haslinda: it is a mixed picture in asia. mess for japan gdp, also amiss for us trillion jobs and -- australian jobs. that the economy may be worse than expected putting pressure across asia. asian stocks are down by half a percent, giving up those early gains we saw today. this on the back of the s&p closing in positive territory. powell says that could be more rate cuts if needed.

take a look at where the csi index -- positive territory earlier. this confirms the slow down in japan as well as australia. taking a look at hong kong, the hang seng negative territory, down by 9/10 of 1%. it closed at the lowest in three weeks, down 5% over the last week. removing are cautious, or cutting investments in chunk -- in hong kong and newman china. -- cuttinga look investments in hong kong and them in china. powell signaling rates could be on hold.

it is rate decision date today. let's have a look at the prospects for the indian trading day. we could be contributing more to the loss we suffered in mumbai on wednesday right declining -- mumbai on a wednesday. 6/10 of 1% loss we saw in the session wednesday. look at 10 year yields. a slight movement to the downside on the yield side. , the strength of the dollar playing into this. the inflation read is stronger than anticipated from the central bank. have the rupee, breaching the

72 level. another central banker out there reasserting his independence, that story courtesy of su keenan. su: we are talking about benjamin powell. he is pushing back at president trump's call for lower interest rates, saying that he does not think it suits the u.s. economy at the moment. he told lawmakers that rates are probably on hold after three straight reductions but did comments largely echo his message last month when he noted continuing threats to the economy. >> our economy is in a strong position. we have growth, a strong consumer sector, inflation that is below target. the very low and even negative rates we see around the world would not be appropriate for our economy. , the first public

hearings in the formal impeachment inquiries into president trump. they have heard from the active ambassador to ukraine and a senior official in the state department. both were asked if they thought rudy giuliani, the personal attorney for the president, if they thought his shadow diplomacy in ukraine was intended to dig up dirt from political ends and posted on the record, yes. they denied being opponents to the president. the international energy agency says the forecast for a peak oil price is still hoping to change based on future government policy. it expects global oil demand to plot to around the year 2030. the executive director told bloomberg that much will depend leadinghe world's

government choose to manage their country's energy. >> if the governments take much stronger clean, efficient thenologies, we will see peak will happen earlier. the governments go in the other direction, we might see peak later. su: hong kong is facing continued protest disruptions thursday morning. ordered allnt has public schools to shut down for the day. it is the first time it has done so since the unrest began. on wednesday evening, right police cleared the streets -- the riot police cleared the streets throughout the city. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries.

i am su keenan. this is bloomberg. slowed: china's economy in october signaled the policymakers failing to boost output. retail sales missing forecasts. fixed asset investments below expectations. joining us now is our directority investment the firm manages $670 billion globally. good to have you with us. whatd estimates, but to extent the equity markets affected this weakness?

>> looking at how the data was released today and the reaction of the equity market, equity markets shut off the weakness and given what is going on with the world, it is hardly a surprise the data is on the weak side of things. haslinda: when you take a look at the opportunities given the weakness, take a look at asian stocks, fundamentals are not looking strong. where would you be a buyer? >> fundamentals are looking pretty strong and throughout the year, what we have been doing, there are cyclical sectors that are volatile but if you look for pockets of structural growth, they are still there. consumption is when we continue to see that pretty strong in china. technology, even though broadly

it has been pretty week as a whole. conductors in technology, there are pockets of structural growth. what is going on? should the alarm bells be going off? can it be turned? >> i think it is pretty much a managed slow down at the moment and a lot of this is pretty much linked to whether there is some sort of a resolution to the trade war. it has been on a bit of a back-and-forth. we think the stimulus the chinese government has put through so far has been disciplined and we think it is on a positive sign. structural?it a lot of this is based on

supply-side issues. is it actually cyclical? how much of it is down to the trade war and the delayed investment for the uncertainty? -- through the uncertainty? >> you raise two important points. the deleveraging the chinese economy has been going through. that has impacted the slow growth and we think it is healthy to deleverage where it should be in terms of the trade war. what is going on does not help the confidence of investors. it is not a big surprise that people are holding back investments until they see a better picture. haslinda: so much uncertainty out there. hide?do you when i talk about the structural pockets, this back-and-forth and the whole

trade war negotiations have been a roller coaster. it is very difficult to be trading around sentiment. we have to take advantage of the volatility. haslinda: what would be the catalyst to drive the rally going forward? >> things going back to fundamentals cart we have seen some of that. we are starting to see earnings coming back as well. because of the weakness in the technology sector, asian earnings have been on a negative projection. we have seen an inflection point and that is starting to come back. improving andre the right way. -- in the right way. we have to do a lot more

homework on our side. haslinda: we will be talking technology after this. still ahead, the protest disruption in hong kong has raised fresh worries about an economy already in recession. we will bring you the latest. ♪ , this is bloomberg. ♪

rishaad: welcome back to bloomberg markets. a long-awaited come back, let's have a look at the tech giants profit, plummeting 13% in the last quarter. that is worst than the most pessimistic analysts anticipated.

where did they go wrong? >> instead of this come back, you are seeing tencent getting pressured by this economic downturn, especially with their advertising sector. on top of that, it is suffering from increasing competition. the gaming unit was supposed to see some recovery this quarter, it did not grow as fast as expected. in addition to that, you did see tencent report a 90% drop in one-time gains. that shows weakness in its massive portfolio. haslinda: not a pretty picture. what did management say about any right spots for tencent?

through thisorking difficult period. he does not expect to see lasting impacts. no concrete answers as to what the future of the relationship will look like. billion deals $1.5 for exclusive streaming rights. the tweet,ussle with it temporarily halted broadcast of the games. it has resumed showing some of the games but it is unclear if they will have to suspend them again. that throws into question their advertising business and streaming business. in terms of bright spots, the impressively. they are pursuing this internationalization strategy of taking some of their popular games and putting them abroad,

hoping to offset some of those regulatory challenges at home. haslinda: selina wang in beijing, thank you. still with us is our guest. tenent is among top holdings. why would you still want to hold tencent when the turnaround is uncertain? >> we think the result -- the result is in line with expectations. when you look at the headline numbers, it might look disappointing but when you start to dissect them, we see encouraging signs on the long-term growth drivers. if you talk about fintech, the growth is pretty strong. the gaming site -- it is

currently being dissected as they are selling season passes. haslinda: what is the upside potential? if you compare it to alibaba, it has underperformed alibaba and the gap is widening. discrepancyof the in terms of performance year to back to that -- coming the quality side of the business, there are clearly very strong drivers. whether you think about fintech or advertising. if you look at the social part of tencent, it has accelerated this quarter. thatad: didn't we know already? these figures are reflective of that. this is a company in transition,

moving into the internet of things. these things take time, do they not? are we looking at a company which maybe we -- may well be making its come back? results,ecent set of in terms of the milestones they are achieving, it is moving in the right direction. i think advertising will be impacted because the weaker economy. social growth is going at high double digits. growth is still pretty strong from that perspective. if the stock is becoming cheaper, it is looking attractive as well. fit intohow does this the whole tech side of things? how do you make your stock selection?

>> we look at the tech sector as a whole. we have large positions as well in the technology hardware side. samsung electronics, if you look at their numbers, coming along quite nicely. very much positioned to semi conductor manufacturing. a lot in the market is dictated by investor sentiment and what is happening in hong kong. how much do you think hong kong will hurt asian stocks? >> so far, there is a bit of discrepancy. what is happening in hong kong and what is happening in the market. deteriorate a to

lot more, i think we would not be surprised to see a larger impact to the rest of the asian stocks. haslinda: we will have to leave it there. if you are a bloomberg subscriber, you can catch all of our interviews by using our interactive function. you can join the conversation by sending instant messages to our team during our live shows. check it out, tv , this is bloomberg. ♪

haslinda: welcome back. look at business headlines. streaming platform attracted 10 million customers.

fans had months to preorder at a discounted rate. it supplies analysts who expected disney -- it surprised analyst who expected disney to need much more time to reach those levels. assembler reported profit above expectation indicating solid demand for the new iphone 11. apple is forecast to hold revenue above wall street's projection. suppliers.ther lift released rival better-than-expected revenue in its second set of quarterly results sense going public -- since going public.

loss widened to $75 million. investors have questioned the strategy of banning cash to lure coffee lovers away from starbucks. canada goose for the most after saying the unrest in hong kong is hurting business. shares had risen on the news that sales in asia elsewhere were robust. global revenue rising. it is time for stock of the night. formally known as yahoo japan. this is not trading currently because we are in the lunch break there in tokyo. this is a confirmation that they

are talks about a possible merger. they were considering such a merger along with other opportunities. , 62% up year to date. domestic telecom, holdings.in z -- you will see this is -- there we go. one of the most traded, the volume -- 600% of its daily volume at the moment. it is trading 600% more stocks than it would do normally. looking at some of the other companies, there you go. currently.is trading

we have two record setters in the same kind of business. full.e price up marginally. let's take a look at what is going on with the equity markets. have.s what we this week read of the economy -- weak read of the economy. aggregate financing, that was a mess. --y are all being a aggregate financing, that was a miss. they are all being shrugged off. the trade situation getting a little more murky overnight. , which alwaysests seems to be weighing on the

market. perhaps some support coming from wall street, the s&p managing to end the day marginally up. hong kong down and leading the pack lower, down a tens of 1%. -- 8/10 of 1%. ♪ when it comes to using data,

everyone is different. which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data, or mix lines of each and switch any line, anytime. giving you more choice and control compared to other top wireless carriers. save up to $400 a year when you switch. plus, get 50% off when you buy any new lg phone. xfinity mobile. click, call or visit a store today.

haslinda: you are looking at live pictures out of the lion city. we are in the middle of the trading day. currently in negative territory. is one stockrend acquiring a 20%. that is coming at a cost of $237.5 million. surging by 15% as we speak. we will also have an exclusive interview with the ceo. don't miss it. su: thank you.

china's economy slows further in october and that signals to policymakers stimulus is failing to boost output. production and retail sales both missed forecasts. fixed asset investment also came in below expectations. that is the nine months from january to september. japan's economy, it's slowed again in the last quarter. the global slump continues to hurt exports. consumer spending before last months sales tax hike prevented an even sharper deceleration. gdp grew at an annualized 2/10 quarter.m the previous economist had forecasted 9/10. morgan stanley is one of the

most bearish and bullish on a valuation for saudi aramco. bankers ran through several models that gave us the spread of about a trillion dollars between the best and worst scenarios in terms of valuation. bloomberg has seen the presentation. other banks, including goldman sachs, also have a widespread for the valuation. democratic presidential candidate elizabeth warren has blasted goldman sachs for its response to claims of bias decision-making against women who apply for the apple card. the bank overseas decisions on aggrievednd wants customers to request a review. female cardholders have been level andwer credit

has fueled widespread criticism. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. haslinda: thank you so much. is not the only top official reinforcing the rate cut pause message. mary daly also says policymakers have done enough for now. >> the policy accommodation we have taken, three rate cuts, has put policy stance in a very good place to make that good -- that baseline come out where we need it to. it is slightly above trend growth. further progress on full employment. i do think of that as the as the is in a good

economy is in a good place. we continue to be data-dependent and look forward and look at the risks to see if that baseline changes. fed'sthis a pause in the rate cut path or policy? policyfed at a crossroads? what needs to happen? >> can i give you a third option? my third option is where i am today, i see the level of the policy breaks right now as appropriate for the economy we have, which is good consumer spending, domestic momentum, facing these headwinds. we are in moderately accommodative stance and that is appropriate. i feel we can stay in that stance for the period of time it takes to get inflation back up to 2% on the stanimal basis.

-- on a sustainable basis. >> you have paused, you have a policy that looks appropriate and you are watching the data. what you are trying to figure out now, you probably do not have to do anything but you are just as willing to say, inflation is rising, i guess we will shift the policy in that direction. >> one of the things we have to do, we look forward. even though i have characterize the economy as a good place, we also look at the risks. on one side, you do have the potential for the accommodation we have given to spur the economy and the trade uncertainty settles and the stimulus other countries have put in place works and we have some upside potential. on the other, there are downside risks that could emerge. slower global growth, we could get a furthering of trade uncertainty, and we still have

the brexit issue to settle. i am open to the idea that the risks are on the downside but right now, i see the policy stance we have got is the right one for the risks we have ahead of us so far. rishaad: san francisco fed president in bloomberg exclusive. let's talk to you about the here and now, the protests in hong kong raising fresh worries about an economy. the city facing disruption again today. another night of clashes between protesters and the police. the government ordering all public schools to shut for the day. stephen engle has been following developments. let's talk about this meeting last night. membersported that the of her cabinet got together. what happened? speculating.lty of

apparently, it was an emergency meeting that carrie lam held at 10:00 in are offices with her top advisors. this was out of the ordinary. media speculates they were maybe talking about the public order ordinance. there are several ordinances where she can evoke certain powers. broad ranging police state powers. there is a public order ordinance that could involve a curfew. we are guilty of speculation. maybe she was discussing what next. the violence has escalated. it is more concentrated. fewer people but more violent. condition in critical as a result of injuries to the head. rishaad: we do have the hong saying --nment

>> my daughter's school is off all week. >> and mine. >> you would think they would be talking about the critical issues on how to resolve this. matthew chung, he is the number two, the deputy to carrie lam, he is in the last hour saying the meeting did not have any specific purpose. we have busy schedules, apparently, so this was a normal meeting. rishaad: at 10:00 p.m. >> the meeting did not have any specific purpose? i have no political leanings on either side, but i hope there was a specific purpose. you would hope so. steve, i want to jump in here. what is the latest on political

action on the part of the u.s. congress on the hong kong bill? >> we have marco rubio tweet. we heard that mitch mcconnell is vowing to work on the legislation the u.s. congress is trying to push through supporting the protests. human rights bill, marco rubio saying we made significant progress today to pass the hong kong human rights and democracy act in the senate. mitch mcconnell said -- he denounced beijing's insatiable thirst for control of hong kong. we do have the ministry of foreign affairs chairperson, he blasted the potential u.s. action. facing anng is not issue of so-called human rights and democracy but an issue of how to end the violence and restore law and order. the u.s. congress is turning a blind eye to destruction and vandalism, boosting the

arrogance of radicals. the purpose is nothing to disrupt hong kong stability and prosperity and to contain china's development. we resolutely oppose that. >> there was more teargas fire this morning. protesters gathered in front of hong kong polytechnic university. victorial crossing harbour, protesters barricaded that. rents, repeat. rinse, repeat. problem born of a political situation with no political solution. the police on the front lines trying to resolve a political situation. i am not putting the blame on the police. the protesters are inciting this

kind of response from the police. unfortunate situation that requires leadership right now. rishaad: thank you very much, indeed. coming up, we will be heading over to mumbai and look at the indian market open. futures indicating we will have a flat start after yesterday's decline. more from hong kong on the white bird hong kong government -- or from hong kong on the way. have at the we moment. this is bloomberg. ♪

rishaad: retail inflation in india quicken for a third straight month in october reaching the reserve banks medium-term target at 4% and spurring the pace of monetary

policy easing. food and beverage inflation being fueled by a more than 26% surge in vegetable prices. haslinda: our next guest acknowledges that india is in the midst of a growth slowed down but believes recovery is likely to set in the coming quarters. >> i think we need to first see what is advising the slow down. how quickly we can get out of it hurt it is an interplay -- how quickly we can get out of it. it is an interplay of factors. banks have been feeling the pain for the past five years. credit, it supply of

has frozen. that is morphing into a demand issue as well. that is why you have seen a sudden correction and consumption -- in consumption. it seems to me that we are in slow down. we are nearing the bottom. it will gain traction in the coming quarters. a return back to 6% will take a while. haslinda: inflation, how big of a headache is it? it will make it even more difficult for the r.b.i. to cut rates. >> india's inflation is similar to china. one or two items causing the headline. i think the policymakers will find themselves in a bind come december. they will have diverging signals.

retail inflation, there is a divergence as well. , ipite inflation targeting would think they would look at, what is the risk at this point? given the growth slowed down, , theave weaker confidence pressure is not as high. yes, the negative output gap and they could go ahead and cut rates. it is already about 185 basis points. rishaad: it seemed as though the economy was fine at the beginning of the year and suddenly, we have seen this

downturn. it has been quite remarkable. how better things at the moment in india? -- how bad are things at the moment in india? inthere is a sense of worry terms of the public sector. the central bank has been easing rates and has been doing so with a dovish bias. it amplifies the effect. i think everybody is looking at what would get the economy out of this slump. we anticipate that things are not looking that great. the credit risk appetite, high credit premiums. these are impacting confidence. looking at, not really resolving itself in the next quarter, but the central bank from a cyclical perspective is providing the

kind of rate support required. that is why we are looking at the elections quite closely. it will contain some demand side support. that will help in the near term. the supply part of the story really will take a while to settle into meaningful results. haslinda: we have to leave it there. let's stay with india, the market has just opened. let's get right to mumbai. today. expect the market closed at a two week low yesterday. house looking? -- how is it looking? >> the macro sarin focus. -- the macros are in focus. factors have been

weighing on the markets. the opening trade has been flat to negative. markets -- for the banking index, which was outperforming in the last few days, has just opened flat. currency will also be in focus. stocks youe of the are looking at in particular, it is still the earnings season? the telecom companies are in focus. indiament of telecom in issued a notice to these operators to pay revenue share dues in the next three months as was directed by the supreme court. around this will

be something investors will keenly be watching. 19% inck is up about this calendar year. times oneing at 47 your earnings. earnings.r ne-year earnings. ger, one has been a lag down 15% in this calendar year. rishaad: breaking news, carl icahn saying hp and xerox should get together in this proposed unit, arguing this combination of printer makers is beneficial for investors. he already owns a 10.8% stake in xerox and says he owns a 4.2% hp stake as he pushes for this

deal. that is breaking news. icahn pushingcarl for the merging of xerox nhp. this is bloomberg. ♪

>> the member of my staff asked what president trump thought about ukraine. president trump cares more about the investigations of biden, which giuliani was pressing for. >> after you expressed concern of a perceived conflict of interest, the vice president engagement in ukraine did not decrease, did it? >> the vice president was promoting policy in ukraine.

my concern was that there was the possibility of a perception of a conflict of interest. glimpse into was a the first day of public hearings into the impeachment inquiry of president trump. jodi schneider is with us. what did we glean from that? what was said and what is going to be said? >> the most explosive testimony did come from william taylor. toldasically said he was by an embassy staffer, he is the former u.s. envoy to ukraine, he was told by an abyss see staffer that the staffer had overheard a conversation where president trump was talking about the investigation into biden. this is secondhand and they are trying to get that person, the staffer to testify behind closed

doors about that. that would show the president was very focused on this and it was not just the one phone call, the july 25 phone call. rishaad: give us the basics. trying to get the dirt on hunter biden, joe biden son, and then slowdownsons delivery in order to facilitate that process. >> it is the pressure that would ,ave been put on the ukraine the ukrainian officials to help with that investigation. and part of what was discussed in his testimony was that rudy giuliani, who is the president's personal lawyer, was also actively involved in trying to pressure the ukrainians. was it a quid pro quo? republicans are telling us know.

they are saying secondhand information is misleading and they are continuing to call this a which current -- witchhunt, as did president trump. we will see where it goes but there will be more people called and this will go on. haslinda: where does it go? what is next? where is this headed and are we likely to hear from the whistleblower? whistleblower and hunter biden are not on the list of witnesses the democrats want to call. president trump is saying the whistleblower should be seen and heard. he is protected. the people we will be hearing ambassadore former to ukraine, who was ousted in may.

she is expected to testify that rudy giuliani was among the people pushing for her ouster. we will hear from this embassy staffer who mr. taylor said overheard this phone call. where president trump said he was asking how the investigation was going. we will also hear from others who served in ukraine and we will be hearing from a number of people who will discuss what they know and what they think happened in terms of that investigation and what the ukrainians were promised or not promised in exchange for that information. that is where this is all going. it is going fairly quickly. the question will be whether this ends up in the house prosecuting this. the senate would asked as the jury -- act as the jury. spicejet down 7%, a

wider than expected second-quarter loss. let's have a look at the latest headlines. using language even more pessimistic than last months warning. starting to take investor orders for its hong kong share sales. 's biggest equity offering since 2010. it is aiming to price next week and start trading in hong kong on november 26. haslinda: let's do a quick check of the markets. it is risk off.

, after trade talks, back in limbo. that is it from bloomberg markets: asia. daybreak middle east is next. ♪

♪ taylor: i'm taylor riggs intent -- in san francisco, in for emily chang. this is "bloomberg technology." we will get details on disney plus. we will get details. plus, tesla's global reach. the automaker gets the nod from beijing to start mass production in its china factory. this as tesla announces it is