the think we are past bottom of the curve cycle and tsmc spoke about that last quarter.een expectations get a bit ahead of themselves riyadh asml reported this morning and the stock was off 5% because they just had in my numbers are you. multiple which is -- tsm is currently trading at is a fairly hefty multiple for one that normally trades in the teens. >> do you think the catch-up is complete because even a few weeks ago, we were looking at tsmc saying at these levels, underperforming since the beginning of the year compared to other semi's trading in taiwan. >> i still think there's room left. logic andmance of the foundry side of the business has performed well. it is tempered by the memory portion being weaker. we have seen some stabilization of memory pricing but there is not been a leveling there. by g handsets are doing quite well. we still have the specter of trade issues and geopolitical and microeconomic issues that are hanging over but so far, they have not been impacting the stoxx. there's a little more to run but they are getting choppy right now. >> talk t

tsmc has also done well. both of them outperforming the semiconductor index. question whether industry fundamentals are supporting valuations, they are at the nearest high in six years on a pt basis. we are also watching out for sk hynix in sold tomorrow to give us a -- seoul tomorrow to give us a better overview on the industry. had better than expected numbers from asml in europe. thank you so much. let's get the bloomberg business flash. >> wework has accepted a rescue package from softbank. the deal gives the conglomerate an 80% stake in wework. the rescue values wework's parent company at less than $8 billion. it also sees the founder give away his board seat and walk away with $1.2 billion in stock. saudierg has been told aramco will push to complete its initial public offering this year by relying more on local investors. sources say the state owned oil producer is considering a formal announcement as soon as the next few weeks. it was originally slated for october 20. overseas investors pushed back at aramco's to trillion dollar valuation. boeing says

shery: tsmc feels bullish, after numbers that beat estimates thanks to growing demand from apple and spend up to $15 billion expanding their operation, a 15% jump on their previous plan. tsmc says ongoing trade conflicts could hamper a revival of the chip industry, but that is not being factored into growth plans. >> we did not put that kind of thee tension, you know, in world, into consideration, although we think that any trade tension, trade war, between any countries, has a negative impact on the semiconductor industry. on-again,udi aramco's off-get a mega-ipo is being delayed again, postponing the offering until they can "provide clarity" on the most recent earnings in light of last month's attacks on two facilities. let's go to sydney and our energy editor. why the abrupt change? >> here's the question. i think there were doubts in the investment community as to how aramco would reach the $2 trillion valuation. on it say, the spin put is that they want to incorporate results from the third quarter. that quarter was volatile for oil prices. of course, we had the drone strikes on

i have taken points to the fact that is it the taiwan market or tsmc that is lifting up the index?gratulations, livia, happy friday. we go to the gs tv function on the bloomberg terminal. subscribe in order to be doing that. you will have a look at the ones we have been featuring on bloomberg television. you can use them to catch up on key analysis. save those charts for future reference. this is hong kong, and you're watching bloomberg. ♪ everyone uses their phone differently. that's why xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. plus, get $250 back when you buy an eligible phone. that's simple. easy. awesome. call, click, or visit a store today. >> i am in san francisco. this is bloomberg technology. hour, andin the next amazon myth. profit falls for the first ti

sophie: tsmc feeling bullish after reporting quarterly earnings that beat estimates thanks to growthmand from apple and huawei. is planning to spend $15 billion on expanding operations, a 50% jump on its previous investment plan. they say ongoing trade conflicts in theper a revival trade industry, but that is not being factored into growth forecast. >> we do not put that kind of in the world into consideration, although we think tradeny trade tension or war between any countries will have a negative impact to the semiconductor industries. shery: tesla motors surged after jean-claude juncker set a brexit deal had been reached. luxury brand rallied most in a decade in intraday trading. it is a major boost for the stock which has still lost more than 20% in the last year despite thursday's big gains. in the next hour on "daybreak asia," lots more from the imf annual meetings in washington. we find out why central-bank easing is putting longer-term growth at risk. onking ahead to monday "daybreak australia," we will hear from the australian treasurer who is also attending those meetings

the company they are suing, tsmc, based in taiwan, they own 70% of outsourced chip production.is massive. global foundries says for the most advanced ships at something like 90%. so they are playing up the geopolitical concerns. how concerned should we be that our iphones could not run if we got cut off from the market. they kept referring to the company as being from greater china but they wants to play into geopolitical fears. carol: we have seen that play out, right? semi conductors have been a volatile sector for the duration of this trade war. kailey: every trade headline, semi conductors are so vulnerable. the conversation is how to get supply chains out of china. where do they go and can they do it quickly? >> it's obligated. -- complicated. an analyst we talked to said the immediate impact would be nearly one third of manufacturing would move out of china to places like vietnam, india, taiwan, elsewhere. which is a compelling, massive shift. the downside is that normally takes a couple quarters, if not years, to relocate. it also means supply chain and component cost wi

and the likes of tsmc also lacking the earnings from saint-saens -- from samsung and that is one of the big movers on the asia-pacific hong kong exchanges are scrapping that bid from lse -- four lse. we start with a new index from the san francisco fed which suggests china's probably expanding at a pace close to what official figures claim. likely more volatile than the numbers indicate. we are talking about the china cyclical activity tracker as is called. it uses eight indicators including retail sales and exports to estimate how growth deviates from the underlying trend. slowing,ys china is was not about to collapse. to world bank. it is joining the growing list of institutions warning about global growth. its at the outlook is worsening, thanks to the downturn in europe, the wider trade tensions, and the uncertainties threating brexit. president says the world economy now looks weaker than the world bank's june forecast which was for 2.6% growth this year. chinese companies trading in new york jumped midsession. this after top white house economic aid larry kudlow dismissed speculat

. >> what is another factor when ,e look at tsmc often here eric. the bitcoin price.o many chips are sold, so many servers are sold for data mining. if we see a big, big lifton price that could change the equation? >> absolutely. that is part of the reason we have seen strengthen some of the rival chip producers in the past . graphics chips producers like nvidia and amd. those powerful chips are used in data mining for bitcoin mining processes you're talking about. >> i think it is about as it is a chip. >> i think i'm going to go with jeanette. the r.b.i. and the corporate tax cut that roiled the bond market peered there is a lot of focus on what that means for governor. it looks likely they will continue this easing package pit congratulations jeanette. sorry, eric. but you win all the time. >> he will beg to differ on that. >> you can find those charts on loomberg using gtv johnson in the in banking series taking place in madrid. he will not want to miss that coming up at 2:30 p.m. hong kong time. >> in the neck sour bloomberg markets asia, we discussed asian i

nejra: we've got numbers coming through from tsmc, taiwan semiconductor.-quarter net income, 101 billion. that is a very clear beat on the third-quarter net income. the gross margin coming in a little stronger as well. yesterday, the company that supplies them and other chipmakers also beat estimates. blog on theliv bloomberg. i want to draw your attention to a comment that says the revenue beat expectations. obviously good news but one quarter isn't enough to prove there is a recovery. inventory built as a part of new product launches or a sustained rebound in end-user demand. nejra: --manus: thank you very much. first european telecom to report first-quarter earnings. slower.orted beat the highest of analyst estimates in the third quarter. the active president and ceo of telia joins us now. we have been seeing a lot of consolidation in your marketplace. is that during fruit for you -- you?at bearing fruit for >> we have consolidated by going on the fixed mobile side together. we are focused on the baltics and nordics and we will stay there. think it is g