thank you so much, vincent reinhart.s well as of course our global economics and policy editor kathleen hays in tokyo. an alert to tell you about in terms of so knows, the wireless speaker company. we've been waiting for a pending listing on pricing. what sonos isis now pricing at. this is below the range, the offering range of $17 to $19 there. we will see how that pans out once they start trading. there had been cut -- had been sayingiticism about this a great product is not always make for a great business. it appears that investors in terms of what they are -- in terms of what their appetite is for these shares is now in a bit of a question. plenty more to come on daybreak asia. this is bloomberg. ♪ yvonne: look at the markets here, a tipsy turvey week start to the market here this morning after the u.s. session. didn't do enough to alleviate concerns when it came to japanese bond markets. chinese stocks still the ones to watch here on more tariffs coming through. we did get dbs posting a 24% gain of profit but still

. >>> i would like to welcome my guest today vincent reinhart >> thank you for having me >> we have hadndia, bank of japan didn't do anything, created a lot of volatility for basically tweaking the edges countries like china can move their currencies bank of china, almost controls in many ways where equities are trading and all of the central banks together affects global markets. is this something investors should be concerned about in the bigger picture, vincent? >> no question about it. and the first message is, get used to it, the rest of the world is bigger? and the rest of the world doesn't act the same way it used to, ie, the em has a much bigger footprint than the major occurrences. they have bigger balance streets and they use more quite dance. why the about their rate target. it wasn't anything they actually did, it wasn't anything they voted on it was just forward guidance then the third thing you've got to recognize is there are so many different moving parts, and that emerging market economies are different than major currencies with regard to exchange rate ranges >> so wha