channels and 1,000 videos were likely linked to moscow. however, it says the viewership of those videos was low. >> let's kick it off with breaking news. industrial production numbers for september, coming out, blowout numbers here on the year on year figures. 8.4% for the month of september. the estimate was for 4.8%. month by month though seeing a mills. still seeing quite a bit of resilience. especially when it comes to year on year. this is the highest we've seen in four years on the factory side of things for korea. we'll see how things fare, but really seems like this data may just fall in the shadows of all that is happening with this drama when it comes to the manafort indictment. testimonies under way pretty soon, as well as that phasing-in of the tax reform. that could be the big culprit, why we did see that pullback when it comes to markets. let's look at how things are faring here in asia so far. on the back drop of all that, we are seeing a little bit of green here on the index 50. up about .05%. australia, we're expecting chinese p.m.i. numbers out. expecting activity to remain around the same. continue to see that resilience when it comes to the anufacturing side as well. we're very much going for this ahead of those crucial numbers out of china. japan also, d.o.j. as i mentioned falling only one day in the entire month in the nikkei 225 as we wrap up the trading month. no change expecting from the centralback. much -- bank. but look out for whether they'll trim that inflation orecast. >> certainly a lot on tap. as you'd mentioned, some of those korean numbers are really any of the data that's coming out in the next couple of hours could be overshadowed by what we've seen here in the u.s. in particular. this news that we are going to be getting this decision on the fed chair very, very soon. but you saw the u.s. markets. s&p, the dow and the nasdaq all in the red. you saw treasury as well today. i want to pull up a chart here that kind of shows you the entiment today in the markets. it shows you how some of the most taxed companies have been trading. as of late in the corner here, bottom right corner, you can see trading down or lower because of the prospects or maybe lack of prospects for tax reform. in particular today, the news on the markets, phasing in the corporate tax cuts. not kind of this big sort of slash and burn that president trump wants with the corporate tax rate. but phasing it down to that 20% in five years. >> so might not be seeing the net benefits trickle through immediately. also that could mean a lot when it comes to corporates as well. the story making headlines all over the world is the federal investigation into one of the trump campaign colluded with russia. that is has taken a major turn with three people now being charged. one time campaign chief paul manafort, a former business partner, rick gates, are accused of conspiracy, money laundering, lying to authorities, and other crimes. the president's ex-foreign policy advisor is also facing the same charges. the accusations come following a month-long investigation into possible crimes, including potential obstruction of justice by trump and other crimes by his associates. >> president trump tweeted erroneously that the events surrounding paulman fort's entitlement predated the campaign. he also asked why hillary clinton and the democrats were not being investigated as well. the white house was quick to try to distance itself. the president from the inquiry, saying it has nothing to do with the administration and everything to do with the president's opponents. >> there was no intention or plan to make any changes in with regards to special counsel. today's announcement has nothing to do with the president. has nothing to do with the president's campaign or campaign activity. the real collusion scandal, as we've seap said several times before, has everything to do with the clinton campaign, usion g.p.s. and russia. >> look at this indictment. what did you make of it? how significant was the fact there were no lynx to collusion or between the trump administration with russian officials? >> this might have been the low-hanging fruit that mueller came across in the course of his investigation. what it does do is gives him quite a bit of leverage over manafort and gates, who were involved in the campaign. and who were there at some very critical points of the campaign. for them to provide some information in exchange for perhaps a plea deal. there's no indication at the moment that there is one. but it is also a signal to other people that the special counsel will be interviewing, that he's very serious and he's ready to bring charges. >> so has this issue of collusion been put to rest then? of course these revelations coming through from -- when it came to this unpaid advisor, george papadopoulos seems to be the most incriminating so far. >> right. that was perhaps the surprise and perhaps even the more interesting of the action taken today. it makes clear that there were contacts between the trump campaign and the russian government agents occurring earlier than was first thought and they went deeper. papadopoulos, as soon as he was named as an advisor to trump, met up with this professor with known ties to the russian government, who offered him -- this was back in march of 2016, offered him dirt on hillary clinton. specifically thousands of emails. and according to u.s. intelligence, that was about the same time that russian intelligence began its operation to hack into the democratic party emails. he brought some of that back to the campaign and suggested -- tried to set up meetings, none of which apparently came to fruition. but it's clear that there was an effort by the russians to work with the campaign and it did get some response. >> is there any sense that this is going envelope other people in the coming days? >> well, i don't know about the coming days. papadopoulos at pleaded guilty to lying to an he's agent, that's what charged with, suggests that he's providing more information . and certainly mueller's not leaving it at that. it's unclear where it will go, who else might be he's charged with, involved. but a number of people that are close to trump are under scrutiny, including his -- possibly his son, don jr., possibly jared kushner, his son-in-law. >> this also comes as we were getting headlines, just from the last hour, from the tech companies and their testimonies , that their testimonies in front of congress tomorrow about the posts and advertising on their platform, how they've been linked to russian groups and how deep that was, is there any link here between the two or is it just this overall shadow that's hanging over washington on russian involvement in washington? >> well, congress is proceeding on two tracks here. one is look into the actual interference and meddling by russia in the elections and looking for ways to prevent that from happening again, will be having elections in 2018 for congress, for lots of governors and state offices. so there is a real effort to do something to choke that off and probably get some regulation, if possible, of how social media is used. that is a separate track from the collusion investigations but they're marching along together. >> the big question, is how much of a distraction is all this from trump's policy agenda, when it comes to tax reform? these reports saying that they're going to try this gradual five-year phase-in of lowering that corporate tax rate to 20%. do you think that's actually a positive development where we're going had it comes to tax reform or is this more of a stumbling block? >> the republicans in congress encyst they're marching ahead forward and probably they won't be distracted. ment this is their main goal, to get the tax package through. they're still negotiating some of the items and details, including whether or not the corporate tax will be phased in . they're still talking about deductions. the house tax committee says they're 90% done. but that still leaves a lot of room for negotiations that are still to come. >> just before we go, president trump over the last several days on twitter has been trying to deflect some of the attention from any connection with him to the democrats. what are some of the democratic leaders saying about all of this? >> they're actually generally saying a bit -- staying a bit quiet on this. there's the allegation of collusion by the clinton campaign, with the russians. it's a bit of a reach. they hire an opposition research firm that delved into issues involving russia and trump himself has said, well, you know, that's just opposition research. you said that in relation to donald trump jr.'s meeting with the russian lawyer, that he was just seeking opposition research. so it's hard to see how that argument gets to stick. i think democrats will just let him go with that and wait and see whales happens. -- what else happens. >> thank you for joining us on this very complicated story. let's get more on news. >> thanks. facebook is said to be struggling to stamp out fake news. people involved in the process say third party fact checkers are only able to handle a fraction of the bogus stories that flood the platform. a process some say is too cumbersome and inefficient to stop this information. facebook admits there's no fake news, quote, silver bullet, but says it will try harder. sprint and t-mobile plunged on reports talks have hit a snag. the two companies cannot iron out differences on valuation. throwing whole deal into jeopardy after months of talks. at the same time, bloomberg's been told several board members are unhappy about reling wishing control of the company's u.s. wireless operation. and catalonia separatist drive is unraveling with reports that the president has fled to belgium. local media says he left without telling anyone or leaving any instructions for the way ahead. he's said to have gone. he did, however, post a message on social media, a picture of the regional government building, saying simply, good day. global news 24 hours a day, powered by more than 2,700 journalists and analysts and more than 120 countries. this is bloomberg. ♪ >> thank you. we're looking ahead. bloomberg has testimony on russian interference in last year's election. we'll have all those details a little later on. >> up negotiation counting down to the latest policy decision. we're going to be live in tokyo. this is bloomberg. ♪ >> this is day break asia. >> the bank of japan wraps up a two-day meeting as the federal reserve starts a two-day meeting just hours from now. even so, the world of central banking right now, there's just one big story as president trump gets ready to announce his choice to be the next -- his choice to be the next fed chair on thursday. let's bring in bloomberg's kathleen, she's in tokyo for us this week, to cover the b.o.j. of course more on headlines here when it comes to trump's pick for fed chair, looks like jerome koul is the winner. >> all the more because there is so much reporting now. in fact, first of all, the white house has confirmed thursday is the day. this is clearly -- it's not just the central bank story. it's a market story. it's a global policy store. ry. but the white house has confirmed thursday is the day they'll make this announcement. "new york times" and the a.p. have echoed now what bloomberg has reported, that poul is definitely leading for trump. there's a short list. here's that pack. janet yellen herself. donald trump said he was impressed with her. john taylor, stanford university economist, author of "the taylor rule," who donald trump appears to like a lot. former fed governor and gary cohen. clearly jay poul appears to be in the lead -- powell appears to be in the lead now. one of the reasons is this. when it comes to monetary policy, a former banker, he's expected to continue janet yellen's cautious, gradual path toward normalizing policy, gradually raising interest rates. something that won't royal markets. very important to president trump. and let's look at why jay powell, who is he? he's been at the fed, on the board of governors, since 2012. actually was appointed by president obama, a democrat. powell's a republican. when injuryny stein, a democrat -- jeremy stein, a democrat, had been nominated, he had been filibustered. this is a goodwill move by the president to get one of his sides on the board of governors. he worked at carlisle. he worked at bankers trust. he worked under george bush white house. he's a treasury, among other positions. mainly focuses on bank regulation. so that in a nut shell is jay powell. but the bottom line, once we get past this announcement, whoever the next fed chair is going to face the same problem that janet yellen has faced during her term. tighter labor markets, growing america, weak inflation, how do you reconcile that? i think one more issue that's pretty important here for jay powell iraqis going to have to go through the confirmation process in front of the senate, democrats are probably going to question him on a lot of issues like rolling back parts of dodd-frank. i think beyond that, given how trump has changed the nature of this fed selection process, will he come into office looking more politicized? whether that's powell or not, i think that may be a question that he'll have to sort of push back against. i think that's going to be something that powell will bring with him if he wins the nod from donald trump. >> we'll find out in a few days. what we are going to find out is what the b.o.j. going to do today. you're covering the b.o.j. meeting. i know a lot of focus will be on its inflation forecast. what is expected? >> well, let's face it. the year over year core inflation rate that the b.o.j. covers most, follows most closely, .7%. the target is 2%. they're expected to maybe cut their outlook of translation for 2017 fiscal year, it's at 1.1%. something lower than that, we don't know. what another very important question, as governor believes they'll get the markets tighter, inflation will rise, you have a new board member who dissented at the last meeting. he said b.o.j. is not going to meet its 2% inflation target. he dissented again. but no policy change expected. maybe a tweak of the inflation outlook. press conference will be very important. i'll be there covering it. bloomberg will be inside that press conference later today. >> look forward to it. our global economics and policy editor there in tokyo. she will be covering the b.o.j. meeting. let's look at the implications of all this with bank of singapore c.i.o.. thanks so much for joining us. so let's start with the b.o.j. and then we'll get to the fed. we're going to get this decision. we're going to be watching out for thedy certainty again and what -- the dissenter again and what might be said. what's the most important thing you'll be watching? >> to be honest about the b.o.j., the big surprise would be if there's any surprise at all, i think they have a problem with the target. it's too far. 2% looks unattainable. they can play a little bit with the forecast. they can make noises about whether it's going to rise. maybe there's weakness coming down the pipe. maybe the labor market's full. they've had all of these things behind them for a while and it hasn't really moved the needle. i'm not sure there's going to be all that much more. >> does that mean just stay with your allocations in japan? no need to do anything? >> no. i wouldn't say that. i think conditional -- the yin forms -- you can maybe make the case for sort of getting involved in the stocks may be a little bit more -- maybe a little bit more. i don't think you should really expect monetary policy to be the major driver. we know what they can do. which is very little. i think it's going to be like that for some time. >> you think this period of easy money can continue? we've only fallen one day out of the entire trading month when it comes to the nikkei 225. has there been too much optimism priced in after the landslide victory? >> i think that was sort of a sentiment shift there going on. i think that you have to be careful not to sort of overread all of the sentiment. i think one of the markets that has done a little bit weaker in terms of the earnings has been japan. but we also know that the weaker yen tends to not to be bad for japanese stocks. certainly wouldn't push it too hard. but apart from that, yeah, you know, probably right. not to get overly excited about prospects. i think the b.o.j. has got its work cut out for the next two years. >> right. and you also have to question, i mean, now that abe of course has solidified and come out with a strong mandate in this election, i guess you could say status quo for kuroda and he could get another term. has anyone asked him if he wants to stay on? if not, is there a potential policy change here that we could see into the b.o.j.? >> well, that would be a little bit on the speculative side. i don't know. i'm not close enough to the side of the b.o.j. to make that kind of guess. again, if you changed it, you know, if you tried to change tact, it's not immediately obvious that if you brought somebody else in that there's a tremendous amount of leeway. i think there's actually not that much leeway. i don't think there's all that much that can change. >> let me bring these back to here in the u.s. and the fed chair. seems like the speculation is now all around jay powell being the one named to this top spot. is that going to be pretty -- is that going to be almost a nonevent? i hate to say it, for the market? >> you'd have to hate to say. so i think the whole jd to operate with continuity. -- idea is to operate with continuity. i think when it comes to central bank policy, nasty surprises are very bad. you don't want those. most surprises are nasty ones. you draw -- you'd rather not have a sudden radical shift. i think that's part of the thinking behind -- either mrs. melon continuing or mr. powell -- yellen continuing or mr. powell getting chair. i think the idea is there's a reasonable. a confidence in the direction of policies driven out of the fed. i don't think there's in any need or any desire to shift this radically. i think this is what the appointment will reflect. >> think being shifting, we have seen this bounceback in the u.s. dollar recently. some of this in anticipation of this, you know, of this fed pick. you say that this bounceback is going to be short-lived, right? and you still believe the outlook for the dollar is murky? >> yeah. we're not mad about the dollar. i think the issue is perhaps not who is driving the fed but sort of what's happening elsewhere. we've just spoken about the b.o.j. they're not going to be really in a position to make too many moves in terms of policy tightening. but certainly other parts of he world, it's a bit different. we know that europe will start tapering, albeit later, but the market is taking this into account. and then different. non-u.s. markets als we've seen canada, aussie variety, are also starting to tighten some yen markets as also. so the whole advantage that the dollar has had in terms of being the only one with tighter policy or the expectation of tighter policy anyway, that's not -- that's starting to fade. that's sort of the baseline of the idea. short-term, who knows. longer term, yeah. constructive on the dollar outlook. >> how about on treasury yields? you expect that we're going to continue to -- this trend of higher yield? might we even get to 3% by the end of this year? >> 3% by the end of this year would be quite a surprise. i think that's the right direction. i think it's quite tight to see it move this path in the remaining couple of months. but certainly that's one thing, you know, a previous commentator made the point, mrs. yellen had the issue with the inflation. i'm not sure that's going to be an issue for that much longer. i think that at some point you will see sort of the conventional theories start to play out which is when labor markets tighten, at some stage you'll see inflation pick up and that pushes yields higher. 3% for this year i think is pushing it. but i think sometime into the next year, that's a possibility. if it moves just a little bit faster, inflation, a little bit faster than where the fed has seen it, where the market has seen, it then we might see a little bit of curve steepening. that might call into question to some extent our dollar view. that might be a bit faster than we think. we think the going to be a fairly gradual progression. but if inflation surprises on the upside and the fed decides to react and maybe the dollar is not in such bad shape, but hat's not quite based just yet. >> real quickly. we've been you canning -- talking about waiting for this bear market to start in bonds. i guess we can focus on china for that one. what we saw with yields, the corporate bond market, just a week after this party, congress. do you think that this deleveraging campaign has now entered into this new stage after we've seen this big event happen in beijing? we did see that spill over yesterday. >> yeah. yesterday wasn't great for stocks. i think the general perception fks, of course, is that there's such a lot of leverage. such a lot of liquidity floating around the chinese system. at some point it needs to find itself somewhere or another. whether policy will do the trick, i don't know. maybe just oversupply. maybe just the market is gorged on this liquidity for so long, new issuance has been basically issued, sort of almost indiscriminately for the better part of this year. i think there's some risk there. i don't know whether it's going to be policy driven to some extent it might well be. but i think generally speak at some point market forces come to play. you cannot have this kind of issuance indefinitely. at some point people are going to be a lot more discriminate, investors are going to take a more discriminate view of the quality of the credit floating around and maybe start applying the brakes. >> great to have your perspective on. this coming up next, leaders are heading to capitol hill to speak about russia interference in last year's elections. we've obtained facebook's planned testimony. we'll have those details coming up. also expecting japan jobless rates, factory output, as well as samsung earnings all on tap here in the next couple of minutes, coming up now. keep it here. this is bloomberg. ♪ betty: all right. that is a live shot of tokyo as we are awaiting several pieces of data, and in particular, the jobs a coming out. we have the boj decision later today. the jobless numbers are coming out of japan for the month of december. the month of september, again showing how tight the labor market is in japan. the job to ratio also staying pretty tight at 1.52. the expectation for economist was 1.5. earlier, it was much tighter. overall household spending falling a bit, down three point -- down .3%. no change essentially from the prior month of .6%. healthful spending coming down. however the job market continues to remain tight, which is really the conundrum for the bank of japan, right? as it continues to see the labor market tighten. there is no wage growth. that is spilling over, yvonne, into as much of a robust inflationary outlook, or even much more robust spending coming out from japan. he can see the markets overall are indicating a lower open. part of that has to do with these declines we have seen in the u.s. market. yvonne: we could be seeing a little profit-making here today after what we saw as robust 20 year highs. the jobless rate at 2.8% for a fourth straight month. let us get the instant reaction here with sophie kamaruddin with what we are expecting here, sophie, with the boj as well. sophie: take a look at how the topix is playing out. still have the topix playing out. you can see that on g #btv 4001. season alsonings underway, that is looking pretty healthy. you have many companies upgrading their profit forecast. sony, japan airlines, that could quickly take a look at this function on the terminal. the ea function. that is going to show you the health of the earnings parade so far. 541 companieshe that have reported, a small majority have delivered a beat on the top line and more have a surprise to the upside. this again reinforcing that picture for policymakers. that has theoj policy likely to maintain its super easing strategy. etf purchases, because that was reduced to the month of october. betty: that's right. as you mentioned, looking at some of those economic reports in japan and the boj meeting, more than 800 companies are expected to report results this week. sophie: this is the cut that i mentioned that is going on with the topix and korea. we have the kospi at an all-time high. we have plenty of earnings we will be keeping an eye out for. take a look at the futures for the kospi, looking to hold above that 2500 level at the open, building on all-time highs. when you take a look at what is helping drive momentum for the are setoreign inflows for a second monthly rise after what we saw in august. the far side indicating foreign influences have returned for the month of october. they have received funds that are being drawn by optimism over earnings. plus, tensions between china and south korea, those are subsiding, which has helped some stocks recover. we have korean prosecutors seeking a 10 year jail term. that is a signal that president moon is intent on killing his pledges, and he is saying for the korean economy is looking fairly in reach. yvonne: breaking news coming through. sam's on earnings, the final result of the third quarter, stephen engle watching those numbers. a new record operating income coming in at 14.5 14.5 300,000,001 -- trillion won. that is about 55 billion u.s. dollars. that is a record high. booming demand for displays and of course memory trip prices -- chip prices through september. we are seeing that linked to a strong number. the note eight was well received. again, ahead of the iphone 8 launch as well. we are not getting the breakdown of the various divisions, but in the previous quarter, operating profit was 8 trillion won. we will be looking at further breakdown of these numbers against the backdrop of this leadership reshuffle coming later. yvonne: the conference call, i'm guessing, this is what analysts will be asking about. after the ceo steps down, we have jay y. lee under his appeals process. who is in the short list? >> six different people that we can kind of .2 and wildcards as well. andind of point to wildcards as well. leadership is needed during this unprecedented crisis. we can see at least four names that i have highlighted. the first one is the number two thehese three ceo's, network business leader. he is 61 years old and he could be a safe choice. and also another is the number three of the three ceo's. the oldest of the potential candidates. 64. then we also have the man who heads up the most profitable division, chips and memory chips. he is a lifer at samsung, been there since 1981, an engineer by trade. he could be a front runner if they go the safe route. keep in mind, one of his a semi conductor engineer, the foremost expert at samsung, by far the biggest contributor to profit. keep in mind as well. i know it is a long list. there is a couple of other wildcards here. the head of the medical device unit -- that is not why he is significant. he is a digital evangelist, and he has been long time campaigning for hierarchical changes at samsung. yvonne: looking for some young blood, i guess. stephen engle, thank you for breaking down those samsung earnings for us. record profits for the third quarter. first word news with jessica summers. jessica: three people have been charged with the investigation into collusion with russia. they worked on the and on duration. moneyre accused of laundering, conspiracy, lying to authorities, and other crimes. denied the charges in washington's federal court. authorities say george papadopoulos secretly pleaded lt weeks ago and has been cooperating. the new york times says president trump is expected to nominate jerome powell as the next fed chair. the report cites two unnamed sources. he appears "promoting the fed governor." bloomberg reported the fed was leaning towards powell. be announced thursday. ukip prime minister theresa may wants the brexit talks to intensify to break the deadlock and move the agenda onto trade. we are told david davis is proposing a different structure to the negotiation to allow both sides to make necessary compromises, and will brief the cabinet tuesday. london once ongoing talks rather four-day session in brussels. and reports from seoul say china has broken up and alleged plot to kill kim jong-un's nephew pure the newspaper says police arrested several north koreans on suspicion of traveling to murder. his father was kim jong-un's half-brother, who was killed at the airport earlier this year. news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. anchor: thank you so much. twitter, google, they will be on capitol hill to answer questions about alleged russia interference in last year's elections. tom giles has been following all of this, and tom, we already heard and have seen their testimony. facebook thing saying that they reached one of the 30 million users. google saying they saw more than 1000 -- excuse me, 18 youtube channels. is this all much bigger and wider than we expected? clearly, whatl, these companies have been doing over the last several weeks is really trying to get the most up-to-date data that they can. the most up-to-date information. the russian interference in the election through the social media sites was much bigger than previously thought. are beings that released tonight, and you are going to hear talked about this week in congress, show social media platform that were just completely manipulated by foreign countries, a foreign country in particular, russia, during the election, in ways that these companies had no idea or had little idea of before. and even some of the information that we saw before. for example, twitter talked about 200 accounts. today, coming out and saying the 0 plus.was 270 it is showing companies that really have had a poor grasp on exactly how extensively russia used platforms during the election. it does, and it is so troubling, tom. we know these platforms are trying to reassure their users in fighting back. facebook in particular. how have their efforts been so far? tom: they promised there is going to be a lot more disclosure when it comes to political advertising, who is behind them, who did a target, how much did they spend? those kinds of things, we are going to see more information. at least, that is what facebook and twitter -- in particular, twitter has been really aggressive in saying "these are the changes we are going to make." is it too little too late? how much our lawmakers want to say "no, we cannot trust you to police euro and platforms, and we are going to make you ownlose -- police your platforms, and we are going to make you disclose your sources like an ordinary outlet, radio, tv." yvonne: facebook's core business is quite strong. at what point is it too late if they are being treated as a company? is that going to shift how investors view facebook and perhaps this russian scandal is going to start to hurt their earnings? so far, the spending by the russians has not been that extensive. what we have seen is a little bit goes a long way in just a few thousand dollars which can a very bigreach audience. 129 million people is a big, high a percentage of the u.s. electorate. obviously, 40 something percent. we have not seen any of these concerns about regulation affect line, ande bottom two, the stock price. there is so much around the companies like facebook, alphabet, in particular. that you are not seeing it affect the stock price. it is hard to see how much that is going to affect their revenue line, their bottom line, but reputational he come of these companies are undergoing damage. you are going to see a lot of politico -- a lot of politicians making potshots at these companies. causing the american public to think twice about how much they trust these companies for getting information. betty: just very quickly, we know the general councils will be representing the tech companies this week. do we expect congress to call the ceo's, the tech ceo's, at some point. tom: i'm sure they would like to see zuckerberg taking heat in .ongress particularly those politicians who view social media companies as having been complicit in donald trump's election. it is hard to say whether there is going to be a need for another round after what happened. we will know a lot more in the next 48 hours about just whether the company's have satisfied the have satisfied the questions on the part of lawmakers. you can see more pressure to bring in more big guns to d.c. from silicon valley. yvonne: more drama ahead. thank you. bloomberg's global tech editor joining us from san francisco. want to bust through some of these lines. more details coming through when it comes to the net profit, net income, for the third quarter. looks like it was yet another beat. 11.4 trillion won. also seemed to break from business units. the chip division, which was the most profitable. 9.9 6 trillion won. the mobile division in focus. 3.2 9 trillion won. those headlines coming through looking like it was, yes, a record quarter. take a look at more on that. that is coming up this hour. betty: we will be watching samsung shares. t-mobile, sprint, hit a snag with differences about valuation and control. the latest from l.a., next. this is bloomberg. ♪ betty: this is daybreak asia. i am betty liu in new york. yvonne: softbank talks to merge sprint and t-mobile. t-mobile with a serious roadblock, jeopardy after months of stops. the latest from bloomberg's from losoining us angeles. there is a lot of reports about this. obviously, everyone with taking this was supposedly a done deal. is this more just negotiating tactics coming up from softbank, or is this deal really dead? >> that is a good question, and it is possible that this is some crazy story. this deal has been going on for months. these companies have been talking literally for months. it is weird that there would be this sort of impasse. we had been reporting this deal was likely to close by late november. maybe this isay -- there is a sort of last-ditch effort on the part of softbank, but what our reporting suggests is that this is real. this deal is actually happening now. we are not ruling out that these may come back to the table and work it out, but there is some very real differences of opinion, and depending on who you ask, it has more to do with who ends up with control of the company. we reported for a long time that deutsche telekom was going to be the controlling entity when the companies combined. that is the owner of t-mobile. but apparently, there is some discrepancy about that now. we heard from others that it is more a matter of evaluation, difference of opinion on exactly how much. we'll see. leverage doesch he have when it comes to negotiating this issue of control? it seems they need this merger more than t-mobile needs it.. crayton: i think that is a fair assessment. that maybe you could put some capital into get some control. sprint. is bigger than you merge them together, and t-mobile is by default bigger. plus, our understanding is, from the deutsche telecom side, they continue to want to control the u.s. entity. that has been a great source of profits for them. the european business is not a big lower. a want to stay in the u.s. and run it. they feel like they have done a good job the last few years. t-mobile has grown a lot, added the drivers, and sprint has not. why should sprint from the show? betty: crayton, thank you so much. breaking news right now on japan industrial production, as we mentioned. we are getting lots of economic numbers coming out of japan today. industrial production coming in down 1.1%, better than what economists had estimated for a drop of 1.6%. this is a negative turn for industrial productions, which was a rise of 2% before. better year, up 2.5%, than what economists had estimated as well. a gain of 2%. but much lower than what we saw. these industrial production numbers have been going up and down all year long. the trend that is expected is that industrial production or factory output will continue to rise to the end of the year. we have seen exports in japan manufacturers as well as a softer yen, and speaking about were the dollar-yen is right now, has not moved too much so far. had been strengthening just slightly ahead of these numbers, but remember, we also had just a few moments ago, the jobless number coming out as well, showing that we still had a pretty tight labor market in japan. all of this ahead, of course, of the boj meeting later this -- -- -- -- -- -- later today. steel insists it can meet payments, chaired by investors. that is next. this is bloomberg. ♪ betty: this is daybreak is up. yvonne: we will be watching -- betty: this is daybreak asia. yvonne: we will be watching kobe steel. playing down fears of financing problems. this comes as kobe steel its forecast, saying it cannot determine the impact of a fake data scandal. let us get to bloomberg's asia energy reporter, who has been tracking this for us in tokyo. run us through the numbers real quick. the company has to adjust or pu ll. exactly what does that mean? >> there are many different numbers which had to be changed. they pulled their net income forecast for the fiscal year ending march, just because they did not know at the net income would be. the market was expecting that. analysts were expecting that. saidnies were affected and we don't know what they will be asking for, if there is going to be be calls. it was a smart move according to a lot of the analysts i talked to. there were recurring profits which were lowered. the operating profit was lowered. they are seeing the hits are because of the scandal. investigation going on. that costs money. the interesting thing is the revenue stayed constant. while the costs are rising and affecting the recurring profit, you are not seeing a hit on the current contracts for the fiscal year. that is definitely good news for them there. yvonne: flesh out the cost side of things a little bit more, stephen. you mentioned about the possible legal issues. what are the possible costs to the company in what they are anticipating? stephen: right now, they have a ¥10 billion hit to their becoming profit. that is what they said yesterday. on top of that, the vp said maybe there could be other hits, other companies that come forward. what they are really looking at right now is, you know, what are these companies -- the automobile companies, these train company, these airplane companies -- what are they going to ask for in return to getting the parts they did not order? they ordered parts with strength of x amount and drop below that. now, what is going to happen is japanese companies, american companies, companies around the world will want reimbursement, moneyback, because we did not pay for that. have ae a recall, -- because, we want you to cover the cost of the recall. it is too soon to tell what the full cost will be. much. steve, thank you so bloomberg's asia energy reporter in tokyo. as we have been following these headlines out of samsung, the head of the korean market's opening, just to be cap some of the headlines coming out of send some -- out of samsung. much better than what analysts had expected, saying they saw strong demand for their high-end chip than the record profit. the chip division operating profit at 9.96 trillion won. all of this amid the apple 10 coming out soon, setting up this rivalry between apple and samsung, this long-held rivalry between the two. yvonne: they are talking a little bit about here about how they see the shipments as flexible. to improve display earnings and memory chips, the super cycle, really helping samsung kick things higher here and reach that record. lots to digest in the next hour with seoul and tokyo opening. more on the next hour of "daybreak asia," including the boj decision. what is next for kuroda-san later on? this is bloomberg. ♪ anchor: we are live from bloomberg's live asian headquarters. top story, asian-pacific markets, and fallen only once in the month of october. samsung enjoying a record quarter and helped beat estimates rising to $10 billion. and from bloomberg's headquarters, it is after 8:00 p.m. on this monday. the rush yap inquiry charges three people. d former campaign manager, paul manafort. facebook says russia posted 130 illion users in that election. >> good evening. a lot of news in the d.c. front. the text testimonies, but here in asia, the d.o.j. the data front seems mixed and samsung earnings. yvonne: not really for the rest of the markets as you mentioned. a heavy news day today and will get like this even more in the coming days even though we have gotten our answer on the fed chair jay powell seems to be the front runner but you don't know what trump is going to do. betty: thursday we are learning could be the big unveil. and the big unveil. yvonne: after that downday, the picture in asia is looking mix. and energy shares are leading the drop and falling for the first day. but keeping a 2500-point level. and what is going on. you have gold edging higher every so slightly and we have that's below and the level. we did get investor production growing more than than forecasted and falling less than expected and we are counting to the b.o.j. decision. and treasuries are continuing to climb and asian bonds. u.s. tax refund is framing the picture and the dollar that is holding on. so the week of weeks that is living up to the hype so far. and the korean waun and latest and the picture of economic recovery for south korea rising since september to a four-year high. and chinese p.m.i. due out. they are imagining grouped and t is set for a third monthly drop. and yesterday was future a slump in chinese stocks. and it continues in earnest over 800 japanese companies. that is the highlight. and check out some of the companies that nintendo after it boosted. and analyst were somewhat conservative and they delivered a report card. it broke a five hire quarter. and rising for a second day. nd it rows across the board. are you ready for christmas shopping? betty: i'm sure a lot of retailers will be happy including like samsung. the record profit coming out from the big tech giants. and annual dividend payments for 20818, 2020 and the plans of 46.2 trillion. and our agent has been tracking samsung. >> see the headlines. it is another record profit in the third quarter for samsung. we got the preliminary numbers. we knew it was going to be a pretty good number. it beat the preliminary number at 14.3 trillion. that is nearly $13 billion. net income that is coming in above estimates and the previous record quarter in july that they recorded. d the estimate was $10.8 trillion. and better than expected, better than the previous quarter. that's about 54, 55 billion dollars. a big demand for displays and memory chips are fueling this quarter. samsung citing the record number. and expect positive growth in the market in 2018. i'm going to break down some of the divisions because we can break samsung down, we look at the chips, mobile and display. operating profit the previous quarter, this will tell you how much chips have gone up. the operating profit in the previous quarter, they surpassed that significantly in the just-released numbers. so they beat it by 1.96 trillion from the previous quarter. mobile division because they ave the new galaxy 8 following the debacle of the note 7, mobile division coming in at 3.92 trillion. the previous quarter was 4.1. so it's a bit lower in operating profit on the mobile division. anchor: what do we make of this? they say it's going to be positive until next year. are we overlooking the risks that it may not be that tight? >> i'm trying to get some guidance on the deregulation market. but the prices is what drove that bottom-line number there because of the tight supply leading up to the rollout of these various products inclouding apple's new release of the iphone. we aren't getting guidance on the tightness of supply, but that will be the biggest dictator of prices and the underlying profit. we are awaiting guidance. anchor: we compiled a short list of candidates. talking about j.y. lee and he said he didn't take it big corporate decisions. >> he wasn't an operational guy. yvonne: and are there any of these candidates potentially rise up to those ranks? >> let's bring up the short list hat we compiled after the c. e.o. stepped down and he said we need younger leadership. the first two gentlemen you see there are the co-c.e.o.'s of the other two divisions and they are potential successors. the third person is the head of the chip business which is by far the biggest profit generator at samsung. this guy has been a lifer at samsung. and then his subordinate, he is considered the foremost expert d-ram and could get their evangelist. he has been campaigning against the structure. to ease that at samsung and the biggest wild card is the sister. she has been executive experience but she is a lee. yvonne: it could be an advantage or a strike. breaking down those numbers for us. but the stocks up about more han 40% for the past year. let's get you caught up on the news from sydney. paul. >> story making headlines, the federal investigation into whether the trump campaign coluded with russia. paul manafort and rick gates are accused of lying to the authorities and other crimes. president's policy adviser papadopoulos is facing the same charges. it followsal month-long investigation including potential obstruction of justice. the responses came thick and fast i said the events pre-dated the campaign and asked why hillary clinton and the democrats were not being investigated. the white house was try to quick to distance the president saying it has nothing to do with the administration and everything to do with the president's opponent. >> no intention or plan to make any charges with regard to special counsel. it has nothing to do with the president or the president's campaign or campaign activities. the real collusion scandal has everything to do with the clinton campaign, fusion g.p.s. and russia. >> facebook is struggling to stamp out fake news. party fact check is able to handle and screen shots reveal a process that some say are too cumbersome and too inefficient. f there is a will, try harder. the president of cat loan yeah fled to belgium. he left without telling anyone or leaving instructions. he is said to have gone as spain took control of cat loan yeah. he showed a picture saying good day. global news 24 hours a day powered by journalists and analysts in 120 countries. anchor: investor optimism on chinese banks are posting double-digit gains. we will run through those numbers. >> counting down to the latest decision from the d.o.j. and see ore dissent? ♪ >> comments from governor in the press briefing later today that perhaps weakened the exchange of the e.t.f., the stock purchases that the d.o.j. has. so you may remember that they of a 6 trillion yen target purchases of stock a year. lately they haven't been buying because the stock market is booming, less need for them to buy. are they going to water it down a little bit in the same way they have moved away from holding steadfast to the bond-buying target. third thing we will keep an eye out for is any indication that one of the new board members who dissented the last time around comes up with his own proposal for perhaps additional stimulus. anchor: chris, let's talk about this. the lone dissenter, what influence does he really have among the members. yvonne: they were mostly hawks .n the policy >> the dissent is not going to have any impact on the policy decision ultimately, but what it does show is that the board has really been reshaped by prime minister abe. the two dissenters on the hawkish side are gone and it really emphasizes that the d.o.j. is not about to join its pierce in scaling back stimulus in moving policy normalization. yvonne: thanks, chris. as we have been talking about it , the fed is considering lowering this year's inflation forecast and send it back to our global and economic policy editor and she is standing outside. >> c.e.o. rogers investment advisers here in tokyo doing business for 25 years. in the beginning of the year, my first trip to tokyo and covered it. u were already on bullish on japanese equities. now here we are and at the end outlook?ar, was your >> we were right on our call. on rogression of topics nikkei returns for investors. it will be more of the same. to summit up from 0,000 feet, the election victory by abe show the important policies that help create the environment that is conducive to these positive returns. reporter: for the global investor, japan is growing more, six consecutive quarters of g.d.p. growth. has abe changed that? what is the difference now? has the global investor started recognizing that maybe something has been happening in japan? guest: i think so. what investors were, the hope of china and india and other things that seemed appealing at the time. this is a $5 trillion economy run by rule of law, and there is a certain expectation of how things are going to be run. if the man at top, prime minister abe saying here are big-picture goals. we need to do things in a more productive fashion that are positive for the economy. that's good. and how much restructuring is going on, not so much. you hold up economics to critical analysis and say we can do better. they were adamant that they needed to change 20 years of mind-set. we see it's taking place. that fixed quarter of growth is good start. >> what is the significance of it if i'm a business person? guest: i think it's more of a political number than one you would drive economics on. it gives people something to shoot for. n this envimet, making 1.25% growth, it is good. a long period for a number of years. to put it in perspective, have all-time employment here. their pressure is building. that's important. that's what will lead to a positive upward spiral of inflation and people get paid more and spend more money. > abe and what he has done and strong result for him, true investor sentiment. is it valid or overrated? >> i think it's a little bit overrated and while it is a stunning election victory, he did quite well. and if you recall on bloomberg back in july when the governor wept the assembly and there is a problem and is this bad? he said, no, no. abe is put on notice that an organized opposition that puts forward a pln to restructuring it that is a political threat and now you have to respond. anchor: why are japanese investors buying stock? why are foreign investors selling them? guest: our view is that the japanese's mind-set is changing. ere are -- you want to d.g.b.'s? that doesn't make any sense. if inflation is coming back, you have to get into vehicles that will benefit from that and equities is the clear obvious choice. reporter: buy japanese stock, what industries, what companies, how do i get in there? >> there are a number of ways from active to passive. active phase, the we like the hedge fund world. there's a data tailwind if you will. the sectors. the end is going to get weaker. fed is going to be raising rates probably in december. you tell me what you think. but with the -- and retaining power, we don't think they will be raising rates any time soon. the rest of the world is figuring it. weaker yen. reporter: thanks for joining us. and bullish on equities. but seeing mr. abe has more work to do. yvonne: thank you for your live report. and you can find analysis in the news big news makers. turn into at 6:00 a.m. hong kong time and download the app. ♪ reports from japan nissan is to halt domestic vehicle production because of the unqualified inspection scandal. the company needs more time to find certified staff to carry out the quality checks. the production pause would last two weeks or last. we are coming up, a switch in nintendo's pillar of growth. the company is relying on its new console. we'll have more from tokyo next. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. anchor: 8:30 in the lion city. we open up trading in singapore. looks like to be a nice fall day. a little gray there. betty: you are watching us live. let's get to the news with paul. paul paul samsung electronics opened lower after third quarter net profit beating estimates by 200 million. strong demand for high-end chips and demand conditions in flesh memory in the fourth quarter. and worth of shares and paying dividends of $6.32. three people have been charged into the investigation of were ion with russia, accused of money laundering, lying to authorities and other crimes. manafort and gates denied the charges but authorities say george papadopoulos pleaded guilty weeks ago. "new york times" said trum is supposed to no, ma'am rate jerome powell. on promotingppears the fed governor. the president was leaning towards powell. an announcement is planned for thursday. they are easea may wants to talks to intensify. and the secretary david davis is proposing a different structure to allow both sides to make compromises and will brief the cabinet. seoul said from hina has broken up a plot. a newspaper said police arrested several north koreans traveling to beijing. his father was his half brother. south korea believes that jim jong-un ordered the killing. betty: asian markets so far and let's get the latest. and profit taking when it comes to the nikkei. >> 7 delsh 10's of a% and highlight what is going on. we had tax reform woes and asian bonds and korean debt as well. we are seeing the two-year yields and we saw last friday. and that is appreciating since august, 28. factory output data. d the kospi and losses and look at the breakdown for the benchmark. we have it being led higher as consumers staples and now looking fairly flat. and samsung among that number for the first day. and japanese shares. telco is driving the most as well as on the topic and because of the side. and t-mobile looks to be in jeopardy. earnings are a driver in japan surprise as the market expected and had largely been resolved. when you look at what is leading gains, you have machinery, electronics among that number boost from etting a industrial figures. and that is climbing to a january high tracking after the car maker switched con sole outlook and looking for a boost. betty: nintendo enjoying great building on that surge in new york. eugene has more. hat surprised the animalists most? 5%? e shares are up almost guest: couple of things. nintendo uped its forecast from 10 million to 14. that is a pretty realistic estimate of how much they can produce. nintendo is a pretty conservative. and a lot of analysts i talked to said that is a sign to produce more switches. and nintendo's president when he met with reporters, he said our component makers and suppliers are able to produce more parts. we are increasing production and it's picking up and i think that was really something that the analysts wanted to hear. that was the one thing that no one was really sure. betty: a positive supply. what is behind the switch device? guest: the switch, it does something that no other gaming device has up ng now. you can play it on your tv or pick it up and play it in the room. people are are playing it within the house, in the bedroom, in the living room and tv and in the kitchen when they have a moment or even in the bathroom and as i said, where it is more comfortable for you to play. the games are really good. every single title. you saw supermario odd icy and got the best reviews. so they executed with the hardware and doing well with the oftware. and half of them bought it. and both on the hardware and software side. betty: i'm looking at this mario card video and makes you want to play. can i get my hands on one? how are they going to meet demand? guest: that's the key question. 45% of all revenue in the third quarter, the christmas quarter, 45%, they have to increase their stocks for the switches to meet demand and highlighting the first point, production is increasing and could sell 14 million of these this fiscal queer and things are looking better. i'm sure it will be hard to get one. these things keep flying off the shelves. most analysts that nintendo will push higher than 14 hillion, if the supply goes well. it could hit 20 million this year. betty: you convinced me to put it on my christmas list. more data come through and a little over an hour and last month, the gauge rose to a five-year high. and malcolm is here in hong kong and a slight moderation? >> the winds are good. we have an economy and p.t.i., prices up 6% and leading to industrial am surgens and we are going to moderate and looking for 52 on the p.m.i. reading. and but, the things that have been strengthening the p.m.i. are things like new orders, output and prices and they are well for continued strength and holiday season and gadgets being hipped to factories. so we should some see strength. yvonne: this is after the party congress gained data. are they continuing on these reform measures? >> you want to be doing this uff while the economy is fairing well. they have caused a pause. and we have seen slower growth. not this year according to the consensus. and so this long slowdown is no longer. of course, that is temporary. economists expect it to moderate as some of these efforts to eign in the growth starts to take hold. yvonne: what might be going forward on new focus on efficiency, quality? we heard this in the party congress last week? guest: there are two camps forming around this view. one camp says it will slow, because they want to cuts some of the leveraging and cut exass quit and that will lower output. the other camp says the contrary. they should stimulate more productivity and the cuts in overcapacity should boost prices and we have seen that in the industrial space and that could mean it is sustainable. nd their forecast for next year's economic growth, 6.9%, which, in fact, would be an improvement. so that's a bit out of the ordinary. the consensus is for some slowdown, but some economists say they could boost, not hamper growth. ♪ >> bloomberg charts that we need to know on the chinese banks. reporter: looking here at the net interest income for china's big four banks. 392 , the third quarter of 2017 on the right-hand side of your screen and third quarter of 2016 and we are looking on the order f 14% at its lowest point. taking a look at the green bar ere. bank of china was up even higher. that was the white bar and up by 16% and looking at improvements in interest margins as well as improvements in asset qualities. we were expecting this over the past few days and this happened here. and we are talking about net interest, now we are talking about net margins here. the white line is the net interest margin for the industry of china. it was starting this rise up to 2.05 in june. in march, not much. but get this it was rising to 2.17. that matches the first half of 2017 which is by 2.16. two other banks bank of china and reported last week. but add bank didn't disclose and see if that falls over. the reason for this is because china curbed its interbank borrowing helping this to rise. our last chart, nonperforming loans. 7.289. we know what has been happening. the n.p.o. ratio has been rising through the end of 2016. and timely this stabilize out and 1.47% through the second half of this year. put this into per r perspective. japan, 1.5% for n.p.o.'s. and hong kong, the territory of hong kong. here in the u.s. and china is definitely on the higher end of this scale. those are your charts as we break apart these earnings. yvonne: thank you. let's bring in bank analyst who is joining us now. the he canity charts and rally going on for some time and making this the worst. that is over, the economy is still resilient, what are you seeing and what are we missing in this picture? >> thank you for having me here. in you look at what is happening the china's banking [inyou had i believe] and ere is a stock there ever rising debt to g.d.p. ratio. indiscernible] yvonne: we barely talk about n.p.o.'s and how things have flattened out? >> not really. the improving of asset quality. and has been the case for the shift r and you have a n the mix -- inaudible] t the end of the day, g.d.p. ratio in the economy. and encourage banks to make loans available. which means that the ratio and -- [indiscernible] yvonne: a level of what we have heard for many, many years is that china is on the verge of this banking crisis and some of the numbers that we saw, the levels coming down a little, is this whole question of whether china is going to be confronted by a banking crisis? is this question over? >> i think it is hard to say it is already over, but i have to say, i don't expect a banking crisis any time soon in china. that leverage in the economy can pose a greater risk. and leading to a potential spike in interest rates. this could lead to higher n.p.o.'s. betty: not about the banking crisis. i want to bring up a chart here, 3556 for our viewers which shows you what we have seen this is bond selloff or selloff in debt and how it's starting to weigh on the shanghai stock market this year within the yellow olympic here, so to speak. that trend is just starting. does that tell you the opposite of what well talked about, is the banking crisis almost over, is that we haven't address the debt issues and only going to get worse here in china? >> that is an interesting observation. e have some difference to look >> if you look at the interest rate, the government bond yield, stocks increase again. indiscernible] >> this may reflect a bit more of diminishing of the profits in the system which will evently drive up the interest rates and ading to more defaults along the marginal -- betty: you think given the tradeoff when it comes to volumes versus margins that this could actually impact corporate credit? it's really about the positive rash yeoh or put another way, continue to increase, which means -- [indiscernible] >> that is a very good example. you know one of the reasons why they have to cut it off to fact, the hikes and in it's not the type of liquid but liquid for the entire economy. the chinese economy has been enjoying for so long and we expect that this may disappear. if that's the case, going to see substantial risk. and that will go to a spike in nterest rates. yvonne: thanks for joining us. you can get a roundup of your stories. bloomberg subscribers go on your app.nal and also on your ♪ yvonne: putting a deal at risk. people familiar with the matter the committee on foreign investment has raised issues bout group's access. and third quarter rose offset between an impavement losses. income was $1.5 billion and issing estimates and rows to $87 billion. and despite rising oil prices. losses from overseas deepened, more than double a year ago. and china is probably the haven for investors right now as they grapple with political risks in u.s., europe and developing nations. the chairman said that's because of beijing's willingness and also told bloomberg he increase essex poshe sure in latin america and expects growth. >> you shall going to see a much stronger emerging market securities and we have seen movement up from the bottom and we think that's going to continue. >> you have to wonder when the president was making that speech at the party congress, elevating him to status and how donald trump was watching on his tv and envy i have to say. and watches tv all the time. and interesting because he is feeling the checks and balances here in the u.s. very deeply with the revelations coming out with the mueller investigation and the three people charged and his possible links to them. he is feeling that. probably wishing a little bit he is in the position of xi. >> and his ratings is the lowest since he took office. before all these headlines when it came into the d.c. with the manafort and russian scandal when it comes to hearings. so a locality under play. >> we have more on china. the china p.m.i. numbers are coming out. ♪ who knew that phones would start doing everything? 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