Billion of e. U. Products. Hong kong protest take a violent turn. The government commends vandalism. News out ofing south korea. We are getting Consumer Prices for the month of june year on 0. 7 . Ricing this is as much as it rose back in the month of may but also slightly disappointing yeartations of a 0. 8 rise on year. Month on month, it contracted zero point 2 , which is a bigger contraction as expected for the month of june. We have seen a lot of pressure for Consumer Prices. We are talking about lower oil prices. Brent crude prices down 20 on average in the month of june compared to one year earlier. Not to mention the domestic demand in south korea is pretty weak at the moment. The bank of koreas signal we will probably miss the forecast of 1. 1 inflation in 2019. Pretty far away from the 2 inflation target for the bank of korea. We can see proof that inflation and theions are low inflationary pressures are low. Gaining onlyr cpi 0. 7 , missing expectations. s ctia gaining only 0. 7 , missing expectations. Nikkei users down. 3 while kospi futures are down. 2 . Have seen wall street closed at a record high. At the same time, we saw the ustr coming out with additional proposed tariffs on 4 billion of e. U. Goods so we could see riskoff moods in this session, paul. We continue to see this pressure on the futures market at the moment. Paul with the exception of australia of course, currently pointing higher by. 3 . Important to remember those 15chers for the asx reset minutes before the opens of some of this news may not be priced in there yet. New zealand has been trading for just over one hour now, still up by. 3 . Lets check in on the first word news now. Signaling more stimulus is on the way amid continuing worry about fuel eurozone people eurozone feeble eurozone inflation. Investors and economists predict the ecb will cut Interest Rates in the coming few weeks. A record low of 0. 4 . European Union Leaders have failed to agree on the makeup. Growing concern about division and gridlock in brussels. 18 hours of talks on sunday and monday produced no agreement on naming a dust socialist as head of the dutch socialist as head of the e. U. He is backed by Angela Merkel but opposed by the centerright group in the e. U. Parliament. Iran has breached the terms of the 2015 nuclear deal, exceeding limits and raising the stakes in the standoff in the u. S. The move threatens to undermine any support from european powers who also signed the deal for years ago. They have been trying to find a way to salvage the deal using a trade mechanism to sidestep u. S. Sanctions but tehran says more must be done. The europeans have not done enough, so the Islamic Republic will move ahead with plans as previously announced. Bothe in the first phase on increasing our stockpile of enriched uranium as well as heavy water reserves. We have already announced our second phase of actions which would be surpassing the uranium enrichment limit. The reserve bank of australia is going walkabout for its policy decisions. The banks first meeting in the city for five decades. The rba is expected to announce a second successive rate cut on tuesday for the first time in 2012. The last time the rba met in darwin, it adjust did policy to encourage saving. 51 years later, it aims to persuade australian to spend. 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. This is bloomberg. Shery thank you. The Trump Administration is wrapping up the pressure on the e. U. , proposing to slap tariffs on billions of dollars of additional products. Greg sullivan joins us now from d. C. I thought the u. S. Has been negotiating an fta with the e. U. What is prompting this latest announcement . Greg the Trump Administration is ratcheting up pressure on the e. U. Over subsidies to their manufacture. The u. S. Trade Representatives Office today released a statement saying they are seeking comments for proposed new tariffs on nearly 4 billion in e. U. Goods. We remember the Trump Administration did something similar back in april, calling the a proposal of 11 billion in tariffs. The e. U. And the u. S. Have a history of fighting over their aircraft manufacturers may have been locked in this 14 year disagreement manufacturers. They have been locked in this 14 year disagreement. This seems to be the latest twist and turn in this. Paul apart from the aircraft manufacturing, what else is on the list and have serious of an escalation those this represent does this represent . Greg on the list of potential tariffs are several items from the e. U. , including irish and scotch whiskeys, pork products, cheeses, milk, even some metals including copper. Theres about 89 subheadings for different types of products. As far as whether this is a big escalation, it is certainly likely to annoy the e. U. , but it is potentially about the biggest escalation. The numbers are much larger but this is certainly not going to be taken well over the e. U. Paul all right. In washington, thanks for updating us on that story. The other big story we are tracking, hong kongs embattled leader has condemned we are joined by our senior fromter, david tweed, outside the hong kong klitschko go building. How are things looking out there now . Avid it seems to be like scene from some sort of post looked really postapocalyptic movie here. You can see they have smashed through these thick glass panels using all sorts of instruments and have gone straight into lynch co and trashed the place on the inside. I want to show you how they did this. Down here, look, this is a toolkit. Absolutely brandnew. It gives you a sense of how organized they were. And look at this. These are the sorts of helmets they were wearing. Is whate extraordinary took place down here. We come to a fence. There are film crews all over the place at the moment. You come to a fence. Lets go straight through. I want to show you these slats that have been ripped off that were then used as battering rams to get in through the windows down here. What we saw was a highly organized assault on the Legislative Council last night. It is extraordinary to see it here with my own eyes this morning. Shery really extraordinary to see you describe the chaos guys went through last night. It looks like nobody got any sleep. Chief executive carrie lam having that presser at 4 00 a. M. In the morning. I did not hear anything new there. What she did was she absolutely condemned the violence. What i want you to do is i want you to listen to what she said here. The extreme use of violence and vandalism by protesters who stormed into the Legislative Council building over a period of time. This is something we should seriously condemn because nothing is more important than the rule of law in hong kong. Lam, hongts carrie kongs chief executive speaking at a 4 00 a. M. Press conference. Shes referring to two things that happened last night. One was a peaceful protest that took place, a demonstration between about 200000 and 500,000 people. The second thing worthy extremists who broke into legco here and she is condemning that violence. A lot of people are asking right now, including a prodemocracy lawmaker, they are saying, why was it that the police fell back and allowed this violence and the access by the extremists into the legco . Was it some sort of chap in order to be to say look at the violence, look at what is happening with these protesters, and to try to turn Public Opinion away from the protests . Machiavellians a Conspiracy Theory but it seems like what we are going to get today and further on is a battle of the narratives about whether the protesters can keep the will of the public on their sides or whether we are going to see that began to dissipate, with probably the government would like to see. Shery how you shape perception. Thank you for that. David tweed outside hong kongs legislative building. Lets get more on the latest escalation in hong kong. Joining us is the university of notre dame Political Science professor, victoria. You with us. You saw the destruction and devastation, the vandalism. So much so, as david mentioned, this could be seen as a trap to discredit protesters, right . How much of a strategy to protesters have at this point . Victoria as i was watching this, throughout the whole morning, i was very worried. It looked very much like that. If the police had wanted to block the protesters, there would be no way the protesters could do anything. After midnight, they will clear the entire area around legco, they could do it. Really went, they through it in order to lure protesters into doing so. You are quite right. Carrie lam, the chief executive, is trying to shape the narrative and why on earth that she would call a press conference at 4 00 a. M. Hong kong time . Medias international her mind. She wants to condemn the use of violence. Shery you have worked in the hong kong democracy movement, all right . When we movement, right . Where do they go from here when you look back at 2014 . Nothing much happened and president xi jinping really got no backlash from all of the violence we saw back then. So what is next . Theoria this is exactly great question precisely because iter the movements in 2014, was seen as total failure. Afterwards, not only that, they did not get genuine suffrage. All the organizers, many other people, were all locked up, so this time around, the protesters , they got smarter. All the leaders were the people who claim to be leaders are all going to be arrested and sentenced to multiple years in jail. We do not want to go to jail. We want to stay out and fight for another day. Important thing is carrie lam condemned this as violence, but the protesters, why they stormed into the legco building, they had a motive in mind. They had taiwans Central Movement in mind. At the time, the students starting to the Legislative Council, the legislative building, and it just so happened that because these people in taiwan, they are genuinely elected, and therefore, they had to yield. The nationalist party at the time was in power charged a lot of these people for vandalism, for violence, for all kinds of things. And then later on, all the charges were dropped. People, theyyoung were vandalizing, but what they did was they were trying to send a message. They were doing graffiti on the walls. They were vandalizing the pictures of these high officials, but when they went to the canteen, they were hungry. They were thirsty. They dropped the necessary amounts of money before they can any food, any drink. They took any food, any drink. Paul do you think the protesters made a tactical error . It seems likely, a few weeks ago, that carrie lam would just be quietly removed from the post. Have they made a mistake . Victoria the problem is that protesters really do not believe that. Just suspending it means withdrawing it, they do not believe it. The governments official line is that it will die. If that is the case, why not withdraw it . People worry the government can sneak it in at any time, just like they snuck in a bill for the waterfront outside of the building to the Peoples Liberation army, so now they have a waterfront asset. A lot of these issues that the government has been shoveling down through hong kong without proper procedures, so people do not trust the government. Paul victoria, what does this mean for carrie lam . Has a strengthened her position . Victoria this has weakened her position, because people have been calling for her to come down and also for her to come out and apologize more sincerely in the sense that the police use Excessive Force on wednesday, june 12, against protesters. You should be an independent investigation into the use of there shouldce be an independent investigation into the use of police violence. They say they are just carrying out their duties, using the exact right amount of force, so why are they afraid of having an independent investigation into this issue . Paul university of notre damepaul Political Science. Rofessor victoria hui chairman gives us his outlook later this hour. Shery we will be speaking to them until capitals representative. This is bloomberg. Shery after a day in which u. S. Stocks rallied alltime highs, futures are now retreating after news that the u. S. Is considering adding more tariffs on e. U. Goods. Joining us now with diamond Hill Capital Management portfolio manager, the trade optimism between china and the u. S. Did not last long. Now you have more uncertainty over what is going to happen with the European Union, so lets just look at fundamentals. Lets take a look at valuations, for example. This atv chart on the bloomberg showing the s p 500s forward twelvemonth pes. Not strong when you look at the average for the past year. When you look at this and that you put into perspective the trade concerns, geopolitical issues, and so forth, how reasonable are they . Well, thanks for having me. I do think valuations for Global Equities are generally reasonably reasonable to attractive right now. You made the great point that theres plenty of geopolitical risk, trade risks, and also risks, so our expectation is that we will have a considerable amount of volatility over the next few years but if you extend the time horizon to five years or 10 years, we think the total return for Global Equities will be relatively attractive. Expectations your very depending on the sectors you are looking at if you factor in the fact that trade tensions could affect tech stocks, chipmakers, more negatively than other sectors . Grady i think it is important to be balanced. Some of the more cyclical sectors actually do carry attractive valuations if investors can extend their time horizons. The stocks will be more volatile. For us, for the cyclicals we own, we want to buy businesses with relatively conservative Balance Sheets, and Good Management teams have a history of good capital allocation. On the other end, we have some more defensive holdings in the portfolio, health care, consumer staples, but certainly, valuations do look a bit more stretched for those defensive sectors. Were you close we watching the outcome of the g20 over the weekend . Of horse, there was the suspension of course, there was the suspension of tariffs. President trump saying the next round of tariffs with china has already started. Has that affected your view of the future at all . Grady i was very interested in the outcome of the talks. The most interesting part of negotiating leverage i have seen out of all of this is the importance of huawei to both countries, but when i look at u. S. Trade policy, it looks fairly erratic to me right now. I was speaking with our autos analyst a few weeks ago after trump used tariffs as a threat for immigration. I think that happened over the weekend. We were trying to understand, you know, where policies are coming from. I know earlier, it was discussed beingthe e. U. Tariffs presented, and so, really, from a Portfolio Management and point, we do not feel like we can predict when a new tariffs will be announced and when a tariff that had previously been announced will be retracted. Paul it does not feel like a normal week unless we get some kind of tariff being announced in itfind it interesting being one of your contrarian calls. You said you like u. K. Domicile terms. E. U. Tariffs. When you say that, are you assuming a brexit deal, or are you assuming a swift recovery from a no deal scenario . Grady i am making no assumption about whether there will be a brexit deal or a swift recovery, no deal scenario, but what we do see is across a variety of businesses in the u. K. , valuations on a normalized basis look attractive. Certainly, it is another example where we could see drawdowns in the u. K. If we get a bad outcome from brexit, but extending the time horizon, we see a variety of companies that are good businesses trailing at fairly attractive valuations. Shery you have not had very positive reports recently, whether it is europe or the u. K. Since 2013. Owest when you take a look at these numbers, where is the Global Economy headed . Do you worry about a potential recession around the corner . Grady i do. That is one of my concerns. My belief is we will see some recovery in the Global Economy, given the Central Banks somewhat. Ave eased we do get some sort of, a little bit of a stabilization in the trade tensions between the u. S. And china, but certainly, the for a greater slowdown in the Global Economy, particularly the u. S. , would be a problem. That is one of the biggest concerns i am thinking about right now. Gauge the manufacturing did not really help your outlook, right . Thank you so much for that, grady burkett. Ad of course, you can get roundup of the stories you need to know to get your day going in todays edition of daybreak. Bloomberg subscribers, go to dayb on your terminals. And its also available on mobile in the bloomberg anywhere app. You can customize your settings so you only get the news on industries and assets you care about. This is bloomberg. Shery this is daybreak asia. I am shery ahn in new york. Paul i am paul allen in sydney. Lets get a quick check of the latest business flash headlines. Aston martin jumped after one of its biggest investors said it is considering an additional stake. Advisors could spend the equivalent of 86 million to raise its holding by 3 . Shares rose strongly but they are still well below octobers ipo price. To convinceruggled carmakers that it could have success. Shery the Refining Division has bounced back from its worst performance in almost two decades. Refining margins increased by as much as 400 million in the second quarter, enough to wipe a . 25 billion loss from the prior threemonth period. The improvement was a far cry billion exxons refinery earned in the final three months of 2018. Fell the most in seven weeks after warning that lower copper prices and the reduced production in indonesia will trim secondquarter sales and earnings. Adjusters to generate for ebitda at fund of 30 million in the quarter and to record an approximate 5 share loss. Bloomberg intelligence says it could be a warning across the copper and gold sector. Up next, if ge founder and chairman joins us from hawaii to talk opec supply cut, stay with us. This is bloomberg. Xfinity mobile is a Wireless Network designed to save you money. Whether you use your phone to get fit or to find the perfect gift, youll use less data with a network that automatically connects to millions of wifi hotspots and the best lte everywhere else. So you save hundreds of dollars a year on your wireless bill. Xfinity mobile has the best network. Best devices. Best value. Simple. Easy. Awesome. Click, call or visit a store today. This is daybreak asia. First word headlines. The Trump Administration is turning up the heat on the e. U. With new measures against imports. The trade Representatives Office is proposing and at the list of 18 nine tariffs subheadings with a value of about 4 billion in order to enforce u. S. Rights in the wtos dispute against the European Union. The two sides are sparring over e. U. Subsidies for large civilian aircraft. Hong kongs embattled leader is condemning demonstrators who stormed the legislative building, as protest against the governments controversial extradition bill escalated. Police fired tear gas and pepper spray as hundreds of people flooded into the building. Carrie lam denounced the protesters, saying they had used excessive violence. They say she has not responded to their demands. The number two at the fed says many fomc members see a stronger case for easing now than two months ago. Richard clarida told a conference in helsinki that the federal act is appropriate to sustain the u. S. Economy, noting mounting uncertainty about Global Growth and trade. President trump has repeatedly criticized fed policy and there have been calls for a socalled insurance cut. President trump says hes taken tariffs against mexico off the table after the country stepped up efforts to stem the flow of Central American migrants attempting to reach the United States. The president says mexico is doing a great job and that it has a big impact on migration. President trump drops plans for additional tariffs on mexico after the government said it would do more to help. 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. , this is bloomberg. Paul thanks very much. Asiantake a look at futures at the moment. We have seen nikkei futures turn a little south after the announcement by the u. S. That there would be 4 billion in additional tariffs on e. U. Products. Kospi futures weaker as well. Futures are in interesting one, currently pointing higher by. 3 , but that number will change in less than 15 minutes time as those markets reset. New zealand of course the only market open right now, continues , push higher, up. 4 inspired by the trade truce. Shery lets now turn to china isause premier li keqiang set to address the World Economic forum. Investors will be watching for any our chief north asia correspondent, Stephen Engle, is at the summit. We do not have that much clarity on what could be said out of this speech, but when you look at past communications coming from beijing, are we expecting him to mention any of these subjects . It is possible but unlikely. If youre talking about hong kong. But trade, definitely. He is going to be talking about some of the same position beijing government has been very consistent on, and that it is being treated with equal footing and a balanced approach and fairness. Longtimehas been the stance from xi jinping, and it will be the message, i am sure, when he speaks to an International Community of Business Leaders that the World Economic forum, summer davos. 10 40ed to start around or thereabouts this morning. It is unsure exactly what he will talk about, but again, the latest issues on trade is that they have a truce with donald trump. Even donald trump signaling overnight that the talks between the two sides began even before osaka, somp met in there is some momentum there. There was a big sigh of relief among the participants at the summer davos yesterday that at least the two sides are talking, and that removes the big overhang of doubt on the relationship going forward. Paul yes, so how about that night of violence and vandalism in hong kong . That is a tricky one. How is li keqiang likely to handle that . Tricky it is a very one. If he does talk about it, i am sure it is going to be in muted tones and it is not going to refer to the violence. He will probably talk about the need for, you know, the rule of law. That is a common theme of chinese leaders talking about all chinese citizens must obey the rule of law, etc. , etc. If there is any reference to that, it will be along those lines. If the Chinese Government feels much more confident about the handling of it, they will also mention that this is an internal affair of china and it should not be interfered with. What beijing has done and they did as well with the Umbrella Movement five years ago, and that is let hong kong deal with it and then let the protesters among their various factions start fracturing, and that could then in turn change Public Opinion so that could be the approach from beijing this time. And let carrie lam, as she did last night, speak on behalf of hong kong and beijing when she said they need the rule of law. Thanks foright, joining us. Lift among the roller coaster trading session after opec and its allies extended production curbs into next year. The saudi energy minister, khalid alfalih, said there was support for the decision. The commitment to a ninemonth extension is unequivocal. Very solid. Very strong. Not only are we committing to roll over. I have heard the individual commitments to confirm a t from all conformity from all countries. Paul thats bring our veteran oil water. Lets bring in our veteran oil watcher. Announcement, there was not a great deal of reaction from all of the oil prices. Has this already been priced in i markets to a large extent by markets to a large extent . I think it is clear that things are going to happen. I think, we knew that opec. Embers are already agreed the russians were playing a bit hard to get but it was pretty clear that they would agree also. One thing what happened is prices were in the 60 to 65 range. Everyone knew if they did not agree on a strategy, the prices would drop, and nobody wanted that. The whole situation was priced in. Refer youst want to to a chart that on the bloomberg you will not be able to see it, but it does show that the United States is now the Worlds Largest oil producer. Does this really limit the impact of what opec can achieve with these production cuts . You know, there are two interpretations. The u. S. Production being very large, and this year, growing by maybe 1. 2 Million Barrels per day. It makes a big difference. A big chunk of the u. S. Growth will come in july and august and this is one of the reasons opec to go agree with nonopec over because they expected the chunk coming in with the new pipelines coming to the u. S. , but at the end of the day, the u. S. Has no spare capacity. If something happens in the world tomorrow, the u. S. Cannot ramp up. Spare capacity is only in four countries. Mostly in saudi arabia but also kuwait, and russia. They can go up and down. At u. S. Already producing maximum because of the way the private sector works. The u. S. Is important, but not that critical. Shery when it comes to the trajectory for prices, especially through yearend, what will have a bigger impact . The supply outlook as we continue to see this middle east tensions were shale . Or shale . What about demand outlook as well . Stephen the u. S. Shale production is already all priced in. We know what will come. We know the pipeline will get connected by the end of july, early august, and a few hundred thousand it is already priced in. If the saudis and the russians did not agree to keep the production lower, than the price dropped a lot. Still, the power to decide the price of oil is with opec, and i hear people say when opec is finished opec is not finished. Could go to 80, 90, dropped to 40 and then seesaw up and down. Plays astructure, opec key role in balancing. What happens for geopolitics . It depends on mr. Trump. Backwards on the price of Oil Much Higher but you need to have a firefight. It has not been priced in. You need to have some serious firefight and some casualties and in the price of oil will go up on the geopolitical level. On the supply demand basis, we 65 to 75 inout the second half of 2019. Shery opec plus was supposed to be the shortterm fix mechanism in order to drain some excess supplies but it seems the agreement keeps getting rolled over, so does opec plus, at this point, have an exit strategy . Ask another question which i did not answer. The demand has become much weaker. Not really as weak as many people expected but the demand growth every year from 1. 4 million to 1. 5 million, it is more like 1. 1 Million Barrels per day. The lower demand has meant that instead of the market balancing in the end of may to the end of june, it will balance at the end of july to the middle of august. Once the balance comes in the inventories are the fiveyear average. I am sure that will be reached in six weeks at the most. Once we reach that level, the prices are going up and that put volumes has to in to make sure it does not go up too high. There seems to be a ceiling of 70 per barrel. Once we begin to go above 70, opec is aware that they do not want to let it go higher, and they would be producing it higher than they agreed to keep the price for that. End i foundn it interesting that the decisions on the cuts were very quick. Then the meeting really dragged on, didnt it . Discussing the nuance of the opec plus cooperation agreement. Are there some internal political sticking points there . Inside of opec, there were disagreements. There were disagreements about the timing. It took the Russian Oil Minister to fly to iran to ask him please to come to that. On the other hand, the russians were very openly hostile to extension. They thought they have been cutting back 250 barrels per day. Extra capacity they are not using. They wanted to cut away from this agreement and produce more. Lower oil prices, everybody knew if they do not agree, the prices will fall further. The prices are now acceptable to President Trump, acceptable to president putin. This is the low price strategy which brought everything together. That waswant to say engineered, but it certainly helps. And russians. Shery thank you so much for joining us. Founder and chairman with the latest on oil. Coming up next, the Second Annual Asia Blockchain summit kicks off this week. We will get a look inside with the ceo, arthur haze. This is bloomberg. Shery this is daybreak asia. I am shery ahn in new york. Allen in i am paul sydney. The Second Annual is a blockchain summit kicks off in taipei today and bring together talk to girls from leading industry startups, investment firms, and financial services, to discuss evolving realworld applications of the technology. Joins us. Set the stage for us. Rishaad absolutely. Some people who are skeptical of all of this. Now is someone who has been having a bit of a war of words with him. Arthur hayes. He is the founder and ceo of a marketplace Trading Platform for bitcoin and all things cryptocurrency. Arthur, what is this all about . What is going on here . He was questioning her fright and since your finances. Arthur he is a hater. Someone who does not have any bitcoin. Rishaad harsh, isnt it . Arthur it is, but its true. [laughter] rishaad he is saying you guys are basically living on air. Arthur our volumes are fake, that theres no real Market Action going on, but we beg to differ. There is real trading going on. Our highest 24 hour trading record, one trillion u. S. Dollars over the past year. He the trading volumes did for themselves. The price action and volumes speak for it. Rishaad we look at big way itself, and we can how much bitcoin itself and we see how much it has gone up. Arthur it went down from 20,000 to 3000 over the past 18 months, and this is sort of the rebound, so it took us 2. 5 months or so to go from 3000 to 10,000. In 2017, we started off the year at 1000 and by november, we were at 10,000. This is a high watermark for investors. It back down almost 10,000 rishaad the has to be something behind it. Who is driving it there has to be something behind it. Who is driving it . Still athis is phenomenon. The sentiment is back. There has been positive developments. You have the stable coin what some people think will bring people into this Digital Payment ecosystem. In the fray bullish. You also have a rebound. Its a two years for people to repair the Balance Sheets and now, they are back to reading crypto. Rishaad why would you invest in cryptocurrency . Arthur it is a call option. It will be worth zero or a lot of money in a decade. So your premium is essentially just the price of bitcoin today. To take a small amount of my that youre comfortable with it away, invest it in bitcoin and you will either have nothing, or you will have a nice return. It is prudent for investors from a volatility and risk return perspective. Rishaad life gold, there is no in like gold, there is no intrinsic value. Been a store of value for thousands of years. Bitcoin has only been around a few. Why would i put into bitcoin and not gold . Arthur old is analog. It is very heavy. [laughter] arthur now, with a wallet or harbor wallet, you get essentially a usb drive to transport a vast amount of wealth anywhere you go. If you are really moving into a digital economy, the way we store wealth, or the hard assets, if you will, that is pricing well, must change. And i think bitcoin could be that asset. Rishaad it could be. The jury is out. It has derivatives, now, hasnt it . You have bitcoin bonds. Is that what it is all about here . Coin swaps as well. Obviously are derivatives Trading Platform. Our most popular product is a swap, a leveraged derivative that does not have any expertly date expiry date. It is the most liquid trading product for crypto. We also have other alt coin products. All these different alt coins, we allow people to trade those on leverage as well. We have a full product suite of these derivatives, and something we are really keen on working on it fixed incomes. The next few weeks, we will be really feeling that we launched revealing that we launched the first bitcoin bond with a few counterparties we identified. You want to start a market were people can earn yield on a bitcoin by investing and loaning bitcoin to some of the most Stable Companies in the space. Rishaad one of the biggest risks going ahead for Trading Platforms such as years . Yours . Arthur we hold other peoples bitcoins. Traders could lose their collateral, the same with any exchange. Traders, only hold bitcoin or Crypto Assets in the amount that you are actually going to trade with on an exchange. Thepurpose with bitcoin and Crypto Assets is to become your own financial institution. Do not use them on the exchange if you do not need them. Rishaad what do you make of facebooks idea of libra . Arthur i think it will destroy commercial and Central Banks. Rishaad well i do not have time to ask you why. [laughter] arthur the can read our newsletter, the crypto digest. Rishaad arthur hayes, the cofounder and ceo of bitmex, joining us right here. The blockchain summit taking place in taipei. Back to you in hong kong. Shery we will definitely have to read that newsletter. Rishaad salamat ought with that fascinating with that fascinating conversation. We will get Bloomberg Markets speaking to the notorious crypto critic and socalled dr. Doom at 10 15 a. M. Hong kong time. Also, if you missed any part of our conversations throughout the programs, tv is your function. You can watch past interviews and also watch us live and dive into any of the bloomberg fractions or securities we talk about throughout the show. This is for bloomberg subscribers only. Check it out at tv. This is bloomberg. Paul this is daybreak asia. I am paul allen in sydney. Shery i am shery and in new york here yet lets get a quick check of the latest business flash headlines. In california was evacuated after it tested positive for the nerve agent, sarah and sarin. Injury. E no reports of one drop on the skin can cause sweating and muscle twitching while explicitly larger exposure to larger doses can result in paralysis and death. Paul macau casino revenue grew for a second straight month in june, holding its ground as the trade war bites. Most gaming revenue for casino operators was 3 billion, up almost 3 . That was better for the median analyst estimate of 1. 8 and follows modest growth for macau in may. Shery shares of snapchats parent extended a recent rally. A growing chorus of analysts turning positive on the media company. Itdays advance outperformed its social media peers this year. Paul in martin John Aston Martin jumped after one of its biggest investors said it is considering an additional stake. They could spend the equivalent of 86 million to raise its holding by 3 . Shares rose strongly but are still well below october thank you price. Aston struggled to convince octobers price. Check lets get a quick of the markets in asia as we head to the open in japan, south korea, and australia. We are seeing nikkei futures at. 5 . Oment hit down prosecutors also down. 2 . Of course we have kospi futures also down. 2 . We have heard that the u. S. Is proposing adding more tariffs to about 4 billion of e. U. Goods, for something to keep an eye on, paul. Paul new zealand is still trading higher by almost. 5 right now but it is interesting to see all the futures easing back a little, on the futures easing back aussie futures easing back a little. Coming up, j. P. Morgan Global Markets strategist gary craig will join us from melbourne to talk about the markets. Stay with us. This is bloomberg. Good morning. I am paul allen in sydney. Australias major markets are about to open for trade. I am shery ahn. Welcome to daybreak asia. Paul our top stories, washington ramps up pressure on the administration proposing additional tariffs on 2 billion. Oil enjoyed a lift as opec extends the curbs into next year, however there is concern weakening demand around the world. Shery hong kong protest take a violent turn. Police fired tear gas and pepper stray at the government condemned vandalism. Started with a quick check of the markets. We are starting trading in japan and south korea. We are seeing a mixed picture. You take a look at the nikkei. There is pressure as we see the japanese strengthening for the first time in four sessions. Still holding at a low level of 108. 37. This has a lot to do what is happening with the trade front. The u. S. Was considering adding more tariffs to 4 billion of e. U. Goods. Take a look at korean stocks falling 0. 5 . This after a big rally selling the previous engine. We heard trade tensions were easing between china and the u. S. , not to mention huawei suppliers like samsung and sk hynix. June Consumer Prices out of south korea showing inflation is rising less than expected, only 0. 7 the year on june. Weak demand and south korea. Exports and south korea also declining for seven consecutive months. The korean won holding at 11. 62 at the moment. Paul lets check in on australia and new zealand. New zealand putting on steady gains all morning. 0. 5 percent. Ut are in australia the annex sx higher by about 1 . A story of dollar strength. We also do have the reserve bank of australia to look forward to, about 4. 5 hours away. Predict it would take us down to 1 . Lets check first word news. Are to and its allies extend Oil Production curbs into next year amid concern of weakening Global Demand and the real us rise of u. S. Shale. Ministers agreed to prolong restrictions another nine months to drain the glut and balance the market. The curbs began in 2017 and repeated extension shows opec challenge in the age of shale. The cartel share is the lowest since 1991. The commitment to a ninemonth extension is unequivocal. Very solid, very strong. Not only are we committing to individuale commitment to conformity from oil countries. Terms ofreached the the 2015 nuclear deal exceeding agreed limits on and rinsed uranium and raising the stakes in the standoff with the u. S. The move threatens to undermine any support from european powers who also signed a deal for years ago. They have been trying to find a way to salvage the deal using a trade mechanism. Iran says more must be done. President trump says he has taken tariffs against mexico off the table after the country stepped up efforts to stem the flow of Central American migrants attempting to reach the u. S. The president says mexico is doing a great job and it had a big impact on migration. Trump last month dropped plans for additional tariffs on mexico after the government said it would do more to help. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Thank you. The Trump Administration ramping up pressure on the e. U. , proposing to slop tariffs on billions of dollars of additional products. Our policy team leader joins us from l. A. Great to have you with us. We continue to see subsidies between air bonds and boeing, this has been going on for a while. How significant is the latest move . Str is coming up with a list of goods it might hit with tariffs. We are waiting for this wto decision later this summer that will let us help determine the level of tariffs the retaliation of countermeasures the u. S. Can take against the subsidies. This is a longrunning dispute. There have been bumps along the way. You can expect there will not necessarily be a final decision in the weeks and months ahead. Widening the basket of goods it can hit. This list of 400 billion of goods includes luxuries american like like olives, cheese. Different types of pipes and metals, but mostly it is european foods. Paul can we make anything of the timing of this, coming from a couple days after the troubled waters of the u. S. China trade dispute . Sarah it would seem to be no coincidence. Ustr came out with and it a list of goods worth anyone billion dollars, u. S. Goods they could target with these tariffs. They had a hearing on it in washington in may. I think from that they heard more from people about what they should target and what they should not. They came up with this additional list of goods which widens the pool of goods they could target. I think they want to get this done because they will have a public hearing august 5 on this latest round of goods. In anticipation it of anything for the summer. Shery put this in context for us. I believe tariffs are still in place for aluminum and steel in europe, not to mention the president is also threatening auto tariffs at a time when fta negotiations are happening. What is going on in this bilateral relationship . Boeing airbus dispute is longstanding. It should be said europe accuses the u. S. Of subsidizing boeing. There are two cases underway that both accuse each other of subsidizing airlines and their respective regions. This is something that has been an irritant for quite a while. We have on top of this the auto tariffs, aluminum tariffs. They are trying to get a Free Trade Agreement right now. Nascent talks. It is not looking like things are on a smooth path right now tradehe u. S. And e. U. Relations. Paul another big story we are tracking, hong kong. Its embattled leader condemned demonstrators who stormed the legislative building. Protests against the government escalated rapidly. We are joined by our senior fromter david, and also Stephen Engle. You are out there, how are things looking, how extensive is the damage . I will show you how extensive the damage is because it is quite extraordinary to see what these protesters managed to do. These are the windows they have managed to smash through using a whole lot of road barriers and makeshift weapons they picked up and used to smash into the building. If you look through the door, you get a sense of how they have trashed the inside of legco. There is graffiti everywhere, glass, barriers ripped out. You can see taken all the way in signed, i am told the gift shop has been trashed. Hong kong is not china. This is the sentiment we are getting here. I am also told 13 Police Officers have been injured because some sort of liquid has been thrown at them. These are the sorts of protective gears the protesters are using. That is why none have been arrested. It seems unlikely any will be because they were camouflaged. Shery we have our chief whoutive carrie lam, condemned the violence. How we heard anything new out of her . What we got from her was condemnation of the violence. Lets listen to what exactly she had to say. The violence and vandalism by protesters who stormed into the legislative building over a period of time. This is something we should seriously condemn. Nothing is more important than the rule of law in hong kong. Lam, the chiefie executive of hong kong, the embattled chief executive, speaking for a press conference. This raises questions being asked. One of the prodemocracy lawmakers asking the question, why was it the police fell back and left this entire area free to be attacked by these hostile protesters who apparently went completely feral . What was the tactic of the government . Did the government want them to trash legco so they could paint this protest movement, which has taken over 1 3 of hong kong. 2 Million People marched in the streets at one point to try to change Public Opinion. What we will be looking for over the next few days is this battle of narratives as Stephen Engle put it. One narrative, democracy needs to come to hong kong. The other saying, there is no place for violence in hong kong needs to follow rule of law. It will be a few days before we see how that narrative plays out. Paul lets get more from Stephen Engle. Said topremier li deliver an address in dalian. Is he expected to mention these hong kong tensions . Stephen there is no battle of narratives here in china, there is one narrative. If he does talk about hong kong here in the speech of the World Economic forum in dalian, it will be based around two points, preserving the rule of law. Lawlessness will not be tolerated. However, he will not reference any violence. He will talk about the need for the rule of law and mentioned to this International Community that the affairs of hong kong are an internal affair of china, point blank. Those are the two he will make, if he makes the metal. This is a conference on economic matters and that is important for the chinese to differentiate that. Confident in the way that hong kong handled the situation, he could, it is a slight chance, give a slight vote of confidence to carrie lam. That is something we could look out for. My bet if you are asking me, he will focus on the economy. He will make references to the trade truce. Maybe not mention trump or the u. S. , but he will mention that there are still significant challenges ahead read keep in mind we had manufacturing pmi come out below forecast at 49. 4. The employment sub index in that official pmi came at the lowest reading since 2009. Leaders here in china always worried about jobs. These will be the points he will make. There are significant challenges, headwinds on trade, even though there is a truce. He will say there are challenges. He will lower the bar. Li keqiang is in charge of the economy. He will say there are lots of challenges and they will strive to mount those challenges. Shery thank you so much, Stephen Engle in dalian, china. And david tweed in hong kong. Thank you both. At the asianve blockchain summit in taipei. An exclusive interview with taiwan mobile president jamie lin. Wide jpautious morgans kerry craig says it is time to go defensive. This is bloomberg. Mberg. Shery this is daybreak asia. I am shery ahn in new york. Paul i am paul allen in sydney. The tradet cheers truce agreed to by President Trump and xi jinping. The s p 500 saw good close. Our next guest says the trade war will continue to weigh on markets and the damage may have already been done. Craig joins usry from melbourne. Thank you for joining us. The trade truce, a nice little bump in u. S. Equities. Markets a little higher as well. How long will that last . Kerry good morning, paul. I think the honeymoon from the g20 will be shortlived. We have to see a relatively benign period. No hard data around when that process will begin. The prospect for missed expectations on behalf of u. S. And china, in terms of what will be agreed, just have to look to see the statements that have come out from each side talking about how much china might buy in agricultural goods, what the starting position will be. Will there be new discussions . To realize there is still scope for this to go not quite as planned or not to deliver the promise of a trade deal the market is still hoping for. Paul i guess we can consider they can kick in that regard kicked in that regard. The fed will be dependent, i suppose . Kerry that is the problem with this. Indication clear that the uncertainty of the trade war has been removed, or if the focus will be elsewhere, like europe. The idea of predictions and trade have been an ongoing theme for investors to worry about leading right up to the u. S. Election. It will dampen that uncertainty. When you are a central bank looking at that, you are focusing on implications of the economy as well as the Global Economy. It is clear from business surveys whether in the u. S. Or regional surveys, or the pmi numbers that came out this week. There is a damping effect throughout sentiment and the business world. Knockoff knock on through the services world. You look at the softness in the Global Economy and they will continue to ease policy. The fact they will use policy is one of the reasons we see an outlying sub trend of growth, but not one of recession. Shery you can see on the pmi we showing thev chart reports around the world. If you take that into consideration, but consider what happened at the g20 with optimism when it comes to the two largest economies in the world, has anything changed for the fed . Kerry not in my mind. They meet later on this month. That will be a case of saying, we still have weakness and inflation and expectations moving down. We still see softness in the economy. They will have another gdp prints come through. Think there is a case for cutting rates. The question is when it comes to monetary policy, it has evolved. It is a question of when they cut rates. They should be looking at how far they go and cutting rates, whether it is the fed or the rba. Cuts, or isnsurance this the start of a prolonged easing cycle . They have different verification ramifications for market. A prolonged cycle is something thats very negative and suggests normal weakness in the economy. In that case risk assets should not perform as well. The fear is a really strong challenge in signaling where they are and what that means. Also, the markets try to temper it with something more. Or just a couple to steady the ship. Shery you do too much in the markets can worry about a potential recession being near. What happens in china . We continue to see quite an impulse building in china. Are there any limitations to what they can do, given they have more leverage potentially than they can handle . We have really seen china take its foot off the brake when it comes to deleveraging in terms of slowing the economy down. They try and achieve those growth targets. When it comes to impulse we see them move higher and it has a positive relationship with pmi numbers. They were heads down in the past. A difference in the targeted nature in terms of what china is doing with stimulus. A focused way through tax changes or infrastructure bills. It has connotations to say not just the economy slowing, but it will reach growth targets. It affects the wider the wider region and world. There is risk around the Housing Market in the past. China to act in a targeted manner. That will continue to keep the growth target around a 6 level. We should not expect more given the concerns around debt. We should think about we should not think about it dragging the rest of the world too much. Especially when we think of australia and oil prices. Paul in terms of things here in australia we have the reserve bank meeting today. The majority of economists think they will ease again. We would be down at 1 later this afternoon. You say there is no need for the rba to rush. But the cuts are already baked in why wait around . Kerry that is very true. In termsas been clear of the cash rate coming down, probably to 1 if you look at forecasts and predictions. Whether that happens next month or this month is splitting hairs. If they wait a month, they get the opportunity to see another cpi or inflation print come through, another set of global data, and a chance to see what the fed will do and reassess what it means for global monetary policy. Just how much beyond that is a question. The rba may want to wake and get a read on the wait and get a read on that. Ofhink it is a case expectations for two quick rate cuts, and the market trying to gain control. Need to know that rates will go lower, but to do so in a controlled fashion. If it happens with thelag, we will see an impact on the economy. Stimulatory measures such as tax cuts will come through and affect the consumption outlook. In this uncertain environment, what is your strategy for the second half . Kerry there is a question around whether the softness we are seeing in Business Sentiment is driven solely by trade, or has been building over the last year or so. We are concerned it will move over into the Services Industry and affect consumption and be more synchronized in terms of a slowdown around the world. Because of that we are aware trade uncertainty will not go away. It is likely to remain repressed. An enthusiastic view on earnings in this environment. We have had markets rally quite high. There is enough caution to justify having a focus on income and assets. And being relatively neutral when it comes to equities in the portfolio. Paul jp morgan strategist kerry craig, thank you for joining us in melbourne. Plenty more on daybreak asia. This is bloomberg. But getting quick check of the latest is this flash headlines. Has bounced back from its worst performance in the Refining Division in over two decades. This is enough to wipe out a quarter of the billion dollar loss of the prior three months. This is a far cry from the three quarter of a billion dollars the refineries have earned in the three months of 2018. Afters company fell warnings that lower copper prices will trigger lower sales and earnings. This involves 400 400 million in the quarter. Governor philba lowe will talk about a unique policy decision. This is bloomberg. Most of us dont know how much data we use, but we all know were paying too much for it. Enter xfinity mobile. Americas best lte with the most wifi hotspots, combined for the first time. When youre near an xfinity hotspot, youre connected to wifi, saving on data. When youre not, you pay for data by the gig. Use a little, pay a little. Use a lot, just switch to unlimited. Get 400 back when you buy the new lg g8. Call, visit or click today. Headlines. Trump administration is turning up the heat, threatening new measures against imports. Any extra list of 89 tariffs is being imposed to the tune of 4 billion, and the two sides are sparring over the European Union subsidies. The embattled leader of hong kong is condemning demonstrations. Fired tear gas and pepper sprays and pepper spray. Carrie lam did announced the protesters. Has failed to respond to their demands. This is something we should seriously address. The number two at the fed members feel a stronger case is for easing now than two months ago. There is mounting uncertainty about Global Growth and trade. President trump has repeatedly criticized fed policy. That anbaffled insurance cut is 100 base basis points. It is not. You dont want to use up all your ammunition now. If you really need to cut 100 basis points, it is well beyond insurance. Australia is going back in time for its latest policy decision. The banks first meeting in may announce the second successive rate cut on tuesday for the First Time Since 2012. Later, it wants to persuade the australian feds. Global news on air, 24 hours a day and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Thank you. Lets get a quick check of the markets. We are seeing a bit of a mixed picture when it comes to the nikkei. Unchanged at the moment. We have seen in tech and health care leading the gains. Holding in ais very weak level. Is taking a hit, down 2 10 of 1 . Consumer contract discretionary stocks leading the declines. Only growing for 0. 7 year on year and the month of june. Things are reasonably positive here and australia. Most sectors are higher. It is really materials leading the way, up three quarters of 1 . The index heavyweights are off by 4 10 of 1 . Are continuing to look strong, up 4 10 of 1 . A big day in australia. The reserve bank has made an. Nusual policy decision today our australian economy reporter joins us. What is the thinking . This has strengthened. Would usually suggest it is a done deal. The thinking is that it will be july or august. Previous people, governors have often related these numbers in august. It looks like this backtoback situation is going to happen for the first time in seven years. Markets get worried the economy is doing a bit worse, but he didnt so. In may, when they release their quarterly forecast, it was based on the two cuts than. The nextdue to release quarterly forecast in august. If they dont, you might end up with a spark in the dollar, the last thing you want. What is the significance of this . They say it is coincidence as much as anything. It is closer to jakarta that it is to sydney. My understanding is the board likes to get out of sydney. They are enjoying these Community Engagements with community leaders. They get a good sense of what is going on in the economy. I dont think it was that one ago. They have gone up there. They are looking to see, have we done this before . It was quite an interesting meeting. It was the midpoint of a oneweek odyssey, where they flew through queensland, and the northern territory. You could use the deposit right. This was our last board meeting. The governor is going to stay up there as well . That is still the plan at this stage. The first rba governor, he led the last darwin meeting and retired. Closely with outfits to hours east of darwin. He negotiated on the note. They really took him into their hearts in that community. That is what they plan to do tomorrow. This is quite a significant australian figure. Thank you. Manufacturing took another debt at the end of the second quarter. Trade tensions continue to simmer across asia and europe. The u. S. Showed only meager growth. Lets get the details from our Southeast Asia economic reporter. We have south korea, malaysia, taiwan. What is the key data that we need to watch, looking ahead . Tomorrow, we do get cigna part. The neighborhood is falling apart. It will be interesting to see what singapore turns up. Consensus ofg at a this going deeper into the contraction territory. The heels of the Monetary Authority showing their annual report in singapore. Singapore has remained pretty resilient so far. This kind of looks a little bit weaker now. The markets are saying one thing and the economists are saying something else. Yesterday, sixmi months of contraction in europe. The u. S. Turning up week in a lot of respects. The Financial Markets were cheering this handshake between president she of china and xiesident trump president of china and President Trump. A lot of economics are downgrading their forecast. We are seeing a lot of reasons to downgrade that uncertainty. Beenof the year, we have trying to desegregate the sentiment from the actual data and this is coming together. How important will the label report be this week in the u. S. . Extremely. What are the Central Banks going to do about this . Banks have the power to do something in the end, including with Interest Rate policies. All eyes are on the federal reserve. We will see if we can get any more hints of how the trade war might be waiting on that data with the jobs report. It will be interesting to see if fiscal operates the data we have seen. If that is true, this will mean big things for the bad. Could meanoll number bad news for Equity Investors who are looking for that Interest Rate cut sooner rather than later. Our Southeast Asia economic reporter, thank you. We will calm, come, be live at the blockchain summit. This is daybreak asia. Summit isa blockchain underway in taipei. With ourover there now next guest, who runs one of the countrys largest mobilephone operators. Rishaad thanks. I am with the president of taiwan mobile. He is the president of other things as well. We are looking at how they are doing with 5g and the next generation. What kick things up with the buzz is here. Blockchain is one of the largest events of this region. I think we are going to see a Record Number of people in this world with access to blockchain in this region. You were telling me before we how did you get around things . How is this all working for rio . We have been using our equipment to build a good network. We are looking to do the same with 5g. The building hitting will start at the end of the year. We expected to ramp up at the beginning of next year. The commercial users can expect to start using 5g in the middle of next year. Piecemeal. All there are other equipment uppliers that are catching in terms of supplying solutions. We are not worried about supply. This is something the taiwanese government has enacted, restrictions. This is the way it is with any business. Much does this change the game with 5g in terms of taiwan, in terms of revenues . We are talking about in the next 10 or 20 years. U. S. , look at the Technology Companies are integrated with connectivity. Is also getting into tmobile to step into the connectivity business. Our subsidiary mobile is the Largest Online retailer in taiwan. In the next 10 or 15 years, 5g is just one piece of the puzzle. We see a combination of technology and connectivity. You have been telling people, the market cap is 100 billion. Where are you with that . We have more to grow in the next 10 or 15 years. How are you going to do it . This cant just be done organically. We are turning into a regional company. We want to grow in the Southeast Asia markets. We are going to build vertically integrated tech business models. We want to be a flagship ecommerce company. We are using taiwan mobile capabilities. D how does blockchain impact your business . How does it work for you know . Fopr you . Blockchain is really a toll unbankedo bring people into the mix. 70 of the population in Southeast Asia is currently unbanked. Blockchain is a grateful to bring them into the mix great tool to bring them into the mix. Rishaad what are the opportunities you are seeing in places like this . Amie we have moved to a blockchain only accelerator. We have accelerated more than 30 blockchain startups. We are seeing blockchain as the , to greatly change a lot of things in the next 30 years. Ishaad what element of that is the next big thing . Unbanked people into the system. The cost of running a money system is more expensive when you want to have crossborder transactions. Rishaad thank you. Back to you in new york. Shery thank you. Speakingay, we will be to a notorious cryptocritic at the Asia Blockchain summit at 10 15 a. M. Hong kong time. On any of theout conversations we have throughout our shows, tv is your function. Catch past interviews and you can watch us live. Also become part of the conversation. Send us instant messages during our shows. That is on the bottom left of your screen. This is for bloomberg subscribers only. This is bloomberg. Is bloomberg. Martin jumped after one of its biggest investors. It is considering an additional stake. Advisors could spend the equivalent of 80 million dollar. Struggled to convince investors it can lead to furry ferrarilike success. Tesla werengs at cleared after a suspicious package that tested positive for wasn was delivered delivered to facebook. Sarin can result in paralysis and death. F Casino Company grew for a second straight month in june. This company is up almost 6 from a year earlier. In may. Ws modest growth. The hong kong dollar a body blow in june. Cost a body blow in june. Why is shorting the hong kong dollar no longer profitable . It was really popular since 2017. Now the situation has changed. The dollar has surged so much since june. The reasons behind the surge was that back in june, banks were hurting cash flow. Now dividends are being paid. There are a lot of protests going on in hong kong right now. There are concerns. There was was firs that protesters were taking hong kong dollars out of their chinese banks. How long are we expecting these cost for the hong kong dollar to remain high . The cost will likely remain high. Buyingtions are still the hong kong dollar to pay dividends. Balance is much lower. The hong kong dollar is much more sensitive to recent events such as dividend payments. Funding caused will remain high calls will remain high. We are expecting to see more march ipos from alibaba. Shery thank you. Fore we handed over to hand it over, the nikkei is gaining, while the kospi is under pressure. We are seeing key issues, including the u. S. Looking into more tariffs, 4 billion on European Union goods. Not to mention inflation and low expectations in south korea. 200, up for tenths of 1 fourtenths of 1 . Hong kong starts trading again after a holiday. The china open is next. Nine 00 a. M. In beijing. They are gathering for the Asia Blockchain summit. This is Bloomberg Markets china open. To the are counting down open of trade in hong kong and mainland markets. Her other top stories. Investor pension is firmly on china as markets react to the popular unrest sweeping through hong kong. Carrie lam condemns vandalism. Keynoteier makes the speech at that World Economic forum. He is expected to lower the bar for mainland growth. Central
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