of the straight a 2nd biggest bank has been giving his marching orders to accusations westpac bank committed to 23000000 breaches of anti money laundering and counterterrorism financing the wars financial crime regulate is a pursuing westpac and the federal court for failing to report millions of international transfers including payments linked to child exploitation. the u.s. state of texas has dropped its opposition to the merger of mobile phone companies sprint and t. mobile usa announcing a settlement that would stop them from raising prices for 5 years 14 states and the district of columbia still planning action to block the $26000000000.00 merger. and new figures show mexico fell into recession during the 1st half of the year revised data shows the economy shrank before flattening lining in the 3rd quarter the figures come one year after president under his own but i look to power promising growth. all right what to do with a set of priceless 18th century jewelry stolen from one of germany's most iconic museums. unlikely to try and cash in on the pieces any time soon because the collec

australia's 2nd largest bank is saying sorry about the money laundering seriously the board of westpac banking as apologize for 23000000 breaches of money laundering laws but continue to stand by management the board met to discuss allegations by all strata that the. bank ignored red flags for years including payments between no child exploiters the bank's chairman lindsey maxton said that the bank will hire independent experts to overhaul its in time money laundering systems might be a good idea but then has also started with discussions with community groups they say about how to fight child exploitation the scandal triggered calls for resignation of top executives including the bank c.e.o. but so far no one has actually been forced out. when you're so high up and get knocked down it's a long way to fall and that's what's happening over we were where every single day there's another crisis we work is now laying off $2400.00 employees representing 19 percent of the total workforce the company has continued to catch reporting over $1250000000.00 in losses for the 3rd quarter that's 3rd quarter

in a money laundering scandal has resigned banking industry regulators say brian hearts and the westpac bank broke counter-terrorism finance laws $23000000.00 times westpac is also facing massive fines of failing to monitor customers transferring money to child pornographers. flooding continues to hit the italian city of venice sustained heavy damage after several floods in the past month the man has estimated the repair bill will be worth a $1000000000.00. square in venice and explains why the damage is so extensive that high tides the city of venice continues to flood particularly in areas such as mark's square and you can see behind me while there is a sense of normality continuing people going about their daily business tours still visiting the area it is causing an enormous amount of damage because this water that you see here is salty water from the lagoon where venice is located and that causes enormous damage to the buildings here the cultural treasures such as the basilica behind me here the mayor of venice has said already more than a $1000000000.00 worth of damage has been done th

regulators say westpac ignored red flags and enabled payments from convicted sex offenders and high—risk companies like iraq, zimbabwe, lebanon and the congo. bankingch breach is liable for a civil penalty of 11-15,000,000 breach is liable for a civil penalty of ii—is,000,000 dollars, which leaves west westpac open to crippling fines if they approved in court. in 2017, samantha, the commonwealth bank of australia was accused of 50,000 breaches of monty laura laundering and antiterrorism laws, a case later settled by $500 million, the largest civil settlement. this comes at a time of heightened global regulatory scrutiny following high—profile scandals involving several global banks and this has sent shares down after they are counting the reputational costs of this violation stop the lots of knock—on effects. rico, thank you. now let's brief you on some other business stories. standard chartered has become the second corporate partner to sever ties with the duke of york's business mentoring initiative, pitch@palace. the bankjoined accountancy firm kpmg in pulling support for the scheme. it said it was not renewing its sponsorship for commercial rea

australia's second biggest bank westpac has been accused of breaching anti—money laundering rules.ator said it allowed payments from a number of "high risk" countries. timothy mcdonald is in singapore. tell us more about this. westpac accused of an incredible sounding 23 million breaches, sounds like an awful lot(!), it should be said the bank is not accused of laundering itself, so much as the charges that itself, so much as the charges that it did not properly report international transactions to australia's financial watchdog, so that they could police potential laundering cases. austrac is seeking claims of summerand laundering cases. austrac is seeking claims of summer and the trillion dollars, but it is unlikely that they would send westpac out of existence, a similar case a few years ago saw a smaller find. westpac has not denied that there is an issue, they are sounding contrite about it, the ceo expressed disappointment that westpac failed to meet its own standards or regulatory expectations, perhaps the most upsetting thing about the case is some transactions may have bee

australia's second—biggest bank westpac has been accused of breaching anti— money laundering rules.s it allows payments from high risk countries and convicted child six offenders. it is pursuing fines. boeing faces another challenge as regular letters have called on it to redesign the engine cover of its 737 planes. the call comes after a fatal accident last year in which a woman died after being nearly sucked out ofa died after being nearly sucked out of a window. but the safety board did not call for the planes to be crowded. the 737 max model remains grounded after two fatal crashes. turning to india, and catch me's main business body says that economic losses have run well over $1 billion after they revoked the economy in august. let's cross to monica miller whojoins economy in august. let's cross to monica miller who joins us economy in august. let's cross to monica miller whojoins us now from mumbai. what kind of impact has it had on the region? when we look back in august to win the indian government revoked the economy of kashmir, one of the promises were that it would promo

one of the movers in australia that we are watching, westpac bank resuming trading today. the most since november 2018, after the bank reported the first profit decline in a decade as well as almost 1.5 billion dollars worth of new shares sold in a capital raising effort. that's the market that's get you up -- that's the markets. ritika: president trump has begun the process of withdrawing the u.s. from the paris climate accord. it is a move that will take another year to complete. the administration submitted formal notification of its withdrawal to the united nations but will continue to work on the issue with "a realistic and asthmatic model backed by real-world results." air pollution in new delhi remains near record levels, forcing the government to close schools and advise people to stay indoors. the equality index spiked as high as 858 in some parts of the capital after rising above 1000 at the weekend. meetings of 50 are considered safe with anything seen over 300 as hazardous to health. it is home to 10 cities with the worst air quality in the world. iran increase

the boss of australia's second—largest bank, westpac, has stepped down after the bank became embroiled scandal with alleged possible links to child exploitation. the depature of chief executive brian hartzer comes in the wake of allegations the bank committed 23 million breaches of counter—terrorism financing and money—laundering laws. google has fired four employees in what activists within the company describe as an attempt to "crush" workers' attempts to organise. the people, who have been dubbed the "thanksgiving four", had their contracts terminated on monday. staff were told via an internal memo that the firings were related to data security and employee safety. poland has brought about 100 tons of gold home from storage in the bank of england, in a bid to demonstrate the strength of nation's $586 billion economy. after adding to its existing gold reserve, the country has now become the 22nd—biggest bullion holder in the world. shares in the chinese e—commerce giant alibaba have surged in its hong kong trading debut. the company, which is already traded in the us, raised at least

china's banking sector is becoming a growing concern that home and abroad. finally, westpacs as mentioned earlier opened higher in sydney, after ceo brian hartzer says he will resign next week as the bank invest it's a money laundering scandal. he had said he would percent lead in a best guess net westpac after the lender was accused of breaching financial laws 23 million times. he will be succeeded in the interim by the cfo, peter king. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. not to our top story. china says it is reach consensus with the u.s. on resolving what it calls relevant issues. the two sides have agreed to stay in contact on the remaining points of an initial trade deal. top negotiator spoke to the treasury secretary and the trade representative of the u.s. and discussed some core concerns. he says he is cautiously up to mystic they will strike an accord. >> to discuss all this is alicia garcia herrero chief economist, natixis you and

bank and will step down at the start of next month. >> faced with the growing money laundering scandal, the ceo of westpac said he will step down by december. as ceo i accept i am ultimately accountable for everything that happens at the bank and it is clear we have fallen well short of what the community expects of us and what we expect of ourselves. reporter: financial crime regulator is pursuing westpac in court for an astounding 23 million breaches of anti-laundering and to terrorism laws. the financial watchdogs has the bank has failed to report over 6.3 billion euros worth of transfers over the past six years, including payments allegedly linked to child exploitation in southeast asia. if convicted, westpac could face a fine of up to 300 trillion euros. the australian government has called on the group to take responsibility for its actions. >> the alleged reaches that have been leveled at w westpac have and there was a level of indifference in management and a lack of appropriate oversight by the board, and a systemic failure by the bank. reporter: the australian banking sector there has been plagued by high skit -- high-profile sca

asx 200 banking westpac the moment given 23 million breaching of money laundering laws more than 23 million at indian markets. how far are we away from the start of the trading day? a mere 13 minutes or thereabouts. marcus also being pressured by the impasse in trade talks, while russia is unlikely to agree to deepen output cuts. parts. moving tell us about how you would characterize was happening. -- what is happening. >> our view is that opec will push for countries like nigeria and iraq to be a little bit more compliant. rishaad: even iran with the sanctions? >> know, erect, sorry. what is dragging oil of it is around demand. if you look at the historical average, it's around 1.2-ish. if you look at our balances, to oil ande risk inventory then draws, so it's difficult to make a case why oil prices go up materially next year. rishaad: this is coming at a time when demand is high, seasonally speaking, isn't it? the u.s.ng season in is perhaps less important than it used to be. >> demand this year has been pretty sluggish. to your point with inventory, if you look across most inventories a

the bank in its court filing austrac said the oversight failure at westpac led to serious and systemic noncompliance with anti money laundering laws the regulator is pursuing fines of up to $21000000.00 australian dollars for every transaction westpac fail to monitor adequately or report on time will still get his salary of $2700000.00 australian dollars but he'll lose all bonuses he's the 3rd top executive from the country's 4 major banks should have caught in the past 18 months after a bruising public inquiry into the banking sector inquiry uncovered a culture of widespread profiteering customer feet and slipshod regulatory oversight. and business update. from me and the team as always thanks keeping us company. the little. i'm skilled at the work that hard and in the end this is a me you're not allowed to stay here any more we will send you back. are you familiar with this. with the smugglers were alliance of the what's your story ready. i mean when i was in women especially of victims of violence and. take part and send us your story we are trying all the winners and the fan this n

westpac know and when, and what to do about it. is i.t. problems, visit the regulator called out -- they claimed there was a difference in senior management. that is something west bankshed back on strongly. when we get more details on who knew what and when, that is when we will get a clearer picture in the future of the management and board. certainly inac focus as we count down to the open in sydney. plenty more ahead in the next hour. strategist eleanor creagh joins us with a look on equities. paul: and we will have the market open here in sydney in a moment. futures pointing higher by about .3%. all the action in daybreak asia up next. stay with us. this is bloomberg. ♪ s bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. paul: good morning. australia's markets have just open for trade. sophie: we are under one

sophie: pressure continues to build on westpac with a potential investigation are the banking regulatorswould have the power to disqualify directors and executives. westpac is accused of widespread breaches of money laundering and terrorism finance laws, and failing to spot transactions linked to child abuse. they expect more than $50 million u.s. with costs associated with the investigation. now, to a bloomberg scoop carl icahn said to be moving to seize control of u.s. oil and gas producer occidental. su joins us with more. su: billionaire investor icahn going to shake things up for sure. he is attempting to seek control of occidental's board according to people close to the matter, by nominating a slate of 10 directors. the billionaire investor owns a stake and plans to make a move before the november 29 deadline for nominations. icahn has been a vocal critic of occidental after its takeover. if you look at the big picture chart, shares are down close to 44% year to date. icahn attacked the lack of shareholder vote and a price of $10 billion in financing of the acquisition, having to

rishaad: australian banks, westpac facing more pressure. tell institutional shareholders they are being urged to vote against the banks remuneration report and the election of two board members for risk failures after the ceo resigned. david: citigroup has been fined $57 million for years of inaccurate reporting about liquidity levels. the prudential regulation authority said that between 2014 and last year, three u.k. units have significant flaws in the system of giving financial information to regulators, as well as failing in the turnover to governments. rishaad: looking at the start of the session in india. tell us how we are looking. well, yesterday's session, we did see record highs, so that was away from yesterday's trade. we did not manage to sustain yesterday's highs. we lost out from those highs of the day and came back down to closing somewhere to 12,000. that is where we are seeing immediate support level in the index. in the bank as well, the upside now stacks up closer to levels after making new highs of 31,796. banks did well

westpac leading a recovery in australian banking stocks today, which helped to lifted asx 200 200. ore pain ahead for shareholders. anna: who could the replacement be? sticking with westpac specifically, who are we looking at? >> so far, we are hearing the chief financial officer, peter king, will hold the fort while they continue to search for a ceo. there's probably a fine-tuned list for ceos in australia. this is the third such incident we have had in two years where the ceo of a major bank has had to resign. we are hearing that david bloomberg, who is currently westpac -- david lindbergh is in line, along with craig drummond. bet, he isnd my actually the former premier of new south wales. he was actually in line to take over the top job before it went to ross mcewan. they will be looking internally and externally. as i mentioned, probably a pretty fine-tuned list already. anna: that is the westpac story but this is a broader story, isn't it? that has been building over the last couple of years or so. big changes at the top of a number of australian banks and a number of scandals

the chief executive of a scandal plagued australian bank is stepping down regulators say westpac broke and t. money laundering and counter-terror finance $23000000.00 times the most damaging allegations concern the bank's fadia to monitor customers who were transferring money for child exploitation the company is likely to be forced to pay more than a $1000000000.00 in fines. a politician from the chilean president's party has sparked outrage by suggesting that normality can be restored without violating human rights so that. made the remarks hours before another round of protests demonstrators throwing rocks at police cars they were met with water cannon and tear gas demonstrations began over 2 months ago over an increase in metro fares and social inequality earlier president sebastian pinera had promised a set of reforms to satisfy the protests is. a lesson america editor lucien newman is in the chilean capital santiago de explains why women are a big part of these protests. and this is the way that 1 may have come out. and there is. no peace without us this banner for example says a

the chief executive of a scandal plagued history and bank is stepping down regulators say westpac broke and see money laundering and counter-terror finance laws a staggering $23000000.00 times the most damaging allegations revolver and the bank's failure to monitor customers who are transferring money for child exploitation the company is likely to be forced to pay more than a $1000000000.00 in fines. ever has lost its license to operate in london for a 2nd time the city's transit authority transport for london cited safety problems including an app faults that allowed suspended drivers to simply creates a new accounts the royal tailing rights hailing company is appealing against the ban and can continue to operate in london volatiles police in georgia's capital have sprayed water cannons to break up protests near parliament's opponents of the government's are demanding reforms to an electoral system they say favors the ruling party open for sue walker reports from tbilisi. georgia is the opposition wants to show that the government won't be put given the breaking its promise of the loo

australia's second biggest bank has said its chief executive brian hartzer of westpac will be steppingeter king taking over after the country's financial crime regulator accused westpac of 23 million breaches of anti— money laundering laws including allowing payments between known child exploiters. tour of america's used on line brokerages are merging to create a wealth management giant as charles scwhab agreed to by td ameritrade, with more than $5 trillion in assets. shares rose on this development. uber has lost its license to operate in london, which is one of its top five markets. the regulator said it had repeatedly failed to meet safety standards. we sat down. tfl's decision today not to renew our license in london is exceptional and wrong and so it's a decision we are going to challenge and in the interim, while the challenge is going on, i want to reassure riders and drivers that the service will continue to operate as usual. how do you respond to some of these railings that sometimes drivers have not been properly insured, potentially haven't been properly vetted. sometimes p

the commonwealth bank of australia's 53,000 infractions. westpacecognizes the severity of this issue. hsbc is replacing its investment banking chief, according to "the times."l he will move into a nonexecutive role at the division in part of a series of management changes. .sbc is declined to comment a new head coach has been appointed for -- he most recently oversaw manchester united after previously coaching chelsea, real madrid, and ac milan. global news 24 hours a day, on-air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna, matt? matt: thanks very much. leigh-ann gerrans in london with your first word news. emerging economies central banks from india to brazil still enjoy the firepower to shore up the global economy if they can. while policymakers at the fed and ecb are similarly set to keep interest rates on hold. many of their developing nation counterparts have room to cut further. that should help support the world economy amid its weakest expansion in a decad

this dwarfs the commonwealth bank of australia's infractions. westpacthey recognize the severity of the issue. the u.s. is investigating allegations referring to the baltic unit including transactions after the u.s. imposed sanctions following russia's annexation of crimea. it says it has not found any signs it breached sanctions. that is your bloomberg business flash. nejra: thank you. , those letters are taking on an importance for investors. one of the latest additions comes from bnp paribas, which started a 140 million euro fund focusing on renewables. according to the french bank, .oney has outpaced growth joining us now is the senior portfolio manager at bnp paribas asset management. we are talking about the energy transition fund. it has quite a specific title. why the choice? >> we think there is a huge opportunity today in order to transition the global energy system from what is to fitfully a fossil fuel based system to one where the energy mix is going to change. we are going to go from a mix of inewables to as much as 60% 2050. we are going

the chief executive of australia's 2nd largest bank is stepping down over a money laundering scandal regulators say westpac broke on time money laundering and counter-terror finance laws a soldering $23000000.00 times the most damaging allegations revolve around the bank's failure to monitor customers who were transferring money for child exploitation the company's likely to be forced to pay more than a $1000000000.00 in fines hong kong's leader kerry lamb has promised to listen to voters after the pro-democracy candidates won a crushing victory in local council elections the results follow months of demonstrations and political unrest candidates pushing to loosen china's control won an overwhelming majority of seats and despite the scale of the victory beijing says it will continue to back carol lam and her government andrew thomas has a view from china's capital in mainland china hong kong's election results are being effectively ignored asked about the landslide victory for pro-democracy candidates a spokesman but china's foreign ministry of voided the question should go to ruin ending violence and rest

. ♪ >> westpac caps a rough year for australian banks, worst earnings since the global financial crisist lender will raise $2.5 billion australian. >> what we have just seen is a lot of the current trends we have seen coming through, it has been battered from all sides, the cost of misconduct, low interest rates crimping margins and finding it harder and harder to recap against an environment where regulators want us to hold more capital. we have grown accustomed to earnings just keeping growing among all the big lenders. now this year westpac has seen its first drop since 2009 when it was struggling with the aftermath of the crisis. ♪ >> sao paulo relied on trade income to post a profit above analyst expectations as a sluggish italian economy weighed on income from lending. >> showed some pretty resilient results, growth net income, 42% coming from wealth management. is this your better area for the future, wealth management? >> yes, absolutely. and in this negative interest rate environment, we will have the speed of wealth management areas because we have a lot of italian clients, it

in australia, a giant money laundering scandal led to the downfall of a bank ceo. westpac'sd of the biggest violation of money laundering laws in australian history. that is your bloomberg business flash. tom: i will speak with the former supreme commander of nato and a vp candidate at one time around. our kevin cirilli, chief bloomberg washington correspondent. i thought jonathan bernstein really captured the moment for this white house, melded in a couple of the themes we have. be aost likely outcome may close to partyline impeachment in the house, acquittal in senate. stuckvative republicans with nixon in 1974 -- well, they did not, i remember that clearly. thechaos shows that president remains quite capable of doing damage to himself. ultimate damage going to be his secretary of defense? what does the secretary of defense do? kevin: from the president's perspective, it matters more what his messaging will be for 2020, and the calculation that he is making as he wants to stand with the men and women in the military, even when it appears controversial. culture-esqueed a wa

soon ande or is going now, the focus will be on what westpac does to repair itself. this is australia's oldest bankable institution. it had a royal commission into the industry. was a stephink this forward. a long road to come. shery: having said that, the long road ahead, do we have any idea who will replace the ceo or what westpac will do to regain investor confidence? time: this is the third headhunters have had to conduct a global search for ceo's to take over after a scandal in the last two parent five years -- 2.5 years, so they must be getting quite good at it now. many of those have been mentioned for previous jobs. there have been three big searches. a career banker who has not been touched by the scandals. there's also the inevitable speculation about the likes of mike, of the national australia bank. right for a move. there is of course the internal candidates. as we have seen in all the other australian big banks, that is where the real profit center is. of course, eyes are turning to the head of that division at westpac. paul: westpac has agm coming up on december 12 prior to this resi

westpac will not have to pay that hefty fine. it amounts to over three times the global economy. four biggest banks were accused of malpractice. last year, the largest lender paid a settlement find of 700 million australian dollars. international transferors that went -- transfers that went unreported, they are in another level of misconduct. >> the trade war between china and the u.s. the stakes have been raised again. b billed as phase one.e. at deal turning out to be more complicated than either side expected. be removedts tariffs as a condition is leading to the u.s. increase its d demand. donaldld trump of a mind that giving u.s. concessions without achieving core u.s. deals -- goals is not a good deal. supplyhey don't, their chain will be killeded. we will see what happens. i am very happy right now. if we don't make a deal with chinina, i will raise the e tars -- tariffsea >> how to higher. >> h how are the marts reactingg to that? >> they y are losing ground. banking shares leading the way. ftse 100, london, off .25%. paris, off nearly y half a percent. >> boeing has struggled to land orders of the latest installment o

the chief executive of australia's 2nd largest bank is stepping down over a money laundering scandal regulators say westpac broke on time money laundering and counter-terror finance laws a staggering $23000000.00 times the most damaging allegations revolve around the bank's failure to monitor customers who were transferring money for child exploitation the company's likely to be forced to pay more than a $1000000000.00 in fines still ahead on the al-jazeera news hour audacious robbery an audacious robbery more than a $1000000000.00 more on the $1000000000.00 jewelry heist in germany. and support the world anti-doping agency proposes banning russia from the m.m. pics in all major world championships for the next 4 years. hello once again welcome to look at the international forecast well as last week fun to drive across southern parts of china because some fix a cloud go into those central areas and that will be thick enough for toys to produce the spot sorts who are afraid pits that go on in sea where to stay that range is transverse a little further east was toward shanghai all the time it does stay lossy

westpac has had a tough year for straily and banks, the worse earning since the global financial crisisy's second-largest lender will raise 2.5 billion dollars in slash/its dividend as full-year profit plunged 60%. emily cadman joins us. it was a horror year for all of the lenses. emily: what we saw is a culmination of the trends we have seen coming through. it has the misconduct, low interest rates, and it is finding it harder and harder to have profit or's against an environment where regulators wanted more capital. we have grown accustomed to earnings keeping ground from all of the big lenders. now this year, we have had westpac, the first drop since 2009 when it was struggling with the aftermath of the global financial crisis. shery: give us more detail on how they plan to shore up their balance sheet. emily: what the bank is looking to do is it is looking to raise capital from investors and retail shareholders. it is doing the 2 billion share. that is why it will not be traded today. shares have been frozen for today on the market. reflection on the need to attract new business. ma

shery: reports from sine say westpac boards will meet to discuss the company's frequent breaching of financing laws. west bankaccused of more than 23 million breaches of banking laws. coming up, we will be discussing reworking the wework package. we will talk about the company next. this is bloomberg. ♪ whether you're out here on lte. or here on a wifi hotspot. xfinity mobile has more coverage to keep you connected to what matters most. that's because it's the only wireless network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. and now get $250 off when you buy a new samsung phone during xfinity mobile beyond black friday. plus, you can save up to $400 a year. click, call or visit a store today. haidi: breaking news just crossing the bloomberg -- the latest reading when it comes to objects -- inflation pressure or lack thereof, national cpi for the month of october coming and bang on expectations, .4%. .2%,eadline number, slightly under expectations of .3%. we actually have a slight beat on energy prices, but we were expecting a pickup given that tokyo cp

they say the bank failed to than 23 million international funds transfers .ver five years westpac says findings and will respond later. coming up next, qualcomm paints a rosy picture. to investment in 5g started pay off? that story in a moment. this is bloomberg. ♪ when you move homes, you move more than just yourself. that's why xfinity has made taking your internet and tv with you a breeze. really? yup. you can transfer your service online in about a minute. you can do that? yeah. and with two-hour service appointment windows, it's all on your schedule. awesome. so while moving may still come with its share of headaches... no kidding. we're doing all we can to make moving simple, easy, awesome. go to xfinity.com/moving to get started. >> this is daybreak asia. the u.s. senate has unanimously passed a bill aimed at supporting protesters in hong kong and warning china against violent suppression of the demonstrations. the house passed a similar bill last month with slight differences, meaning both chambers still have to pass the same version before sending it to the president. the u.s.

westpac says after talking to the regulator, retail investors have until the end of next week to change their minds. the banks 1.3 billion dollars. is seeking more for retail buyers. farming industry bellwether dear fell after delivering a more cautious outlook than expected for the year ahead as trade tensions keep customers from replacing large equipment. demand for machinery has taken a backseat as trade concern has farmers wearing about who will buy their products. construction equipment purchases are also set to the claim. it's check back in on the mainland markets. the csi up three tens of 1%. trump has signed off on the hong kong bill. we also have the news that special bond issuance is being fast-forward. that can feed into some of the infrastructure stocks. i.t. stocks on the mainland are up. industrials are up five tens of 1%. energy, essentially flat. the hsi down to chance of 1%. china has reiterated it will retaliate. the offshore currency not doing much on the back of the news. holding the line at 7.024. yvonne: we continue to see the weakness. it seems we are off the lows after the knee-jerk re

westpac before it was accused of money laundering can ask for their money back. retail investors have until the end of next week to change their mind. earlier this month, the bankthe equivalent of $1.3 billion of stock. let's get a quick check of what is happening on the markets right now. australia has been trading for 26 minutes. a good chance for all those stocks to come online. currently higher by a quarter of 1%. we have had the news from the united states that president trump has signed into law the amendments to the hong kong policy act. that may cloud the picture on the u.s.-china trade talks. some of theing back earlier gains. now higher by a quarter of 1%. new zealand, stronger i 1%. futures for the nikkei traded out of chicago are a little weaker. let's see what we have coming up next. we are going to hear why the european union plans to push for a digital tax. we are going to have our interview with the competition commissioner. that is coming up next. this is bloomberg. ♪ paul: this is daybreak asia. i'm paul allen in sydney. shery: i'm shery ahn in new york. coastal savings bank of china is set to ipo on the mainland on thursday and i what is expe

for australian banks amid the misconduct probe which has seen lenders cough up $3.5 billion to pay for the industry's bad behavior. analysts had to prepare for a polar result from westpacthis was worse than forecasted. the return on equity falling. a final dividend was slashed to $.80 a share from $.94 last year. westpac is seeking to raise $1.4 billion and a 92% discount to fight its closing price to meet capital rules. an august 28d at low after citing for five straight sessions. westpac ceo brian hartzler said of the challenges they remain after this disappointing year. haidi: sophie kamaruddin there in hong kong. let's get more of watching the training get underway across asia. global markets editor adam. we saw pessimism give way to optimism. no doubt it will go in swings as it goes to trade. i'm wondering if the comments from president trump had enough substance to keep treasury yields edging higher and equities gaining higher? adam: i think we can say at least that it firms up the position markets have been taking. that we will get the resolution, this phase one deal signed. that is the kind of move you have seen overall broadly speaking in the last few weeks. t