pressure on the pboc, putting pressure on banks to avoid earned behavior when it comes to fx market. measures to make it more expensive for hedge funds the short the currency. analysts saying it is about avoiding breaking through the seventh level. it may also be something of a nod to president trump, who in the last few weeks has accused china of being currency manipulators. they don't want that to be a headline as they continue to look for potential openings to restart talks. the talks failed, but they don't want to exacerbate tensions. that appears to be the l

let's bring in tom mackenzie, watching these events out of beijing -- what has been the main focus ofhas been a tosion from a prime minister reach out to chinese investors and business communities. despite that criticism and despite our reservations about the belt and road initiative and that infrastructure in malaysia, malaysia remains open for business. we heard yesterday when he took to the stage with jack ma, the best-known chinese entrepreneur and took questions about the business environments, this has been part of the mission, originally on friday evening, whered the headquarters they signed the deal around the elation carmaker. now they are meeting with the prime minister and is expected to meet with xi jingping this evening. but that has been the main message.we do have reservations about these major product , particularly the review that's going on a $20 billion rail line that has been supported by china in malaysia. there are sectors in malaysia where we welcome chinese investment. as long as it is sustainable and as long as it includes elation productivity, that has been t

tom mackenzie in beijing. coming up, overseas acquisitions by chinese companies have been falling. next. ♪ >> this is daybreak asia. >> let's do a quick market check based on what has been happening over the past three or four hours out of washington, d.c.. we did see a bid for some safeties. let's look at the bloomberg dollar spot. we can see it is meandering right now around the 1180 mark. it had been weakening over the past few days with regards to hopes for u.s.-china trade tensions coming off of oil. we will also take a look at what's been happening in terms of the u.s. treasury 10 year, specifically. on, butt was very risk right now, we can see folks have actually started to come back into the 10 year. let's take a look at u.s. futures. the s&p 500, pretty much near session lows for the futures session, down by almost 0.5%. similar numbers for the nasdaq dow.e >> let's take a look at the m&a space. pricewaterhousecoopers says china's m&a activity has declined for two straight years. down by 18% in the first six months of 2018 to it total of $348 billion. joining us now is the

haidi: that was the coffee box ceo speaking to tom mackenzie about their expansion plans and ambitionstake a look at what is coming up. asia will speak to bluescope's ceo about the better than expected full-year net income. let's look at the markets at the moment. we are seeing the contagion from the selloff in the lira really taking place when it comes to the emerging markets. it is really the extra pen currencies -- the ex-japan currencies that are suffering. is june 2016 as well as the last of the rupee ahead of that central-bank decision. there is plenty more to come in terms of bloomberg markets. we will be around the sour. this is bloomberg. ♪ >> it is all about currency today, particularly emerging markets. , turkey'sxtending president accusing washington of attacking an old ally. used says it will not be as a weapon in the deepening trade war. standards lowest in three years, new focus on wednesdays interest rate decisions. breaking the glass ceiling and malaysia through the country's domestic investment bank, now run by women. ♪ >> i think we're talking emerging markets, are w