Yes, prime minister. Australia vote strongly for samesex marriage. Theolm turnbull calls results overwhelming and unequivocal. Yvonne plenty of breaking news in the last couple minutes. Japan gdp missing estimates slightly. Withhite house coming out the statement endorsing the house version of this attack tax reform bill. Lots of questions about how they can iron out differences between what the senate once in the house. And of the senate wants, the house. It might be down to the Corporate Tax rate. Which is why the white house might be leaning toward the house version. They do this policy, stress it would cut the Corporate Tax rate to 20 . There had been discussion whether that would be higher. The white house leaning toward the Corporate Tax rate of 20 . We will see what happens thursday. At least one gop representative said they have the votes to pass this. Yvonne we got breaking lines on airbus, according to people familiar with the manner matter. There is a deal for 430 jets with Indigo Partners. That is a 40 billion deal. Still trying to see if we will get more details on this, according to sources. It lets get to first word news with jessica summers. Jessica President Trump wound up his marathon tour of asia, saying the roles have changed. He emphasized the need to reduce trade deficits. He said he builds new relationships based on respect, which he said would be a change from previous administrations. He said asian nations would treat the u. S. And away they have not for some time. [indiscernible] countries were taking advantage of the United States. Those days are over. Things will be reciprocal. Meaning, [indiscernible] jusco Southeast Asian leaders and their trade partners entered talks in manila, calling for a talk on a new trade deal. They said negotiations are complex and challenging but they remain committed to a mutually beneficial partnership. They comprise a mouse half the worlds population and more than 30 of global output. Jeff has denied the line or Misleading Congress about contacts with russia during the president ial campaign. He said he simply forgot about a conversation revealed by the mueller commission. Now recalls the march 2016 meeting at the trump hotel, where George Papadopoulos said he could arrange a meeting between trump and president putin. Voted to legalize samesex marriage after a nationwide survey. The yes vote was 61. 6 with almost 80 participation. Ae voluntary survey was compromise. Widely denigrated as a waste of money Malcolm Turnbull now faces a battle with the right wing of his party, to come up with legislation. I say to all australians, whatever your views on this issue may be, we must respect the voice of the people. We asked them for their opinion and they have given it to us. It is unequivocal, it is overwhelming. They are our masters. We were elected to parliament. It is our job now to get on with it. Get on with it and get this done. It is fair. The people have voted yes for marriage equality. Now it is our job to deliver it. Jessica global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Summers, this is bloomberg. Yvonne lets get to the market open. Continue to see red. A pretty red tuesday here. We are treading water in a red sea. It looks like the latest gdp numbers, you have stocks continuing to fall. The nikkei 225 is set for a six day of losses. But the yen is holding on to overnight gains, despite u. S. Tax reform. Japan gdp, the first of the heavy hitters when it comes to the eco agenda. South korea reporting a surprise jump in unemployment. The kospi extending losses. The yuan gaining ground. The mood is dour. Commodities are a big source of consternation. Tencent earnings in the more on the ugly commodities action. Ckel plunged the most since march 2016. Concerns around chinese demand. U. S. Stockpiles of oil rose after already getting winded by a bearish outlook from the iea. The oilled routes in u. S. Equities. Aussie shares led lower by energy stocks. 89. E a look at g btv 53 this shows the bloomberg age of raw materials, telling the most in six months. That pain is likely to continue. Yvonne thank you so much, lets get to our top stories. Japans economy grew for a seventh straight quarter with gdp growing at an annualized rate of 1. 4 in the third quarter. This comes as a recovery in exports and rising businesses did offset a decline in Consumer Spending. Now, chief market economist at nomura securities. He joins us live from tokyo. Lets get your initial read on these numbers. We see seven straight quarters of growth. Momentum has stalled. Has it set us up for the Fourth Quarter and into 2018 . 1. 4 percent growth is lower than market expectations. A good growth. Er japans potential growth rate is around 0. 8 . Japans exports have been elevated by Global Demand expansion. Know, japan is quite good at producing capital goods. Up,ever Global Demand goes [indiscernible] i think japan is growing, along with the other nations, globally. Yvonne seems like they have been riding on this external demand. I want to throw up a chart, g btv 5933. Quarters ofht growth, the longest streak we have seen since 2001. Also, the gdp tracker is seen in white. Maybe this summer, the gdp tracker has been in negative territory. Is the risk now tilted toward the downside, now that we see private consumption, it investment accelerating . Has robustieve japan growth on track. Yes, the summertime, private consumption was rather weak. The fact of the matter, japans income has been growing quite robustly. What we know, nowadays companies are converting parttime employees to fulltime status, which means rising overall income. This is on the back of the rising consumption in the first half of this year. The first half of this year, consumption was very good. We had bad weather in summertime. It is natural to see some slowdown in q3. Iselieve private consumption likely to be on the moderate growth path in the coming quarters. I am not too worried about japans growth rate. Other hand, private investment has been still robust. Private investment has been supported not only by the Global Demand, but also by a showcase of labor. In japan, the labor market is quite tight, with Unemployment Rate at two point percent. Companies are struggling to hire new employees. Tryingey are doing is, to raise productivity by raising the investment. I think investment is the fundamental reason to be supportive. That is likely to continue in the coming quarters. Ramy what does this number mean for mr. Abe ¥2 trillion stimulus package . Expandas talk it could if it came in below estimates, it did by a few percentage points. Is it enough to trigger talks about possible expansion . Say, look at the last year. Japan usually has a big fiscal package. Year and next year, we are likely to see some slowdown. A ¥2 trillion package is a good idea to mitigate this difficult issue. It is good to look at what is going to be spent, in terms of this ¥2 trillion. To be used to improve productivity and expand the labor market, that is a good idea. I generally support the policy by the administration on this front. Of private,ms personal consumption, we see a little bit of an impact. What does this have in terms of ramification for mr. Abes consumption tax, in terms of increasing it in the future . Will he say, maybe not yet or as planned . Tomo that is a good question. Think the implementation of our next round of hikes depends on how consumption grows over the next couple of quarters. What we know is, consumption was quite good in the first half of this year, supported by the raising income. If it moderately increases going forward, it is enough reason for mr. Abe to implement the consumption tax hike, as planned. Mr. Abe said earlier the consumption tax hike can be ontponed if we have a crisis a global level. I think the tax hike is on track. This is already considered in the stock market. Yvonne governor kuroda was in frankfurt. A very fruitful discussion when it comes to forward guidance. I want to play what he mentioned about transparency. Is not a matter or elocution. It is a matter of policy itself. There is debate on whether for guidance for eguidance is an effective tool. They had the pushback that inflation deadline several times now. That is right, where we believe inflation rate is unlikely to reach 2 , it is good to hear mr. Kuroda emphasized the importance of communication. Guidance is quite important for the market to believe that the boj is here to stay with a very accommodative policy. That keeps the yen from depreciating and that is good for japans economy, overall. Yvonne thank you for joining from nomuraoshita, securities. Warningy some banks are trading is set to continue. This is bloomberg. Yvonne this is daybreak asia. I am yvonne man in hong kong. Ramy and i am Ramy Inocencio in new york. Two of wall streets biggest trading firms sees trading stuck in a rut. The trading environment remains muted and they do not see anything that is change the pattern. Lets discuss this with the laura keller. Looking at predictions moving ahead, what kinds of drawdowns, what kinds of positives might we be seeing . Street executives are telling us that, once again, we had a threat the last two quarters. We are seeing some trading doing a little better. Tom montag at bank of america said credit trading is doing well. One Thing Holding back a lot of these banks is rates trading. Not seeing a lot of movement on the macro front or a lot of client activity. Tive told uss execu commodities is continuing to be a problem for Goldman Sachs. Theays it is on pace to be worst year for Commodity Trading since Goldman Sachs became public company. Ramy we are seeing it down by six months or so. Interesting. I am curious, what is the reason of earnings,erage much of it has to do with volatility or the lack thereof. What about moving ahead . Any volatility offense you are looking into . Laura in the u. S. We are looking a lot of politics. As we saw in the last fourth and third quarter, we saw when donald trump came to power, a lot of these traders, whether in equities or credit, were excited because they thought these regulatory changes would come from reform. We have not seen a lot happening on this front. There are regulatory changes that could happen. If you are a trader, you are looking at those and trying to figure out if they will be based on surprises. Yvonne i think next quarter will be even more tough because you have the base effect and all the client activity we saw during the election, and what happened there. What we have been hearing from bank of america and goldman are the other banks joining in on the conversation to manage expectations . Laura not yet. We normally hear from these executives at different conferences when they are asked about how trading is doing so far in the quarter. At this conference, which happen to be a bank of america conference, tom montag kicked off this morning. We also had Goldman Sachs speaking. We will not hear from jpmorgan for another couple of weeks. The times when executives give us some kind of perspective on what trading will look like. Perhaps we will hear from jpmorgan, but that may be the only other bank we hear from before the quarter finishes up at the end of december. Laura keller, thank you, joining us live from new york. You can get a roundup of stories to get your day going in todays edition of daybreak asia. Subscribers, go to dayb. It is also available on your mobile app, you can customize settings. This is bloomberg. My this is daybreak asia i am Ramy Inocencio in new york. Yvonne i am yvonne man in hong kong. The biggest taxi service trying to revamp against uber in japan. Ryan fowler joining us in tokyo for the details. It has been remarkable in the story where uber showed they have not made much of a dent in japan. Tell us more about the incumbent they are up against. Uber first came to japan in 2015 and it has faced a real struggle to make inroads here. There are three main reasons. One, the standards here. Japanese cabs i may be biased, they have the highest standards in the world, the cars are immaculate, the drivers, unfailingly polite. And all the cars come equipped with a Navigation System so it is easy to get to your destination. Also, the unions lobbied the government to create strict regulations to prohibit private drivers from operating in big cities. The third thing, japanese culture. It is not a culture that puts a lot of value on cheap services at the expense of highquality. We favor highquality here. All of those reasons of combined to make it hard for uber to get a foothold in japan so far. Yvonne i think i am pretty biased, too. Every time i take a cab in tokyo, the jack the driver is wearing white gloves, there are automated doors that open for you. Lets talk about the regulations. What is it about the Regulatory Environment in japan that makes it hard for Ridesharing Companies to take off . Brian first of all, you cannot pick up paying customers if you are just a private driver, if you are not part of a taxi company in a big city that offers transport services. That is not necessarily true in the countryside. Uber does offer services and a couple small, rural areas near killed to near kyoto. Having to use taxi drivers from other existing companies. They are operating in towns were most of the residents do not own a phones, so there is no point to this digitized service. Ramy you talk about price, we have to talk about price. The one time i took a taxi in 100 to ended up paying go 15 or 20 minutes. I was late for my plane. I remember how painful that was. How could investment in uber change that . In terms of getting more and cheaper cars out there . Brian this is a really interesting deal. First of all, there is a lot of money. That will not hurt, that will help uber do a lot of things with that money. The strategic partner, softbank. Softbank is a tremendously influential company, owing to its scale, success, global reach. Masayoshi son is a man they can get a lot done. Bank of japan is at record numbers of foreign visitors every month for the last two years. That will increase ahead of the 2019 world cup, 2020 olympics. These visitors do not have their own cars, they do not want to grapple with the subway system. They are going to be people looking for taxis. Of pressurew source for all the existing incumbent taxi companies. We will have to see what masa your shes on can do with the government we will have to son can dosayoshi with the government. Things definitely investors as well as people who take taxis will be watching closely. Brian fowler in tokyo, thank you. Carmakers in the u. K. Warning lawmakers they could face semi catastrophic destruction if that e. U. Stops automatically accepting british certification postbrexit. Honda, bmw and others have urged theresa may to ensure cars and components can be sent to the Single Market with minimal trade barriers, once the e. U. Ties up. Voting, yes. Yvonne australia backs samesex marriage, Malcolm Turnbull calling the results overwhelming and unequivocal. This is bloomberg. Much better this wednesday morning in singapore. 8 30 in the lion city. Half an hour away from the open. I am yvonne man in hong kong. Morning. Eautiful im Ramy Inocencio in new york. You are watching daybreak asia. Under pressure after reports russia remains yet to be convinced about extending output curbs next year. Two people close to moscow say they think it is too early to make a decision. The duration of any extension is also up for debate, with 3, 6 and nine months being discussed. Saudi arabia said to be the only viable option. Yelleng fed chair janet has revealed frustration with her central bank colleagues, chiding them from staking out policy decision decisions before hearing other views. Speaking in frankfurt, she said they are avoiding forecasting decisions and not making commitments. Yellen said doing that is bad. Treasury secretary Stephen Mnuchin says President Trump is not necessarily seeking a phd economist for fed vice chairman. The president s k, jay powell, will be the first not to hold an economics doctorate. A couple,onsidering one who holds an economics phd from cambridge. Bloomberg has been told airbus has a deal with Indigo Partners, jet liners. Owbody one of the biggest aircraft sale deals in history said to be announced wednesday at the dubai air show. Be worth almost 47 billion before the customary discounts. Acau regulators plan to reveal details next year about a revised process for operators, including wynn resorts. They want to follow through on a nongaming commitment, and bring in high rollers. Business is booming in the Worlds Largest gaming hub, with revenue hitting a threeyear high in october. Global 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. Yvonne thank you. Time to see how the asian markets are shaping up. Looks to be extending losses we have seen in the wall street session. Turning out to be a big data day. With that mess on thirdquarter gdp out of japan. The latest data out of australia, the wage index rising less than forecasted at 2 , versus the estimate of a 2. 2 yearly growth. We are seeing the aussie slip, down about 0. 33 . We are not seeing too much in the way of currency moves elsewhere. Take a look at the equity space. This is the regional index for asia. The stock index closed to wiping out the month to date gains as investors are very much put on a put on at. Rational exuberance might not be dampened. A record net, 40 of investors say things stocks are overvalued. But 60 say they are taking on above levels of risk. Icarus perhaps flying ever closer to the sun. The latest bout of angst can be linked to a slowing chinese growth and warnings of the oil global market. That is dragging on stocks across the region. Base