Long wetlands on china, is starting to look like its biggest handicap. Going global. We hear exclusively as the Company Lands a worldwide expansion drive. Look atts have a quick how markets closed. 500 closing near session highs. Every sector was in the green. Communication and tech stocks leading the gains. The nasdaq was higher by 1. 3 while the dow gained 270 points. We had more positive sentiment when it came to trade both in the u. S. China front but also in the u. S. Japan front. President trump opened the door for a potential sit down with the iranian president. Thin. S were u. S. Futures at the moment not doing much. Lets see how we are setting up asia. Selena nursing mark green across the board. We are thinking we stocks trading almost at. 8 . Whipsawed by being the backandforth escalations of the trade war. There are fears of a global recession on the rise and rising protectionism in the calendar. Investors seem somewhat the ebullient again. Oil futures with changing rhetoric from trump. E are seeing it pair back pare back some of the earlier gains. It rose as much as 2 . We did not see a lot of positive sentiment on oil coming out of the chief heaven. Switching boards one more time to take a look at south korea, filecymer Confidence Index to 92. 5, the lowest level since january of 2017, and it is the Second Lowest level since the Global Financial crisis. South korea has been dealing with a lot of issues, including the traits that with the japan as well as escalating tensions with the u. S. And china, including sluggish exports, weak stock market, and pressure on the korean won. Ritika the g7 summit has wrapped up with no traditional communique. Members committed to open and fair trade instability. They profess unity amongst the leaders. A stark contrast to last years post summit statement in which was rejected by President Trump. Boris johnson says he is marginally more optimist about a new record deal, but it depends entirely on the european union. He admitted there is wide disagreement about his demand for new talks with claims e. U. Leaders do want it to happen. President gauck on says he does acron says it is not too late for them to withdraw article 50. The trade war and a slump in exports cap dark clouds over the economy. The index fell to 92. 5 this 95. 9, the lowest level in january 2017. The governor said last week that his 2. 2 percent growth forecast would not be achievable if the situation persists. Hong kong exports contracted for a ninth straight month in july. Shows the economy suffering under the trade war and the continuing antigovernment protest. Down 5. 7 fromd a year earlier. The man who drove volkswagen to become one of the worlds top carmakers has died. He was 82 and is said to have passed away in hospital on sunday. He was the grandson of another ceo pioneer who became the in 1993 when the company was deep in losses. Under his watch, they eventually bought porsche into the wideranging stable of auto brands. 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. Paul thanks. President trump is dialing back some of his trade rhetoric, praising beijings top negotiator for his calm words while asserting china wants to make a deal. Pres. Trump do you think maybe they want to and maybe they dont, but i think they want to make a deal. I am not sure they have a choice. I do not say that as a threat. Id you not think they have a choice. The united states, which has never collected . 10 from china, will be over 100 billion in tariffs, so i think they want to make a deal very badly. Paul President Trump said china had been on the phone, urging new talks although beijing is downplaying that. Lets discuss this with our senior trade editor. Sarah, i want to start with you. This seems to be getting terribly confusing. A few days ago, u. S. Companies were being ordered to get out of china, and now we have calm talks again. So where are we in terms of progress . Said, we heard from trump saying china does want to make a deal. He suggested there were discussions just hours before he spoke that may have suggested beijing really had indicated to the u. S. That they wanted to move forward, although china has mocon those talks even happened, so what i really look for is the bottom line, action. Trump, on friday, escalated tariffs against china, 5 acrosstheboard for existing and planned tariffs. Goods,as run to hit u. S. 75 billion worth of u. S. Goods. I think it is really difficult to say that the two sides are on the same page and that they are focused on a deal when it seems like the focus is on the escalation and pretty much growing more distant. Shery have they ever been on the same page . We continue to see this pattern were President Trump claims a breakthrough in the impact but beijing does not necessarily confirm it. Absolutely. The comments from trump saying the chinese picked up the phone and said we want to make a deal, pushed back by some of the state media. One influential in editor saying top negotiators between the two sides have not actually spoken for a number of days, saying trump was exaggerating the level of contact between the two sites. You did hear from the vice premier who led negotiations on the chinese side, making a statement yesterday in southwest china, saying we continue to sideto talk to the u. S. For cooperation and in a calm attitude. We have had this rhetorical shift. It is the reality on the ground that you have to look at. On the chinese side, they are skeptical of the continuing change in tone from President Trump and focused on planning for a long, drawnout trade war. That is the sense you get from speaking to chinese officials. You continue to say that in order to get a deal, we need the removal of tariffs, we need a balanced deal, and less onerous demands. We will be looking ahead now to see if there are going to be top mobile phone calls and negotiations in the two sides and whether or not the two sides will meet in washington and september. Paul in the meantime, we are waging to see what sort of economic fallout there is from the trade war. In that regard, how important are chinas numbers going to be later on today . Becausey are important the data we have seen over the last few months in china has pointed towards continued weakness in the economy. That is a lever President Trump pulls. As well toit points the additional stimulus measures chinese officials may have to resort to. Industrial profits are expecting them to continue to fall for the month of july. Deflateseen the prices of course and that is likely to put pressure on margins and on industrial profits. It is a consequence for as well. Capex as well. That could drag further on growth. It points to whether or not you will need additional stimulus for chinese policymakers. Getting aseem to be little bit more clarity when it comes to the japanu. S. Trade front. No u. S. Auto tariffs for the time being. Sarah at the g7, President Trump announced an agreement in principle with japan on a trade deal. Inre were discussions washington up until friday. It seems like they sort of threw together this the deal in a pretty fast way in the end. It sounds like the u. S. Will get more arboriculture axis to japan, something akin to what they would have gotten with ppp under the obama administration. It seems the Trump Administration may have promised japan they would not be hit with auto tariffs over National Security concerns. Trump hinted that europe could use this as a template. You could also avoid these auto tariffs if you sign a trade deal with us, but this is just in principle and we need to see the final details hammered out. Byht need to get it passed parliament. Theres a lot more steps to go. It is not a home run yet. Shery our senior trade editor and our china correspondent, tom mckenzie. We are against the moves in the commodities market. Oil seesawing on conflicting signals about the trade war. Next, u. S. Stocks regained some ground from fridays losses, but volume, well below average levels. We will discuss the markets with ben evans from the global advisors. This is bloomberg. Paul this is daybreak asia. I am paul allen in sydney. Shery optimism over to our progress gave stocks a boost but commodities remain under pressure. Eenan has moresu k on this. And turnstest twists of the trade were headlines. A lot of strategists saying there is a lot of volatility. A lot of Investor Sentiment is very fragile and that may explain some of the lower volume as well as the height of summer end of summer. E take a look at the green on the screen. You did not take leading the way higher for the s p tech leading the way higher for the s p. Lets take a look at the big movers. Drug socks are key in the headlines. Stocks arche in the headlines. Amgen facilitating the merger with bristolmyers, so that was winwin across the board. Shares falling as much as 6 sinceay, the biggest drop september. Some strategists believe you could see were need speculation about a possible Philip Morris combination. Lets take a look after hours at johnson johnson. Also in the news, it lost a , finding liability for its world and the opioid crisis. However, it was much less the actual damages than expected. 17. 5 billionght dollars and the judge ordered only . 5 billion, so they seemed to like this stage of the legal fight. Take a look at the bloomberg. You will notice the etf, which mirrors the semiconductor index. Huge inflow on friday. It paid off on this monday where we had talks bouncing back. Still a lot of momentum in that center. Keenan, keenan, su thank you so much. Great to see you. We continue to see this volatility in the market, this crowding of safe havens. Markets areng caught in a feedback loop between trump, china, and the fed . Explain to us what you are seeing. You have this strange loop between Central Banks reacting to markets, and it has always been the case, and on the other hand, the markets have been sensitive to what trump does. You get a little bit of the tweets coming out and a markets selling off. Central banks have to react and then the new tweets come out. We are in a negative feedback loop. This have happened before. Think about the euro crisis. To break the loop requires a significant change ahead. Either a true resolution to the trade dispute or significant monitor using. Going to monetary easing. It is just not there. You have to expect greater action by monetary policy. Shery what i do not understand is why the markets are rallying so hard on comments coming from trade. Most analysts we talked to do not expect much to come out of those negotiations. Hand, it is the liquidity effect. On friday, people pulled back. Whatdo not understand these new countermeasures are that trump was announcing about curbing business into china. Of a relief,bit that is why you get this rally. There is a lot of uncertainty on to whether this will lead to any kind of resolution. As we go from here, if there is more credible steps, liquidity comes back to the markets and we get one. It is explaining what we are in for. Liquidityaling with at times that could distort the market. Equityhat is what the market is telling us. I want to take a look at this chart on the bloomberg terminal for what the bond market might be telling us, and we can either term premium on the u. S. 10 year has had a record low. Why has that move been so extreme . Where the bond market has been discounted from the trade war. Excessive lowinflation environment if not potential risk of the inflation. If you have no inflation risk priced into the bond market whatsoever, the yield curve stays really and there will not be much of the next rotation for future rate hikes to return anytime soon. That is why the payment posting negative from here. Banksyou only see central engaging in moderate easing. I am wondering if part of the reason for that is they are giving they are getting low and might be reluctant to return to quantitative easing when thex issuez is political one. What are your thoughts . Ben you make a good point. There was a lot of reluctance initially to step in by the European Central bank, in that case, to do something, ultimately that it happened. It was the Central Banks backstop the credible that resolved that crisis. This time, you deal with an environment where the political situation is that on such an. As the conference highlighted, if it is so elevated that they cannot model the effect on the economy, then one point, the effects will be negative, and as a result, the Central Banks acted that been. That is probably what we are heading for. We saw today the euro under pressure as we got german Business Confidence falling to the lowest in almost seven years. Talk of more some stimulus measures coming from germany. Wouldnt that lift the euro which is something President Trump wants to see . Ben true. Even though europe tends to be very modern discussion. It is not likely to the insignificant fiscal stimulus package because of budget rules and a more rigid form of policy there. Some forms of stimulus unlikely to happen, too, but it would have to become fitted with more monetary stimulus if you wanted to change the paradigm we are currently in. Negative feedback with a illiquidity. Trump will be more willing to be conciliatory. So far, investors have learned he is willing to really go on with this war. Hence, more stimulus is needed to offset the negative effects of the trade war. Paul i just want to quickly get your thoughts on the yuan. I am wondering what your timeframe is. China has a bit of a track record when it comes to keeping the currency strong. One such date is coming up on october 1. When do you see that getting tested . Yuanthe expectation of the from here showed the markets a bit higher than where the spot market is. Alluding to that. But you are right. It is a political aspect to that, theyat around are probably not going to see much weakness. If we continue in this environment of rising paris, it has been an estimation that ultimately, the one has to we can to offset the impact from the terror. I think this is what is happening. Why more people have become bearish on the one and it is drifting higher towards the presumptive 7. 2 even though that is not an absolute number. , thanks asmons always for joining us. There is plenty more to come on daybreak asia. Stay with us. This is bloomberg. Paul this is daybreak asia. I am paul allen in sydney. Shery apples reliance on china is starting to look increasingly like its biggest handicap. The iphone maker has shed tens of billions of dollars in market value since President Trump escalated tariffs and ordered u. S. Companies to move out of china. Bloomberg Technology Editor alister bar joins us now from san francisco. What would it mean for apple to be able to shift its supply chains away from china . A the company is hoping trade deal gets done or President Trump caps off some of if indeedic, but apple is facing these big tariffs, a bunch of which would kick in in december, if that did happen, actually moving production of the iphone out of china, they would need about 25 of that production to meet u. S. Ofand, moving that type production out of china. It would be a huge thing and take a couple of years according to analysts. Would apple merely be hoping or would it be actively lobbying behindthescenes . Tim cook has enjoyed some success about getting exemptions on apple products, hasnt he . Ben certainly. The apple ceo has been very active meeting with President Trump and meeting with some of trumps family members, too. Usually, a little while, if you weeks or a month after those meetings, trump and the administration does back off some things, which has helped the company avoid some of the tariffs other companies have faced. The iphone, so far, has avoided a big hit. Paul and the Technology Editor asked her alistair barr. We will be speaking to see bosnia tomorrow. Steve wozniak tomorrow. Johnson johnson jumped after hours after a company ordered them to pay far less than what had been expected. The Oklahoma Court said they had created a public nuisance by duping doctors into overprescribing medications and ordered it to pay 500 million to the state. Appeal the would ruling. Tsmc is being sued by a semiconductor rival, global foundries. It wants u. S. Regulators to impose an important ban. It accuses him of using technology to get tens of billions of dollars of sales. It has developed all the technology inhouse. Shery the trade work is accelerating teslas planned price hikes in china. There are concerns over higher import tariffs. It has no local production in china yet. Last week, beijing said it may increase duties on u. S. Made autos to 50 in retaliation to President Trump latest tariffs. This is bloomberg. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Ritika this is daybreak asia. Bank of india proved a record payout to the federal government. The economy slows. They greenlighted a transfer of 24 billion, made up of the dividend and their plus capital. It comes on the top of the measures from the finance street to bolster the economy. The budget estimate is 12 billion from the r. B. I. There are conflicting versions of the latest war between the u. S. And chinese trade negotiators. President trump says china called on monday and is desperate for a trade deal. The editor of chinas global Times Newspaper denies this and says trump was exaggerating. There is one area of agreement. President trump praised chinas top negotiator for urging the two sides to remain calm. The president also referred to trade talks with japan, saying he is not at this moment considering tariffs on auto parts. He said it was part of the deal struck with shins all they s hinzo abe. Departmentmmerce said also imports could pose a threat to National Security. The president said he would be the iranianmeet leader over what he called the correct circumstances. Trump said he would support a plan to extend a letter of credit to tehran, backed by oil. The oil oniran said in iranian tanker detained in gibraltar has been sold. They declined to name the buyer or the destination. Detroitt trump is that from his offer to mediate between india and pakistan over the needed region of kashmir. He says he has good relations with both nations but they can resolve the situation themselves. India has rebuffed the offer last month. Global news, 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. Shery thank you. We are half an hour away from the open in tokyo, sydney, and seoul. I am watching samsung, which last closed down. 8 . We are hearing him say they should not give up on the Large Display business despite the difficult environment for that business. Pressure ong under customer admissions ahead of its annual meeting. Also want to northern star, which was last up almost 8. 7 . Just reported fiscal year net income of 154. 7 million australian dollars. Toy are seeing output of up 900,000 ounces. Such imports, taking a look at the japanese yen, we have seen it steady back into recent ranges after soaring to its highest level in nearly three years as we are seeing some of the trade concerns deescalate. Players are still cautiously gauging the stock and bond markets to see whether or not this positive sentiment will continue. We heard from the market strategist, saying they will trade around the 106 range. 106. 09seeing it at range. Looking at the 10 year u. S. Treasurys, as you can see from this chart, it is getting very close to that alltime low of 1. 318 percent that it hit in early august. Despite the Market Action we are seeing in other assets, including equity markets, the bond markets have been clear for many months that they are seeing a global recession ahead of their concern about the fallout of this trade escalation. Paul. Paul thanks very much. Signalslicting trade are continuing to move commodities markets. We have west texas. 53. 82 a barrel, marginally higher. Yesterdays games at the trade rhetoric was styled back. All of this means uncertainty traitors. Or lets get to melbourne and our Senior Energy and commodities reporter, david ringer. Higher and lower again get a little bit higher now. All of this on conflicting signals over the trade war. Our investors going to continue to focus on that issue or are they looking at other factors on the demand side . David it has been a bit of whiplash for investors in the oil market in the past 24 hours. As you mentioned. We saw the futures in new york plunge overnight down to the lowest in two weeks. Up as much as 2 . As you mentioned, that is all because of the shifting expectations around where things are headed with the trade were. The prospects for progress between the u. S. And china. As you said, oil in the early trading this morning. Touch. A pretty much studied. Maybe that is reflective i guess of people not taking a breather but certainly looking to reflect on where things stand. Bit more direction on that trade issue. Of course, critical for Global Growth and also for oil demand. There are other factors at work. Investors will look to more tangible issues through tuesday and wednesday. We are expecting data out of the u. S. And other industry sources on petroleum and that should give something of a read on demand and supply on the balance , particularly in the u. S. , so something a little bit more firm and tangible for investors to look at in the next 24 to 48 hours. Shery goldbugs seem to be taking a breather as well after the precious metal rallied 20 this year. Does this rally have legs at this point . It is a stimulus story, isnt it . We saw going to react dramatically to the shifting ideas about where things were headed. Pretty flat this morning. Again, i think reflective of the fact that people really do not know i guess where things stand right now. Other drivers here. There are other things investors are thinking through, particularly that outlook for rates on whether the fed will cut u. S. Interest rates again. Boonis something that is a for gold. People are expecting that it will continue to perform well in a low Interest Rate environment. Know, theyf ubs, you are forecasting gold to go after highest 1600 within three months, so there is potential for the upside. What we are seeing from investors is continuing to back gold. We are seeing gold backed etf holding in those to the highest since 2013. It continues to be there continues to be interest in gold. It is not just the china trade story. Shery our Senior Energy and commodities reporter. Recession watch continues around the world. Central bankers watch key indicators to see if domestic and Global Forces have a slowdown. Is here with more on this. Lets start with the u. S. Inflation red lights flashing today. New orders for durable goods in the united states. It is all about manufacturing. The concern is that the trade wars manufacturing more and more, as we have seen around the world. Let jump into our Bloomberg Library immediately so i can talk about the number. Prettysee orders rise handily in the quarter. First of all, overall, we will look at the big number of 1. 2 . When you look at some other aspects, a key member is the core. Capital goods orders. When you take out defense, airplane orders, etc. , and airplane parts. Here, you can see they were up 0. 4 . That is not bad. Got as whirling as it roarin as it was in 2017. Shipments. Aircraft, and you are down 0. 7 . Business equipment not looking good on the sales side. I want to explain something here. Pimco andeconomist at he came up with a recession indicator. U. S. Capitol goods orders. You takeout aircraft and aircraft parts, and then you get recessiont could be ahead. The threemonth moving average, the turquoise line, falls below zero, as it did back here. Recession. , something the fed did in desperation to get things going again. It looks like they did. Here we go down the slope again. The concern is even more. With donald trump threatening more tariffs, the added burden of additional tariffs could be thething that keeps pushing indicator lower, and that could be a strong signal of recession. Paul in terms of recession, there is no talk of one in china just yet. Investors are watching the data to see if the deceleration continues. What is expected there . Kathleen in a few hours, we will be getting industrial profits for china. They are expected to slump. In fact, last month, they were down more than 3 yearoveryear. June was down 3. 1 . For is expected to be down a second month. It is one of the indicators. Accelerating,d excuse me, decelerating, down in july for the First Time Since september 2016. Lower prices. It squeezes margins. You get weaker Business Sentiment which could weaken investment can Bloomberg Economics is expecting the government to step in and provide more support. They see not just this measure, but other ones like it weakening. Ecause it shows a slowdown for the rest of the world, that increase the recession forces because china is not only an exporter, they buy a lot of things as well. All right. Thanks very much. Coming up next, earnings weeks of a big thanks in china. How the slowdown is affecting performance. This is bloomberg. Shery this is daybreak asia. I am sherry on in new york. Paul i am paul allen in sydney. The u. S. Matches up tariffs in inna ratchets up tariffs china. We will get a sense of how the big banks are handling pressure. Of the slowdown in china. We are joined in hong kong now by the head of Asia Pacific Bank ratings, jonathan corner. Us. K you for joining i want to start right away with this chart on the bloomberg terminal. Shows how profitability of chinese banks has been declining. In this environment of a trade were, what are your expectations this week . We ran a hypothetical scenario whereby the growth in china would slowdown quite significantly to around about 3. 6 . That was in 2020. Based on those expectations the region. Especially those who are most exposed to china, be that directly or indirectly. Bearishat is a fairly model you ran, seeing growth crunch down to 3. 6 , so what does it indicate in terms of how well chinese banks and others are prepared to handle any stress . Only need to look back at the pd is hes Financial Stability report stress test you did last year. Based on a scenario where Economic Growth was modeled to fall to a level that is even higher than what the case was. Chinese banks, including the state banks, of course, saw that they started to fall below the minimum requirements in terms of capital for banks in china. , across the that system, you have a lot more banks that arguably have even less capital. Fairly a very early sharp reduction in growth that is likely to impact the banks Balance Sheet kid as i mentioned i need to increase capital levels. Our view is, contrary to many in the market, the banks are generally undercapitalized and there are significant amounts of capital to be raised by the chinese banking system. ,ith regards to banks elsewhere arguably, you are looking at hong kong banks, which of course, there are subsidiaries of mainland chinese banks, taiwanese banks, that would be affected in terms of their direct exposure. None have more exposure than the hong kong banks, where around 30 of assets are exposed in mainland china. You have the likes of singapore and taiwan that have been looking to increase their exposures to china. Should conditions permit as well. Shery how much will hong kong banks be hurt . Not only because of their exposure to china, but because of the ongoing unrest there. Jonathan that is another piece in the puzzle. Clearly, you have more integration of the economies between hong kong and mainland china. Weer our scenario, whilst did see a fairly significant reduction in growth in mainland china, the most impacted would be singapore and then second would be hong kong. An overlay that with the unrest at the moment, where we have already seen an impact starting to feed through in terms of Economic Growth. Going to see a deterioration in the banks prospects going outward. Out, ther that plays greater the impact. Whilst it is fairly shortlived, we have not seen too much of an impact at this point, but it is fairly early days. Clearly, we will see the pressure start to come through in various aspects, whether that is in relation to the households, small businesses, etc. Shery how exposed our japanese banks in the broader scheme of are japanese banks in the broader scheme of things . Jonathan not so much directly to china. The overall exposure is relatively low. Our concern is with regard to the indirect impact and the negative impact across the region. In that respect, the japanese banks have been growing quite significantly in terms of the Balance Sheet. With regards to assets accumulated outside of japan. So most of that growth has been concentrated in the region amongst emerging markets, where we expect there to be a level of volatility and vulnerability to sharper than expected slowdown in china, which will have knock on consequences in terms of markets. Currencies, Interest Rates, etc. So far, we have not really seen thenvironment where operating environments have been stretched. On the japanese banks have really had a benign time in the last several years. Is, in, our experience times of stress, most markets in the region, especially in the as ean region tend to see some deterioration and we will see that feed through in terms of the japanese banks results. Shery thank you so much for that, jonathan. Pacific bank ratings on the latest on asian banks. We have a big earnings week for the chinese banks. Of course, if you missed any part of the conversation, tv is your function. You can watch us live, catch up on past interviews, and dive into any of the securities or bloomberg functions we talk about. You can become part of the conversation by sending us instant messages. This is for bloomberg subscribers only. Check it out at tv. This is bloomberg. Shery this is daybreak asia. Paul i am paul allen in sydney. From chinas leading sport where maker, feeling the heat of the trade war as it looks to boost its presence abroad. It supports a skyrocket of this year after a deal for finlands despite a string of short seller attacks. Speaking exclusively to bloomberg, the cfo explained how the trade war is affecting his plans. The trade war is indeed having a massive impact on all fronts. In the past, we mainly focused on the china market and it was impacted very little. A globalized company, our Product Sales and supply chain is across the globe, and the trade war is impacting our products and retail sales. We will proactively deal with the trade more impact, and i believe that as long as the strategic operations are improved and the implementation is more enforced, the impacts can still be controlled at this point. We were speaking to one of your competitors and they were putting the number at 25 of the Production Capacity in china by Global Sports for brands. It has been put in idle because a lot of these Global Brands have shifted production out of china. How do they take advantage of that, using that kind of Production Capacity now . And local brands actually make up for that gap we see in the market . The trade war has reduced orders chinese factories, and it has impacted china has able. This helps Chinese Brands to have more sourcing choices. We do see more choice, but our is mainlysupplier based on quality, delivery time, and other metrics. Not only a simple function of cost. So you are considering moving production outside of china, maybe to Southeast Asia now . In the past, we have been engaged with supply chain layout of this kind, and some of our suppliers are already in Southeast Asia. We will continue to work with our current setup. A surge in online sales is a. Ig driver for your namesake how big of a part does online sales now play in your total sales . Now, the online sales contribute to close to 20 of the group sales. But the growth rate is relatively high. We see that the Younger Generation prefers to shop online. We will continue to strengthen our efforts in this field. Shery our exclusive conversation with the cfo. Lets get a quick check of the latest business headlines. Kyodo is boosting its drive into autonomous cars, signing a deal with a company in china. They are working on a Pilot Project to accelerate the development of self driving cars and take on rivals such as waymo. Tests will begin next month. It was founded in 2016 and has been valued at 1. 7 billion. Paul the Party Atmosphere has been subdued in macau this month. Grow skimming revenue was down gross gaming revenue was down. There has been a pickup since july as the Summer Holidays are about to wrap up. The fallout from the protests in hong kong are immaterial. Atry the markets open the top of the hour. A check of what to watch in the markets. Futures lookty like the market opens will follow gains in the united states. Up. L and sydney this is after trump seemed to deescalate some of the trade concerns. We are seeing this optimism in the markets even after some top state media here in china actually poured some cold water on trumps statements saying he was exaggerating positive momentum that has been coming. Switching boards, take a look at gold, which has been digesting trump ratcheting some of the pressure. It has erased some of the earlier games. Gold rallied 20 this year. We are seeing futures somewhat flat this morning. Pretty little change. Ubs is staying long on gold. Thanks. Coming up in the next hour of daybreak asia, the hong kong Property Market faces serious threats. We will discuss in a moment. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy a new samsung note. Click, call or visit a store today. Paul asias major markets are about to open for trade. Shery i am shery ahn. Silly not welcome to daybreak asia. Paul our top stories this tuesday, asiapacific markets said to gain as the trade narrative turns more hopeful. Futures are higher in sydney. Beijing reports from say they are not calling. Exports slipped for a ninth straight month in july. Markets want injury at in korea, japan markets launch in korea and japan. Even though we see conflicting news, the fact that talked, thes have nikkei up almost 1 . We saw the yen starts to strengthen on the rationing down of tensions. Switching boards looking at south korea am a south korea, we had that consumer Confidence Index i was thinking about earlier which we did see fall to the lowest level since 2017. Amid tensions with japan. War and we aree more muted andpi a lot of ongoing pressure on the won. Taking a look at what is going on in austria which did come out with its weekly Consumer Confidence that rose 1. 2 . We are seeing the asx 200 up even more muted than the kospi up. 1 of 1 and the kiwi stocks up. 8 of 1 following what we saw in futures trading so no big surprise. Aul lets check in on the first word news. The g7 summit has wrapped up with no traditional communique but with a sparse declaration committing members to open and fair global trade and stability. The short for sentence statement professes unity among the leaders of nations with 40 of global gdp. A start contrast to the summit statement and canada which was rejected by President Trump. The president said he would be prepared to meet with iranian with theoney rainy and later. Also extending a letter to of credit to iran to help meet its financial obligations. Iran said the oil on an iranian tanker that was detained in gibraltar has been stalled. Iran declined to name the has been sold. Iran declined to name the buyer or its destination. According to a report in the capitall times, services ordered max eight jets from bowing before they were grounded in march. The Company Wants a deposit returned with interest along with 75 million in lost profit and several times asking punitive damage. While the slump was not as bad as expected it shows the economy suffering under a trade war and the continuing antigovernment protests. Billion u. S. 42 dollars down 7. 5 from a year earlier. South korean consumers are at their most pessimistic in more than two years as the trade war and the slump in exports cast dark clouds of the economy. Fromentiment index fell 95. 9 in july down to 92, the lowest level since january 2017. The governor said 2. 10 growth forecast would not be achievable of the situation exists. Persists. 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. Hery President Trump said this is the way he negotiates after threatening new tariffs and rectory and ratcheting up dialog. He still thinks the u. S. Holds all the cards. They want toame end maybe they dont, i am not sure they have by the choice they have a choice. The u. S. Will be over 100 billion in tariffs. So i think they want to make a deal. Very badly. Talked of president recent negotiations by phone but we are yet to get confirmation from china. Us now from singapore. The president keep saying that china does not have a choice, that they want to make a trade deal very badly. What do we know . A bit of whiplash yesterday. You played a clip that was a big a bit confusing, trying to digest what trump meant yesterday. We saw some hostility of the weekend, the president try to deescalate. The u. S. Does not need china and there was a threatening tone falling on the tariff back and forth from friday. He deescalating that it with confusing messages along what what happened. They did comment publicly on how the talks were going. President trump sounding a bit more optimistic than he did. Saying he was the closest they have been. Were right back to where we were over the weekend in concrete terms. In terms of tone much more of a deescalation that helps markets feelgood the president is watching the dips and trying to wring them back up to where they were before. To thewhen it comes states of the two economies we continue to get some positive numbers out of the u. S. Factory orders. Also it increasing for the third month. We are expecting industrial profits out of china and the expectation is they will decline. Does president have trump have a point . You do see President Trump going back and forth on his tone to deescalate and showing the power of the u. S. And with the backing of some economic indicators. I would point out the capital roundlyders was not positive. They were signs that may be some orders were faltering. Weable goods is one that watch returns in the cycle in that did not look good. Their other manufacturing needs that show a contraction that would follow asian economies and chinese economies and others across the globe. There are some signs that he does not have as much have to on the Economic Data side as he used to. But certainly china is showing the economic pain as well. It is a foot race right now. Were watching the turn of the month as the pmi from china and the u. S. Come a we will see if this continues. There are some cracks showing up in the data on the u. S. Side. while we continue to be confused about the state of [inaudible] there does seem to be something concrete going on with japan. President chiding the media that there was not enough to [inaudible] japan not in a position to negotiate strongly. It is in a trade spat with south korea. They have secured, the president has said there is an agreement in principle. Take offto at least the table the japanese tariffs and agricultural goods, japan has pledged to purchase more Agricultural Products on the u. S. Side, the threat of auto tariffs that shows them looming over the industry in japan and other trade parties. It has been removed. U. S. , cast itthe is not a loss for japan right now. So certainly both sides are trying to play off that positivity in the wake of the u. S. China development yesterday. Thanks for joining us. Lets take a look at our emerging markets. Mark cranfield joins us. Even on the back of you could say encouraging news, over the last three days on the trade front, we have seen the msci index of developing nation currencies think and the dollar showing some strength. At the result the president was looking for perhaps. Exactly, traders are suffering from severe whiplash. Intradayee the volatility is extraordinary. It is getting tough for people to make longterm Investment Decisions on that basis. If you look at yesterday in asia tryingthe nasdaq futures to arrange more than 3 and that was before wall street had opened. That affects what is happening with the pricing of emerging markets using bonds and everything else. It is getting difficult to make decisions. You through on top of that the performance of the yuan. We saw the pboc trying to calm everyone down with a tight fix, most the same as friday and the onshore yuan was trading about 10 figures away, that is an unusual situation. Much weaker than where the fixing a said. That is a big signal for emergingmarket currencies, it means they need to reprice their levels against the u. S. Dollar as well. Emergingmarket currencies on the whole, the Central Banks have been trying to lower Interest Rates trying to help their economies and now you have got the additional problem of the yuan getting weaker so it will ease into a performance of emerging markets as well because as china looks for new markets, they will compete with some of these em places and try to preserve their patches well. It is getting more confusing, more difficult for investors to decide which direction to jump in the net result is people are standing back from putting too much money into em equities especially. It is not too surprising that we the underperformance for emergingmarket equities. It will be a while before people are confident to go back in with big money into these markets. You see the japanese yen continued to surge as you see that haven demand. They have been there have been some analysts who say japanese stocks are oversold but can you blame them when the yen is so strong at the moment . Below that 106 level. Yeah, a strong yen is a huge deterrent for a Japanese Equities. If we have seen over many years when the yen is strongest, it is hard for Japanese Equities to do very well. There are certain Japanese Companies who seem to be good at adapting to a stronger yen but overall it is not a good thing for the japanese market and right now with so much uncertainty across local markets, you can see the level of gold is so much higher and that tells you how nervous everybody is about the outlook willarkets and so the yen remain relatively strong. People are talking about we just saw yesterday a report saying the new brain range for dollaryen is between 100 and 105. That is not fully priced into Japanese Equities. They may need to adjust lower to compensate for that movement. For the moment equities will be driven by way the yen is going and it is on a fairly strong path. Bojy we will see how the adjusts to that. Mark cranfield, thank you for that, our mliv strategist. Still ahead, center screeners crowds, ongoing protests as a financial hub. Paul why asia is the place to be for fixed income. This is bloomberg. Paul fallen this is daybreak asia. Arey dollar bounce becoming a last refuges the trade war escalates and our next guest says asia highs asias highyielding bond market will continue to attract inflows. Joining us now from hong kong. Great to have you with us. Just tell us how resilient are asian bonds from macro headwinds . Fiona good morning. Asian bond have very little exposure to this sector that relates to the china trade such as the sector like in technology or exports to a u. S. Company. Also asian bond has one of the highest yielding Asset Classes in the world. It will continue to attract inflows in the market. And actually, for the primary several of asian bonds, our local investors. Seen defaults for Corporate Bonds soaring. Is there something we should be worried about. Yields may be attractive [inaudible] fiona yes, it is. What with the deleveraging and reforms we have in china, i expect more default risk coming forward. It is important to do an analysis on how the corporate and that is why when we see [inaudible] we can to avoid the sector that may have the problem related to the trade war as well as the corporate debt may have [inaudible] when the macro market is more volatile. Your point, we want to bring up this chat and if you are looking, you could not go fast a potential on for banks. The line there is the yield of fiveyear china government bonds and those the yields from the six key banks in china. I am assuming that you like financials. Either any other sectors that you like at the moment . Find theret is, we the fundamentals are solid. If you want higher yields for your returns you can look for higher yielding sectors. We like the [inaudible] like property in china and indonesia. For more resilient sector we also like Indian Renewable Energy which has longterm agreements and high visibility in cash. Paul property is an interesting one. The 2018 was not a great year for yields and that sector but 2019 so far has proved to be. I you concerned that things could reverse as quickly as they improved and that is where you prefer shorter bonds . Pheona yes. Fors a different World Investment grade and highyield. They tend to be more resilient. Like one to three years we can have higher visibility and that. What is important or one lead by the bond we have to make sure for the company and we will have much higher visibility if they are short dated. It will be [inaudible] if Investment Grade bonds which performancey, the is more driven by the performance of u. S. Treasuries on top of the credit spread. How much do you focus on upsetting the capital depreciation of bonds . Have in thear we credit thread. We may still have the pressure on the credit spreads because of their volatility from the u. S. China trade war and also [inaudible] or even rising default rates. The possibility for the credit to widen. For the asian high yield the credit rate is at 600 level. Pointsas 200 basis higher than what we see in 2016 and 2017. Even though if we have some kind widening, by 50 basis points with a highyield welle index at 8 , we are to say some of the volatility in the capital depreciation, potential capital depreciation. Thank you for joining us. You can get a round up of the stories you need to get your day editiond in todays of daybreak. Go to daily go on your terminals and also available on mobile. You can customize your settings so you get news on the industries and assets that you care about. This is bloomberg. Paul this is daybreak asia. Trade signalst continue to move commodity markets. Where we seeing the uncertainty with the riel . Jason were seeing the uncertainty play out in industrial commodities which are key to the health of the Global Economy so any time you see an exit trade headline that sends oil lower and other commodities lower. It indicates some kind of a rapprochement or optimism bubbling up and all of a sudden these markets rebound a little bit. Paul how about gold, how did that respond and how are investors positioning, have we reached the ceiling yet . Jason i dont think so. The mirror image of the industrial commodities every time you have Political Tension do rush ton, people gold. It looks very settled, 1500 an 1600, ubs was calling for within three months. A lot of people are buying into gold because it is an insurance policy. Also an insurance policy that makes sense from a low yielding environment. We are seeing oil gaining ground. Is it the focus on the demand outlook and how much are the iran headlines also playing into the price reaction . Jason it is obviously, trade well not weighing in on the per rapprochement with the iranians. That will weigh someone on supply and demand. The overall picture for the oil , you have a higher tariff environment and that is the thing that is driving the markets. Paul thanks very much. Lets get it quick check of the business flash headlines. Producer isaluminum the latest to miss a bond payment. Failing to complete and offshore funds transfer for an overdue 300 million bond. That was a sign of the widening debt problem in china. The company missed a coupon in february before paying up a few days later. Isry the trade war accelerating teslas plans. It will raise vehicle prices they are in concerns over higher import tariffs. Local production in china yet. Beijing said it may increase toies on u. S. Made autos up 50 in retaliation for President Trumps latest terror threats. Tariff threats. Johnsonhnson [indiscernible] theo, court said they had created a public nuisance by overprescribing its medications payered it to pie 552 million. Johnson said they would appeal the ruling. Shery fouryear profit on west farm surge thanks to asset sales in a spin off of the grocery unit. At profit was 3. 7 billion u. S. Dollars, more than quadruple the figure from a year earlier. Aside from the big deals things fro wesfarmers, profit going 4 but missing the average at estimate. Chinas leaders [indiscernible] i do this morning. We will have a preview next. This is bloomberg. This is daybreak asia. There are conflicting versions of [inaudible] President Trump says china called on one day and is desperate for a trade deal but a newspaper said trump was exaggerating. There is one area of agreement and President Trump praised the top negotiator urging two sides to stake home. And saying he is not considering tariffs on imported cars and autoparts saying it would it he part of the deal that struck at the g7 but tariffs could be imposed at a later date. If february the u. S. Commerce Department Said auto imports could pose a threat to National Security. Boris johnson said he is marginally more optimistic about a new brexit deal but it depends on the european union. He has admitted there is wide disagreement about his demand for new talks. President macron said he does not want to see a no deal brexit until it is not too late for the u. K. To withdraw. I am more optimistic. All statistical estimates that i give about the chances of a deal , theyll depend exclusively on the willingness for friends and partners to compromise on that crucial point. And to get rid of the backstop and the current withdrawal agreement. President trump is backing away from his offer to mediate daca standia and about kashmir. He said he had good relations with both nations but they can resolve the situation themselves. Trump offered no comment on indias security clampdown on the region. The reserve bank of india approved a record payout to the federal government. The r. B. I. Greenlighted a transfer of 24 billion made up with a dividend and surplus capital. The payout comes on top of new measures from the finance ministry to bolster the economy and far exceeds the governments budget estimate of 12 billion from the r. B. I. 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. Asian stocks jumping the most in a week. Lets check on the markets. See more green across the board with the nikkei leading gains of almost 1 , the and we saw some relief in u. S. Japan relations with the two countries agreeing that will see tariffs reduced on Agricultural Products. Korea there is some pressure coming from the recent Consumer Confidence data that we received which showed that it fell to the lowest level since january 2017, proof of the external factors and dampening effects on other economies when the u. S. And china are escalating trade tensions. I want to switchboards here and take a look at chinas industrial profits which are due today. We will watch to see the effective tariffs and factories have been under stress from overall flowing Global Demand a slowing Global Demand. We saw the return of deflation in the Manufacturing Sector in china, that is expected to squeeze margins for these industrial profits amount we also see slowing investment from the proctor from the profit sector. Not expected to be a pretty picture. Thanks for that. For more on chinas industrial Malcolm Scott is with us. We are expecting to see a contraction in july. How much of that is symptomatic of the trade war . Malcolm it is hard to distinguish what is symptomatic a techh slowdown slowdown. Put the three together and there is not too much cause wrapped him. We had the pmi readings below that 50 level that mark mentioned in contraction for a few months. It worked up closer to 50 in the most recent rating but still below 50. The ppi, the industrial Inflation Numbers turning to deflation in the most recent rating. A pretty close correlation between the profits you can generate as an Industrial Company and the prices you can ask for that go through that. Saying and seeing that slip into negative territory not good news for the industrial profit outlook. Shery we are seeing that trend in china and the u. S. Where you see the industrial sector weakened but not so much when it comes to the consumption side. How are chinese consumers doing at the moment . Proplm they had been a for the economy but there has been weakening. We saw those readings for july retail sales growth has been slowing. He used to be able to bank 12, 15 and retail sales. Now cutting down to 10 . It is looking more like 7 or 8 . That is pretty good when you compare it to most economies but it is less than a prop that used to be for the economy. A few things going on. The and people in the cities that have fueled so much of this consumption, they are starting to get a pretty good credit bill racked up on their ledgers. Expensive Living Conditions also hamper their ability to spend. They are not the consumption drivers they used to be but still getting millions added to chinas middle class, some of the inland cities are doing well and that is helping support consumption but it is not quite as dynamic of growth driver as he used to be. Shery take a look at this chart on the bloomberg. South korean Household Debt at a record high and you can also see that now we are seeing Consumer Confidence dropping to the lowest level since january of 2017. Top panel right there. Does this give more momentum for the boj to act . Malcolm it is twofold, yes, it does. Their Consumer Confidence number is pretty gloomy and add to that the export numbers that have been so poor for so long and this seems to be the need for more monetary accommodation but the debt picture that is always in the back of peoples minds in a worry. Ea is households already have a lot of debt. Would another Interest Rate cut be appropriate if it is going to fuel yet morant leverage among households . That is the balancing act they have to decide upon. Expect they will hold rates but there are a few saying there may be cuts and todays numbers help their case. Shery thank you for that. Our asia economy managing editor. Hong kongs economy being hit from several angles amid weeks tradeest and the ongoing war. We will discuss the latest trade data next. This is bloomberg. Paul this is daybreak asia. Shery hong kongs exports contracted for a ninth straight month in july as the economy suffers and there is a trade war and months of street protests. Our correspondent joins us now wereo the export numbers bad but they were not as bad as expected. What does it say that imports plunged this month . Hong kong is a key hub. 20 of gdp and employment and all indications are that it gets squeezed by the trade war and this is the biggest factor that is driving hong kongs economy lower. Even with the protests that are running in parallel. The trade war is definitely hurting activity here. Hong kongs port is not what it once was in terms of a gateway but still plays a sizable role in terms of exports and that hit intoade since the tariffs this year is weighing on activity and there is no let up or sign of a Circuit Breaker in that trade war just yet. As thehere stalemate continues, can you expect to see more support from the government . The way to look at it with this movement facing the hong kong economy there is little they can do about the trade war side of things, that depends on how events unfold in beijing and washington and secondary to that you have the Global Demand story. As you mentioned in terms of domestic demand on the ground, chinas ownrom slowing economy from the decline in tourists coming to china and the impact of this civil unrest here, there is a feeling among some watchers of the government the fiscalo be on side of things. They have talked about 2 billion package they are rolling out but that will not go anywhere near generating the economists sayt they need. There will be much more work for the government to do. There is not a lot to do in the monetary side. They are pegged to the u. S. Dollar. They are are the more on the fiscal side of things in the coming months. For joining us. Lets look at Property Market pressure amid increasingly angry street protests. Violenceselloff as the casts a cloud over their status as a hub. In terms of the big picture, is this putting hong kongs future as of financial help hub in doubt or his recovery around the corner . It is a good question. The protests, what we are seeing is hong kong is having its brexit moment. Both cities are Global Financial capitals. They are both facing a major geopolitical shock. Theyre not going to lose their status as Global Financial hub but in the case of hong kong there is the did not the developingt it is into a competing hub. Alibaba apparently considering pulling its ipo so all of these are negatives and they will lead to Equities Trading going forward. Paul in terms of opportunity, inyou be looking for the shenzhen for opportunities or even as far as japan . Estate,u look at real they have had a tremendous success thanks to monetary easing. With Central Banks again increasing monetary isommodation, real estate poised to do well. The sectors we like in asia, first on the list is logistics. If you look at the Industrial Age and look at factories and what factories meant to the Industrial Age, that is what warehouses mean to the tech age. Every time you place an order online whether it is for a pair of shoes or whatever else it might be you activate a supply chain that goes too myriad warehouses globally and that is not just the case with amazon but with every traditional retailer is well. They are building out or establishing online supply chains. The other sector we like and that is in the case of japan is tokyo office. They there are three reasons. The first one is while japans population continues to shrink, took used population continues to grow. The second reason is millennials are demanding Higher Quality office space and force they have to offer that. Employers need to hire more people to do the same amount of work. You also like to retail and it is interesting that you like great kill space when it comes to hong kong so what opportunities do you see there . Retail is a bit of a contrary and bit. I am not advocating that you should go out and buy a u. S. Mall anchored by a Big Department store but there are differences between asian retail , especially in hong kong in u. S. Retail. In asia you have far less retail space per capita than you do in the u. S. The second reason is that population densities are much higher in asia than they are in the u. S. Which means that you have a lot more people coming to your mall in asia and hong kong than you do in the u. S. Thea third reason is in u. S. Traditionally up to 70 of retail space was taken up by fashion and apparel. Those tenants are moving online. Malls tend to have supermarkets and foot courts and they have cinemas, they have other services which are much less likely to move online. Shery how much is monetary easing playing into your calculations as well . Generally the environment we find ourselves in is very conducive to yields and the more monetary easing that we see across the globe and in asia as well drives the hunt for yields further so from that perspective, real estate being able to operate stable cash flow and stable yields is attractive and that attractiveness will continue to grow as monetary easing increases. Us. Y thank you for joining if you missed any part of that conversation, tv is your function. You can catch up on past interviews and watch us live and we talk about and you can ,ecome part of the conversation sending us instant messages during the show. This is for subscribers only. This is bloomberg. Shery this is daybreak asia. A quick check of the latest business flash headlines. Being sued by its small u. S. Semiconductor rule Semi Conductor rival. They want u. S. Regulators to impose an import ban. Accusing them of using global foundries technology to win tens of billions of dollars of sales. Tsmc said it has always played by the rules and developed all this technology in house. Shery vietnam says it will be the first asean country to [inaudible] u using ericsson increment in hanoi. Hotel is developing its own component and says it wants to work with huawei because of itive situation. Was gross gaining revenue down in macau 4 from last year and continues to feel the drag of global uncertainty and the impact of the typhoon. There has been a pickup since july as the Summer Holidays are about to wrap up. Lowed from the protests saying that fallout from the protests are midtier immaterial. Speaking exclusively to bloomberg the cfo explained how the trade war is affecting his plans. The trade war is having a massive impact on all fronts. We focused on the china market and was impacted. Little. A globalized company, our Product Sales and supply andn is across the globe the trade war is impacting our product and retail sales. We will proactively deal with the trade war impact and i believe that as long as the strategic operations are the implementation is more enforced, the impacts can still be controlled at this point. We were speaking to one of your competitors and they were putting the number at 25 of the Production Capacity by Global Sports where brands has been put on idle because of the Global Brands have shifted production of china. Takeoes the Company Advantage of that or use that kind of Production Capacity now, can local brands make up for that gap you see in the market . The trade war has reduced orders at chinese factories and it has impacted china as a whole. This helps Chinese Brands to health have more sourcing choices. We do see more choice but our choice of supplier that is mainly based on quality, delivery time, and other metrics. It is not only a simple function of cost. Are considering moving production outside of china, maybe to Southeast Asia . In the past we have been engaged with supply chain layout of this kind and some of our suppliers are already in Southeast Asia. We will continue to work with our current setup. You have seen is a surge big driver,les a how big a part does online sales now plan your total sales . Now the online sales contribute to close to 20 of the groups sales. But the growth rate is relatively high. We see that the Younger Generation prefers to shop online. We will continue to strengthen our efforts in this field. The target of shortsellers over concerns also financial reporting, the relationship with its distributors. Anythingcompany done differently since reports are coming out . Of facing these shortsellers, we have made a lot of timely responses. We send our clarification statement to investors. Adopted highhave standards for selves. Of course there are possibly areas in which we could do better. Information disclosure and Corporate Governance which we are working on. We continue to see a strong rally across markets in asia. To salina for what to watch in the markets. Selena ahead of the open i want to highlight the big banks that are reporting earnings this week including Agricultural Bank of china and others. You take a look at this graph, measures of profitability have been on the decline. Arereturn of equities declining and here in the oranges the net interest margin. Bloomberg intelligence is forecasting that margin is likely going to languish below 2 for an extended time while assets could slip below 1 over the next three years. Angleing boards, another at these big performances. All of these factors around structural cyclical difficulties around the chinese banks are causing investors to trade these chinese banks at a discount to their global peers. Here in the blue is the msci all and this isd index pricetobook. They are coping with a lot of issues and a lot to watch year is the banks report this week. Paul thanks very much. Before we handed over to Bloomberg Markets asia, lets look at how markets are trading. Seeing a bit of a rally after mondays selloff, the nikkei off by 1 . Stocks and korea off i. 8 of 1 . Things are kallman australia. The asx higher by. 1 of 1 . Continues as we look ahead to the start of trade shenzhen. I and this is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. It is not 00 a. M. In beijing, and singapore. Welcome to Bloomberg Markets china open. David we are counting down to the open on the chinese mainland. President trump said china has been on the phone asking for top for talks. Beijing says that is not true but both sides agree on the need for calm. Nne how deeply the trade war is biting on the mainline. The athleisure maker lands a worldwide expansion
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