Protesters in hong kong, saying the nba has acted like a subsidiary of chinas communist party. Bogard onn bulgari. We bring you our exclusive interview from shanghai. Shery later, we bring you more on amazons after hours stock plunge, but first, lets get you started with a quick check of markets. We see u. S. Futures unchanged at the moment after we sawtek shares leading the gains on the s p 500 which closed above that 3000 level. We had Semiconductors Leading the gains. The Philadelphia Semiconductor index gaining 2. 5 after we got a positive outlook coming out of lam research. The dow, though, underperformed. Had three of we results showing the Global Industrial slump we are seeing is really weighing on the company. Of course, this just part of a raft of earnings we got today including microsoft and tesla gaining on solid earnings, and as we said earlier, amazon plunging after hours, so we will dissect all of those numbers later in the show, but first, lets get you started with a quick check of the asian markets. This friday, asian futures marginally in the green with kiwi stocks adding. 1 at the start of trade. Bracing for more results from the region with budweiser brewing, i dbc, state bank of india, and more on tap. Chipmakers also do after intels bullish forecast. Yields lowerwi after treasuries kept steady overnight as the outlook for more global easing beyond this month is dissipating somewhat. Swedens Central Bank Thursday explicitly signaled a possible rate hike in december to get out of negative yield territory and mario draghi indicated the ecb would remain on hold in the near future. The euro just hovering above 111 after weakening on draghi reiterating the need for more stimulus. Paul thanks, sophie. Lets check in on what is happening in first word news now, get over to jessica summers. Jessica . Jessica thanks, paul. U. S. President u. S. Vice president mike pence has chinas actions against protesters in hong kong. Speaking in washington, pens told demonstrators in hong kong that we stand with you. He also criticized the nba for failing to defend freedom of speech over a tweet from one of its executives that supported hong kongs protest. Hong kong is a living example when china happen embraces liberty, and yet, for the last few years, beijing has increased its interventions in hong kong and engaged in actions to curtail the rights and liberties of its people. Jessica u. K. Prime minister Boris Johnsons bid or a snap election is in doubt with his opponents saying they want to rule out a no deal brexit first. Opposition Party Leader Jeremy Corbyn also says he wants to see if the eu offers a brexit extension before making a decision. Johnson called on a parliamentary vote on monday to back a december 12 election in a bid to avoid what he calls this nightmare. The reason for having that deadline is because otherwise, either the people of this country are going to believe that parliament is really going to do it by that deadline they spent a half years saying they will do it, so lets get it done. Jessica British Police have confirmed that all 39 people found dead in a refrigerated container truck near a british port were chinese citizens. A magistrate gave detectives another 24 hours to question the trucks driver has been arrested on suspicion of attempted murder. Police say the container traveled by ferry from a belgian port before being picked up by the driver. Global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. Im jessica summers. This is bloomberg. Shery the parade of earnings that drove stocks higher continues after the bell. Su keenan has a wrap of the action. Lets start the after hours because the parade higher may not last that long if we have amazon continuing to plunge. Second and this is the major etailer. We had ebay indicating the Holiday Quarter is going to be far weaker than expected. You do have two hits and a miss here. We are going to get to amazon later in the show, but basically, their forecast for sales fell way short and the stock is dropping so much that jeff is out, the number one richest man in the world, may precipitously drop to number two. Intel hitting and out of the ballpark, lifting and lot of the chip stocks as well with its bullish forecast. Visa also coming in strong. Lets start with intel, rising on its bullish Sales Forecast on data center demand. Even though thirdquarter sales were little changed, it is the outlook really driving things. It is an indication demand for chips that power Cloud Computing is improving, even despite the trade dispute between the u. S. And china dragging on, which we know has been cited by Texas Instruments and others as a negative impact Going Forward. Visa beating the highest estimate out there. Fourth quarter net revenue, six point 1 billion, and they came in at one dollar 34 cents, versus 1. 23 per share a year ago. They say they are spending a lot more to please banks after the j. P. Morgan chase a deal, but the higher spending on both your credit and debit cards has been driving profit and revenue higher. They are the largest u. S. Card network by cards in circulation and that certainly is a positive for that sector going into the friday session. Paul and lot of the high flyers who did report late yesterday are still rallying. Whats going on . Su we definitely saw followthrough after the bell rings. Notice tesla jumping huge. We will get to that in a minute. Microsoft also this time yesterday beating the highest estimate out there. Different story for twitter and 3m. The Industrial Company missing estimates. Tesla is up in a big way. There were a lot of bearish bets on tesla. Notice the way they shot up hitting an eightmonth high. It was down 24 going into yesterdays earnings. If we quickly go into the bloomberg, you can see the stock watchers are noting technicals are strong on tesla, which matron back toward its highs on this report. Much forank you so that. We are hearing that softbanks visions fund is planning a writedown of at least five billion dollars. Of course, we have seen some of those investments made by vision fund and those startups may not be panning out as well as they had expected, and we are now getting breaking news that Softbanks Vision Fund is planning a writedown of at least five billion dollars as the Company Continues to prepare for that second vision fund. We have seen softbank, of course, invest in weworks agreement as they try to bailout the company as well. At this moment, softbank vision Fund Planning a writedown of at least 5 billion. Still ahead, we break down amazons earnings with analysts later this hour. Paul plus Vice President mike pence delivers a critique of chinas human rights record just as the worlds two largest economies try to resolve their trade war. We will have insights from Northern Trust chief economist Carl Tennenbaum next. This is bloomberg. Paul Vice President mike pence using both the carrot and stick with china, highlighting the tension between trade and hong kong protests. Hong kong is a living example when china happen embraces liberty. And yet, for the last few years, beijing has increased its interventions in hong kong and engaged in actions to curtail the rights and liberties of its people. Will continue to negotiate in good faith with china to bring longoverdue Structural Reforms in economic relationship. Thisheard again from him morning, President Trump remains optimistic that an agreement can be reached. Remarks come just a day before the u. S. And chinese negotiators try to draw a path to a phase one trade agreement. The chief economist from Northern Trust joins us from sydney dust joins us here in sydney. The reconciliation between some of the social and economic concerns is getting increasingly to make, interestingly at the same time the administration outwardly wants to bring trade tensions down. It is loving laws logs onto the fire that include hong kongs support for the uighurs in china. If you look at the accumulation, we are much further from an accord then we were even a month ago. Paul yet, there are some positive developments, like the report today that u. S. Funds to china may be back to pretrade war levels. Surely you can take some. Ouragement from that at least things are not getting worse. I think that is the best that can be said. The phase i deal that was announced a few weeks no specificities. Im not sure we are that close to anything comprehensive, but perhaps the best we can hope for is no further escalation of hostilities. Shery will we continue to say feet to see fears play out more tour the bond market than equity markets as we have so far . I think that is likely the case. It is unusual, isnt it, that you have ons and stock prices rallying at the same time and sending slightly conflicting signals. I think equities are adaptable. They are seeing supply chains can be adjusted without sacrificing profitability, but the Downside Risks presented by extended trade friction spoke between the u. S. And china and in other situations is certainly weighing on the minds of Bond Investors and central banks. We have seen two key measures of u. S. Investment, talking orders and shipments for noncapital goods falling. At the same time, you have jobless claims doing pretty well in a tight labor market. Which of the two sides will the fed be paying more attention to Going Forward . Its clear that not just a trade frictions but the uncertainty surrounding them is forcing businesses to take a pause, and you see that in manufacturing around the world. It has been very slow, but fortunately right now, services have held up quite well in the United States and other countries. Services are the lions share of gdp. With record low unemployment levels in many places, that does give you encouragement that we can ride this out. Paul to your point, despite trade war headwinds, various other pieces of negative rhetoric, we see the s p up about 20 year to date. Similar story on the nasdaq. Do you find that surprising at all given all those headwinds . Lets not forget that low Interest Rates are very good for stock prices. That is the discounting of future cash flows that determines the price. In that sense, you have had a bit of a lift, but i also think that equity markets are reasonably constructive on the Global Economic outlook, which while it has diminished has certainly not suggested we are in imminent danger of a recession. Again, with careful policymaking and maybe stepping back from the brink of some of these trade wars, we can sustain what has been a fabulous expansion. Paul what you get your thoughts on brexit as well. My minister Boris Johnson trying to get a snap election again, seems unlikely to be able to get that. You expect a deal of some sort eventually, but how many more delays do you think there will be . I do not think there will be many more delays. What has happened over the last month has been truly surprising because many of us thought all Prime Minister johnson was interested in was getting some campaign points, but he actually engaged in substantive negotiations and has the makings of a bill that should please both sides. They may be some political machinations between now and passage, but it now seems unlikely there will be that no deal crash out that everyone was worried about, and if there is an agreement, that gives them a long transition period to figure out some of the scary details. Very encouraging there. What about the fact that we could be headed toward a general election in the very fractured state of u. K. Politics . Does that alter your view of where the economy there is headed . I dont. The british economy, believe it or not, has held up reasonably well despite dire predictions after the referendum while, certainly, the United Kingdom as a business estimation has taken a little bit of a blow, they have low levels of unemployment. Gdp has held up reasonably well and on the basis of a tentative agreement, the pound has done a little better. The makings of the deal, the detail of relationships the u. K. Will have other countries are very important, but the worst case has not been allies and now with no deal seemingly off the table, britain can start getting on with things the worst case has not been realized. Shery this chart on the bloomberg showing how the manufacturing slump continues in germany. Of course, a country that has very strict budget, fiscal policies. What can we expect once Christine Lagarde takes over . Couple of tell you a things. First, there are innocent bystanders around the world, countries kind of in the middle of these trade fictions, and germany as chief among them. They manufacture oil and export successfully, so they have really been at the epicenter of some of this stress. Their economy is either just in recession or just above it and they need to do something. They have been elected to spend money for historical reasons. I think madame lagarde, when she takes over at the ecb, she is a financial diplomat of the very highest order, and i think she will be able to persuade berlin, amongst other european capitals, to begin doing the things collectively that will be necessary to keep the euro zone economy from slipping too much further. Paul thanks so much for joining us today. You can get a roundup of the stories you need to know to get your day going in todays edition of daybreak. Bloomberg some scribes can go to dayb on their terminals bloomberg subscribers can go to dayb on their terminals. This is bloomberg. Paul this is Bloomberg Technology global link. Im paul allen and sydni alongside shery ahn in new york and Bloomberg Technologys taylor riggs in san francisco. Lets get a look at the top mobile tech stories on the day. popular two senators say a popular chinese app creates a risk including the potential for censorship and floor and influence campaigns. s ceo says india will be key for his drive to pursue company to profitability. Uber lost more than 5 million in the second quarter, and the stock has fallen more than 25 since its ipo. He says india is a massive untapped market where uber can demonstrate rapid growth. And the ocbc says it is talking to potential partners about a possible bid for a virtual banking license. The banks coo would not confirm earlier reports but says the rise of ritual banks in singapore means they will face pressure on all fronts including lending margins, deposit margins, and or x rates forex rates. Those are the top global stories we are watching. Shery amazon shares tumbled in late trade after missing analyst estimates, posting a profit drop for the first time in two years. Great to have you with us. It seems investors not quite happy with sacrificing profit in order to make big bets on the future. How long will it take for that next delivery move to pay off . Well, you know, we are not entirely clear. Even amazon themselves admitted on the call when they were asked about it, they are not sure how long it will take. They are learning as they go on this oneday shipping deal. They told everybody that they were making a big commitment to make this oneday delivery happening, and they just said they would have another 1. 5 million in q4, but they also hinted it would take longer than that to get it all settled because theres initial upfront cost to get the inventory in place, but they have to essentially redo the network. Phrase wey use the have to completely redo our Network Topology to deliver the stuff in one day. You can see why. I think it will take a while. But what this gives them is a very attractive prime service and over time as they get more people to sign up, that drives profitability. In the shortterm, it is certainly more of an investment. Taylor the problem is all the investments in oneday delivery were worth it because they thought cloud growth would get us to net profit bit passionate profitability, but we saw that only theb Services Second time it was below 40 they thought cloud growth would get us to net profitability. Theres a couple things going on with Cloud Computing. Number one, obviously, we are starting to get to numbers, which makes it hard in general to see those levels of growth, but the other thing is there is a little bit of a slowdown in terms of the growth in cloud because what has happened is an lot of the earlier easy things to move to the cloud have already happened. Now what were finding is an lot of companies are working on the things that are a little bit tougher to get to the cloud. There will still be plenty of growth, to be clear, but some of these things will take a little bit longer. I think investors are going to have to have a little patience. Intel showed their numbers were higher on the data center side because that is the infrastructure that amazon and microsoft and google and these other Cloud Companies are buying. I think theres still plenty of opportunity in cloud, but i do think we have to reset expectations on the levels of growth that we will see. Especially if you are getting more competition. We are seeing spending has increased in amazon web services. Does this just tell you they are preparing for more rivals ahead . Absolutely. That is definitely the way to read this. Thattalked about the fact the field of marketing their spending more on for aws, making more offerings available, but that is in part because it is a much more competitive environment. Azure is nipping on their heels. Google cloud is growing. Oracle has their cloud business. It is small, but you have quite a number of players there. The other thing8 that is interesting is there has been some initial pushback from some of the early adopters of cloud. They thought the pricing longterm was going to be a little better than it has proven to be, so some people are pulling back because they are finding it to be a little expensive. Taylor we forget that amazon also has amazon fresh, it has whole foods. Are they doing a good enough job focusing on groceries given the competition from the Fresh Companies of walmart and target . Thats a great question. Groceries in general thinking that to even some of the earliest dotcoms. Pod and other companies trying to do Fresh Grocery delivery, they had a hard time and it seems like amazon is as well. We have seen stories of people buying goods past their expiration date. With groceries, the problem is even much more severe because you have Fresh Produce and things like that. I think they are working on it. I think they are trying to figure out how to best use their whole foods asset. There has been talk about doing another type of Grocery Store for more of a mainstream income level. I think they are still working through that and trying to figure out a good way to do it, but i do think that business is a tough one and has proven to be a long time. Shery what was really interesting this week as well was we saw them spend 11 more in the third quarter. Quickly, how big of a concern is regulation . The regulation question is a big one, not just for amazon, but, obviously, there are quite a few tech companies. We saw this story today from senator warren and some other senators concerned with the capital one hack that occurred aws. How much reliance is there on the Banking Industry on Cloud Computing. There are some Big Questions that have to be answered. I think amazon can address a number of those. The regulatory concerns will be in other areas and things like that. Us. thanks for joining that is Bloomberg Technology global link. Dont miss Bloomberg Technology in 00 a. M. Sydney, a. M. Hong kong, 5 00 p. M. New york. This is bloomberg. Paul 9 30 am here on a very warm friday morning in sydney. The market opened 30 minutes away. Futures pointing higher by about. 67 . By about im paul allen in sydney. Shery im shery ahn in new york where it is 6 30 p. M. Lets get to first word news with jessica summers. Draghi has bid farewell to his tenure as the president of the European Central but the gloomy take with a gloomy take on the euro area economy. It has less press conference, he said the labor market had lost some strength, growth is showing weaker momentum, and risks to the outlook are on the downside. He will hand the reins to Christine Lagarde on november 1. I have no advice for christine. As i said, she knows better than anyone else what to do and what to say. No advice is needed. She knows perfectly well what she has to do. By the way, she has a long period of time ahead during which she will have to form her own view together with the governing council about what to do. Jessica natos secretarygeneral says he is encouraged by the reduction of violence in syria but says the situation is still fragile. He made the comments ahead of a meeting of defense ministers in brussels. That meeting followed a temporary truce last week that pause fighting in the region. Brazilian president bolsonaro has given up on his push to appoint his son as the countrys ambassador to the United States. While the Trump Administration had approved suggestion, bolsonaro never submitted his sons name to brazils senate. That is as he struggles to gain enough congressional support. Instead, he has appointed a 56yearold career diplomat to the position. Global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 analysts and analyst been more than 100 20 countries. Im jessica summers. This is bloomberg. Shery a straily opens at the top of the hour. Lets turn to sophie for what to watch in markets australia opens at the top of the hour. Would behis writedown driven by the vision fun holdings in uber and wework and could be as high as 7 billion. After its worst drop since early august, the broader picture, the stock is closer to wiping out 2019s gains. Softbanks Credit Rating was confirmed by moodys. Heads up in australia, more egms on the calendar, including qantas, which comes after the carrier says it will lift domestic capacity despite weakness in the market. Aneral resources posted quarterly rise in iron or shipments. Thanks, sophie. Lets get more on what we should be watching with Global Markets editor adam haigh. Weak results from amazon, seems to be snuffing out their tech rally that we saw overnight in the u. S. Now we have a technical sell signal on the dow. Are we getting into a more cautious phase on the markets . Clearly, it is important because of the size of amazon, but it is also the indicator gives for the tech sector more broadly, which as you mentioned, had rallied nicely and that there regular session, so you had a market essentially led by tech, and now that is being tested with this very poor result from amazon. Giving back at least half of the rally we saw on thursday, and as you said, the technicals more broadly, this chart on the dow jones shows it pretty well, but there are starting to be a bit of technical resistance and some support given away and also the fact that tech has continued to be a Market Leader and if you see that start to change, and certainly that is going to be tested in the friday session, then youve got to feel there needs to be Something Else to come out of the earnings season to swing that around. Optimism a bit of the that came out of this theres a session being reversed, but much of the bond market seeing extreme moves. Bonds look reasonably steady, and it looks like equity markets reasonably set for a insipid open, but we will see how trading progresses through the session. Shery a former goldman analyst at cca research telling analyst not to bail. What is he saying . Adam ultimately, really, the argument is down to if you believe in the bull market and if it still has legs given that valuations are looking pretty testy, especially in places like the u. S. , but the folks over at bca research. 2 this chart in particular, which does show you how financial conditions have been listening us the fed has been continuing to ease policy. He expects the fed to continue to ease policy again this month, but in his view, that will probably mark the last cut in this part of the easing cycle, so you will not see much in the form of further fed moving 2020. Clearly the market is still pricing more of that, but he says in that environment and if you get an uptick in the u. S. China trade war, essentially you can move higher in equity markets, and especially, he favors nonu. S. Equity markets. He says typically with his historical analysis that equity markets outside the u. S. Tend to perform better when you get initial pickups in global growth. Of course, theres a fair number of indicators on the manufacturing side to suggest we have kind of turned a corner in some parts of asia but also perhaps in the u. S. , so he is certainly looking for, as he returnsetty darn strong and equities over the next year, perhaps over the next two years. Shery thank you so much for that. You can find adams charts on the g tv library on the bloomberg. After being denied a fast track to parliament for his brexit deal, Prime MinisterBoris Johnson once a snap election on december 12, but the labourt says that will not happen until a no deal exit has been ruled out and the eu says it needs more clarity. To we ready for sterling sort of embed itself into a range until parliament can resolve this . Basically. It feels like we are in a holding pattern. If you look at sterlings performance, it was not the biggest loser among the group of 10 currencies, the reason being it is really hard to price in a result at this point. We dont even know if mondays vote will happen. I mean, without labor support, its really hard for johnson to push this vote through without waiver without labour support. Traders are content to wait and. Ee paul we are going to wait and see, but what will the outlook for markets be if somehow Boris Johnson got his wish and got that snap election . Opinion is really split here. I was talking to cibc about this, and they expect any dip would probably be bought, but if you turn back the clock a little bit, theresa may tried this exact maneuver in 2017, and at that point, she had a lead in the polls but still ended up losing conservative majority. For that reason, numeral nomura is looking to add shorts on any rally because the risk of an election upset is just too high. Paul thanks so much for joining us. Luxury jeweler bull bari expectjeweler bulgari sales in china to double even amid the broader economic slowdown. Our china correspondent selena wang, spoke to the ceo and joins us from beijing. What did she say . Selina the ceo said 29th 2019 sales are already on track to surpass what they had last year. There are a number of factors contribute into increased domestic spending. You have the Chinese Government trying to encourage domestic spending, he weaker yen pressuring outbound tourism, and the hong kong protest have led to a dramatic decline in mainland tourists traveling there. The decline in sales and hong kong have more than been offset by sales in mainland china, japan, southeast asia, but hes confident that in the longterm term, hong kong can bounce back and regain its status as a luxury destination. Take a listen to what he had to say. Think part is related to what you said before, and that is that more chinese by in china and less are buying out of china. There has been a recreation of some investments in china. Never got such a strong demand. I think in 2019, we are never ga strong already well below 2018, fullyear last year. Selina protests in hong kong have weight on security in the region. Wellhow are you being impacted there . Our quarter has been equal to the second and first one. It has been more than offset by growth in china mainland, which is good news because we like locally. Nts are buying china andbelieve that the three to five years to come can probably double its potential when it comes to jewelry sales. In addition to the nba, you have seen Luxury Companies like tiffanys and dr dior come under fire in china. What is your reaction on the situation . Chinas sovereignty has never been an issue of discussion. Our organization i think is very clear and mirroring our respect for chinese sovereignty. Selina even your heavy supply chain dahmer it dominant in europe, are you concerned about chinese tariffs or the u. S. Eu tariffs . Is complexness. Ecause you have many variables there are plenty of factors to isolate. One macro factor is a bit occult, especially amid a trade war. We all know that trade wars are. Ever good it of this lee increases consumer prices. This means some countries export less and other countries sell their goods more expensive. Is why worldwide, the wto is trying to lower and eliminate duties as much as possible areuse we know that duties not fostering the World Economic expansion. I think it will be better for the world that the trade war finishes because in the long countries are, world, themselves to the where as we know that open markets have ever been positive to Global Economic development. He also pointed out there is still a huge upper middle class in china just graduating from college, getting their first jobs, have a lot of discretionary money, and you have these people with single being single children, so in china, theyre looking to add more stores, and hes also looking at five to 10 cities where they do not have any presents yet where he hopes they will over the coming years. Shery thank you so much for that, our china correspondent joining us from beijing. Dont forget, if you are away from a screen, you can always find indepth analysis and the days big newsmakers on Bloomberg Radio, broadcasting live from our brandnew studio in hong kong. Listen via the app, Bloomberg Radio plus, or bloomberg. Com. This is bloomberg. Shery e watching a break australia. Daybreak australia. Gold is holding onto gains. Meant the perth mint ceo joins us. We have seen china adding steadily to its reserves. I believe 100 tons since it started buying again last december. How significant is this in driving the price higher . I think certainly it has a lot to do with price rising, but china, russia, and poland as well as the biggest central bank buyers on the planet at the moment. Paul how about consumer demand . . Ow has demand from india been it is always very strong around this time of year. Not a lot of other product going through official channels at the moment, but certainly Global Demand is holding up really well, especially on the coin side of things at the moment. I believe your numbers climbed to a 10month high. What would you say with the biggest drivers . The biggest drivers for that demand really are twofold. Thetly, the introduction of australian bullion coin. Rograms 2020 series most of our 2019 releases par already sold out. Shery we have seen gold prices rally this year, but then now they are kind of sort of holding in a range. Where do you see them going for the rest of the year . I think a lot is going to have to do with what happens in the United States with donald trump. Friendly business policies and tax cuts have taken the edge off any strong impetus to push gold significantly higher than where it is at the moment. If the impeachment proceedings go where trump says they will not go, that will certainly have an effect, but theres no doubt that the president is going to do everything he can to keep the American Economy as strong and bullion as he can in the runup to the election next year. Paul are there any other main drivers you see heading into 2020 . For example, will they what a resolution of the trade war have an impact on the gold price . Certainly it will. I think of trade wars are resolved to some degree, you will start to see greater flows into china. Not the pboc necessarily, but to commercial banks. The Chinese Government have restricted import quotas quite significantly over the last 12 months in an attempt to control the balance of payment flows and if the trade war sees a decent resolution, i think you will see that being taken off. Paul i want to get your thoughts on one curiosity of this gold rally. Normally when gold rallies, silver goes along for the ride, but that does not seem to be the case. Why is that gold silver ratio still so wide . Quicksilver is much more of an industrial metal, but that does not mean that precious metal collectors and investors ignore silver they dont but the underlying fundamentals of both metals are quite different. In my view certainly because silver is much more of an industrial commodity than gold. See pricese do you of silver going . My own view, and we are certainly not in the business of speculating where price is going, but my view is silver will continue its range trade. There is a lot of silver in the see enormous dont upside with silver prices for the foreseeable future. Significantly, it will undoubtedly drag silver with it, but certainly youre not going to go back to the gold silver ratio price ratios that we have seen in the past. A little bit about the future of gold trading. Suffer becauseld of high storage costs as well as transaction costs. How will judas asian change the game . I think digitization of gold makes it available and makes it more attractive to a new demographic of investor. Oldstyleional investor, typically people in their 40s and 50s, are looking for product that is physically stored in a vault they can go and touch and so one and so forth. The new digitized gold offerings in the market really offer the , but it is a new way of making it more accessible and more attractive to that demographic of buyer. I think the debate certainly is having a significant effect and you have seen the rising and , and ifof bitcoin goldbacked cryptos can present a viable alternative to stable coins, i think that is only good for the gold industry. Paul that digital gold token thatgt you launched this month. How has that gone visavis your expectations . Interest has been very significant from around the world, and weve got a number of institutions talking to us about it as well as they seek to broaden their portfolios. Paul thanks very much for joining us. Quick c are very welcome. Paul you can watch us live and see past interviews on our interactive tv function, tv. You can also dive into any of the securities or bloomberg functions we talk about. Plus, you can become part of the conversation, send us instant messages during our shows. This is for bloomberg subscribers only. Check it out at tv. This is bloomberg. Shery lets get a quick check of the latest business flash headlines. Targeting hundreds of employees in the middle east, north africa, and turkey, the latest move in their Cost Reduction program. Were told global lending markets and commercial Banking Units may bear the brunt of the reductions which are due to start in november. Hsbc employs 4 of its total workforce in that region. Paul thirdquarter profit at ping on insurance jumped. Chinas largest insurer by market value reported net income of 4. 5 billion in the period with operating costs also jumping more than 20 in the first nine months of the year. It has been focused on selling highvalue products in a bid to widen margins. Shery the head of kkrs London Business has is leaving the company. Replaced by the head of kkrs india unit. Has been in market a prolonged freeze the past year. It forhat is almost daybreak australia this morning. We do have trading in new zealand under way. Pretty quiet at the moment this friday, higher by. 1 . Strailys market set to open in just five minutes time. s markethave australia such open a just five minutes time. Futures for a straily or were higher by. 6 to 7 earlier on, easing to. 5 percent. The aussie dollar continuing to trade in that fairly tight range against the greenback at the moment. That is it from daybreak australia. We will have the market open in sydney coming up next and before from and all the action daybreak asia as well. Stay with us. This is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Ann berry, partner at cornell goodal Paul Allen Paul morning. I am paul allen in sydney where the markets have opened in japan and korea. Shery i am shery ahn in new york. Kamaruddin ify i am Sophie Kamaruddin in hong kong. Welcome to daybreak asia. Paul our top stories this friday. Boris johnsons snap election bid in doubt after the opposition demands he rules out a new deal brexit. U. S. Stocks are