♪ yousef: welcome to "best of bloomberg markets: middle east." i'm yousef gamal el-din.ere are the major stories driving headlines from the region this week. shares in the kingdom holding third as the billionaire businessman, alwaleed bin talal, is finally released from detention in riyadh. we are told he will remain at the helm of his country. rex tillerson calls for the end of the diplomatic isolation. and the ceo of qatar commercial bank says he is pushing to increase lending despite the standoff. and u.s. oil production surges above 10 million barrels per day for the first time in more than four decades. will america become the world's number one producer in 2018? first, the week began with news that saudi prince alwaleed bin talal had been freed after more than two months in detention in the ritz-carlton in riyadh. he was allowed home after reaching a settlement. he will remain at the helm of his company, kingdom holding. , erasing the losses he had sustained. i got more from the story from riad hamade. riad: we heard earlier last week that they want to wind the who

♪ yousef: welcome to "best of bloomberg markets: middle east." i'm yousef gamal el-din.ere are the major headlines driving stories from the region. the billionaire businessman is finally released from react. he will remain at the helm of his country. rex tillerson calls for the end of the diplomatic isolation. he is pushing to increase lending despite the standoff. and u.s. oil production surges above 10 million euros per day for the first time in more than four decades. will america become the world's number one producer in 2018. that thee week began saudi prince had been freed after more than two months in detention in rhiaad. he was allowed home after reaching a settlement. he will remain at the helm of his company. i goting his release, more from the story. reporter: we heard earlier last week that they want to wind the whole thing down. they said that 90 people have been released, and they have got 95 people waiting, either to be and taken to the prosecutor or released. over the weekend, we had the release of these very high-profile names. this was the one that capt

♪ yousef: welcome to the best of "bloomberg markets: middle east," i am yousef gamal el-din.arkets went haywire and volatility came roaring back as investors braced for rising interest rates. oil suffers its worst slump in two months, where does it lead? and, still number one, claiming its crown as the world's busiest airport. we speak to the ceo. it was an extremely turbulent week for the global markets, all sorts of records broken. investors had jitters about the risk of rising interest rates. tracy alloway had an interview on this in a wood of the. >> the market is a market. they have done a great job in stimulating the economy. president obama had started the aircraft carrier to move slowly, and he did a good job at it. the market is always dangerous. it is always dangerous to take too much credit for it on the way up as you also have to take the blame for it when it goes down. anchor: what actually sparked the volatility? have you seen something like this before? guest: sure. the quantity of course is frightening, but now we are dealing with etf's and computer-related pr

yousef: right.look at the change in policy from the government, they have moved away from the harsh austerity to more of an expansionary budget for the new year. there's more spending, more investment. was that don't to mean in terms of boosting your bottom line? what kind of lending growth are you looking at? guest: as you said, exactly. is verynt spending central for economy growth. i am believing the budget for 2018 will have many opportunities for us. there are many projects going to well to finish those megaprojects that started a few years ago. yousef: give me a sense of what the impact could be from the ongoing selloff we are seeing in global equities and bonds, especially perhaps the surging bond yields across the globe. could that have an impact on your operations in any shape or form? focusing on the .ocal markets more [inaudible] you see we grew more than 12% in 2017, as well as investment growing by more than 100% during 2017. started issuing 2017 come which also created opportunities, e

yousef: in terms of u.s.yields, there has been discussion about where they will .o volatility toal the continue? >> there is one prediction i would focus on, the fact that volatility will return. there are three central banks that have added a tremendous amount of liquidity to the banking industry, the fed come at the ecb, and boj. we have the fed talking about capping the balance sheet and gradually reducing it. to me that is the phenomenon we have to focus on, and that will bring volatility in q4. what you have seen this year is that the volatility we are talking about. we're talking about normality in volatility and going back to the historical norms. yousef: you just got an international banking license and are excited about what is possible. what else are you going to do and saudi arabia? all that ther to economies are interlinked, the uae and the saudi economy, and they are co-related a certain extent. they add value to each other. if you need to have a country that is prosperous, you need a sound finan

. ♪ yousef: welcome to the "best of bloomberg markets: middle east." i am yousef gamal el-din.ere are the major stories driving headlines this week. going for broke. saudi arabia proves bankruptcy. the latest steps in a drive to attract foreign investment. south africa's tax scandal. the new president hikes the for the first time since the end of the apartheid. he tries to stabilize debt, but could there be a voter backlash? we begin with interest rate cuts in egypt. the first since the nation floated its currency at the end of 2016. it was a widely anticipated easing cycle after record high borrowing. it attracted $20 billion of local currency debt. tracy alloway and i got more on the chief economist. jean-paul: i was expecting a bigger cut. i know that seems like a lot in the context of emerging markets. remember, rates were raised 700 basis points from the time of the devaluation up until last week. this is the first step of a very long journey to go. to be perfectly honest, i don't look too deeply into the monetary policy statements out of the central bank of egypt these da

♪ yousef: welcome to the "best of bloomberg markets middle east." i am yousef gamal el din.ere are some of the major stories driving headlines from the region this week. crude comeback. oil recovers ground following its worst week in more than a year. the iea says the global surplus has almost been cleared. as uae property giants report earnings, we hear exclusively from industry cfo's. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and , political, and business leaders gathered in dubai this week for the world government summit. the event brought together officials, policymakers, thought leaders, and private sector trail blazers to explore the future of government in the face of a changing world. on sunday, tracy alloway spoke with the secretary-general of the oecd, Ángel gurrÍa, and began by asking for his take on the recent market volatility. Ángel: the experts say it was a correction, but i think it is a warning. i think it is very important

yousef: who stands out?the usual candidates and suspects that are most vulnerable in this kind of nvironment thinking along the lines of turkey. a couple that you think are trades right ky now? gary: maybe india is because lopping way.a we got a budget out of the way, flow is positive news going to come from. it's short term, not fundamental for long term. had a very good start to for ear, there is room profit taking. on both of those markets, very core positives of the future, and india. china because it's undervalued. can provide us with profound 10 th over the next five to years. yousef: you look what the stock seven-day oing, a losing streak, the longest since 2015. is : south africa politics because the y.main murk what about turkey? gary: people look at the politics and it tends to make people worry. if you look at the underlying basis, irwe respect of that, we upgrades to forecasting, stabilized within the economy. pick up a significant yield in the bond markets. i see waves of capitol going better ne

yousef: the budget director of the u.s.aid yields could see a spike in interest rates as a time hisut over argument was economic growth would bring everything back in line. we still have a lot to talk about. still to come, a lot to talk about. is confident it will continue to fly high. our exclusive interview is still to come. up first, a governor kuroda come back. reports that the governor will be given a second term as the head of the central bank. is stimulus set to? we discuss that next. this is bloomberg. ♪ watchingou are "bloomberg markets: middle east." i am yousef gamal el-din in dubai. , vines and line with the three-month average -- volumes in line with the three-month average. selling in israel. stocks the big six retreating as tensions with iran are playing into it. we saw a rebound in qatar. airbus and emirates have signed 80's.tract for 20 a3 it comes after airbus admitted it might have to terminate the project unless new orders come along. it's most important plane is still suffering teething problems. to com

yousef: how much momentum was on egypt? do you expect to build into the egypt reform story, in terms of investor interest around the world? have giveny story investors some of the best returns around the world. are you seeing a lot more inflows and a lot more requests to allocate as -- allocate assets into egypt? jaap: a lot. we had a conference in south africa. the best story out there were very strong. the pharmaceutical companies, all have done well. a lot of appetite for egypt at the moment. yousef: always a pleasure to having you on the program. he is a head of research at our calm capital. let's get you a reminder of what you can stay tuned for. we are going to have coverage of the international petroleum week. that is coming up on tuesday. we speak to bob dudley. let's get you a bit of a sense of what we are about next with the middle east markets. open one hour away. we take a look at which stocks are going to be key for you to watch. this is bloomberg. ♪ ♪ yousef: here are some of the ideas to give in mind ahead of

yousef: thanks.lk about the follow-up for global markets and what we can expect in the new week. europe may be leading the world in terms of growth, product -- productivity, and growth -- job growth. bridgeport associates has $13.1 billion in wages and shares and european companies. billion from the 3.2 that the firm disclosed on such bets on february 1. bridgewater's call against oil giants was said to be more than a billion dollars, its largest disclosed shareholding in europe. let us go back to the senior -- other details the of the finding. the very fact that you have bridgewater upping shorts against european companies -- are you also seeing a fundamental weakness developing in the european story? >> i do not see weakness. for a henge -- hedge fund it is a todd's lysing thing. -- tantalizing. ecb has pushed down the interest rate on gordon bonds, even off the counters like italy. countries like italy. there are cities like hurdles, first of all the italian elections. serious hurdles, first of al

i'm yousef gamal el-din.zon is cutting back on many jobs, scaling bageled departments, focusing on selling online. they focus on hiring, cloud computing and the alexa platform. they have confirmed they will skip the detroit auto show next year, mercedes-benz, joining other automotive makers. for city says the rising complexity of the auto industry and the range of new products has prompted this decision. better sales and the snapchat parent is leaving. in 201 7. joined last week, snap reported sales that topped estimates, causing shares to surge. the company says they will not be looking for a direct replacement for lucas. regale is the first company in the middle east to win a license cryptocurrency. ethereum will be in the vault. this is the most secure way of investing in cryptocurrency commodities. that was your bloomberg business flash. that get back to the story and asia. jpmorgan, they say their strategists spent all last week in asia. "littleed there was sign of distress amid the market rally." invest

yousef: it's 11:30 p.m.ai, and you are looking at a live shot of the finance center in downtown dubai. a bloomberg dollar index that is a little bit stronger. there are clouds building in the background, as you can see. au.s. equity futures -- quite bit mixed, lower on the s&p 500. let's check in on the first word headlines from around the world. haslinda amin. hsbc reported adjusted pretax profit for the year that missed the lowest analyst estimates. net income was 21 billion dollars, point $5 billion lower than forecast. the bank expects reasonable thish in major economies year and remains optimistic. the result of the last under outgoing stuart gulliver -- he show hsbc's kurds, strength, and its potential. theresa may's team is said to have secret plans to withhold billions of pounds in brexit payments if the e.u. does not give the u.k. the trade deal it wants. thee the move is not preferred option, we are told some in her administration believe it would the necessary a -- e they try to run renege on the

yousef: how are you expecting the boe to move?h the air on the side of caution because of all the uncertainties that exist around the brexit process? fahd: yes. tracy: how are you looking at the rest of europe? concernsnore all the we had about idiosyncratic political turmoil, we have the dutch elections, french elections, you would've performed incredibly well. in 2018, it feels like there is not a lot of political risk on the calendar. drama, italian election but investors don't seem that concerned yet. are they making a mistake? fahd: we think there was a lot of concerns, but it has moved forward possibly. the recovery has come through well. we don't think the political concerns are the main areas -- area to be worried about. maybe they are moving away from the more defensive names, moving more towards energy and well,rials, telecoms as that's pacific to the cycle happening in europe. -- specific to the cycle happening in europe. to talk about asset classes in terms of your top call outside europe and the u.s.. how should inves

yousef: the other issue is inflation.an setting the tone a little bit for what he expects going forward. it seems to me, the fed policymakers are little bit more comfortable targeting a rate like 2.25, but they can't take in public because of the dynamics of the fed. where is inflation going? guest: right now all factors point towards inflation. this protectionism obviously affects inflation. this new spending budget will increase inflation. the ongoing labor and unemployment will increase inflation because of wage growth. everything points to higher inflation in the u.s., but the fed has actually been talking about raising their target. now at 2%. they are thinking of raising it at 3%. yousef: how high can inflation go? it defense. there is this theory from the treasury secretary on friday, that we could have wage inflation which does not necessarily deliver real inflation. and you know, we can grow the buffalo army but not necessarily expanded. someone else said to me hikes can slow the economy. are skeptical about the

yousef: there's a bit of a wildcard.tuation, the presidential elections in a few weeks time. hat could inwind very, very quickly. a lot of it depends on a stable egypt. okay, i'll make the statement there. as y egypt has never been politically stable as today. i say this to every client. presidential the elections represent any risk in terms of that. ecure situation is completely fine. i'm not worried about the political risk for the security situation. more worried about a potential inflation rising again by july. because of the subsidy across the oil. to re-question you as being the contrarian thinker. in on the ive battles. youse yaos that's what we like -- . what we like. h-- get him get mim one quay. what do we have. we have key themes. bank to open in saudi arabia pending regulatory approval. onvyweight lender, focussing expanding in egypt and india and markets. in existing look out for adnoc distribution cash dividend under 6 bill a share. keep troleum company will investment. adnoc is expecting new service openin

yousef: thanks, christine. the latest data shows sale prices.een three and four percentage points. of oversupply and weak demand growth. let's bring in the managing director at the real estate advisory firm. the weakness in dubai property has been ongoing for some time now. addition of new stock is going to keep any rebound a little bit further out, right? when you look at the numbers in aggregate there is not really a problem. it is a fight oversupply of five and 10%. that is man of -- that is manageable. the oversupply is really in the premium market. that is the most competitive segment for development right now. tracy: i want to ask you exactly this point. i see all these cranes in dubai and i want to screen, why are you building all of this? a bunch of stuff is currently sitting empty. why do people continue to build? jesse: because investors continue to buy. this is it that the median income is estimated at 6000 a month. that is completely incongruous with the developer. thisf: to what extent has been an overreach that is difficult to roll

let's get across to yousef gamal el-din. yousef: thanks.-quarter pretax profit of $3.6 billion, missing the lowest estimate among analysts surveyed. the rare failure to live up to analyst burning estimates comes at the end of the chief executive comes to an end. discussediggest banks narrowing lending margins. according to the finance director, soft or itc numbers were a factor in the earnings. >> the fourth quarter from our perspective in the industry's was a little weaker with respect to revenues, particularly in the and we also took a couple provisions for significant corporate exposures in the fourth quarter. the world's largest money manager turned bullish on u.s. stocks, like rock seeing $6 trillion in assets, saying in pending fiscal assets will boost strong momentum for earnings. the company's global chief investment strategist says american profit growth strength is unmatched and that blackrock has raised u.s. stocks from neutral to overrate. anna: anna: thank you. yousef gamal el-din with the business flash. bhp billiton has boost

"best of bloomberg markets: middle eas yousef: welcome back to "best of

. ♪ ♪ yousef: welcome to the "best of bloomberg markets middle east." i am yousef gamal el din. of the major stories driving headlines from the region this week. crude comeback, oil recovers ground following its worst week in more than a year. the iea says the global surplus has almost been cleared. as u.a.e. report earnings we hear exclusively from industry cfos. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and

. ♪ ♪ yousef: welcome to "best of bloomberg markets: middle east." i'm yousef gamal el-din.major headlines driving stories from the region. the billionaire businessman is finally released from react. he will remain at the helm of his country. rex tillerson calls for the end of the diplomatic isolation. he is pushing to increase lending despite the standoff. and u.s. oil production surges above 10 m

. ♪ ♪ yousef: welcome to the best of "bloomberg markets: middle east," i am yousef gamal el-din.haywire and volatility came roaring back as investors braced for rising interest rates. oil suffers its worst slump in two months, where does it lead? and, still number one, claiming its crown as the world's busiest airport. we speak to the ceo. it was an extremely turbulent week for the global markets, all sorts or

yousef: welcome to the best of "bloomberg markets: middle east", i am yousef gamal el-din.t haywire and volatility came roaring back as investors braced for rising interest rates. the worst slump in two months, where does it lead. still number one, claiming its crown as the world's busiest airport. we speak to the ceo. it was an

where heback to yousef is joined by a very special guest. yousef: let's talk a little about india. lot of economic activity in asia, but more importantly, a powerful domestic story to be told. who better to give us additional context on where the story goes then the former chairman of the state bank of india? thank you for joining us. is a get started with what bad loan problem in india. the past the new bankruptcy law. is it working? >> i think so. interview in my last four years asked me that. i think we are about to see the end of the cycle. at the bankruptcy code that this new government has brought in and has been able to operationalize the number of cases there, some of the largest cases on the verge of getting resolution. it's picking up and that is something very welcome. yousef: what about tightening norms for the recognition of some of those loans? is that making an difference at all. ? arundhati: i think loans have just come in. the tightening loans will cause him out some -- cost some amount of pain in the shutdown. long-term it is something we all aspired for but was d

yousef: president trump has promised to act quickly to prevent more u.s. school shootings. he met with survivors and victims of the recent attack and other atrocities. the white house planning what he calls very strong actions. he endorsed the idea of arming schoolteachers to confront attackers. an. lawmakers launching inquiry into cryptocurrencies to investigate their benefits and risk and consider how it should be regulated. many will examine the impact of bitcoin and his peers on banks and consumers consider whether they ultimately replace traditional money or could replace, rather. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. find more stories on the bloomberg at top . let's cross over to david for a check on what's happening in the markets in asia. david: we are entering the last leg of trade across the asia-pacific. most benchmarks are down, australia already closed. a little bit of support from minors but you can call it flat on that market. suffice to say the risk off following the hawkish fed minute

. ♪ yousef: welcome to the "best of bloomberg markets middle east." i am yousef gamal el din.f the major stories driving headlines from the region this week. crude comeback. oil recovers ground following its worst week in more than a year. the iea says the global surplus has almost been cleared. as uae property giants report earnings, we hear exclusively from industry cfo's. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and

yousef, good day. yousef: let's talk about theresa may.ome of her most senior cabinet colleagues today will try to thrash out an agreement on what kind of deal they want with the european union. the meeting comes with just 13 months until brexit day. urgently needing to spell out their outlook before talks in brussels next month. the u.k. is asking the european union for flexibility on the length of the transition period, with a longer phase lasting until it is no longer needed. bank of america is the latest bank to commit its long-term future to the u.k. even as they plan for brexit. theirxtended the lease on building through 2032. new south african president is gambling on a tax hike, t. from 14% to 16% as he tries to stabilize debt. it is the first time the south african nation since apartheid has raised the tax that is seen as hitting the poorest the hardest. the finance minister spoke to bloomberg after announcing the budget. away from any further downgrades, and beginning to improve the outlook, so we can regain investment-grade. tru

when i'll bet a yousef was arrested and realized he could end up behind bars for years he decided to name names what yousef revealed rocked the investigators to their core it was a story of political intrigue and corruption rivaling anything that's ever come out of hollywood. del ton delane you're all elite prosecutor and operation car wash was appalled last we already knew that brazil was riddled with corruption. knowing that a monster exists is one thing but looking not monster in the face is something else it was shocking use facets of the. investigators uncovered an insidious web of bribes and backroom agreements. at first the investigators were astonished at how deeply the country's political and business elite were implicated in the dealings. s.l. but also into it's the biggest anti corruption investigation in the history of brazil and the world we're talking about repayment obligations that's unprecedented or the but ashley best thing so these repayments are the largest that have ever been in couldn't a corruption trial so in terms one of potus. the repayments and fines incurr

we are joined by yousef gamal el-din.ortant to point out that he is going to be dining with shale producers. this is the last frontier when it comes to the broader effort to bring everybody under one umbrella. he created this new framework. he brought in saudi arabia, brought in russia when russia was not on board the beginning. whatsoever benefit in a world that is drowning in oil. the expectation here is for a b uild, which will be the fourth week in five >>. manus: you have spoken to the president of of recently -- opec recently. do you think it is a distant dream? >> he has proven time and time again that he is able to bring people on the table and have a conversation, and get deals done. he brought in russia when nobody thought russia was going to be on board. more permanent fixture in this broader agreement. manus: let's talk about the politics of the region. talk about geopolitics. we understand that the prince spoke with trump last night. give me the geopolitical landscape? >> he has been speaking to the u.s. pres

journalist yousef jalali reports from tara. due to adverse weather conditions due to foggy weather the pilot lost his vision and he was trying to find a place where he can make an emergency landing and according to eyewitnesses in the city of sydney room he was trying to land and make an emergency landing on a pasture but unfortunately on this process the plane crashed. while the plane was operated by assman airlines it's the third largest carrier in iran it operates domestic and regional services local media reports claim this particular aircraft had suffered technical problems in the past well the a.t.r. seventy two turbo prop is a french italian short haul aircraft the model was first introduced at the end of the 1980's the last time assman airline suffered a fatal incident was twenty four years ago when the plane suffered a sudden loss of power sixty six people were killed in that disaster. on wednesday seventeen people were killed and a dozen were injured after one of the deadliest school shootings in u.s. history nineteen

. ♪ appliedhis is yousef: materials reported first-quarter earnings.hest analyst estimates and get a sales forecast that shows the electronics industry remains bullish about future demands. i spoke with ceo gary dickerson and ask how long the company's sales run can continue. take a listen. >> this is really the most exciting time in the history of electronics industry. technology is transforming major industries. transportation, health care, entertainment, retail, all those different areas. really is the foundation of those major industry transformations that will generate 20 and the economic value. our semiconductor business, are displayed business, they are firing on all cylinders and it has never been a better time to be a shareholder of applied materials. emily: how long do you think you can keep up that kind of growth? >> if you look at the technology transformations that are happening, over the last three years, for all there has been $80 billion invested in changing transportation. all the major industries will change in fundamental ways. and y

yousef gamal el-din joins us with the first word news.g with president donald trump. he has criticized the fbi, democrats, robert mueller's investigation, and his own national security adviser over russia's efforts to sway the election in 2016. in a 24 hours, he focused on defending the validity of his victory and insisting neither he nor his campaign colluded with the russian miss campaign effort. meanwhile, the l.a. times are reporting that rick gates indicted in october with paul manafort has agreed to plead guilty and cooperate with robert mueller. u.k. prime minister theresa may and her ministers are together for a brexit away day. may seeks to unite the pro-and segments, some areas are breaking free. employment numbers are scheduled for wednesday and fourth-quarter gdp are due on thursday. we will watch for what they mean for u.k. interest rates this year. japanese exports and imports will registered strong gains in january. overseas shipments rose from a year earlier well ahead of forecasts. resultedase in imports in the first mont

yousef. emily: back to our top story of the day. a few wild swings, tesla stock pretty much unchanged. revenue beating analyst expectations. the electric carmaker moderated what has been a red-hot pace of cash burn. they took deposits for new electric semitruck. euro chief, david welch, joins us now. david, what do you make of the results? david: overall, more good news and bad. the loss was bigger than expected, that is -- that is not what tesla trades on. the cash flow, much less than analysts expected. third what the street was expecting, which is good. the main thing everyone is looking at is the model three. is this going to start really getting out there in real numbers for people to buy and bring revenue in? they will be up to 5000 cars per week, which is half of their original target, by the middle of the year. you saw the shares bouncing around. at first, they got up five dollars to six dollars over the close. that is a good thing. sign they that as a are getting their hands on the manufacturing problems they have had. howe

. ♪ ♪ yousef: the rally rolls on. equities push higher after the biggest your stocks.ay is up. quarter of amount -- quarter of a trillion dollars a paper issuance. prime minister's prepared to vote today for the ecb's 's president.

so, i imagine, yousef, you were not surprised by the president's reactions this past saturday to robt at all. to me it's all institutional protectionism, and that's the part that's unfortunate. we live in two different americas, one where we'll help you out, the good old boy's club and the other america people spell with three ks, where the darker enclaves of society, we see things happening all over the place. especially in regards to the central park jogger case. here you had donald trump two weeks in taking out the full-page ad, rushing to judgment, finding out 13 years later after he did all of that, that we were not the real culprits, yet he still stood and continues to stand on the side of history, which makes absolutely no sense. but here we have clear photos, we have a person saying, hey, i need to lve thi administration, i smeared myself, so to speak, and donald trump is saying, wait, hold on. let's not rush to judge, let's give this person due process. i mean, hey, he very strongly said he didn't do it. it's really amazing that he would say these types of things, especially

was coordinated by the famed white helmets, civil defense volunteers, supervised by mustafa al-haj yousef. ( speaking foreign language ) "some people were fainting," he told us, "completely unconscious. there were cases of trembling and convulsions, foam coming out of the respiratory tract and mouth. some people appeared to be already dead." he counted the bodies of more than 30 children. "there were young children," he told us. "i was treating them, but it was already over. the doctor who was with us there said, 'leave them, they're dead.' young children, three months, four months, five months, some two years old." the day before the attack, warplanes bombed local hospitals, ensuring a longer trip to medical care. white helmet volunteers loaded those still gasping onto a truck, with 30 miles to go to reach one of the nearest surviving hospitals, where dr. abdulhai tennari was working. ( speaking foreign language ) "there were patients who had lost consciousness," he told us. "patients suffering from shortness of breath. people were doing c.p.r. there were many children, women, the elderl

. ♪ yousef: asia-pacific markets extend global gains as investors await jerome powell's first testimonying european parliament that uncertainty remains and he is not ready to reduce support. , the shakeup continues kingdom replaces top military commanders and opens the door for women to enlist.

yousef perhaps that is not the next few days, but how deep will it be?r to this correction than elsewhere, but the deeper issue for asia, the tech space. last night just before the u.s. open, and our u.s. strategy team did something similar -- we downgraded tech. valuationswhere the have been at their most extreme and where we start is the earnings revisions moving south. that speaks to the idea that this will be quite a long-lasting correction. so, i think where it is defensive, you were covering the markets in singapore. it's not tech heavy. it speaks more to the upstream energy sectors. i think those markets can be somewhat defensive. we think north asia is where the price action will be most severe of ththe areas. reporter: i want to touch on the vix. me people were saying, where is the volatility? now we see the volatility spike the most in a long time. what do you make of that? jonathan: you look at the one factor model -- it has moved to the high 130 given everything else we have talked about during the interview, i would not view that as a single

. ♪ ♪ yousef: fears of interest rate rises great markets.ted britain will leave the customs union, with claims of disunity over the future of its relationship with the european union. -- heir ja jay j. y y.