nejra: let's move to tom mackenzie in beijing.y markets in china tracking what the rest of asia is doing? is there something specific we should focus on? tom: it is the geopolitics it seems. csi 300 of by 1%. we had a pretty solid day in terms of the close on tuesday. it is a bit of a reversal of that. there's a question about china's dependence on oil and the fact that prices are higher might be a drag on the economy. suggest asiats could be a safe harbor if geopolitics in the middle east continue to unravel. tensions continue to escalate. you have the central bank proving relatively supportive. picking upng is little bit. inflation data out tomorrow. in terms of the currency, that is essentially fln today's session. in terms of the shanghai you will be surprised to hear that the energy sector is eating out some gains here. up about 2/10 of 1%. nejra: thank you. anne-marie, speaking of the energy sector. oil. annmarie: we broke through $70 on brent. atns -- i'm also looking currencies and a basket of access that are sensitive to

let's go to tom mackenzie and david ingles. om and shanghai with the ubs conference. tell us what we can expect. tom: we are talking geopolitics, u.s. china trade, financial markets, the opening and china. this rally we are seeing. we are going to kick it off with david chin, the head of investment banking in the aipac region for ups. we are going to be speaking to graham allison, a professor of government at the harvard kennedy school, author of the book "u.s. and china: can they avoid the thucydides trap?" can they send off the competition from the likes of impossible and beyond meet? we will also talk with the chairman of frontier biotech. david ingles is in hong kong. what have you got for us today? david: good morning, everyone. it is the 13th edition of the asian financial forum. on top of the usual topics of growth challenges and risks to their broader industry, and a lot of people are traveling, maybe for the first time, to hong kong since the social unrest began months ago. that is a topic we will bring up with a lot of

tom mackenzie is standing by to .alk with our next guest tom. thank you very much. by the chairman and advisor. scientific explain to us what it is they do. what is the focus for your company? >> thank you for having me here. .t is science driven we are about 18 years old. development,ars of we got our first product approved in 2018. it targets hiv. china's first new hiv medicine. tom: what is the demand? hiv as an issue is clearly a focus for your business. how much of that is demanded driven across china? what other areas could you tackle? the program, the government has achieved a lot of success. but weng free medicine, also see a continued growth of it and people. patient needs to take the drug for their life. when their treatment continues, there are a lot of complications. they are a very fast growing population. safer and more convenient to use. tom: what other drugs do you have in the pipeline? drugs.ave two other both are in phase two clinical trials. scientistsated with from the rockefeller region. we combine that with our currently approved drug to make o

sejra: bloomberg' anchor, tom mackenzie.n will be traveling to washington for the signing of the trading deal. the visit had been rescheduled the cause beijing did not expect donald trump to unilaterally declare a date or two agreed to endorse the deal if beijing was unavailable. kokou agbo-bloua is still with us. is signing of phase one katy. over the weekend, china pledged to step up measures to shore up its troubled banks and small businesses will continuing to crack down on property speculation and shadow banks. how do you see this unfolding? a huge amount of pressure on the chinese economy as a result of the trade war decisions in 2019. the chinese economy clearly relies, even though it is mostly now increasingly consumption driven, it still has exposure to the global economy and exports etc.. in terms of the bargaining power, the chinese will want to have a deal as soon as possible. that being said, they still have many ways to cushion the blow from the trade war with the trouble are cut which they have a lot more room

the: tom mackenzie with first word news update from beijing. biggest names are gathered in davos to talk about trade, globalization. haslinda amin has another guest. haslinda: joining us now is the ceo of xiaomi, chew shou zi. talk to us about your international plans. are you planning to sell smartphones in the u.s.? chew shou zi: it is a great pleasure to be here today although it is cold. iss is the first time xiaomi representing itself at the world economic forum. our revenue in the third quarter of 2019 from overseas markets is at about 49% of our total revenue. and our total revenue outside of china is now close to $10 billion. we are now truly a global company. we wanted to come and share this with as many partners as possible. haslinda: are you thinking about selling 5g smartphones in the u.s.? willshou zi: the plan revolve around markets in india, elsewhere with an emphasis on western europe including spain, italy, france, and germany where we are picking up very good traction. haslinda: what is good traction? chew shou zi: in western

manus: tom mackenzie has been on the ground. he is our china open's coanchor. you this morning. progress in terms of opening up the financial sector, myth or truth? tom: it's true. this is one sector where there is concrete evidence that things are moving forward. the timetable has been outlined by lawmakers and officials, policymakers, and it is being implemented through 2020. those foreign investment banks will be able to have majority ownership by the end of this year across areas like asset management and futures and securities, and that is why you are seeing the likes of ubs and others all doubling down in terms of expanding their footprint in china. we were speaking at this ubs greater china conference. they say they are confident that they can double the headcount between now or in the next three years to five years. there is this fight for talent. we are seeing it with goldman sachs. they came out with a line saying they will double their headcount over the next five years to 600 individuals on the mainland. j.p. morgan is expanding their offices in the

let's get to tom mackenzie in beijing. actually shanghai, but you are not far off. november was the weakest gdp on record. we are matching that. got in terms of breaking it down. stronger then expected. it is year on year for the month of december. in terms of fixed asset investment, we are looking. investment for december. context stabilizing. of the early indicators are looking robust. -- of course, some of at the localimulus government level, supporting fixed asset investment. we are looking at the bottom of this slow down. let's send it to our next guest. -- next guest. theuse i would say that december number was picking up further. especially with the help of more , i would say that we are turning more bullish. it is the second-biggest in terms of growth over the last two years or so. can you elaborate? >> we have seen that ip demand picking up. more demand coming out from southern china. been drier than usual. people are waiting to frontload some of the orders, particularly early this year. you probably need to get most things done in the fourth quarter. into

that is tom mackenzie live from beijing.tay with some of the stories in that part of the world. authorities in australia are counting the costs for the devastating bushfires after one of the worst weekends in the crisis so far. hundreds of properties were destroyed southeast. firefighters are still trying to extinguish about 200 fires before the weather conditions worsen again this week. editor forg australia eddie johnson is following the developments from sydney. give us the latest where the fight against the fire stands. it wasr: as you say, another devastating weekend in australia. two people died on kangaroo about one third of the island was scorched by wildfires. another person died in new south wales. tot brings the death toll six since the fire season -- that brings the death toll since the fire season started to 23. we have seen more than 12 million acres of land destroyed. the 2018lutely dwarfs california wildfires, for instance. 12 million acres, that is massachusetts and vermont combined. there is one fire northw

haidi: let's bring out senior trade editor sarah mcgregor and our coanchor tom mackenzie. you,e start off with sarah. was there anything surprising when we got the text of the deal ? sarah: it did outline the specific purchases china is going to make. things like manufactured goods. that is over two years. there were details about that that i think shed a bit more deal,on what is in this but how it is going to happen is the big question. chinahard to imagine forcing its companies or importers to buy american goods and how that will take place. that raises a big question. what else we learn and what we expected all along is that the u.s. is going to hold out this threat of escalating tariffs if china backtracks on some of its commitments. there are timelines over the next few months. there were a few more details. nothing too surprising. at the end of the day, everyone agreed the deal reduce tensions but does not achieve a lot of what the trump administration set out to do, which is crackdown on ip theft and forced technology transfers. haidi: to sarah's point, they did say

let's bring in tom mackenzie. he is -- he spoke with the allianz ceo. ver baete in an exclusive interview, the ceo of allianz, and the also have the finance arm that includes pimco asset management. in terms of his reaction to the trade deal, relatively optimistic but wants to go through the details and look at the implications. the reason he was in shanghai is the same day the trade deal was signed is that he is officially opening the first foreign-owned insurance holding company. toianz thinks it allows them take parting opportunities on everything from property to casualty insurance on life insurance and asset management. he things that is crucial. but to get that and take part in those opportunities, they need more licenses. and that is part of that face-one deal, pressure on china to speed up licensing in the financial industry. so the implications are significant for him and his team. take a listen to what he had to say about the trade deal and the opportunities in mainland china. olvier: the good news is that we finally have some agreements betwee

joining us is tom mackenzie. this comes ahead of tomorrow's signing of a trade deal. s the main set up time this move? -- set up behind this move? tom: it is a nod towards those trade discussions. course we will remember the label was put on the chinese , despite thet course -- the fact that china didn't fit the criteria for currency manipulator and that label. but trump went ahead and pressured mnuchin to do it. now they have removed it again. beenrms of what we have getting and hearing from the experts on the ground, this is more symbolic, but what it does boostd the sentiment -- the sentiment. we have seen it reflected in the currency which has strengthened to around 6.88, the highest in six months. there was a question of trade talks moving on, if they progress smoothly. economists are revising estimates. 6.8 and seven by the end of the year. nejra: also the impact on the trade war it has been having on chinese imports and exports grew we have the data for 2019. if there is one story, there is another if you look at the relationship between the u.s. and china speci

he spoke to tom mackenzie in shanghai. actually china, and i wish the u.s.mitted to multilateralism. most of the things the chinese , is that itoes applies everybody. my assumption is they promise, whatever they do they do in a multilateral way. i am optimistic. deals lastke two year in brazil in china. you have excess cash on the balancefind appropriate targets? >> we have high valuations in all asset classes. some people are saying we have overvalued assets almost everywhere. when an investor comes to our bank and says we have a beautiful insurance company, can you buy it, it is relatively cheap. that means relative to other listed companies, not that it is expensive relative to its cash flow generation. we are disciplined to put our money to work on behalf investors, and we have looked at opportunities. few have made it in terms of financial returns relative to the risk involved. we remain disciplined to deploy the capital of are investors going forward. tom: which regions are you looking at for dealmaking? globally valuations are very high. what we look

yvonne: let's get to our coanchor, tom mackenzie. he was at the conference in shanghai this week. ecord turnout. where do we stand when it comes to these restructuring plans? tom: we are primarily focused on the wealth management side of the business. asked byohead has been the group ceo to come up in 60 days with a plan to reduce job counts and restructure the board of business. as a consequence, this is what we are seeing. 20% of some european teams are being cut. restructuring will start tomarily in asia, trying strip out some of the senior management to bring clients closer to top decision-makers. there has artie been job losses in europe, maybe more to come. it's about bringing clients close to those top decision-makers, according to our sources. we may be looking at job losses of 500 people. from managing directors all the way down to assistance. it follows a decades of thousands of job losses at ubs as they try to pivot away from investment banking and focus more on the private banking side of the business. david: let's talk about hiring trends in china. exactly is ubs hirin

i'm tom mackenzie. yvonne: i'm yvonne man. we are counting down to the open of trade.d ingles. the japanese yen weakens as a currency manipulator is removed. yvonne: markets reopen in manila after monday's temporary halt. a volcano continues to rumble, causing thousands to leave their homes. david: the world's -- to

taylor: that was zhenmeat co-founder vince lu speaking with tom mackenzie. hear about getting closer to silicon valley leaders. tesla shares today topic $500 -- topping $500 for the first time after oppenheimer raised its price target. china's government signaled it would not continue to cut ev subsidies at the same rate as last year. this is bloomberg. ♪ taylor: facebook former general counsel will oversee t-mobile's acquisition of sprint if the telecom deal closes. a federal judge approved the justice department's appointment as a monitoring trustee. he faces a federal antitrust lawsuit. he has done several corporate counsel positions, most recently for facebook. attorney general william barr has requested apple to provide access to iphones used by the gunmen in the pensacola naval base shooting. he says it was an act of terrorism. it is an escalation of an ongoing fight between government and big tech, pitting privacy against national security. apple has given information for the icloud account but has refused to open the phones. a top executive says ipho

the signing of a so-called phase one trade deal chamber 13 -- our correspondent tom mackenzie's joinings from beijing. come, this keeps to really busy. what is the latest we can be sure of? the latest reports, kathleen, chinese were once again taken by surprise by president trump in particular that he was planning to sign off on this phase one deal in the white house january 15. the chinese delegation have in planning for earlier than that. they discussed this over and .fternoon they came to the decision they would do that. they will be flying out on genworth 13th. the chinese will fly back on january 16. and of course, what we know in terms of details, broadly, is there is a commitment from the chinese side on purchases, currency, and keeping the currency in the spotlight for both sides. and of course, changes to things like intellectual property. we do not have the exact details . president trump suggesting he might fly over to china to negotiations. those may be the really tricky ones. but so far, it seems like january 13 will be the time when the chinese delegation will be in d.c. c

tom mackenzie joins us. he is our china open anchor. good to see you. said, but how has it been received in china? just on the surface, you look at this deal, you have to think that at this point, it looks like a win for the u.s. when you go to that link, the tariffs remain in place on most of the commitments in china, from energy to manufacturing to commitments you got on licensing from insurers to the banks. we got nothing in terms of huawei or china's tech sector and you do have an enforcement mechanism, but, and here is the caffe out. when you start to tread -- stress test some of those commitments in china, it becomes apparent they were already part of the policy agenda here in beijing, in china. that was already part of the plan. in terms of some of the commitments around enforcement of some of these issues, some of the licensing, again, that dovetails with china's concerns. what it does is by china time. of course there is initial relief that they don't get initial terrorist put on some of these products and they can work through some of the issu

let's get to tom mackenzie, looking at the numbers and digging into the details. he is our anchor of bloomberg's china open. should i dig deeper beyond the headline or be comforted by the fact that there are fairly robust numbers at the top level? tom: they are fairly robust as far as export-import. 7.5% for december, well above the estimates. imports coming in above 16%. over the year of 2019, china still managed to grow exports globally by about half of 1% despite the trade engine with the u.s. these are probably positive numbers, the question is how long can they be sustained for given that tariffs to remain on a large chunk of chinese exports to the u.s. sentiment does seem to be improving. maybe q1 will remain positive. toward the second half of the year is when the questions remain. a lot of that will come down to the trade talks. another section will come down to the global demand picture, whether that can maintain the momentum. nejra: thank you for joining us. theing us for the hour, chief investment strategist at northern trust asset management. we are he

they joined tom mackenzie shanghai on how competition for the market is shaking out in china.the government definitely wants more plant intake or consumers, chinese consumers. also, unfortunately, we had last the event that doubled the effect of the plant-based food sector. a lot of food companies are noticing this new area. like our competitors in the u.s. like beyondmeat and impossible foods, they have done very successful marketing and product development in the u.s. market. so, people are expecting if there is a company or a market for china. tom: do you have an estimate for the value of the market in china over the next five, 10 years? is there a dollar number you are putting to your investors? vince: it is hard to tell right now. what we have is a very solid prediction. in china, plant-based milk or drinks is about 15% of the dairy market. if plant-based meet could be up to 15% of the meat market in china. tom: you were talking about beyond meat. they are knocking at the door of the chinese market but they do face some regulatory hurdles. how can you be in a position to

[indiscernible] that was the governor of bank indonesia speaking to tom mackenzie.ead to mumbai now because indiana's -- indiana's cash markets have just opened for the day. we saw equities yesterday rise, and i'm looking like there could be some gains in india despite that selloff across the rest of asia. >> that's absolutely right. good good morning to you. after a strong rebound in yesterday's session we are looking -- a flat opening, i would call it. it's also a day for monthly contracts to expire. there could be some volatility which could be seen in the markets. as we speak, nifty is trading below. sensex opened about 90 points giving away the gains from yesterday. for the broader markets which have outperformed so far in the month of january, a negative start. five nifty companies are slated to come out with numbers. be heading into the union budget on this saturday. close to february, the markets will take cues from that as well. kathleen: what stock is at the top of your watchlist today? >> we're watching out for -- they came out with a strong set of number

nejra: china open coanchor tom mackenzie, great to have you with us.ore we continue, i have just got to break you corporate news. so -- ericcson with a beat on the quarter net sales. the 2020 restructuring charges are estimated at 1% of sales. on the full year dividend per share, we get 1.5 swedish krona. the estimate was 1.23. that is higher than expected. is keeping its targets for 2020 and 2022 unchanged. a couple of the other numbers, fourth-quarter adjusted growth margin, 37.1%. the estimate was 37.2%. fourth-quarter net sales at 66.4 billion swedish krona, estimate 66, so kind of meeting estimates ever so slightly better. eric ts were saying that sson might see a sluggish start to 2020. the ruling on the merger between t-mobile and sprint. the coronavirus has now spread to singapore. the prime minister told bloomberg more international collaboration is needed. >> it is an example of why countries need to work together. you may wish to bd globalized -- be de-globalized, but the virus is not going to be. it seems to have emerged china, butn wuhan,

anger over the spreading virus, even after it took unprecedented steps to slow the outbreak, and tom mackenziejing for us. tom, thank you so much for on what must be a friday evening for you. a, media is reporting at least 26 deaths as a result of this virus, 887 confirmed including beijing and shanghai, traveling to the city wuhan, hand come -- which is the epicenter of this virus, the corentin themselves for two weeks, 14 days. least 10 in the province have been effectively closed off, all travel in and out of those cities have been incurred. you're talking about a population of almost 30 million people whose movements now are being curtailed as the government tries to get ahead of this crisis. there are real and significant question marks as to how effective that will be. you talk about the anger and concern in china, there is a lot of anxiety as people are celebrating the new year with their families. of course millions of trips across china and the region. but there is discussion online about how the local government at the heart of this issue, reports about how some of the virus outbreak

anna: tom mackenzie joining us there with the size and scope from beijing.t up, we will speak to the access ceo. that interview from davos, next. this is bloomberg. ♪ matt: welcome back to the european market open, we are a half hour from cash equities trading in europe. equity index futures are gaining significantly, it is the last trading day of the week and dax futures up their appointed percent. let's get the bloomberg -- futures up 0.8%. billion --p of $10 the chemical giant is setting aside $8 billion to resolve cases and $2 billion for future claims. by declining to comment under the terms of negotiation, 85,000 suits may come within the month. malera of the all-white board may be coming to an end. goldman sachs will not do business with companies if they lack a director who is the male or diverse. women onachs has four its 11 member board. awardedmon has been $31.5 million in compensation that includes $25 million of stock. million in cash. he has run the company since the end of 2005. they sell record profits for the second year in a row. anna: than

tom mackenzie has the latest in beijing. is the breakdown, and what are chinese health officials doing with this latest information? tom: it really points to the key reasons for heightened concern. one is that health officials have determined this is being transparen -- transmitted person-to-person. number two we are in a period where hundreds of millions will be traveling for the chinese new year, potentially 3 billion trips across the country and outside of the country as well. in terms of the numbers, the cases were already at 200, according to officials. there have been cases in everywhere from the source of beijing, quando, south korea, japan and thailand. you see increased screening at airports and ports in railways airports like san francisco, los angeles, new york as they expect hundreds maybe thousands of visitors from mainland china to be heading to countries around the world for the spring festival holiday. stepping up the screening. the concern is the transmission rates will pick up significantly as the number of

the university of -- do not miss our chat with the bank of indonesia -- hosted by tom mackenzie, starting9:05 a.m. 8:00 p.m. in new york. and you can watch the .onversation at five -- live go apple is now being ordered to pay $838 million in a patent infringement case. they say they will appeal the verdict. we will have more on apple next with an analyst. this is bloomberg. ♪ taylor: this is "bloomberg markets." i'm taylor riggs in san francisco. paul: and i am paul allen in sydney. shares of apple continued to rise after reporting unexpected revenue in the holiday quarter, more demand for iphones and wearable devices as well. wall street was positive on growth in china as well as the outlook from the second quarter. we are joined by robert mueller to discuss. anks for joining us. we will start with the china story. apple was a distant fifth in the market. single-digit market share. is the optimism misplaced? >> no, you have seen the declines year-over-year and it is nice to see an uptick there. i think there are worries about the coronavirus, what it will be doing to demand, but it is a

tom mackenzie joining us from beijing. we go back to sophie and hong kong for stock movers early. who is leading the pack? sophie: i want to talk about what is on the decline, qantas falling after canceling flights aze created by h the bushfires. this one rising 2% as bullion, having a solid start to 2020, extending gains. looking at a rise for gold which has climbed 2% as i hit at the highest level in six years earlier across 88 an ounce level. palladium seeing a jump this morning, extending its record to cross $2000 and out after it had -- an ounce after it outpaced precious metals. this is bloomberg. ♪ ♪ haidi: a quick check of business flash headlines, tesla delivered a record 112,000 vehicles in the fourth quarter and is predicting growth in china after beginning battery production at the end of december. it says it will be able to triple production at its shanghai plant to 3000 cars a week. the stock is storing to an all-time high friday. it is near and $18 billion market cap, almost double. kathleen: mercedes going

in beijing, singapore.d i'm tom mackenzie. i'm yvonne man. top story oday, the u.s. ordering more troops to the middle east as general.rns its slain oil prices easing below $70 and at a high.s step up china vows to to start banks and cracking down on shadow lenders. continues to t take a toll on the economy. we'll look at the rising pressure on

tom mackenzie from shanghai, dani burger previewing u.s. - news, and news that in the banking sector. with the erupting volcano, joining us from the philippines, claire. tom, let's come to you first. the arrival in washington today the trade deal. this trade deal is expected to be signed on wednesday. the chinese delegation is heading to d.c. as we speak. we know the broad strokes. property,al commitment around not manipulating each other's currencies, and the big products in exchange for the u.s. back some of the tariffs that have been imposed. it comes down to trust. will this be implemented to the pace and degree. it looks like both sides will be setting up offices in beijing and washington to monitor the implementation of this deal. saying, in terms of enforcement mechanisms, they do have the option of putting tariffs back in place. then of course we moved to the question of whether phase ii is really realistic. it would involve questions around industrial policy. state subsidies would be key. there is a lot of skepticism about whether t

yvonne: i'm tom mackenzie. yvonne:i'm yvonne man. ivanka: i'm yvonne man.> six people are dead, the first case confirmed in the u.s.. yvonne: health authorities are struggling to contain the infection, which comes during mass migration for the lunar new year. tom: another threat to the economy of hong kong. we

i'm tom mackenzie. yvonne: we're counting down to the opening of trade. morning. across the asia-pacific extending their rally, rising after seven straight weeks of gains. oil is also on the up in turmoil in iraq and libya. anger a wreps hong kong. the city government again rejects demands for international suffrage. >> cases soaring ahead of the

in singapore, i'm tom mackenzie. "bloomberg markets: china open." welcome to "bloomberg markets: china open." david: china bands travel for the coronavirus outbreak. david: china bands travel for thethe locked down ahead of the lunar new year. yvonne: the virus continues to stress investors and they are watching any development. the saudiexperts link crown prince with the jeff bezos iphone hack. the kingdom

i'm tom mackenzie. yvonne: i'm yvonne man. glass --m david and david and glass.ran attacked pentagon bases in iraq. gold topped $1600 in u.s. futures slide as markets assess the implications. name enemiesing to on,brought him down in this and hitting back

i am tom mackenzie. yvonne: i am yvonne man. here is the top story.ds travel curbs as the coronavirus death toll reaches 25. wuhan remains in lockdown. about the threat to global growth sparks a rush to havens. oil at the lowest since november on speculation of weak demand. qe? e: qe or not we have david sullivan at the world economic forum in davos.