a trade deal will not be signed in the u.s. asia and europe are under consideration.lippine mobile operator rise.has seen revenue we are going to be hearing from the ceo. or a burden? the case, for and against of lower negative rates. this is bloomberg markets. going straight to the markets, we have just had china go on its lunch break. bit of a relief rally taking place. see the nikkei above earnings. 30 or 40 companies coming out with their numbers. in hong kong, three tens of 1% lower. some of the negativity coming through as we do

asia. shery: u.s. chinese trade negotiators held what are described as constructive discussions in a phone call on saturday as a look to address each side's core concerns. tom mackenzie joins us from beijing. tom, how different is this time than the last few times we thought there were constructive developments? we do not have a detailed readout of what happened in terms of this phone call on saturday. we have a brief statement from the chinese side saying this was initiated by the u.s., but certainly it seems like they are moving the balls forward. the momentum is there. and this phone call that place between chinese -- it followed the comments that we got from larry kudlow on thursday, where he said they were closing in on the final stages of phase one of this deal. have beene two sides wrangling over the details of things like china's pledge to find more agricultural purchases from the u.s. side in terms of quantity, timeframe, and industrial or intellectual property. currencyurse their commitments

u.s. market and similarly in asia. anna: it is about getting better exposure in the u.s., is it? rah: and in asia also. to nearlye from 10% 25%. there is a lot that lvmh can do generally globally with the brand. it also gives it a good footing in jewelry overall. when we think about how lvmh operates, it likes to be number one or number two. it gives it scale. itself has seen a very strong run in its share price in the last decade. deborah: absolutely. and if we look at tiffany on the other side, it was down 3% in q2. it is struggling. it is not quite getting how to talk to the different consumers at the high end where it does compete with cartier and then others. we think lvmh will be able to help it. ok, great. thank you for your analysis. thank you for joining us. our senior luxury analyst here at bloomberg. of about 6.8lue billion dollars, the latest in a string of acquisitions for the drugmaker. -- at is adding a collect cholesterol drug to its arsenal. why does this make sense? why is it that novartis is going after medicine? >> this is a story that we broke last week and it

u.s. to be engaged and to continue to press for free flow in asia. principal u.s.tor with china. good to have you with us, charles. ask you about what wilbur ross said earlier on how the u.s. remains committed and engaged when it comes to the indo pacific. why should we be buying into what he is saying given the fact that president trump is saying something else? charles: symbolism is important but what is more important is substance. what we have been seeing from the u.s. government has been substantive efforts to move the likeforward haslinda: what? willes: a lot of projects make a big difference to businesses and our ability to compete out here. withnda: picking fights countries in this part of the world. how is it impacting investment? charles: we would like to see primarily the u.s.-china trade conflict gone. we would like to see both sides take a deep breath and get back to the table in ways that are meaningful. there are issues across the board which are creating uncertainty. it is very important for all of our membership and businesses to know that not only

u.s. influence? >> certainly in asia. been, asia for asians. the u.s. should not have a role in south china sea's.he u.s. should not have a role in setting the internet rules in asia. is a loss not to have india. in some ways, perhaps a sigh of relief. given how much countries were having to accommodate india's interest. china will paint this as a win. ean and the rest of asia that china is there. be seen as something of a win even with indian out there because china did, ahead of the u.s. in these regional forums this week. >> thank you very much indeed. joining us from washington. going to leave things there for a couple of minutes. we have the french president, emmanuel macron, talking. we are to leave you with these images of shanghai. this is bloomberg. ♪ >> your black -- you are back with bloomberg markets: asia. u.s. and china signaling more progress towards a trade deal. jonathan, we heard changing paying speaking. he did sort of glean the trade deal a little bit. what is your take on this? the 13th of october, we published a note we pointed out the phase i trade deal was becoming likely.

u.s. and asia and other countries and we're working very closely with the authorities to make sure that we obtain all of the right sort of cations in europe were classified as a medical device done you know through a thank you very much for it's i'm really appreciates on today thank you thank you very much. that's our show for this week if you'd like to comment on anything that you've seen you can tweet me a finnigan on twitter please use the hash tag and see what you do or you can drop us a line the cost of that is our e-mail address as always there's plenty more few online at al-jazeera dot com slash c.t.c. that takes you straight to our page and there you'll find individual reports links even episodes for you to catch up on but that's it for this edition of counting the cost i'm adrian finnegan from the whole team here in doha thanks for being with us . is next. the 1st glimpse of the challenges faced by journalists. we are fighting the fake. the enemy of the people through the eyes of a veteran white house correspondent what do you base. the press is not after truck after the we're not

u.s. market and our investors want to see capital allocation come to asia. so you will see a blend of those to come to market. we have operated through a variety of structures and are working on that now. francine: but you are not exiting the u.s.? mike: we think it is an excellent market with high returns. we have an advantaged position. we are the number one provider in our products and are well-liked by distribution. all the things consumers and advisors need. francine: how difficult are negative rates? mike: i have the privilege of saying we don't own anything with negative yields. market, andot our from a return point of view, not something we thought was appropriate to own. we moved our businesses away from what the industry called a state of guaranty. asia, over 80% of what they sold his health for protection and 90 plus is recurring revenue. that is intentional. -- does: is that mean that mean you have an advantage over your rivals? a 170-year-old firm, you tend to think long. i don't think credit crisis is are avoidable and we differ by markets. valu

u.s. and asia in terms of global payments market and that he brings up a really good point more than 2 thirds of the non-cash payments right now in europe are done using foreign run cars can't dominate my visa master card you need pay and alley pay so is this a threat to the autonomy of the european payment system yes absolutely currency of course it is because basically what you're seeing this is a long term play what's happened over time is when you have the basically really frightfully for shockingly friendly european go. the e.c.b. in terms of their tax regulations their stifling of entrepreneurship the stifling. of anything that's innovative this is what happens they driven away innovation so when you have such tax policies you find that you don't attract the best in the brightest and that is exactly and precisely what's happened also i think it's very interesting to look at now they're setting up a committee to investigate this can you just think how many entrepreneurs and how many innovators in the u.s. or china for that matter set up committees to study whether we should do so i think

u.s. sanctions. >>> to asia, pro democracy groups are urging people not to interrupt the election.tions are not for powerful positions but will indicate the attitude of people. the only way to restore order is to vote for establishment candidates. >> say no to violence. stability and order. >> vote as a message to support the chinese central government. >> no order and that bill in hong gong. >> we'll have a better turnout than four years ago. >> despite the protest more violent 4 million registered to vote in the election i'm an unusual sight at a football game. harvard was leading yale and halftime was ending when more than 100 students protesting climate change rushed on the field. the game was delayed for 30 minutes. students are asking to i did -- divest from fossil fuel. >>> tesla said orders for the pickup truck has been pouring in. 146,000 orders have been pledged. the looks have received mixed reviews and the unbreakable glass shattered. itch hundreds of volunteers come together to build bikes for kids in the south bay. >>> bay area weather, another sunny day in the foreca

u.s. europe, asia allies, japan, australia, so forth. it seems to me the mechanisms we had available to harness that trilateral cooperation among democracies in europe, north america, asia, is a little bit broken broken, so, you know, a few years ago senator rubio and others would have supported tpp. we would have moved toward a trans-atlantic trade negotiation. wto reform is absolutely appropriate, but those trade agreements across the pacific, across the atlantic, that would have given us real purchase, real leverage, to demand changes from china. we also have the g7. u.s. will host the g7 somewhere in the united states in the coming year. canada, japan, europe. >> i know where it's not going to be. >> okay. so, so my question is, how do we build on your speech, your ideas, really trilateralize this strategy again to get japan, australia, others in asia, europe, the u.s. what are the mechanisms we can use? we kind of lost some of them in a way. >> i think that's a good observation. first of all, lot of us supported tpp. and we thought

asia. the top stories this thursday, a the u.s. ruled out. asia and europe are under consideration.s a robust forecast suggesting demands of smartphones may be picking up after a slump. my judgment in investments was not right so i regret in many ways. >> admitting mistakes. wework andbets of uber could see softbank go bust. online, when it comes .outh korea coming back from japanese stocks under pressure amid signs of overheating. trading steady, below 1.09. the bank does not see big moves to the currency unless china confirms the delay. on negative news could see a push for the yen below 108. toyota among companies to report today. we will get reaction to the as itof kumo industrial is receiving bids for its stake in an airline. we have the cost be under pressure. the korean won also trading back against the greenback. checking in on the aussie gained.shares have hardy is also among the best performers after raising guidance. let's check in on bonds, checking in on the treasury, we have the 10 year yield around 1.81% after we set a rebound on the trade roadblock overnight. aussie

asia pound. you take that against the u.s. et hitting all time highs. 17 1/2 times asia is below 13, quite similar to the of the united kingdom. we always talk about everyone underweight but the growth story in asia and the bility for children to support is so much greater in that region. actually we're actually, i'm not saying that if it's pushed back we're not saying that would change our story too much. asset management stays with us. in let's go to bloomberg hong kong. hi. >> in the uk, the labour party to take down rs billionaires who "profit from a rigged system." jeremy corbyn is launching his party's manifesto promising change. he says he welcomes the fury of and powerful in his plans. >> testimony for president trump inquiry.mpeachment the u.s. envoy sondland says trump's was working at direction and demanding a quid pro quo. he said he was holding up a white house meeting unless the announced investigations benefit trump politically. >> after former military chief unable to form a government. prime minister netanyahu

obviously there is a cap between europe, asia, and the u.s.. urope, asia, and the u.s. what do you think? bob: we know when economic growth gets a little better, and that is the premise behind this rotation, non-us tends to do better than the u.s. u.s. is the most defensive market on the planet. u.s. has done well for how many years in a row now? we get a little bit better growth. the problem is, are people looking for too much better growth? only time will tell. michael: at this point, it doesn't look like anybody is overly enthusiastic about where the economy is going. jay powell, though, mentioned concerns about where inflation is going. obviously that is going to hit your multiples. where do you think it is going? if you are seeing companies raise wages, does that give you more concerned about where prices go? bob: it does. if inflation changes, i don't think it is lower. and labor is one of the big issues. somebody said recently, terribly -- somebody said recently, tell me where there is inflation going on. labor is one of the only places y

u.s. and europe and asia as well very strong start to this week >>> meanwhile, china is welcoming emmanuelwill attend a trade fair in shanghai. he is expected to urge china to allow increased trade in terms of agriculture, aerospace and finance. charlotte joins us around the desk i remember back in march i was in paris covering the time when president xi was visiting paris on the heels of his italian trip they signed a few deals back then with respect to the airbus. can we expect anything tangible out of this visit from macron to china or is it just repaying the visit that president xi gave to europe earlier in the year >> we don't expect megadeals we had the megadeals when president xi jinping came to france in march. ordered 300 airbus planes, 30 billion euro we don't expect a massive order this time. in spite of on going strategy president macron had, he said he would go to china every year that's his second visit. january, 2018 and chinese president came to france and macron is spending two days in shanghai and going to beijing for one on one with president xi jinping. >> is he doing t

u.s. and asia and with continued activity into next year. thank you for joining us.ormal thing at this stage of the economic cycle, if we can identify where we are, is quite often marked by m&a activity reaching a frenzy. we are getting so much of it, does it indicate we are late cycle? what does it tell you? >> thank you for having me. it's an interesting phenomenon what's happening overall. i think m&a is a product of global phenomenon, so what happens in the u.s., at least for m&a in europe and he asia -- and asia particularly, we are seeing a combination of structural drivers, whether that is the need to grow the top line, need to cut costs, it can be offensive and defensive, a technological component driving m&a which is new in the last couple of years, and we are seeing availability and cost of funding at attractive levels. funding levels driven by central bank liquidity or the hunt for yield, corporate is making much of it. as you mentioned, stock prices are at these levels and c-suites are available stock prices and using that currency to drive m&a. i think i

u.s. will outperform and it will be europe or asia. when you look at the data, did you stand by that? do you think it will be a year of u.s. underperformance? >> we stand behind that. on a relative basis, the rest of the world outperforms the u.s. investors are under positioned in the u.k. and europe. if you look at a date at where flows are, there have been huge outflows in the u.k. for three years. in europe, since the repo crisis, there was huge outflows as well. if there is any cyclical turn at all, those other markets, which are more undervalued than the u.s. market should outperform. we think the dollar has a softer bias for next year. that would support of the story of investors looking to other markets. >> are you hearing similar sentiments from investors you talk to? >> i am. it is a relative performance play. you willuick trade think, europe or asia will outperform the u.s. then we will switch back. this is something people are looking at in a long term. the way i think about it and compare to something else, it is like value and growth. value has been underperforming growth

asia, areients and they impacted by the u.s.-china trade war. do they invest less? es the visibility. it has led to a lot of restructuring of trade flows in asia. a lot of our clients have canations already, so they shift production and manufacturing from one country to another. growth ofen the intra-china trade because of it. chain change?pply does the supply chain come back to china or stay as they are? >> i'm not sure. you -- this is why it is so important that we get results. >> is consolidation going to happen because of the negative rates if we have a banking union? day, whatend of the we need is growth. this is why we focus on -- this is why the focus on emerging markets is very important. ultimately is the answer. consolidation, cost-cutting is necessary in europe. , european banks in to win outside europe. >> are you hiring in emerging markets? >> yes. almost across the board. lots of dynamics. brazil is something we are very excited about. the middle east. southeast asia is huge. china itself is huge. we are everywhere. we do a lot of offshore. that is also

welcome it's the year's most important day for many retailers across asia and indeed the world black friday forget about the u.s. china trade war forget about climate change the day after thanksgiving is all about going shopping in new york shoppers have been queuing up outside the world's biggest department store macy's the night in to be among the 1st to lay their hands on the best black friday deals and this one for crazy discounts and deals is no longer limited to the us black friday has become a global phenomenon shoppers and distributors in hanoi have embrace the annual spending spree with gusto some morals have been running the discounts all weekend extending their opening hours to reap the black friday bonanza. then fall revenues are up 30 percent there are many more customers. even travel agencies and airlines are selling heavily discounted.

u.s. delegation in asia, what is the next shoe to drop?even as all of this happens, we have the december 15 tariffs coming up. those with that goods, apple goods like the iphone. a lot of people seem to think a deal as possible, not guaranteed but possible. will trump drop those tariffs in exchange for the deal? i think this is why the location is interesting, because, will the trumpet ministration -- trump administration exchange for having china signed this in the u.s., will that be a bargaining chip for dropping those tariffs? doesne: if xi jinping, travel to the u.s., this idea that it won't be an official state visit? sarah: we have heard reports that china may be willing to budge on that, that they don't necessarily need an official state visit. china will also want to save face but if they can find a way to couch the whole thing in it being a good deal for them and not having to give up their sovereignty or take a hit to their national pride, it would be good for them. the number one thing they want is for tariffs to be rolled back.

asia. paul: our top story this wednesday, the u.s. bill to support hong kong's protesters. alibaba is still betting on hong kong. atres are set to be priced 22 u.s. dollars apiece. chinaen: the u.s. and revisit proposals that were abandoned months ago as pressure builds to close out a deal. let's get straight to the market action. sophie: a look at the mood in tokyo. the nikkei 225 off .5% this morning. the latest data showing exports down 9.2% on a yearly basis. double falling by digits, making for a much narrower trade surplus than forecast. is extending its drop for a third session. aussie shares off. bank faces allegations of breaching anti-money laundering rules. the u.s. senate voted its version of a bill supporting pro-democracy probe testers in -- protesters in hong kong. cnh one continuing to rise. the dollar study, but under pressure once again as speculators -- steady but under pressure once again. checking 10 year treasuries, yields are off. paul: let's get first word news. u.k. prime minister boris johnson and opposition

that is true anywhere in the u.k., and the u.s., the southeast asia.attern emerge across might when he five years with the group -- across my 25 years with the group. ♪ >> you are watching bloomberg best, a recap of the bloomberg new economy forum. here is another panel discussion from the forum. carlyle group co-founder david rubenstein moderated a session that featured global tech leaders examining china's strides in technology and innovation. i wanted to invest in young artificial intelligence companies, should i go to china, the united states, israel? >> yes, all those places. we released a study a couple of weeks ago about where ai was in the global scene. there are number of companies leading -- number of countries leading. there is no question that the u.s. is the farthest advanced. china has made a national priority leading or collating ai is a huge priority. they are perusing many more articles, patents and computer scientists, so there is every reason to believe china will be a leader as well. >> do women have as much chance to rise into tech

u.s. has underperformed asia stocks the last two months and this might be an environment where u.s. stocks can out, form especially given -- outperform, especially since they have shown they can be supportive and the u.s.-china trade optimism. i have sympathy very idea that u.s. stocks cap perform. anna: let me ask where the euro is heading. germany's factory orders, better than expected. a little glimmer of hope, but one month's worth of data. there seems to be narrative around manufacturing, maybe we seen the bottom, maybe we seen some of the data started turn and there is the contagion from manufacturing into services. maybe that is supported for the euro? mark: i'm not getting too enthusiastic on european growth yet, but i sympathize with the idea that the second derivative -- the speed of that growth is declining, slowing down. we are not seeing the collapsing growth we were seen before. it is important to emphasize that when it comes to trading the euro, the currency, growth is not the dominant driver and going into q4, i was a list the euro even though i was negative european

japan asia the u.s. atlantic and the pacific i mean in terms of the cold and gone to so. american foreign policy to control and now they've lost. in the last to the nigger the loss of the cuban that as well as the argentinos never sure that's going to jump in here we're going to go to a short break and after that short break we'll continue our discussion on the libya state with r.t. . the west and the western mindset is in decline the us is in relative decline china is rising europe some people see it as rising other people see this as declining it's likely that the sort of western mindset and western culture will decline relative to eastern culture that's probably what's going to happen. i think anyone that says something will happen is pushing it a bit. join me every day. and i'll be speaking to the politics small business i'm show business. i'll see that. time after time corporations repeat the same mantra sustainability it's very important it's accelerate the transition to sustainable transport sustainability stadium and a more equitable and sustainable well. they cla

in the true laughter of that's what was their responsibility i mean europe the africa japan asia the u.s. atlantic and the pacific i mean in terms of the solvent gone to so. this is a standard policy in american foreign policy to control and now they've lost control . you lost to the nigger i want the last of the cubans well i would love to argentinos never sure i'm just going to jump in here we're going to go to a short break and after that short break we'll continue our discussion about libya stay with arkie. please. play. lists lists lists. lists. and a very warm welcome to you watching us in such. say to my harvester or dash or sticker but if that's. optimism and. i think his argument to be. better laden or ricky. they say country because he must tell if they say i can make us whole crazy if they . suddenly come one day my mother 100 of us who. should. see. him on the hood who can move the whole thing as opposed to fit in with what is in the things you just said come from. the us so we dump the last young man who's young they have. by so much smoke the soup he choose to sin on. such

in other words, u.s., , europe d asia allies, japan in particular, australia and so forth. the mechanisms we've had available to harness that trilateral cooperation among democracies in europe, north america and asia is a little bit broken. a few years ago senator rubio and others would have supported tpp. they would of moved towards ttip and debbie to reforms absolute appropriate but those trade agreements across pacific and atlantic would've given us real purchase, real leverage to manage change in china. we also have g7, the u.s. will host the g7 summit and the united states in the coming year. canada, japan and europe speak i know where it's not going to be. >> so my question is how do we build on your speech and ideas and really trilateral lies this strategy again to get japan, australia asia and europe and asia, with loss some of those. >> that's a good observation. first of all a lot of us supported tpp and we thought that was the way to go but i let you in a little secret on the president which is a much of a secret, and that is he really likes bilateral agreements

that is true anywhere in the world, in the u.s., the u.k., southeast asia.ve seen that pattern emerge across my 25 years with the group. ♪ viviana: you are watching "bloomberg best," a recap of the bloomberg new economy forum. i am viviana hurtado. here is another panel discussion from the forum. carlyle group co-founder david rubenstein moderated a session. it featured global tech leaders examining china's significant strides in technology and innovation. david: if i wanted to invest in young artificial intelligence companies, should i go to china to find them, the united states, israel? where would i find the best one? eric: yes, all those places. in fact, we released a study a couple weeks ago about where ai was in the global scene. there are number of countries that are leading. there is no question that the u.s. is the farthest advanced. however, china has, as a national priority, made leadership, or at least collating in ai, a huge priority for their stem related fields. they are perusing many, many more articles, patents, and computer scientists, so t

coming up on the next hour of daybreak asia, the u.s.siness council head will be with our own haslinda almond live at the summit in bangkok. this is bloomberg. ♪ haidi: very good morning. i'm haidi stroud-watts in sydney. korean markets have just open for trade. shery: good evening forum in. i'm shery ahn. sophie: and i'm sophie kamaruddin in hong kong. welcome to "bloomberg daybreak: asia." haidi: our top stories this monday. good state,e are in we are making good progress, and there's no natural reason why it couldn't be. haidi: deal or no deal? a trade agreement is near. president trump wants the signing to take place in the united states. bangkok.ders gather in malaysia says the group must speak with one voice about trade has between the u.s. and europe. shery: the world's top oil company presses go on the long-awaited share sale. saudi aramco brushes off concerns and says the price is right. straight to the market action with sophie. japan away for the long weekend. sophie: we are checking in on south and sydney, building on fridays

actually becoming stronger particularly in northern africa and in perhaps up parts of southeast asia the u.s. secretary of state like pompei o highlighted this focus during his morning address at thursday's conference all apologies for that we didn't get the audio sorted on that clip there from secretary of state might pompei i mean obviously a great deal to discuss at this meeting the perception being that perhaps the death of a daddy the ice still leader has been something of a game changer talking about 30 nations is a lot of coordination here to do between the united states and its allies on the way for it. that's right mari a minute certainly has becoming more complicated matter since one of those countries involved in the fight against eisel turkey recently launched its military operation against kurdish fighters and some allege against kurdish citizens living in northern syria the turkish government has long argued that it has a national security right to prevent terrorists from attacking territory and affecting turkish civilians lives but there was a real concern among human rights g

everything from tanks and rifles into civil wars and conflicts in numerous countries across africa and asia. u.s., brush and united nations officials believe as payment he took drugs from afghan buyerss in diamonds from africans. >> there was definitely the will to try to do something. >> but there was nobody that had the ability to go after him in the areas that he was operating. >> the thing about africa is, there is no governments in africa. and the fear of getting in trouble is even less because who is going to cause you problems? people had to try to find a way to stop that. >> in 2000, the united nations security council restricted viktor bout's moves based upon his involvement with supplying weapons to charles taylor in liberia. but viktor bout was an elusive figure that had five to seven aliases, spoke multiple languages. he was able to navigate restrictions. office of foreign control announced the freezing of viktor bout's assets. but going after assets doesn't put somebody in jail. so here, viktor bout was still flying around doing all the things he wanted to do with no fear of someone

asia." talks between the u.s. as officials seek to lock unlimited trade deal. if we can avoid further escalation of tensions, trade headwinds are likely to start turning into tailwinds in the new year. ygesen joins us in hong kong today. we are seeing optimism in the latest survey. rebound, do in the you think that might be too early given the soft singles -- soft signals? >> think we are seeing encouragement. even in europe, where the weakness has been more pronounced. think you have been seeing the past few months is economic data continues to show the economy is doing well. there is trade uncertainty being picked up at the same time. my guess is we are starting to embracing the idea that demand is priced strong. >> adjustment perhaps gives that landscape more stability. >> that is what i think. the other thing is we have seen continued escalation in the trade war. you saw the fed's research discussing the timing, a negative effect would come. it seems to be around the end of this year. what you will be left wit

going to have to get back to the tri-lateralism that frankly won the cold war, in other words, u.s., europe and asia, japan in particular and australia. the mechanisms we have had available to harness that tri-lateral cooperation is a little bit broken. a few years ago senator rubio and others would have supported tpp, we would have moved towards t tip and wto reform is absolutely appropriate but those trade agreements across the pacific and across the atlantic would have given us real purchase, real leverage to demand changes from china. we also have the g7, the u.s. will host the g7 somewhere in the united states in the coming here. canada -- >> i know where it's not going to be. >> okay. so my question is how do we build our your speech, your ideas and really tri-lateral eyes this strategy, what are the mechanisms we can use? we've lost some along the way. >> i think that's a good observation. first of all, a lot of us supported tpp and we thought that was the way to go, but i will let you in on a little secret on the president, which isn't much of a secret, and that is he really like bilateral a

anyone who tells you that the data is bottoming, that does not apply to asia. u.se the uptick in the to a lesser extent, the flatlining and europe is not happening in asia. the pmi numbers due out tomorrow out of china. not like you to end in a down note. we thank you very much. let's move to an up note because it is black friday. official start of the holiday season -- shopping season. and marie horton joins us now taking a break from online shopping. good to see you. will the shorter period impact retailers? annmarie: it is actually not going to. until6 shopping days christmas. last year was 32. look at this. americans planning to spend more than ever, shelling out more than a trillion dollars. where are all these dollars being spent. the markman stores, discount stores, they remain popular. here, can see at the top online still takes the top trend , consumers are just shelling out digitally. will get their holiday inspiration online or on their phones. jens e and millennials are turning to instagram, facebook, twitter, snapchat. likely, you will see a lot of adv

asia's first major market open this morning. oul.tiful day in ser markets really struggling for direction at the market. we sell u.s. close modestly higher. this is daybreak asia. i am paul allen in sydney. kathleen: i'm kathleen hays in new york. ceos -- nine that is one of the key findings from a new survey by china focused audit firm markham bernstein and pinto lake. they did this in combination with seem university. sue bernstein is the comanaging partner, joining us from beijing. it is a great survey. is this the first time you have done it? it is very comprehensive. was our initial survey. andre incredibly thankful grateful to the university for inviting us to participate. it has given us some very unique insight to the way chinese ceos think. where chinese leaders are focused on investing. we have a chart to put up to illustrate what you are saying. >> yes, the focus we found in -- isurvey is that the that it has really shifted. you can see the shifting to southeast asia, europe, africa. i would put the middle east in their too. what would be really interesting would be to see the competitiveness of chinese c

u.s. assistant secretary of state for east asia and the pacific. the chinese government views this as a form of terrorism and they've said things like, well, the u.s. had a war on terror. that's what we're doing here. >> you can't lock up a whole group of people and somehow identify them as terrorists in advance. a terror event on your own people to prevent terrorism, that doesn't make sense. >> if you could talk to your sister, what would you say to her now? >> i'm sorry. she is there because of me, but i want to tell her to stay strong. stay strong and believe that she will be free, hopefully some day soon. >> in response to a request for comment on the documents chinese embassy in the united kingdom told the guardian newspaper the personal freedom of the trainees is fully guaranteed. the u.s. recently opposed sanctions on some chinese companies implicated in the surveillance of minorities. there are more details about that program in the documents and we'll have much more of that tomorrow morning on "today." >>> ruth bader ginsburg was released f

u.s. put together. positionsity to asiawill into the future, not just for recess -- resource development, tourism, but also transportation. david: in business, you have to invest in order to get the returns. is there infrastructure you need to build, investments you need to make to attract that investment and ultimately make more money? mike: absolutely, we are a new state relatively speaking. we came into the union in 1959. hasainly, the drop in oil hurt our ability to build infrastructure. capital budgets have been smaller than in years past. this is a discussion that we need to have this year with alaskans and the legislature. how much money we are dedicating to our operating fund, and the capital of fund. the capital fund will be building the roads, bridges, airports, which will help with developing our resources and support our resource, tourism industries. we certainly need to have that discussion because we are falling has hurt our ability to build infrastructure. alaska. david: behind in terms of building when you t

do you think that asia will still outperform the rest of the world and the u.s.?hen you take a look at a market like china, historically, they are outperforming. john: we don't think there will be a recession in 2020. that is an important distinction to market consensus even three months ago. we are also overweight risk, overweight equities. we believe that that asset class will outperform cash and also outperform bonds. we are recommending to clients based on our outlook that it is the time to start participating and investing in risk assets. i have mentioned that we are overweight china, we are overweight asia high-yield, we are recommending investment grade for the short duration profile. away from that, it is a risk story. david: always appreciate your insight and your time. just an update here for your equity markets in hong kong, we are up now 2.3% over the course of the past two days. it is quite a nice ride so far, monday, tuesday. , thanks to john. let's get to new york. we have the first word news with the latest in hong kong. >> all right, we will get r

u.s. coast guard is doing their own version in rait, more exercises and helping with capacity building in southeast asia. the second thing to emphasize is everyone talks about, well, we have it economy by where -- whereby china dominates the economy and the u.s. dominates security. it's way more complicated than that. look at the front to geopolitical competition which is infrastructure developer. if you look at infrastructure development, especially in southeast asia, china is not leading. it is japan if you look at data. this is why make this comment. china, they get more bang out of imaginary buck. they are better salesman than any of the democratic countries in this part of the world. this is an interesting data that came out and bloomberg made an interesting report had of that. japan has more infrastructure developing projects. that's on top of the fact japan has been the leading source of infrastructure development and overseas development assistance in southeast asia. i think a lot of us are underestimating the predominance predominanceic of japan in east asia although in terms of trade and inves

more pro digital assets, blockchain, so i think that the regulatory developments are less bad in asia versus u.sof course we have those comments from president xi about the benefits of blockchain technology as well tom lee, always great to get your thoughts. >> thanks for having me. >>> vmware is reporting better than expected earnings the cloud computing company says results were helped by its acquisition of carbon black. shares up about two thirds of 1% >>> coming up later today, the ceo of vmware will be on "squawk alley," that happens at 11:30 a.m. eastern >>> shares of automatic he toe desk slipping this morning the company giving weak guidance for its current quarter. shares you see there off by about 1.25%. and shares of guess are down about 5% revenues missed estimates and guess is trimming its earnings guidance for the full year again, those shares off 5.5% >>> coming up, get ready to open up that wallet with black friday approaching, the moves some banks are making in a fight for your holiday spending. >>> plus the truck wars between tesla and ford continue. the latest in that ongoing

u.s. and exports them to asia the market thinks the extension to the time lane to this trade deal is going to happen. we'll have to wait and see >> thank you dan scott with us here. >>> some investors hoped trump might announce a concrete deal with beijing he said the two sides were, quote, close to an agreement but he did warn of significant consequences if things fall apart. >> if we don't make a deal, we'll substantially raise those tariffs. that's going to be true for other countries who mistreat us too. we've been mistreated by so many countries. i don't blame them if you can get away with it >> my colleague is in paris with views some investors might want to hear. >> here now with the secretary-general of the ocd with he were just talking about trade wars ocd mentioned that was shed about 1% of gdp in the world what is your view on that? >> yesterday, he made a presentation at the economic club he said yes, maybe we are close to a deal. we are betting on that what can i tell you? >> the rate of growth of trade has come down from 5.5% at the end of 2017 to basically flat. in fact mayb

u.s. intelligence the middle east south asia and sub-saharan africa other regions with the most terrorist incidents attacks in the sahara region alone doubled last year at the same time the state department is worried about attacks inspired by white supremacy and racist ideology we saw an alarming rise in racially or ethnically motivated terrorism including here in the united states with the pittsburgh synagogue shooting similar to islamist terrorism this breed of terrorism is inspired by a hateful supremacist and it's all idiology make no mistake we will confront all forms of terrorism no matter what inspires it it's 2000 eighties the administration's national counterterrorism strategy specifically highlighted racially and ethnically motivated terrorism as a top national security priority this was the 1st such strategy to ever address this threat. well let's bring in all our guests who are all joining us via skype in beijing we have a wherry who is director of the gulf studies center at castle university usually in doha and washington d.c. is allison pieces who's the deputy director of t