paul: i am paul allen in sydney. you are watching daybreak australia. oil spill stratasys week, with concern from the rising production in the u.s. in libya that are taking down the opec cuts. let's discuss the outlook with this man from the bank of australia. he is joining us in melbourne. we did see a little bit of balance on the oil price, but all of the expectation says that will be short-lived. where do you see it having? -- heading? >> we see the pressure in the supply and nigerian supply adding 5% or 6% to global supply since april, and that has put downward pressure. u.s. supply is added to that, so we can see why will prices are now the low 40's. our positive view in the next six months is based on what opec can do and opec countries based on this deal. if they cut straight on exports, we can see potentials for prices lifting. what we saw was these opec countries would be having stockpiles instead of concentrating on production cuts and export cuts. if we see that strategy move to the export focus, we can see oil prices moving up to the $50 or

let's get to first word news with paul allen. icbc expects to maintain stable profit growth as better than anticipated economic it expansion boost lending margins and the ability to repay debt. it said its debt interest margin shows signs of whiting. shares surged in hong kong and shanghai, bringing its market value in line with u.s. peers. janet yellen gave no indication for her plans to tighten have while acknowledging asset prices have become "rich. oh she said it is appropriate to raise rates gradually and said plans for its balance sheets are well understood. the ecb president has hinted at how he may unwind the banks stimulus program. mario draghi repeated his mantra that patience is required in the pursuit of inflation and he will be prudent. critics say he has set the stage for winding back asset purchases and the ecb much less accommodative in 2018. >> the considerable of degree of a commendation is needed, so for returningssured about inflation to our objective, we need persistence in our monetary policy. >> warren buff

on paul allen, this is bloomberg. and thedent trump indian president have wrapped up talks at the white house, each literacy learning the other is a good friend. it wasn't all hugs. with ato ramy inocencio recap. in some respects, a bromance i guess. similarities between the two leaders. not allre saying it's hugs and handshakes, but there were a lot of handshakes. there were not one, but two hugs. we sell one of the rose garden, of course mr. massi and trump wrapping up at dinner at the white house. we see him go in for another hug , potentially may be, this is a sunshine policy to try to replicate -- there you go. >> how can you not like that? to may betentially replicate the bromance that barack obama had with mr. mosys in the final two or so years of mr. obama's term. at the heart of this, trying to make deals. trade ties as well as business deals. for mr. trump's part, he minced words when it came to bilateral ties and trade deals. >> i look forward to working with you, mr. prime minister, to create jobs in our c

i'm paul allen. this is bloomberg. haidi: thanks for that. finance ministers from south korea and china met for the first time in almost a year at the annual aaib conference. bloomberg caught up with korea's kim who said that soul in beijing agreed to work more closely with each other. >> aiib is held for the first time out of china and of course the location was not specifically chosen in consideration of korea-china relations, but i do believe it can be a good sign for improvement in the relations. i had a meeting with the chinese finance minister and the meeting lasted much longer than planned. of course there are still some delicate issues between the two countries. i'm sure we will be able to boost economic cooperation between the countries going forward. >> are tensions easing enough for china to let the measures against korean companies and lift the current ban on package tours? that's what we hope for, but given there are still some delicate diplomatic issues, it might be too early for us to hope that all the n

i'm paul allen. this is bloomberg. shery: thank you. a troubled airbag maker has been suspended in tokyo amid claims it may file for bankruptcy as early as next week. bloomberg japan auto's reporter is following this. them to fileing first with danger pen and then in the u.s., how does it play out? >> japan has always been the focal point of the takata crisis , whether to file for bankruptcy in japan, this has been the question. the funding family -- founding family which owns more than 50% hares have been against filing for bankruptcy in japan, mainly from the symbolic reason. they only compromise until recently. it took very long for all the parties involved to reach this point because there are 15, 16 carmakers involved. we are talking about 100 million airbags, ¥1 trillion in total recall costs. the ultimate goal may be the same for all the parties involved. the interest for each carmaker may be different. takata's leader and the steering committee have to reach a deal with each carmaker, in terms of the legal ramifications and the

i am paul allen. thanks for that. our top story, donald trump saying he will pull the u.s. out of the landmark paris climate accord. reaction has been swift and not terribly complementary my political allies and top corporate figures come up business america having their say. we have remy inocencio in new york and tom mackenzie in beijing. we have been talking about some of the reaction that has fed through from everyone from trump's predecessor to keep business leaders in the u.s.. ramy: that's right. the reaction out there has been negative against what donald trump has done, taking the united states out of the paris climate deal, everyone from bob iger to richard branson to tim cook of apple and mark zuckerberg of facebook. in watching approximately 30 minutes, the announcement at the rose garden at the white house earlier today, it struck me that clearly donald trump was not speaking to an international audience. he was speaking solely to his domestic audience here. regardless of whether climate change is a domestic or international issue. let's go ahead and listen to t

let's get to the first word news with paul allen. the msci has approved a mystic shares for inclusion in its inch market indexes. it will give the almost $7 trillion mark and bigger role to 401(k) retirement plans. 222 shares will be included. when you do all the computations on the number of shares and the market cap and you look at what could investors put into the market through the shanghai and shenzhen connect program of hong kong, the feeling was restricted. able to dohat we are is spend time with regulators as well and they work with us to see if we can get it done in one step. obviously our announcement is in two steps so we leave enough flexibility. >> msci has held up on classifying saudi arabia. they have been added on a watchlist for potential emerging-market status. that is an immense achievement. argentina will remain a frontier market for another year while nigeria will not be reclassified as a standalone market. theresa may steps into a new political reality with the heavily rewritten legislative program that is heavy

i am paul allen. this is bloomberg. the federal reserve may still be looking to raise rates at least one more time this year , but that is not stopping the bond market balls from betting against the whole idea -- bond market bulls from betting against the whole idea. we see the fed, they are set on raising more rates and reducing its balance sheet. bond traders, still not buying it. kathleen: this is like the fifth year in a row this has happened. you start the year, the fed is ready to raise rates and reversed policy. bond traders say, i don't know, i'm going to keep buying bonds. so far pretty good trade this year. the question now of course, can the fed really keep hiking rates and start reducing the balance sheet if inflation remains weak. the latest thing is the crude oil market falling into a bear market, a supply glut that persists. prices continue to fall. what do they do? , nothelp curb inflation what the fed or any other central bank wants to see these days. let's look at the bloomberg, #btb 63. we are looking

i'm paul allen. this is bloomberg. ♪ yvonne: carmakers fear they will end up shouldering the cost of replacing terra-cottas airbags. takata's airbags. they face $5 billion of exposure and are worried about not being reimbursed. let's go live to tokyo. spoke to the cfo on how they plan to move forward here when it comes to takata. how will they managed to produce enough airbags to replace all of use?still in >> that is a key question for them. one part of the strategy is to build up partnerships with other suppliers. the key component of the airbag was the inflator. that is the hard part for them to find replacement. they will be working with a rival here. they will be expanding their partnership there to increase their supply. the cfo told us a few minutes ago, they will also be expanding their own capacity to produce those so that they can keep up with demand for all of those replacement bags and the inflator is needed to supply them. has reported three consecutive years of massive losses. how can

i am paul allen in sydney. more on "bloomberg technology," next. ♪ emily: this is a "bloomberg technology." emily chang. earlier today meg whitman hit is seeingand says hpe a slowdown in the cloud. we are wondering whether businesses are rethinking their movement to the cloud and what this means tohpe meg: you have to start with absent data. what might you want in a private -- on premisesth . there is a world for public cloud, but we are seeing issues with cost, clarity control, and they want to bring those workloads back to on prem. emily: what does that mean for hpe. meg: we have to do what is in best interest. they can have the right landing spot for their applications and workload, and make sure they don't end up with a vendor lock-ins. a lot of people say ones that you move things to the public cloud, it is very difficult to move back. we want to give our customers choice and do what is best for them. emily: there have been questions about your cloud partnership with microsoft. how is that going? meg: it

rishaad: let's join paul allen for first word news. paul: the belgian prime minister will convene the national security council after an attack at a belgium station. a man was shot after detonating a bag. the bomb squad carried out under a controlled explosion. dallas fed president robert kaplan says he is glad about the interest rate hike and is willing to be patient. however, he says he may be more skeptical about getting the neutral rate to 3% in coming years. he says inflation is sufficient enough to take the slack out of the labor market. >> inflation has been notably sluggish in the united states. that is not all bad. getting to 2% inflation has been uneven and sluggish. a survey by the pboc says bankers and executives are more positive on the economic outlook than last quarter. the gauge of confidence rose for the banking and business sectors. more households are betting on a further rise in property prices. follows signsood of economic stabilization in may. global news 24 hours a day powered by more than 2700 journalists and an

let's get first word news courtesy of paul allen. saudi arabia insists there is no blockade of qatar and will provide any food and medicine needed. allforeign minister said qatar's ports and airports remain open. saudi arabian closed the soul land border and let other countries to cut off diplomatic links over the country support for terrorism. >> the ports are open, the airports are open. we have denied them use of sovereign airspace. this is our right. for qatari airways and qatari owned aircraft, not anyone else. there is no blockade on seaports. they can move goods in and out whenever they want, so technically not a blockade. paul: an american student jailed in north korea has been freed and medevac out of the country. his parents say he has been in a coma since march last year when he was convicted for acting against the secretive nation. said hisrson department has secured his release of the direction of president trump. pyongyang confirmed the news but gave no more details. bill gross has repeated his warning that markets are

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. top story today, u.s. attorney general jeff sessions testified before the senate intelligence panel about the firing of former fbi director james comey and the investigation into russian hacking in the 2016 presidential election. this is what attorney general sessions had to say about his participation in any collusion. sessions: the suggestion that i participated in any collusion, that i was aware of any collusion with the russian government to hurt this country, which i have served with honor for 35 years, or to undermine the integrity of our democratic process, is an up and detestable -- appalling and detestable lie. fact -- that i did not answer senator franken's question accurately here that is false. emily: bloomberg reported that russian hacking during the presidential election was far wider than previously reported with a voting his -- system of 35 states hit by attacks. i want

let's get first word news with paul allen here in sydney. the number of people killed in the london fire has risen to 17. six bodies have so far been recovered from the 24 story tower and north kensington, while 11 have been located and cannot yet be removed. has ordered a full public inquiry into the disaster that accusations mount that it might have been preventable. calldent putin used his and tv show to poke fun at washington over meddling in the u.s. election. leaking ofes comey's discussions was strange, but was prepared to offer the same asylum deal he gave to edward snowden. he addressed the new sanctions. >> there is nothing surprising. in the senate of the united states, law has been proposed for the strengthening of these sanctions. why? nothing extraordinary is happening. those new sanctions send russian stocks to their lowest in the year. a bipartisan deal expanded the penalties imposed on moscow in 2014 for its role in ukraine. the vote had minimal impact on the ruble and bonds little change since the start of the week. the u.s

i am paul allen. this is bloomberg. anchor: thank you so much. the federal reserve made good on all the signals that it would keep normalizing monetary policy key year as it hiked its rate again, signaling one more rate hike this year and painting a clear picture of the balance sheet reductions plan. i want to bring our global economic and policy editor, kathleen hays. we talked a lot about how we want the fed to be transparent and tell us exactly what they are going to do, and they delivered, and we are shocked, right? seem jitterykets in asia now that they know the fed is closer than people thought to reduce the balance sheet. when the fed is so sanguine, i am waiting to see how this turns out. of course, it is widely advertised. 25 basis points. that is fine. another rate hike this year for a total of three? sure, that is fine. that said, the risks are balanced. they are knowledge and something that is so important. another big part of the discussion o after this meeting -- the fed said "do not worry, over the median term, it will go higher."

we are joined by paul allen with a look at the markets. paul: asx futures looking asong, up by a quarter of 1% the market awaits a key piece of data. first quarter gdp numbers expecting to come in fairly weak, a third of 1% growth. maybe weaker still, because we had disappointing numbers on tuesday, with an expected drag on that exports. australia had 26 years now without ever session, but that could be on the line. elsewhere, nikkei futures looking weaker. we will be keeping an eye on japan for the diplomatic stance on qatar. saudi arabia cutting ties with qatar over alleged terror links. guestsan half of qatar's go for south korea, japan, and taiwan. on china as well, we are updating foreign reserves today. expect to see an increase to $3.046 trillion.and paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. this week, u.k. prime minister theresa may put more pressure on technology companies to prevent their products and services from being used by violent extremists, af

we are joined by paul allen with a look at the markets. happy friday, paul, and good morning. paul: it is looking like a happy friday on the markets as well. some modest strength with the nikkei futures at the moment, and waiting on the negative japan monetary policy statement, which will come at the this two-day policy meeting of the bank of japan, looking out for any clues on inflation outlook there. here in australia, futures are also looking pretty strong, up .4%, and we will be watching bhp personally today and the world's biggest miner and we'll be announcing a new chairman at the close of today. this spiked briefly above 76 $.76 u.s. cents on thursday, but we saw some growth to contend with in australia. iron ore prices are weighing on the currency. i am paul allen in sydney, with bloomberg technology. ♪ emily: this is bloomberg technology, i am emily chang. and now, the tax selloff. u.s. -- tech selloff. this slide continued, weighing on the overall market. for further analysis, oliver analyst james wang. using tech is undervalued. where and why? james: facebook is g

i am paul allen in sydney. more on "bloomberg technology," next. ♪ ♪ chang, and emily this is "bloomberg technology." google losing its biggest regulatory battle yet. european union enforcers say the search engine giant abuse its dominance to muscle out smaller search rivals. shares in alphabet have declined in the past two sessions. for more on what is next for google, what are the next steps for google right now? >> it is all about damage control. the main lawyer at google said the company is considering appealing. they have not said they will appeal yet. the other steps they will take, they have 60 days to show the european competition sheets that they are working on a six, to appease demands. after 90 days, they have to have that ready to go. tot is not a long time complete their search engine. emily: this could have a much longer term impact on how alphabet and google do business. talk about the broader implications here. alistair: broadly speaking, google has never had to change the way it does its se

i am paul allen in sydney. more from "bloomberg technology" next. ♪ ♪ caroline: this is "bloomberg technology" from london. i am caroline hyde. let's return to our top story, the selloff of tech stocks. at the heart of the selloff is pressure on big cap tech stocks that have previously seen massive gains in the market this year. he is in analyst at rbc and covers some of the biggest tech firms. he joins us now from new york. always great to have you on the show. i'm looking at a note you put out on may 18 saying valuations are more robust, saying having climbed from 15 to 17 times they are more robust. do you stand by that? >> we have had a major rally in the sector, large cap consumer tech, not including apple, microsoft, and tesla. other names have participated in the rally. , theig internet four stocks are up 20% year to date. earnings estimates have risen so the multiples have not been that egregious. if you step back, i know the stocks are up a lot, they came up from the trump trade off. we talked abou

i am paul allen in sydney. more from "bloomberg technology" next. ♪ ♪ caroline: this is "bloomberg technology." i am caroline hyde in london. we are diving back into our top story of the day. that is apple's worldwide developers conference. emily chang is currently speaking with tim cook in an exclusive interview from the annual event. cook spoke about one of the major announcements, the apple home pod. >> apple is a company that deeply cares about music and wants to deliver a great audio experience in the home. we feel like we reinvented it in the portable player area and we think we can reinvent it in the home as well. caroline: the home pod is apple's answer to the amazon echo and google home. emily asked about competition heating up and if apple is late to the game. >> for us, it is not about being first. it is about being the best in giving the user and express that delights them every time. we do not let that in patients -- impatience result in shipping something not great. caroline: more of that excl

let's get over to paul allen in sydney for first word news headlines. paul: thanks. china has rejected president trump should view that it has failed to rein in north korea. trump told a rally that he still hopes for more from beijing. s behind the scenes moves have been indispensable. north korea says it might halt weapons test if the u.s. stops were game's with the south. ta plunged 53% in tokyo. it is expected to file for bankruptcy friday or monday with its debt and obligations morphing cash holdings. 's potentially lethal airbags are linked to 17 desk around the world and triggered a recall of 100 million vehicles. lowestdit rating is the since before the fall. chairman wang shi quits china vanke. motor vehicle sales and australia surged to a high in may, defined worries about weak consumer spending at a time of record low wage growth and record high household debt. sales rose for a third straight month and top 100,000. suv's and commercial vehicles were strong. luxury sales growth was at a five year low. global news 24 hours a day powered by more than 2700 jour

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. uber is out with the new, some say long overdue feature, tipping. it is something ceo travis kalanick has been opposed to. now that he is on an indefinite is makingbsence, uber concessions to turn its image around and keep drivers in the seat. here with the story is eric newcomer who covers uber for bloomberg. what happened? reporter: they finally broke down. i think this has been coming for a while. they really wanted to pay into rebuilding their relationship with drivers. they announced it while dealing with all their internal employee problems. they knew they would not get much credit. first, they don't with the white-collar workers, the 14,000 full-time employees around the world, and now it is the 180 day campaign to help drivers. obviously, you need to start off with tipping. that is the main one. ft came out saying they've already collected $250 million in tips, which is a lot wh

those numbers crossing the bloomberg, april numbers, here's paul allen in sydney. , retail salesat up 1% for april. the market had been expecting .3%. that conclusively reverses two months of contraction for retail sales as well. hadaps not a surprise if we to miss today because the last two months were a miss as well. up 1%, the aussie dollar reacting immediately out the back of that rising about .1%. retail sectorhe real tal here struggling, the malls off, big-ticket sales off, the whole sector underperforming the broader asx. it is all tied up with the issue and austria about weak employment or underemployment and weak wages growth, and there could be more pain for retailers on the horizon with amazon due to make its australian debut. april at least, a big bump, real encouragement. the retail sales up 1%, much better than expected. rishaad: nice one, paul. we are looking at hong kong come the shanghai open. all allen there in sydney. let's get it straight to sophie kamaruddin and a positive trading day. sophie: so far. the asx 200 come up .1%. consumer discretionary stocks on the r

i'm paul allen. this is bloomberg. saying held trump will pull the united states out landmark paris climate accord. the reaction has been swift. complimentary. political allies, opponents, world leaders have been having their say. out,ve been tweeting issuing statements all day and evening long. let's get to this. oneutting it all into slogan that we've been hearing donald trump hammer over and over again, "america first." we heard this hammered over and over again. he spoke to his conservative in the rose garden and it. pence also hammered mr. trump said i was elected to represent the interests of pittsburgh, of american workers, represent the interests of paris. let's take a listen at what he had to say. is thateality withdrawing is in america's interest and won't matter much to the climate. the united states, under the will administration, continue to be the cleanest and most environmentally friendly country on earth. >> so let's go ahead into a what hef the details of was talking about here. he wants, one, to reneg

let's get over to paul allen. the unemployment rate has fallen significantly to five point 5% come up 2000 jobs created. australian dollar jumped impressively off the back of this. looking for 10,000. we got 42,000. another wild read. it never fails to disappoint, does it? this is where the picture does show a trend, full-time .mployment the climbing again we saw it declined last month as well. so all of this boost from por part-time jobs. participation rate increasing to 64.5%. the aussie dollar climbing and climbing fast. ,aidi: it does beg the question these structural changes, the gig economy, the decline in full-time. , the interest rate probabilities, if you look at december, expectations of a cup from the rba just over 12%, but the rba isy, still stuck between a rock and the hard place. >> i am glad i am not on the board. it is a difficult tightrope to walk for the rba. this is something they always talk about this in the statement and minutes, weak labor growth. that is one theme that is remaining consiste

now we go to the news with paul allen in sydney. paul: u.k. prime minister theresa may has placed that e.u. citizens in britain can stay there. she laid out her position at a summit of e.u. leaders a saint she does not want to break up families or deport anyone. the e.u. is likely to object to her insistence that citizens -- are adjudicated by british judges, saying that must be the role of the european court of justice. >> i hope there might be some room to think again about the brexit process to prevent and over the cliff scenario, a no deal scenario, which i think will be, have a gi impact on the our big economy on economies and there is still room to discuss the situation where there is some sort of connection with the international market in the customs union. paul: north korea is said to have carried out another engine test for potential intercontinental ballistic missile. it happened where previous test have taken place. yangier this month, pyong said it was not far away from delivering a nuclear missile to the u.s. mainland. the u.s. s

the project is being spear headed by paul allen and has been in the works for six years. allen says launching a rocket from the plane will give it a head start high above the earth. the first demonstration flight is set for 2019. >>> all right sports coming up right after the break. the giants try to avoid a sweep tonight by dusty baker and the washington nationals. >>> a live picture now from san francisco international airport. thanks for joining us this wednesday night. we will be back in 10 minutes. have assembled. so, what's the plan? breaking out the guardians, pal. celebrate the summer of heroes, only at disneyland resort. hero up! whatwhat made them believeace carthat a two-ton behemothhop? could compete in a track race? or that they could take on the elite in world motor racing, and win? we may never truly understand what drives mercedes-amg. but here's to another 50 years of it. mercedes-amg. half a century of driving performance. >>> okay here we are getting ready for game one of the nba finals. everyone is wanting to know when is kerr going to be back. >> we a

paul allen is bang bank rolling it. it's designed to carries rockets aloft before they're shot into space. anne-marie. >> that is one crazy looking plane. wow. jill wagner at the new york stock exchange. >>> a new warning on how drivers and themselves are willing to put themselves and others in danger on the road. >>> here's a look at today's themselves and others in danger on the road. but entresto is a medicine that helps make more tomorrows possible. ♪ tomorrow, tomorrow... ♪ i love ya, tomorrow in the largest heart failure study ever, entresto helped more people stay alive and out of the hospital than a leading heart failure medicine. women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects are angioedema, low blood pressure... ...kidney problems, or high potassium in your blood. ♪ tomorrow, tomorrow i love y

let's get over to paul allen. the unemployment rate has fallen significantly to five point 5% come up 2000 jobs created. australian dollar jumped impressively off the back of this. looking for 10,000. we got 42,000. another wild read. it never fails to disappoint, does it? this is where the picture does show a trend, full-time

it is co-owned by microsoft co-founder paul allen. >> sunny and mild, a live look at doppler 7. patchy fog, we'll see the fog extending across the bay locally overnight. overnight lows will be mainly in the low to mid 50s. many of our farther inland locations will be clear overnight. tomorrow will be sunny day with just a little patch of fog lingering at the coast line. highs will range from low and mid 60s at the coast to mid 70s around the bay, mid-'80s in the warm est inland locations and in san bruno tomorrow is the graduation ceremony for cappuccino high school at 1:00 p.m. and all throughout the afternoon. it is going to be sunny and mild with temperatures in the mid to upper 60s in san bruno. that is my gift to the graduates. here's the accuweather seven-day forecast. wish i had a job for you, too, but i don't. [ laughter ] >> this weekend we'll see partly cloudy skies. it will be nice and bright, though. high temperatures will drop off a few degrees from tomorrow's highs but will start warming up again monday. tuesday looks like the highest with 90s inland. >> heating up

. >>> microsoft coy founder and billionaire paul allen has been busy for the last six years building the world's largest plane. >> the stratolaunch has emerged for the first time. how big is it? 385-foot wingspan, 50 feet tall and weighs 500,000 pounds and that's without fuel. >> so that's a football field across there, right for the wingspan. >> massive. >> the plan is for stratoto launch and carry rockets into space and then launch them into orbit. >> all right. good stuff. more news after this. ahh, sir? you the law? we've had some complaints of... is that a fire? there's your payoff, deputy. git! velveeta shells & cheese. there's gold in them thar shells. twenty more years of this my kids say go for it, mom. be that woman who does what she loves. knows what she wants. yeah, mom's gonna go for it! except... i don't have a clue where to start. hey we hear you. that's why aarp has resources to help you navigate the job market. we'll connect you with employers that value your experience and provide tips and tools to find work you love. if you don't think "this is right for me" when y

he was just trying to point out -- >> we scored one with a little arm billionaire paul allen has been busy for the last six years building the world's largest plane. >> the stratolaunch has emerged for the first time. how big is it? 385-foot wingspan, 50 feet tall and weighs 500,000 pounds and that's without fuel. >> so that's a football field across there, right for the wingspan. >> massive. >> the plan is for stratoto launch and carry rockets into space and thenup with good morning washington. it's the first day of june, and it's friday eve. there is plenty of good news in your forecast, coming up in just a moment. but first, lets take a quick look at some of the morning's top stories. an important announcement expected from the white house today. this afternoon president donald trump will announce his decision on whether to pull the united states out of the paris climate accord. the agreement to fight global warming and pollution by reducing carbon emissions, is supported by virtually every ius the announcement will come during a rose garden event thursday afternoon. a shocking cri

we are joined by bloomberg's paul allen. good morning. >> we are seeing some weakness. often a sixth of 1%. we may see gold stock leading the decline. the unemployment rate expected to hold steady at 5.7%. that is notoriously unpredictable. one stock to watch is bhp. they will name a new chairman either today or tomorrow to replace jack nasser. other things to watch, the new zealand dollar will be in focus with first-quarter gdp out of new zealand. off will rise to 7/10 of 1% the back of the disappointing balance of payments. more from bloomberg technology, next. emily: this is bloomberg technology. after worst selloff for tech stocks the market is trying to find its footing. the companies that solve the biggest losses fell once again after the federal reserve meeting but after the $176 billion wipeout we have seen since friday, our tech stocks too expensive? james,, whoing in covers these stories. >> i don't think you can make the argument right now. they are more expensive than valuations we have seen but the growth rates we are seeing are superior to the growth rates

those numbers crossing the bloomberg, april numbers, here's paul allen in sydney. , retail salesat up 1% for april. the market had been expecting .3%.

we are joined by bloomberg's paul allen with a look at the markets. paul, good morning. paul: good morning, alisa. the new zealand dollar up a little this morning. this is after the reserve bank held the cash rate, as expected by all 15 economists surveyed, at 1.75%. the governor saying monetary policy there will remain accommodative for a considerable period. asx futures pointing higher by about 0.3%, rebounding after wednesday's selldown. nikkei futures looking a little weaker. might be worth keeping an eye on takata today and for the next few days. it's expected to file for bankruptcy, possibly this week, and the tokyo stock exchange is expanding the lower limit for takata from today. a couple rate decisions out from taiwan and the philippines. talks with potential investors after extending its credit facility. more from "bloomberg technology" next. ♪ caroline: this is "bloomberg technology." i'm caroline hyde. travis kalanick leaving his post. he has played a starring role in many of the company's biggest controversies, including this video showing an argument with

allen, there are 300 miles of the most advanced elements of the midway squadron. he is on the scene. on the other hand, they have a calm and logistical logical matters and realized that he can direct the battle better right to pearl harbor and honolulu area. he never considered going out to sea because he could directed better from hawaii. he was doing what is necessary. yamamoto is in a position where he can control everything but it wasn't a micromanaging influence. yamamoto has some of the best of the communication that meant and you have a situation where the latest intelligence -- they would be received but they are often not received by the advanced forces -- when you add the insistence on radio silence, become an on blinders and they need to. this is the principle by which he agreed to get into the combat. he said the main part will be without exposing our characters to dig deep destruction out of proportion to the damage it can conflict. we have to accept the danger. he is willing to accept odds -- the dangerous odds because he is going by the total count

paul allen. can't get over how cocky -- foggy it is that there. united states focus on russia. we will see what the week ahead brings. haidi: investors have been selling out recently, but why australia's top oil producers will produce $1400 by the end of the year. this is bloomberg. ♪ ♪ betty: good morning, i am betty live in new york. haidi: i am haidi lun in sydney. gold is back to a currency player. the pound suffered the biggest drop in eight months. our next guest thinks it could reach $14,000 per ounce on the end of 2017 because of global volatility. let's go to him. great to have you on this public holiday. i want to show you a quick chart to illustrate something interesting, looking at what is happening with the gold price. we have had three weeks of a as we hadoff, isn't -- even as we have had risks around comey and trump. clearly that election result from the u.k. -- is it really politics that is dominating the safe haven that? you are kind of backing it. >> i think both brexit, all those things, they impact gold. gold is in the long-term uptrend. we are seeing vo

we are joined by paul allen. he has a look at the markets for us. paul: we are looking at fairly modest gains on the asx futures. it has been a wild week on the asx. keep an eye on the big banking stocks. this is after the state of south australia announced in its budget it would be hitting the banks with a levy on liabilities, intending to raise up to three and at dollars million in four years. that is on top of the one announced by the federal government in may. they have slammed the policy as a joke. in japan, nikkei futures pointed to slight gains. watching jakarta again after steep declines on thursday for the troubled airbag maker. we are expecting takata to file for bankruptcy on monday. pmi manufacturing we are also watching. more "bloomberg technology," next. ♪ emily: this is "bloomberg technology," i am emily chang. mark zuckerberg has written a new mission statement to give people the power to build community and bring the world closer together. at an event in chicago, he rolled out new rules to further engage its users. we have to buil

we are joined by bloomberg's paul allen. we had some records across the board. paul: that's right. it may be a positive day on the asx as well. we are waiting on some data out of australia. aha new home sales are expected to show a decline of 1.1%. this is after we had 1.1% decline in house prices in sydney and melbourne on thursday. investors in sydney property will be slugged with a new tax. iron or price was also down, heading towards -- iron ore price was also down. bhp saw huge demand for steel in the future as china's belt and road projects begin to ramp up. we have data out of japan today as well. monetary base and consumer confidence numbers, and nikkei futures pointing up. some other data to watch out for, south korea, first quarter gdp is expected to remain steady at 0.9%, 2.7% on the year. more from "bloomberg technology" next. emily: this is "bloomberg technology." i'm emily chang. president trump has decided to pull the u.s. out of the paris climate accord. the move has huge implications across the globe and throughout several industries, and ceos are already speaking

i'm joined by paul allen for a look at the markets. good morning. . paul: it is looking like a bright day across the asia-pacific. nikkei futures pointing higher. later on, convenience stores and supermarkets sales for may out of japan. futures looking positive as well even though it is only eight points. we will keep an eye on the big banks this morning after moody's downgraded all four of them from a3 over concerns of what has been happening in the housing markets in australia. weak wages growth among the reasons given. those themes sound familiar because they are. we are expected to hear them from the reserve bank of australia later today. when the minutes of the june meeting gets released. the chances of a further cut are possible. the pboc governor will be speaking in shanghai so watch out for that. more from bloomberg technology, next. ♪ ♪ this is bloomberg technology. i'm emily chang. sheryl sandberg takes the stage at the annual ad festival this week as the social network increasingly dominates the multibillion-dollar ad market. this is bl

in california, the microsoft cofounder paul allen unveiled the airplane designed to launch rockets into space from the air. it has six engines and a , expectedf 385 feet to demonstrate its first launch in 2019. global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. this is bloomberg. david: thank you. we turn to the top story, president donald trump expected to withdraw from the paris climate accord this afternoon. the agreement was a top priority for barack obama. here is president obama in 2015. president obama: this is when we determined we would save our planet. sharect that our nations a sense of urgency about this challenge and a growing realization that it is within our power to do something about it. david: i will bring in brian deese, a former senior advisor with president obama who negotiated the deal. he joins me from portland, maine. how much of the success of this, getting to ratification had to do with the fact that business got behind it. as you put it, technological project has made clean energy a profitable investment.

betty: we'll be watching out for that, thank you, paul allen. trading session will bring a new round of earnings, economic numbers including the snapshot of the housing market, fed speak, brexit, all of that could impact trade. su keenan is here with the jampacked week. betty: the direct -- su: the direct impacts will be the way we closed, the nasdaq the only sign of weak as, but a lot of it we saw. we saw the tech selloff, the workers will say we came up with a low of the day which shows internal strength. let's take a look at what we the big economic data that will be out. it will be the health of the housing market. so far it has been near the strongest sales faith of the decade -- sales pace of a decade. it will be restrained from a two key reports, sales and homes. their new the strongest of a decade or in any signs of we this will be of note on the reports, expected to show strength. at 177, the bloomberg we see a big picture of the u.s. home supply shrinking. cityhite line is the 20 composite of prices, the blue line is existing sales, pr

he' called stratdo launch, a space project by microsoft cofounder paul allen. it's designed to carry a rocket up to 35,000 feet. the rocket then separates and boosts satellites into orbit. the rocket is powered by six boeing 7 # 47 engines. its first flight is months away. critics say it's not whether stratolaunch will prove to be cost-effective. >> can't be cheap, wow. >>> the new robocalls that prevent you from hanging >>> when most of us get a robocall we just hang up. a growing trend could make that impossible. it is a new strategy that prevents you from hanging up on recorded messages or monitoring your caller id. in fact, you don't even know you are getting a call because your phone never rings. >> they change their phone numbers every time and they are not real numbers anyway. >> reporter: theresa can't stand telemarketing calls of any kind. >> i hang up almost immediatemyly. >> reporter: she called me after discovering a missed call that did not show up on her land line phone display. >> i looked and it said two calls but when i picked up and went into

i am paul allen with the latest first word news. associated press the saudi arabia and other nations are demanding qatar cut ties with iran to end isolation. they also say the saudi-led bloc has given doha 10 days to shut down its broadcasting network and cut down a trading network. quant wants to end the 18 day diplomatic crisis. north korea is said to have carried out another test with internet -- intercontinental ballistic missiles. it happened where previous test had taken place. earlier this month, pyongyang said it would not fire to deliver a nuclear missile to the u.s. mainland. the latest drill with a japan failed to shoot down a dummy missile. indian prime minister narendra modi heads to washington next week, hoping to persuade president trump to extend the visa program that has allowed i.t. companies to send a skilled workers to america. explain howmpt to the schemes help both countries. the indian i.t. trade body says at three quarters of america's top 500 companies use indian services. global news 24 hours a day, powered

i am paul allen with the latest first word news. china u.s.ium on relations says president trump has been weakened on the international stage while the status of his chinese counterpart is growing. said the u.s. is "mired in a political crisis that could have far-reaching implications." ambassadors that u.s. withdrawal from international agreements has listed xi jinping's image. trump's proposed travel ban has been defeated in the second appeal as the supreme court considers whether to take b or the court of appeals in san francisco said the president exceeded his authority by suspending nationals from mostly muslim countries without showing how letting his people in hurts america's interests. the white house is confident the supreme court will uphold the ban. jeffrey immelt stepping down as chief executive of general electric ending a 10 year in which he dramatically reshape the company, but failed to win over wall street. johnll be replaced by flannery, who oversaw a jump in profits at ge's health care unit. the stock soared in mo

let's get first word news with paul allen. mexico's central bank has raised borrowing costs for a seventh straight time, the most hawkish monetary authority in the g-20 extended its hiking cycle. it is said the decision is " congruent with official convergence and inflation towards its 3% target." analysts a what that means is the hiking cycle is over. >> we believe the actions we have taken with information we have up to now should be sufficient to take us to our objective towards the in the of 2018. paul: senate republicans issued a new health care will which was immediately attacked by senior party figures. it includes sharp cuts to medicaid and other reductions in subsidies and tax cuts for the wealthy. pharma ands life sciences and biotech's index all its biggest gains. indian prime minister narendra modi heads to washington, hoping to persuade president trump to extend a program that allows i.t. companies to send a to america. he will attempt to explain how the scheme has benefited both countries, boosting innovation and

recently, microsoft paul allen stuff found the sister ship of the yamato. he is on yamato as a flagship. 300 miles astern of the nagumo force. so he is on the scene. admiral nimitz, on the other hand, had -- had a calm and logistical, logical manner and realized that he can direct the battle better right there from pearl harbor in honolulu area. in other words, from hawaii than he can if he's steaming around on a ship in the field. so nimitz never considered going out to sea because he can direct it better from hawaii. he's going to trust his commanders, fletcher and spurens on the scene. yamamoto, however, on yamato is in a position to control everything but also had a -- it wasn't a micromanaging influence but it was the yamato has some of the best communication equipment and you had a situation piling up where the latest intelligence and updates that were received, they would be received by yamato and often not received by the advance forces, the flagship of the carrier kagi or the commander of the invasion force support group of cruisers kando. he wasn'

i am paul allen with the first word news. factories in japan disappointing, core machine orders fell 3.1% from the previous month. economists expected .5% gain. of2.7%, well short expectations of a 7.3% rise. ppi prices were unchanged as well. is governor kuroda increasingly likely to win a second term ahead of a policy meeting this week. finds a third of economists saying he is the only possible contender after his current term runs out. economists see a change in policy and the vast majority don't is any change until his current term ends. reports from japan say prime minister shinzo abe may invite president xi jinping for a state visit next year. he is likely to go to china early to lay the groundwork for the trip route it will be the first visit by a chinese leader to japan since 2008. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. sophie: the asian markets looking like a mixed session midday in hong kong. the techlt across space, falling from a

paul allen joining us from sydney. coming up, president donald trump has been calling the indian prime minister narendra modi a true friend. that is ahead of their meeting at the white house later today on monday. we will find out what is the agenda for the leaders of the two biggest democracies. this is bloomberg. ♪ ♪ rishaad: almost 10:00 a.m. in hong kong aimed singapore. that :00 in the evening on sunday in the eastern seaboard of the united states. this is bloomberg. ♪ rishaad: a buyer in a bankruptcy. takata gets a deal as it reveals liabilities have reached $10 billion. a record call recall. we are expecting a news conference. aircraft,new travelers return. we speak to the chief executive. donald trump is calling him a true friend. -- theon prime minister indian prime minister gets a warm welcome in the u.s. let's have a look at what is going on. the week we just had has been ,ominated by the oil price dropping 20%. let's bring up this chart. intoe plunge took place your market range, there we go. this is