tv Bloomberg Daybreak Australia Bloomberg October 31, 2019 6:00pm-7:00pm EDT
paul: welcome to "daybreak australia." i'm paul in sydney. kamaruddin inphie hong kong. we are counting down to asia's major market opens. ♪ paul: here are the top stories we are covering in the next hour -- more trade war uncertainty shakes the markets as chinese officials say they doubt a long-term trade deal with the u.s. is possible. bigger trouble back home for president trump as the house votes to back the impeachment inquiry.
of protestive months in hong kong put the country and financial recession. shery: u.s. futures unchanged at the moment after we had the s&p 500 lower by .3%. we had industrials and materials reading declines. of course, we had concerns over trade negotiations between china and the u.s., not to mention the weaker than expected manufacturing number and also jobless claims rising more than expected. we did get facebook and apple rising after earnings, and that offset some of the losses we saw across the board, but it still was not enough, so we had the nasdaq falling .1% and the dow using more than 100 points. let's see how things are shaping up in asia. sophie: after ending the best futuresnce june,
pointing lower, kiwi shares off by .2% as we wrap up a busy week of eco-data and earnings. alibaba is to report later today. data from china and korea will likely signal further economic weakness. a survey of chinese pmi in inober might see a pullback october. we're also going to get a bunch of pmi data from across the region. from south korea, inflation expected to remain sluggish, which limits the deep -- to be ok -- whichbe s policy space. plus, we get japan's jobless numbers and hong kong retail sales likely plunged again in september. pushing theta
city's economy into recession. ofl: let's get a check now first word news from jessica summers. officials sayse they doubt a long-term trade deal with the u.s. is possible. we've been told beijing has warned it will not budge on the thorny issues and remains concerned about president trump's impulsive nature as well as the risky may back out of even the limited deal both sides say they want to sign in coming weeks. the house of representatives has voted to proceed with a presidential impeachment inquiry. the vote played out along mostly partisan lines. it sets in motion a process that will begin with open hearings to investigate what democrats say is an abuse of power by president trump relating to pressure on the ukrainian government to undertake an investigation for his own personal political benefit. we will have a live report from washington in just a few minutes. and hong kong's economy has
officially entered recession after nearly five months of protest. third quarter gdp shrank 3.2% from the previous quarter, contracting further than economists' worse estimates and recording the worst slumps since 2009 in the aftermath of the financial crisis. finance secretary paul chan said a full year economic contraction is very likely. and islamic state has confirmed the death of its leader and named a new leader to succeed him. the group threatened to retaliate against the u.s. for killing al-baghdadi and referred to president trump as a "senile old man." al-baghdadi was the highest-ranking terrorist leader targeted by u.s. forces since osama bin laden was killed in 2011. global news 24 hours a day on air and at tictoc on twitter
powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. and itthe s&p 500 fell was not just about u.s.-china trade. fresh economic data suggests consumer spending has cooled and a new round of weak earnings reports adding to bearish sentiment. su keenan takes us through the trading highlights. now we have the fed rate cut out of the way, there were so many different factors investors had to consider. su: one of the themes appears to be slowing growth, not just economically, but slowing outlook in terms of growth for these companies. let's look at the market snapshot. weakest areasthe on the s&p 500 was the industrial machine group. that also ties into weaker manufacturing data as well as trade concerns. go directly to some of the big movers. earnings all around a big theme. notice the size of the moves.
positiveough and the news for both apple and facebook . kraft heinz hitting it out of the park with earnings. u.s. steel down on trade concerns and wayfarer, a big earnings miss. a lot of the companies that missed in terms of their forecast appeared to be beaten up. we also had investors looking ahead to that job data. noticing the nonfarm payroll is expected to be under 90 k in terms of job growth and we are supposed to see an impact of that big union strike impacting general motors reflected in this latest number which would be about 46,000 jobs. thoselet's get to some of movers after the bell. pinterest shares plunging. m jim announcing its expansion into china. that was a down day for oil as well in new york trading on a monthly basis. what are traders saying?
su: first let's go to after hours. pinterest has been down as much as 21%. again, this is an ipo. in afterng hit hard hours. third quarter revenue falling fall short of projections. agen announcing it will take large stake, about 20%, in a company based both in beijing and cambridge, massachusetts, to expand its cancer drugs into china. very big move as well. quickly on oil, while we saw it close down, the lowest in three weeks, actually posting a slight gain for the month, first time we have seen that since july. traders are saying keep your i on the trade deal because that again is impacting the demand for oil. paul: thanks very much for that.
donald trump's presidency is on new and perhaps treacherous ground after the house voted to approve and proceed with its impeachment inquiry. what happens now? kevin: what happens now is there will likely be more public hearings. this was just the first step in formalizing the impeachment inquiry process, but it was a largely partyline vote with democrats voting to advance this measure to kickstart more formalized public hearings and potentially even the release following the closed-door o testimony. a republicanwith congressman from virginia who partisanly, this is a issue and if you take a look at the senate, for example, where
republicans hold the majority, even if articles of impeachment are brought to the floor of the house of representatives and they do vote to impeach the president, that is still a political move. when it gets to the senate where they would be voting to convict and remove the president from office, since republicans hold a majority, it is unlikely that will be the case. shery: does the president at this point, other than that harsh rhetoric against the investigation -- does he understand apparel to his presidency and the 2020 election? >> yes, he does. that's a great question. it is still remarkable and historic, should he ultimately be impeached. beyond that, from a policy standpoint, you and i have talked about this before, that when you look at the policy implications of this, it is actually putting more pressure on republicans and democrats,
i'm told by sources in both parties, to get something done. democrats want to be able to say they were able to get a policy handled and to work with republicans while they were working on impeachment. president trump wants to be able to hit the campaign and be able to say he got a trade deal delivered even while democrats were voting to impeach him. interesting stuff. stuff,lso interesting these changes from the treasury, the treasury department planning regulations. the argument goes that these laws enacted during the obama era are no longer necessary. can you explain? >> it is a further extension with regards to the tax plan that went through. treasury secretary steven mnuchin has come out in favor of this and been at the forefront of this saying the tax plan has helped not just middle-class but also job creators at the top of
up and the aussie easing back a little bit. i'm shery ahn in new york. in sydneypaul allen and you are watching "daybreak australia." chinese authorities casting doubts on reaching a long-term deal with the u.s. even as the on andes close in agreement. exactly what have we been hearing? tom: we have been hearing from the fed. chinese officials have been saying they are very skeptical you will get this comprehensive deal, and there's a couple of reasons for this. one is that china is not going to budge -- this is what we are hearing -- they are not going to budge on those thorny issues. we've heard this for a long time, in terms of those structural reforms the u.s. is pushing for, particularly state subsidies and its industrial program. it is not going to move away
significantly from those. that is what chinese officials are saying. they are also concerned about trump's volatility and concerned he may just walk away from any eventual deal depending what is happening domestically and the third main issue for china is they need to see if there is going to be a comprehensive deal -- they need to see all these tariffs rolled back. by the end, when you get a comprehensive deal, they need to have all those tariffs removed. we know the u.s. wants to keep at least a majority of those tariffs in place as some kind of pressure to ensure china lives up to its commitment. don't forget commitments in phase i of the deal include agricultural purchases from the u.s. but also intellectual property protection for u.s. companies, also commitment around its currency. president trump came out and tweeted that the phase one part of the deal would make up 60% of the final agreement. he also said that they are trying -- both said -- both
sides are trying to find a location after that apec summit was canceled in order to sign the deal. caion from chinese officials about where things go after this phase i deal if indeed that gets how much was the trade deal discussed? >> this was a four-day meeting of the central committee here in beijing, as you say, over four days behind closed doors. we just got a statement from state media that we have to read into that what we have. they did not in the statement point directly to the trade war, but they did say that a key focus for these top chinese leadership officials was what they described as internal and external risks. they said those risks were increasing, particularly domestically, and abroad as well. what that means for the central committee was they were focused more on party control, and, of
course, they also talked about the hong kong legal system. that was another key takeaway we got on the back of this plan. the legal system of hong kong needed to be safeguarded to ensure that national security, again, is protected in china. they talked about ways to improve the market-based economic system. i think this was the first meeting of the central committee since about february of 2018, and again, economic issues in focus, those external pressures they say are rising, and again, the interpretation that the solution is for the communist party to assert ever more control in china. much. thank you so one of the risks will be u.s. and china confronting slowing manufacturing, given the ongoing trade tensions hours after china reported a contraction in its u.s. regional the
chicago pmi came in at its lowest level since 2015. capital joins us -- catalystcapital's joins us. explain what you are calling these industrials the walking dead. >> i think a lot of people are looking past the chicago pmi saying that was the gm strike, boeing has had some challenges. while it is a low number, we will give it a pass, but if you look at it in concert with in seven months, the lowest china pmi number as well as copper going down, obviously, trade has stalled, it is much more difficult for industrial companies when there's not a lot of buyers out there and not a lot of business going around. when you are at your industrial portfolio asking if we should be adding more, we would say the bottom may not be in yet so you need to hold off until you see better numbers.
on thethe gtp chart bloomberg showing exactly the contraction we are seeing. we are talking china, germany. this is the u.s. ism number. of course, we get an update on the manufacturing pmi on friday in the u.s. have we already seen some of this weakness reflected in the earnings that have come through? >> you have seen some of it in the past couple of months when you look at sectors. even though overall, you have topline growing, you have bottom line decelerating, so when you parse it back and the bloomberg data shows there's a lot of sectors having quite a lot of difficulty, and those would be materials. you have energy, china-related. you also have financials. you have infotech, which is a trade problem as well, but increased labor costs, so in addition to having trade being difficult, you have industrial
cycles at its lows, and we have labor costs, which we know have been increasing significantly over the years. it's really tough on those margins. paul: let's talk about where you see some opportunities. you like global energy. can you tell us more? .> sure as your prior guest said, energy is pretty unloved right now. when there are investors who are net short energy, and you are seeing companies through this earnings cycle really having difficulty, even though someone like shel did well in natural gas, its oil-related business people thought had more challenges than expected. there's opportunities. we see inflation picking up -- to be able to look at these assets and pick those with strong balance sheets and have an asymmetric bet where you don't have to do much because if there is additional negative news, it is pretty much baked
is but any positive news like a ball underwater. it explodes when you let it go. paul: you see inflation picking up. that is interesting, but the flipside of that, does that mean there's more evidence the fed easing cycle is all over? >> we think they have not been dovish enough. we were walking a pretty tight line yesterday, federal chairman powell was, and you heard him say yes, there's a rate cut, but in some ways there's a pause, in some ways there was not a pause, there's just too many moving parts. outlook is much more aggressive and optimistic than what we see for the next few quarters. we think what the market shows you is there is a flattening of the curve. the fed controls the short end of the curve, so they can reduce did theut the market backend as well, so until you
have him going dovish enough and being able to steepen the curve, we think this is not over. growthyou see inflation up from this point, but also risks to growth here in the u.s. how do you play that in the market? >> sure. there's different ways to play it. one non-consensus way is for inflation, you would not only have energy, so high-quality businesses in the energy space, but then you also have food goods. on the long side, you can look at -- there's etf's for hogs and cattle and wood and various buts of not just food commodities that would do well in an inflationary environment, but then also you have shorts. if you look at copper -- i'm not sure how fast your bloomberg folks can put that on, but it has been a disaster. addition, i think you can take a look at tips.
we have been long treasuries along the way, but you can look at the short end of the curve if you think that is going to have to come down, but also on the long side, something inflation protected. shery: do you see any risk there could be upside surprises for the economy, especially if you do see that initial trade deal being signed between china and the u.s. next month? good point. we would call that a trading risk. you have seen a lot of headlines this past month where we are making 90% progress on a trade deal, then all of sudden today, china comes out and says there's no real view to a long-term deal, so that has been whipping markets around a little bit, and we call that more of a trading risk than a real risk. at the end of the day, it's about gdp, all the underlying factors, so while you might have to protect your portfolio for headline risks going into these discussions wherever they may take place, at the end of the
day, the next few quarters as growth decelerates in the u.s., it will be hard to have overall global growth. we also see china gdp has been slowing, and given that they are short of dollars and they kind of have their hands tied managing their currency, managing their people, managing some other risks internally, they do not have a lot of wiggle room in order to accelerate growth, either. paul: thanks so much for joining us. don't forget if you are away from a screen, you can always find in-depth analysis and the days big newsmakers on bloomberg radio, now broadcasting live from our brand-new studio in hong kong. take a listen via the app, bloomberg radio plus, or bloombergradio.com. this is bloomberg. ♪
of the latest business flash headlines. more details on alibaba's plan $10 billion share sale in hong kong. the tech jong-un is reportedly weighing a plan for november or waiting until next year. the window for 2019 is closing fast. followingn proceed its single day shopping gala next week. if that does not happen, the sale may be postponed until 2020. paul: amgen is taking a near $3 billion stake in a chinese-american drug developer which will under the deal commercialize some of amgen's cancer drugs to be sold in china. amgen will also work on developing 20 new cancer drugs. the all-cash deal values amgen at a 20% premium from wednesday's close. shery: saudi arabia is reportedly considering an increase in lending for aramco's ipo. the saudi bank met this week to
paul: 9:30 a.m. here on a very smoky sydney morning. looks like a disappointing barbecue. futures pointing lower by .3%, following u.s. equities down as well. i'm paul allen in sydney. york: i'm shery ahn in new . let's get to first word news with jessica summers. jessica: hong kong's typically exuberant halloween celebrations were muted thursday night amid standoffs between police and antigovernment protesters. police fired tear gas to
closede large crowds and the most popular nightlife district. courtsle, hong kong limited online speech and band internet posts inciting violence or property damage. california's biggest utilities say they will restore power to everyone by the end of day flames haveldfire begun to ease. the state governor says about 130 thousand homes and businesses remain blacked out. several large fires are still burning across the state, but extreme safety warnings are due to be lifted and the next several hours. president trump says british prime minister boris johnson's brexit deal could hinder u.s. and u.k. efforts to strike their own deal. the president said the countries could do bigger numbers if johnson made a cleaner break with the eu. johnson wants a swift trade deal with the u.s. to show the
opportunities available for commerce after britain leaves the eu market. and antigovernment protests continue in lebanon even after the country's prime minister resigned. security forces struggled to open roads as protesters continued a civil disobedience campaign. said newese president government ministers should be chosen on merit and expertise and not political allegiance or to please sectarian leaders. and an investigation is under way in pakistan after more than 70 people died when a fire broke out on a moving passenger train. the blaze was caused by a passenger's small gas stove that exploded and then set on fire other gas cylinders used as fuel. passengers said it took the train nearly 20 minutes to come to a halt. global news 24 hours a day on
air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 100 20 countries. i'm jessica summers. this is bloomberg. paul: thanks very much, jessica. we have a straily and markets opening at the top of the hour. let's get to sophie kamaruddin for what to watch. sophie: today we are waiting on a straily and ppi for the third quarter -- we are waiting on australian ppi for the third quarter. we are seeing the australian 10-year yield off by about five basis points while the aussie dollar has slipped back below 69 after advancing amid rate cut november ontarting stable footing. retreating from a two-month high and atp futures
closing lower. we are anticipating more weak signals when a private survey of chinese pmi is released this morning which is more export oriented. checking on chinese bond futures, rising the most in two the first higher for session in six amid doubts over a u.s.-china trade deal. this as we wrap up a week, a selloff on chinese sovereign bonds which did fall thursday with a 10-year yield within back 3%.w shery: thank you so much for that. jay powell's rate cutting calls continue to reverberate as investors bet on a slowdown that will force the fed to start cutting rates next year. kathleen hays is here with more on this. not surprising we are seeing the 10-year yield now below 1.7%.
kathleen: quite a rally, isn't it? jay powell came out yesterday not only confirmed the fed is pausing in the interest rate cycle, when he was at the press conference speaking to reporters after that long-awaited fed meeting, he made it clear in all the things he said that it sounds like the fed may not be cutting rates again for a while. let's take a look at what this bond rally looked like the last couple of days. 30, the day ofr the fed meeting. news comes out, the rally starts, and then it continued today, all the way down at the lowest. quite a move. in fact, bond bulls are betting -- they think they will make money by betting on the economy looking like it is slowing, continuing to slope, fed does not want to do anything, but by next year, it will be slow enough for the fed to really cut again.
>> if the uncertainty shock remains here and hiring slows down, the consumer is next and that's why i think the fed cannot really sort of front run this. i think by the end of the year it will become very clear that hiring is slowing which is why the fed will have to reengage next year. the october jobs report could have a lot to do with the next leg of this rally. paul: on that subject, we have the fed stressing the u.s. labor market is in pretty good shape. what are you expecting to see in the october jobs report? goingen: the gm strike is to cast quite a shadow on this report because it lasted six weeks, cost workers about $1 billion in wages, took at least 46,000 jobs. strikers are certainly out of the count, but how about suppliers, contractors, those workers as well? they will be gone from the
numbers. bars show youe what we've seen, certainly if you look back to the beginning of the year, quite a downtrend in the strengthening of jobs. ae consensus survey looks for gain of just 85,000. bloomberg economics said it will be only 70,000. average earnings are supposed to go up a tick, but this is a report that will definitely make people wonder how correct the fed was saying that the labor market looks fine. the boj be watching this closely? kathleen: i think so. the governor did not make any big change in policy. he deployed words instead of new policy action. basically, the boj saying they were not going to put out any time limits for when they will stop providing extraordinary stimulus, they will keep that in place, but no negative rate cuts, anything to fight the
slowdown that way. we get the japan jobless rate, plus big numbers out of south korea on exports, ppi, so a lot of numbers in the next hour or so. global economics and policy editor kathleen hays, thanks very much. let's get more on what we should be watching us trading gets under in asia. adam haigh is with us. big moves in treasuries overnight. how are we setting up for bond markets in this part of the world, given the latest news we had on trade tensions and some disappointing data as well? adam: as kathleen was explaining, the magnitude of rallies over the past few days has surprised some people. in australia, you are seeing another three or four basis points come up to 10-year yield. ultimately this comes down to on the data front but also on the policy response and continued
expectation of further easing down the track, so we have seen some of this manufacturing data around the world, which some people say indicates some kind of a bottoming, but how far further can it go, and how much is the consumer starting to be impacted? that still very much an open question for some people, so in places like australia, we have dial back some of those rate cut expectations, the markets still signaling it will need another 25 basis points or so from the rba. if that takes them down to their effective lower bound and starts the process of looking towards unconventional policy remains to be seen, but certainly, that's a little bit less than what the market was present in a few weeks ago. does indicate the potential for yields to come down a little further, even after this week of , you know, strong moves higher in bonds globally. inry: what is happening
taiwan? stocks have been on a tear. adam: they are up about 16%, 17% this year on the taiwanese broad equity gauge, looking like the best yearly performance for many years. in many ways, this really has been enhanced by some of the investment flows we are seeing overseas. the expectation here, really, that that text theme still has further to go. of course, you still get valuation discounts and a lot of stocks in these kinds of markets. people have been looking opportunistically to get into those kinds of places given all the global uncertainty this year. two months ago toward the end of the year, so plenty of room for something to come off or be added to that 17% gain.
paul: thanks very much. you can check out our gtb library for some of the charts. as we've been talking about, you can find that gtb go on the bloomberg terminal and you can get a roundup of the stories you need to know to get your day going in today's edition of "daybreak." bloomberg subscribers can go to dayb on their terminals. you can customize your settings so you are only getting news on the industries and assets that you care about. this is bloomberg. ♪
trade at the moment beyond this phase deal which deals with agriculture and looks pretty simple? can it go much further than that? >> in a word, expectations are low, not only in terms of the substance of a phase one deal but if we will even get to a phase one deal. yourgreat reporting by colleagues shows, chinese officials are holding a line on what their expectations are to move forward. unfortunately, we see there is an incompatibility of sorts between what china wants and what the trump administration wants and is willing to give. paul: i found the announcement quite interesting. driving toward the hundredth anniversary of the prc, way out in 2049. does that give us a useful
illustration of the sort of time frames china is used to dealing in and perhaps that they can weather this trade storm? i yeah, of sorts, although think it is important to remember that although the party has a very long-term sort of strategic plans for leadership , the now under xi jinping plenary communique said quite pointedly they see an increasingly complex and difficult domestic and global environment here, so they are dealing with lots of short-term of which a deteriorating u.s.-china relationship is a really important one, but i do think looking at the plenary communique, it is quite clear the party under xi jinping is not looking to make fundamental course corrections or reforms to its political or economic system and certainly not under the gun of u.s. pressure. shery: just the fact that they did not really talk about economic reform, what is that signaling toward the u.s.?
is we have just seen a communique, which is really the abstract of sorts or the preface of what should be a longer document which will come out in either the next few days or next few weeks -- they don't announce that -- so we should wait to see that final document before we reach a conclusion. that being said, all signs are there was almost no talk of economic policy within the communique, which means one of two things -- either they are unwilling to move based on u.s. pressure or they don't care and they are doing their own thing respective of what the u.s. says, and i expect it is the latter. economict think their model is fundamentally broken or needs restructuring. they think they have found the right mix. shery: when you have two sides like china and the u.s. with a significant trust gap, in the world of diplomacy, what tools can you use to bridge this
divide? >> it is a great point. i think we are seeing what this trust chasm -- i call it a chasm, not a gap, but what this really looks like as far as even getting together for the phase one deal, at as you were just staying at the top of this piece, there is not a whole lot in the phase one deal. this should be relatively easy to get this first foot on the latter, but the two sides are finding it nearly impossible to do that. what is making it very hard is the two leaders at the top. xi werep and fundamentally committed to a relationship ended deal, you would see it much easier for the deputies to make a deal, but with the trump administration and with the xi administration, i think they view this as a much larger strategic competition, which makes even these sort of lower-level deals just really difficult to move forward. me to circleeads back to the question i asked a
minute ago about time frames. president xi is not going anywhere. president trump will face elections in 2020, potentially 2024 as well. beinghase two agreements so difficult to secure, do you have a sense the chinese might be willing to wait that went out? >> i do, both because -- you know, when you talk to the chinese side, they are pretty clear they don't see the u.s. as negotiating in good faith, that they see this as a pretty volatile president, who even if you stick your neck out and really push for a phase -- let's say you put some concessions for a phase two, that the rug could be pulled out a view really quickly. we are barely going to get through a phase one here now that we have seen the apec summit canceled. maybe there will be a meeting at the sideline of the brick summit , but we are looking to get a
phase one, which is the easy stuff. president trump has said phase two is where the hard stuff will happen on structural reforms in the chinese economy. i think there is closer to 0% chance that we will see in the next year that come to fruition. shery: thank you so much for your thoughts. we have breaking news out of singapore. we are hearing from south east asia's third-largest bank, now reporting net income of 1.12 billion singapore dollars, slightly beating estimates of 1.1 billion sing dollars. their third quarter net fee and commission income coming in at 500 51 million singapore dollars. this is largely expected. bloomberg intelligence saying the profitability should be driven by healthy lending, steady margins and stable
shery: welcome back. one of the world's largest cinema operators is boosting its commitment to saudi arabia. the country lifted a ban on movie theaters just two years ago. martin spoke to amc's in at an investment summit riyadh and asked how progression is expanding. >> our expectation is that our second theater is going to open here in riyadh in december. by the end of next year, 2020, we expect 15 to 20 centers open. 2, 3 years after that, we expect
40 or 50 theaters open. if you go out a decade, i would not be surprised if we have 100 theaters open in saudi arabia. we are off to a great start. >> you are pushing a fairly aggressive expansion plan. what sort of capital investment plan is there around that? >> these theaters each are running $20 million each in round numbers, 16 million, 18 million pounds. theaters,hat times 50 a billionlking dollars. what we have seen is there has been more social progress in this country than they've seen in along time. that 70% of the 40
million people here are under the age of 30. >> looking out globally across the business, how are you expecting the deal between fox and disney -- how will that impact the distribution of film going forward? >> we actually were big supporters of the disney-fox acquisition because disney has had a magical touch making movies. if you look back over the last five years, the biggest movies coming out year after year after year after year are coming out made by disney. disney gets in control of the major fox franchises, they will do a great job. we sell more tickets for disney than anyone else does for
disney, but of course, we also sold more fox tickets than anyone did for fox. >> obviously, one of the big trends we are seeing now is the growth of the online streaming platform. at the moment, we do not see them distributing their product in the big movie theaters. aboutou had any talks getting some of the projects they are producing on the big screen? is that something you want to do ? >> you are really referring to made a because amazon deal years ago and are launching theatrical. apple has announced a movie venture coming. they have told us that they will get it theatrically. disney plus is just launching now. disney is the biggest studio in
the world. we have had conversations with netflix. we told netflix we would be delighted for them to be in theater. we do have to be respectful of these long-standing studio partnerships we have had for a hundred years. we cannot do for netflix what we are not willing to do for disney or fox or warner bros. or universal, but i'm optimistic. ceo. that is amc's let's get a quick check of the latest business flash headlines. jp morgan asset management says southeast asian markets still have neglected investment opportunities. fund's investment manager likes tourism stocks. jp morgan's as he on equity fund has beaten 87% of peers over the
past five years despite warner's -- foreigners pulling more than $25 billion out. ongoing protest crushed demand in hong kong. a data provider says the average daily rate was about 137 u.s. dollars in september. the hyatt and hilton hotels are among those that have seen revenue for available rooms plunge in recent months. paul: wework is being accused of formerdiscrimination by ceo adam neumann's ex chief of staff. wework said it had zero tolerance for discrimination of vigorouslyd would defend itself. the company's new executive chairman said it will boost diversity on its all-male board of developers. that is almost it for "daybreak
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morning.d i am paul allen in sydney. we are one hour away from the market shery: open in south korea. from the market open in south korea. in new york. welcome to "daybreak: asia." our top stories this friday, more trade or uncertainty shakes the markets, as chinese officials say they doubt a long-term trade deal with the u.s. is possible. there is big trouble back home for president tru