China september exports is coming through at the moment. Down. 7 in yuan terms. Going to get you the dollar figures when we get them. Lets look. No trading in tokyo today. It is sports day. Of people lot wouldnt have come to work anyway because of the weather conditions. Seng having a good showing. [indiscernible] look at some currencies. Tad. Strengthening a the ruppee, Inflation Numbers are out later today. On the central bank, which has declined to move last week. Singapore dollar, that is currently the situation. 1. 37. Lets not forget sterling. More uncertainty over brexit continues. Lets get more on what is going on with these trade numbers. David these are in renminbi terms. We have the local currency as well. Suffice to say, a lot worse than expected. We expected a 1. 5 increase in exports. 7 is what we got. Imports as big as well. Expected, we we got 6. 2 . This leaves not just the dollar figures but a whole raft of data set to come out throughout the course of the week, leading up to gdp numbers on friday. Yvonne you are seeing renminbi selloff a little on the back of the numbers. Yeah, when you look at the new export orders even in september, 16th straight month of contraction just on that front. We will see if the outlook looks any better now that we see china has avoided being hit by additional tariffs after negotiators in washington agreed to outline a partial trade deal in the last few hours. President trump tweeted what he calls phase one of the agreement can be finalized and signed soon, and that china has already begun buying or boosting u. S. Agricultural purchases. Besides buying more u. S. Farm goods, the president said china has agreed to certain concessions related to Financial Services and the rishaad the chinese response was welcoming, but you can understand it was a little wary as well. The official statement is substantial products, but did not refer to a deal at all. We need to emphasize that. Selena wang is with us. Give us a bit more nuance from this response, which of course was then reported in state media. Selina there has been a decidedly cautious tone. In the official statement as as theficial chinese newspapers. All of these newspapers do not have betrayed story as the top story. A cautious tone in the sidebar pieces about the trade war. The global times stating that china should prepare for the worst possible outcome, including the fact that a trade deal could not be struck and china should not trust the trumpet ministration. Another cautious tone saying it is encouraging, but it doesnt mean the trade war is over. What is interesting is all the top stories in the newspapers are xis trip to nepal. What has been highlighted from that visit is xis comments that anyone attempting to split china will be crushed, and any external force attempting to split china will be considered delusional by the chinese people. Very strong words there. Companies from trying to put on the blacklist for alleged human rights violations. This is a reminder that despite is aproductivity, there lot of underlying tensions between the countries. David such a stark difference between the coverage in china and in the u. S. And what we are hearing from donald trump. Selina, thank you. Joining us now, chief economist for asiapacific. Michael, very nice to see you. They did not even sign anything. Not yet. No, but there are two dimensions we need to look out for. One is the complexity. It sounds like we will get a very simple deal. China will buy more soybeans which they need anyway, and u. S. Will not raise tariffs this week and maybe not in december. Itsurrency clause, essentially about transparency and disclosure rather than practice. A very simple deal. The second dimension is time. Is the u. S. Going to suspend tariff increases just for the next six or eight weeks, or are we going to talk again in january and be right back where we are with the threat of tariffs in the First Quarter . Yvonne to what extent does this remove uncertainty and companies can investing and hiring again . Michael almost not at all. [laughter] i think most people thought there was the possibility of Something Like this before the end of the year. To be honest, given the politics the last couple weeks, i was beginning to worry we would not get something. But the real question that Companies Face is, can you, over the next three to five years, reliably produce goods in china, or anywhere in asia, and export than to the u. S. . This certainly does not address that. I am not sure whether we are going to get a comprehensive enough agreement or the middle of next year to resolve that uncertainty. I think this uncertainty will hangover the Global Economy for the next few years. Then, thiscymakers does not do anything for them based on what you mentioned. Michael no. The fed could take a little comfort, but i do not think it really addresses their concern. The u. S. Economy is slowing down. 1 it will beq4 and q below its potential rate. That is a good reason for the fed to keep cutting rates. Rishaad you mentioned it is not ideal a deal. Nothing really of substance. Nothing on huawei, nothing on i. P. All tbd. Saying he can do it all fast and clean, but this is not fast and clean. Hostility towards china is evident right now. And lets not forget, they have three votes on hong kong. All bets are off, are they not . Michael i thought that hanging over these talks last week would have prevented anything like an agreement. What we have is Something Like an agreement. As you mentioned, those difficult issues, huawei, ip, level laying field for foreign investors, those are all kicked down the road. Those have always been extremely difficult. Rishaad 50 billion worth of agricultural goods is a big ask as well, every year. Michael yeah. Rishaad there we go. [laughter] yvonne you mentioned when it comes to frontloading it is not been significant. Why do you think that is . Michael i think both sides, one might suggest particularly the american side, wanted to clear the decks and not have tariffs going up later this year. You saw how reluctant the u. S. Was to raise tariffs particularly on Consumer Electronics and toys. They pushed the deadline. Really hurts will the u. S. Consumer and the u. S. Consumer is already beginning to run out of steam. I think this was motivated by the desire to get something that looks like a win, but provide a rationale for not raising those tariffs. David gdp is out of china on friday. For next year, sub 6 growth. Is that base gains best case . Do they feel that . From what we have this year to next year . Michael i dont think so. It is clear china is very gradually slowing down. Rishaad it had to. Michael exactly. As it gets bigger and richer, its inherent growth rate will slow down and demographic headwinds, a whole host of reasons why the economy should be slowing down. We would say, they would say you need to focus even more so on productivity growth to replace factor accumulation, labor and capital. That is not happening in china but to be fair, it is not happening in most places around the world. The puzzle is why it is not giving us faster growth rate. Rishaad michael, good stuff. More of your thoughts. David lets get it over to su keenan in new york with an update of your first word news. Which start with japan, is now recovering after typhoon trail of death and destruction across much of the country. At least 21 people died, with 16 missing in more than 160 injured. Hundreds of thousands of homes lost power. The typhoon brought violent winds and record rain, cause landslides and mud flows, with more than 20 rivers bursting their banks. At its peak it was packing winds gusting up to 250 kilometers per hour. Police officer was hospitalized after being flashed in the neck after another weekend of violent protests. Unrest spread across the city on sunday, with crowds blocking major roads, vandalizing shops, public utilities, and subway stations. The clashes came despite some protest groups discussing how to ease back, worried that the violence is starting to alienate ordinary citizens. The u. K. Prime minister Boris Johnson meanwhile has told his cabinet he Still Believes that a brexit deal is doable. However, the eu says his latest plan is not good enough to be the basis for an agreement. Negotiations continue on monday with brussels warning time is running out, and all sides must be prepared for the u. K. To crash out of the bloc. Eu leaders, including johnson, will meet on thursday. To the u. S. Now, President Trump is warning the u. S. Is ready to go with sanctions on turkey over its military incursion into syria. He tweeted he is working to finalize measures against ankara, should its forces go to what he calls offlimits action. Treasury secretary Steven Mnuchin said the u. S. Has full authority to impose sanctions that could include ending u. S. Dollar transactions, which would quote, destroy the turkish economy. Global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im su keenan. This is bloomberg. Ahead, wrapping president xis trip to india. David next, our exclusive interview with the finance minister of malaysia. He gives his take on the economy and how they plan to spend their money. This is bloomberg. This is bloomberg. Widened itsysia budget deficit target for next year, givens finance minister lim guan eng discuss the budget plan with an exclusive interview. Plans forss having any necessary preemptive if global worsens. We are hopeful that the latest arrangement, half a deal for it has is worth, lessened global certainty. This will help to boost growth which was of course prioritized by the current government. Haslinda so you have been encouraged . Hael at this moment lim at this moment we are grateful for any progress. Haslinda given that the government is deep in liability, how much space do you have to overcome any macroeconomic shocks . We expanded the budget slightly. Lim there is a reason we expanded the budget slightly and also increased the fiscal deficit target for next year. Instead of 3. 0, we fixed it to 3. 2. A slight relaxation. To provide us the fiscal room to do what is necessary in the event that the Global Situation uncertainty worsens. Haslinda when then do you expect to balance your budget . Lim we are looking at the mediumterm of reducing the fiscal deficit. Again, that is contingent on Global Growth and global trade. At the present moment, our projections are completely dependent on the resolution of the trade dispute between the United States and china. Haslinda at this stage is it fair to say there is no clarity when a balanced budget can be achieved . Lim if the trade dispute is resolved. I think we are quite confident of doing that within five years. At the present moment i think we would have to prioritize growth. And we should allow ourselves the fiscal room to ensure sustainable growth. Malaysiant was the finance minister lim guan eng. Rishaad michael, what do you make of the whole Monetary Policy complex in this part of the world . Easing taking place, given more wiggle room. Should they take that wiggle room . Would it make that much of a difference . Michael broadly rishaad and it depends on the country. Michael busier the primary growth impulse will come from a grown from abroad. They can certainly not get in the way. If rates are falling in the u. S. They should take advantage of that opportunity to cut rates. Let make a big impact . Probably not. But you are not getting in the way. Governments are very constrained with how much they can ease fiscal policy so they dont want rating agencies to get alarmed and start downgrading them. Respectse get in both in most countries is very measured, very modest fiscal easing. For most Central Banks people look at the projections and say another rate cut or two over the next three to six months will not really help. Why dont you do more . The answer is if you cut rates to quickly, capital flows out of our economies. Where we see Central Banks moving aggressively are india, indonesia and the philippines. They are taking back last years rate hike. India looks like they are trying to stimulate. 135 basis points every cut rate cuts and we think there is another 40 or more to come. We saw an effort to stimulate through the fiscal front. It is impressive to me they are trying to push the envelope on what they can do on both monetary and fiscal. Yvonne is this more reactive or proactive . Michael in india it is reactive. This economy has slowed down rapidly over the last year. The real issue is in the financial sector, where you have the commercial banks really slowing down after 2015 asset quality review. Nonbanks picked up the slack and now they are the source of weakness. It is hard to see the economy turning the corner until you address the lack of capital in the nonbank and bank financials. David what about thailand . It seems like they are trying to discourage inflows. It is a bit of a strange situation they are in. Would you agree it is a problem spot . It is the country that most often comes up in conversation with investors along the lines of, why are they not doing more . The answer i guess is because the problems are not really monetary. Problems are within the government, and therefore the economy has really slowed down, inflation has not been within their target range for most of the last three years. The currency has done fabulously because they have not been cutting rates. This is a central bank where i would argue they are now getting in the way of growth to the extent that the Exchange Rate matters, and generally the view is not hugely important. But when you have the strongest currency in asia u. S. It may not helping your economy to maintain growth. David if im not mistaken, policy rate is almost at zero. Policy rate is a little over 1 . Mathematically you have room to get to zero. We have almost this quaint adherence to the idea that zero is lower bound on Interest Rates. U. S. , if you thought European Growth would turn the corner, we are not going to get a hard brexit, a genuine trade deal between u. S. And china next not, picking up in q2, then doing much with fiscal policy is maybe the right thing to do. Weaku think 2020 will be a year with maybe things looking better later in the year, i would argue the central bank could be doing more to support growth. Rishaad we have a lot more to talk about. Thank you very much. Plenty more coming up, including a look at the markets. An up day. This is bloomberg. S is bloomberg. Export numbers in dollar terms is just coming out. Down 10. 7 year on year. From january to september though, these are not the september numbers. Headlines,ness flash malaysia widening the hunt for missing money, turning to what are said to be hundreds of people who received a small amounts of cash. The Anticorruption Commission is launching the third phase of its recovery drive, targeting recipients are targeted about 120,000 or less. They will not pursue charges against anyone who willingly returns money. David chinese Sportswear Company leaning is on a tear. It is the hottest brand in the world at the moment. Performer on the asiapacific index, and also the bestperforming of all clothing firms globally. Raisedek Morgan Stanley its share price target by 33 . Isnne Energy Company jumping after agreeing to buy australian assets for 1. 4 u. S. Dollars billion. The deal will be is largest since 2018. They are targeting as much as 75 million a year, and the company had one to 1. 2 billion cash in hand. David lets look at vietnams bamboo airlines. Expecting a market cap of as much as 1 billion. The carrier aims to offer about 400 million shares. Bamboo expects to set the initial price at the equivalent macroeconomicng conditions remain positive. Rishaad i dont know why you would call your airline bamboo. That is above my pay league. Lets look at what yvonne was talking about. To selll, as they agree their northern australian business. Paying in the u. S. This is a health care mask. [indiscernible] that is hong kong. This is bloomberg. S is bloomberg. 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 an eligible phone. Call, click, or visit a store today. Im su keenan the first word headlines. And we are going to start with the latest on china. Chinas exports and imports shrank more than expected last month as existing tariffs and the slowdown in global trade combined to cut demand. Outbound shipments decreased by. 7 in yuan terms from a year earlier, while imports declined just over 6 . Economists had forecast exports would rise 1. 5 while imports would shrink by 2. 3 . Onto auto sales, they fell again in september for the 15th month out of 16, expanding their worst slump in a generation. That is despite government efforts to support the market. 6. 6 from a year ago. June,ly increase came in when dealers offered big discounts. The world bank is increasingly pessimistic about su and below the outlook from the r. B. I. Itself. Gdp growth is seeing 6 this fiscal year compared to a five 7. 5 forecast in april. The World Bank Says indias slowdown for now is severe. Divisions are widening meanwhile at the ecb with the Austrian Central Bank governors telling local media that several councilmembers are against Mario Draghis plan to resume bond buying to incorporate he says there is a feeling that the plan more liquidity and be counterproductive. He had not discussed it with councilmembers. 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. Do a market check and get the latest out of mark cudmore, joining us out of singapore. It seems like rallies are outperforming on phase one of this deal. How optimistic should we be . Mark there is reason to be a little bit optimistic. Even if there is a lot of cynicism about what has been agreed and the fact that there is no deal in writing, we can argue the fact that it is still a positive step. What we must bubble with is how far the rally can go. It is important to emphasize where the biggest reaction is seen in the market had when we get this positive news, the first instinct of many investors is to buy u. S. Equities. It is one of the most liquid assets out there, the clearest riskon play. When you take a Bigger Picture view, u. S. Equities have been priced optimistically all year. Things like haven assets, treasuries, the yen, gold, have been priced for a much more negative outcome. If we are moving towards a positive reality, haven assets have more to fall than equities have to rise up and when bonds fall, that means yields rise and that may restrain the equity rally. The more sustainable move, even assuming a good outcome, is for havens to reprice rather than for us to see our goodies continue surging all week. I want to look at cable and gilt yields. Thursday and friday saw the biggest twoday jump in cable since the Global Crisis beyond yields were in a still crisis. Yields were in a staircase to heaven. Set up think they are for a lot more volatility to come. It is the largest two move in a long time but it is also we do not have any certainty yet. It is important to see what happened in march ahead of the original brexit deadline. At that point, it seemed like we were going to go for a delay but there was a chance the deal might pass. A Nodeal Brexit was off the table at that stage yet we still have a lot of volatility at the deadline. A Nodeal Brexit is a serious risk. The e. U. Said johnsons proposal is not enough for an agreement and Boris Johnson is planning to either stay the e. U. Must work with what he is offering or they will push ahead of the Nodeal Brexit. At the moment, all outcomes are on the table. Means we will get a lot of volatility. Our receptor disappointment . Are we set for this apartment . Setappreciation are we for disappointment . It is just that it will not be a straight line. Sterling can appreciate further this week but it will not go there in a straight line. We will have some powerful dips in the interim as well. Rishaad very quickly, as someone who used to trade turkish assets, further sanctions from donald trump after he gave this green light for them to make this incursion in Northern Syria and attacked the kurds, what are you making of it . Mark i think if trump does say he will support sanctions, i think this will be cataclysmic for turkish assets. Amid the currency prices, it was the extra threat of u. S. Sanctions on the issue that kind of crucified the turkish economy. It is just recovering from a harsh rebalancing, from a harsh recession. If theres going to be u. S. Sanctions again at this stage, it will quash that recovery in its nascent stage so what trump said on sanctions this week is very important. Most likely, we will not get clarity for quite a few days. It will not be a straight line. But turkish lira probably will continue to depreciate in the weeks ahead. David great stuff. Mark cudmore out of singapore. We tried to put all of those risks together on a map and tried to quantify the risk exposure of several of the economies to the macro headwinds. The share of gdp exposure. And of course in europe, you have auto tariffs as well. Rishaad lets get back to michael spencer, chief economist for the asiapacific at Deutsche Bank. You lived in times like this before with so many moving parts , so much going on. It is insane. [laughter] michael the crisis, more things were up in the air than today. Rishaad that was related to one particular which had its Ripple Effect but we have so Many Disparate events occurring. Michael we do seem to have at least three main sources of uncertainty. The politics within europe, the u. S. And china, and the middle east, which is ever present, unfortunately. Global economies will continue to slow down more downside risks. We are in an environment where most of the important Central Banks around the world have pretty much used up all of their ammunition and increasingly are telling us that. Another 10 basis points in japan or europe. That will not move the needle on growth. The path forward may be fiscal stimulus. It is possible we will look back at what india did and say it was a big economy, understanding what you need is a new source of demand in your economy. Theres whispers of that sort of shift in europe and dont forget, donald trump could easily in the next few months, in the lead into the election, come out again with a big Infrastructure Investment course, and fiscal stimulus and bit him very well in 2017 and 2018. He may try that again. Expectingbe that everything quietly slows down. Rishaad a gas company, total holdings, the Parent Company is total. In paris. This is coming through at the moment and no doubt, we will get reaction to it when we get price discovery with regards to the indian stock market. A question for michael . Yvonne when it comes to the fiscal side, how much room is there . If germany is looking into this now, theres some Central Banks that have been looking at unconventional tools like qe. Michael if you look for countries that have fiscal room, germany is probably the top of your list, consistently running surpluses. If you really want to turnaround the european economy, it would help if germany would run even a balanced budget. What they are talking about is letting the automatic stabilizers work. Climate change policy that they insist will be funded with higher revenues. So they are not really talking about fiscal stimulus but that is the one country in europe everybody points to that could. In emerging markets, a lot of countries in asia with governments with comparatively low debt burdens where the debt to gdp ratio, they are declining. Adonesia, if you had to pick country in asia, every year, you feel they could do a little bit more. 29 of gdp in debt. They are talking about trying to balance the budget. There is more fiscal space in this part of the world than other em regions, but really, for the Global Economy, we are looking at the u. S. And europe. David late cycle in the u. S. , which might mean for most of the Global Economy, might mean late cycle. You were talking during the break about Central Banks can do some thing. Do we get 50 . Does it matter . What role the world look what will the world look like when there are no more bullets to fire . Michael that is what part of part of what restrains Central Banks. If you are europe and the United States and you have a relatively high debt burden, the central bank can cut rates significantly. It matters to the ecb is saying we cannot. We have a policy rate below zero. We cannot take it much further. Itthink the point at which becomes no longer profitable for banks to lend. In the u. S. , rates are significantly positive, in nominal terms, so there is room to do more. We think we will get another three rate cuts and we think it will help. A big fiscal impulse will probably help more. Is it politically possible . It has got to be difficult but democrats like Infrastructure Investments. Donald trump likes to spend it i would not rule out a surprise over the next rishaad another tax cut as we heard before. The worst time possible for the Federal Reserve when everything is seemingly ok and we are getting this michael tax cuts get harder politically. The democrats will certainly stand up and even some republicans will start to question the reason for running larger deficits but if trump were to reopen the discussion for the democrats on Infrastructure Spending and essentially restart the argument, Interest Rates are extremely low levels. Why dont we borrow a lot of money and rebuild all the bridges that we know in the United States need to be repaired and that sort of thing . You might get enough support for the democrats for that to happen in the next few months. David what do we need to talk about here that does not seem to be making headlines . Michael we touched on it earlier. , bye get a negative shock definition, something we have not thought of, if something bad happens that knocks the Global Economy back on its heels, we have very little scope for Central Banks to do anything to support growth. Each iteration becomes less impactful and if we have governments that are simply going to say let the automatic stabilizers work, this is going to be the recession if it comes where we have to wait for it to burn itself out and it could take a long time. It could be really awful. Yvonne on that note. [laughter] yvonne thank you. Kicking off the week with us, Deutsche Bank chief economist for asiapacific and hong kong. Coming up, president xis trip to south asia. More on chinas attempts to amend fences with neighbors, especially india. This is bloomberg. David the leaders of india and china wrapped up a summit with an agreement to recalibrate ties that have been strained by territorial this youths and trade disputes and trade tensions. Rishaad lets get over to our editor. Headlines aremore being made on what was not talked about, if i am not mistaken. Ruth yes, thats right. I think the two leaders very their discussions to trade and avoided the controversial issuestw. O main one issues, whether india will allow huawei to introduce its 5g network into the country and chinas criticisms of indias move to revoke the autonomous status of kashmir. India and china kept the discussions on safe ground and focused on mostly indias concerns about trade with china. Would youth, how describe this relationship after this meeting . It seems like, economically speaking, they mended some ties, but geopolitics very much overshadows things, too. Ruth it does but you have to remember that india has a very large trade deficit with china. It stands at nearly 55 billion. India will be hoping to find a way to rebalance trade thetionship with china, so outcome from this meeting is an agreement to establish a new mechanism to help the two countries discussed trade, and i think india would be very pleased with that outcome. The backdropainst of china wanting to finalize the giant regional comprehensive economic partnership, which it hopes to finalize by next month, and if it can get india on board with that, that would be a big step to achieving that goal. This is the chinese inspired or otherwise, one could argue, answer to the transpacific trade agreement. Any progress on that . India has been dragging its feet with regards to joining. Ruth india is viewed as kind of the holdout nation that is still balancing whether or not it will join this giant regional trade pact or not. Biggerd see and even influx of chinese goods into the country at the expense of local indian manufacturers, and it is also concerned that it is not getting anywhere in the concessions it is seeking around the movement of its i. T. Professionals across the region. Ruth, Southeast Asian government editor joining us from the indian capital. Lets get you to india. Just about one hour away from the start of the session there. Is standing by. What have you got . Was slightly better compared to the previous week where we ended heavily in the red. That does not point towards the fact that the structure is changing. Likely, going to take center stage. We will see a lot of changes with regard to what they do. October, they of had 900 million in indian equities. That is quite a large number. If this continues by the end of the month, the countries will sell at the base they are selling at. We are going to be watching out for those levels now, whether or not they stay above those levels for a decent amount of time or more. Thanks remain in focus. Important. E aside from that fact, Economic Data has been coming in weekly. Those are reproduction members. 1. 1 . That is the lowest level since 2012 so that will be a significant overhang. Factors at least from a nearterm to mediumterm perspective for indian equities. Yvonne these are the stocks you are watching. It seems like they did better. What do you make of it . Yes, the numbers were in line with expectations. It is likely better on that margin. 21. 7. On the overall side, the revenue they upped the lower end of the revenue early on. Guidance of 8. 5 to 10 growth. They upped it by 50 basis points from 9 to 10 . Not a major impact. Nonetheless, this is positive. They are watching out. 1 00 in the afternoon. That is going to be the big one. David they will be tracking that on the back of these headlines out of total. Thank you. Speaking of things that rise, have a look at fx. Em currencies. You have cable, the aussie dollar, kiwi, in favor of the ems acts. Em fx. They change the slope, not so much the width in the center. There we go. We are awaiting the trade numbers, due out of china, for the rest of september. They will come out at some point, hopefully in the next 50 years. [laughter] rishaad hopefully. We will be heading over to tokyo for the latest on the strongest storm to hit the country in decades. This is bloomberg. Yvonne a quick check of the latest business flash headlines now. Northern california is bracing for another power shutdown after pg e rolled out said it cannot rule out further outages. Pg e said it will cut power across the region in a bid to stop its equipment from sparking fires. Damaged pg e, a powerline sparked the deadliest fire in californias history. Watchdogs competition will investigate prices charged for residential mortgages. The treasurer said the a triple cc will consider pricing decisions. Australianicized banks for failing to pass on rate cuts in full. The final report is due by september of next year. Is beingilenburg increasingly seen as the fall guy in a longrunning 737 max drama. After the bell on friday, he was removed as chairman of the board. Records say the move will let him focus totally on bringing them back to service. Boeings finances have been battered since two 737 max crashes prompted the global grounding. David lets have a look at japan. The country is engaged in this rescue and cleanup operation after a powerful storm ripped across the country. The typhoon caused major flooding and landslides and left at least three people dead and hundreds of thousands without power. Rishaad brian, what is it like at the moment as this cleanup operation takes place . Have you ever seen anything quite like it . Brian no, this is an historically damaging storm we had and the rescue efforts, as we said, continue. There is a sense of urgency. While the winds have died down, the rains continuing tokyo and parts north that were affected by the storm, and that is expected to persist until at least midnight tonight, so that is a problem for two reasons. It means the floodwaters will not subside, and it also creates more risk of possible mudslides and landslides. As you know, japan is a mountainous country, and there are a lot of hillsides where the terrain has been loosened by the rains and that has been the source for at least eight of the fatalities so far. Of ae is there any sense return of normalcy anytime soon when it comes to traffic . Brian well, in downtown tokyo, things are fairly normal except for the rain, and as i said, the winds have died down. Traffic is running. Trains are running. Most of the airplane traffic has resumed. In tokyo, it feels like another rainy day. Outside of tokyo, where there is a lot less concrete and reinforcement structures, cement structures, there is a real floodwater, they are posing consistent risks into the villages and hamlets there. It is especially a risk for the elderly. Japan has a fairly aged society demographically, and these are people who have trouble getting away and finding refuge from situations like this. That is the real focus for the rescuers is to go out and find elderly people who have been isolated and who are in need of being taken away to safety. David very quickly, any idea of the Economic Impact . Brian so we do not have any numbers yet. Prime minister abe is working with his Emergency Response team. Today is a national holiday, but they have been working since the weekend to first focus on saving human life, but there will be estimates, you can bet, by the end of the week if not before that. Based on past experience, we will have a fairly sizable supplemental budget to pay for the cost. As i said, the damage is at hannah storck high an historic high. Rishaad sports day in tokyo. 16 degrees celsius at the moment in tokyo. We have the rain coming down still, but winds at two meters per second, still quite strong. Haslinda hello, i am haslinda i mean haslinda amin. Rishaad this is a look at our top stories. President trump hailing his partial trade deal with china. Details are sparse. Yetics say key issues are to be resolved. Boris johnson insisting he can strike a deal with the eu, but brussels disagrees, saying his plan is no basis for a new agreement. We go to the seat suite as the pressures facing Top Executive with the Leadership Consultancy are on the agenda. This is Bloomberg Markets. Taking a look at what is going on at the moment with the latest news with bank of indonesia setting the rate we have trade numbers coming through as well. The trade balance of september actually slightly stronger than expected. We were looking for 253 billion yuan. We got 275 billion. What is that in dollar terms . 39 point 6 billion as opposed to 34. 7 billion dollars. That is the position we find ourselves in. What does that mean for september . Weve been looking at the data coming through january through september. We have managed to hive off september numbers showing imports down in greenback terms. We were looking actually at about a 6 drop. Exports also feeling it. The export picture looking a little bit gray here. 3. 2 down your own year for september as opposed to the 2. 8 we were looking for. That is currently the position we find ourselves in. Quick look at how they see them why is behaving itself as we look for these numbers. The currency, of course, perhaps getting a bit of a lift because of this breakthrough in trade, seeing a little more strength for the yuan. We have 7. 06, the number for the onshore yuan there as well. Lets find out more. Tom mackenzie is in beijing running through not just these numbers weve had, but also some of the optimism coming through on trade with the two sides agreeing to a deal. I think where you are in beijing, they are not calling it quite a deal, are they . Thats right. The media reception to this agreement between the u. S. And china has been muted, i think it is fair to say, and no doubt is the result of history when it comes to the trade relationship between these two powers, and the fact china feels it has been burned on a number of occasions when it comes back from d. C. Thinking it has a deal and trump in trump imposes some sort of tweet thatsends a put that into out. The issue we need to clarify is in terms of october 15, tomorrow, those tariffs have an frozen. That is key for china and the broader economic picture domestically here, but also for the u. S. Those tariffs will not be imposed on october 15. You also have some agreements apparently on things like intellectual property in the chinese currency, although we do not have the specifics on that. We also have a commitment by china apparently to increase its imports of u. S. Farm goods by 40 billion to 50 billion, so they are looking at an annual number of 40 billion or 50 billion worth of u. S. Farm goods at some point in the next two years according to this agreement. That is important for President Trump and his base in the farmlands in the u. S. , of course tricky stuff, industrial policy, state subsidies, and National Security issues around wally, those it seems will be left to phase two or phase three of the agreement. President trump says he would like to get this signed within the next three or four weeks. Comedy quickly september breakdown on trade, not sure how much you have seen of it, what is the general gist of it if you have seen it . It is worse than expected. As you were saying, exports falling more than 3 . Forecast was for a drop of 2. 8 . Imports have fallen as well,. Retty heavily down, 8. 5 6 was expected. The actual number was 8. 5 . This is a year on year for september. Looking at chinas trading partners, when you look at manufacturing pmi, looks pretty weak, so the Global Demand picture is soft, of course. Then you have the tariff impact. Despite this phase i deal, you still have u. S. Tariffs on about 306 2 billion worth of chinese goods. You have the likes of raymond amz bankm amc bank saying he does not think this deal will materially change things. A key deal is on friday when we get thirdquarter gdp. Summits are you will get about 6. 1 percent thirdquarter gdp out of china, which would be one of the weakest numbers for at least three decades. That. Looking ahead to tomorrow, we will get inflation data. Consumer price index going to be the focus, particularly in light of the higher prices and how much that constrains Monetary Policy going forward. Trade data continues, of course apt to be disappointing. Again, it is the demand picture globally and those tariffs that importsbe dragging on and exports. Rishaad haslinda is in kuala. Umpur a key interview you had earlier, tell us about what you have gleaned. It aers are if you call trade deal between the u. S. And china or not, that agreement gave the financial minister of malaysia some optimism. Says malaysia can have Fiscal Consolidation and a balanced budget in about five years. We are seeing some reaction in the market. Yields dropping. Y 1 when it comes to the currency, the finance minister said they expected it to be higher. We leave it to the central bank and markets to take a stand on that. It was a wideranging interview, news onso included some one end. We will bring you those discussions later on. Also later on this hour, malaysias expert, we will get his news on malaysias budget of 2020. Rishaad thanks very much indeed. Lets go quickly to where we find ourselves in terms of markets, and it is our power story at the moment. A bit of relief, probably, more than anything else with regard to that trade deal. An agreement there as well. R. G. Bargingt of over the semantics of it. Lets take a look at the currencies and play. We had trade numbers, how they affected the sea and why, the currency. They are pretty much still a bit stronger, up to 7. 06 at the moment. The rupee looking forward to inflation data later today. Dont forget, we also have swathes of data out of china as well. Easing Monetary Policy a little bit, that has helped we can they sing dollar against its u. S. Counterpart. Sterling vacillating again to the downside this time, but it has been up after there was talk of a deal perhaps between the United Kingdom and the european union. Brussels coming out over the weekend and scuttling the optimism. Down. 6 at the moment and people on this program suggesting there is more to come to the downside. Dan gamble from cbc private Wealth Management is with us now. Never known anything like it. Unbelievable. Deal,d just before this agreement, possible handshake, etc. , where does it leave us . What a great question. If i knew that, i would probably be a lot wealthier than i am. Disagreement, from my perspective, is really about intellectual property, and tariffs are the vehicle the president of the United States is using to put a little. Ressure on the p. R. C. We have watched the attempts at solving this problem now for what . Almost a year, and we got a little close and people get excited, and then they back away from each other. Ego seems to be the Major Driving force. The longer it goes, the more imperative it is that they both come to some agreement. Rishaad isnt it more about the optics here, getting together and forming some agreement, even though it does not address some of the fundamental issues like ip, huawei for another one, essentially the things they are really fighting about, i suppose. Yeah, well, exactly. It is grandstanding. It is theater at its best. U. S. Electionhe in november next year starts to. E an important factor popularity for the president of china with the problems we are seeing in hong kong, all this is putting pressure on both sides to come to some kind of agreement. They will run at it, they will slide back. That is doingup the hard work is having a hell of a time getting the people above them to say ok, lets go with it. I think thats what the problem is. Welcome back to asia. When you look at equity markets, is it fair to say this is the market that wants to keep going up . Forget about fundamentals. Forget about weakening pmis. Forget that china is slowing down. Risk . Market underpricing probably not in my perspective. Is looking market through this problem, seeing that there will be a resolution. The market does not know when, of course, but i think at least from our perspective, our portfolios are not hugely overpriced. With very low Interest Rates, with negative Interest Rates in many parts of the world, good quality equities are not that expensive, so there will be a there is some kind of resolution, but i would tell you from our perspective, the market is not overvalued. Haslinda [indiscernible] i cannot hear you. Rishaad haslinda is asking what right now. So we are talking our own book. Our favorites would be environmental control, domestic orientated companies in both china and the United States, so that the trade thing is not as important with specifics, if its domestic transportation, pharmaceutical, education these are areas in both countries i think we could continue to invest. Rishaad you are a longterm investor. We are a very longterm investor. I made my first trip here in 1976, and i in coming here regularly since then. I see the growth and the potential for the asian area with china being the center part of that. Over the next 20 years, its going to be a terrific place to invest. Rishaad we would like to know more on that, but when we look at this, looking at equities globally and looking at markets, it has been a lot of noise which was in the background and is now kind of the foreground. That was about aging populations, shrinking populations in some countries, and perhaps more and more people talking about is Climate Change actually being valued fully and what is all this going to be doing for valuations . Evaluation situation is something we have spent a lot of time thinking about, and i will tell you that the aging population and the nongrowth of population has not been focused on enough, and that is where revaluation of good Quality Companies is going to come. Over the last 100 years, the growth in population has been a huge part of the growth and earnings for most companies. If you take that out of the formula, if you say youve got to be innovative, you have got to build it better, you have got to sell it better, that shrinks the number of companies you can invest in. Thats the difference between investing in a portfolio versus an etf. Etf, you buy the good, the bad, and the ugly. Going forward, what is really important is the quality of the company, the quality of the earnings, the innovativeness of the company. Thats where Portfolio Managers who look at the fundamentals of each company are going to have a huge advantage. Rishaad is not that the case anyway . It should be. Rishaad this is an argument we have all the time. What we are seeing at least in the United States and some other parts of the world, we are seeing the millennials who are very busy working saying i dont have time, im just going to buy an etf because historically, an awful lot of Fund Managers do not match the averages. If i buy the averages, i will be all right. We like to think we can do better than that, and therefore, that gives us an opening to be helpful to a lot of individual investors. Huishan you are going to go back after your trip, your letters will be written, and by the time you land, it will need to be rewritten. Impact us find out the into japan and the cost of its latest weather in our first word news with selina wang. Selina japan is recovering after a typhoon left a trail of death and destruction across much of the country. At least 31 people died with 16 missing in more than 160 injured while hundreds of thousands of homes lost power. The typhoon brought violent wind and record rain causing landslides and mud flows with more than 20 rivers bursting their banks. At its peak, it was packing wind gusting up to 250 km per hour. A Police Officer is in hospital in hong kong after being slashed in the neck during another weekend of violent protest. Unrest spread across the city with with crowds blocking major roads, vandalizing shops, public buildings, and subway stations. How to ease back, worried violence is alienating orian ordinary people. President trump saying the u. S. Isready to go, tweeting he working to finalize measures against ankara, shut its forces go on what he calls off limits should its forces go on what he calls off limits. Joe bidens son is leading the board of a chinesebacked private Equity Company and will terminate all foreign work if his father wins years election. Hunter biden has faced unsubstantiated allegations from President Trump but now says he wants to avoid any conflict of interest. Trump has repeatedly claimed without evidence that biden made millions of dollars from china while his father was vice president. Global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 100 20 countries. Im selina wang. This is bloomberg. Thank you so much for that. Still ahead, malaysia looks to lure investment from abroad. We will speak exclusively with the finance minister. Boris johnson says a brexit deal can be achieved with european negotiation Boris Johnson says a brexit deal can be achieved, and european negotiators seem to agree. This is bloomberg. Haslinda welcome back. U. K. Prime minister Boris Johnson has told his cabinet he still things a brexit deal is achievable. Negotiations will continue monday with brussels warning that time is running out and all sides must be prepared for the u. K. To strike out of the block. Eu leaders including johnson will meet thursday. The pound is falling on that warning from the eu. Resistance forst the pound is down. Im not sure if that is necessarily true. Perhaps in the shortterm, but i think overall, we have a pound that has priced in a lot of negativity, and there is optimism. Theres reason to believe some kind of progress will be made in the next couple of weeks. It is important to know that it will not be in a straight line. We saw this massive rally, i think the largest twoday rally since the crisis at the end of last week, and a little bit of pullback in the shortterm term makes sense. Although we will have some powerful dips and rallies, nothing is certain, but its not unreasonable to have some kind of optimism that a lastminute deal will be achieved. Just we will not get there in a straight line. Rishaad the question has to be, we are likely to probably get another extension on article 50. What does that do . Does it leave us in the same position . What do you think is being priced in, and what are people telling you . Thats a great question. The oddst updated based on the betting market officially, but i looked at the betting market last week. The odds of a brexit were around 30 . The odds of a new deal brexit this month were only about 12 . I think it is important to emphasize that a no deal brexit this month is really, really not priced, and if it does happen, it will be cataclysmic. The market is priced toward there being some kind of extension, and the evolution in the market, the betting is we are still kind of going that way. Overall, i think what is priced is most likely that there will be some kind of extension, but it is important to emphasize just because that is the base case or most likely scenario, there is still a lot of uncertainty out there and thats why any outcome can get a reaction price. Even though we are pricing a little bit of optimism, we can still get more confirmation we can still priced sterlings valuation when we get more confirmation. Rishaad plenty more ahead including the stock of the hour. This is bloomberg. Haslinda time now for the stock of the hour. Youre looking at China National engineering or Chemical Engineering. Tell us why. It is the most active, most traded stock at the moment on its index. The company won a Chemical Engineering contract and the baltic sea worth about 12 billion euros. Dow jones reporting this company did sign a report with a russian natural gas processor. Thats one of the reasons we are seeing a big uplift. Also hsbc came out and raised its record canned out and hsbc came out and raised its recommendation on it from hold to buy. The stock is up now 8. 4 if we look at it on a oneyear basis, but actually 5. 5 up today. That is the position we find ourselves in. Just to get a glimpse of this and the other stocks of interest, it is a must go if you are a bloomberg terminal user. Just topping the chart, China National michael Engineering Company topping the chart, China NationalChemical Engineering company. 861 percent higher volumes taking place for the company and stockst actively traded on its index. Off forwards 90minute lunch break in a very short while. Pretty much reflecting price action across the board. This is bloomberg. In singapore, what a lovely day at a moment for the singapore index up. 25 percent. Seeing broadbased advantage advances in asiapacific, singapore a laggard print the authorities in singapore did less loose in its stance a bit, the Singapore Dollar may weaken a bit not helping equities much if anything putting in dampener on it as the economies shows signs of weakness per without further ado, lets get to beijing and first word headlines. The world bank is increasingly passed to mick pessimistic about india, slashing its growth forecasts the most among south asian nate 6 this fiscal year compared with a seven part 5 forecast in april. Recovering to 7 in the next two years. The World Bank Says indias slowdown is to bear. Auto sales fell again in september for the 15th month extending the worst slump in a generation despite government efforts to support the market. Sales of sedans and suvs and minivans and multipurpose vehicles dropped. 6 . From a year earlier dropped 6. 6 to 1. 8 million units. The increase came in june when dealers offered big discounts to clear inventory. Thats in china. Saudi arabia said it had no involvement in last weeks attack on an iranian oil taker in the red sea. Iran initially blames the kingdom for the strike, saying the missiles came from saudi territory. It later pulled back from the accusation. The incident is the latest in the series of attacks on oil and for structure and follows a missile strike on to aramco plants that are out of planes on iran. Divisions are widening at the ecb with the Austrian Central Bank governor telling local media that several Council Members are against mario draghi plan to resume and buying. Robert holtzman said there is a feeling the plan to eject to inject more liquidity may be counterproductive. Draghi floated the idea in portugal despite not having discussed it Council Members. Day andws, 24 hours a tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Lets get to the markets. We have action certainly on the fx markets. Currencies at the fork. Looking at the see ny as it continues to strengthen. 5 up at the moment against the dollar. Trade data came out with a bullish surprise for that you want, the trade balance showing more than expected showing more money is coming in then going out. Offshore yuan also making new session highs, overshadowing declines in imports and exports. At least in the moment. A currency rally in the wake. Also up partial trade pact. Week exportsnger add pressure on already worsening economic environment. We have gdp data to look for two on friday, probably likely to confirm growth is slowing further. The Singapore Dollar slightly weaker. The Indian Trading day nfte futures about flat, the rupee appreciating against the dollar even with an Interest Rate cut last week. Also the prospect of inflation number is coming out later this afternoon. 70. 84 against the dollar. 6. 51 india 10 year yield. A wider budget deficit for next year giving the government space to support growth in the trade war. In an exclusive interview the finance minister told me the government will not raise taxes unless necessary even at the trade war hampers malaysias goal of a priest achieving a balanced budget. Also the 1mdb scandal with Goldman Sachs. Seen only we have pronouncements, but i see no followup. So we are still continuing with Legal Proceedings against Goldman Sachs and 17 of the directors. We hope that if they want to make malaysians happy, then they will back it up with reparation payments. What are you looking for from goldman . At not justoking the fees that they have received, but also the size of the bond that was issued and then misallocated for nefarious purposes. Which amounts to how much . 7. 5 billion u. S. Dollars. You talked about how goldman needs to back up its words with deeds. Are you in negotiations . Not in negotiations but legal proceeding. Are you in goldman executive . If youre talking about active discussions on the resolution, no. I mention we are continuing with Legal Proceedings and if they are sincere or serious about making the necessary restitution, to make malaysians happy, please back up words with action. So goldman has yet to approach the malaysian government for talks . To settle . I do not want to say they have yet to approach. At the moment, at the present moment, we are continuing with Legal Proceedings. There is no point to do this continual Legal Proceedings unless there is a serious commitment. Resolve andt to make the necessary reparation payments. Minister, malaysia has recovered about 1. 4 5 billion ringgit. What is a target for 2020 . How much you hope to recover . And how do you hope to recover the rest of the money . I cannot fix a number because it is dependent on the outcome of the Legal Process and sometimes this takes time. The longer it takes the less chance of recovering the money, isnt that true . Once you find the assets it is only a question of ensuring that this is all done properly and legally. Most of these assets have been identified. We are still searching for some more. And we continue to do so. For you to ask me to fix a liker, i think this is playing in games. Whether it will or will not happen. For me to fix a number now and if we do not achieve that, i think that would not be responsible. What has been the biggest challenge in recovering the money . Again, the Legal Process. Aboute we are talking crossborder transactions. And sometimes that cannot be similar pushed forward. We also have to respect the sovereignty and the different laws prevailing globally. To take thehe plan issue forward . How do you make more progress on 1mdb . In our last conversation, you talked about red lines being drawn that more scandals have to be highlighted. Been r. G. , there has are you close to being done in your negotiations and the cases involving corruption . Have done the necessary detoxification. And also salvaging and rescuing these institutions. I would say we should be done either by the end of this year or by the first half of next year. That was an exclusive interview with the malaysian finance minister. Perspective on the malaysian economy from the minister on friday. A economist on world bank. Richard record , Fiscal Consolidation in malaysia, the government is giving priority to growth or are you concerned that they will not get the full consolidation given were growth is right now . I think the realities are they faced competing demands. Trying to balance between a more challenging external environment, weaker growth, with the mediumterm challenge around Fiscal Consolidation. What have they done . They have gone down the middle. It would take a reduced deficit for next year compared to next year compared to this year. Not quite at the pace initially anticipated. I think theyre trying to find some middle ground there. A percent of gdp. He said earlier today that he can balance the budget in about five years. What if the u. S. And china cannot come to an agreement, what then . This is the challenge. There is a lot of uncertainty now on malaysians outlook. Do not know what is going on on the Global Economy level. Trade growth is nothing this year compared to last year. A lot of that is conditional on the agreement between the us and china. That said, malaysia is quite nicely positioned. It is an economy where it trades intensively with a lot of partners. It is active in manufacturing and commodities. At has a balance between external and mastec demand good at has some inherent resilience. If we continue to see we could growth it will be harder for malaysia. When you take a look at the Growth Numbers coming out of malaysia, the estimates given, 4. 7 , 4. 8 next year, that is on the high side even by the world bank standards. Much higher than what analysts are predicting. And is driving the optimism with the never septa be reviewed . The minister said as a highfrequency data comes and they will continue to review their expectations. Certainly is sick continue weakness on the trade side then we went if there is continued weakness on the trade side we would expect downward pressure on that. Domestic consumption is driving growth. Domestically we have seen Public Investment subtracting from growth since the government ascended to power in two years ago. There is expectation that will return to positive territory next year with the megaprojects coming back online and we see it more positive with Public Investment and that will help the numbers. No new taxes announced so far, is that sustainable . Well, no new corporate taxes. We have seen a more targeted approach for malaysia corporate in gomm income taxes. That is been foregone taxes. We have Seen Movement on personal income taxes an area where malaysia underperforms compared to regional peers. Trying to be more progressive in terms of the tax framework. On consumption taxes we do expect over the next two years a bit of broadening and press moving away from some of the zero rate items into the positive area. The finance ministers talking about how he wants to attract more Foreign Investment from china. Hina is slowing down numbers out of china this morning, exports short of estimates and pmi falling how realistic is that to rely on china for growth going forward. It is one strategy. The reality is given the uncertainty around trade tensions and perhaps an opportunity for third countries like malaysia to grab a little bit of share from either chinese firms or firms located in spot china moving or manufacturing outside. The challenge for malaysia is to be selective. There only certain areas relation has advantage, higher scale, stronger electoral property. I think theres an offering there. Trying to be more focused and targeted. That may be a sensible strategy. But it depends on conditions as well. If theres one policy the government should adopt now, what would be for the world bank . One thing we think is important is given external environment in a slow down it is important to ensure a social safety net and social protection for those on lower incomes. We have seen some movement there and better targeting of cash transfers, subsidies for those on lower incomes. We would emphasize not losing sight of that and not losing sight of mediumterm challenges. The risk is to get all caught up in volatility and trade wars when malaysia has real mediumterm challenges around raising the quality of its human capital. Some important elements of this budget. But i think is important to stay focused on that. How about to diversify its economy. It is so susceptible to movement and commodities for instance. Has been successful enough in diversifying its economy . Some good movements. If youre taking a longer term review, malaysia was in the past happily dependent on commodities. It has been moving up and many factoring. The bigger challenges sing ahead of the competition. Malaysia is no longer a low cost many factoring base produced a vietnam sitting around trying to take Economic Activity and market share away and singapore is still out ahead. The challenge for malaysia is to keep moving up in that space, watching the countries from behind and catching those who are ahead. On the capitalize opportunities from disruptions in the supply chain. Richard, thank you so much. Heading over to mumbai, going into the first trading day of the week there in india. This is bloomberg. Richaad lets go straight to india, markets opening in mumbai. What have we got there . For now, we are seeing a steady opening at this point for the trading with that nfte and sent sex advancing by. 3 . D nfte and sent sex and sensex advancing by. 3 . Nfte banking also. The big highlight is morning is the fact that Oil Super Major total sa will buy 37. 4 stake in adani gas which is why we have seen 11 upward in that counter. The investment entailed a 600 million but im sure there will be plenty more when it comes to develop meant. We just had the initial take at this point. Announced friday, hows that doing . Not doing very well. It is down around 2. 5 but it had very strong earnings coming through. The disappointment is the outlook as far as Revenue Growth is concerned was not revised analystsd that is what were possibly didnt like. That is a reason we are looking at 2. 5 decline. And because that has a significant weight in the nfte i. T. Index, the index is down. 5 . Great talking with you. Work, cathaym we manyic, juul, highprofile Company Executives are disappearing off the scene. Discussed with the chief executive next. This is bloomberg. You are watching Bloomberg Markets asia. Lets take a look at we work. The once high flyer desperate to show off its finances after a planned ipo was shelved and the chief executive resigned. This coming at a time when the number of highprofile ceos have left, including by just juul. Of ebay and our next guests from the headhunter and Leadership ConsultantEdilson Camara ,of egon zehnder international. Is there anything to read into this or all comedy specific . Thanks for having me. I thicket is more i think it thanre in she habitual company specifics. The level of unproductive ability and business is unprecedented. We do believe it is almost impossible for a c or leader to be prepared for the level of uncertainty in the market. How far is the problem here. Quite a lot of the time, perhaps we work, does a person setting up a company has no idea how to run a company. Setting one up one canalis get a sense of hubris which is a downfall one can know us get a sense of hubris from the person setting up a company . Next step is, says. Research in our theory advising climates clients come we systematically tell clients that one ceo is never ready. Era of the arrow the a hero ceo is over. Our advice is to make sure the ceo is on a journey to selfdevelopment, getting prepared to something they have not seen before. Even ceos that are promoted from scrutiny,e a level of level of uncertainty they were not prepared for. Growingce, our fastest segment process is to get the leaders of our clients prepared to something they have not faced before. And perhaps part of the explanation of several disappointing stories in the corporate world were related to leaders that were not prepared to start their own journey in terms of getting ready for something they have not faced before . Having said that, what makes a good ceo versus five years ago, amid all the uncertainties. So many changes in so many challenges, what takes good ceo today . Is a great question. We know for sure based on research as well as our advising to clients that it starts with the person. Ceo him orith the herself understanding that it is from within. As from their own selfawareness and selfknowledge, realizing their own limitations. And embracing the need to be helped. Forward,e that going more and more leaders, boards as well as coos, will embrace that notion that they need Self Development as much as those they lead. Interesting and it is somehow shocking that once someone gets to the top leadership role in a big company or enterprise, this option is that that person is ready for the job. The person might be up for the job. But we are up slowly convinced that no one is ever ready completely and totally ready for a job of the ceo for instance. Haslinda and theres no doubt there is greater scrutiny on ceos and governance issues as well how is that changing your business and how that moving the needle . It is the reason why our Fastest Growing segment for us in the market is what we call leadership advisory. Ceos and boars as we have always done for 60 years. But right now, the development and getting prepared for something that is unprecedented is what boards and ceos are asking for. Boards and ceos are more often asking for help. And theres nothing wrong with asking for help. Are they also asking , morelp in diversity minorities, more women on these boards . Callous people have been on this program suggesting and pointing to statistics which prove that having a diverse board leads to better performance for corporate. What is your view . Absolutely. The point about uncertainty and getting prepared to deal with more complexity out there. Ceos do better when facing that ,hen they embrace challenge they embrace people who have different views talking directly to them. It is clear that a more diverse board, not only gender but backgrounds and ways of thinking, leads to a more diverse and reach desperate and rich discussion in the boardroom. And ceos are more challenged when they relate to a more diverse board. Clients and the boards we serve to embrace that notion. That doing what they have done enough in the years to come. Richaad thank you so much for joining us. Edilson camara the chief executive at egon zehnder. Later on today or as yeltsin would be Boris Johnson out there today at lang out his legislative agenda and the queens speech which we debated by the british lawmakers. On tuesday meetings of the imf and world bank kickoff. They are in washington, d. C. With the new leaders of both expressing continued concern about the Global Economic outlook. Here in hong kong territories chief executive do to get her annual policy address as the cities later it resumes its session. The bank of korea october policy decision and briefing from the it is thend on friday highly important key Economic Data out of china including thirdquarter gdp as well as the latest on Industrial Production and fixed Asset Investment and retail sales numbers. Haslinda key to the governments Fiscal Consolidation which it is confident it will achieve for malaysia. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates or employees. The following is a paper station by rare collectibles tv. Doctors joe kennedy served as president of United States until 1963. He brought america hope john f. Kennedy served as president of United States until 1963. Brought america hope and vision. Amerifellow