Out this new silk road. Whats the environment like in hong kong with the overhang of andchina trade war, the political unrest that led to a lot of demonstration in the last couple of weeks . Can carrie lam shift the focus and gain more confidence among the investing committee as well as government officials. Here more than 5000 expected in the next day or so. We have a lot of guest. Lona ng and simon loong are joining us this hour. They try to build smart cities around southeast asia. Talking about the opportunities for the also simon loong joining us in the 11 00 hour. Talk about fintech, commercial banks and the like. Rishaad lets find out what is going on market wise. The position we find ourselves in overall. Looking at the nikkei up half of 1 . Someang seng seeing positivity, asian stocks hedging higher and higher at the moment. We did have that late rally among u. S. Counterparts. Japan, south korea in hong kong. Chinese stocks under pressure over there. S p futures slipping back. We did have it erase losses and eke out a tiny gain by the end of the session tuesday. Look at what is going on elsewhere. That treasury eases yields are ticking lower. Lets face it we have u. S. 10year yields down two basis points. Dont forget 10 days ago the 10year was yielding 1. 44 . Australian 10year yields their lurch upward is continuing. For japan and the german bund. Were looking at bund futures. Alo replicating that story largel. That is of the flavor of what is going on as we have those moves away from fixed income. Going into the equity markets and perhaps going into the other asthese other Asset Classes well. Do not forget these are bonds that have an eye currently on what the European Central bank is likely to do thursday. Its Mario Draghis last big meeting and it is certainly is one where people are anticipating he might go out with a bang, rather than a whether. Lets get over to new york. With first word news with su keenan. Su we start with the Trump Administration which is said to be considering in a second order to crackdown on shipments of fentanyl. Pressureaims to china to help the u. S. Fight is ballooning Prescription Drug addiction. Were also told the order would target foreign shippers using the u. S. Postal service but not ups or fedex. President trump has criticized china for not doing enough to curb the flow of fentanyl. Sticking with china, it is operating or opening the door to soy meal imports from argentina as a place away from as it pivot away from u. S. Farm products. Beijing has traditionally preferred to import ross soybeans and process them on the mainland but there may be home for u. S. China fsoy ties. Chicago soy futures rose on a report that trading teams are working on a deal that would see beijing buy more American Farm products. South korea meanwhile says it will file a wto complaint against japans export curbs on three key materials used in ships. They claim that tokyo was politically motivated in taken the steps after south Korean Supreme Court ruling on wartime forced labor rules. Seoul says it wants to find constructive measures to resolve things using a two dispute settlement process a wto dispute settlement process. To australia, households are gloomier this month as weakness at home leaves people negative about their prospects, despite government handouts. A survey shows Consumer Confidence dropped to 98. 2 in september with a reading below 100 signaling that pessimists outnumber optimists. Yesterday a survey found corporate sentiment was also wewak. Weak. Global news 24 hours a day on air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. David another major step out of china in terms of opening capital marshall. Have a look at this bloomberg chart. It scrapped limits on Foreign Investment in both stock and bond markets. The yellow is the usage and the what they are allowing Foreign Investors to do. Think of it as the tip of your hip to the knee in the airline. Tom mackenzie is in beijing for us. Tom, yeah, key takeaways. Is there going to be demand to use up all of this space . Tom i think that terminal chart you pointed to is ammunition for those who would say, this is just symbolic on the part of china. The substance is not really there in terms of this reform. Others would say that longerterm it does not change the it does change the picture, the perception for Foreign Investors. What we know is that the qualified foreign Institutional Investor programs, caps, the quotas have been removed. As you point out, this year it 300 they were capping billion. So far they have only taken up 111 billion in terms of bonds and equities through their system. The reason china is doing this is a couple of reasons. One is because they need that foreign capital, for balance of payments. Also, they want to continue to internationalize the yuan. You hear the likes of Standard Chartered saying in the shortterm it is just symbolic and you should not expect to see it move, tick up in terms of foreign inflows. Many investors prefer to use the anyway. Stock net Standard Chartereds and other say longerterm it will improve the perception of chinas Capital Market and it builds on reforms weve seen put in place by policymakers, including banks and insurers to have a majority stake in their businesses in mainland china. Rishaad tom, what is the latest on the trade war . China may be preparing to buy more farm goods from the u. S. On top of that is their optimism about the talks in october and perhaps john boltons ridgnation or sacking gets of an arch hawk in dealing with china here. Tom well, certainly your right to point out that bolton was a hawk on china. So, maybe the fact he is out of the administration weakens the voices that would be pushing for a very hard stance in terms of these trade negotiations. Navarro and lighthizer are still very hawkish. In terms of the talks expected to take place and confirmed taking place in october, we have southe report from the China Morning post saying that china could promise and take steps to buy more farm goods from the u. S. As a goodwill measure. On the other side of the equation, reporting that maybe the u. S. Omega make a commitment on tariffs on huawei. Additional once come the middle of december. Maybe we get more movement. The date of which in october we are still waiting for. Rishaad thanks for that. Tom mackenzie. Our china correspondent. Same question. Does this resignation or sacking, he is out of the Administration John Bolton and some said he was the biggest impediment to doing a deal with beijing. What is your view . Jim the trade war is not working for either party. Not working for china and not working for the u. S. But i would say china as a whole is coming through this more robustly than the u. S. The u. S. Is squealing because of the trade war, it is more exposed. The chinese stock market is made about domestic companies. China as an administration has more policies at his tools at its disposal. Trump has lost one advisor is quite negative on this is probably a good thing. So does it change anything or do we have to have more evidence of any traction in terms of an agreement or rapprochement here . The trade war has more impact on the stock market. Rishaad in turn it affects the equities therein. Investors right now across asia are trying to digest the first half of earnings we have had from companies. And companies in taiwan and gkok have seen substantial earnings downgrade. It goes backa to the fact that chinese company, is listed Chinese Companies are very domestic. Big companies in the context of local indices. From the stock market point of view china is much more protected. Of course, china as a whole, its economy has transition from focus ony, i guess, exports towards domestic consumption. Consumers are being quite strong. [indiscernible] david david here in singapore. I am looking at growth estimates for etf growth estimates. 2. 5 for the full year of 2019. Is that conservative, or is that too optimistic . Jim i think it depends on which benchmark you are looking at. Msci china is one of three or four indices you can look at. Shanghai is another one. Msci china has some Hong Kong Listed names but put into context. If you are an investor set in new york. Or london, you have got to invest in equities is a china, is the u. S. , is a japan . China has the cheapest the equity market. And chinas economy is the second largest in the world. It is a bit of a disconnect between the size of the stock markets and the size of the economy and i think it will correct itself at some point in the near future. Msci 20 do youm a have another reclassification taking place in november. Think money will come into china regardless of valuation. Going back to what were saying earlier, china is much more robust than other markets in asia. David certainly the graphic we just showed there with the korea, 30 drop expected there. Jim, lots more to talk about in your thoughts on the korean markets. Jim mccafferty, joint head of asiapacific equities at nomura. Lots more coming up had selfsufficient ambition. In midsti stacks up challenges across their supply chains . Veteran why one investor says the u. S. And china could emerge from the trade war in better shape than this fall. Well hear from lona ng. This is bloomberg. The probability of that slowdown, which is underway at present, the Global Economy is growing at 4 . Now its tracking at 2. 5 , the most recent quarter. The possibility of that slowdown has gone up. Trade has reduced cap expenditures and Business Confidence, multiple measures. 50th percentile but it has gone from the best ever to close to up. Apec, jimhe head of mccafferty. Jim i didnt even listen to the comments. Rishaad Monetary Policy pregnant. Monetary policy right now. Whewrre it goes next. How is that moving the dial in the sense that we have reached the limits of it. Of the things that we had this morning and type into google liquidities tap. Havecan you do once rates gone down. It does not stimulate any consumption. What you need is a bit of business and Consumer Confidence. You will not see a lot of Business Confidence with the trade war going at. Rishaad jamie dimon says it looks like the trade war has reduced Business Confidence by multiple measures. Its going to be the best ever close to the 50th percentile. Jim one thing governments can do is stimulate the stock markets. If the stock market goes up then consumers who have got shares will feel more confident. That is something we could see in china. I think weve seen in countries like japan, the bank of japan has been active in buying equities. There are extreme measures countries can take. Their Asset Purchase Program set that ecb is looking at they could be extended. Rishaad all of this is because is what more can Monetary Policy do . Mark carney is saying that what we have is a Global Economy that is showing signs of a slowdown. It is open edned as to what goes on next. Jim the issue that we are detecting now is that Monetary Policy cannot be used in isolation. It has to be used with other tools another the big one is fiscal policy. Were seeing in countries across the world, specially countries like china, which is very active a means ofolicy as stimulating consumer spending. But if you actually should yourself shoot yourself in trade war. Th a david jim, arguably the korean market, perhaps the biggest victim of the trade war and others. We were just talking about the earnings first session taking place in korea. How do you approach a market that is already cheap, but burning seem to be, they just cant find a floor. Jim yeah. A. Highlyrea is cyclical market and look at the index composition. There is a bit of a decline in terms of the memory cycle. One thing that korea could do and has the capacity to do, but got theknow if it is urgency to do is to restore investor faith in the managements willingness to deferred to shareholders as opposed to other stakeholders. One thing that might help is if Companies Use strong Balance Sheets to buy back shares. We are seeing some early signs nps, a leading investor in korea, has adopted that strategy. Take more engagement with some of its interest investing companies. Thats the one thing that could happen in korea. It is not going to happen in the very near future. David right. You like japan, jim. And you like a because of this concept [speaking japanese] enlighten us what the costs that is the concept is. Jim in japanese it means internal change and one of the weres that rish and i talking about as much weve seen in the u. S. Equity markets has been stimulus a buy back activity. There is a common perception that companies ignore their earnings because some of them a doing well in terms of products and revenues that is not always the case. Because companys can use lazy Balance Sheets to buy back shares and stimulate that number. We are seeing the beginning to happen in japan. We have seen it happen consistently in the u. S. Over the last 10 years. To jump injust want because 40 of Earnings Growth last year came from share buybacks. That translates into much better earnings per share. Weve seen that ntt, buying back a ton of its shares. Is it cheating investors . Think it is. It means the capital allocated to the shareholders is larger. The companies have two stakeholders, the holders of the bonds, and the debt and the equities. It is a transfer from one stay colder to another. Rishaad always a pleasure. This is what we have at the moment. Yvonne . Yvonne yeah, coming up we are live at the belt and road summit. Where lona ng talks Investment Opportunities in southeast asia. And the greater area. Dont miss our interview just ahead. This is bloomberg. David welcome back to the program. Veteran investor lula wang talking about the u. S. China trade spat. Tupela and founder of Capital Management and gave her take on the protest taking place in hong kong. Lena i think its a very fraught situation i hear from friends and colleagues on both sides. They are both equally grieved. And i think that the way it works out is that i do not think beijing realized it would go this far. They certainly did not want to have a tiananmen square. It is a very different world we live in his social media. They cannot have that so they have to find some facesaving way to begin to calm the crowds. I think, fortunately, the beef that the demonstrators have is really more than with the Hong Kong Government than with beijing. If we can work with carrie lam she has withdrawn the exhibition the extradition bill p or chicken can begin to negotiate that the three other conditions the protesters have set up, there is potential to work through some understanding. Folksthere a role for outside of hong kong and outside of china . There has been some push among the protesters to involve the United States. Lena i do think there is a role. In my not day job, im also on the board of asia society, which noneally the foremost partisan group trying to bridge u. S. And asia. We have been very busy talking to both sides about the issues. Think if we can find ways, the chinese are very big on face. They cannot be humiliated. If there is a way in which they can continue to stay with one country, two systems, being to exert some control over hong kong, but not with the heavy handedness we have seen, i think there will be a solution. Business leaders and certainly investors are talking increasingly of a decoupling between the United States and china. Given you have spent decades coupling in many ways, how much do you worry that that may become a reality . Lena i think there are many people who are concerned that this is going to be one win, one lose. I still am a believer that it can be a winwin situation. I think right now we have two leaders who are both under shortterm pressure to try to resolve some of the problems there there can i think advantage that she has is he is playing the long thing. And i think he believes that the longterm future of china is very conditioned on china retaining economic, political, not necessarily military, but geo political power. The question is does the economy crumble before he can achieve this . He has many levers that are not present in america. Which he had been pulling especially lena he has been pulling he has been pulling levers. Hes moving more liquidity into the system. Hes getting some of his companies, both multinational and chinese, to begin to try to do more investing in the economy. Hes trying to bring more Capital Investment back into china. David that was lula wang speaking exclusively with bloomberg. Right. Lets get to the business flash headlines. Bang bang insurance has agreed to sell its luxury hotel. Almost 6 billion is the price tag. 5. 5 billion in 2016 but the zed controlsh sei for 18 years. Rishaad quick word. Including Goldman Sachs and jpmorgan saints planned. Initial Public Offering we are monitoring that. 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. Is 10 29 in hong kong and shanghai. I have the first word headlines. Across party group of lawmakers and u. K. s as a possible solution to the brexit deadlock a hard border. That would lead Northern Ireland the only part of the u. K. Still aligned to e. U. Rules. That is bitterly opposed by belfast and has been defeated before. Mark carney said the continued uncertainty is undermining sterling. Issterling volatility emergingmarket levels, decoupled from other events for obvious reasons because it the brexitmendously outcome. Su there is confusion around the departure of former White House Security advisor john bolton who claims he could he resigned while President Trump insists he was fired. The notorious hock left notoriously hawkish bolton left before a meeting on terrorism. He and the resident had been disagreeing on many issues, with bull advising the president against meeting the television. Appleunder of top supplier foxconn is seemingly a step closer to running for the presidency in taiwan. Aides to the main agency said he will launch an independent campaign. He will make a decision on the run but independent candidates must apply by next tuesday for a chance to stand in januarys election. China has removed another obstacle for Foreign Investment into Capital Markets. This is after decades of access first allowed. People no longer need approval to buy mainland stocks and bonds. That lifts a 300 billion cap on overseas assets. That is the latest push to increase the chinese influence in the international markets. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. Rishaad thank you. Lets get an update market wise what we look at the moment. We have positivity across that death as some tailwinds coming through, s p futures to the upside, the hang seng. 3 higher, chinese equities are under pressure. As we are talking about singapore, i will take the rest over to you. David logistically makes sense. We are up for a third day, flirting with maybe a 32 hundred. Lets wait and see. A couple of lines to mention, reporting the two are groups the tour groups to hong kong fell 90 in september so far. Are notdications looking good so far because of what is going on here. Yvonne yvonne quite a call from the china to her the china to flower groups. This summit is underway. Our next guest comes from thailands the birds developer. Largest she joins us exclusively, thank you for joining us. , thiss coming at a time summit where we see a slowing economy, the u. S. China trade war, we have not seen both sides back down yet, and the political situation in hong kong. What is the movement on the ground . When we landed at the airport, it was quiet, unusual for hong kong. Was road was pleasant and safe. In terms of the mood it so, it has changed. Angerying in terms of the , so in terms of the overall for this event i see a good lineup of speakers so there is balance. Yvonne tell us about the asiatunities for southeast and how they can benefit from this initiative. The belt and Road Initiative has a lot of development especially the highspeed train network, and also in terms of the highways and the connections that have been going through from china to the e. U. , what we do see is industrialization in terms of the impartial development. There is a lot of influx regarding the prospective economies into the belt and Road Initiative. The reason is simple because it cuts down on the transportation time and in terms of getting to a market in terms of the gdp. So for the countries like cambodia laos, thailand, myanmar, you see a high in terms of the interest from manufacturers, especially those currently manufacturing in china and they dont see the trade war a china and the u. S. Going to revolution resolution. Yvonne you mentioned insights. Has that slowed down in the midst of this trade war . Lena i think for those countries especially vietnam you will see the manufacturers are seriously looking into relocating manufacturing facilities although it has already taken a while and then the last few years they look at the rising cost in china to move through the Southeast Asian countries, but the seriousness of the method, people are not looking at how it is now. It is looking into the future, what is going to happen, what will be the position of the two leaders . We are looking at uncertainty to make a plan earlier. Yvonne we talk about how the belt and road has evolved, there is some projects in kenya, pakistan where there is a lot of opec financing and it could be these countries could not a down their debt. Do these economies like laos and cambodia, are they able to burden from these projects . The if you look into emerging economies like laos and other areas, the fundamental focus with the government to be aware of what they are going in two. In the case of laos, i have been to the site. Interestingly you see a lot of , the structure of the joint Venture Company in laos and china i believe is still quite healthy at this moment. With regards to the distribution. In terms of the political or government to finance the debt, that will be a question that the finance team, finance ministry especially for laos we are bringing in industrialization so consciousctually effort by the government to look into certain diversification. Train, i am also trying to welcome investments from thailand, investors from japan and other countries. We have a balance of you will not just depend on one economy for your development. The mekong area is the next geopolitical clash point. How big of a concern is it for you that china perhaps could be asserting his economic clout on these less wealthy countries in exchange for more control of the region especially in the mekong area that has material waterways like rivers and dams as well . Lena we look into chinas overall policy, in terms of bringing to the country, it is the aunt resources because they are only looking at resources, they are lipid little bit shortsighted because investment in laos is not very much. In terms of looking at the numbers, the belt and Road Initiative, [indiscernible] laos used to be landlocked. Now it will not be. That will be [indiscernible] and connectivity to europe. You can cut from china to europe in only 18 days, but take more than 45 days. I think the strategy linkage beyond that they are looking into. Yvonne you are on a panel talking about the role of there is a gap of the manufacturing structure and building these kind of vertical how do you bridge that gap . Sme perspective we are looking at sme are able to see how they can innovate because if they can and can leverage with the state owned enterprises, the bigger companies, you are able to visit the supply chain. Your part of the mongolian vietnam. There could be supply chain issues and logistics in terms of volume, so in terms of the opportunities, if they can innovate, focus on product innovation, they can have a belt bigger rishaad thank you for joining us here. Rishaad lets tell you what we have on the way. We have apple on violent unveiling an iphone evolution and might have waged a price war on netflix. This is bloomberg. David welcome back very lets talk about apple. The Company Announced new products including an 11,essively priced iphone details of the new video some script and service. Our tech editor is with us out of tokyo to talk about anything that stood out. I guess Android Phone makers arent already offering how special was this lineup . Internal hardware, you are right, there is nothing here we havent seen from the android competition. Cameras, the iphone pro has three cameras. Before from that android but apple leads on implementation and execution. It didnt seem to be or have much of an expectation, the whole thing. There wasnt much anticipated from this unveiling. Apple watch, what about that . Is it something which got the headlines rather than the iphone or ipad . It was interesting. Last year was the s year with usually incremental incremental upgrades but apple was playing catchup. They include the glass and made it shatterproof and waterproofing. They make the iphone more durable. It is still high pricing. That is actually going to increase the cycle of People Holding onto their existing iphone. The push for apple this year is services, the Tv Subscription Service and the apple arcade which broke up rising at this event. Pricing at this event. David our tech editor therefrom tokyo. Lets talk about how special this is or perhaps not very exciting with our new next guest. 6. Ave an iphone i have been shamed because i am holding on for you so long. Is this going to make me change . Apple is not looking at people upgrading. It is this vast number of people who hold onto the iphone 6 and seven, it is for those people to upgrade to the latest. It is frightening with the iphone 11, it is looking at how to make a shift for the mainstream consumers. David you talked about how this one was not we obsessed about hardware because we are used to it by the other side was special with streaming. Design,u look at the there is nothing ground shattering. It is the same design, there is a camera and longer battery life, a few things here and there but it is mostly about how not for the flagship but look at iphone 11, look at the phones from last year, apple is going aggressive with the pricing. Rishaad it is not about the hardware so much. They are trying to get in to the service side, the 400 4. 90 cents streaming service. Is it like for netflix, are they going head2head against them or what are they trying to do . If consumers are not often, the revenue stream, how they can get consumers on other services, so the apple tv plus is very aggressive pricing, lower than disney and netflix. It is about how to get consumers to pay more and stay into the apple ecosystem. Anythingwhat if caught your imagination in the press conference . Withwas a bit surprised the pricing of some of the and minus one or iphone 11 as well as apple is doing with apple tv plus. The content is limited but by new applet free with devices, what they are doing is getting consumers to start using services, get used to it and in the process apple will build more content or it. David last year revenues overall for apple, 62 came from the iphone, not to mention the other bits of hardware. They are trying to move into sort of the other parts of their ecosystem. Do we get to a point where they are less of a hardware company, a majority of revenue from other things . Apple has to depend on its devices because a lot of the investment is in devices. Se iphone 10, it was the year. Apple could come back to have more focus on the devices, iphones next year if they launch the 5g phone. The could really change outlook for apple iphones next year. The hardware is the basis of the company. Is it about retention of the Customer Base more than anything else so they can leverage it for the services . Is that the notion we have . If they wanted to grow, they should be doing more in that. Has this company seen its best days in hardware behind it . Talk about shipments, it has been slowing down. There has been no recovery in the past few quarters or years, but then you brought in an important point it is about retention and installing and that continues to grow. If apple can manage for five j especially in australia where 5g networks have launched, it is very important to keep this base growing. Thank you so much for joining us. As the u. S. China trade war rumbles on, the idea it will take divergence between the two countries is starting to take traction. If it comes to that, how would apple and huawei manage if they had to make all of their technology on their own . Lets see how they stack up in terms of selfsufficiency. The biggest matchup in the trade war tech, cilic and probably silicon valleys significant name and chinese achievements. Lets look at the smartphone. Starting with the operating system apple has absolute control over its ios. Huawei is dependent on google and its harmony os has yet to strike a chord in the smartphone world. When it comes to apps, apple is sitting pretty in its fortress protected by an army of Hungry Developers and loyal users. Huaweis chances of sparking a iselopment mutiny to harmony slimmer than its phones and thanks to the trade war the newest model wont have access to licensed google apps. Both design their own processes but neither control the process. Betterwei is making it for ai. This one is a drop. For the maria the memory, sk hynix and samsung providing the bulk of their needs. Huawei is trying to make its own nano memory card but it is not enough to claim victory here. Apple leads samsung for its flashy displays and japan display and ld display. Huawei has two but gets support from a chinese vendor boe technology. It is a stalemate. Huawei stages a comeback in connectivity. It already has 5g modems while apple has to buy the cellular division. Huawei edges on a assembly as apple outsources most of its production to china and while both companies lean heavily on taiwanese partners, huawei is going entirely diy for its smartest smartphones and hightech production lines. So at the final whistle it is hard to call a winner at the moment and it will have to go to extra time to see if one of these can truly do it alone one day. Mind the youngs to to song with or without you, can they live apart . That is a developing story we will continue to track the lets go back to the markets, looking at india futures four minutes from the open, up a half percent. We will go through the setup. We missed out on trade yesterday because of a holiday, so we will be taking in a combined move what you saw over the last few days. There are indications we have a ghtly positive start of fridays session, mondays session was interesting because theaw the nifty rescaling crucial milestone of 11,000. That is, going after domestic investors excited but not for investors because they continue to sell. It was a marginal thing, but in the equity markets, they are not able to come back in a big way. The broader markets contributed a lot more. You have the midcap index. It brings me to believe the big valuation discount which you are seeing between large caps and midcaps will rile when the stock market starts to turn. Move, halfr mondays a percent around 27,000 or the levels to watch out for nifty buying. Rishaad thank you for that. Lets have a look at what we have got going up. Yvonne. Yvonne we are still at the belt and road summit. Us we lab cofounder joining in the 11 00 hour to tell us fintech, and updates on their virtual banks in hong kong. This is bloomberg. Withad you are back louvered markets as we look at the business flash headlines. Saving 650 million in annual cost tied to operations at the paris headquarters. It is part of an effort to win back Investor Confidence and also improve returns. The ceo under pressure to go beyond existing cost cuts. Socgen is planning to eliminate 1600 jobs in its Investment Banking division. Staff barclays is cutting at its fixed income business as the ceo is costs ceo sl ashes costs. Cuts coming into effect in the past week. Barclays corporate and Investment Bank hosted a 4 in the first half year income to about six and a half billion dollars for the month of august. New batch of senior managers in hong kong as they tried to recover from losing hundreds of millions of dollars on complex agent derivatives. They are bringing in senior figures from Credit Suisse and socgen. There was trouble in december there were losses in provisions of 286 million. Update, quick markets and case you missed it out of south korea, 3. 1 with the lowest level here or on employment since 2013. In terms of exports, up 7 and then ship exports down 30 . A look at south korea which is on the longest streak of gains since april. Rishaad also breaking on what is going on here, equity markets getting bullied up, the hang seng getting brought up, the hang seng going up, the nikkei in the green. En taylor i am taylor riggs in san francisco. This is bloomberg technology. Coming up in the next hour, cooking it up, apple ceo tim cook takes the stage in cupertino tuesday. His deputies reveal the new iphone 11 models with three colors and three cameras. Details on those devices and more, like the apple watch series five. Plus Subscription Service apple , tv plus finally gets a price,