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tv   Bloomberg Markets Asia  Bloomberg  November 12, 2019 9:00pm-11:00pm EST

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>> investors did not quite get the news they wanted other -- out of the speech from president trump in new york, being more cautious when it comes to trade deals. he could be raising tariffs. already a big? , then you have the situation in hong kong worsening. rishaad: there being in the middle of the central business district, bringing homeless turmoil. the new zealand central bank is leaving interest rates up 1%. we have an exclusive interview with the rbnz governor. let's have a look at what is going on. nikkei 225, 1% to the downside.
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nissan fell 4.5%. the biggest fall since august. the hang seng, another bourdais. well below the water 27,000 level. -- the 127 level. -- 127,000 level. let's have a look at what else is going on. let's look at bonds. the yield, 1.91 the 10 year. talk there, with much earlier this week that we would have seen a move toward the 2% handle, which would send a signal of positivity, but it would be translated as bad -- good news being translated into bad. the new zealand dollar up 1%. the cap interest rates on a whole. -- they cap interest rates on a whole -- hold. they are not ruling out stimulus. europe, 1.10 handle.
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5%.anese 10 year yields, .0 three basis points to the downside. that's the markets. was look at the first word news. su keenan. >> we start with bolivia. the power vacuum has seen an opposition lawmaker declared herself the president. socialist morale is that the country in chaos, but now the senator says she will assume leadership of the chamber, making her the head of state. mexico that she is a right-wing coup leader to not take power in bolivia. the international energy agency says the global oil demand will
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plateau around the year 2030. the current growth rate of a hundred -- one million barrels a day will fall to 100,000 barrels a day in 2030. the report says global greenhouse gas pollution has risen for a second year, putting the world on track for further increases through 2040. police kong, where the warned that the city is on the verge of total breakdown. on with protests rage further disruptions to the transport network on wednesday. demonstrators set fires at several locations on tuesday and clashed with police at the university campus. the unrest is hurting the economy. the hang seng index falling below the 27,000 level. leader. senate majority
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is vowing to press ahead with legislation that supports the pro-democracy protesters in hong kong. this has some senators say they are growing frustration with the chambers back of action. he denounced beijing's insatiable thirst for control. that is the quote. areaid it -- they undermining hong kong's autonomy and suppressing protests. global news 24 hours a day on air and on @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. rishaad: we have more news coming through. seeing the mtr corporation saying and entire line has been suspended. other stations are closed.
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>> let's get to our top story. president trump is ratcheting up the pressure on china by warning he will raise tariffs of trade talks don't produce a deal. speaking in new york, he threatened to raise tariffs against any country that causes problems for the u.s.. >> it is going to 15% very soon. i tell it to larry and anybody. we don't make a deal, we will raise those tariffs. there will be true for other countries who mistreat us. >> president trump also criticized the federal reserve again, saying it was hurting the economy. >> many are getting paid with a bath or loan. they live interest-rate. give me some of that.
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our federal reserve doesn't let us do it. say--t thank you. the smart people are clapping. rishaad: joining us now is raymond cheng, head of asian equity strategy at jp morgan chase . is there a feeling we have been here before. a wide-ranging speech where nobody was spared. raymond: absolutely. the asian equity outlook will remain quite volatile. we have a mixed view depending on which countries have more fiscal capacity to weather the storm. america had an asset manager survey. it seems like there was this whole rally where you see a net allocation, adding to global stocks, money out of cash and bonds.
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how sustainable is that here? has the positioning gone too far from the fundamentals? raymond: we are in a declining interest-rate environment. a lot of the global central banks are cutting rates. given that, a lot of our investors have been chasing yield. that's why we see a lot of interest in exploring some of the undervalued stocks, in particular the cyclical industries. we have seen in september, a great amount of outperformance of some of the undervalued cyclical sectors. we are seeing more interest in emerging markets because their equity valuation has been trading at a discount. rishaad: they always traded a discount. it is much deeper this time, which is an alluring prospect. are you overweight is my question? raymond: we think we need to
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have a balanced exposure in our portfolio. particularly for emerging markets, we are overweight in countries like india and china. constructiveg more on markets passed relink to cyclical industries that are seeing stabilization and fundamentals. semiconductor is one of the industries we are looking favorably upon. tot's why we are starting turn more positive on taiwan and korea. >> the bond market, yields seem to be going higher. could reiterate today that it will be a high bar for them to cut rates further. will that be a peak when it comes to asset prices? we raymond: are seeing more than 20% of the bonds out there are negative yield territory. we are seeing that
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more than 20% of the bonds out there are in negative yield territory. we think in terms of emerging markets, there is a lot of room for rate cuts. >> stay with us. more from raymond cheng, head of asian equity strategy at jp morgan chase. rishaad: the quan tongue line has been closed. kong rail stations have been closed. we are talking about a 2% fallback for that share. 2.7% to be precise. >> we are off some of the lows in the session, down about 2%. one company we are watching is tencent, putting -- reporting later this hour. we are here -- we
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will hear from the state -- the chairman, you are with bloomberg. ♪
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>> you are watching "bloomberg markets: asia." debuttyle is making its in hong kong. rishaad: sophie kamaruddin is on the spot. sophie. sophie: i am here with the chairman of lever style. he helped transition the company from a short manufacturer to a supply chain manager, selling out the assets in 20 16 to focus
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on an asset light strategy. let's talk about plans for the company. i would first like to get your views on what has been happening in hong kong, given your role in the textile association and the broader things for the hong kong economy. a third day of unrest in the city in a row. >> hong kong is going through challenging times. i have confidence that we will solve these problems and rise again. as locals, we are looking forward to that. sophie: using businesses you collaborate with coming under more pressure? we are seeing retail under pressure. stanley: the retail industries is one of the hardest hit in hong kong. for people exposed to the retail industry here, it is not easy. sophie: given the tariff story has been changing, there was the government share of that hit earlier, just a couple of months
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ago, have you seen any change in your strategy? patrick palfrey, senior equity strategist at credit suisse there are 2 -- stanley: there are two parts. for those manufacturers who only have chinese manufacturing, they are going through tough times. us -- youmpany like are a company like ours, we are able to produce things throughout southeast asia. that helps mitigate the problems of the tariffs. sophie: you increasingly have a bigger production base in vietnam. tell us about your plans there. stanley: we have been increasing rapidly there. one of our largest production basis. it will continue to go that way going forward. and withine changes asset light strategy, we can move more quickly than our competitors can. we have a platform of a lot of
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great customers, as well as we know how to develop capacity and we can acquire additional companies with different product categories. we can be a full wardrobe solution for our climates. sophie: you already have customer service capabilities and account management. what else are you looking to see? stanley: we are looking for technical abilities. certain product. -- categories we are good at, but others we are less experienced in. higheran experience -- companies with technical know-how in those areas, we can speed up growth. sophie: there's a push toward sustainability, more transparency along the supply chain. how are you working towards achieving those goals? stanley:stanley: we have been working on this for more than a decade. we were the first government withny globally to partner
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wwf. we did not jump on the bandwagon. we created it. stanley: where do you see data coming into --sophie: where you see data coming into your strategy? stanley: at the retail level, data has become important. people using ai to predict trends. at supply chain, data has not made those inroads. we hope to be among one of the first companies to honor the data to do a better job. sophie: e-commerce operators make up half of your clientele. you are hoping to boost your b2b platform capability as well. how do you see that feeding into generating more contribution? stanley: there is no reason b2b buyers can't buy their close on the internet. we are trying to create a platform on our websites so that
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customers can order things from there easily. element out ofn the equation allows us to serve our customers faster and in a more cost-effective manner. sophie: tapping india is an aspiration for your company. what steps are you taking? >> we have made plenty of visits to india. thatone of the countries .as the potential it's quickly losing market share. sophie: how do you figure position in the mainland? the consumer market is still growing. stanley: it is still growing. we see that for the foreseeable future. we put a lot of effort into developing chinese clientele. back to you. sophie kamaruddin there
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at the hong kong stock exchange. >> shares down close to 12%. not the best time to be listing here, given the unrest. rishaad: we have seen retail being hit so hard in hong kong. the big earnings story later. will see learn -- earnings later on today. thoughts about recovery. a lot of headwinds when it comes to trade. andes with their ad revenue subscription revenue. we will discuss all of. this is bloomberg. ♪
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♪ let's get the latest headlines. winning --ed after
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the early success of call of duty. outlook forg its e-commerce revenue for the fourth time in eight months. a triple to more than 60 million u.s. dollars -- 600 million u.s. dollars across southeast asia. has one thebaba ability to raise more than 10 billion u.s. dollars. they've been given the green light. alibaba, proceeding with what could be this year's largest stock offering despite the violent pro-democracy protests that have been creeping hong kong. >> let's get a look at what to expect from alibaba and tencent. still with us is raymond cheng, head of asian equity strategy at jp morgan chase and in singapore, our analyst. you have been focused on the gaming business. that has been recovering since
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revelatory approvals resumed earlier this year get what should be expected -- year. what should we expect to see? willey're giving business certainly be a bright spot later on today. game, their flagship staying strong. their new game is fast becoming its new flagship game. elite may be generating 50% of the revenue. we have a lot of revenues from the second quarter. even though pc games may continue to decline, i think we will see strong growth from mobile games. rishaad: the advertising business hasn't been able to avoid the negative impact of what is going on in the macroeconomy. is competition going to be week
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weak this time too? >> the entire industry in hong kong, advertising online has been under pressure. be facing more competition. video advertising will be slower. we have seen that happen with companies who have reported. a lot of it is due to regulatory content restrictions. the performance advertising side on we chat could grow at a fast pace. issue isnt, the management is conservative about releasing more advertising slots, for fear of impacting user experience. their debt pricing is usually a lot higher than some of their competitors. >> alibaba just one approval to
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list in hong kong. good news for the hong kong exchange, what does it mean for alibaba? >> i think it's a good win for alibaba. they rbc don't need the cash. their balance sheet is strong and they have a lot of cash. it helps them diversify their funding base. at this time, it is to attract more local domestic investors in hong kong and china. these investors will know their business potentially better than investors in the u.s., because they use the services of alibaba. over the long term, it can potentially improve the evaluation as well. investors, they will ascribe a higher valuation to alibaba sting in hong kong. they there valuation. rishaad: thank you so much. tencent,t alibaba and ofk at the views of luke: --
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raymond cheng, head of asian equity strategy at jp morgan chase. how does this fit into the whole sector? what are you seeing? raymond: we are still positive in terms of the consumer sector in china. communications services is seeing growth as 5g penetration is getting momentum. we think the gaming sector is starting to see a ramp up. especially in terms of mobile gaming revenue momentum. we are constructive in terms of this gaming sector. online advertising continues to see a lot of competitive pressure. chat, they have a lot more advertising these days. pressuree competitive will continue to change the
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outlook in terms of topline growth. >> thank you for staying with us. will talk more about the hong kong situation. rishaad: we are heading toward the lunch break in tokyo. this is what it looks like. earnings are there. nissan, it has recovered after a horrible start. shares slumped 4.5%, the most since august. this was after they withdrew therefore year outlook. a big miss on operating profits. they were talking about the extensively intensified trade friction which they expect to continue. a big miss there. fujifilm, 6.3 percent, raising its for your net income by beating at the highest analyst estimates. it's pointing to a profit boost from its noncontrolling stake in
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fuji. we gos what we have as into the lunch break in tokyo. down .9%.kei 225 the hong kong marketing the most bloodshed. this is bloomberg. ♪
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>> it is 9:29 here in new york city. kiwi dollar. the it rose after the rbnz defined expectations of a rate cut and kept things on hold in 1% -- at 1%. central bank says it is standing stimulus torther the economy if it is needed. tune into daybreak australia for an exclusive interview with the rbnz governor.
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bushfires burn across new south wales and queensland. at breaks in northern sydney are under control. firefighters managed to contain 20laze in the neighborhood cobblers north of the center of the city. three people have been killed so far. parts of eastern australia have been left vulnerable to fire by a two-year drought. to india, where new delhi s are experiencing severe pollution. the air quality rating rose above 400 on tuesday. that's about eight times the internationally accepted level. northwesting from the brought smoke to burning fields in punjab. world health organization data last year showed india at the 10th most polluted cities in the world.
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u.s. is putting pressure on the wto by raising the possibility of blocking approval for its budget, which would effectively stop it from working. the tradepproached body, which president trump has threatened to withdraw from entirely. the u.s. contributes more money to the wto's annual budget. global news 24 hours a day on air and on @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. ♪ commuterhong kong's rails are facing more delays as protesters continue their campaign. these are the latest data is coming through from the chinese university of hong kong. we have had a night of battles between protesters and police. communities that were patched -- commuters packed onto
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trades. -- trains. this is the scene at the moment. the city university, just there in kowloon. over to david engel. he joins us in the studio. this latest flareup does not look like there is any letter get -- let up. -- it'st is now just not on days of weekends or days of called strike's. it during the daytime. we have disruptions of commutes. we have another barricade being put up at the entrance of the chinese university of hong kong. it has spread down here to central, where teargas was fired for a second consecutive day. the protesters are upset at what happened last week with the death of one of the protesters, which they say was at the hands of the police.
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there was a lot of gray area and i shouldation rumors, say, about the cause of his death. or what led to his death. yesterday, it's wishful thinking if they think the escalation of violence will resolve this. it's in escalation and standoff. both sides entrenched. we start torching and trashing last night. a festival shopping mall. it's a massive shopping mall. i was there on saturday with my daughter. the christmas tree is several stories high. i'm sure it's a fake one. it is several stories high. not surprising, the singapore listed owner of that mall is seen its worst stock performance in nearly one year.
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rishaad: a couple of things to ask you. quite a few of these protesters were happening in outer lying areas. it has now come into the central area. that has probably raise people's consciousness of it. what does it mean in beijing? david: there were two ways to look at the second part of your question. protesters say this is what they want. -- some protesters say this is what they want. if they can force beijing to crackdown her. if the government asks for intervention. if beijing takes a hard line. gethe hawks in beijing to the loudest voice in beijing, some of the protesters say that will justify what they are trying to call for. that would spark what they hope is international condemnation. on the other hand, those in hong kong who wanted more civil society are saying this is not good.
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theing could force cancellation of district council elections on november 24, which could be leading toward more pro-democracy candidates. week saying that only those loyal to beijing will be able to take top posts inside the government. a tenuous time for hong kong's future. the protesters say this is the only way they will get their demands met. hong kong and beijing are saying no. this is wishful thinking. the swings in the hang seng have been volatile. how do you play it? do avoid the market? -- do you avoid the market? > the intensification after unrest is not conducive to hong kong equities. the impact is deepening behind business activities and capital spending as well. it is affecting productive
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efficiency in the city. we think the valuation of hong kong equities, even though not ask pensive at the moment -- expensive at the moment, we think there is earnings downside. that is the rest. consensus is expecting earnings to grow. rishaad: stephen, you have your how it has this and concentrated the minds that it is not over there. > it is targeting some of the retail outlets, whether it is tied to companies seemed to be supporting the government or beijing. some of these luxury brands, getting hammered. there was a story appear, down 45%. would be more, because some of these retail shops have been shattered and closed with steel sheets. it is not look good when you
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have 80% of the luxury goods buyers are from mainland china. they are not coming to hong kong. > the other news we have been talking about is with alibaba getting approval to list of hong kong -- in hong kong. --t is it due for liquidity what does it do for liquidity? >> a lot of investors are interested in the story. we think it would provide more listing opportunities in hong kong. mindful in terms of valuation. more choices in the new economy sector may not be good for some of the existing listed names. we have to be mindful of that. we have to be more selective going forward in terms of changes in earnings fundamentals. a stamp is it seen as of confidence in your view? --i would think
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rishaad: we have heard so many listings as of late. that's the thing. raymond: hong kong has always proven itself to be resilient. we will be able to withstand these challenges. earnings will have downside risk in the short-term. after the legal framework here, it is still very strong, which supports a lot of businesses to stay here. problem >> is this is a political problem and there is no political solution on the table. call, but not a solution. it's like saying, don't do drugs. i'm not justifying either side. right now, there is no political solution on the table to solve a highly politicized problem. >> you are looking further north when it comes to a-shares. your targets are 4500.
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how do we get there? raymond: we are more selective in terms of china equities. have settic a-shares up a could structural it isunity because ramping up equity wages as part of their equity indexes. we will have more global funding flow into domestic equity markets. now, is only 3%. -- it is only 3%. equitiesally, a share are weighted toward domestic sectors that will benefit from policy stimulus and it is not as sensitive to renminbi depreciation. -- raymond: we cannot comment on stock specifics.
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wouldcal investors here have a better understanding of stories like these internet giants. dependent on whether there would be a spark -- stock split, there's a lot to this story. >> raymond cheng, head of asian equity strategy at jp morgan chase, thank you. coming up, have three women who staked their claim on wall street 18 years ago are putting together a new future for finance. we have more, next. this is bloomberg. ♪
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>> the quality network>> 100 women in finance started out
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years ago with three women in new york's hedge fund industry. now it has over 1500 members worldwide. carol kim is also blackstone's head of asia development. she spoke with bloomberg about empowering women to achieve their professional potential. carol: when we created this platform, it helped us in the industry more broadly realize there are women in the industry and it helped us to support each other and lead on -- lean on one another and get support from other leading men in the industry, which was critical in helping us get to the next level. >> there was a big focus on women in leadership roles, at the top of companies. sheryl sandberg said something interesting when she spoke at the euro summit in new york. let's listen to what she said. >> a lot of our diversity efforts are getting women at the top. the problem is that if you have
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100 men and 72 women at the first manager level, you have lost the battle at the top from there. those are the people you can pick from to get promoted. as much as we need to focus to the top of leadership, we have to go younger. you must focus on that broken step. >> sheryl sandberg's books about the importance of the middle layer. your reaction. carol: there is a lot of emphasis on the c-suite. that is great. there is also been emphasis on the pipeline and building the pipeline and having more of the next generation, having more women enter the industry in the first place. it's great we are working on this pipeline. this great pipeline of women we are introducing into the industry, they need to be able a see or have a role model couple of wrongs ahead of them. -- rungs ahead of them.
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maybe the c-suite is too high and relatable. they need to have someone that's more relatable to them. we have had in the last three years in asia for blackstone, in managingf women director positions has doubled. that we haveen brought in at the analyst level has increased to 15%. in 2019.sed to 40% it's very encouraging. we expect the number to increase to 45% in 2020. it's about investing in the next generation. of talent offunnel
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women coming into the industry, but not neglecting the middle row -- rung. they are the next generation. the data behind -- to find relatable support. i agree with what sheryl sandberg is saying. i've recently spoken to some women who have said they don't need male allies and the feeling is, talking about male support and champions undermines me. aren't i good enough? i'm curious what your take was. do men need to be part of the solution? carol: part of the issues and challenges women face may be created by men. involving men in the process and dialogue and building their awareness and the challenges in the issues women face in the industry enables them to really be a part of the solution and
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there are so many great men in our industry that care deeply and believe in this issue and want to be a support and resource and help. >> that was carol kim. rishaad: breaking news. briefing, saying the government in hong kong has the capability to stop the violence, saying that citizens need to distance themselves from what he is calling rioters. aredded the consequences unthinkable if this violence continues. another headline. cheung saying they have the confidence and capability to stop the violence. comes tos when it
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closure. we haven't talked about the suspension of the kwan tung line. is chinese banks, icbc asia suspending five banks in one sector. suspending service at nine branches as well. rishaad: to keep -- we will keep you up-to-date on that. it's look at the business flash headlines and have a look at a company making waves. release of its streaming service has been marred by crashes and technical glitches. gettingrs report not into work or that content is was displayed in the wrong aspect ratio. disney said they would resolve demand forcontinued the service exceeded expectations. biggest -- what
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may be the biggest -- biggest debt sale in 2019. the drugmaker is capitalizing on borrowing costs. the offering is the fourth-largest of all time. buy it for sixto to $3 billion. rishaad: renault saying it's undecided if it wants to make a effort/sales and profits for the current years, putting pressure on their shares in paris. less dividend means reduced cash flows and flexibility. >> for the worst be over for the banking sector in india? we hear from the state bank chairman. this is bloomberg. ♪
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rishaad: you are back with "bloomberg markets: asia." india saysank of said -- has said the worst has passed. why he is being positive. is further slowdown is concerned, i am seeing in his watered down. things should be much better. > in terms of clarity, it's not looking too bad for the
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bank, how about the rest of the industry? numberslook at what the are coming out from different banks, whether they are private or public, they have all done much better than what their performance was one year ago. slowly coming out of those difficulties. everything -- to say everything is all right, that would be overly optimistic. things are looking much better than what they were. whatkawa what with -- >> will it take for the issues to be fully resolved? this is like talking about the broader economy. not just one thing. there's not just one thing that brings a slowdown. there's not one thing that can give it a boost.
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there is a series of actions which are taking place in the different segments. has been theower poster child for issues in india. if we have not seen the worst of it should be left to fail -- do you think it should be left to fail? > we have seen the works of the -- worst of it. march 18 was the worst of us in terms of banking history. after march 18, it started coming down. say theys committed to want to link bankers pay to performance. will it affect things in any way? >> it's with the public sector
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banks. no issue with fixed compensation. i don't think there is a direct correlation or link between what has been opposed -- been proposed. it will impact private-sector performance. it will have some impact about their decision-making process. i am praying they don't become too risk-averse. rishaad: the chairman of the state bank of india there. >> let's check in on mumbai at of their open today. on mumbai before they're open today. ?ow are things shaping up ? >> the softer start for the
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index this morning. see exhaustion is creeping back into the index. on mondays session, we did see this go to 11 eyes -- 11,900, we we are struggling. -- where we are struggling. 11,900 is what we will be seen the next levels to be around. banks have done well in contrast to what the benchmark is saying. able to yet been support. some industries are dragging at lower. -- at lower. a big market before we take down record highs.
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numbers 11,950. >> we are watching markets. rishaad: please asian markets in a moment. here lower. investors were looking at the possibility of a china u.s. trade deal. hong kong with the unrest. it's weighing on sentiment. we've a listing in thailand. absolutely energy listing in a few minutes. an ipo. the ticker is ace. >> something to watch for in thailand. the hang seng is down more than 500 points. this is bloomberg. ♪
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>> it's almost 11:00 in singapore. rishaad: we enter the last hour of the morning session right here in hong kong. this is a look at our top stories. more disruption in the territory. cities are on the brink of total breakdown. the government warning of unthinkable consequences. china, pressure on warning of new tariffs producing a favorable deal. could the worst before
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the banking industry in india. we will hear from the chair bank of india. this is "bloomberg markets." juliette: the violence in hong kong and the protests continued to weigh on investor sentiment. the hang seng index is leading r.e region lower pe that sentiment flowing through to the region. president trump's comments, no real new news on whether we are closer to the phase one trade deal. the nikkei is giving back yesterday's gain. australia's market is under pressure. look at the surgeon the kiwi. year.. the most in a seecating that it needs to
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the market to take time for the cuts to catch up. let's go to the bond market. let's look at the big move -- move you are seeing in yields in new zealand. up by 12 basis points. we have seen weakness in bonds flow-through to u.s. treasury's to australia's bond market, a little bit more stable on the aussie 10 year yield. knows the prize that there is no uncertainty. you are seeing money go back into the safe haven. gold, upng back into by a 10th of 1% this morning. athaad: let's take a look what we have for india as well. looking at the nifty's last close. gains, .04% by the end of the session. futures pointing to a weaker start. we are looking at the size of
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the industrial production. the day before, managing to shrug off that bad news with the indian economic data. are comingon numbers later on this evening out of india. a halflar depreciates by of 1%, and has done so over the last three days. you need 71 rupees. sixear yields are moving up basis points. that means they -- that means the yield is 6.5%. let's have a look at hong kong. it is leading stock indices down and is part of the world. also the territory faces another day of protests. transports in banking services are being disrupted. activists continue their campaign of civil disorder. i think they are near to the city and university of hong kong. the chinese university of hong kong. it does come against the backdrop of another protest in the protest district.
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sophie kamaruddin is here in central. sophie. sophie: we have moved around the central neighborhood. we have seen new signs of this new normal that has emerged, given that protesters have focused their efforts on disrupting traffic, and affecting commercial and business districts. saying it is due to the disruption of transport, which has seen several stations closed. bus routes affected as well. the entire line has been suspended, according to the rail operator. me,ou take a look around hardly activity. people are going about their daily. -- day. in the sense of the new normal, we're entering a third day of disruption for travel commuters. we have seen wide police
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presence as well. this as they are trying to maintain control, as they see protests emerging on university campuses. one of the sites after what police called a level of deadly violence being seen overnight. clashes have emerged there. rish. >> we have been hearing from authorities in the past half hour. they are saying it is the unthinkable. what else are you hearing? from the authorities in a briefing this morning, the hong kong secretary for secured a -- secretary for security mentioned the violence. they say no area in the city is exempt. thechief secretary said government has the competence and the capability to stop the violence, saying there is full support for the police to enforce the law. he also said, citizens have to
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distance themselves from riders. this also with the polarization we have seen. this to find the common ground and solution to this political trouble. with that, we have some debate being sparked among pro-democracy about how to move forward with their political goal. u.s. lawmakers are hoping to push forward their bill to review hong kong's trading. the economy in china has been eroding overtime. rishaad: sophie kamaruddin there withs with what's going on the protests in the central business district. but find out what's going on in d.e wider worl we try to identify when we will have peaked oil. su: we are talking about the
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international energy agency, they say the global oil demand will likely plateau around the year 2030. this is the current growth rate of one million barrels a day, it will hold for the next five years or so, but will fall to 100,000 barrels a day by 2030. says that global greenhouse gas pollution has risen for a second straight -- inand being a lo emissions until 2040. bush fires continue to burn across new south wales, but outbreaks in northern sydney are under control. firefighters managed to control the blaze just 20 kilometers north of the center of the city. three people have been killed so chargedy have been left in vulnerable to fire because of
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a two-year drought. the power of vacuum in bolivia has seen an opposition lawmaker declared herself to be the new president. the fall of the socialist left the country in chaos. but now the senator says that she will assume leadership of the chamber, effectively making her the head of state. mexico,tweeted from where he has sought asylum, that she is a right wing coup leader with has no constitutional authority to take power in bolivia. the u.s. is putting pressure on the wto by raising the possibility of blocking the budget. this would stop it from working. the escalation of the u.s. towards the trade body, which president trump has threatened to withdraw from. the u.s. commutes more money than any other country to the wto's annual budget at this
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point. global news, 24 hours a day, on air and added talk, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. president trump is ratcheting up the pressure on china by warning he will substantially raise tariffs if trade talks failed to produce a deal. speaking at the economic -- economic deal of new york, he threatened to raise tariffs to any country that caused problem's to the united states. president trump: it is going to 15% soon. i tell this to everybody, if we don't make a deal, we will substantially raise those tariffs. they will be raised very substantially. that will be true for other countries that missed -- that mistreat us too. in the same speech, president trump criticized the saying theyrve, made the case for negative interest rates.
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president trump: now many are actually getting paid when they pay off their loan. whoever heard of such a thing? give me some of that -- [laughter] president trump: gimme some of that money. our federal reserve does not let us do it. thank you, thank you. the smart people are clapping. guest is the next u.s. china trade -- let's bring usuallylobal economist based in boston, but joining us here in singapore. great to have you with us, james. heardhoughts on what we from president trump, in terms of a key resolution. at least in terms of trade. he did threaten to ratchet up -- ratchet up the tariffs. james: we are seeing this in real time. i think the president is nervous
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that chinese policymakers saw a weakness of the push towards the phase one weakness, and is trying to slam the door closed. still inthe tariffs place to give him leverage to force an agreement, or to show he has not gone soft on china or has not given up too much to get the phase one agreement. isiette: this uncertainty weighing into equity markets and growth. you have downgraded your global growth forecast. james: we have. it has been very clear with the trade policies. having a clear affect on the global trade cycle. the worry is that this will persist. it does seem as if there is a potential for phase one. are high-stakes negotiations going on at the moment. but if we get a phase one agreement, there are still underlying concerns about the future of this supply chain -- these supply chains. the way these have been politicized and used as a political weapon.
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i don't think a phase one gets -- and has an effect on business sentiment. rishaad: we come toward such a taking twoe are steps forward and one step back. most of the narrative surrounding this suggests that it will be the very low hanging fruit. that get a deal on that, should turn to phase two or maybe even three. exactly. i think phase one covers all the stuff. the u.s. wants china to import or agricultural products from their farmers. there are small concessions made by china on intellectual property protection market access. the really difficult and challenging thing is around broader industrial policy. that has been kicked into the long grass. it has been difficult for these
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two parties to come together. onesense is, wildest phase my cause -- for a period of will our fear is that it move away from direct tariff action on to more tariffs action. having more impact on individual companies operating practices. more impact on regulation and fdi' sdis -- rishaad: with the background of what has been going on with trade, that has been a big source of uncertainty. so many other things are produced a climate, weather confusion, or a lack of division of looking ahead. markets have done fantastically, why? james: markets are looking as some of the worst escalation not playing out. as this phase one deal
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does not fall through, it could be a rude awakening. the next tariff escalation could be damaging. while trade policy has ratcheted up, we have seen monetary policy makers come in and provide a degree of support. i think that does provide a little bit of leeway for the cycle to continue. i guess that is what markets are pricing in. while this is disruptive, it's not enough to end the business cycle at this stage. juliette: that brings me to my chart. it's crucial for the fed market cutting at the effective climb. what do we see the fed do a midst the turmoil? signaledthink powell he wants to wait and see how the economy response to the recent stimulus, but also wait and see what happens around phase one. whether the agreement is made or not. or if the economy continues to slow, then i think you will see a fairly decent course. there are more rate cuts to be
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put forward. juliette: what does that mean for the bond market? the mliv question of the day is how far it will rise. we have seen it climbed. has said heell wants to pause loosening policy, he pushed back aggressively on the prospects of interest rate hikes. i do think there is an asymmetry around whereupon yields can go from here. we probably will see a cap on where they can sell off do. in terms of where it falls, that depends on where the next steps are. we probably think there is room for another qatar next year. juliette: that's james, he will be sticking around. alibabathe chaos, reports that it has won approval for a $10 billion listing. week labore next
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market fueling, just as the election battle heats. we are discussing more with james. this is bloomberg ♪ . ♪
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rishaad: the uncertainty the brexit left showing the economy lost jobs. they posted their largest annual decline since the financial crisis. they campaign for december's election intensifying. economists.lobal james, what are you making of what's going on in the u.k. at the moment? james: it is really interesting. the labor market have been part of the u.k. economy. it has been surprisingly strong through the brexit process. it is natural, given all the uncertainty. we may be starting to see some
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crafts in that. it persists and persists. i think the bank of england has the labor market explaining the shift in the monetary policy committee with a dovish tilt on monetary policy. that was below expectations. when it comes to what more broadly we can see of europe, what steps does the ecb take in this particular direction? james: there is just so much uncertainty out there. central banks are similar to the fed. i think they are keen to trying to get a little bit more clarity and wait and see the data flow. i think the bank of england will want to see a happens with the election. what that means for brexit. and the ecb, after having unleashed the package. i think they want to wait and see as well.
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patients at the moment is the way of the game. market my get frustrated and want to push that patience. you are aberdeen standard, but how does bruton figure intoitain investment landscape. what do you think happens next with sterling? and do you need more resolution before you become more forthright, have more confidence in the market there? james: i think everything really depends on brexit. the thing that we are finding encouraging is that some of around hard brexit, which we consider to be damaging for the u.k. economy had a clear implication for the valuations. i think the risk definitely has receded, particularly around the conservative plan for the agreement. if that proves to be right, and if there is no hard brexit, it really becomes a nuance.
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especially the withdrawal agreement. following that, that is just the start. after you start to agree with the terms of the withdrawal, what you agree with over a eriod of time with the trading relationship. i think the uncertainty will persist. we do not need to be on the sidelines, but we do have to watch carefully and react nimbly as the direction for brexit changes. juliette: you are saying that you are looking at some alternative assets of investments. what do you like? james: we are looking at wider range of assets for our clients and solutions. seeing an increasing interest in markets. very depressed growth and bond yields than traditional assets. more and more investors are looking for a different mix of returns. a different mix of exposures in their portfolios. juliette: james, great to have you with us. senior global
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economists with aberdeen standard here in singapore. if you are a bloomberg subscriber, you can catch up by using our interactive function tv . you can join the conversation by sending instant messages to our team and our guests during our live show. check it out at tv . this is bloomberg. ♪
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juliette: a quick check of the latest business flash headlines. nike is breaking up with amazon, pilot a pilot prompt -- program. it's part of its focus on more direct relations with consumers, and will invest in strong partnerships with other retailers and platforms. nike ads that it will continue to use amazon web services. disney's much anticipated of its new streaming video service has
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been marred by early technical glitches and crashes. some users reported trouble of getting the app to work, or displaying some contact -- contact was in the wrong places. consumer demand exceeded its highest expectation. this company is selling $30 billion of bonds to help finance what may be the biggest debt sale of 2019. the drugmaker is capitalizing on chief borrowing costs, we have risked premiums over treasuries with the lowest levels for more than a year. the offering is the fourth largest of all time. they agreed to buy alligator in june to $63 billion. let's have a look at containingg news softbank. its telecommunications division is having its first bond sale since it listed last year of 2018. softbank had the share prices
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move. it had an ipo of one of the companies they invested in being delayed. this is the planning of its first listed in 2018. -- first bond listed in 2018. juliette: i think it's time for the stock of the hour. looking atave been one of the companies in the semi-conduct he space test semi-conductor spaces. rishaad: semi-conductor manufacturing, the deal number is up 6%. the highest estimates. this is the company which operates the founder. the hong kong listed this, the company provided technology services. it has a third-quarter net income of $115 million. million asing at 48 the medium-range with the top call on this. it was 102 million. million gross 115
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margins, including for the fourth quarter. 25%.20 5% -- 23%-2 you canie you that glimpse this with the stocks of interested a by going to the semi conductor. 567% more shares changing hands there. on the way up, 6%. let's put this in context. the market is showing serious distress in hong kong. ofnghai is seeing a bit improvement. certainty the moment -- certainly the moment of turnaround. the kospi is down a 10th of 1%. now moving to the upside. the china's half -- up half a 3%. csi 300 also up. the hang seng is lurching lower.
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it is with the lows of the day. if you look at the msci hong kong element, not including china h shares, you could see the drag is coming from that. each shares just 1.4% up. ♪
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>> it's almost 11:30 a.m. in singapore. we are in the middle of the trading day. singapore stocks are lower. the index down 6/10 of 1%. the thing dollar a little changed against the dollar. retail sales beating estimates, although they were down 2.2% year on year in september for an eighth month contraption. estimates were at 3% for the year on year. asian currencies are dropping on these concerns of the u.s./china trade talks. there are holding around 1.3623 against the greenback.
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it's get the first word headlines with su keenan in new york. su: we start with the latest on hong kong, which has its that thechief saying consequences could be unthinkable violence continues in the city. commuters faced further disruption wednesday, as continued right police are confronting activists in several districts. the chief secretary says the government is confident it can stop the violence and contain the chaos. meanwhile in the u.s., senate majority leader mitch mcconnell withwing to press ahead legislation that would support pro-democracy protesters in hong kong. as some senator stabenow growing frustrated with the chamber's failure to act. mcconnell has left the senate. he announced what he called beijing's insatiable thirst for control, and he went on to say
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this is undermining our economy and suppressing democracy protests. to new zealand where the kiwi dollar rose after the rbn defied expectations of a rate cut, and 1%. things that hold up stocks like that much of the earlier gains on the day at the news. the central bank said it is standing by as further stimulus to the economy if it is needed. make sure to tune into daybreak australia on friday. we will have an exclusive interview with rpm's fed governor. is charging again as its residents struggle with increased levels of air pollution. the air quality meeting rose above 400 on tuesday. that is about eight times the on anable rate international scale. winds blowing from the northwest brought smoke from burning and states putting
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pressure on the government to find a solution. world health organization battle last year showed that india had the 10 most polluted cities in the world. day,l news, 20 for hours a on air and that twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. just getting a look at market action. up 68s the hong kong rate basis points. we are at 2.37%. that is the highest we have seen since the 16th of august. all because of the concerns about liquidity in the territory. that's quickly check in with the hang seng. we have seen the prospects of the trading day there in india, also indicated by that nifty contract in singapore, which is a move to the downside. eke out a small
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gain. the production was way worse than anticipated. rupees, 46 up with the dollar. the yield on the india tenure has gone up at 6.57%. chinese local corporate bond default has mark,d the 100 billion into an closer to last year's record. the domestic economy continues to slow. more work is needed in debt resolution. the progress seem slow according to goldman sachs. china started allowing companies theefault in 2014, and resolution has remained scarce. let's bring in the trained credit insurer. your thoughts here on goldman sachs are warning on the market. >> good morning, thank you for having me. i can tell you that since the beginning of global growth in 2017, we have seen a slowdown in
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the global economy. the latest trade tensions have actually taken a toll on the economies, both in the u.s. and china. onconduct a payment survey an annual basis, which shows the payment delays in china have actually increased by 30 days between 17 and 18. we continue to see the trends into this year and into the next year. would you becomes a bull in this environment adding to some of that debt space, particularly when we see the rally come through in chinese property? xavier: in our business we provide a trade credit interests. typically our clients spend the entire globe. what we have seen as a slowing economy, but china remains a growing economy. it's about 1% of global gdp. environment in which we are open for business and continue to drive our business forward.
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i just want to get a sense of the duration risks that you had. is it taking longer for companies to have their invoices paid? are you seeing more of that taking place? which industry groups are you seeing most of it, if at all? xavier: globally, for the last couple of years, we had actually seen an increase in the frequency of insolvencies around the world. there are local variations. ,e have seen in the u.k. insolvency go up 10% last year and another 10% this year. the u.s. increasing by 3%. seeing, basically overall, when you go across the globe, a slow and steady increase in insolvencies and payment delays. clearly there is an impact here. rishaad: with those payment delays, you have to take on that risk. the thing is, what are you
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doing? are the premiums going up? what is the deal? xavier: our business is having a good year. we are seeing growth in our premiums at 5% to 6%. our losses have been good. this is a year we see our combined ratio be below 77%. it's a great year for our business. we are in aning is, world where there is slower growth and more volatility. we see the rise of political risks. events are hard to predict. is, we do around the world we have people in 50 different countries that monitor 600, almost 560 billion euros of exposure on 3.5 million names. infrastructure, which is quite unique, allows us to monitor interests precisely. your very hard to peg
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future in this world on when given scenario. the key word for me is agility. this is what we provide to companies all around the world. rishaad: i want to focus in on asia, look at asia on a wall -- look at asia as a whole. who seems to be weaker? i will try to narrow down the industry groups. typically, in china, the more difficult sectors have been construction or metals. have seen nowe with the increasing trade tensions between china and the u.s. is more difficulties in the manufacturing sector, and probably the automobile sector, for example, is an area. juliette: when you look at your country risk assessments, you have moved some of them down. you were talking about the rise of political risks. hong kong comes to mind. that has moved significantly lower from a reading of a
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two-83. xavier: hong kong has been the place of trading between china and the rest of the world. it has been hit since the beginning of the year by the slowdown in global trade. in 2019, this is the first years of the global financial crisis since we have seen a drop in global trade. it is a drop of 0.8%. hong kong has been impacted by this. in addition you have some political risks materializing in hong kong. as we have seen in the third-quarter numbers, it is actually having an impact on the economy. i think the sector of tourism or retail is being hit. juliette: when you see growth for next year for the global economy continue, what countries could move to the upside that are being buffeted by what's happening with u.s./china, and not having their own domestic turmoil like hong kong? xavier: it's hard to predict events in today's world. i think that is why you need agility more than focusing on
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just one scenario. globally, what we see for next year is a continuation of slowdown. we are not thinking of a collapse, but a continuation of slowdown and a pickup of 2021. we have to remain extremely vigilant on what happens, and in which country we have seen evidence -- events. we have seen things in chile, ecuador, so the key word is agility. that is what we do and what we offer our clients. that's why our business is doing very well. rishaad: when you look at your business, you have a business here, you have offices in singapore, but are you seeing a reason to downgrade your headquarters here in hong kong go elsewhere? are you seeing other people considering those options? xavier: for us, asia is a growth market. we were actually the first credit insurer to come to asia.
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our business originated 100 years ago in western europe. we have developed, throughout the years, our franchise in about 100 different countries. we were the first ones to come to asia in 1994. since then we have expanded our franchise into 13 markets around the region. good region there of the world. it's an important market in which we continue to invest. we need to support our global clients and what they do around the region. some of the to bests and some of the largest exporters around the world. i think we have a clear value proposition that we want to bring to these exporters as they extend their businesses around the world. finally we want to bring the full scope of the products and tovices that we offer western europe to the different markets and age in -- asia. whether it's quite a information, credit insurance or the ability for us to invest on
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200 markers -- markets with a one-stop shop. we are continuing to invest. asia will be a growth market. juliette: not retreating, not moving offices? xavier: we are not. juliette: thank you so much. this week, breaking news we are getting across the -- toshiba to buy up three units to total ¥200 billion. toshiba made this decision at a board meeting today. toshiba will buy out niche issue the plant. toshiba will not buy out toshiba. we will continue to keep you updated on that breaking story. you can see toshiba shares there in the japanese session up by a 10th of 1%. coming up, rish, heading to mumbai as indian markets reopen. this is bloomberg. ♪
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juliette: you're watching "bloomberg markets: asia." i am juliette saly in singapore. rishaad: the chairman of this think -- state bank of india says the worst had passed for the banking industry. in this exclusive interview, he told us why he is still feeling positive. -- >> part of the slowdown is confirmed. i am sure that it has bottomed up. from here it should be much better. clarity, in terms of it is not looking too bad. how about the rest of the banking industry. ish: if i look at what the
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numbers are coming out from the same bank, whether they are private or public sector, all of them have done much better than what their performance was one year ago. the system is slowly coming on the difficulties. is all right. that would be an over optimistic. at the same time, things are looking much better than what they are. haslinda: what will it take for the issue to be fully resolved? rajnish: when you are talking growth, it is not one thing that impacts. there is not one thing that brings the slowdown. there is not one thing that gives it boosts. by the central bank, by the
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centrals, they are taking this in a different segment. this company has been the poster child issued in india. if we have not seen the worst of it, do you think it should be left to fail? rajnish: no, but we have seen the worst of it. the worst year of the banking system is concerned, this is a concern. after march 15, it's coming in with the percentage. they want to link the banker's performance. do you think it will help the issue in any way? rajnish: it is with the public .ector banks
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i don't think there is any direct correlation between what has been proposed by the bank of india. it is impacting more the private sector. i hope that the banks have private sectors. thing to saye some about the decision-making process. that was state bank of india chairman rajnish kumar. indian markets have just opened after yesterday's public holiday. let's go through what to expect from today. markets are returning after yesterday's holiday. how are they looking on the open? start.s a negative the focus now shifts to the macros. they did have the industrial production numbers for the month
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of september, which came in with a factory output of contracted of 4.3%. which is the lowest we have seen. for thexpectations monetary easing for the bank of india . i am talking about the markets right now. you have the nifty index trading around the levels of 11,900. banking stocks have been outperforming the last few days. you have the banks sitting with gains of 2%. the syntax is sitting with gains. -- sensex isx sitting with gains. rishaad: we have a group packaging company. we have one that makes generic pharmaceutical products. is correct. let me start off with this, which has been in focus since the last quarter numbers. the numbers have been in line
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with what they were expecting. there's a new growth of one point -- 1.6 percent. companies have been boosting because of lower tax expense. is the rolling growth number that is coming in at 3% and the stocks reacted up about 4% right now. reacting to its numbers, falling within upper set of numbers. realization from the supply agreement, which contributes nearly 85%. for the quarter gone by, which was ahead for what was expected. times.s a stock it eight dividend yields looks attractive at 9%. it sold its subsidiary, japanese subsidy area to nearly 10%. all taxesy has set will be about $300 million, which will aid debt reduction and also will be in the stock reacting for the up about 2% currently -- up about 2%
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currently. back to you guys. up on theoming program, tencent reporting its earnings later on. we will be asking if the competition in china will weigh on those results. we have a preview on the way. this is bloomberg. ♪
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rishaad: a quick check of the latest business flash headlines. apple is said to be ready to onnch a new macbook pro wednesday, featuring the largest in the rebound keyboard. the first major update of the last since the redesign of four years ago. the new screen will be 16 inches while the new keyboard aims to tackle criticism of other issues. almosties a price tag of $2400. nissan has landed a blow. it has withdrawn its dividend outlook and is saying that it is
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undecided on whether to make the payout at all. they have profit for the current fiscal year, piling pressure. --renault stands to lose the most because of less dividend of cash flow and flexibility. during theown 45% first quarter, this is tourist spending collapse. the drop is bigger than -- other luxury brands. the gucci owner said they have sales decline of 35%. salesamo of setting with of 15% in the first nine months of the year. local media in hong kong says alibaba has won approval in the city. our china correspondent selina wang joyce's -- joins us with the details. what is the latest? our sources say that
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alibaba is seeking to raise as much as $15 billion in the share sale, and at least $10 billion. this is after months of delay. now local media is saying shares could start trading in hong kong the week of november 25. the timing has somewhat improved for alibaba, despite most protests, but still rage on in hong kong. we are market sentiment improve deal.near this trade alibaba also reported better-than-expected earnings, as well as blowout record sales on single day. it stocks in u.s. is up more than a third since the start of this year. the environment is better for them to continue with the share sale. this is a big win for the hong kong stock exchange as well as a vote of confidence. the political turmoil can still win these mega-listings. that is the decision to relax some of these requirements.
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including dual class share structures paying off. rishaad: we have tencent out with its latest earnings figures later on today. what are we looking at? what are the key takeaways that you expect? selina: analysts are expecting net income to barely gross revenue. have not been able to outpace those increasing costs in content, as well as and servers. are expecting to see a rebound in its business. that to get big hit last year because of its regulatory gaming freezes. sectorowth in the gaming is expected to be underpinned by its cash cow, as well as peacekeeper elite, a newer game. in the uncertainties gaming space do still remain, regulators and china are looking to cap the amount of time that children can spend playing games. which is a big demographic for
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tencent. in addition to the uncertainty and other line of business, including online advertising, which has grown as fast as advertisements expect. especially with the competition, you have this overall macro economic backdrop of slower growth in china, which does -- with advertisers and him. juliette: we have also been looking at the gap between alibaba and $.10 share price -- and tencent's share price. what could come in terms of what we are hearing from the analysts in terms of what they will say on tencent's earnings today? beena: tencent has impacted by the broader economic downturn. its shares are down significant in that divergence with alibaba. alibaba has been benefiting from a turnaround in market sentiment.
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they have been really bolstered by their better-than-expected earnings by their ability to continue to outpace the growth of not only consumption in china, but also e-commerce growth in china. the picture for these two companies are very different. tencent faces more regulatory headwinds. as well as other lines of business. investors are certainly taking a more cautious approach when it comes to tencent. hear a lot ofo questions about how they are forecasting the future environments, and how the regulatory backdrops will impact their earnings. juliette: our china correspondent, selina wang. thank you for staying up-to-date. stay tuned for $.10 updates. if you are a bloomberg subscriber you can join. some analysis from our expert editors and reporters. rishaad: coming up on bloomberg, jerome powell is addressing members of the house and senate. joinse fed president bloomberg live. looking at what's going on, we
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had to the lunch break, 474 points. saying the mpr entire other line is now being suspended. andline has been suspended they are canceling wednesday's horse races as well. this is "bloomberg markets." ♪
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♪ taylor: i am taylor riggs in san francisco, in for emily chang, and this is "bloomberg technology." coming up the next half-hour, launch day. disney's streaming service disney plus is hit by technical issues in its debut but some call it temporary setbacks. the media giant will meet its as 90 million users in five years.
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plus, fake news divisions. the current tinderbox that is


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