Are alleging crown deliberately tampered with poker machines now the report says this evidence was tabled in Federal Parliament again crown resorts are weaker by just about 6 percent although in Sydney the a.s.x. $200.00 is higher by about 2 tenths of one percent dollar yen right now $11218.00 so the end picking up a little bit against the u.s. Currency and that's helped to take the Nikkei from session highs although a Nikkei 225 holding onto again right now about 110th of one percent and in Seoul the Kaspi is ahead 110th of one percent stateside we had records not only for the Dow but for the s. And p. As well many of the health care names were up after earnings from United Healthcare Group and j.n.j. Beat estimates and to add fuel to the fire we had word of a bipartisan deal being reached in the Senate on a package of fixes to stabilize Obamacare Nasdaq composite though did show a bit of weakness dollar on the other hand it was up during New York trading on the back the next Fed chairman will be a little more hawkish although right now Bloomberg dollar spot is down nearly 110th of one percent u.s. 10 year treasury trading in Tokyo just under in yield terms 2.30 percent David to you and a lot of where that yield goes will depend on who the next Fed chair will be perhaps the initial kick now president says he will actually choose from his final 5 candidates to be the next chair of the Federal Reserve within those 5 you'll probably get the answer and I'll be making decision over the next fairly short period of time right so let's go through that short list we have the current Chair Janet Yellen current Fed governor and Paul National Economic Council Director Gary Cohen former Fed governor Kevin warsh and the person who's seen as the most hawkish Stanford University economist John Taylor now in terms of timing we are told that that decision will be announced before Donald Trump leaves November 3rd for his trip to Hawaii in Asia well in China in the next few moments President. Paying will be opening the countries twice a decade party congress Bloomberg Tom McKenzie is there he tells us that investors will be watching to see if she is able to consolidate power but we're going to see is a change in personnel the standing committee the Politburo Standing Committee which is currently made up of 7 The men. Expectation is that 5 of those personnel will change and that's going to give some indication of just how much power presidency is going to have on the back of that if I can give an indication of policies economic policies and rule domestic policies as well going forward for the next 5 years so that really is key personnel changes I will get those at the end of the Congress like me on the 24th or 25th of October and when all is said and done she could emerge as one of the top 3 leaders in China during modern times along with Deng Xiaoping and mild say don't means I'm the Treasury Department is softening its criticism of China's foreign exchange policy so what's that about the need to believe greenie has the answer. Treasury now says no major trading partners are manipulating their currencies to boost exports and it's praising China for acting to avoid a disorderly depreciation and then allowing the un to rise against the dollar this year President Trump criticised China's foreign exchange policies on the campaign trail the Treasury is keeping China South Korea Japan Germany and Switzerland on its watch list these are nations that considers to have a significant trade surplus a high current account surplus or be intervening in currency markets Taiwan is being dropped from this list Denise Pelligrini Bloomberg daybreak Asia China's holdings of u.s. Treasuries now at the highest level in more than a year we get that story from Bloomberg Raimi in a sense here Chinese holdings of u.s. Bonds notes and bills rose for the 7th straight month to $1.00 trillion dollars in August $34.00 and a half $1000000000.00 from one month ago that says the u.n. Strengthened cattle outflows from. It continued to drop and the country's foreign exchange reserves increased Japan holds the most u.s. Treasuries after China and its holdings of u.s. Treasuries though dropped to $1.00 trillion dollars worth down by 11400000000 from July Raimi in a sense c.e.o. Bloomberg daybreak Asia. All right here we are 6 minutes past the hour want to get you caught up on Global News Now we'll go to the Bloomberg 960 news room in San Francisco our ed Baxter's been taking apart what we heard earlier this evening from President Trump with respect to tax reform and you know I was looking at one of the Bloomberg pieces they were talking about the fact that he really address the audience that helped write some of the proposed legislation right yeah well that's exactly right the Heritage Foundation I'm sure most all of our customer know is is is very conservative and they did help right part of this so he was really preaching to the choir here he says it will be the largest tax cut in u.s. History he says lower taxes means more jobs he says the tax on corporate America will be cut to no more than 20 percent he said the core of his message though was well toward the heart is a tax for every day working Americans the 1st $12000.00 for a single individual and the 1st $24000.00 for a married couple will be tax free no he did not mention any other brackets also did not mention mortgage deduction of the so-called double tax in state taxes small business right off 1st year of equipment and in the estate tax bringing back trillions of dollars parked overseas too so to your point Doug he was preaching to people who already back to this plan basically the Democrats though say the agenda is clear Senate minority leader is Chuck Schumer we would like to focus on the key issues here which are for. Tax cuts for the rich tax increases for some of the middle class huge hole in the deficit cuts to Medicare and Medicaid and we'd like to focus our amendments on those things not have a whole Christmas tree of everything China is a monitoring North Korean response to the threats made at the United Nations China's played a very restrained role in criticizing the north. Ministry spokesman is not very much so now threw it into donors are going around before he says such a situation serves no party's interest when you still hope that the highly complex and sensitive situation on the peninsula the all parties concerned can be restrained Japan or the Us diplomats agreeing today to maximize pressure on North Korea to resolve tensions over the nuclear program possible bipartisan health care plan us to stop the bleeding on the Trump plan to cut subsidies that help fund Obamacare Democrat Patty Murray working with Republican Lamar Alexander when Republicans and Democrats in Congress take the time to work together under regular order rather than retreating to partisan corners we can truly get things done that help people that we serve caution is that it's not totally done and that the president will have to sign it all right Douglas back to you all right Ed 9 past the hour we're going to go live right now to Beijing this is President Xi Jinping kicking off what is China's most important political event the twice a decade meeting of party leaders were one of the things we were very keen on the tracking is whether or not she is going to appoint a successor to rule after 2022 analysts say the question is To what extent she's on question dominance is manifest not just in the personnel terms but in succession plans as well and certainly with respect to the next stage of reform overcome his parties must be our biggest. Stories and let's keep in mind. She helping the people. And with that. Status of spirit and a way that. Says in Korea years it was instead as we continue to work for the great achievement of paralyzing great dream of the Chinese society winners in a situation both at home and abroad. And changed profoundly Johnnie's way. Our development is to you seeing within a great. Situation our prospects is bright but our challenge now is also a tough old economist form the party must stand high who should look for long and be courageous to reform. Their worst they will stop moving working for training the pose of nations to reach victory realizing. What has been is State of the childish. Code to achieve the great victory of the trying new socialist revolution. The. Courtroom is one. Of the being worth in the past 5 years and historical events 5 are. Saying 5 years after a terms Congress. People period is. A normal an enormous period in the development of party and the nation. And that you were just listening to the Chinese president Xi Jinping he was just beginning of course his address at the great hall of the people in Beijing. Seeing as the party kicks off its twice a decade meeting of the party elite and we do get more details on that speech and you get more headlines especially comes to business opening up reforms but it is to keep in mind it is a political event and we will get them to you at this point I want to bring in our guest this hour we're joined here in the studio by the chief economist at Mizuho Securities Asian. So we heard a little bit already we're obviously not expecting a lots in terms of details on our reforms it is a political event but if there is anything that we should expect him to touch on when it comes to the economy what do you think it would be I think it's a determination to continue a decent opening up and the reform agenda that Chinese comes party said 5 years ago you know that's I think is the key signal I'm looking off to date as party Congress whether they will accelerate they cannot be career form and also liberalization of the financial market opening up to the global economy all you know it's more restrictions on opening up on maybe some centralization of the economic system so so this something you know it's a very potent signal will come out from this meeting pressed so yes and reform yes but what about the leveraging I mean we heard from the p.b.s. Governor Joe Schalch won over the weekend at the g. 30 seminar that he's very concerned about the level of corporate debt in China do you think this is something even though as David pointed out this is a political event that there is sensitive to this idea that they've got enormous leverage going on in the economy yeah you know I think in the last 5 years the Chinese government had such even great to result in economic terms China is the you know it's already the largest a trading pardon in the world and they used new industries new Internet based economy is the emergent very rapid today so the growth it's been very strong so that's achievement but 3. Then the issues that need to be tackled and the solved 1st is that you mentioned the leveraging issue you know it does a debt commission issue so how to reduce the debt that would be very important to challenge 2nd is income distribution issues so there's that income inequality is has been rising you know and that's I think a. Very important agenda for me in the next 5 years and the Lastly is the pollution issue and teen pollution will be another very key challenge I think of for the next 5 years yeah I mean it's certainly when you look at it from a broad sense it's it's moving from quantity of growth to quality of growth because one touches on a lot of the issues the 3 issues that you brought up from remember about 2 years ago 2015 they came up with an objective of doubling g.d.p. Per capita trim 2010 levels and they want to meet that objective by 2020 that's right are we on track are they on track of meeting that objective I think it's already x. Exceeded expectations there because for example roughly Chinese need to grow 6.5 percent per year during that period but we are seeing 6.7 percent last year and D.C.'s Mike spectating is 6.8 percent so far above 6.5 percent so actually next to destry if they just grow 6.2 percent they can meet that target so I think also it's will be of another very important indication I'm watching is whether they will reduce the growth target for the next few years which means that they probably will put more emphasis on leveraging and also on the full because you cannot have a very high growth but the same time you want to cut back the credit cut back that debt so if you say Ok I'm the mall on decent debt to be duction path then I will you know not folks too much on the gross you know how to high gross we'll be talking you know with that with a commie that has managed to so. Extent I mean it seems like the other thing that they're really struggling to find a balance with is this idea of managed economy versus free markets I mean how do you think they're doing in that exercise true you know it's a never be easy task you know it's so very very very challenging at the same time as I mentioned as just said also you know how to maintain high growth about the same time you want to convey to the debt of the country the credit you want to liberalize the economy but the same time you also want to have. To be a state owned company to be a dumb the force but I think that's also will be still a challenging task but so far I think China had meant it to very well if you look at the last 5 years to gross performance. And also you can see that that is the rising but still it's not that compared to other country yeah it in terms of I guess the growth rates over the next few years and whether or not they change that I mean we rarely look at the growth rate in the context of job creation and the reason I bring that up is you know I went to school in China and we talked about this yesterday we dug in one of our guests yesterday that you know you have 8000000 college graduates and here you have a lot of people getting displaced from the changing economy. Every tourney's you have people getting all of those things together and you understand the immensity that job creation is more than an economic issue at a growth rate say of say 5 to 6 percent does that ensure that there are enough jobs created to meet what the labor market needs and wants us to mission it's a big challenge to find jobs for those $8000000.00 to visit graduates but the same time you think about it it's also a huge opportunity for China to up great because right now you see why China last 5 years you see the Huawei. You know and also the tennis and all these high tech companies that are growing tremendously because they can't. Paper to support highly educated but still yet cheap labor rights know that that's actually exactly what has happened the last 5 years China being upgraded to industry you see new i.c.t. Sector the Internet based economy is growing so fast are based also mean engineers not that into the market so in that way you know China have a huge opportunity right now and I want to go back to the great hall to dip into the opening remarks from Chinese President Xi Jinping as we kick off the 1000th part of Congress we'll continue our conversation with the chief economist at securities Asia after we go to Beijing. Stablished traditionally far to the point you. Are the legal concept so sure Weiss can praise the greatly it's. So hard to get the measurement Kerry says isn't reform and the label says new information reached a great result such a large ish she did a logical and a coach. Area also not received great achievements partly party. Plus the strength of the case leadership to. Ideology. Causes him to tire of it feeling. And it's a guiding principle and said this is true and should Chinese Chinese is going to. Leave the farm you've got your little Chinese culture was right they think they've gained Ok let's get back to our conversation with China chief economist Misa Hauser. Dirties Asia the one word that I heard there for a moment was reform and I want to pivot to the idea of corruption because that's one of the key points that I think when you speak to global investors they're most concerned about when it comes to China to what extent have authorities in China been able to move the needle and make progress on this issue of corruption I think you know if you think of our last 5 years to greatest achievement and the mistakes she is that corruption campaign you know I think there is 3 over a 1000000 you know officials have been punished in full corruption and even look at the top leadership you know we are talking about. Above the miniature level it's a 200 officials you know has been punished for corruption so they never had before into his Chinese history that to do have so many officials has been punished for corruption and you know full for disappeared appeared to time and also. Generate a eating and a banqueting and also taking has been greatly reduced so that's actually is effect yeah it's you know I was listening to a speech there and you know one thing that actually stood out to me tonight if it's because I speak Chinese it's. A good it's essentially means reform of the opening of the of the economy here you know it's it's very easy to point to Beijing and say they're slowing down reform but at the same time as you have to understand obviously that it's still a very centrally planned economy in your view do you think reform is being slowed down by the government or is it being accelerated by the government I mean what is causing one Yeah I think you know it's as you said. A socially conscious country right so central planning is a very key part of the economy so that government actually has a sector it's a state owned. Enterprise sector so that. So the idea is to create we move to a market based economy but the transitional phase and last 5 years there are some progresses but there are some setbacks progress is that like you can see the new sect us the private sector as I like you know pioneered by. The day I actually the service sector we see tremendous growth and also it's very market ticed you know that's a very market oriented but the same time I think the slow progress. Is a setback to the state owned enterprise reform so that's actually exactly what I'm looking for from this conference is the whether they will put the s.o.u. State owned enterprise reform in the key agenda for the next 5 years well slow reform maybe but that's kind of a relative assessment I would imagine because if you look at you mentioned some of the big tech names in China the degree to which that's been happening obviously at a much quicker rate the government recently announced that it wanted to take stakes in some of these companies to influence some of the decision making and I'm wondering whether or not the rate of change happening in technology threatens the status quo to such an extent that the government's inclination is to try to get some control Yeah that's exactly as also we mentioned about you know it's a conflict the China does the same time they want to have to develop defect as fast as possible but the same time also have want to have some control over development of the sector so this is exactly as we mentioned it's a to let market to play a role but same time the state owned the sector us also hope be very very important really the you know you don't have a strike a balance I think that's the challenge help us understand the development of the bond markets because the reason I bring that up is a lot of the I guess the issues or the problems of you know how you allocate resources how you price credit how you price risk. Well come down to a developed bad market where are we in that process from weaning corporate and local governments off their reliance on the banking system and going on to the bond markets and I think there is to you shoes here in the 1st last 5 he all you've attained is that the bond markets see a tremendous development not China. It's the 2nd largest bond market in the world to ice already had they opened up the last few years. East to the invest to invest in Chinese banks freely so that's something big big of progress at the same time there is also issue about that he said regulate tree framework because we know that there is shadow banking sector bond issuance and also in the bond market it's a very segregated he said regulated by the. Developed Reform Commission also by a security commission and also by Cecil hall to unify this market is a key issue certainly something to discuss I mean there's a lot of regulations in the sometimes I look at the regulators and I'm a bit confused who does what and who covers what but that said That's the plan ahead and we gotta leave it there Chief edge economists at Mizzou securities Asia coming up President Xi in his speech live coverage out of Beijing and the Chinese party congress this is. Where the i.m.f. Managing Director Christine we have. That experience was absolutely needed but necessary to say. The truth and there is no doubt. And the most influential. I'm 60. 7 I very used to the Bloomberg. Bloomberg Radio in. Hartford funds human centric investing inside number 23 when a woman. Has been it's called the reverse breadwinner effect and it definitely changes the way couples talk about money to learn more go to human center can vesting dot com funds distributors l.l.c. 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Milpitas northbound 680 pretty tough from Jackson Road all the way up and over the sun old gray this evening and then in San Jose or north a day to ride a slow from the Alameda want to one. Got for a crash in Palo Alto south one on one at Willow Road car in a truck in the center lane your fact up the Woodside branch you buy the new 680 a very good morning to our listeners are joining us right now it's 9 30 in the morning in Hong Kong and also in Beijing I'm David English and 1 30 in the evening at Bloomberg world headquarters in New York I'm Doug prisoner we've got training underway across the Asia Pacific weakness now in Hong Kong and Seoul positivity though in Tokyo Sydney and on the mainland in Shanghai we're going to take a closer look at markets momentarily right now David and I want to focus on what's making news in the business world at this hour right and of course we are also monitoring here the developments in Beijing where Chinese President Xi Jinping is addressing the party of course in twice a decade conclave at the great hall of the people at the Chinese capital so we're waiting for more details on his vision for the country in the next 5 years or so earlier on we were speaking with. The chief a.j. Cottam is at Mizuho Securities now just put that conversation into context and the reason I bring that up now is that 2 years ago in a similar sort of setting the Chinese authorities and policymakers came out with a vision for the economy of doubling the g.d.p. Per capita of the country from 2010 levels by 2020 and we have posed that question to our guest a few moments ago and what he essentially said was that they're actually way above they're well on track in fact to meet that target as long as they grow at 6.2 percent over the next 23 years will get there whether it. It's we do register 6.26.3 percent growth is another matter altogether but yes we get you more details as we do get them out of aging and as we know David I mean not growth rate is inextricably linked to credit expansion and we know what the situation in credit is these days in China earlier today we had President from talking about tax reform we'll get to that story when we check global news with Ed Baxter momentarily the president also said he's likely to choose from his final 5 candidates to be next chair of the Federal Reserve he spoke in response to a question today from Bloomberg Jennifer Jacobs can you say who your favorite is at this point. I like i'm all great answer so that all would include Fed Chair Janet Yellen she is obviously the current chair along with current Fed Gov Jerome Powell also on that list the director of the National Economic Council that would be Gary Cohen and then you add former Fed governor Kevin warsh and Stanford University economist John Taylor We are told the president's choice will be announced early November before he makes his trip to Asia David Yeah just an update here on another related story we're looking here at the u.s. Still u.s. Deputy Attorney General Rob Rosenstein says 2 Chinese nationals have been indicted on charges that they manufactured Fenton for sale inside the United States these are the 1st 2 Chinese based defendants resonate is what we call consolidated priority organizational targets or c p P's or u.s. Naval force in the 1st 2 to be charged for violations of us and. Now authorities say the drug killed at least 4 people and injured 5 in the United States the 2 Chinese are not in custody Well new data showing the number of wealthy Asian families is growing exponentially and as Bloomberg man tells us one place they're putting their money is in tech startups the amount of money but Ted usually involved here is. Staggering the consulting firm cab Gemini says as is managed by wealthy clients and Asia now amounts to more than 17 trillion dollars and as younger more digitally savvy heirs take control of Family Fortunes a substantial chunk is flowing into tech startups this could further inflate evaluations for promising new ventures soft as $93000000000.00 vision funded state owned Chinese entities are also on the prowl all this has Asian families investing at earlier and earlier stages to try to get ahead of the competition in Hong Kong I mean men Bloomberg daybreak Asia now well known investor and market commentator Mark father has left the boards of money managers brought and gold mining companies Nova gold resources and Ivanhoe mine so that's after a flap claims in his newsletter that the us would look like Zimbabwe. When we know if it had been settled by black people instead of whites in his gloom and doom report father also argued against the removal of Confederate statues he emailed us to see if stating some historical facts makes him the racist he supposed he's a racist $35.00 past the hour on Daybreak Asia want to get you caught up now on the market action will begin with Crown resorts trading in Sydney stock is down 7 percent right now this is after the Australian Broadcasting Corporation said whistleblowers are alleging crown deliberately tampered with poker machines now these reports say the evidence was tabled in Federal Parliament in spite of the fact that there is weakness in the crown resorts the a.s.x. $200.00 higher in Sydney by about 3 tenths of one percent so we know we've got the People's Congress in Beijing let's get the latest on market action there not only on the mainland but in Hong Kong as well Bloomberg says Emma O'Brien from our bureau in Beijing has her eyes on the situation Good morning Emma. They had very little movement in Chinese assets as president he speaks in Beijing well under way they sang high ground and said I'm going pretty much. A little change well over in Hong Kong I say steady and it's holding center around 6.6 dollars no official is going to allow wild market moves on its own important day interestingly the P.B.'s c. Injected a sizable amount of liquidity by open market operation today that's likely a sign there where the sell off in government bonds we've seen it's week and I'm looking to and mediate some of that pressure All right thanks to Bloomberg c.m.o. Brian David over to you yet President Donald Trump as you mentioned and we'll get more details on the story now Doug going before the Conservative Heritage Foundation asking for help in getting his tax reform program passed and that's things that story and other global news interview one takes the San Francisco news or bad yeah right you are David president saying the heart of his plan is with every day working Americans but he spent time talking a lot about corporations that is why we will cut the corporate tax rate from 35 percent all the way down to not more than 20 percent way below our average competition out there in this very competitive world and staying in the business community and for small businesses that file taxes as sole proprietors s. Corporations or partnerships we will cap the top tax rate at a maximum of 25 percent. Also says will be a small business right off the 1st year for equipment people bring back he says a plan will trade ins of dollars parked overseas it's a he says a tax for working Americans is the heart of it with a lower bracket starting at 0 percent did not mention other brackets going up and said that he would end the estate tax as a part of Congress gets under way in China is now with President Xi addressing the conference said he's trying to send a message to North Korea to cool things down China is that one can imagine that China would not want another missile test or nuclear test to distract from its twice a decade policy meeting China's Foreman. And giving a very clear message to the north through attended church here in town as we go around before this is all parties concerned can be restrained from something conducive alleviating tension and bringing all sides back to the negotiating table instead of irritating each other or adding fuel to tension Japan and u.s. Diplomats Meanwhile agreeing today to maximize pressure on the north to resolve those tensions it is also asking the u.s. To make sure it's ready to defend it Japan and South Korea in case of diplomacy failure a Japanese military helicopter carrying 4 crew members lost radar contact while on a nighttime search and rescue training mission in central Japan they have found debris they assume that it crashed and broke up the Obamacare fix a potential deal has been forged between Republican Senator Lamar Alexander and Democratic Senator Patty Murray to expand federal insurance payments those cut by President Trump Senator Chris Murphy says it's not a done deal yet not only will this president ultimately have to sign this bill if it reaches his desk but he will also have to agree to stop sabotaging the Affordable Healthcare Act global lose 24 hours a day by more than 2700 journalists an analyst of more than 120 countries in San Francisco I'm at Baxter This is Bloomberg Doug All right let's bring smile and Dan Schwartzman in he's smiling because the Yankees are winners you can rub it in my face and you give me the latest on European football dud big day the Champion's League Tottenham and Real Madrid played a one all draw both state level a top group h. And s. Still under pressure Dortmund's days when list of the one all draw with Apple alnico c. While Liverpool dominates Maribor 7 elt Roberto Ferre Mino and Mohammad Salam both scoring a brace elsewhere Manchester City gets past Napoli 2 to one a s. Monaco faultiness it does 2 to one. Point 032 Meanwhile Spartak Moscow beat Sylvia 5 to one failure Nord Rotterdam loses shocked our Donetsk 2 to one lead. City sacking another manager Greg Shakespeares out after winning just one of their 1st 8 matches this season Shakespeare was named permanent boss back in June after placing cloudier a mere In February former Dortmund manager Thomas to Hall. Is either as the top Target stores as former England boss Sam alibis would be interested in becoming the manager for United States national team a 63 year old resigned after only $67.00 days of the helm of the England job due to a string of sting operation showing validates explaining how to circumvent player transfer rules both Championship Series back in action right now we are in the 3rd inning Dodgers in Cubs all tied up at 1 am Chicago Dodgers leave the best of 7 series 2 games to Nonoy the Yankees down for nothing heading to the bottom the 7th they stormed back stalled in Houston scoring 6 in the final 2 innings to win it 6 to 4 nay of course now have tied the series at 2 games apiece on day in shorts match a Bloomberg n.b.c. World sports update David Dan thank you for the update there now coming up here daybreak Asia Kenzie will join us on the program live from Beijing on quite literally what's happening there this is glimmer of. Moral. Europe the latest on earnings season as the Dow hits 23000 with Marcie Patel she's with Wells Capital Management. On Cuban war ship I'm joined jailor in the German in-between of Cameron of j.p. Morgan 3 of the world's most of Bloomberg surveyed one weekday mornings during the full burden I'm 63.7 f.m. 82 radio Bloomberg Radio dot com. Bloomberg Radio is brought to you by your Bay Area Mercedes-Benz dealers in the 28000 with safety systems ready for whatever life throws beers belters or careens your way go to m.b. USA dot com or visit your local dealer to test drive one today what if hiring could be easier with more qualified candidates and faster results what if hiring could be . Smarter thanks to zipper creator it can be with one click coaster job to over $100.00 top job boards then their smart technology notifies the most qualified candidates to apply 80 percent of employers. Through the site in just one day. The smartest way to hire. 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Suspension is granted by the New York judge able to play in week 7 against the Niners that t.r.o. Is good for at least 14 days what a game it was for the New York Yankees rally for down for nothing scoring all 6 of their runs in the 7th and the 8th inning tying the series up with the Astros at 2 if and we are not off it one of these top of the 2nd one out Dodgers and the Cubs it is a series that l.a. Leads 2 games to college who are at a solo home run in the 1st. Answered back to be in the top half of the inning with a solo home run of his own Celtics trailing the Cavaliers $54.00 to $42.00 in the 3rd the story there a fractured left ankle for Gordon Hayward I'm Peter is very this. 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And David unless we're looking across markets in the Asia Pacific as we get into mid morning here in Hong Kong Chinese markets have been up and running for about 17 minutes now just to give you a broad sense of what we're looking at here across the region we've come up hides of the day I mean at this point seems to be meaningfully higher quarter of one percent a resident region either trading flat sideways or markets like South Korea down of quarter of one percent now just to give you any closer indication of what we are watching at the moment to bring in Alan One is joining us Shanghai with a closer look at the data Alan Hey good morning as part of hard it is hard as morning as the rest of take a cautiously optimistic approach actually this or that Congress March steps like r.g.b. Chief like motor of China are off the wall of the consumer staple the drug makers are still up at a profit taking. After growing over the past week evolvement a production name is our big game as well such as Beijing p.c. Environment top one percent of its regulars is going to take more measures to rule reduce pollution chargeable a plan for a new economic area shown near Beijing Well it's likely ones that are going to prove all of the Congress will focus on the form of a protection so long term partner with reforms Thank you yeah absolutely not just to give you a split Allan mention it in Shanghai the broader split across Asia Pacific with roughly looking at 37 percent of shares up 36 percent down so almost dead even there $300.00 or 30 percent on change now when you look at Morgans in Japan and Australia just one final note on those 2 markets going into today keep in know that when you look at the technicals on the charts of these 2200 Nikkei 2 to 5 we've had been up for successive days now 12 in Japan and 6 in Sydney if you are a believer in the 14 day are as I would you look at that indicator it does seem these markets may be a little bit on the harder side of things so maybe to expect a little bit of momentum coming off as we head into the latter part of this week and just keep in mind we are still to monitor developments out of Beijing where we are still live there of course for the party congress remember this Chinese phrase . Good the Chinese economic reform that will be key and what sort of growth rates will see over the next decade that disappoints that's get you an update on the global news and for that let's get it over to our Bloomberg 967 Francis who news room with that Baxter. Right in fact now we'll get to you Ed in just a little no no I'm I'm here David Oh there we go go I wanted you to introduce me that way. All right Ed Baxter is following global news. That's good enough u.s. President Trump going before the Heritage Foundation of they say that his tax reform plan is the largest in the country's history tax on corporate America will be cut to no more than 20 percent of small biz. It's right out 1st year of equipment bring back trillions of dollars parked overseas he says tax for everyday working Americans with a lower bracket at 0 percent than not mention other brackets and to end the estate tax China admonishing North Korean response to the threats made in the United Nations that it could respond with nuclear weapons on any nation that helps the us provide an attack this as China's Communist Party Congress revs up and ministers extending talks into 2018 their deadlock has deepened possible bipartisan health care plan to stop the bleeding on the Trump plan to cut subsidies to fund the plan Democrat Patty Murray working with Republican and Lamar Alexander Japanese military helicopter carrying 4 crew members lost radar contact while on nighttime search and rescue training mission in central Japan they have found debris so it apparently broke up either in the air or in the water and u.s. President Trump has 3 strikes against this travel ban effort as a federal judge has blocked it from taking effect tomorrow this is t.r.o. Out of Hawaii the administration is sure to appeal Global News 24 hours a day powered by more than 2700 journalists an analyst more than 120 countries in San Francisco I met Baxter This is Bloomberg Douglas are all right Ed thanks 51 past the hour daybreak Asia and the opening of China's 19th Party Congress just under way now actually things kicked off within the hour President Xi Jinping is continuing to address the party we're joined on the line now from Tiananmen Square in Beijing by Bloomberg Tom Mackenzie So Tom tightly choreographed we know tightly scripted as well I'm wondering is is there room for surprise here. Also likely to get any major the prize but you know what it does and I want to get something if I could ever reading perhaps on the poll if we go the policy direction China had a communist party on the president Xi Jinping in. Next buy a good seat in the middle of a screen should say right now and right over the people just across the road from where I am he's about 2 thirds of the way through that speech we've heard him talk about the many achievements of the last 5 years but he's also told about some of what he describes as the severe challenges facing China domestically but internationally as well he talked about his Chinese dream this is idea of creating what they call a moderately prosperous society by 2020 they want to double per capita income from 2010 levels by 2020 that's something we thought out about what 4 is expected to talk about his attempts to reform and shake up the military and road initiatives some of the attempts to cut back on overcapacity and to rebalance the economy he said the imbalances in the economy was still a major challenge also has talked about inequality challenges as well so we're not expecting big surprises but this is no way for them to lay out a framework for the next 5 years we're expecting kind of more nixie gritty details on policy changes likely the next year. David here just give us an idea I mean this this sort of thing obviously doesn't happen very often twice a decade I mean where are you exactly and you know what's the mood like there I would imagine although we're calling it Party things are fairly more sanguine informal. Your marriage you're matching correct me David Yeah it took off and now it's getting tournaments where the security is incredibly tight I haven't seen anything quite like it in China since I've been here the security perimeters stretch all the way across Beijing you even have a little old ladies would write on band the neighborhood making sure that I'm on behaves all the way up to the pirate 3 police here in sentiment square itself where it's grey damp there were journalists milling about the delegates when pain earlier over the head of the speech says a few of these houses that as they call them ladies in full red outfits normally serve tea to the delegates inside and come out to take. It's a strange. Atmosphere actually interesting because that compares with what is relatively strong economic data that we've had for trying to win over the presidency will be likely feeling confident having led into this very powerful leader and probably likely a line from a fear that I didn't keep by the end of the Congress. So Tom we talked earlier in the program about some of the issues and notably this issue of corruption the president really has a trying to get under control during the time that he's had at the helm I mean is this something that's being widely discussed right now do people feel optimistic that to in China things have turned a corner. Well certainly. They would need to clamp down on what I can walk away corruption you know your level of business the presidency taking over so they would think that that could be tackled but clearly most people see that it was a true sided approach to their campaign that will continue by the way which is which have been if mantling of factions that have posed a challenge to President Xi undertaking down quite frankly some of these enemy he had honest as a result of that campaign over a 1000000 officials including a very powerful one cluing very senior members of the military including one member of the Standing Committee of the Politburo so. We're going to faction that were moved on with a collective leadership and that's what makes them so powerful and we expect you know that. Some of it that I can keep post as well by going to Congress and the anti corruption campaign will likely continue and Tom where roughly about 55 minutes and 38 seconds into this party congress give us a sense of what to expect over the next few days what are the specific things will be. Watching or are expected to be unveiled as we make our way through the next few days. Really the key moment but the moment of the beach and then the wrapping up all the Party Congress on Tuesday and then on Wednesday when we're expecting to see the new committee of the Politburo are the. Only group of men and I have only 3 men being on veiled and that we will get to spend the whether or not presidency or by not. I'm going to spend oh we'll find out how many of your life people managed. To you condition County there were 7 men in the Senate committee 5 of them could well change the one to expect them to stay of course presidency of course I'm primarily concerned about that happening from question marks about. Primarily concerned well as well for those of the moment and in between then we'll be having a delegate from state owned enterprises but it will be Ok with me. Absolutely Tom Appreciate you coming on the program to McKenzie And you know he does have to get to a t.v. Appearance in a few moments a busy man I would imagine in media at this point in time to McKenzie joining us live there from cattlemen Square that's just right outside the great hall of the people in Beijing certainly some very interesting times here for China yeah but nothing surprising as he said and certainly not a surprise that we're seeing relative stability in mainland equity markets Shanghai composite right now David is up by just about 2 tenths of one percent or one holding steady against the dollar here at 6.6020 and in Hong Kong Hang Sang up but it's only up by about 110th of one percent so across markets kind of steady as she goes would you say yeah absolutely that's what I'm seeing here across assets as well you know this time tomorrow we have the g.d.p. Report being released to be edging up I know you have not mistaken it would be the 1st time that the g.d.p. Report comes out at the same time the Party Congress is taking place I mean. It claims it is maybe not but you know it will have to work with the number 6.86.9 percent is the number we're looking at there the last time the party congress took place 5 years ago growth was closer to 7 and a half percent before that 11.3 percent how things have changed this is number. Traffic and weather every 15 minutes on Bloomberg 960 well brought to you by m.g.m. Resorts start in Milpitas northbound 680 delayed from Jackson Road all the way up and over the snow grade to Highway 84 crash and Cowell tone now on the right shoulder sounds went to one of the roads but you're still backed up from one side road. North want to one a Marine County that's delayed from Highway one to Sir Francis Drake and then he's bound 24 in Oakland as slow from 580 out to 680. 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Saving the Affordable Care Act The rush of proud and and Kate's Capitol Hill lawmakers have come up with a bipartisan deal to prop up Obamacare States who would get some flexibility with what insurance companies have to cover under the current Affordable Care Act rules that's for the Republicans with health committee chair Senator Lamar Alexander leading the way in.