Weeks elections. Saudi aramcos shares advance again ahead of the inclusion and Major International equity indices this week. The worlds most valuable company has gained 17 since the debut. It is 8 00 a. M. Across the emirates. I am in dubai. Im Tracy Alloway in hong kong. I mentioned the yuan strengthening on the back of the stronger ecodata and on the back of the agreement between the u. S. And china on a phase one trade deal, finally. Take a look at the offshore rate, about. 99 this morning. I should mention the fix for the onshore rate came in stronger, the strongest since august 6. The developments will give enough confidence to chinese corporates to refrain from adding to their dollar stockpiles for now, so thats when we sin reason why the Chinese Markets are strengthening. Lets talk about another key asset on the move. Rent crude is down about one third of a percent from a three month high. A little bit of caution around this trade agreement. The limited nature and the lack of detail around deliberations in the u. S. And china is percolating through into a level of risk aversion. And to see interesting to see with the hedge funds are doing because they got the timing right. Numbersthe net bullish on wti, increasing the most in three years. Arguably, they are in a strong position to benefit on the upside of the numbers on chinese crude consumption as well. Lets get to the other quarters of the market with Juliette Saly in singapore. Good morning. What is on your radar . Teetering off today, although you have the msci index slightly higher. Yousef we are going to go to adco. We have the indian markets. What is the story over there . Reporter right. We were expecting some consolidation. That is how things are panning out to the benchmark. That as ofremember now, we are looking at a decreased participation which is indicated by the Growth Numbers from fii as well as di i. There have been accumulations around options exactly where the nifty is. If you take these factors into consideration, as far as your option trades are concerned expecting consolidation, that is evidence where we are seeing a range of movement. We will be watching out for rupee remains flat against the u. S. Dollar. Not much has changed their care my either. We will check back in with you later. In the meantime, lets get first word headlines from around the world with annabelle droulers. Reporter Boris Johnson will appoint top ministers to his cabinet later as he pushes ahead with brexit. The Prime Minister has been emboldened by the historic majority he won last weeks of election, but he has a longerterm battle to stop scotland from sliding way from the u. K. Scottish National Porter party had a near clean sweep. Small scale demonstration in hong kong. Standoffs continued into the night as protesters blocked roads and police fired tear gas into the crowds. The violence came as carrie lam visited beijing to give president xi jinping what she called a full account of whats happened in hong kong over the past year. Lebanese Security Forces fired rubber bullets and tear gas amid another weekend of clashes in beirut. The violence was some of the worst in the city since antigovernment protests erected two months ago ahead of talks to name a new Prime Minister. Previous negotiations fell apart. Saudi aramco shares advanced again last yesterday ahead of the inclusion of Major International equity indexes this week. The worlds most valuable company gained almost 17 since its debut in riyadh. Global news 24 hours a day on air and on quick tech by a bloomberg, 2700ed by more than journalists and analysts in more than 120 countries. This is bloomberg. Tracy chinas economy showed start s of stabilizing and regaining growth, adding to the good news for the nations outlook after phase one was reached last week. Of yuan advanced on the back the deal and Strong Industrial output. U. S. Trade representative Robert Lighthizer says theres no date yet for phase two talks. We dont have a date. We have to get this, the final translation, the formalities, and the agreement. I will tell you this. The second phase two will be determined how we implement phase one. Phase one will be implemented right down to the detail. It is a remarkable agreement but it will not solve all the problems. Lets get more with our china correspondent tom mackenzie. Lets start out with the ego data. Industrial output and retail sales coming in better than expected. What is the takeaway . Reporter significantly stronger on both of those fronts than the forecast had expected. Retail sales looking at 8 growth in november. Industrial production at 6. 2 . Investment was essentially flat. Officials are saying some of the measures they enacted earlier in the year have started to play through in terms of this data. It does follow as well from stabilization and the official and private surveys when it comes to pmi. Now you have the views of some economists that you are looking at a stabilization and terms of the growth picture into 2020. Of course, the trade deal will factor into that as well. There is a little tick up in private investment, which is a positive in terms of infrastructure. You should see this frontloading of special issues and bonds. Thats another area that could take up in the early part of 2020. Not to say there arent still multiple pressures on the economy whether it diverging inflation or exports remaining weak. There is still a lack of detail around this, between the u. S. And china. How did the chinese try and sell this to domestic audiences . Reporter they came out and had a meeting over the weekend and statements over the weekend saying they were going to suspend around of tariffs on u. S. Goods and get rid of others as well. Of course, lighthizer and the chief negotiator might sign this in early january. The details in terms of what we got so far from this 86 page agreement, relatively thin. We have, according to the u. S. , an agreement for billions of Agricultural Products from the u. S. Over a twoyear period and the u. S. Agree not to impose december 15 tariffs. Kick inhose wont probably until february when the deal is signed. He also have some agreements for electrical property and currents, but we are still waiting on the detail. You heard from the soundbite, phase two is when the attention shifts and whether or not they can get progress is pretty doubtful at this stage. When phase one gets implemented, they moved to phase two. That is what trump wants to see. Tracy phase one was supposed to be the easy part. Tom mackenzie in beijing for us, thank you. Lets bring in mikio kumada, executive director and global strategist at Lgt Capital Partners asia. He joins us from the hong kong studio. I wanted to start out with the phase one treatment trade agreement. How much does that change things for your in basement strategy . Investment strategy . Our outlook for next year is still constructive, but i think for now it is still cautious. It has to do with the fact that a lot of the the phase one trade deal is actually easier for the entire relationship, or at least to patch it over. Inen the rally we have had august since equity markets, it is being priced in. We are using this current strength to go back to neutral in equities and we will see how we redeploy money as events unfold early next year. Yousef we are seeing the chinese yuan sort of hovering around the seven mark, strengthening around the trade line. What weve done is we added some of the Government Bond yields as well. We also added the other key metrics that is the equity story, and they are not taking the hint for stock prices, thats for sure. The banks say what is needed is a level of fiscal stimulus ongoing. Do you agree with that . Yes, fiscal stimulus given Interest Rates and Monetary Policy, especially after the uturn we saw, the past year in the u. S. As well as in europe, it would be helpful. But because you mentioned the yuan, the Main Driving Force is the slight decline in the uncertainty about the future in regime. Obviously, they are not as bad as initially expected and it does support the yuan going forward. Also, it seems the phase one that has removed some currency manipulation, we have to see what the details are. That is certainly a shortterm positive for the yuan. Tracy since we are on the topic of china assets, i want to ask about chinese stocks. One of the hallmarks of trading during the tensions between the u. S. And china has been that investors have been betting on u. S. Outperformance versus chinese equities. If we take a look at this chart, you can see the shanghai composite has generally underperformed the s p 500 through the trade war. Do you expect chinese equities to play catch up to the u. S. Now that we have a phase one agreement in place . In the shortterm, this is more of a personal take on this a broader strategy, we see the u. S. Having significant advantages. Personally i do see the potential for catch up, specifically in china, but also in the emerging marketplace. The underperformance to that degree is probably not justified if you have a trade deal phase one, and or we seem to have a recovery in the pmis and the other economic indices. The chinese equities definitely have room to catch up in the shortterm. Positioned are you around the emerging market space . Arguably, a trade breakthrough, even on a superficial level, one kind of basis would be positive overall for em. Isas i said earlier, my case there is potential in emerging markets to catch up. At the moment, we are still slightly underweight from a broader perspective for the next three to six months. As i said, there is room to catch up. We would need to see more. The trade deal i think is not so much of a concern as we need of thenfidence in terms economic recovery and stabilization playing out. Right now, it looks to most people like a stabilization. We mentioned chinese numbers. Numbers. Need more we have a record easing in Monetary Policy and emerging space in the past year. That has been the Biggest Campaign by 24 major Central Banks since the Global Financial crisis. That will feed into the emerging economies, which also enjoy more stable currencies at the moment. They have room to ease. These are positive things. I wouldnt be surprised if the outlook is for the emerging space and will improve in the next couple quarters. Tracy hold that thought. We will get more of your thinking from Central Banks in a few minutes. Still ahead, saudi aramco shares again ahead of the major indices these week. Theill have the markets as cap hovers around the 2 trillion mark. Yousef next, investors brace for it. Could this be the most more mentors momentous by ending negative rates . This is bloomberg. Yousef lets get you a quick recap as to how middle east markets fared in the previous session. Good morning. Reporter good morning. Lets take a look at the picture here for markets. Rising 6 10 of 1 . Also higher in dubai, up about 2 10 of 1 . Slightly higher here in qatar. 06 . 1 bahrain, the market rising yesterday and hitting the highest level since may 2010. It had a pretty strong month in the bahrain stock market. Lets go to aramco. This is a story we are following this week as we continue to watch the fallout of the worlds biggest ipo ever. We arose in trading yesterday. You will see this for the last two days. Since after that 10 pop yesterday, we are watching as we go into wednesday when we get index andin the saudi the msci index, and later the ftse russell indices. Impact flows could prices higher. I want to flip to the currency markets and take a look at the turkish lira. It is hitting its weakest levels since october, midoctober. Thats around the time we saw more concerned about syria. We have seen over the past few days some new headlines about the potential for u. S. Sanctions and that may be what is driving a lot of this move here in turkey. Turkey potentially going to sign a new arms deal with russia that could inflame already pretty not so favorable relations with the United States and weaken the currency further. Yousef thank you very much for that round up. Simon fox, at the Financial Center in doha. Another developing story the last full working week of 2019. A final snapshot of the world slowdown. Bit of a investors watching a host of Global Central Bank decisions including from the voa and the boe and boj. The most momentous could be coming from the worlds oldest central bank. It is set to end itsnegative repo rate after five years to shift away from below zero rates. Is still with us from hong kong. Moving as for the bank bit too early, moving into positive territory, give us a broader global consensus that appears to be emerging in the western world around negative rates. Know, because the riksbank has been one of the pioneers in terms of negative rates. They were very ingressive aggressive in terms of crete cutie and Interest Rates when everybody else was standing on the fence. Prettyve achieved a stable nominal gdp growth over the recent period of time where others struggled. Also they are among the few Central Banks that broadly met their inflation targets. I think if they decide it is time for them to pare back, that is probably justified. Tracy i wanted to ask you about the fed as well. We have seen the fed basically pause its rate cut. But they seem to be relatively dovish at this point in time. Going back to what we were discussing previously with the phase one trade agreement, does that mean the fed starts to revisit the dovish stats . They already took away the uncertainties language from the outlook last week. I hope not. Right now, they are in a sweet spot. They provided three cuts. Inflation expectations, if you look at the shorterterm, the market based inflation swaps and shorter instruments, they are still below 2 but gradually moving towards target. Ideally, we would have very Good Measures where people expect normal gdp to be. Take. My we dont have that, so Inflation Expectations are the secondbest. Inflationhit 2 expectations, which is the target or above, i dont think they should be discussing the shift. It does appear they seem to be on that side of the book at the moment. The way i read chairman powells recent statement is if they have surprise on the upside, they will still stay on hold for a while. For an if im looking opportunity to trade with quite a bit of volatility, i would be looking at which central bank could surprise the most the bar is very low, i appreciate that. Im sorry, it is pretty high for that to happen. The bank of japan or the bank of england, which would you pick . I think the bank of england is more likely to go even though i see that as a derivative of our view of the European Central bank. It is a new central bank. Bethe ecb, ms. Lagarde may tested in terms of her commitment to whatever it takes, though whatever it takes attitude. There is a bit of pressure. Of course, the bank of england chefnuary will have a new chef, sorry. Chairman or governor. And written for all the good news we have seen here in terms of political uncertainty. Get brexit done is just the exit is done. The new trade deal is still to be negotiated. There might be some uncertainty there. To answer your question, i think the boe. Yousef tracy tracy we will have plenty more on bloomberg television. This is bloomberg. Sion. This is bloomberg. Tracy lets get a quick check of the latest business flash headlines with annabelle droulers. Reporter thank you. Hong kong wants to government to help the Hotel Industry which is badly damaged during months of street protests. The executive director says Hotel Revenue fell by 40 in november and december with secondhalf revenue expected to have fallen 30 . He says lawmakers should look at policies during the crisis in 2003. Reports from china say leading automaker be aic plans to double its stake in daimler. Reuters says they would double the holding to 10 and bring a seat on the board. It could make it the biggest shareholder ahead of the domestic rival. S bankers taking a hard look at their most important client. After the costly rescue of wework and several other projects for the softbank boss, two of japans biggest lenders are saying they are growing less confident with his management of the 100 billion vision fund. The banks are being approach price softbank for a new loan. That is your business flash. Yousef thank you very much. We still have a jampacked show ahead. Saudi aramco shares advance ahead of the Energy Giants inclusion in a Major International equity index. The worlds most valuable company has gained 17 since its debut. That is the chart for you. The folks at jefferies initiated coverage of saudi aramco. Recommendation is actually underperform with a price target of 30 to share. That implies a 20 decrease from the last price. Analysts maintaining a consensus when youre target for the stock in the past three months with to 39. 2. Tween 30 we will break it down for you and plenty more, straight ahead. This is bloomberg. Tracy it is 11 30 p. M. In new york. You are looking at live pictures of midtown manhattan. We did have a relatively muted reaction to the trade headlines that came out on friday. That s p 500 index actually closed up by just. 01 . That tells you something about the confusion around the headlines. Take a look at u. S. Equity futures this morning, up almost one third of a percent. Seems to be a little bit of response sentiment creeping into the market now that we have additional details. Bank of America Merrill lynch say the market is primed for a First Quarter melt up given that the fed and ecb are still adding liquidity and we have the receding risks of the brexit and the trade war. Something to look out for, how are investors positioning into the First Quarter . Lets check in on first word headlines from around the world with annabelle droulers. Reporter the media budget update and australia says economic pressures are beginning to weigh on government finances. The treasury is lowering the forecast surplus for through june next year and subsequent three years as it scales back. Payments. If the government managed to return books to the black, it will be the First Time Since before the 2008 financial crisis. Australians can be confident about their Economic Future with the first account surplus in 40 years. Welfare dependency at its lowest level in 30 years. The biggest tax cuts in 20 years, and the first balanced budget in 11 years. Claims that authorities have extended a campaign against political opponents into the Financial Sector. Former senior at vectors executives tell bloomberg they were dismissed over the last two years. The agency is overseen by president erdogans soninlaw who has been treasury and year. E since july last English Football Club arsenal facing a potential backlash from china after one of the top players attract attacked the treatment of uighur muslims in china. Immediatee clubs attempt to distance itself from the remarks. Earlier this year, the nba was slammed in china after an executive showed support for the democracy protests in hong kong. Saudi arabias Unemployment Rate fell to its lowest in more than three years as the kingdoms economy recovers. Joblessness slipped to 12 in the Third Quarter from 12. 3 in the previous three months. More saudis are working in the public and private sectors and unemployment dropped for both men and women. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im annabelle droulers. This is bloomberg. Big gains for australia. Absolutely. Theainly outperforming, australian equity market on a tear today up 1. 8 percent, worth noting new zealands market with trade across all boards down due to a conductivity issue. The euphoria from friday fading somewhat. Weakness coming through in hong kong. A plate pretty flat session and japan as well. When it comes to currency moves, we are seeing offshore chinese come currency move today. The offshore currency is rising. We had the strongest in terms of the onshore today from the pboc in four months. Still the trade deal against getting over the line is giving a bit of a boost to the offshore currency today. Are also seeing m a activity boost of Chinese Electronics company. What are the details . Juliette you can see universal scientific jumping i the daily 10 limit after it resumed trade. It had been halted by a week due to the previous deal. We are hearing the Electronics Maker will pay 450 million for ciccnch company, which says should significantly boost its own profits and help facilitate the globalization. They share market is also a front runner. We see a large block trade having gone through the company. Quickly to the downside, theres not a lot of Corporate News when you look at the significant movers. We have seen philippine stocks retreat from the threeweek high. Part of that is due to the heavyweights falling today. Thank you for that roundup. Juliette saly there. Lets go to the markets and bring in our specialist. Of llion dollar valuation, how do saudi aramco compared to its peers around the world . Butts interesting to see, the comparison between aramco and other Major Oil Producers globally. That valuation you just mentioned has been out there for a while. Now the company is actually worth that price. We look at some of the numbers brought by our Bloomberg Intelligence analysts. Price, theat at this company is actually providing 4 . Than toto ander bp, which all are around 6 . If you look at the estimating price for next year, aramco is treating close to 18 times, which is way above their peers in the European Market and close to those mostly in the American Energy market. All of this is very important to remember that aramco is trading at such premiums because the company does have a much higher expected income for years to come. It is incomparable when you look at the other companies. If investors, especially foreign investors, are willing to pay the price to have this guarantee nd. Er ha tracy if we stick with aramco, we know the Saudi Exchange is extending the closing option tuesday. Walk us through whats happening there. Thats correct. They just confirmed this information yesterday. The closing option in riyadh tomorrow, instead of happening between 3 00 and 3 10 p. M. Local time, it will be extended for another 10 minutes. Thats because tomorrow is the date considered by ms ei to grab the price of aramco to be added msci emerging market index, the most popular for investors looking at em equities. Adjustve to address the portfolio before inclusion. Tomorrow should be the busiest day for the trade. The investors will have extended option to buy the shares. We should see a quite increased volume of shares. Yousef i will tell you who else is getting busy, all the analysts before wrapping up for the christmas and new years break. What are some of the highlights . We just mentioned earlier, jeffries came out with their recommendation on aramco. They say its another weight. Say theect analysts target for the stock should be 30. Thats about six permits 6. 3 lower than the ipo price, which is quite impressive. We hear thatond the stock listed that recommendation. On another front, the positive morgane had jp announcing earlier today that they are recommending a buy for the stock with an upside of about 12 from the current price where the stock is trading. This could be a good quarter for those going beyond aramco at this moment. Tracy we are going to leave it there. Our middleacheco, east markets and equities reporter reading all those notes so you dont have to. We will stick with the region. The Qatar Free Zones Authority announced a group of Major International companies would invest more than 1. 5 billion qatari riyals, around 410 million to set up projects in the zones. In doha has more. Reporter right. This group of Companies Included the likes of volkswagen, and china harbor. I sat down with a minister of state and the chairman of the free zones of authority to hear what the zone really meant. Thats a good deal for us it is very diversified. It covered different sectors, very advanced economy, most of them from america to europe to asia, which is exactly what we are trying to build here in the freezone to attract and move our economy. Yourself were in an investment seat, the ceo of the qa. Qia. When you look at the freezone, what kind of things did you need to see that were key pieces of the zones in order to bring new investment that maybe werent here before . As simple as that. We should be the best choice for others. I mean it this way. We would like to position ourselves to open to many companies. We are trying to create additional value in qatar here. Infrastructure, we shopexcellent infrastructure, we have top education on the ground with universities. Qatar i think we can offer the best ecosystem to continue growing from the region. Haveter one thing that i learned from talking to businessmen has been that theres is a lot of government money here. That youhe best way encourage that government money not necessarily to crowd out private investment . How do you encourage more private Sector Investment . We are going to Bring International markets. Reporter do what do you think qatari markets need to learn from International Markets . Have one of the highest gdp per capita. Its not about money. Its not about unemployment. We dont have an issue. It is about knowledge, about technology, about transferring our economy. About looking to the future. Companiestract these and we tell them, enjoyed the top infrastructure we have, the top social infrastructure we have, they will come. To qatari people will come be involved with our family. Lets grow together. Thats what we are trying to offer. Tenure, youder your did become invested in some large banks. Credit suisse and barclays, i believe. Has that helped inform the Banking Sector in your mind and in retrospect, do you think it was a positive id . We wanted to keep the will for the future generations. That has been key for the organization to be stable. ,o utilize other opportunities we utilize them and they would be working with us on different projects. They are adding value. We have volkswagen today. Companies thater with doha venture capital, which is a new fund, they invest in them and in qatar. Thatter he is saying return is not the only thing qatar is looking for in these investments. The freezone is clearly a piece of the larger investment puzzle. Simone foxman at the qatar Financial Sector with the latest. Thank you. Masayoshioubts over investors. Extensive setbacks including the debacle that was the wework. This is bloomberg. Yousef time to check back in with indian markets. Andhas the session evolved what are you hearing . Good morning to you and good afternoon, tracy. Flattening out a little bit in the session today. We started off very well. Banks. See the the reason why this happened is the first of the ibc cases, the Bankruptcy Court started to much fanfare, has seen a closure, departing 40,000 rupees for the indian lender. As a result, the banks started very well. But i must start your attention to this chart we made this morning. Almost every trader on the street is talking about how this range is proving to be crucial support for the nifty. If banks get these resolution moneys, it will affect sentiment. We have to watch out for those levels. That. Thank you for some leading banks in japan are growing less comfortable with softbank founder Masayoshi Son and his vision fund. There have been a series of highprofile and costly investment setbacks. Asia tex executive editor Peter Elstrom joins us. Walk us through the catalyst for this potential change to the relationship between son and his bankers. Most people would have described him as an eccentric billionaire for some time previously. Is important to understand the context here. This relationship between Masayoshi Son and the banks in japan goes back decades. He was only 24 years old in 1982 when he took out his first loan from the predecessor to mizuho bank. Over the years, they built a close relationship where hes borrowed money and paid out banking fees that have been lucrative for the banks involved. Hes taking one risk after another as he has made acquisitions, expanded into new areas. Notably, he bought the vodafone affiliate in japan and was at the time it was considered a risky deal when he turned it around and made the money. He turned into a profitable competitor here in japan. It has been a symbiotic relationship for decades with japanese banks who are dealing with negative yields in japan or are struggling for any kind of fees anywhere. In recent years, they have change from the softbank focused on the telecom industry, which is a steady provider of cash flow and profit with which he could use to pay back the loans. About three years ago, they set up this 100 lynn dollar vision fund 100 billion dollar vision fund where they made multibilliondollar bets on we andstartups including huber notably, wework. In recent years, the banks have grown concerned about where the business is going and how steady it is and whether they can generate cash flow with the predictability we need as softbank continues to borrow billions of dollars. Mr. Ef so what exactly does son need to do to reestablish support in japan . In particular, the wework fiasco has been a big test in the Business Model and about betting on startups around the world. They poured in more than 10 billion in two wework. Wework was headed for this ipo until public investors balked at and crazyments governance processes the company had. Some say the progress and the son has aon installed one of his top lieutenants and he has begun to work on the Business Model. Operations and then engineered a merger with tmobile that is now under consideration by regulators. The bankers want to see progress turning around this wework business with steps towards profitability at some point, they need to take the company public. At the same time, the vision fund has about 80 companies and its portfolios and they need to move forward to take some of those public. Yousef thank you for sharing those insights. Lets talk about Key Developments and this part of the world. Conditions should improve in the second half of 2020 according to bloomberg intelligent. Lets get more with the gulf bank analyst for Bloomberg Intelligence. 2019 has been a tumult was year for a lot of these lenders. If you were looking for a argument, 2019 would be quite high up there. How does it stack up . I think the outlook is improving for 2020 despite uae banks stepping in. This is something to remain for 2020. He prospect is improving also, we have the potential increases for ownership. 2021 is the beyond formation that happening in the industry in terms of merger acquisitions. If we look at other countries like kuwait, msc inclusion will expect provisioning to be support. Im slightly obsessed with benchmark providers. The outlook appears a little more doubtful for saudi and the uae. Walk us through that. For saudi inclusion into msc indices, it is almost over now. They will go into 2020 assuming large part of the aramco proceeds will be into domestic projects and we will see a lot of ipo activity in the domestic market. All of this should be supported through revenue. However, in terms of the margin, the pressure will be higher because saudi banks are more sensitive to lower rates than the uae banks. Bank marginth will hold better. Yousef what do you expect into the new year . The risk will remain particularly inchoate and public tonding cuts will be a risk the outlook for the saudi and kuwaiti banks. For the uae bank, we see more positives and the risk of property is being priced in. Uae bank has a high capital and they are already sufficient provisioning against bad loans. Tracy we are going to leave it there. The gulf bank analyst for Bloomberg Intelligence. Thank you so much. Time now for size and scope. Every day, we break down one super to live superlative from our coverage. Todays number is 5250. Here to explain is our across asset reporter erik lamela. Reporter today we are checking in and we are taking a look at futures contracts. 5250, lots of put options on copper, taking a look at hitting a record on friday. That suggests that there is still skepticism coming out of the u. S. China preliminary trade deal that was announced at the end of last week. Tradesly, better relations between the two countries and improvement for Industrial Metals like copper, which is why it is a great indicator, but the fact that we are seeing trading being skeptical about prices with healthy skepticism about the trade deal. Yousef meanwhile, traders are keeping an eye on developments in zambia and zimbabwe. That is a bit off the beaten path for many mainstream investors, but they have the Worlds Largest manmade freshwater dam. Reporter there are some eresting developments on developments going on. The hydropower dam is the Worlds Largest freshwater dam, but unfortunately, water levels have dropped to more than two decade lows and are continuing to fall, putting a crimp on Power Production or theres a risk they might actually have to shut off Power Production for the first time ever. So far, households and factories have borne the brunt of the power shortages because Copper Mining companies in zambia are such an important part of the expert earnings. Looking ahead, if we do seek continued power, we could see the production put to risk. Yousef thank you for those updates. Lets now check back in with the markets. You have a level of trepidation and a level of caution that is moving through a lot of these asset classes. In phase one of the u. S. China trade deal, it is definitely supporting u. S. Stocks to a large degree but much more so than some of the other global indices. You have important chinese data out. Regaining growth momentum in november. The msci asiapacific index currently out up about 1 5 of 1 . Tracy im not sure i would call it trepidation. We do have a mixed picture underway and the msci asiapacific region or in the benchmark and the underlying conceals varying performance. Australia actually outperforming this morning. We have the active futures contract of the s p 500 up most one third of a percent. Thats after a relatively muted response of the actual index friday. That closed out about. 01 , which maybe wasnt the reaction a lot of people were hoping for. Meanwhile, the 10 year yields on the u. S. Treasury, trading morning. Y flat this bank of America Merrill lynch saying the fact that the Federal Reserve and ecb are both still in liquidity mode, still adding liquidity to the market in various ways and both of them seem to have a dovish bent. Because they are both doing that and the wake of receiving tail risks and the Global Economy including brexit and the trade war between china and the u. S. , that will lead to a melt up for risk assets in the First Quarter. That gives you some indication of how investors might begin to position as we get into the new year. Is also about saudi aramco and it is featured prominently in the first hour of this program and will feature prominently in the second hour as well. This is your four day chart, up about 17 , even though we get a second analyst quite downbeat with a new target price of 30 riyals per share. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your local xfinity store today. The following is a paid presentation brought to you by rare collectibles tv. The California Gold rush is considered to be one of the most impactful events to affect americas young economy in the first 100 years. It has certainly had a. Onglasting impression it all began in january of 1848. James marshall found flakes of