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tv   Bloomberg Daybreak Asia  Bloomberg  September 19, 2021 7:00pm-9:00pm EDT

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haidi: welcome to daybreak: asia. shery: good evening from bloomberg headquarters in new york. our top stories this hour. asian stocks set to start the week lower ahead of a fed meeting set to offer new clues on the taper timeline. investors looking ahead to china ever grand's moment of truth as
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bond and loan deadlines loom. chairman yellen renews her because of the debt ceiling. haidi: central bank decisions ahead of the fed headlining the taper that will bite into growth is not that of the fed. we heard from janet yellen talking about how crucial it is to be able to raise the debt ceiling. we also heard from larry summers saying people need to grow up. there is a lot of stupid political posturing that goes into debates like this. we are really talking about the drag that could come from fiscal pullbacks. not just what the fed does with its taper plan. shery: perhaps we might see some of that at the u.n. general assembly. i always get excited come september because it is the
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week. we will have more then 100 liters giving speeches at the u.n. general assembly. the key topics for discussion will be vaccine equity and climate change. looking forward to those discussions. haidi: know who will not be there? the chinese president xi jinping. he has a handful of domestic policy issues to deal with. not just the regulatory overhaul but this issue of evergrande will be on the top of a lot of investors' minds. pond repayments, debt repayments , they do not take a holiday. we have some key debt becoming due. the question remains for this company, is this going to be a systemic risk?
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will this have the kind of domino effect not just in other property developers but all the different investors that are affected. shery: we're talking about the tech industry where we have seen that crackdown. last week, we had the u.s.-china roundtable with executives from the biggest wall street banks. we got more clarity of what was discussed and apparently chinese regulators coming out defending the crackdown. it is a crackdown because they want to increase national security data and also reduce social anxiety over these concerns. the crackdowns should not be seen as decoupling from the u.s. or international financial markets. haidi: we are seeing all of these concerns feeding through to a risk off muted start to the trading week. it is holiday anyway. what are we seeing in terms of risk appetite?
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sophie: taking a look at the markets that are closed, north asian markets off-line for the mid autumn festival. a thin day of trading and headed -- trading ahead. we have stock futures settling lower after the drop we saw on friday led by minors. we have the aussie dollar set for a third session. bearish bets are building against the currency amid this drop of iron ore below $100. we do have iron ore looking for more pain ahead. $1000 by the end of this year amid the ongoing chip shortage, which will likely be an ongoing theme. keeping in mind the warning that the fed is running out of runway for a timely taper. the inflation staying high on structural forces.
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there is a snapshot of the fed's own projections. those have been falling since 2012. we'll be waiting to see the dots. socgen seeing a hawkish tilt paired make five-year treasuries vulnerable to a selloff. shery: let's turn to vonnie quinn with the first word headlines. vonnie: australian prime minister scott morrison says france was aware of australia's concerns about the capability of its military submarine designs. morrison is defending his government's decision to sign a new deal with the u.s.. he says australia understands france's disappointment but the decision was on security grounds. france recalled its ambassador from the u.s. for the first time over the decision. china's top regulators defended their multisector top crackdowns to wall street executive saying stricter rules were not aimed at tech or private companies. bloomberg's sources say a top chairman said recent actions
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were intended to reduce social anxiety in consumer facing industries. we are told larry fink said beijing must ensure consistency and transparency to build confidence. president biden's chief medical advisor anthony fauci says booster shots for more of the population remains a possibility and soon. an advisory panel recently rejected a national booster rollout for all ages however found she says the guidance could change as additional covid statistics, in. the u.s. is expected to review data from moderna and j&j. the biden administration is negotiating with pfizer to buy an additional 500 million vaccines to done globally. sources say a deal is expected to be announced in the coming days. washington struck a similar agreement in august with the shots going to the covax program
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should -- covax program. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: president biden is planning to set a new course for global vaccination allocation this week at a summit on the shortage of shots in poorer countries. the move comes as the u.s. moves to get booster doses to millions of fully inoculated americans. joining us for the latest is our bloomberg editor. what can we expect from the president? >> you're going to see a push given this is a u.n. week for biden. he is going to give a speech to the general assembly on tuesday. you're going to see a push to position the u.s. at the center of the global effort once again as you are already alluding to and that pfizer deal, which is said to be in the works is of
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course part of that. it will double the u.s. commitment to helping countries with vaccines. there is the competing force, which is that the u.s. wants to or eventually go from a broad campaign of booster shots for which you also need vaccine doses. haidi: there is a lot of -- a lot on the agenda. the french fury we are seeing over this new tax that affects the asia pacific. we are looking at climate. we are looking at the tech shape up as well. >> that is going to come up. porcha johnson -- boris johnson just arrived in new york. he is going to be meeting biden later in the week. it comes at a delicate moment for at least as seen from paris from where there has been a
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stream of invective mostly against the u.s., slightly less against the u.k. for this deal that basically sunk a french contract to supply diesel powered submarines to australia. it is all in play and it is all in the air as these meetings get underway. that said, other european countries, e.u. powers say like germany have said they do not want this to blow up into a big transatlantic feud. haidi: our bloomberg editor with a preview. this we could also prevent evergrande evergrande a moment of truth for. the developer facing key loan and bond deadlines are let's get over to our chief north asia correspondent. the issue is always whether this spreads to some systemic
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contagion. >> will be reading the tea leaves to see how that might play out with two key payments due this week. the major banks have been told that evergrande will not make those payments today. there is another 84 million u.s. dollar bond coupon that is due on thursday. as well as some $36 million onshore bond payment that is due on thursday as well. they are not likely to make these payments and that is at least what the price of the recent dollar bonds are pricing a possible default. there is a 30 day grace period even if they default on thursday. it does not necessarily look good. investors are looking for different signs of potential contagion. because china is on holiday today and tomorrow, hong kong will be on holiday for the same
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holiday on wednesday. we might be looking at the offshore yuan, which did lose seven tents of 1% on thursday and friday as this was building up, that was often times a tree rooted strength. will be looking at the cnh for any signs it might cross the 200 day moving average as it weakens toward 6.5 to the dollar. shery:shery: what is evergrande doing to alleviate the liquidity crunch? >> they are with financial advisors. working on capital restructuring. any the meantime, they need to get their construction going again. get some of their assets returning on investment. they need to pay the contractors. they need to pay suppliers. they have a cash crunch. what they have started, we are hearing already offering the wealth management project holders some 70,000 or so investors who brought the project.
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we are hearing that offer for discounted fire sale property has already begun. shery: stephen engle with the latest. we are already seeing the clock ticking down as well on the congressional vote to raise the u.s. debt ceiling. janet yellen has renewed her calls for action. kathleen hays is here with the latest. janet yellen warning of dire consequences if the debt ceiling is not raised. kathleen: you cannot just stop paying your bills and not expect markets around the world to react. let's take a look at what janet yellen said today in an op-ed in the wall street journal. she notes u.s. government has always paid its bill but the consensus on both sides of the aisle is failing to raise the debt limit would produce widespread economic catastrophe.
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here is the doomsday scenario she paints. a default is what this would be if you stopped paying your bills on things like social security payments, all things people depend on. it could precipitate a historic finance crisis. the u.s. would get downgraded by moody's and all the credit ratings. rate might -- rates might spike. all kinds of turmoil. all of this could lead this recovery to turn into recession. with all this dire consequences, wire is there any doubt? we know congress is set to vote on this bill next week raising the debt ceiling to 28 trillion. it is in the midst of the debate over this three and a half trillion dollar infrastructure bill that the democrats cannot agree on yet and they have threatened the republicans they will pass it on a reconciliation bill. the republicans are in the position where they are saying if you want to raise the
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spending, raise the debt ceiling on your own. we will not support you on this. will we get a default and what happens if we do? in so many instances, somehow when there is so much pressure, they do get it done. goldman sachs says even if this bill is not passed in time to avoid the tentacle default, there will be enough cash on hand from the treasury to keep paying the bills until late october, early november. in the meantime, making create market volatility. certainly getting some concern and uncertainty right now. haidi: it always feels like the congress that cried wolf when it comes to this topic. incredibly important every time we talk about it. kathleen hays with the latest. coming up next, will be speaking with -- she has bedding reopening stocks
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will see a string pickup in earnings. an airport lounge operator is cautiously optimistic about the return of travel. we hear from the grand transformation director next this hour. this is bloomberg. ♪
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>> if the economy evolved broadly as anticipated, it could be appropriate to start appropriating the pace of asset purchases or the timing and reduction will not be intended to carry a direct signal regarding the timing of interest rate left off. >> we think it is reasonable to think there will be some increase in infrastructure. >> while the economy has turned
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a corner, recovery remains fragile. >> risks for the price outlook are tilted toward the downside going ahead. >> i find it difficult to understand why your weight rises are being priced in next year or early 2023. haidi:haidi: some of the comments from heads of central banks around the world. a big week for monetary policy with many of the most closely watched central banks holding policy meetings this week. on wednesday, we'll hear from the bank of japan, which is likely to keep stimulus in place. and it is a turn of the fed which may give more close on its tapering plans. brazil, indonesia and the philippines among 15 central banks deciding. haidi: a lot going on across major markets this week. let's take a look at strategies going forward. our next guest says the market
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appears to have shaken off these concerns. joining us now is a portfolio manager at tribeca investment partners. you take a look at how most economies have dealt with the delta variant. does it seem to be based in that we will not return to a world of lockdowns even in australia going forward. >> absolutely. it is like to make -- it is nice to make those comments when we are still in lockdown. if we look at the vaccination rate, it is picking up meaningfully. very rapidly across the developed economy. even for countries like australia, they are picking up shared for investors, we can see the light at the end of the tunnel. even if we have new variants and others that come through, the vast majority of the population will be vaccinated. that means the economy can return to resume its previous
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normality. and broad economic to video. incredibly important. it is also important the policymaker's mindset has been changed to, how do we live with this? haidi: what themes in the reopening trade? >> talking to the reopening, the next 12 months, the return is likely to come from sectors that have accompanied earnings impacted by the pandemic rather than those growth leaders whose valuations have expanded significantly. the sectors we like, services oriented, leisure. the areas where consumers will spend money as they come out of lockdown. areas such as travel, hotels, restaurants, gaming as another sector we have significant
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pickup in terms of activity in the last 12 months. also the private hospitals that have been impacted by the lockdown. there have been areas of interest. these earnings will grow much more significant compared to some of the other companies. shery: we continue to see wage pressures, input prices rising not to mention a growth around the world peeking a little bit. is it concerning we are seeing more companies ring alarm bells that profits may not meet expectations, very lofty expectations? >> that is a really good question. that has been the scene we saw coming out of the latest reporting season around the world. the revenue and demand environment has been strong. it is the caused pressure and supply chain disruption that has created a lot of issues for companies.
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in this environment, we expect high quality businesses, market leaders to have the ability to pass on some of the escalating costs due to the shorter disruptions. in terms of inflation and rising cost, we continue to maintain a mas -- a vast majority of that. once the world returns to normal and the border opens, we should see some of those pressures being alleviated like we have seen across some of the raw material and commodity spaces so far. shery: we were talking about stimulus being pulled back. not necessarily monetary stimulus but fiscal stimulus. is that something you're factoring in around the world? >> we are seeing remaining -- and the stimulus coming through. the biggest fiscal stimulus that is yet to come is in the u.s.
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market. we expect to continue support across physical around the world do to support the next wave of growth as we come out of this activity. the u.s. is still depended on the outcome but that will be in an arm's head -- not enormous hit come enormous boost to growth in the next 18 months or so. haidi: great to have you on as always. portfolio manager at tribeca investment partners. you can get a round up of the storage need to know to get you going. you can customize your settings so you only get the news on the industries and assets you care about. this is bloomberg. ♪
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shery: here's a quick check of the latest headlines. with funds of plans to raise $2.5 billion to repay a government bailout. the carrier will reissue shares of less than half of friday's closing price. germany provided a 9 billion euro payout when the carrier made a record loss. u.s. transport regulators have urged tesla to address safety concerns before expanding on autonomous driving features. last week, elon musk said drivers will be able to upgrade the self-driving capability of their cars. the national transportation safety board told the wall street journal the term. drive is misleading and basic safety issues must be fixed. sources say mitsubishi financial group is considering selling its u.s. banking arm. the firm is said to be working with an advisor on options for union bank and has held informal
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discussions with potential buyers. it comes as u.s. regional banks look to apparel up to better compete with industry giants like jp morgan. prudential plans to raise up to 2.8 billion dollars in new share sale in hong kong as it pursues growth in asia. the insurer will offer about what hundred 30 million shares on the hong kong stock exchange at a maximum price of just over 22 u.s. dollars each. it plans to use the sale proceeds to redeem existing high coupon debt with a balance to contribute to its asian and african investments. coming up next, the latest on the rift among close allies. australia defends its decision to drop a submarine deal with france while paris recalls its ambassadors. this is bloomberg. ♪
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corrects this is daybreak: asia. i'm vonnie quinn. janet yellen has renewed her call for congress to raise or suspend the debt ceiling. in a wall street journal article , janet yellen says failure to do so would lead to economic catastrophe. a standoff between democratics and republicans could send the u.s. into a payment default list -- next month thousand vote on the coming days on whether to raise the ceiling. philippine boxer and senator
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manny bankia has announced he will run for president in elections next year. this presents an obstacle to rodrigo duterte's plan. analysts say he could split the vote in the southern islands that both he and dutere come from. opening the door for opposition figures. pack he asked as he is never backed from any fight. canadians vote monday in an election that pulls say too close to call. a victory for the liberals could see him follow through on a promise to increase taxes on big banks and insurance companies and impose stricter emissions rules on oil and gas companies. conversely when further conservative leader could bring a really frail and canadian energy stocks. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: just panic creon holiday
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but we have australia coming online and a half hour. let's turn to sophie for what to watch. >> saving up to be a risk session. the aussie dollar is set for a third day. could be a third month decline amidst the drop we have seen for iron ore. iron ore slump has deepened since it began in july. coal prices by comparison have soared. the scramble for allergy shifts a demand to call and tighter supply. this is been driven by a buying spree for physical inventory. but the rally does not seem sustainable with uranium fundamentals not seeing meaningful change in utilities are unlikely to rush for new deliveries. the head of commodity strategies at a bank does not see it
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happening for several years. scott morrison is defending his governors -- his government's decision to an favor of the nuclear option with the u.s. and u.k.. >> australia like any sovereign nation must always take decisions in our national defense interests. that is what we have done. we have made this clear for some time. this is an issue that had been raised by me directly. some months ago. haidi: paul allen joins us now in sydney. no doubt about it, francis furious about this. >> that is right. scott morrison made a number of comments at his press conference over the weekend but he did say australia that there are deep in grave concerns that the summaries would not do the job
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with the new strategic environment. there were other matters but he did not mention them. this is a $65 billion u.s. project that had been beset by cost overruns not to mention whether or not the subs are strategically fit for purpose. morrison was saying it would've been negligent to order these subs against the advice of the intelligence and defense communities. france is sticking by the line that it was blindsided by this and had no warning of the deal as we know recalled. they were called bassett there's . they canceled the plan meeting with the u.k. defense minister. shery: could a trade deal with the eu be addressed? >> the questions being asked about that, of course australia in negotiations with the eu on a free-trade agreement. there've been 11 rounds of talks. it is going slowly. france does not have the motivation to speed things up anymore. it's important to keep in mind the context.
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president macron faces an election in seven months. there is a long-term history to consider. the u.k., u.s., australia, france, fought side-by-side together into world wars. there have been previous disagreements in nuclear testing and with the war in iraq. the relationship has come through all of those and speaking to reporters, the british prime minister boris johnson says their alliance with the french is ineradicable. shery: the latest on the geopolitical tensions. let's turn to international energy. there is a growing gap between government rhetoric on climate change and action. we exclusively spoke to the executive director about current emissions reduction targets. >> on the political side there is a huge political momentum.
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all european countries including the u.k., the u.s., canada, japan, korea, china. they all have permitted their governments, their economies to net zero 2050. they have committed officially. this is -- if you put a dent together, they make about three fourths of global gdp. according to our numbers and analysis, this year they -- we are seeing this second-highest increase in global omissions in history. so what i see is there is a glowing touch widening gap between the rhetoric and what is
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happening in the markets in wheelchairs. haidi: that was the iea executive director speaking with tom mackenzie. coming up, the return of our generation next series. the outlook for the global travel industry and its recovery. we talk about expansive plans and the experience working for the family business. this is bloomberg. ♪
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>> we check for the outlook on reopening. global air traffic is below forecast management 20 amid a recovery hampered by the spread of the delta virus. restrictions have dampened mobility. now i nation a full rebound. not predicted until 2024 and it could take longer. however, bloomberg intelligence expects that travel budgets could recover more quickly and china versus in the u.s. and europe. airport services provider is sticking with a plan to expand 500 lenses globally by 2020 five from about 180. their transmission director and founder -- is cautiously optimistic about the return of
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travel. i sit down with her i one of the lounges at the hong kong airport. >> at one point, all our lounges were close and 90% of all our totals were close. it was tough to read however, we can see pickup. we have seen a different location pickups. there is a level of confidence and we have -- we believe -- the term would be cautiously optimistic. i can see the trajectory is positive. however, it will take time. the way i see it is, i think that, essential travel will continue to be first. this will be followed by leisure travel. i think leisure travel will see the affluent segment to go first and then you will see the people who combined business and leisure together and travel and then lastly i would say it would
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be very much on business travel. business travel is a tricky one. because in last 12 to 24 months, we have now been very comfortable with teams, zoom, etc. and it has made meetings so much easier. however, i think because of that we also -- there is a lot of value to face-to-face interaction. i think it is a matter of time and it will pick up. i would say that domestic and regional travel will pickup first international travel take a bit of time. i am cautiously optimistic. >> what does that encourage around your business model? >> i would like to think that our goalposts stated same. our vision is to be the household name of airport hospitality. our vision is to make travel better. that hasn't changed.
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what has is revealing our strategy. there is so much uncertainty. our goal is to build 500 lounges by 2025. currently we are at 180. but we are in the right direction. we have multiple projects. we hope to build more premium -- premium lounges plus working with partners to build out the lounge propositions to make travel better. >> what divisions you see being key growth drivers? your father spoke of the market share at 5%. so in order to continue that footprint, what is the key growth driver. >> our strategy is putting three things in the forefront. one is an admission. the second is digitalization. the third is our people. those are the three things we are focused on.
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these are fundamental and very important. we are looking at how we can streamline processes. we can digitalize the whole process. we are also building our people network. i do not do this alone. we do not do this alone. there is a whole team behind us. but also, building out with -- the team, which is global, which is diverse, which has strong perspective and experience. this is important for us. >> building out your talent pipeline, that's a key factor, as is investment. 100 million is advocated for expansion. half of it is earmarked for china. what is the progress on the mainland? what is the biggest trend you are seeing driving travel in china. >> china is a very exciting market like every time i go i am excited because it is constantly growing and constantly being surprising. just to put it into context,
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there is 1.4 billion people who live in china. of which 10% have passports. so there is high-growth. a lot of potential there. there is a chinese saying called -- land sea and air. we really have been focusing our attention on the airport space. however, we can see, and for many decades, travel has taken place with train stations. we can see that the high-speed railways one of the key strategies for the country to connect. business travelers like yourself , like myself, we are traveling by train. we have not only looked at the airport space. we have our airport hotels. we have also been looking into studying the high-speed railways connecting points and building lounges there.
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>> the u.s. is relatively new of a market for the premium group. dallas-fort worth, the lounge there. what is the playbook for u.s. expansion? is there? places like denver? >> we have been circling the u.s. for many years. we have projects in brazil. we have projects in canada. in london, europe. this is an important market for us. a key market. it is by far the biggest aviation market in the world >> and a mature market, at that. >> yes, but you also see our earlier growth was aligned with the development of the aviation industry if you follow our growth path we are opening alongside new terminals in airports. i think the u.s. market, when traffic picks up, we will hit capacity.
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we will have a capacity issue. you will see a lot of renovation work take place, even in your big key airports, san francisco, lax, new york. this will be key. what we plan and what we have in the pipeline is working together with our partners. this includes capital one. this includes virgin atlantic and air france. we will build out allowance proposition in the u.s. and we will also be working to enhance the overall airport experience with the introduction of plaza premium lounges there. >> your father began the story back in 1998. he steered the group through the asian financial crisis and the sars outbreak. now it is covid. but this time it is you and your brother who are also involved in discussions about the future of the company, as well as the
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broader industry. how are you sharing responsibility as a family? >> we are verily -- we are a very close knit family. we grew up with it. there are risks you have to take but also sacrifices. a lot of hard work. that inquisitive nature of my parents to constantly look beyond everyday things and see, how do we crack this into the airport space? they have created a great foundation for us. it is a fantastic opportunity. not only do enhance or make travel better globally, for what we do, but also to make an impact. what you do can make an impact to the lives of others. that is something i find very
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rewarding. >> and the pastor father has said there is no pressure for his children. any talk around secession planning. >> no pressure. >> you know what, it is true. there was ever a moment where he was like, hey, you need to join the company. he wanted to ensure that when i joined the company i felt comfortable in my decision to do so. he said the last thing i want is for you to be unhappy. so i am very committed to building the vision. we have a fantastic foundation. my mom was said travel should not be a pressure. it should be a pleasure. i still hold by that. haidi: you can catch the new
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season of generation next every monday on daybreak asia at 7:40 a.m. hong kong time, seven 40 p.m. sundays in new york. still to come, south korea's most used messenger app becomes the most -- the shortest stock amid a tech crackdown. we have the details. this is bloomberg. ♪
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shery: in korea short-sellers are driving big losses for retail favorites as lawmakers rain and the power of internet giants. let's get more from stocks reporter. stocks will get a breather today. korea is closed. which stocks have been targeted so far? >> good morning. some of the big targets by short-sellers have been the favorites by retail trailers -- traders. so they are kakao. their arrival. lg. these are the biggest targets. their short turnover have been rising to the highest and south korea listings. at the same time, they have been the top buying stocks by retail investors since -- this month. which has inflicted a lot of
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pain on them because they have been seeing a lot of losses this month. lawmakers in south korea have been forcing crackdowns on these big tech companies for their monopolistic strategies. haidi: is that the only reason or are they company specific reasons, why they are being targeted, as well? >> the short-sellers are betting that these stocks will go further down. obviously going further. the reason behind them is probably the growing crackdown campaigns from lawmakers, from authority, including financial regulators and antitrust regulators. they probably are also betting that the stock will fall further. once a parliamentary hearing start next month. that's in just about two weeks and when lawmakers are likely targeting them and other big tech rivals for their glowing --
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growing interests, some of the founders during the hearing and question them, and as investors they have said they will see increased volatility. that is what the short-sellers are targeting. >> who could be the big win -- winners and losers of this dual. >> it seems that in the short-term it is not going to be an easy game for retail investors who have been buying the stocks. in the short-term the volumes on the investigations and hearings, stocks will likely go further down until we see the next quarter earnings in a couple months, we are likely to see further falls on the stocks. so it could turn out that short-sellers are going to be the winners of these games in
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the short-term. haidi: let's get a quick check of the latest business headlines. ever grand has sped up the process to repay investors in its overdue investments. the developer's wealth division says investors who opt for real estate can start contacting managers for more details. more than 70,000 people bought the products, including many ever grand employees. australian toll operator trans urban group and partners will play -- will pay $.1 billion. the new south wales state government ran an auction to privatize 49% ownership. they will fund the purchase with a $200 million placement. facebook is switching back on the report it was aware of the negative impact of its products.
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it says allegations made by the wall street journal do not show the whole picture. facebook says the issues of content moderation, mental health risks, and misinformation are complex and defy simple solutions. several u.s. lawmakers have pledged to investigate the social network. the marvel superhero film shank she dominated the box office for a third straight weekend. that's acquittal walter $320 million globally, making it one of the biggest hits of the year. but u.s. theaters are still struggling with the pandemic. friday to sunday sales are down 23% from the weekend before. shery: many markets away to today but we are seeing qe stocks trading at the moment and losing ground about half a percent. we are also seeing sidney futures. we are expecting the asx 200 to start trading in just a few minutes time. they are down about a percent, this after a second week of losses. minors contribute in the most in
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the decline, given that we continue to see the pressure on iron ore. the japanese yen is holding steady but pretty weak for the last couple of sessions. very close to the 110 level. against the u.s. dollar. this as we continue to see strength on the greenback. we have seen u.s. futures at the moment losing ground now after stocks already fell the most in about a month. we did not have bond yields in the dollar rising. investors show evaluating the resilience of the global recovery. we have many markets closed today including china, japan, south korea, celebrating the thanksgiving holidays. taiwan is also closed. coming up, the ceo of one of the world's largest shipping companies will discuss ongoing supply chain disruptions and cargo challenges. plus the market outlook with morgan stanley. the open in sydney is next. this is bloomberg.
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>> welcome to daybreak: asia. i am shery ahn in new york. >> i am sophie kamaruddin in hong kong. >> i am haidi stroud-watts in city -- sydney. asian stocks starting with lower the head of a fed that could offer new clues. investors are waiting on this moment of truth as bond deadlines loom.
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paris ambassadors -- let's take a look at some of the markets that exploded today. china, korea and taiwan are all off for holiday. we are getting to a quieter affair over the holidays. let's go to sophie for a look at what we are watching. >> we are seeing the asi 600 off a third after a two-week drop. we are showing bonds and asset management for a takeover now. these are certainly in full focus. this opens up for downside room.
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i or drugs. the aussie is weighing on this. a third month of decline if the downturn continues for iron ore. we have them off more than 3%. taking a look at oil prices as well. we have brent testing that 75 level. that will be looked to. they don't see the fed posing a risk to the global equity rally. >> let's turn to vonnie quinn with the first word headlines. >> scott morrison says france was aware of australia's concerns about the capability of its military summary design.
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they are trying to sign a new deal with the u.s. for clear power this is the first time over this. janet yellen has renewed her call for congress to suspend the debt ceiling. she says failure to do so will produce an economic catastrophe. the house is going to vote in the coming days about whether to raise the $28 trillion ceiling. the multisector market crackdown for wall street executives, saying that stricter rules were not aimed at tech or private companies. bloomberg sources says the chairman tells business leaders recent actions were intended to reduce social anxiety and consumer facing industries. we are told that beijing must
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endure consistency and transparency to build confidence. an elite group of hong kong voters have counterbalanced. 5000 people were picking the committee that would then choose the financial hub of the chief executive. a busy impose overhaul of the cities and electoral system ensures only people deemed patriots can participate. global news, 24 hours a day, on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. i am vonnie and, this is bloomberg. >> it is the week of central bank watchers on top of the fed. 15 central banks around the world are setting an agenda and policy. i have to say most of those here in asia are set to hold. we are watching the fed in terms
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of the signaling about the taper plans but economists are watching the fed but they're also watching the other side of the taper. this is the fiscal taper. looking at the pullback of budgetary support in the u.s.. that is already starting to happen under the hood. in the coming quarters, we could see that drag when it comes to no longer having the stimulus checks. the company is no longer having the interest-free financing to give them that support. goldman sachs has that will lead to the real drag of growth in it comes to the u.s.. not necessarily the top level monetary policy settings we are looking at. >> some help could come from the fact that a lot of the stimulus that has been stashed away, that could limit some of the fiscal drag. this week, as you said, very big for central banks. he mentioned to asian central banks. we are expecting the boj and the long prime rate from china as
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well. not much change expected. maybe the focus of this week will be on what happens at the un's general assembly as well. you know me. every september i get super excited because we have all of these heads of state in new york. this year, finally, some of those first face-to-face meetings will be taking place. we are expecting those conversations. president biden x back to talk about -- is expected to talk about the rollout. perhaps a little bit of sin trading as well as we continue to watch what the central banks will do with china remaining a key focus. let's get more on the markets with our in-line strategist. perhaps some sin liquidity. what will markets be watching and focusing on as we get all of the central bank decisions
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around the world? >> the fiscal situation in the united dates is really front and center. we have seen janet yellen writing in the wall street journal saying it could be a catastrophe if the united states does not get its act together and extend the debt ceiling. they have the flm see outlining the tapering timetable. you would think that traders deserve party of time to get used to that but you never really know until it actually hits the wires. there are certainly for some room on the back of that. with china being closed for a couple of days, there will be a lot of attention about ever grand and how that will play out. since they have the bond people who need to be paid this week. that adds to the anxiety level there. but there is plenty of traders to get worried about. -- for traders to get worried about.
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it will probably mean that in general, it is a week on when equities will struggle to rally. it could be used as a defensive haven or it will probably do a little bit better this week. >> ever grande will set the tone when it gets to this. how is that risk being perceived in the market now? >> amazingly, the contagion has been limited so far. he would think for a company of this size that they might have had more of a global impact the impact outside of the high-yield sector in asia has been fairly limited so far. even though people are obviously watching the situation to see whether or not it is a full bankruptcy or whether there will be a partial bailout of the company or what kind of strategy
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will be employed. it is still very uncertain. there is an enormous amount of debt to be sorted out but for now, it has been relatively limited to the china property high-yield and some of the other high-yield. it has not done only damage to the american and european high-yield. that could change if ever grand situation is a worse case. that could be something like a complete default. the u.s. and chinese authorities are aware of putting that much strain of -- the risks of putting that much strain on their system. different parts of the network could be given different treatment. ever grand could stumble for a long time, paying bits and pieces of its creditors along the way and its assets and values. remain extremely low. this is extremely complex and it could be running for some time.
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>> how much will you be watching out for geopolitical news given we have the un's general assembly and some sideline meetings including the quad? >> in general, traders are pretty wary of taking positions on geopolitical risk. it is proven to be a money-losing exercise most years. every time we get headlines related to north korea or some other event, maybe from iran or something like that, the market impact seems to last us a few minutes and longer than that. there is a very thriving household -- there is a very high threshold. even though they sometimes down a bit scary, markets generally just shrug and move aside. it has not been a worthwhile strategy to place big bets on geopolitics change in the direction of markets for a long time.
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>> let's take a look at the commodities and metal complex. we are seeing some declines when it comes to nickel mines and the gold minor, evolution. nickel mines down by over 4%. nickel is giving up gains to and that rally, their indent keeping more to support the domestic activity. this is an easy, battery focused a story about of those gains are being given back not. in gold, the second straight week of declines. they are focused on the fed meeting for the trajectory of where we see the dollar. we had yields as well as the dollar remaining higher late last week as well. curbing the effect of precious metals. that is a 52-week low for that australian gold minor there. some downside applications for the broader commodities complex
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as we continue to see that stunning collapse in iron ore, below $100 for the first time in 14 months. china's environmental moves really seem to have wide ramifications. not just in iron ore but broad paths of the industrial complex. coming up next on daybreak: asia, we are getting more on the moment of truth, the truth of this week. bank loan repayments are doing -- are due early in the week. later on we get the latest impact of the global supply chain disruption story. the ceo of one of the world's largest container shipping companies will be with us. this is bloomberg.
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>> this week maybe the moment of truth as a heavy -- a heavily indebted developer this is key deadline payments. let's cross over to hong kong and our chief north asian correspondent. what are we expecting this week? >> we might not get a lot of clarity this week. the markets in china are in holiday today for the mid autumn festival and then on hong kong on wednesday, it is a holiday and you kind of had to read the tea leaves late last week. we knew the government authorities already want to the banks that ever grand will not pay those bank loans interests today that are due. we are looking forward to later in the week on thursday when there is $84 million in bond coupons that are due as part of $669 million of coupon dollars due by the end of this year. we are approaching the end of the quarter, we are approaching
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a week long holiday starting october 1 as well as today's holidays, today and tomorrow. that is why the pboc injected $4 billion into the economy late friday. whether there will be a missed coupon payment on thursday, that particular bond is not classified as a default until after 30 days from the missed payment. the bonds have been pricing a likely default. we did get a statement from goldman sachs saying our baseline remains that any potential default or restructuring of ever grand would be carefully managed by the government with limited contagion effect in both financial and property market. there is a little bit of a buffer there that there is an implied assumption that the government of china will not allow this to smile -- spiral completely out of control. many default bankruptcy and
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there are a lot of facts that will have. -- a lot of effects that will have. >> they are offering discounted real estate to investors in the of payment. does this go anywhere toward helping the liquidity crunch? does this create destruction of value within their portfolio? >> it kicks the ball or the can down the road. among the three different options that ever grand is given, the holders of those wealth management projects -- products, i don't know how many of those 70,000 are due now but a lot of them, that is why those people protested outside of the headquarters and other areas including employees last week. they are offering firesale discounts of up to 28% on yet to be finished apartment if you want to not take those payments because one of the other options is to take 10% cash for the next
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2.5 years. but with a dwindling cash position. we will have to see how many people take up the offer to take a cut rate price on a flat when there is no guarantee that none will ever be built. quick that was stephen engle with massive market story we continue to follow. the other story we continue to follow his this multi-faceted crackdown we see in china. everything from tech to property and there is a real culture war situation going on including a crackdown on celebrities, cultural content on tv, film and literature as well. look how popular it seems hollywood culture remains for
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chinese consumers. the new studio set to be built in beijing, ticket sales are about $99. selling out within 38 minutes. they were as much as 20,000. we are seeing that despite a lot of officials saying there needs to be more chinese cultural elements within the universal studios and how it is built, there is so much love for hollywood content still. by extent, the american dream aspect of it as well. the american superheroes. >> definitely. that has been a global phenomenon. but what is interesting to me is the more holistic tone these crackdowns have taken. is it cracking down on culture or the afterschool tutoring? video gaming by children? centerstage has seen that crack -- that tech crackdown. we had that financial roundtable
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area we are getting details on what transpired there. we are seeing china really justify that crackdown. that was really for data privacy in order to ease social anxieties. it is really interesting, this multi-prompt approach when it comes to scrutiny in chinese society and chinese economy. you can mark -- you can get more context and analysis. china and big tech is available online on the bloomberg technology channel on youtube. plenty more ahead, this is bloomberg. ♪
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>> a quick check of the latest business flash headlines. regulators have urged tesla to
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address safety concerns. elon musk said drivers would still be able to operate the full driving capability of their cars but the national transportation safety board told the wall street journal the term. driving is misleading and they said safety issues must be fixed. facebook is pushing back on reports that it was aware of the negative impact of its products. this defies simple policy solutions. several law -- several u.s. lawmakers have pledged to investigate the social network. three partners will pay 8.1 billion u.s. dollars to acquire the remaining have stake in this role of tunnels.
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this will privatize it 49% ownership. they will fund it approaches with a 149 share in time and offer and a $2 million placement. >> australia's prime minister is offending his government decision to drop a deal with france. this is in favor of the development with the u.s. and u.k.. get more from sydney. >> i think it is still fairly tense after france withdrew their ambassadors from the u.s. and australia late last week. scott morrison had that -- had been defending his decision. he said he has to make decisions that are in favor of national security and he can take those relations into account when he goes with decision-making. -- when it comes to decision-making. >> where the next apps when it
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comes to marine development -- summary development? >> they don't have the capacity so far. over the week, it was discussed that they would be renting severance to get everybody up to speed until they are built in a few decades, essentially. >> one of the major criticisms is to address such an immediate threat. this is a very long-term goal here. in the meantime, the quad talks but also a lot of other stuff going on as well. >> we talked about the domestic political issues this morning. one of the cabinet ministers stepping back. he might be glad to get on that plane. he has been addressing the media as i came on air and talking about the security decision and how every decision he made was in the interest of australia. we will be going to those core discussions in the u.s. and
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meeting with boris johnson while he is there as well. >> the latest on that australia, u.s., france relationship. this is a picture across the fx markets right now. japanese yen holding steady. we will see significant weakness for the past few sessions around the 110 level. this as we continue to see strength in the greenback. investors evaluating the resilience of the global recovery. bond yields have been up. the chinese one is not doing much. we are waiting that long time decision there. we do have central bank decisions, including the boj on wednesday. we could see a downgrade on the economic assessment. we do have cpi numbers on friday as well. the aussie is not really doing much at the moment.
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72, u.s.. this after two weeks of losses against iron ore. take a look at the commodity space as well. it has been about inflationary concerns given this rise in commodity prices. coal prices have really doubled. this is the benchmark price in asia. we could continue city -- continue to see this crunch. when we -- when it comes to nickel, we are seeing a rebound. we are hearing from indonesia that they want to keep more nickel in the country to support the domestic ev betty -- ev battery industry. we continue to see that pressure given china's move to clean up. we will have plenty more to come
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on daybreak: asia. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
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what are you seeing in terms of some of the notable movers? >> we have trans urban moving through. they are so after the power company got a takeover offer from brookfield. on the other set of the spectrum when it comes to movers today, nickel mines slipping nearly 6%.
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they are dragged on the benchmark today. the iron ore price pump has been accompanied without against the aussie dollar. the funds saved the 75 to $80 level is where the market should start to rebalance. we are seeing bonds follow -- fall as vaccination rates relax some of those virus rules. they are listening those lockdowns. we see that prime opening place like center group. the bank is cautious on owners of large shopping centers on this uncertainty. they specked this will sound out
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given the overall picture when it comes to health and australia. >> global growth misses expectations, joining us is the chief asian strategist at morgan stanley. jonathan, i was great having you with that chart on the bloomberg already showing how the city turned negative. >> garbageman is doing very well -- we are worried that the global level about economic surprised turning down. so far, japanese corporate earnings. are very resilient. environment -- earnings are very
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resilient in that environment. >> we have seen vaccinations start to catch up. >> if you look at e.m., it is china that has underperformed this year. this is going to be the worst year for china's performance since 2002. that is due to this cocktail of issues we have been talking about all year. that is credit tightening, tightening the quiddity conditions. also, regulatory reset. there are some other parts that we are worried about. in particular, the broad semiconductor hardware cycle.
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>> you are saying is too early to be contrarian positive just yet. what would you need to see to change that view? >> with alpha variant covid, we have been in the cycles of lockdowns, personal reopening, even interruptions of manufacturing productions. we need asia as a whole to start to open up in relation to tourism which is a very important feature for economies like southeast asia. >> is a taper tantrum something to still worry about question mark will they have gotten their
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houses in order in india? >> if you look at the tantrum insomuch as it will bring strength to the dollar if we do get tantrum, if you look at someone like india to sadie external position in india is much better than 2013 so india has been key and it should be resilient even if the dollar is moderately strong. yes, to that extent, some parts of emr in a better position but this overarching problem we have coming out of china, that china's on-demand, remember, china is a big source of demand. we were just touching on the iron ore price and how that affects this not in the end but south africa. you just can't get away from this difficult circumstance. in japan, we have the catalyst of leadership change.
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we have a yen that is broadly arranged somewhat softly. we have corporate really delivering on what we call corporate productivity resurgence. there are many areas in which they operate. we do strongly prefer japan. >> in your notes, you say south africa and russia are standout. why? >> south africa has that iron ore sensitivity. it is somewhat cheap. i think for russia, it is having an extremely strong year for almonds. we are actually neutral south africa. russia has been buoyed by the strength of natural gas prices. this is an extraordinarily --
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extraordinary year. russia has been heading for its best every year of performance relative to china. who would have thought that at the start of the year, necessarily? >> many central bank decisions around the world, we would be very much focused on what would happen with the fomc. which parts should we be paying attention to if we hear more plans about the taper question mark -- taper? >> those that have characteristics in latin america, east asia like indonesia, turkey or brazil. that is the part of the asset last that tends to be most vulnerable when we do get upward pressure on u.s. will yield and a stronger u.s. dollar. at the moment, the 10 year yield
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is backup somewhat toward 1.8% by the end of the year. that external environment is going to get more difficult. claims always great to have you with us, jonathan. that was the chief asia and e.m. strategist. let's get you to vonnie quinn. >> the chief medical advisor, anthony fauci says booster shots remain a possibility. the fda recently rejected a booster rollout it is area however, the guidance could change as traditional covid statistics move in. they are expected to reduce booster data. canadians suggest it is too close to call. a victory could see them follow through on a promise to increase
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taxes on big banks and insurance companies. and impose stricter emissions rules on oil and gas companies. conversely, a win for conservative leaders could bring a relief rally in the financial energy. we are saying an online talkshow to rally protesters in dubai. it is a fresh challenge to military leader's who have held power in 2014. the tycoon has maintained support among millions of rural ties just by fleeing the country after a correction mission. he was ousted in an earlier military coup back in 2006 area global news, 24's -- 2006. global news, 24 hours a day, on air and on bloomberg quicktake.
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powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> many patio is running for president. joining us now from manila is our bloomberg report. why is he running for president? what is his campaign form? >> he is stepping into the political. one is fighting power and one is fighting corruption area in his acceptance speech, he presented himself as a man of the people. he rated how he, himself experience. experience hunger and even begging for food and he is the image -- he may be able to present solutions. he issued the threat to corrupt officials that the days are numbered.
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>> how does this affect his political plans? >> analysts see czechia -- many patio -- manny paquiao as a political threat. in 2010, they were able to tap that area for growth and to mentally one. but both of them will have to compete for growth in that area. he is very capable of mounting the president to be his successor. right now, patio is pulling in a
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field of 15. we will see how that ranking will change in the coming months. >> where does he stand on territorial issues in the south china sea? >> patio was a very strong supporter. he killed thousands. but after a very public split in the rulingpacquiao -- ruling,
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pacquiao has come out as a strong supporter. he is going to tell the philippines to speak more vocally. >> coming up next, a global supply chain rises continues. the ceo joins us in a few moments. this is bloomberg. ♪
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>> the logistics industry has been a most the biggest areas of focus during the pandemic while disruptions such as foreclosures are increasing the shivers. freight rates are sitting at all-time highs. let's get some perspective from our next guest. he is the ceo of ocean network express. jeremy, always great to talk to
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you. particularly at such an interesting time for shippers. what has the experience been giving all of the bottlenecks and spikes we have seen? >> the container ships are carrying the containers but they are also going in land. we are using trucks, rails, barges, etc.. it continues to be very stressed at the moment. we face a lot of challenges. these challenges are more on the land side than the oceanside. the oceanside is operating 24 hours, seven days a week. we are deploying every single container ship and every single container. the supply side on the oceanside
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is ok. the issue remains and continues to be on the land side. that is covid-19 related. we are seeing ongoing shortages and a shortage of truckers. that backs up into the port areas. in the ports, the ships are actually sending between 10 and 20% longer in the ports due to a slowdown in productivity in the ports and also back up here. it is an extremely challenging situation. >> we have heard from those saying they are not ready to cap container prices or container rates. they will freeze rates for the next five months. what is your strategy? do you see -- do you see things changing for you guys? there are saving changes in fuel costs.
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container costs, etc., etc.. the headlines have been around the spot market. the overall shipping market relates to the short-term demand . that has been quite volatile as in line with the supply and demand changes. they are in a commercial strategy. my company will continue to monitor, manage that. we also have the long-term contracts coming up for renegotiation as well. the great majority of our customers are not focused on price right now. they are focused on getting their product to market and being able to complete the fiscal season. > we are working as hard as we can to try to improve these
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supply chains. >> it depends on each individual market. there are different dynamics in each individual market. the key focus is on keeping the supply chain moving, managing the space and the short-term spot market will be specific to particular conditions in certain markets. it is difficult to generalize at this stage. >> if you have to stop the raising of rates, which roots and why? >> the immediate impact at the moment is the next 100 days. that is the lead up toward christmas. the point is we have certain elasticity of demand and pushing
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up frame rates further may not improve the overall situation in terms of the supply chain on the ground. i think the focus is not so much on pushing up rates right now. the situation is much more about managing the existing container situation and making sure we are getting that product to market. of course, looking ahead as well to the environmental industry where we have to put in an enormous amount of investment, the next three or four years and the whole container shipping business. >> this is a big picture question given the lessons learned from the pandemic and the global supply chain issues. what is the biggest weakness and supply chain and how can it be changed for the future?
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>> the container shipping business is running 24 hours a day, seven days a week but logically, that is not necessarily the case on the in land operation. if this slows down, that backs right up into the ocean. we have to think about the situation now in the warehouses and the ports in the truck shortages. we would hope that as the covid situation improves globally and we get higher vaccination rates and we have to see more workers coming back into the operations, we will see that friction reduced on the inland component and that will help us to get the ports turning quicker and therefore the ships turning quicker. the other area is on the oceanside. we have a situation where we have restrictions in our ability to be able to crew change and
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get our on and off the vessels. particularly with the vaccination levels. they are around 20% at the moment. that is way too low when you look at it compared to the global average. we need to work with the authorities and the countries involved to push up those vaccination levels so that we don't have ships getting stuck in port because of covid breakouts. >> always great having you with us. thank you. the ocean network express ceo. lumbar -- bloomberg subscribers can catch up through our interactive function, tv . you can always send sms just to our teams. this is bloomberg
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>> german national carrier plans to raid to repay our government bailout. the carrier says it will issue new shares at less than half of friday's closing price. germany provided a 9 billion dollar euro bailout -- a 9 billion euro bailout. every grant has kicked off a process to re-pay investors with this property. investors will opt for real estate in the of cash and start contacting managers for more details. more than 70,000 people including any ever grant employees. raising up to $2.8 billion and a
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new share in hong kong. 130 million shares on the hong kong stock exchange at a maximum price of just over 22 u.s. dollars each. it plans to use the sales i'll see to redeem this. >> it is a holiday. let's take a look at some of the movers today. what are you watching? >> the worst stretch of five days in a month getting dumped on hong kong. this is a make or break moment, and may be approaching after a 17% drop. strategists have cut their target.
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this with the double whammy of macro weakness. this is a top china forecast. this will come in near zero this quarter. that could mean the annual growth may follow health -- may fall below 80. >> coming up, we will speak exclusively to one of the roles largest tollroad operators after the company's a billion-dollar deal. scott charleston joins us and the next hour. canada's derivative exchange is extending its hours for his client in asia. they see growing demand in the region. that is it from daybreak: asia. the market coverage continues. standby for bloomberg markets china open. this is bloomberg.
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>> 9:00 a.m. in beijing and shanghai. welcome. i'm yvonne man. >> i'm david and glass. counting down to the open. let's get to the top stories. a big week ahead forever grand bondholders. contagion rise. >> china defends its crackdown on tech and education companies in a meeting with wall street chiefs.


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