Come on and address members of the media to tell us what is going on. She has not been seen for quite a few days. Nikkei to 25 decline of 2 . Seng, the worst run of losses we have seen since the hangover. Lets get to the currencies because the trade war is certainly having an impact the yen seen as a haven trade once again. Appreciating to 106. It at thee to see moment. Korean yuan continues its fall back as well. For thet below 1200 First Time Since january 2017. Trade tensions not between just china and the u. S. But south korea and japan taking its toll. Cny, the seven handle being breached. Gain of 1. 1 . We see the dollar index actually flat. David our top story right now, the latest on what is happening in hong kong. General strike today. Flights already cancel. A couple disruptions for public transport. Over the weekend, the city witnessed more violent protests clashed with police. Warnedthe other thing, that beijing will not let the unrest continue. Sophie kamaruddin is at the Hong Kong International airport for us where she has been for the most part this morning. What is happening not . Now . Sophie we have the hong kong airport authorities saying for the most part operations this morning at the airport have been normal. A few minutes ago we got an update saying the number of flight movements are to be lowered and they will begin flight scheduling at noon. We are waiting for more details regarding that because this morning hundreds of flights had been canceled to an from hong kong, including Cathay Pacific with more than 140 Flights Canceled for the carrier. This is part of a coordinated action leading to the general strike kicking off at 1 00 p. M. Hong kong time. Accompanying that there are rallies taking place across seven districts in the city, including we have seen suspended mtr lines as protesters are attempting to block the means for workers to make their way to central and other districts across the island. We are still waiting on carrie lam, what she has to say at a presser this morning. Rishaad what is the mood like . There is so much being canceled. What about air Traffic Control . Have they made a statement there as well . When it comes to air Traffic Control on sunday if you recall, there was an update that several operators had requested sick leave ahead of the monday general strike. That essentially is what has affected operations today, along with a trade union including flight attendants who say they will participate in the general strike. If you look around me you are seeing passengers and travelers move through the airport as usual. Wehay pacific earlier when arrived at about 7 00 a. M. , it was packed right up to the railings with folks trying to get more details regarding their flights. Checking in as well for flights that were continuing as per normal. But that has since thinned. Around me you have some folks just waiting for their flights. I am sure among them though you have people trying to make alternative arrangements, whether it is today or later in the week, to leave hong kong. David thank you so much, sophie. Lets get it over to beijing and selina wang for an update of the first word news. Hsbc ceo john flint is stepping down after less than 18 months on the job. Has notys it is given a reason for his departure. The Bank Reported secondquarter pretax profit of 6. 2 billion and said it is planning a buyback of up to 1 billion of shares. Quinn was hsbcs head of banking for asiapacific for four years before becoming a managing director in 2016. Gun control may be back on the u. S. Election agenda after two shootings left 30 people dead and many wounded. I government was killed by police after he shot nine people in dayton, ohio. There is no motive for the attack and the victim included the killers own sister. The shooting comes less than 24 hours after 20 people were killed at a walmart in el paso. Police arrested a 21yearold texas man on suspicion of carrying out attacks. The Justice Department describes the shooting as domestic terrorism. A new Bloomberg Survey says the greatest british pound will fall to its weakest if the u. K. Crashes out of the eu without a deal. There is now a 30 chance of a no deal brexit, more than three times higher than levels seen in february. The average response in the paul says no deal would drive sterling down about 10 to 1. 10. Reports from tokyo say japan and the u. S. Are aiming to strike an outlying trade deal in september. Progress has been made and an initial announcement may come at the g7 litter this month. President Trump Wants Better access for u. S. Farmers to japans lucrative agricultural market, while shinzo abe wants to reduce tariffs on japanese automakers. Global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im selina wang. This is bloomberg. Almost right on cue, carrie lam, this much awaited press conference that was scheduled, it is not taking place. Lets listen it is now taking place. Lets listen in. I have just been told that, as you might have heard, we will try to get that translation. Of course the muchawaited press conference taking place in the city, given the events not just over the weekend, but nine straight weeks where we are today. Rishaad a lot of pressure. Has not been seen for quite a few days. Lets bring in our next guest from citigroup. Chief asiapacific economist. She is under a lot of pressure, from all the demonstrations, protests, but also from the economy which seems to be really weakening. Guest absolutely. There is multiple pressures going on in hong kong. Protests affecting retail, tourism. Global uncertainties with escalation of trade war. Hong kong is a big logistic hub for a lot of trade activity. Rishaad she just said protesters have brought hong kong to the edge. Guest to cue, we had much weaker than expected growth in q2. Into 3q, if we have another attraction we will have technically a recession. Clearly the situation is worse than expected. We have already downgraded hong kong gdp growth forecast to 1. 5 . What can be the policy response in hong kong . Clearly there is no Monetary Policy to speak of so we need to focus on the fiscal policy side. Here we may have to wait until october before we get clarity. Clearly the economy david whenever we get the budget announced, one of the key areas of focus is how much of a surplus hong kong has. Do you think the situation is bad enough to merit a false cycle announcement . Guest we will see. I think october is close enough on the schedule. At the moment that is our base case. If data continues to deteriorate sharply, that would be an issue. It is very eventdependent at the moment. We go day by day, look at today. We are not sure how far and deep this disruption will be. Rishaad absolutely. Just saying one of Freedom Freedom is one of hong kongs core values. Outdo you think this plays in terms of economic sense on china . Only about 3 now. Guest i mean, of course hong kong can feel the effects, i think it has more impact more on the geopolitical landscape we are facing, because obvious he tensions in the u. S. And china remain high. At least for now it looks like the u. S. President trump is not getting involved in the hong kong issue. Rishaad getting back to an october budget and et cetera, the point is there is a surplus when you think often they do not need to return it to the people of hong kong, so they should be putting that to use and perhaps alleviate, how can i say, some of the frustrations people have. Maybe spending it in one go, fiscal spending on Public Housing and whatever. Guest the problem is we dont know yet. There is a lot of room for them from a flux ability standpoint. Fiscal reserves are high so they could provide support. And obvious Public Housing is a big issue that is part of why a lot of young people are upset it takes a longer time to address a lot of these issues. Immediate it could be more of a short run fiscal support. Clearly i think the pressure is on the government to do something. Whether that is enough to alleviate political pressure i think is a much more uncertain thing. The grievances go much deeper. These are things that are not easily resolvable purely on a fiscal side. David other lines coming through on this press conference so our viewers can get uptodate. She is saying Hong Kong Society is becoming unsafe. That some protesters behaviors have damaged hong kongs stability. We have talked about the domestic economy. It is only one part of the pillar of growth for hong kong. The other is trade. Get a trade deal in case we it safe hong kong . Guest it does not need help at the margin. I think it could help alleviate some Downside Risks but i think the reputational damage of a protracted Political Tension is not good for hong kong. Hong kong kind of thrives on a bastion of stability, able to do transactions. Ising said that, look, this right now i shortterm issue we have to go through. But hong kong still has a decent reputation over the medium and longterm. Really it is what the policy response of the government will be and to what extent can address the rule of law issues that have happened. Rishaad absolutely. Lets leave that and just see what she has to say. Not to jump on every single one of them. What about the big move today on the onshore and offshore currency . Reaching seven. How big a deal is this . Guest i think obvious he right now the escalation of the tariffs which trump announced last week was unanticipated in terms of how aggressive it is. China made an announcement they will retaliate. So obviously there is a limit in terms of what china can do in terms of tariffs. Risk is fragile at the moment and obviously there is very broad Dollar Strength we are seeing. People have been very focused on how the pboc will respond. Normally our expectation is they will ameliorate the pressure because china also wants to safeguard stability. By the way, the u. S. And china are still engaging in talks. For the time being. But clearly i think prospects for a deal, a permanent deal, peoples expectations are dimming. Now it will be back to Central Banks having to save the day. The question is if it will be enough. Toarly the fx is a reaction the market pressure happening. David joanna will be staying with us. Go ahead. Rishaad we have at the moment, our chief executive sandy strikes affect lower income families. She is now speaking english as well. The bill is dead. Disruptions in the name of certain demands, or uncooperative movement, have seriously undermined hong kongs law order. And are pushing our city, the city we all love, and many of us helped to build, to the verge o f a very dangerous situation. These widespread disruptions and violence, the great majority of hong kong people are now in a state of great anxiety. Whetherthem do not know some formsstill take of public transport, while others are right now being blocked on their way to work. The government will be resolute inmaintaining law and order hong kong and restoring confidence. Kong and haveng made different contributions to its stability and prosperity over the years. This is the time for us to rally together, to set aside differences, and bring back order, and say no to chaos and violence. [speaking chinese] david we just heard from the hong kong chief executive, how in her words the protesters you can see the news on your bloomberg. We have running commentary and analysis as well from our guys here. Have a look at the market damage. Uncertainty over trade. Have a look at where we are. On breach of seven here dollar offshore and dollar onshore led to this second leg for s p futures. Futures over on the nifty. A technical correction. Not sure why we have zillow group there. That should be 100 futures. In any case if you work for zillow group, that is what it is doing. Key rate coming up, decisions. We will discuss the outlook. This is bloomberg. This is bloomberg. Rishaad we have five Central Bank Policy decisions set to turn for the rest of the year. Policymakers in india, the philippines and new zealand will all cut Interest Rates. Only the reserve bank of australia pausing after back to back losers. Thailand likely will not lowering borrowing costs at all. Back chiefs bring asiapacific economist. Five decisions this week. Australia might be tricky to call. I want to start with thailand. That currency has gone from strength to strength. It does not seem it is essential banks job now. What is their course of action . Guest clearly they will not use Interest Rates as a tool. That is why right now is weak we are not expecting to cut rates. Even growth and inflation have been benign, there is a lot of resistance to lower rates because of stability consideration. The policy approach seems to be about more capital flow measures. At the moment i think thailand unfortunately could do some intervention but there is a limit because you do not want to gain the ire of the u. S. Treasury. They have been issuing less and less bills. There could be some capital flow measures. Nothing punitive on the portfolio side, but potentially relaxing some hedging requirements. Anything to encourage more outflow to prevent depreciation. Rishaad why has there been depreciation . Guest current account surplus has been very persistent. It is partly because of the excess of the dollar. That is driving the currency stronger. Real rates are still relatively high. They have been reluctant to cut rates even though the economy has been weak and inflation benign. Entities still put their money in thailand and we are in a risk spending environment. People have been providing support for longduration bond supports in thailand. Again, it has been benefiting from low will be Interest Rates and a very passive central bank. Rishaad same environment india has. If we look at how much indian bond yields have been falling, you would think they have been cutting rates by 100 basis points. Guest we are expecting this. It will be the fourth rate cut. It is more than the rate hike we saw last year. Clearly indian bonds have done very well. We have a recommendation there. India has been benefiting from for the benign inflation. At the moment inflation doesnt look like it will hit the 4 target for rbi. And growth has been disappointing. Fiscal flexibility, the ability to use fiscal policy is limited in india. The only at the moment we think this will be may the last cut for now. After the rate cut this week they will be datadependent. Having said that i think the market is pricing in a little more rate cut. It is very data dependent. If domestic consumption continues to be weak, i think there is potential risk they might need more. David not a decision this week but i have to ask you about korea. The equity market is off to percent. Twoyear is down 5. 5 basis points. Do they have room . He kind of said they did but guest they definitely have room. We just did a report looking at all asian Central Banks. Real rates in korea are not as high as say indonesia or philippines or malaysia or thailand. From a real rate relative to history doesnt seem like that much. Having said that, there are structural factors driving inflation lower. People talk about you and pam about chapman i think we are expecting a pause. I think the problem with korea as there are more shots coming. We have trade tensions to begin with, a global slowdown, the japan korea trade spat, which seems to be escalating, and we do not know how exactly japan will enforce that. That could have potential impact on chemicals, semi conductors, autos. The problem is they will likely approve the supplementary budget, fiscal action in korea is very weak. So the policy options are limited. For now we have one more cut people tend to think they do not want to go below 1. 25. But you can imagine the world is different now. Global growth will be even weaker. You had china doing a big stimulus to help reflate korea. I will not be sure we have that dynamic. I do not think korea has to worry so much about external stability. If the fx depreciates they can lower monetary decisions. They would be more relaxed about that. It is possible they could go more. For now maybe one cut and then we wait. Again, as you get closer and closer to the lowest interest rate, the effectiveness of Monetary Policy does diminish as rates had lower. Rishaad head lower. Rishaad thank you. Carrie lam stating talking about how all this has meant the economy is facing downward pressure. Something we didnt know already. Also what this pressure will affect livelihoods. This is bloomberg. S is bloomberg. David welcome back. Just a look at the damage across some of the big names. Rishaad breaking news. China is set to be asking state buyers to halt u. S. Agriculture imports. Move ld be a huge retaliatory move for trumps big news coming through, china retaliating against the donald trump tariffs in excess of 300 billion worth of goods. They are said to be asking to hold u. S. Agricultural imports. U. S. Treasuries are extending their gains on agro products. U. S. Stock indices on the way down, s p 500 contracts falling about 1 . Screen,m right of your s p futures at 2900. Offshore, dollar china, 7. 10. Onshore, 7. 03. They came out calling these moves excessive, and when you see black on global movers that means statistically you dont normally see these moves. The equity markets are an absolute mess. It is a very risk off session. A lot of moves coming through, carrie lam hosting a News Conference as well, reiterating she says the protesters want to completely ruin hong kong, and thinks they are challenging china. We will get you up to speed with all that in a moment. Lets bring in selina wang in beijing for an update and our first word news. Thanks, david. The inventor of the hoverboard says his successful flight from france to england is the most amazing moment of his life. He completed the cross channel journey in 22 minutes, his second attempt. The first ended when he crashed while trying to land on a refueling boat and destroyed his board. Famemonth he earned by flying over paris on the bastille day celebration. President trump street advisor peterd his attacks navarro spoke after they cited trade tensions as a key reason for the rate cut last week. He told fox that powell is singularly responsible for undermining u. S. Gdp growth by raising Interest Rates last year. Europes Busiest Airport has avoided a disruptive strike at least temporarily, london heathrow officials and Union Leaders have agreed to talks with mediators on monday over a pay dispute. Security guards, firefighters, engineers, and drivers have threatened to walk out midnight sunday, with 170 flights already canceled. The union has rejected an offer of 7 over 2. 5 years. 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. Im selina wang. This is bloomberg. I am still talking about protesters on the streets of hong kong, wanting to ruin hong kong, and the one country to systems. On the back of these ongoing press cores we will get to the latest lines. Markets are not taking this well. Have a ci hong kong down for nine straight days, which is the longest losing streak since, curiously, the months leading up to the handover. Still to come, Sophie Kamaruddin is at the airport where lights have been canceled. Lets bring our viewers up to speed we have a press conference from carrie lam what else did she mention . Well, in the press briefing, there is little in the way that would soothe the anxiety of protesters for nine weeks now, carrie lam painting a grim picture, saying the protests have brought hong kong to the brink without addressing the demands of the protesters, which has driven weeks of demonstrations she said that the demands are not in line with and wengs rule of law, also heard from the finance secretary who spoke of the possibility of a recession by the Third Quarter, if consumption and trade continue. Slowingales have been and there is the prospect of Political Uncertainty continuing and we are seeing that on some airlines when it comes to operations. Cancelingastern china several flights. The Hong Kong Airport Authority has said operations at the airport are as normal, but 35 cancellations before noon, beginning rescheduling for the afternoon stretch when it comes to the schedule for airlines they are working closely with because you have to address the concerns of the passengers who are here today. Thank you, sophie. Lets get to our guest for more views on these protests. Also the author of the city of protest. They have withdrawn that extradition bill but she has not given anything for the protests just yet, to give them a nominal victory at least it seems like she is sticking to her shoes. Is shocking but also expected that she said absolutely nothing new. Her first public appearance in two weeks, weeks in which theres been continuing protest and action throughout hong kong and she really has said the same lines shes been reciting for several months. Really astounding that a government can completely fail to address the demands coming from the people here. That might be a sign of her running out of options. It may be. It may be that her hands are tied by beijing and what they are allowing her to say. Is this problem we face vacuum of leadership, this lack leading to a is collapse in public trust, in particular with the police and we have seen that with a number of clashes outside police stations and people openly defying police thats not just a minority, it is spreading through the community, and there is no leadership. It seems that the police are safeguarding the line order, saying that the media should have more understanding. This brings us to the fundamental point its not about the extradition bill anymore, it is deeper than that. Administration lose the hearts and minds of the hong kong people . It is really by failing to respond in a timely fashion to the things that people are saying. First lam after the protest march we saw in june, saying i hear the community and we will go slowly and reconsider this extradition bill. None of the past couple months would have happened. The fact that she refused to listen and stuck to her guns brought to many People Industries the following week. And slow in responding, things have continued to escalate. New events occur like clashes , and we have a snowballing effect here. How do we approach this . Who needs to be at the negotiating table right now . The difficulty with the leaderless protests that carrie lam is facing is not necessarily anyone for her to negotiate with, but there seem to be pretty easy policy fixes you can take. The first is to use the word withdrawal in connection with the bill. The second would definitely be to institute an independent commission of inquiry. Given the disruptions we seem to Hong Kong Society, it seems to be necessary to get the community to reconcile. The third thing would be to reopen the political consultation process that was abandoned after the Umbrella Movement five years ago. The psc talking about the ,hinese economy being found they were able to keep the yuan stable at a reasonable balance that is one thing which is going on in china, but lets take a look at what you are just mentioning. You ever describe the administration we have had as there hasship not been a real inquiry into what has happened. Exactly. There should have been an inquiry after the Umbrella Movement of 2014, and youd think any government who had their city brought to a standstill for three months would want to know why, and to investigate the issues. If that happened at the time, perhaps the government wouldnt find themselves in the position they are now. Certainly there has been a force of leadership and that could be because none of the chief executives are politicians, theyve never had to meet the people, run a campaign, respond to public opinion. Theyve only had to respond to 1200 people that voted them into the election committee. That makes a difference for how equipped they are to be political leaders. To also get another one coming through out of the chinese central bank, in case you missed it, we are actually on the biggest drop here for the offshore ribbon me since they devalued the currency in 2015, china says rising defaults are normal according to the central bank just to bring you back in here, i asked this of the guest last week. If it is not the extradition bill, its the number of hospital beds or milk formula, and there will be something else. Is this actually a push back toward beijing . In other words, can the Hong Kong Government actually address the underlying demands, but also say face for beijing . You are right that hong kong is caught in a cycle of protest and crackdown in protest again and you are right, it is always some issue that triggers the immediate cause, but underlying that is anxiety of hong kongs autonomy under one country, two systems. Way thateally the only can be addressed is with a higher degree of people participating in the governance of hong kong, and thats why i think the universal suffrage for the chief executive is something that has to be revisited. But what it really ever happened . Thats probably not the case. What about the underlying factors . No Public Housing built into thousand three, not a single hospital bill. These are fundamental problems that people are looking at on thingseets of hong kong, they couldnt disagree with in building these things. Thats right, and i think they do matter. For beijings press conference last monday it sounds like those of the key issues they were planning to target, talking about living standards, housing affordability. To me it sounds like beijings strategy is containing the protest and offer some sort of economic caret to incentivize people to make the Community Happy again. But that is failing to see is that, while the economy is part of that, its not just that, and there are clearly political issues underlying all of this, and you hear that from the slogans that people are chanting, the key one being revolution for our time, which must be very alarming for beijing. So,n 10 seconds or resignation will provide a better solution. Do you think she should resign . I think the line from the protest is that even if she does there will be an equally a less effective person in her place. She probably should resign because any leader in a functioning government resign, having caused this uproar in their own community, but i dont think she will because that would be a great loss of face for beijing and even if she does im not sure it would be a solution. Thank you. Our Bloomberg Opinion columnist. We will have a look at the nolar, the pboc has specified the two reasons we are back above seven. You are looking at tariff expectations and also protectionism, you know in which direction that fingers pointed. 7 08. We will be back. This is bloomberg. Back. Come the pboc chiming in to these big moves in the currency markets, with the you want back above seven. Are pointing in the direction of the u. S. , saying the move is because of tariff expectations and protectionism. Lotou can see, thats not a in terms of trying to pare back. He moves weve seen we will give you an update once we get more lines out of the chinese central bank. News ofe also getting the beijing telling buyers to not buy agricultural goods from is United States which perhaps the retaliation weve been waiting for with all this negative pressure on the yuan. Lets take a look at the business flash headlines. Samson is facing in exodus from investors, according to a korean brokerage. It estimates there will be a net loss of 400 million worth of shares as the result of a review on the emerging markets index. Will pull 3 10s of 1 as saudi arabia and stocks are included in emerging market indices. The indian billionaire has formed a company to increase his investment in the aviation market. They will focus on acquiring and developing managing airports in india and abroad. He has a net worth of almost 2 billion and made his mark in the Aviation Industry when he outbid rivals to get five country airports. Lowered arabia has pricing for september sales of and last month the kingdom greeted the band to curb production for nine more months while still exporting more to china than ever before. They have been offset by falling sales to the u. S. And watching the domestic supply. Lets have a look at earnings shares of hsbc in hong kong were down 1. 5 for nine straight days. Be stepping down after less than 18 months in the job, replaced on an interim basis. The announcement came as the Bank Reported a big Share Buyback. Lets get some more on this with Jeanette Rodriguez in mumbai. What does flint leave unfinished . And the Crucial Point why did you leave . To your question about why did he leave, its a mystery. Investors are still pondering why it happened we just need more clarity through the day. Unfinished,e leaves theres a massive costcutting program that hsbc has embarked on. To growted revenue faster than cost but in the first half of 2019, todays numbers did show boosts in jobs and hsbc did report positive jobs this morning. Operationally, it achieved targets on the u. S. The bankday hsbc said is no longer expected to achieve 20 of the equity target for the u. S. By 2020. These are the real goals management will have to take on. Of, the company is still going to be there, but what sort of situation does the interim ceo face . Buyback,nnounced a operationally he will also have to explain to shareholders and investors whats really going on. He will have to follow through with certain targets that hsbc today there was overall return intangible targets in but you have to take a tough geopolitical outlook they are not doing well in the u. S. And are struggling to meet targets. Hsbc gets half its revenue from and the Business Environment is not getting any better. That is going to be a tough challenge. Ok. Suppose we are waiting for investors to get some sort of clarity. Thank you very much, Jeanette Rodriguez in mumbai. Plenty more to come. Bloomberg welcome back. The foreign minister of malaysia says he would push back against expansions for trading with bloomberg inke to bangkok about how the governments positioning amid all these rising tension. We would like to trade with the the u. S. And china, and thing that we are most worried should therapy unilateral sanctions against us . Our position is we want to continue trading with china. Because is some concern the u. S. Has already taken action against some of the countries it deems as having trade deficits, like china, germany, canada. In the top, they are 10, including india. Are you concerned that the u. S. Will take action against that . If thise concerned, but were to happen then we just have to say they are being unfair and you are being a big bully. Do you think the u. S. Will buy that . Have you had conversations with the u. S. About it . No, and i hope this will not happen. We are a Firm Believer of fair and i think it is hurting anyany country to declare kind of trade war with another trading country. Really hope this will not continue. What is the biggest concern about you and your counterpart in your conversations at this meeting . There are couple things one is of course the south china issue,its a political its also a security issue stop hink all the Member States we keep on saying we want to safe andat the sea is we want it to be a sea of trade cooperation,p, of and we want to ensure that normal activities will offer and we want everyone involved. To ensure that you do not escalate, should there be any incidents. Everyoneeen reminding that even though warships are allowed to pass by, it is alsohing we have and it is we want to ensure also we are with the presence. You cant stop people from passing by but if too many warships were to pass by, you sort of increase the tension. This is a busy day, we have a lot of moving parts. People in the News Conference talking about their essentially being protesters trying to ruin hong kong, saying they are also trying to challenge the sovereignty of china. Risk off already and china this morning said they stopped in terms of how they are responding. The yuan was set weaker and we breached both onshore and onshore. Look across em currencies. The aussie Rate Decision later this week reaching 106 as people look for a haven in the situation where they do not want to take on risk this is the position for the offshore and onshore yuan. Onshore,away, 703 spiking with the 12 months on the dollar china. Theres plenty more ahead. This is bloomberg. Money monday, investors having to digest a lot of developing news. 8 30 am in mumbai, im haslinda almond. Im rishaad salamat. The last are of the morning session in hong kong, the trade war taking a dramatic turn. China is said to hold imports over u. S. Farm produce we hear from washington. D escalating tensions keep the pressure on china. The yuan tumbled past seven to a record low in offshore trading. Flights canceled in public transport directed, carrie lam offering no concessions and says the rule of law is under threat. This is Bloomberg Markets. It is the month of blues, investors on edge, we have the escalating u. S. China trade war and trump expanding the tariffs with china retaliating. We also have the japankorea sions and slowing growth all making investors pretty nervous that the market is complacent no more. We have the msci index turning down, all major indexes in the region are in negative territory. The msci emerging markets index down about 1. 5 , jitter is given where the yuan is right now. Those protests in the city making investors very nervous. Carrie lam came out to say she will have to bring back stability to the nation. Lets see where we are in terms of the currencies front and center we have the yuan breaking the seven level, some are saying that the pboc will let the yuan weaken to counter the tariffs being imposed by the u. S. Whether or not the tariffs will intervene is the question and whether it has joined any line in the sand. It broke the 1200 level for the first time in several years in the haven play at 106. Just looking at this as we , equity markets roiled by this trade war and its withrbation taking place these retaliatory measures from beijing. State advisors are being told not to take u. S. Agricultural goods. 8 ,ifty is closing about pretty much flat. It has actually depreciated by about 1 above the 70 level. Meanwhile, it has continued and dont forget we have an interestRate Decision with a 28 basis point cut coming from the reserve bank in india with yields continuing to go down. 6. 35 , about 43 minutes away from the start of the session. Lets have a look at whats going on with the first word news, joining selina wang. Thank you. Steppingjohn flint is down after less than 18 months in the job. The bank says it has appointed noah quinn as interim ceo and hasnt given a reason for his departure. Had a pretax profit of 6. 2 billion and they are planning to buyback up to 8 billion of shares. He was the regional head of commercial banking for asiapacific for years before becoming a Group Managing director in 2016. Gun control maybe back on the u. S. Election agenda after two shootings that left 30 people dead and many were wounded. A gunman was killed by police after he shot nine people and date ohio, and there is no motive for the attack. The victims include the killers on sister. The shooting comes less than 24 hours after 20 people were killed at a Walmart Store in el paso. Police arrested a 21yearold texas man on suspicion of carrying out the attacks. The Justice Department describes the shooting is domestic terrorism. From tokyo say japan in the United States are planning to strike in outlining trade deal in september. They made an initial announcement that could come at the g7 meeting and rents. President Trump Wants Better access for u. S. Farmers for the lucrative agricultural market while shinzo abe hopes to reduce tariffs on japanese automakers. A new Bloomberg Survey says the british pound will fall to its weakest since 1985 if the u. K. Crashes out of the European Union without a deal. A pool of 13 banks says theres a 30 chance of a no deal brexit more than three times higher than what was seen in a similar survey in february. The average response says no deal would drive sterling down to about 1. 10. 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. Bloomberg wang, thank you. Slippedck futures have and treasuries gaining on reports that china will hold imports of u. S. Farm produce. Lets go straight to our agricultural editor what do you make of the move . Well i guess in some ways it is a good move in terms of how symbolic it is, china has already been decreasing its purchases of u. S. Agricultural products, soybean purchases by china this year where the lowest in a decade. They havent been buying that much but they did offer some goodwill purchases and at the beginning of the year they offered to buy about 10 million tons and there are still about 4 million tons left to be shipped. In china had offered tariff flavors, waivers saying you dont have to pay the retaliatory tariffs so they can get back in on the u. S. Market. With things escalating china has decided to take a waitandsee approach, they want to hold purchases in see how things go stop they will keep allowing the purchases theyve already made to come through into china, so at least they arent canceling. That wasalso something agreed upon in osaka, the g20 meeting where we had the president s meeting. Wouldomise was that they buy her agricultural products. The point is, it lies in tatters, whatever theyve been talking about, surely. Is a couple things at play here as well. Chinas been suffering from african swine fever and in that sense demand has been lower than usual. Chineseless, the government has asked to state buyers to purchase and they have been stockpiling. Think china is now saying we are not going to make any new commit but we do want to see how things progress things are going to deteriorate and we may see a move away further from u. S. Shipments. Reporte weekend we did that china was already turning to brazilian soybeans. Editor,agriculture thank you so much. Joining us on the phone from shanghai is the senior asia commodity analyst. What do you make . This cant bode well for the market. Absolutely. We saw these meetings in shanghai and then two days later there were new tariffs announced. I think it surprised the chinese delegation. Overall, it makes sense theres not much reason for them to continue to buy Stateowned Enterprises if the u. S. Seems to be moving in the wrong direction on the trade talks. Fridayeo did suggest on that perhaps the reason why trump is imposing additional tariffs is because china is not living up to its promise to buy more agricultural products. After the g20 meetings and buenos aires did by about 40 million tons of products, primarily u. S. Soybeans. Apart,at, the talks fell so i think it is a Fair Assessment from the chinese side to say we tried to make these goodfaith purchases before and talks didnt progress well so what hope do we have if we buy a lot of soybeans that we are not going to end up in the same still 4n there are Million Metric Tons of soybeans that china hasnt shipped so we also need to see whats going to happen with those. How does it change your view weve seen them further apart than they have been for months now. Is important to understand that it wouldnt just apply to state owned enterprises. I would be very nervous if i was a private company trying to buy u. S. Products if you want to buy anything from the United States, you may have a shipping time of one to two months, and these trade talks can deteriorate so much in one week that you would have to be very cautious about wanting to buy u. S. Products even as a private firm. I think we will see a lot of the private importers backing away from u. S. Products as well. Given that surprise move last week from donald trump with the institution of new tariffs, does the chinese side have little choice but to do this, ultimately . Is one of the asymmetries weve seen where the u. S. Buys much more than china and the biggest area of leverage that china has is the large agricultural purchases. It was the largest market for u. S. Soybeans, a big market for all sorts of u. S. Agricultural products. They can way effectively retaliate and go titfortat because this does affect u. S. Farmers in the rural midwest voting base that is normally supportive of donald trump. If they hit back before the election, that is the most obvious way to try to retaliate against the 300 billion announced last week. Good stuff, thank you very much. Lets get to our next guest, our chief asian Market Strategist from j. P. Morgan asset management, thanks for sticking with us. This is probably no surprise, but the surprises that the pboc did nothing to stop this before will became another form of retaliation. I think it sends a signal for quite some time now the pboc has been talking about defending but the u. S. D dollar is getting stronger on the back of uncertainty, risk aversion, and theres a very strong message from beijing to washington that if we are not moving ahead with this trade negotiation that there are number of things we can do, one of which is currency in the other of which is agricultural product purchases. Got a 10 plus fall back here, and we are kind of back to square one. True some extent that is but we should not forget that the weaker currency also has are trying to encourage more investors to invest in the Chinese Market and there are uncertainties around import inefficiencies theres a carefully calculated signal that they are trying to achieve. It is very interesting to see we saw this when the talks broke down in may, we saw a surge in bitcoin, we are seeing a gain of nearly 11 up, and we know that the biggest holders of bitcoin are the chinese. If you look at the relationship, whenever you have uncertainty or bad news in the market, lots of traditional safe haven assets bitcoin is the new safe haven. That is reflective of Market Sentiment but you are right that there are chinese investors trying to use bitcoin as a way to protect themselves from uncertainties. Im wondering, could the want level prompted currency war . It depends on where we go from here over the next couple because seven is psychologically important and is very much if the pboc does stabilize the currency i think we can avoid currency war. But in the past few weeks President Trump has repeatedly said hes not particularly happy with a strong u. S. Dollar, they are hurting u. S. Exports, even though there are no immediate things he could do. But i do think the currency market in general will feel quite jittery in terms of where volatility is going to be. It does create a lot of potential for volatility in the currency market. Do you see risk assets plunging the way they did in the Fourth Quarter of 2018 . Near term, there are negative news flows weve seen in the past few weeks, at the there are still some anchors to growth. We saw a pretty decent numbers out of europe. While there is a lot of uncertainty in corporate spending there are also some balancing items coming to the consumer side of things. I would not be advocating outright risk off investors strategy but we need to be mindful of both equities and fixed income. We have lots to discuss coming up, public transport in the airport in hong kong. Is the prospect of a citywide general strike on the way . The latest on this developing story, and whether governments in the protesters go next. This is bloomberg. You are watching Bloomberg Markets asia. Im haslinda amin. Im rishaad salamat. Carrie lam made her first Public Comments and two weeks, accusing protesters of trying to ruin the city. Flights are being canceled, public transport is disrupted, and theres a general strike disaffected later. Sophie, what is the latest . Well, but, at the airport is in stark contrast to what we saw unfolding throughout the morning as subway lines were suspended as part of the action ahead of the general strike. Aainst that backdrop, it was 10 speech from carrie lam, as she warned the protesters would destroy hong kong, and that the city is being pushed to the edge. Have a listen to what she said. Motives areerior going to destroy hong kong. To risk one country to systems. Notably, carrie lam said she has a responsibility to continue her duty and restore order, saying her resignation will not provide a better solution and she did not address the demands of protesters which have driven the valley, saying they values do not align with hong kongs rule of law while maintaining her support for the police throughout the protests. I also want to highlight comments regarding the economy, cautioning that the hong kong economy could fall into a recession in the thirdquarter if consumption and trade continue on a downward trend. I will take it from here whats the outlook for hong kong stocks, especially Retail Stocks and allied stocks . Saw the hong kong index take a hit, seeking as much as 3 , weighing on Market Sentiment. To freeze out with a downgrade for hong kong equities today, we pointing outuities that the problems theres no real end in sight. It is starting to make a big impact on the economy. Weve already seen retail sales today weveh and had a cancellations normally in the hundreds from hong kong eastern, whichna did see some blockages when it comes to passengers that were seeking more information regarding this canceled flights here at the hong kong airport. Of course we are counting down to the 1 00 p. M. General strike with seven districts and thousands of protests continuing the momentum over the weekend. Kamaruddin there. Weve seen theres already economic damage that the it isces are facing, getting bad stop how bad does it get . A couple things to bear in mind one is that we are in the summer of the political challenges, the hong kong economy was already slowing down on the back of weaker trade data in the slow down from china. Across a number of Asian Countries including singapore. But obviously whats happening right now is dampening consumer sentiment. It is much quieter than it used to be. Nonetheless, i think it depends on how long this political situation drags on i dont see an immediate resolution so i think we have to be very mindful about the Economic Growth of hong kong, the Third Quarter is likely to take a bigger hit. On the markets front, i would argue that your reporter is absolutely right, a lot of domestically focused sparks have been hit because of sentiment and disruption in many stocks in hong kong are international and when you look at the percentage of earnings, over 90 comes from international emergencies. Nonetheless, i think theres also an International Element that is putting a lot of pressure on hong kong markets in the near future. How do12 months you play hong kong they had a selloff in retail sales, anything you want to cover . I think we should be patient and wait and see we are not only thinking about whats happening in hong kong but there is a lot of uncertainty with global trade in the Global Economy i dont think we need to be washing in or having a strategy standing by. But you look at some of the valuations, at some stage if we start to see the end of the tunnel with local politics, i think there will be some good options available but at this point in time we are just standing by. So many uncertainties which is the biggest risk . The fed, the u. S. China trade war . What is your take . Them, i dontf want to sit on the fence, but when all these things are put together it creates a lot of uncertainty, especially in the corporate sector. Weve already seen Many Companies telling back their investment in that to me is the biggest threat to global growth. Consumers around the world are still reasonably happy that the corporate sector is pulling back on investment and eventually this will put pressure on to me, all those uncertainties, i think they are creating a lot of anxiousness amongst investors. Among the Financial Community and other corporates here as well, and some are calling it hexit. Are we seeing any signs of people exiting hong kong . At this point in time, no if you get a look at the financial system, all of which are operating people cant get to work or a late for work, and the money market in the Financial Markets are operating as business as usual. The infrastructure is there in most economies in asia do see some political bumps on the road. From that perspective there are still a lot of advantages. But you cant deny that the reputation has been tarnished to put it diplomatically. Thats true. Unusual from hong kongs perspective. The question then becomes how do we bounce back how does the Business Community rebuild confidence . Im cautiously optimistic from that perspective, but we do see some sort of calming of nerves. Things ord on other it is straight retaliation, so how do you lump them all together . Im sure your clients must be wanting to know the asset allocation. Absolutely. The way i put it together is there is a sense of protectionism and sometimes the protectionism is not to deal with trade issues are political issues we saw that with japan and korea, we saw that earlier with the u. S. And mexico over illegal immigrants. Angle we are advocating greater focus on volatility management, not outright owning equities, but certainly paying more attention in fixed income and how to generate income for investors when the trend becomes a bit more challenging. News is breaking, we just saw the yen each 106 as it lurches forward, this is the 10 year yield has fallen to the lowest since 2016 to. 2 . More on that. This is bloomberg. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Live pictures out of tokyo, 12 30 p. M. , where we have the japan 10 year yield slipping away to 0. 2 , the lowest level not surprising. That japanese investors are now looking for yields elsewhere and are looking in turkey where they can get a 15 yield. Lets get the first word headlines with selina wang. Thank you. U. S. Stock futures fell and chinaries gained over suspending imports of u. S. Farm produce. President trump ratcheted up trade tensions with additional tariffs on chinese goods starting next month. Weve been told that China Agricultural firms are waiting to see how trade talks grasp before resuming u. S. Purchases. Sayss revolutionary guard they have seized the foreign oil tanker, adding to International Concerns about the safety of shipping in the region. The ship was seized about 400 miles from the strait of hormuz. Irans staterun press tv says it was an iraqi tank he delivering mobile fuel to arab countries. The Iraqi Oil Minister denies the tanker was one affairs. Hsbc ceo john flint is stepping down after last and 18 months on the job. They are appointing an interim ceo and havent given the region for lynns departure stop this comes as the bank reports profits of 6. 2 billion dollars and says they are planning to buy back up to 1 billion of shares stop he was the regional head of commercial banking for asiapacific for four years before becoming managing director in 2016. Hoverboardr of the says a successful flight from france to england is the most amazing moment of his life. He completed the cross channel , the first22 minutes attempt while he crashed while he destroyed his board. Last month he flew over paris at the bastille day celebration. 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. Im selina wang. This is bloomberg. Hong kong chief executive carrie lam major Public Comments in two weeks, a perusing protech accusing protesters trying to ruin both sides harbour. Public transport has been disrupted and a general strike is anticipated later. We have the Senior Consulting fella from the asiapacific joining us now. The fundamental question is did we hear anything new from carrie lam . So, shent think repeated the things she said both on the extradition bill that kick this round of protests and on developments since. She was very strong in her condemnation of the violence and i guess that is what we would have expected. Perhaps the new thing was that she came out at all, she has had a relatively lowprofile, maybe that was something a little bit new today. The thing that has to be dealt with is not just the extradition bill, its about her and her leadership, which is very much under scrutiny. How did this, administration you could argue the one before lose the hearts and minds of the people of hong kong . Mean, i think we have seen a series of events over the last from occupied, where we had this big debate over the way political reform might have been delivered in hong kong, whether the chief executive would be elected by some sort of universal suffrage. We had the occupy protest followed by some of the things inve seen, we had china 2016, and somehow if the government has never quite managed to get back on top of the narrative and persuade people in hong kong of a promising future. Of pentupn lots frustration and anger and hatred come to the surface. How do you expect china to respond how long can china tolerate open dissent . They have tolerated it if thats the right word for a couple months. The profile of the Central Government in beijing has been pretty low, there was a press conference from the trade office which is the government that deals with hong kong, a few weeks ago, that it just offered support for the hong kong fleet. Criticism for the violent protests. But otherwise they have been quiet. It seems that the level of tolerance in beijing is probably higher than most people would have expected, if you dont buy this scenario from a couple months ago. I think beijing is hoping that the Hong Kong Government and the authority in Hong Kong Society can broadly get themselves back on a more normal track and if they can do they will continue to stake a lowprofile the lets see what happens. As they have worse been, who knows . We will have to see if there is something more harsh. China has been quiet probably because it is under international scrutiny. The Chinese Military has said it is ready to quell any further unrest if needed. You see the military getting involved at any stage . I still think it is highly unlikely. I think that has been the general view of most people over thinkst few months i partly chinas being relatively lowprofile because of a calculation that doing something tougher might make the situation worse, and it probably would. If the military would be another we would see very negative spiral in hong kong politics. Theres a pragmatism here for in the question is what could the military do, even in that hypothetical scenario, the Hong Kong Police cant do. It is probably not clear to people in beijing, its not an option that gives them any benefit. Independent inquiry take some of the wind out of the protesters . Givenkely is there one the umbrella protest . Independentn inquiry of some form would take some of the wind. Perhaps not some of the more hardline protesters on the and popularhe brawl dissatisfaction with the government. There will be substantial difficult over what that would and some of the more moderate voices have called for a broader inquiry that would cover everything, including protest action and how the government handled the bill, which was the catalyst. I think there will still be plenty for people to get their teeth into, even in working out what an inquiry should cover and how it would proceed. It probably would take a little bit of the heat out of the. Ituation how is it a failure of leadership as opposed to a few people who have been hugely radical in their protest and their demand . Ultimately there are multiple causes theres been a failure of leadership recently from the government, theres been a radicalization within parts of the hong kong community, but more generally weve seen a polarization of hong kong politics. Fragmentation and Political Institutions gradually becoming less effective. I think there were multiple causes for the situation that we find ourselves in, and some of those causes have deep breaches, where we will not see any solutions anytime soon. Reputation kongs been damaged in any way, and how do you see hong kong recovering from this episode . To be honest, i think hong kongs reputation has been damaged. The question is how much. That will probably take some time to tell. I suspect that we are going to see ongoing disruption protests andclasses for some time, that i think well take a toll on hong kongs reputation. I think it is going to be very difficult for the Hong Kong Government in the community more broadly, to pull themselves back from it. We heard about the death of hong kong many times before. Theres no reason in principle why hong kong cant recover from this. Thank you very much. Seeing a huge fall taking place in these equity markets, the hang seng at the moment extending its drop to nearly 3 . We saw the one breach 1200 for the first time in years. Nikkei 225 seeing his exporters really weighing on that much, the yen continues to appreciate, breaking through one of six. We have a Rate Decision in australia, still down 1. 5 . The nifty was flat, 1. 1 , the rupee weekend. Meanwhile, while the heels are as the bond rally continues. This is Bloomberg Markets in hong kong. Im rishaad salamat. Im haslinda amin. The foreign minister of malaysia says he would push back if the u. S. Tried to impose sanctions were trading with china. I spoke to the finance minister in bangkok about how they are positioning amid rising tension. We would like to trade with china, and thend thing that we are most worried there beshould if weeral sanctions continue to trade with china. Our position is we want to continue trading with china. There are some concerns the u. S. Has already taken action against some of the people it deems as having trade malaysia,and in asia, it goes into the top 10. Are you concerned that the u. S. Will take action against that . We are concerned, but if this thing were to happen, we just have to say they are being a big bully. Do you think the u. S. Will buy that . Have you had conversations with the u. S. About it . No, and i hope this will not because we are a firm and i think it is country to any declare any kind of trade war with another trading country. We really hope this will not continue. What is the biggest concern about your conversations in this meeting . There are couple things. The sides trade war there is the south china sea. It is a political issue and it is also a security issue. I think all the Member States have the same concern and we keep saying that we want to andre that the sea is safe we want it to be a sea of trade for friendship or cooperation and we want to ensure that no militarization activities we want everybody involved to ensure that you do not escalate, should there be any incident. Everyoneeen reminding that even though warships are allowed to pass by, because it is something we have agreed we want to ensure also that you limit the presence of washington. You cant stop people from passing by. If too many warships were to pass by, you increase the tension. The Indian Markets just kicked off their session. We have a look at how this open is looking after four straight weeks of losses. All these moving parts are rather negative for anyone who wants to take on risk. Thats right. Marketsline with indian after falling for the last four weeks have opened the nifty also reachede have lower. Nifty is trading around the level of 10,000, nearly 500 points in trade. For the banking index, that is down over 500 points. In the broader markets continue to underperform the benchmark. They have been on the decline, which has not been a good trend all and its important to mention the currency market and focus, the indian rupee has depreciated after depreciating 1 , after seeing the depreciation of 1. 2 across the 70. 4. , trading around thats after the chinese yuan crossed that important threshold for the First Time Since 2008. We have consumption stocks and focus and there is still a downgrade. What stocks are you watching in particular . The nifty is weighing on the index after the Credit Suisse downgrade of the stocks to neutral. The target price has been cut you can see the clear reaction from the and they expect the company to be Free Cash Flow negative and they are very good the other one which are reacting to the earnings, another heavyweight, the volume growth from the business which came in after the brokerages they did not meet the expectation, and this has been underperforming, down 7. 5 . Eventually the numbers were the one and beijing was which did not do well, but they did have a positive reaction, with returns of nearly 7 . Thank you. Lets get more on the market, it is a manic monday with big moves and equities and foreign bond yields. Lets survey the damage in sydney. You get a sense that the complacency in the market is finally easing. Thats right. That is very much the case. Ive always been a little bit puzzled that markets fell so strongly back after the 2018 route. The actual mediumterm economic picture was getting worse. Had the actual trade talks break down, and instead the feds are reluctant and the trade war has just ended a whole new phase with china responding today, letting the you want drop, apparently stopping all agricultural words from the u. S. Expected a. 6 and a half billion dollars this fiscal year, but what it does do is say to trump that you can stop dreaming about those large purchases of agricultural product that have been a mainstay of what he wants to get out of the trade negotiations. We are at a stage where those negotiations are dead. Markets being roiled by this . We have people piling into the 2018, sub march of 106. Yields, bottom of the range of the boj, and that is actually 2017, breaching 1200 for the First Time Since the beginning of 2017. These are huge moves taking place right now. What do you think ultimately we go to . Is this kneejerk or is this something we will see as being the trend . Well, theres always a level of kneejerk, and usually other assets overshoot. It goes through 7. 1 and came back down. I think we have seen a sea change in whats happening. The very big question of whether the yen goes through those flash crash lows from earlier this year, and it opens up a lot of downside. There are a lot of other Asset Classes in similar source your has already been in trouble and seems to have topped out. All these Central Banks that are trying to hold the live are struggling. We have five of them in the asiapacific this week and it is hard to see too many of them making too much of a difference, because this will end up pushing on a string. Sydney,eld reynolds in thank you. Now to Mother Nature story, a surprise development. The hsbc ceo is stepping down after less than 18 months in the job, it will be replaced on an interim basis by noah quinn. The announcement comes after they reported a big Share Buyback and a in Second Quarter profits. Interest, hsbc announced those results ahead of the normal time. What should we look for . Cost . What you need to look for increases in cost. Remember since big target last year the bank is seeing some measure of success and the first half did report First Quarter jobs. That has made the budget a little more surprising. Having said that, we know that the costcutting program was not going fast enough, there seems to be some suggestion that they were connected we just have to wait for more clarity from management. Tell us about some of the geopolitical risks lets not forget this trade war, we have brexit and the unrest taking place in the city of hong kong theres a lot to be grappling with. Absolutely right. This is a time where the world is becoming a tougher place to do business. Hsbc gets half its revenue it has Market Investments in china and is struggling in the u. S. Today hsbc says it does not expect to receive its turn on tangible equities. The u. S. China trade war, the situation is just going to get worse. Hong kong is a main hub for hsbc. The protests seem to be getting quinn and of course noah needs to explain whats going on, he needs to explain to his investors into others. Our asian finance minister in mumbai, thank you. Lets get a quick check of the business flash headlines. It is dues to to rename its new may cap, the company says it wants to be clear about identifying facebook products, that the move is stopping controversies and created independently. The federal trade commission is already investigating whether facebook has two big of a monopoly. Tesla giving its latest sales drives something of a power boost, ringing back the free and unlimited supercharging perk. They had scrapped the offer earlier this year, part of a costcutting initiative. In juneeholder meeting found elon musk described them as being absolutely key to sales. Warren buffett is turning his back on stocks, reinforcing his traditional view of overpaying, with markets at alltime high, a billion dollars more of stocks from last quarter, the biggest net setting spree since the end of 2017, leaving it with a cash pile of a record 122 billion. Stake in built a big big banks and apple last year. Get to the markets and have a look at whats going on toward this lunch break. A tumultuous session in hong kong. Hang seng looking at a 758 point loss, 2. 8 down. Theave the one falling past level of the dollar, which has been the focus of investors for quite a while. It continued to lurch lower. We also have a yen appreciating with other haven assets, like treasuries. 7. 7 on the offshore and onshore, and thats the cost beat at the moment, the sole market also being affected, which hasnt breached 1200 as it continues to weaken. These arery did say wildly exaggerated moves, certainly abnormal across the board. We have a lot to be grappling with, not just the protests in hong kong, but a new salvo being fired in the trade war between the u. S. And china. The u. S. And china. Announcer the following is a paid presentation brought to you by National Debt relief. Are your credit cards maxed out . Are you just making the minimum payments, or worse yet, falling behind in your bills . Are you stressed out all the time by your debt . Is debt keeping you awake at night . Theres reason to worry. Check out your credit card statement. If youre only making the minimum payment, it could take you over 20 years to pay off. Having debt is like having a tremendous weight on you and you cant lift it