Thate seeing signs drillers are fearing a slump in crude prices. Hot property, china june home price data will give us the latest look at how the wider economy is doing. We will break those numbers down for you and 30 minutes. Follow me on twitter. Dont to forget trendingbusiness. Get underway. Ets singapore and malaysia have just come online. , that is theg short of it. It is a very unexciting day so far. We are looking for the next catalyst. Frosty,ns looking multiyear highs for some. Asia mixed. Basically flat on the msci. Blames are quite thin, especially in australia and center 30 thinner. We are looking at the drop in the kiwi dollar. We were looking at gains postturkey into early this morning, then inflation data came out. 5 , but therer is the drop their, a 1. 3 drop. Once the data came out, the a 62 chen chance chance that the central bank could cut rates. As far as the markets are concerned, this is one of the least exciting at the moment. Angie not even a coup will shake things up. The situation in turkey after the failed coup. The government of president juliette president recep arrested 6003 has at what is the latest right now . A gift from god, thats what president erdogan is saying after the coup attempt. Nightgain for a third thousands of people rallied , takingresident erdogan to the streets of istanbul and flying their flags. Once again, president erdogan pressed the United States to extradite the cleric who he says is behind this failed coup attempt. Before 2014, president erdogan and he were close allies, that ever since, he has been accusing him of trying to topple the government. The man says he has no connection, and the uss it will look at the evidence presented the u. S. Says it will look at the evidence presented by turkey. Are now getting a chance to see investor reaction, the lira recouping some of fridays slump, so eight muted response. Thats right. The lira is strengthening against the dollar after nosediving to an eight year low on friday when we heard of the army intervention. Will be opening a few hours from now, and we could see a reversal in warned funds. Solid week, climbing 6 as investors bet that further stimulus from Major Economies will boost demand for riskier assets like turkey. It is worth noting that so far 15 ,year istanbul is up and the yield on turkeys five year government bonds has dropped the most in emerging markets after brazil, but after the events this weekend, we could see a drop in turkish assets. Investors areed, very nervous as 6000 people have armyarrested, mostly officials and judges, so this could make investors extremely uneasy. Angie absolutely. Turkey has been the darling of emerging market investors, 7. 3 billion in inflows this year. It is worrisome because what is next . N going to do what kind of changes could we see to turkeys Political Landscape . The biggest change we could see is a change in the constitution, which president erdogan has been pushing for since 2014 when he became president. Just asident is ceremonial role, where it is mainly the parliament that has the power, but he was to change beenhat and he has yet able to get enough votes in parliament, but now after the failed coup attempt, he could call for snap elections and hope the ruling party will get the majority in parliament or he could call for a referendum as he has the support of the people. Thank you so much, live in istanbul with the latest. Lets get back to david taking a look at how oil is faring following the unrest in turkey, because a lot of this russianiraq oil goes through turkey, doesnt it . David it does. Youre not just looking at the ports. One official saying that operations are proceeding as normal. When you look at the Energy Assets in turkey and heres Something Like this, there is a reason to be concerned. We are looking not just at the government, but some of these bigger oil players. Bp saying that flows there are unhindered. Question, this is a threeday chart, so this is thursday, this is friday, and this is monday. But wes your spy, but wely your spike are basically back at levels before the coup. We were talking about the currency. Let me bring up a chart here on a pair here. That is the biggest bike in years. We recovered half of that at the moment, dollarlira on the way down. It shows you a weakening in the currency. We are pushing towards the upper limits at the moment. From a longterm standpoint, may be getting too much exposure into turkey. Angie thanks. , thebreaking news Singapore Exchange seeking a trading halt. To hive off regulatory functions to a separate unit, so theyre asking for a trade halt. We will give you an update as we get it. Meantime, other stories we are watching. Back to oil with a roundup. Rosalind exxon mobil has put in an offer for interoil. Are divided at 40. 25 each. The proposal would have made the deal worth 2. 2 billion. This new one from exxon will top that. It is a company that focuses only on top in new guinea Papua New Guinea. President obama warned against inflammatory rhetoric after three Police Officers were killed and three others wounded in baton rouge, louisiana. We as a nation have to be loud and clear that nothing justifies violence against law enforcement. Attacks on police are an attack on all of us. A suspect has been killed, but did not give further details. Seen rising been tensions sparked by the Police Shooting death of two black men and subsequent fatal attacks on Police Officers in dallas and baton rouge. In shinzo abeman s government says a students plan will not be funded by issuing deficit bonds. He did however hand at construction bonds. Cost 95is expected to billion. Shinzo abe has set these to me is package will be bold and include funds for regional infrastructure. Have said these measures will be bold and include funds for regional infrastructure. Angie thanks. Still ahead trending business on, the risk of default, why companies are struggling to meet the terms of their debt. Cut, next guest says Central Banks in asia have room to lower Interest Rates. We will have more. This is bloomberg. Angie a quick check of the latest business flash headlines. At job cuts after sale of internet assets. Analysts say owners could cut 3000 jobs due to redundant operations in Human Resources or marketing. Mondayreports later on with revenue expected to drop 20 . The aussie dollar could be the best way to stoke the economy. Rate cuts will have little effect on australias inch mark , heading towards 1 . That view is shared by the rba governor. Investors have turned more positive about the outlook for the world economy. Hedge funds and other speculators cut their bets on a gold rally for the first time in six weeks from a record high position last week. Concerns over the brexit vote has eased while the u. S. Economy has stayed strong. Coupys failed military has shaken Foreign Investors grappling with the brexit fallout. The lira bouncing back somewhat. Joining us is you bps chief economist for asia and the middle east. Bs chief economist for asia and the middle east. The policy stimulus everyone is expecting is the reason why you see markets trading through recent highs. Whats happening in turkey is quite disturbing. There has been increasing ,olitical risks recently chinas maritime city limits, other decisions around the world upwell, so there is a creep in political risk, but that expected stimulus driving markets higher. Foreign investors look to turkey as part of the emerging markets story. Youre getting a percent yield and a world of negative rates, but 8 yield in a world of negative rates, but this could shake investors, could in it . Get . Uldnt turkey sells a lot of materials into germany. It is an integrated part of the european economy without eating part of the european union. Its currency is very honorable to international sentiment, which is why you solid selling off heavily over the weekend. Angie if you are looking for yield, emerging markets in asia are offering it, arent they . If you are willing to take , dollarency risk Interest Rates are quite attractive on a relative basis. The other thing to think about is brexit. You are likely to get Slower Growth in europe and the u. K. , which means asia has become quite attractive. It is attractive to Central Banks because it gives them room to cut without feeling the pain. Youll probably get a rate cut from the central bank of indonesia this week. We have seen it from malaysia and will probably see it from korea. You are getting this long process and Interest Rate cuts in asia, which is quite good for markets. Angie what you think that will be in terms of trying to offset the china slowdown or the stabilization. Stabilization is probably a better word. The issue is not china. It is japan. What the central bank there decides to do with policy, it has been very muddled. The upper house elections have have provided the opportunity to do some fiscal spending. They need to have some clarity from the japanese that provides leadership for the asiapacific region. The next boj meeting is an important event. Angie what do think governor kuroda will do . Im not sure exactly. There is a lot of reasons for not doing anything. There has been a substantial decline in global inflation probably a reason to add to stimulus measures, but at the same time, they have not worked so far. Macroeconomic reform that japan needs. We need to see something on labor market reform, transparency, health care, measures that are much more important. Investors are betting that japan will come through with fiscal stimulus, which is what is affecting equity markets right now. Have been ats beneficiary of bank action, right . That cheape seen is money has been fueling speculation, and not necessarily investment. At what point do Central Banks and governments take a look at to get ino, we have here with some fiscal policy or reforms . We are there already. You can see that in europe. One of the reasons why policy has become muddled is because they are running out of german bonds to buy. It has become quite difficult for the ecb to extend quantitative easing. You need to start to see more fiscal measures in a coordinated policy between fiscal and monetary. Angie do you think they will stamp out this week . I do. I think they will wait until september. Downturn, tackle it when it happens. Angie mark carney as well. Why stand up and say there is a recession when there is not one . Do you think they will be talking about the time banks . They need to be. Angie they have to. The rules for bailing out banks almost prohibit a Clean Solution to the italian banking problem. Angie private investors have to be wiped out first. That makes it difficult for Prime Minister renzi. His political future is almost died to not wiping out private investors because most of the shareholders are his electorate. The indirect consequences of that could be catastrophic for the eu. You have political problems as well as economic problems in italy, one of the largest economies in europe and holds a lot of political sway union, so european for minister renzi is in a difficult situation. Angie its like we are running out of ideas, but Everybody Knows what to do. They are just waiting to do it. Thank you for that. Breaking news headline coming across the bloomberg terminal, softbank nearing a deal to buy thisings in according to a New York Times report saying to unidentified people. The deal could be the first largescale transaction since the u. K. Voted to leave the eu. Negotiations are not final. The price softbank was willing to bank could not be immediately learned. Coming up next, we take a look at why australia and the u. K. Are eager to the other around table to talkg trade. We are live in sydney to talk all the details. This is bloomberg. Angie this is trending business. I am angie lau. Loading upd managers on shortterm paper in the hopes of avoiding corporate default. Almost 930 billion worth of certificates of deposit sold in the first half, tripling the amount from one year ago. The demand for the safety of cds is field a number of corporate on defaults, tripling so far this year from 2015. Shares in samsung heavy have company isr the reported to winning a 2. 5 billion dollars deal for an offshore lng facility. Stock jumped 4. 9 . Days other news, the kiwi dollar has dropped after weaker than expected inflation increases the odds of a rate cut. The from a year ago, below. 5 median forecast. Most economists see the Central Bank Governor responding to persistently weak price growth by cutting cash rates to 2 at the next review on august 11. Theresa may spoke with malcolm tonbull over the weekend discuss a bilateral free trade deal as britain prepares to eggs at the eu. Prepares to leave the eu. Some significant legal hurdles and the way of any potential deal, right . It is not legal at the trade for britain to sign deals while still part of the eu. That will not be the case for too much longer. Both Prime Ministers had a phone conversation, Malcolm Turnbull describing the conversation as constructive. Theresa may put out an email statement and reiterated a point that britain intends to make a success out of rags it, striking freetrade deals with partners across the globe. , strikingbrexit freetrade deals with partners across the globe. Angie it would be winding back the clock, wouldnt it . It had a profound impact on the economies of australia and new zealand, the biggest trade partner wandering off into the sunset. Applelia fell by 90 , exports collapse, soft commodities followed suit, and the economies of both countries went through a difficult time after that. In some respects, it is a case of written being welcomed back to the table. Next to gethappens things moving then . As we know, these deals take a long time to iron out, so Malcolm Turnbull says britain will not be out of the eu for several years, but it is time to start work now. Angie we are expecting the latest chinese Property Prices to be released in the next couple of minutes. We will give you the day to live as it crosses our terminals. This is bloomberg. Get ready for the rio Olympic Games by switching to xfinity x1. Show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. Angie top stories trending this hour, the turkish lira has regained half of its losses following the failed military coup which solve the currency tumbled by the most in eight years. The government says 6000 people arrested with more than 100 coup plotters and 190 civilians killed. Oil and gas are flowing unhindered. Search saying exxon mobil has made a superior offer for ,ts take over target, interoil 45 per share. Rival bid is the better than its own, which by the shares at 40. 25 each. Has three days to respond. Softbank nearing a deal to buy arm holdings. The New York Times says negotiations are not final, but it could be the first largescale transaction since brexit. The deal could be worth more than 32 billion. Fors get straight to david the china open. Lots of anticipation. Are waiting for those Property Prices. Let me give you an update. Shanghai underperforming. Theres very little to trade on at the moment. May be Property Prices will give us something positive. Have a look at taiwan, a third marketigher, the latest in asia to enter a bull market. We now have eight markets. Lets get the list up for our viewers. Philippines,tan, indonesia, vietnam, thailand, new zealand, and india. Next up could be hong kong. We are about 2 away from the 20 threshold. Have a look at the off shore renminbi following the fixing from the pboc. Not much reaction in the offshore space. Kiwi dollar is where we are seeing the action. We have consolidated at these levels following the latest inflation data. A big drop their, 1. 3 drop in the kiwi from session peak. A little bit weaker as far as that is concerned. Lets bring in some breaking news for you, china released Property Prices for june. Lets get over to steve engle. More cities did see year over year price increases in china, 57 out of 70 track. It was 50 in the previous month. Month over month price gains, that is starting to slow. Ofare seeing a number cities, including shin jan, the cities that have had fast price increases, starting to implement curbs. Month over month new residential rose in 55 out of the 70 cities tracked by the government. Inwas 60 and may, and 65 april. Priceeen prices gains starting to slow a bit in those larger cities, in shenzhen hin jan shenzhen shenzhen. 22. 3 . Up both of these cities have seen sizable games gains. Is the cheapning credit we saw in june often as we saw ingdp the second quarter, but what it does is goes into the Property Market, and that is what we have seen. Property sales in the first half were up 42. 1 . That is one half of the story. The other half is that that pace has slowed. First Quarter Sales were up 54. 1 , so there is some heat coming out as those curves take hold in places like shanghai and shenzhen. The other aspect is to the emphasis to whittle off excess territory. That is inventory. Cheap credit is starting to filter into the Property Market on a wider basis. Angie lets see how investors are reacting. Lets get it back to david. Property prices out, and what are the market saying . Outd it is hard to make all the data, so many numbers that have to be considered. A look at the shanghai composite, down as much as a third of 1 . I would not call it a stark reaction. You are looking at the developers, real estate down a 10t