Billion. Sydney, just past 8 a. M. Im haidi lun. This is daybreak asia. In new after 6 p. M. York. Im betty liu. We will be looking in all the action on wall street playing into the asiapacific trading day. Two within the last minutes, we got that breaking news out of washington. President trump firing the fbi director james comey. Our chief White House Correspondent has the latest on this news. . Evin, what happened here he fired comey on the recommendation of attorney general jeff sessions, right . Reporter yes this is breaking is just coming out of 1600 pennsylvania avenue, where fbi director comey has been fired. President informing the fbi that he will no longer be leading the bureau. In the letter where he informed mr. Comey of the firing, he says i want to read it to you. He says while i greatly appreciate you informing me on three everett occasions separate occasions that i am not under investigation, i nevertheless concur with the department of justice that you are not able to effectively lead the bureau. Clearly in the context of washington and the conversations that have been heard on capitol hill, all throughout this week, therding general flynn, president s former National Security adviser, t this is all bubbling over quickly throughout washington. Betty indeed. James comey is now only the second fbi chief to have been fired from his post. He has generally been losing credibility, particularly after his testimony. Did not also have something to do with this as well, when he incorrectly stated comments he made about Hillary Clinton and her emails . Reporter yes. In fact, according to the letter mr. Conley received about the firing, that his handling of the now controversy during the president ial election was noted in that letter informing him of his firing. James comey was someone who was a Central Point and figure in the 2016 president ial campaign, garnering criticism and praise from both sides of the aisle at various points in the campaign. There is no question the criticism surrounding him and the ongoing investigations into russias meddling of the u. S. Election, those questions are going to continue. Despitend of the day, President Trump having previously spoken favorably of director comey, at the end of the day, he caved under political pressure and has now been fired. We were hearing rumors of a potential shakeup. Is this the first of many changes the president might make . Reporter when you take a step back, the administration has not been able to move the on the bipartisan question. It was just the other week that House Speaker paul ryan was overseas in the United Kingdom giving a speech to nato allies and criticizing Vladimir Putin and russia for their meddling in the u. S. Election. This is not a part of an issue. Even other have been staunch republican defenders of President Trump, they should National Security, particularly russia, republicans have been more vocal against Vladimir Putin and his meddling. I would raise the point that President Trump himself has also changed rhetoric. This firing is a change in also because of the fact that President Trump had been so praiseworthy of director comey. This is a reversal of sorts from that vantage point. The big take away from these hearing is the 18 days it took for general thing to be fired after sally yates informed President Trump im sorry, informed Administration Officials that general flynn was at risk for being blackmailed by russia. It took 18 days. Not beenistration has able to get beyond why it took so long. Until they are able to do that, the questions will continue. The big question is why the change of heart in firing director comey . Haidi thank you for that. Our White House Correspondent with the latest on that story. You can get more on that story and every thing else. Availablesubscribers anywhere on the bloomberg ap. You can customize your settings. This is bloomberg. Betty back to our top story. On other top story in asia, the Australian Government pushing ahead with a nationbuilding government. Paul allen in canberra. Take us through some of the highlights of the budget and some of the losers are the big banks in australia. Reporter thats right. I will give you some of the headline numbers first aired 29. 4 billion. The dividends are narrowing in australia. There is a forecast return to deficit by the year 20242021. You can always get protest budget. Theres a little action going on behind me now. Sure if they were upset by the bank levy or not. Some of the assumptions about do rely onto surplus some pretty optimistic assumptions about growth. For example, gdp getting to 2. 57 , inflation above 2 , iron ore around 50 per ton by the march quarter. I spoke to Scott Morrison last night and asked him about these assumptions, whether they were realistic. Our international forecast, they are actually more conservative than what the imf said. The domestic forecast, simply be consisted consensus of markets currently, they seem in a reasonable range consistent with our forecast. That is also true when you go to our view on commodity prices, which has an impact on Australian Governments prices. Reporter 75 billion in infrastructure spending, with a 300 75 billion in 2018. Where is the money coming from . Savings are revenue . An investment in infrastructure is investment and growth. It is being supported even more by the Public Investment in Major Economic infrastructure projects. In land rail projects has taken major airport investments, and major electricity capacity. Reporter big banks have a levy on liabilities. Let do they pass it on to consumers . Banks need to explain what they do to customers. Customers can go elsewhere. Regional banks are unaffected. Our Market Competition regulator will be keeping a close eye to ensure banks dont misrepresent changes in charging our fees in relation to this matter. Tax on the public, it is not a tax on mortgages. This is a tax on liabilities, which exclude those things, and which is largely on the liabilities that go to the exchange elsewhere in the world. Reporter you mentioned you are committed to protecting australias aaa rating. Have you done enough on the budget to do that . That will be a matter for the rating agency. Of on the issues they raise balancing 2021, entering the measures included in the budget, and measures we achieved in the things these are the ratings agencies have raised in the past. To top it off, we continue to give strong support in the debt markets for sovereign debt. At the end of the day, they are the people buying debt and at a good price for australia. Haidi what are one of the comments that came through with that it could have been a labor budget. It could have been a budget delivered by the conservative government. Its about tapping into the resentment against big banks. Reporter yes. And very soon after the budget was delivered, it became very clear that measure against the banks had bipartisan support and support from one of the minor parties as well. Its pretty much a given that the levy on liabilities will happen. Anyone found guilty of misconduct will be struck off the register and will no longer be able to survey bank. Very tough measures coming through. I asked Scott Morrison if you got the levy would be passed on to consumers. Hes said the a triple c will the consumer watchdog. One thing he did mention was the Royal Commission. This is what the Opposition Labor Party has been pushing for. Passing that levy on to consumers may give the government the excuse it needs to let labor have his way. Perhaps not entirely , a politicalproach tax grab to cover a budget black hole. Paul allen in canberra with the reaction to the australian budget. We will be discussing the budget indents later on indents later on. We will be joined by William Foster in about half an hour. We have been concerned australia might lose the aaa rating. Later we hear from australias betty lets get to the first wort nude news. With alisa parenti. Alisa thank you. Leftleaning moon has placed victory in north korea in south korea. With all the votes counted, he has more than 41 of support, well ahead of his rivals. A toughigned on taking line against koreas sprawling conglomerate and a softer approach to north korea. Softbank is said to be close to fulfilling its technology fund, with commitments reaching 95 billion. We are told fundraising may wind up next week with interest from saudi arabia and abu dhabis development. From companies that include apple and qualcomm. Softbank plans to contribute at least 25 billion of its own capital to the vision fund in well. Xt five years as apple 10year rally since the arrival of the iphone sees the Company Worth 800 billion. Shares have continued to rise even as the Company Reports slowing sales. They have climbed 33 so far this year, adding 185 billion in market cap. Raised thelton has 12 month target, price to a wall street high implying, a market value of more than 1 trillion. Warmer is said to be ready to pay around 300 million to resolve a longrunning investigation into alleged bribery. The deal is being finalized and may change, but would mark a significant concession by the government. The doj has sought tries that claimsover an inquiry in linked to walmarts business in countries including walmart mexico, china, and india. Im alisa parenti. This is bloomberg. Haidi thank you. Australia taxes big banks and promises a budget 021. Lus by 2 betty we will be live in seoul to see what south koreas new president can deliver for the markets and the economy. We are just getting final numbers on the vote. What hef the vote is got in south korea. This is bloomberg. Betty welcome to our u. S. Viewers to bloomberg daybreak asia. Im betty liu in new york. Haidi im haidi lun in sydney. Leftleaning moon jaein has claimed victory in south korea, pledging to the you unite the country after nine years of conservative rule that ended with the impeachment of President Park geunhye. He had more than 40 of support. Shery ahn is in seoul. What did they bring to the presidency . All of the votes have been counted, and moon jaein has won with 41. 1 percent of the vote. His first schedule is to come here this morning. He will pay respects and visit the graves of former president s, and even of the late father of President Park. He wants to show unity in this very divisive and turbulent time for the south korean country. Speech after his deep declared victory to supporters, he said this is a victory for the people who fought in order to make a country for justice. N jaein led conservative the conservative candidate, the centrist coming in third with 21 . Given that there were very high expectations, and local media reporting there is a danger that some members of the peoples y could this is an unprecedented election. Theres no transition. Usually you would have about two months for the president elect to get ready. Thats not the case this time around. Will take office immediately. He is expected to be sworn in today. We are expecting his victory speech at around noon at the national assembly. He will take office immediately. We are expecting staff that dont need parliamentary confirmation to be announced at point. We are talking about the president ial secretary as well as the spokesperson. Betty tell us more about how the new administration, how could they changed south korea . I seem to have lost the connection. Betty looks like we have lost the connection. We will try to reconnect her for her continued coverage of south korea and the aftermath of the elections. In the meantime, moon jaein marks his first day as the south korean leader. North korea is already saber rattling. They will proceed with a sixth nuclear test, saying that the u. S. Cannot attack us first. Any available strategic assets of the united states. Pretty stark warning. Standing by the bloomberg. Reporter when i was seeing this, i was thinking, what kind of impact would it have on defense stocks . Lets hop into the bloomberg here. Hanwa,e line is with specializing in landbased defenses like tanks and armored vehicles. The purple line is about how aircraft as well as helicopters. You can see this is normalized as of the start of 2015, and for the most part has been outperforming retail and tourism stocks. Is shopping. Ne. He blue is the outperforming interestingly, i did want to look at whats been happening with hanwa itself. Year to date, as opposed to the same time frames over the past few years, for 2017, we can see it is up by nearly 19 . In 2016 it was even better, up nearly 32 from january 1 to may 9. You can see the performances over the past few years. I want to look at what has been happening in terms of analyst recommendations. We have been seeing a lot of tension and volatility with north korea and pyongyang, as they said today, they would conduct a sixth nuclear test. Function. E anr the take away is all of this green on the left side of the screen. Greed means analysts say they want you to buy. Green means analysts say they want you to buy. Theres no red. We are seeing more of the order around more than a year of analysts saying you should sell stock. I want to go into another stock here, going into Korea Aerospace industries. This, year today, hasnt been there was al, but big pop in 2016. That has to do more with earnings. Going into the anr, the big takeaway, there is a lot of green you will see on the screen. Cells. No a few holds. 25 buys, two holds. Zero cells. Sells. Relative to u. S. Defense stocks, take a look at Lockheed Martin. Lockheed martin, over the past few years, has been doing pretty well, up about 10 . Of course, we have to remind viewers that Lockheed Martin is behind the missiledefense theem for south korea and Defense System japan is looking to. Ramy thank you so much, inocencio by the bloomberg. Next, lets talk about disney failing to eliminate investor concerns about the struggling cable division, espn. We will your directly from ceo bob iger. This is bloomberg. Haidi im haidi lun in sydney. Betty im betty liu in new york. You are watching bloomberg daybreak asia. Stocks in the u. S. Ended lower today. Joining us is su keenan with mark. It is hard to get traction in the market. Reporter the overwhelming story seems to be. Com. Its a big question in the market. A little bit of red, but its really another day of hunch. Into the big stoplight stocks, there was major moves. Tesla drives higher. The guidelines that airlines had jumps, led by americans. Hedge funds say the skepticism negative. Is too american boosted its outlook on higher fares. Ng strong earnings. Lets go to the bloomberg. Doubting, a big story. Lets look at why. There is a disconnect in the gauge of u. S. Stock volatility, which is the white, and the blue line which is the u. S. Economic policy uncertainty. Look at how the two of them have aligned throughout the book of the chart, and then way off to the blue and the wet goes lower on the righthand side. One of these is the improper indicator. We just dont know which one. Haidi disney is on the move in afterhours trading. What was the story there . Reporter a bit of a disappointment for investors. It is trading lower afterhours. Lets listen to bob iger, the ceo talking about the big woe, cable dogging disney and profits. Espn is still a very, very healthy and very profitable business, one of our most profitable businesses. It has a stable of live sports that is licensed for a long period of time that will serve us extremely well and is serving as well today on the traditional platform, and starting to serve well on new platforms, and will serve it well for the for seeable future. It is a product that is in demand. Reporter bottom line, cable profits putting pressure on disney. Haidi thank you. A stable outlook for australia. But has less changed the haidi it is 8 30 a. M. In sydney. Markets open in 90 minutes time to rid your looking at a shot of the beautiful bridge. Futures pointing higher. Watch out for those big b anks. 4 on the back of the news the government would be imposing a new bank levy on the big five things. Im haidi lun in sydney. Betty im betty liu in new york. You are watching daybreak australia. First word news with alecia. Donald trump has fired james comey. Only the second fbi chief in the bureaus history to be dismissed. He has been leading on investigations into alleged russian meddling into the election and links to trump aids and associates. Insurance watchdog risks. Ing potential the Regulatory Commission says it is focusing on insurers major stock purchases as well as investment in real estate and alternative asset. Chinas Anticorruption Agency began an investigation into the s chair. N china may raise executive compensation at banks and other Stateowned Enterprises to retain talent. Told theay someone business figures you may review a policy. Review the policy. Diamonds jimmy die earned 8 million. China will deliver even with slightly lower growth forecasts. Ceo david abney tells Bloomberg Television the economy is still strong. With expansion figures that other countries would love to have. We are very optimistic about china. We have had a good experience there for all the years we have been there, and the last quarter, the end of last year, china has really exceeded expectations. There is people that still compared to the 10 gdp data. Gdp growth on top is a pretty good number, so we are very optimistic. Alecia global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Anchor let us get back to our top story. The australian budget. The government is pressing ahead with its nationbuilding agenda while targeting the big things. Paul allen has been to the fine print and joins us again from canberra this morning. Like a lot of the content seems to be to try and defuse opposition support. Right. Hat is this is a very interesting budget. Large sections of it seemed to be appropriated from the manifestoes of parties that are not the liberal party governments. Lawn byned on the front the managing editor for australia. We were discussing this a minute ago. This does not even look like a liberal party, conservative budget. That is right. It is a very politically astute budget from Malcolm Turnbull. Is infrastructure spending, more money for schools, more money for hospitals, more moaning for disability care, with a new levy on the big banks that will raise 6. 2 billion over the next four years. It does look like he is borrowing heavily, and not only from Donald Trumps playbook with a big infrastructure search, but also that really gives some clear breathing space now to reestablish his credentials as a sound economic manager. Elections still a few years away. Paul the greens party saying that bank levy was originally a green party policy. There is a riskier that Malcolm Turnbull will upset some elements. Edward traditionally, probusiness governments risk upsetting some of their core supporters. You know, there is a risk that this levy on the banks will be passed on to shareholders and consumers. The bank stocks reacted and felt to bring percent fell 2 . It could upset core liberal voters in the public. There will not be many tears shed for the banks, and hes betting there will be overwhelming public support for the majority of these measures. Paul you and i have been coming to these budgets for a long time now. I remember the one a few years ago that joe hockey handed down. He must cut spending. Does this budget put that budget to rest . Edward absolutely. That budget was strikingly different to what was handed down last night, and the government has moved about as far away as possible as that asguage in the spending cuts possible. Interestingly, they were gone a little over a year after. Elivering that budget absolutelytings plummeted. Turnbull himself has been faced with struggling paul ratings poll ratings. There is a strong expectation paul i was asking thought morrison if he thought he had done enough in this budget to retain the aaa rating for australia. He felt that he had. What is our analysis. Edward that is the one Million Dollar question. The budget is underpinned by fairly heroic a subject about which is do not forget wages growth is pretty tepid. A slow inflation environment around 2 . 3. 5 towardsup to the end of the forward estimates. Economists are questioning that. Also, requesting some of those in the budgetions remains to be seen. S p yet to pass commentary on my site budget. Paul let us return to the bank levy for a moment. It is likely to have bipartisan support as it has been borrowed from other political parties, but i also ask of morrison that the banks simply pass on that lady to consumers. Consumers would react poorly if that happened. The commission the banks are desperate to avoid. If that levy gets passed on, might we see that passed up again . Edward it might keep the rules commission on the political agenda. The government of course wants to avoid a Royal Commission. That has been one of the main pledges of it. The government feels that it is unnecessary to take a tremendous amount of time. Very busy banking executives. And cover a lot of old ground. What the government has done instead to neutralize this calls for a Royal Commissions hold the ceos before parliamentary committees every three or four months. Of course, the ceo spends tremendous amount of time prepping for those sessions. We heard that one bank ceo spent foreast 18 hours preparing a grilling by the parliamentary panels, so a Royal Commission would be a big book to the banks if that is brought back. Paul thanks very much for coming down to the chilly front lawn of Parliament House today. I will throw it back to you now, betty. Betty i will take your word for that. Paul allen. On the aftermath of this australian budget. What does this mean for australias aaa . Moodys rates the nation process goals and thats very high. Want to bring in William Foster, Vice President and senior credit officer, so, bill, you just heard ed up about, you know, that there is perhaps some optimistic projections here, particularly on wages in the budget. What do you say on the aaa rating . It does not change much in terms of our perspective on the credit and outlook. Much consistent with the aaa rating and stable outlook that we have. The fiscal position in australias relative when you look at ratings. There are 12 credits and australias debt burden is one of the most important aspects of the profile that we look at. It is just under 40 of gdp, in in theth the median aaa space. This budget works toward Fiscal Consolidation and is indeed a deficit. The things we are looking at is to what extent that will contribute to the debt burden overtime and medium framework. Betty before i ask you this question, let me show a few bloomberg terminal charts that illustrate this debt burden australia has. What is interesting here, if you look on this chart, is on the white line, it does show that australias Government Bond pile is growing among the aaas and much higher than others like canada or germany or switzerland , represented by the yellow line. Let us go to the next chart, which is exactly what you are saying a few moments ago. As a percentage of gdp, again, represented by the white line, australia is in a much better position than its peers like canada or germany. Canada has a higher debt percentage of gdp than australia does. Situation,iven that are we still going to be debating this aaa rating . Is it or is it not going to get cut . Does this budget go a long way in saying let us close that conversation . William i love that chart. The starting point is relevant. Betty the second chart . William the debt to gdp chart. It is important to keep in mind how strong a position they started off in relative to other countries. If you go back to the for the financial crisis, they were basically under 10 debt to gdp were and fiscal surpluses consistent over time. They went into the crisis with a strong fiscal position which overtime they used to their advantage. Did not go into recession during the financial crisis. They are now just in line with the median for the aaa space. That is a very important factoid and important metric with to the fiscal program. It does matter what the policies will be and to what extent they will continue to add to that debt burden overtime. Focus onet did Fiscal Consolidation. The intent was to reach a balanced budget by the end of this decade, and we do believe that it probably would be more challenging than the assumptions the budget are targeting in the states, but we believe that deficit reduction will indeed happen over time, and perhaps at a lower rate than currently projected by the government. Our expectation is that the debt to gdp ratio will be closer to 45 were less by the end of the decade and when you look at that chart, that is very low on a relative basis compared to other aaa credits. The other factors we look at when we are assessing the credit worthiness of government, and this is where australia stand out significantly is economic strength, the resilience of the economy in australia has been very evident in terms of the response to the commodity correction, and the shift to Services Oriented growth over the last two years, and in fact, the potential gdp growth in australia is higher than most to avoid credits and that helps with the outlook moving forward. Institutions are extremely strong in australia. That adds to the credit in theirs as well ability to respond to shocks both from a fiscal policy perspective, monetary policy, and in terms of the Financial Sector as well. All of that contributes to the strong aaa rating that australia has. Betty william, the governments projections very much rely on two things. One is accelerated wage growth and the other is accelerated revenue growth, and there are risks to those. I want to show this chart. You can see which growth at an alltime low and you have Household Debt going in exactly the opposite direction. This is a startling chart. If you look at the revenue side, you are looking at potential headwinds coming through from the slowdown in china, a collapse in commodities demand. Do you think the projections are too rosy at this point . Our projections are a bit lower. We would agree that it is going to be probably more challenging than the budget lays out. That said, we do believe that gdpth will be real growth will be close to 2. 7 over the next few years and eventually, this will contribute to obviously revenue increase ing. We are living in a different world and australia as part of that world, where potential gdp growth and productivity has come down across the board and as a result, it is more difficult for wageymakers to rely on growth and factors that had been contributing to higher nominal gdp growth and more robust revenues in the past, so this is going to be another situation where we will continue to monitor to see to what extent these forecasts will indeed come to fruition, but the budget did it knowledge some of the challenges moving forward and it was more realistic than not in that sense. Anchor thank you so much for those insights read William Foster, Vice President and senior credit officer at moodys investors service, joining us in new york. T, we take a look at how the markets may react to the aussie budget with it new banking levy. This is bloomberg. Betty good morning. Im betty liu in new york. Haidi i am haidi lun in sydney. You are watching daybreak australia. A quick check of the latest headlines. Airline profits slumped 2 as indias largest care alert cut prices air carrier cut prices. That is compared with 200 million a year earlier. Revenue trailed forecasts at 3. 4 billion. Rti cut prices. Onty an upbeat note tuesday, raising its forecast through the company says it is making progress selling assets and bringing in hard cash. That is helping to juggle a at 30 billion debt load. Aliant stock gained its best injured a performance haidi since november. Mitsubishi motors expect to return to profit after posting its biggest annual loss in more than a decade. They are recovering from a scandal that prompted a rescue by nissan. Mitsubishi says it sees net income of 600 million in the year through next march. That compares with a loss last year of 1. 7 billion. Anchor the worlds secondlargest shipbuilders trade at four separate entities from today. The heaviest move has helped cut in half. Alf, debt the breakup will allow the group to streamline its operations and make it easier to grow individual units and attract investors. Anchor let us get a quick update on the markets. Australia wakes up and reacts market wise to that budget. The details to take a look at new zealand, where trading is underway. Unchanged at the moment. We had another advance for the bloomberg dollar index, half a theset in the session as bets intensify over the next rate hike coming through next month from the fed. We had hawkish fed speak coming through in the session as well. Australian futures picking up by. 3 . Course, further downside when it comes to the banks. Taking a look more broadly across some of the other Asset Classes you have the japanese yen. We did have geopolitical risk receding after france, after the election outcome in south korea as expected. The u. S. 10 year yield pretty steady at 2. 4 and a reminder of how wall street closed overnight, we have materials names really jacking down the s p, closing down by 1 10 of 1 off the record lows as we saw the clients from gold all the way to crude. Let us get more detail on what we should be watching for as trading gets underway in asia. Key takeaways from the budget. We will continue watching the banks. Good morning, heidi. It is about the banks. The budget across the board has not really moved from and all the point of view. We much staying where it is, but it is all about the news and financials and of course, a lot of this leaked yesterday afternoon. We got a first estimate of what this would be, and we got that figure through some of the newspaper report, so we saw quite a bit of weakness in the as for banks yesterday people started to factor injury at guys over at the desks the investment banks already run the numbers. They are thinking about 5 to shave off gps information at the big four. They will have to pay for that 15 sense by 12 percent to basis point. They have further to go in terms of the kleins we see in the bank have had abanks great run and they have for many years, particularly over the last 12 months, and they make up such a huge part of the index. The big for make up a quarter of the index, and a lot of the index funds as well. There is plenty of Portfolio Adjustments still to be made on the back of this. Manager is money taking money out of emerging markets, saying japan is really undervalued now, so is this holding up . Does this argument hold up at all to scrutiny . Well, just bringing up this chart here on the bloomberg, we can get a sense of where we are from a valuation standpoint with japanese stocks, because they have been under quite a bit of pressure and from midfebruary and to mid april, you see that the selloff that has occurred through march into those lows in mid april, that was a bit of a safe haven bid with strength in the yen and concerns around south korea and things like that, but now, we are on the spit charge and over at aint capital, they are basing everything on this on this underperformance plus the valuation argument, so he has been moving money order from these emergingmarket positions into Japanese Equities. He is being very good at calling key turnarounds in the japanese market and has made plenty of money for his investors, through his dynamic fund, which tends to get in and out and use more Trading Opportunities to swap in and out a different assets, so for him, the key point is still valuations. It is not any overly bullish standpoint on the japanese economy or anything like that. It is where we have come from, and undervalued asset that has performed poorly, under load by Foreign Investors. We are already seeing Foreign Investors coming back in. Ourlatest figures we have ¥755 billion of foreign purchases of Japanese Equities in the four weeks through to the end of april, so you are already seeing some of that, so for now, the bulls seem to have the upper hand in japan. Adam haigh in sydney for us. Is interactive tv function at tv. You will not only be able to but see previous interviews and dive into any of the securities of the bloomberg something we just talked about so you can become part of the conversation by sending us instant messages during our shows. This is forloomberg subscribers only, so check it out at tv. Anchor that is almost it for a daybreak australia this morning, but yvonne and betty are up next with daybreak asia. Yvonne, the votes are in. South korea has decided. We are getting a very crucial data point that really kind of, i guess, puts into perspective what the new president will be , challenge or white. We are talking about the unemployment numbers, expected to edge down slightly. Challengerwise. Talking about the unemployment numbers. It has reached a record number, youth unemployment. That will be a key challenge for moon jaein. Icked here. The weew he has to start working as soon as possible. Where jobs lie is going to be a big key. Anchor we are going to switch from korea to talking about china and economic numbers coming out in just a few hours time from now. That is Inflation Numbers. We will be speaking about that with the Standard Chartered head economicr china research, looking ahead to what these Inflation Numbers mean for the economy and what it means for consumer spending. So important to try to stoke those numbers or stoke that consumption in that country, haidi. Haidi thats right. Is that inflation story in china still intact . We are watching keenly from australia as the country continues to digest and react to the budget that was handed down. We will be speak speaking to the australian finance minister for his reaction. Are his projections to rosie, perhaps too rosy, perhaps . This is bloomberg. Up people at the fbi. President trump by ring james comey saying the bureau needs to restore trump. Promising to unite the country after nine years of conservative rule. Australia pushes and nationbuilding budget promising jobs and growth but projections rely heavily on higher wages. Trade,mps in extended spending more to show