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tv   Bloomberg Daybreak Asia  Bloomberg  August 4, 2019 7:00pm-9:00pm EDT

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others believe it is helpful and the international pressure is one factor why the hong kong government did suspend the extradition bill in the first place in addition to the pressure on hong kong streets. bill has been suspended. why not withdraw it completely? >> good morning, i am paul allen it would mean a lot in terms of goodwill. >> it would help but things have in sydney. we are under an hour away from moved he on that. it is a issue for carrie lam. the open. joey: -- >> i am shery ahn. she does not want to be seen as completely take away what she welcome to daybreak asia. originally proposed and even though she says the bill is dead she has not withdrawn it. face, they irony paul: top stories, hbc shots is it has been -- she has almost abdicated any vestiges of authority. investors with the departure of john fund. it does seem like a strange ditch to die in. he leaves after a few months on the job. shery: why is beijing continuing hong kong braces for general to back carrie lam? strike. >> we have to think about the
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longestks based their alternatives from beijing's perspective. if they remove her, they are losing streak since the 1997 conceding to protesters. hangover. gun control is back on the u.s. and then there is a question of who they replaced her with. ocean agenda after double it is helpful from beijing's shootings leave at least 30 dead perspective to have carrie lam in texas and ohio. absorbing all of the criticism, shery ahn: a quick check of the markets closed. the pressure and in a way protecting a local crisis from it was a risk off week. becoming a national crisis. paul: if we bring this forward seen such a big -- clock or rid to 24/7 which selloff in the weekly basis since december of last year. marks the expiry of the one that was when the fed turned down this. country, two systems deal, everything leading up to that, tech and energy declines on the s&p 500. why draw a line in the sand now? the nasdaq is down almost 3%. >> people understand 20 47 is not the real fight. the trade outlook is not looking to read with those lingering it is now. we have seen beijing and the hong kong government together tensions between the u.s. and china. pressuring the freedoms and yield at thenure autonomy to make hong kong is special place and economic success. lowest since 2016. let's see how we are setting up
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in asia. people feel they have to fight. when you talk tocared of being beat up, but they are more >> it was like a mirror image. scared to do nothing and the city changed forever. people feel because of the pressure now is the moment when they have to take the stand. there is a cascade effect. futures here, not too different. people see others standing up a few earnings there to watch and it gives them the confidence for today. to do the same. it is the way things have unfolded from the first protest started in april. they did fizzle out. these futures weakened by two andas later with accidents thirds of 1%. cannot earlier because the police pushed back so hard it force people to coalesce. than expected. there is a certain random element in how momentum builds and how it can fizzle away john flint is stepping down. sometimes. paul: thank you very much for joining us. don't forget our interactive tv we will have more details on that story a little bit later on. function tv . for now, let's get to the first you can catch up on past word news. interviews and dive into >> gun control maybe that on the securities and functions we talk about. u.s. election agenda after two
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many dead and you can become part of the conversation by sending us instant messages during our shows. many more wounded. nine people in dayton ohio. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ this is bloomberg. ♪ there is no motive for the attack. than 24ting comes less hours after 20 people were killed in el paso, texas. police arrested a 21-year-old texas man. they described the shooting as domestic terrorism. says aloomberg survey british town will fall to its weakest since 1985. if the u.k. comes without a deal, there is no a 30% chance of a note yield greg's it. no deal brexit. this would drive sterling down to 1.10 dollars.
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the u.s. and australia are looking to strike an outline trade deal in december. there was an initial announcement that may come at the g7 leader in france. president trump wants better access to japan plus agricultural market. reduceabe hopes to tariffs. the inventor of the hoverboard says his successful point from france to england is the most amazing moment of his life. he completed the cross channel in 22 minutes. last month, he earned a fan by flying at this celebration. president trump is enjoying his attack on the fed. saying that jerome powell is one of the biggest threat to growth
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in the u.s.. istold fox that powell singularly responsible for undermining gdp growth by raising interest rates. shery: this is daybreak asia. per hours a day on tictoc on twitter, howard by i am shery ahn in new york. more than 27 hundred journalists paul: i am paul allen in sydney. and analysts in with an 120 countries. i am less haslinda amin, this is let's get a check of the bloomberg. paul: thank you very much. business flash headlines. samsung could face investor exit is according to a korean hong kong is bracing for a brokerage. general strike on monday. they estimate a net outflow of that is after more protests and $400 million worth of shares as a result of a new msci waiting. disruption. let's cross to hong kong now and local brokerages expect it will shares and china's a speak to sophie kamaruddin. saudi arabia and stocks are : i am at the hong kong included. billionaireindian international airport. has formed a company to increase it looks like a typical busy investment in the nation's aviation market. monday morning. they are dropping off
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the airports will paul chryst -- will focus on managing airports in india and abroad. passengers. he has a net worth of $10 billion. he made a foray into the so far, they have canceled more aviation industry earlier this than 140 flights to and from the city. year. -- airlinesalytes saudi arabia has lowered prices for september sales of crude oil to asia. they are raising prices to have canceled flights. a dozen plays have been canceled buyers in parts of europe. for tuesday. if anyone is looking to travel last month the kingdom agreed to this tuesday, check your open -- opec let's plans to curb arrangements. oil production. they will export more to china than ever before. increasing volumes to asia have been offset by sales to the there are several rallying points. u.s.. these districts are being called upon for strike willis together. shery: let's get you a quick check of how asian markets are trading. kiwi stocks are under pressure after the barely -- they barely those were several flashpoints. moved in the last two sessions, the police say they arrested 44 down .2%. we are going to the rbnz people who participated in the decision later this week.
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they are expected to cut the protests over saturday and rate to one .25%. sunday. of course, the police used tear gas. -- 1.25%. the rba is expected to hold. sydney futures are down .2%, a lot is happening. after the rba followed june and july cuts. shery ahn: the protests continue and we have seen beijing strongly back carrie lam. now we expect them to hold. nikkei futures are down .6% after the japanese yen strengthened to the strongest level in 16 months. what are we hearing from beijing? the korean won, a different we have had a few lines story, dropped to the lowest from state media saying that the level in two years. central government will not we have escalating trade tensions at home and abroad, allow for the situation to continue and that they would kospi futures down .6%. stick to the one country, two we are expecting 31st report system regime. earnings in korea -- 30 firms the people's daily call for hong kong protesters to stop the report earnings in korea this violence. week. paul: let's recap on the stories a firm line coming from a we are following. chinese platform when it comes disruption continuing across hong kong.
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you can see the fortress hill to what is happening in hong station. kong. i want to highlight what we have groupis a protester -- a heard from the hong kong government. causing delays of trains. extra travel time will be needed on east real and west real this is over the violent and lines. -- real -- medical action. you can follow this on tliv the city's reaching a very . dangerous point. this is bloomberg. ♪ this could increase the risk of recession. noted that we have yet to hear from chief executive carrie lam. it has been two weeks since he last made a public statement. shery ahn: that was happy cameroonian -- sophie kamaruddin. you can get commentary and rs.lysis from bloomberge u.s.ass shootings in the to put the focus back on gun control. a 21-year-old texas man is under
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arrest, accused of killing at least 20 people in el paso, texas. that was followed by a shooting in dayton, ohio where a gunman killed nine and injured more. has this affected the narrative of the democratic primary contest? >> it really has. we saw the campaign, the democratic campaign ride to a halt. i think you might see the away fromecalibrate some of the health care issues and the others that have dominated the discussion in the last few weeks. mass shootings are some regular in the u.s. that we can get very blase about them. it seems like this one -- 12 really strikes a court with the nation. this seemed to be a racist
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the shooterat tied motivations back to the white national grid. second, in ohio, that he's capacity magazine that the nine people to kill in a minute, just a minute, that gun and ammunition ♪ good morning, i am paul control measures back into focus. it seems like all the democrats allen in sydney, over an hour away from the australian markets are of one mind on this. opening. this is something that goes out good evening from from the democrats to the republicans. bloomberg's global headquarters in new york. welcome to "daybreak: asia." are you going to do anything about this? we have said it many times before. ♪ this could be a bit of a tipping point. >> the president has made some brief remarks. paul: our top stories this what can we expect? monday, hong kong races for a >> the president spoke on camera for a couple of minutes as he general strike as china warns it won't allow the unrest to new jersey from his golf course and back to washington. continue. stocks faith the longest losing
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he said he would speak at my -- face of the longest losing length on monday morning. it was interesting to a lot of streak since the 1980's. people that in just those few words, he mentioned mental john flint is leaving as a ceo after 18 months. shery: and tensions simmer and illness three times. that comment got a lot of the gulf and iran seizes a criticism. one democratic senator, chris foreign taker, claiming it was murphy said that blaming mental stealing fuel. illness is just a gun industry we start with japan under pressure. the japanese yen at a very trope. strong level, a level we have it remains to be seen if not seen since 16 months ago. president trump has anything more up his sleeve. he said he spoke to the attorney general. we are seeing the japanese yen we don't really know what measures he will propose, if any. below the 107 level, and the nikkei down 7/10 of 1%. certainly, we will be intended for that. the topics also losing 9/10 of 1%. as i said just a minute ago, it seems like this succession of we see the risk off sentiment across the board. wall street saw the worst week events really struck a chord with everybody. of 2019. let's turn to south korea. .he yuan falling paul: thank you very much for joining us. early news with a we are talking about levels we change at the top. have not seen in two years on
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standing down. escalating trade tensions at home and abroad. u.s.-china trade tensions shery ahn: wall street suffered its worst week of 2019. ongoing, but you also have japan and south korea with a spat. this is bloomberg. ♪ we are hearing from the korea industry ministry offering steps to ease, saying japan will invest over seven years in r&d. paul: thank you. let's check in on the first wind -- first word news. ceo john flight is stepping down after less than a team of the job. the bank is appointing know all oel quinn asn interim ceo. toy say they are planning buy back up to $1 billion of shales. hand --s there regional head of banking before becoming
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a managing director in 2016. hong kong faces major disruption monday with a strike set to affect transport. canceled. of argument and protestst spreading across the city, much of it targeting police stations. thatning was issued beijing would not sit idly by. gun control may be back in the u.s. election agenda after two shootings left 30 people dead and many more wounded. a gunman was killed by police after he shot nine people in dayton, ohio, with no known mildred for the -- motive for the attack. this comes less than joy for hours after 20 people were killed at a walmart store in a paso. a texas man was arrested on
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suspicion of gearing up the attack. the justice department described the attack as domestic terrorism. reports say that japan and the united states are willing to strike a trade deal in september. progress has been made and an initial announcement make him at the g7 meeting in france later this month. president trump wants better paul: we are counting down to asia's first major market open. access for u.s. farmers to japan's lucrative agricultural hopes to easeabe futures traded out of japan are looking pretty quiet. off tariffs on japanese automakers. global news 24 hours a day on u.s. markets are all ending in air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more negative territory on friday. than 120 countries. amin, this is this is daybreak asia, i am paul allen in sydney. shery ahn: i'm shery ahn, in the bloomberg. shery: we have more details on order. there are a few heavily weighted the developments in hong kong. the train operator mtr is companies. suspending services on part of their west rail line. you are seeing live pictures of let's see what our next guest is focused on. fortress hill. peacefuleing some we have global investors.
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protests. noncooperation actions at some busy subway stations. hong kong. we continue to see this also diamond hill. volatility and uncertainty in you're looking at live pictures the markets. not only because of what markets of fortress hill. considered to ongoing we are hearing from the train operator mtr, saying they have trade tensions between the u.s. suspended services on part of and china. the west rail line. what will you be focused on in we're also hearing they will the next few weeks? take extra travel time on the east rail lines as well. paul: thank you. >> the critical thing from an asian perspective will be trade. we expected tweets from president trump about imposing for a look at markets, let's get additional tariffs. over to mark cranfield. i think that is going to be the focal point for the markets in resting a lot of action on the the month of august. currency markets today. in australia, the aussie sinking 75.89, and the offshore yuan close to seven, and now the if you do get tariffs, it is going to be difficult for stocks wan. where would you like to start? in asia. the offshore yuan is shery ahn: does that mean the fed could change course? we could get even more dovish. important for everybody in the
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asian region. when you see dollar-yuan rising, when would the next fed rate cut the? how would that affect asian it implicates all emerging-market currencies and central banks? has an effect on the aussie, as you mentioned. highestlready up to the >> they are going to cut at the next meeting. looking back at the fed meeting, point for dollar-yuan since 2017, and the offshore yuan is not too far from the weakest the markets were too long, level it has seen in -- seen on expectations were too high. record, just below 6.99. it could reach that point even the growth indicators are weak. without the pboc doing anything on the official fixing. it's possible china would like to maintain sums but the -- stability in the daily fixing, but the spread between offshore and onshore, we are seeing it we think that should cut another widening significantly, and it 25 basis points at least. the next meeting, you will could reach 1000 points. if you look at previous episodes. expect a fed rate cut. that could take the offshore yuan above the seven line which is some people think is an important threshold. they have been adjusting rates we could expect more volatility there. lower because inflation has been a big increase in a demand for weak. options once again on friday in global trading. clearly, the u.s. that is a lot of options being struck cutting interest rates. , even 7.9seven point
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for some options traded. i recall is for financial we could expect a busy day in institutions globally. that respect. also a major increase in utilities. you are definitely not alone. if you use this function on the people are getting nervous that something significant will happen with the yuan. it's not surprising when over bloomberg terminal, you can see the weekend, the soundbites between the u.s. and china on this, shortly after jay powell was speaking last week, the cut was 60%. trade were not encouraging. it is as if we can expect something soon. that means the new round of at the time of president trump last week, it was 90. tariffs go ahead on september 1 as the u.s. has been warning. it was a very widely expected. all in all, a disconcerting picture for investors and they to what extent can we still will want to be defensive, believe the fed has started meaning a big increase in yuan this? trading today, and most likely it looks like they have been pushed around by the trade on the defensive side, which we situation. will see weaken further ahead of the fixing. remain dataill let's see what happens when the pboc moves. dependent. they could move some things, but generally it is nervous. shery: definitely, we are seeing the cost be at the lowest level
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they understand the global trade since 2017. is an issue. the japanese nikkei also at the lowest level since june 6, so we continue to see this across the they will factor that in at the board losses in asia. same time. this will ensure conditions we haven't even opened in hong kong. given the latest of elements in remain robust for growth in the the city, how much pressure are future. we expecting? mark: it could be quite a lot. haveipping point seems to they were a little bit disappointed. the market is expressing a 100% been reached where it is clearly chance for a cut. very negative for the hong kong economy. there have been bits and pieces over the last few weeks were obviously there have been some people saying luxury sales have been going down, and some other factors, but it is not a huge impact. now when you see something like paul: they got a little more cathay pacific warning it has to room to move in terms of where cancel a lot of flats today, we they quit rates. are giving serious. the subway being shut down in scarce this is getting sections as well. it's having a dramatic impact on in this world. the hong kong economy, which already was under pressure. the second quarter was a clearly, this should help loving significantly week one. to asian economies. we have warnings from the hong
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kong chief executive saying it doesn't look good for the rest of the year. we have not seen much physical this will just compound that. deterioration in asia. when investors look at what is happening, they won't be too happy. they will see there is the chances of growth in hong kong, they are very limited. we can have a recession and you will probably see flows technical terms. continuing. we could have two negative quarters that could affect major companies in hong kong. effects sentiment more than $250 billion of money is flown into corporate bonds. and people want to steer clear of hong kong assets until he get essentially trading lower. a clearer picture. all in all, not building up well at all. it will probably be reflected in the hang seng index, likely to they remain focused on keeping open lower and have a bad day. financial conditions easy. manyyou look at this for on negativeoint miles away, foreign investors will say i am going to keep away yes, we have this from the hong kong market, i want to put my money somewhere else. it's not a good seeing at all -- good scene at all. at a 14 join dollar level. paul: we have five central banks even though we continue to hear analysts say that u.s. across the asia-pacific meeting treasuries remain expensive, is this still the best carry at the this week appeared of the five, moment? i guess you would consider india >> it is definitely the highest and new zealand the live ones,
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carrying exit. right? mark: not only that, philippines even though the rest of the with a decent chance. world has front of it, over the also thailand as well. asia seems to be taking the lead past few months, it is just wrong enough. in cutting rates. it wouldn't be surprised if we u.s. treasuries boosted this. get a few rate cuts. 40 basis points. we will be looking -- they will withoking at the trade war therefore, u.s. treasury markets will continue to get info. u.s. and china, and they will the u.s. -- inflow. say we will be with us a long time, the tariffs are in place, more is coming, global trade is not getting any better, we might want to take preemptive actions scare, -- a growth to get our economy is ready for this. we could get multiple rate cuts across the region. of course, india has room to arerly, treasuries expensive. lower, with rates still high by global standards. where centralent india has room to do so. bankers are trying to push the term and the yield, they can we could get a flood of rate cuts this week. probably the only one you can be absolutely sure -- nothing can ring -- remain expensive for be certain these days, but the some time. onry ahn: there are charts rba probably won't move this week. everybody else is very alive. the bloomberg showing s&p 500 paul: rba to -- typically goes
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around those one year highs. do you go broadband where the once and then waits, but like valuations are not as extreme? you said, you can't rule anything out. thee remain positive on mark cranfield, thank you for joining us. you can follow more on this story and all of the day's trading on our markets live blog u.s. markets. we realize they are expensive. in an environment where growth on the bloomberg terminal. remains scarce, it will do well. you can get a market run down in one click, and there is commentary and analysis from singapore is one of these. expert editors. you can find out what is affecting your investments right now. ahead, protesters look to shut down hong kong with the general strike after a ninth straight weekend of unrest. scores of flights have already been canceled. shery: next, and the shadow of hopefully they will find a way of coming together. shery ahn: trade tensions the fed, several asian banks this week, decisions wherever you look nowadays. thank you for that. you can get a roundup of the including the bank of thailand and rba. which way they are likely to jump. stories you need to know to get this is bloomberg. ♪ your day going in this edition of daybreak. go to your terminals. it is also available on the mobile bloomberg anywhere app.
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this is bloomberg. ♪
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paul: joining us now from shery ahn: this is daybreak singapore is the standard asia. york.hery ahn in new andtered head of asean ethics research. paul: i am paul allen in sydney. thank you for joining us. the first production ready electric smart car. let's start with where i am right now, the reserve bank of australia. all of those five central banks -- car for this company. lined up, i guess the rba first of the block, probably least how they plan to beat the likely to cut it if they have a competition. we engineered this vehicle tendency to go twice and then wait and see. what are your expectations? >> that's right. we think the rba is going to transportation hold. on they have cut rates twice now, and smart cities. so i think it's almost prudent for them. tendencythey rarely go three tia lei: this architecture row and less it is very close to a global crisis. frome expecting more cuts
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the rba but not until the fourth quarter of this year. paul: a little further to the can help us to have more smart features on our vehicles. east, the reserve bank of new they can use our software and zealand, a different story. hardware to provide some things. the next few about what might happen here. do you see them using to one and a quarter percent? the shadow board doesn't see any change. >> what segment of the market are you targeting with this 's 1% by the end vehicle? >> high-end and middle sized remain vehicles. of the appeared what is muddying the picture in new zealand? divya: i think the markets are we can develop about four or pricing in what he five basis five vehicles of different sizes points cut this week. for all premium suvs or sedans. that's in line with our expectations as well. we think the rbz compared to rba, has a lot more room to sound dovish. longtactical basis, we are >> tell me about fundraising, it has become more difficult for many of the startups in this space. aussie-kiwi. how much runway do you have in terms of fundraising? to be one anding
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capitalcumulated the done, i think it will keep the door open. in contrast, we think rba is already. unlikely to cut rates, but at we plan to raise another 5 the same time, they are likely to stress they will only cut billion. rates if needed. >> another 5 billion within what they short of sick -- shift time frame? focus to the labor market in australia. >> around 2020. we see a little bit of contrast >> 2020? >> yes. in the central banks this week, and that's why we have a tactical long aussie-kiwi >> there are around 500 electric position on. moved the kiwi dollar has vehicle startups in china. it looks like a bubble to many broadly in line with rbz people. when does that burst? estimates. how is the fed cutting rates in about realre talking july altering that view, and how much pressure is a putting on the kiwi? , comparedhink the fed , somepment in this area to market expectations at least, was less dovish. thatd see a reaction post where the dollar is trending are just in the company scope. more broadly. i think the fed is going to cut on the other hand, the ice rates. i think what has happened in the last few days with the
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transfer into the new escalation in the u.s.-china trade tensions, it has become very clear and increasingly energy vehicle is a big chance. likely that the fed goes again >> tesla is planning to start in the next few meetings. i think abroad dollar, the broad them this year. outlook is not that clear. i have seen this during my i think .19 has been year for been a year9 has career. four.t for rates, they have globally moved lower. fx rates are more tricky to trade in my view. plants.three power a number of central banks easing at the same time, it's not very obvious which currencies to be long and short against. the dollar outlook is still this is a very normal phenomenon. relatively less clear than the very important, the utilization rate outlook. shery: the japanese yen has of that capacity. consistently been gaining ground much driven by your given the risk off sentiment sales power. around the world. is that a more clear call at verizonwas the human this point? divya: absolutely. founder with tom mackenzie. i think long yen come along coming up next, john flood steps
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down just 18 months into the gold, those are some of our jobs. favorite traits for a number of this news comes with earnings at months now. won trade.t korean a time. this is bloomberg. ♪ appreciation seems to be fairly clear. i think that works from a few angles. one is if you look at u.s. versus japan, the differential continues to narrow and weigh on dollar-yen. risk of an increased diversion and the yen is still the best safe haven currency in the world and it benefits as a result of that. at the same time, there is another angle, which is how much policy room does the bank of japan have at this point in time? central banks,er ecb, the fed, bank of england even, the big of japan seems more constrained in what they can do. can they really by more etf, or increase the overall size of qe? that all seems less likely.
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unintended yen appreciation is likely in the coming months. paul: in terms of certainties on the fx market, what are you feelings on the british pound at the moment? we have a chart here on the bloomberg terminal suggesting it may be oversold, that then again, as the prospect of a no deal brexit looms larger, maybe it is not. divya: i think you are right. if you look at it in terms of valuations, obviously it is very cheap. if you look at it on the dollar or exchange rate basis, almost by any measure there is no doubt a lot of negatives are being priced in. having said that, if there is a no deal brexit them and the chances of that have increased, we can still see sterling we can -- weaken from current levels. tothink it can decline down 1.15, even from current levels,
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which are historically quite low. shery: what about a no deal between china and the u.s.? will we break the seven yuan level against the dollar? divya: that's the question everyone is asking. and bothis no deal u.s. and china stop talking and this is daybreak asia. there is no further discussions, then obviously the chances of seven breaking are much higher. thinksic scenario, we reports from tokyo say japan and the united states are aiming to strike an outlying trade deal in they will continue to talk and trade talks will drag on the rest of the year. september. they might not get to a great progress has been made and deal but they will not be a initial and announcements could breakdown in talks, at least. come at the g7 meeting in france that should be enough for chinese authorities to continue later this month. president trump wants better to keep fx stable. access for u.s. farmers to but given where we are trading right now, it is not a material japan's agricultural market and shinzo abe hopes to reduce difference whether we trade slightly above seven or slightly tariffs on automakers. below seven. shery: thank you so much for hong kong faces major disruption that. on monday with a mass strike set get a roundup of the to affect all forms of transport stories in need to get your day and local airlines canceling 150 going in the addition of flights.
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daybreak. this follows a ninth straight you can find it on your terminal weekend of violent unrest with or on mobile. protests around the city, targeting police stations. you can customize your settings so you only get the news on the 34 people have been arrested. there is a warning that beijing industries and assets you care about. this is bloomberg. would not sit by and unless the ♪ not sitn -- asian would by while this situation continues. >> london heathrow officials and union leaders have agreed to talks with mediators on monday over a pay dispute. security guards, firefighters, engineers and drivers threatened to walk out midnight sunday and 170 flights got canceled. offer of 7%d an over 2.5 years. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. let's get more on what we
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should be watching cash trading gets underway in asia. the cross assets editor is here. looks like a rocky start to the week, trade tensions ratcheting up, oil down enough the only risky asset or commodity under pressure. moreea: we started with a dovish fed last week. we have the trade rhetoric escalating and it is not only equities in emerging markets. it is spreading to commodities on that threat of further tariffs. base metals extended losses, copper at a two-year low. lower, so we will see risk off sentiment spreading through the market. markets have become too complacent about trade. they had been hoping for some sort of resolution or for things to not get worse, but again at the start of this week, completely different ballgame.
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also worth mentioning you have idiosyncratic things happening in places like hong kong that will keep investors on their toes. and the building season in the u.s., third quarter not that great. these are all things playing into investors' minds. we will see jitters there. ♪ shery: this is "daybreak: asia," shery: emerging markets had a i am shery ahn in new york. paul: and i am paul allen in rough week. morgan stanley turning bearish. andreea: that is right. sydney. john flint is stepping down from they turned bearish on credit after last week also, dropping hsbc after 18 months as ceo. their bullish call on currencies and they are pointing to a hawkish fed and the trade let's bring in our asia finance tensions escalating. editor, russell ward. the departure of the reason this is significant is because we have seen the john flint, just 18 months on chinese yuan come under pressure the job, when will replace him against sliding this morning, as interim ceo. the question is why? towards a very key seven level. chairman,he board it is at the lowest since january 2007. bearish bets increasing and you mark tucker, said there is a need for change, and the company
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have traders saying it could possibly breach the seven level. issued a statement saying the outlook has changed, highlighting several headwinds facing the bank and global banks volatility not in general. one being the drop in u.s. interest rates, another being only in commodities and equities geopolitical risks. but also in currencies especially in emerging markets. they highlighted brexit in particular, saying there is no that will be key to watch this withility on there, week. it started, a lot has happened in the last weekend that will boris johnson possibly heading toward a no deal scenario. affect how investors play these markets. thank you so much for flint had only been in the job 18 months, and in his first year that. on the job, he struggled to you can find her charts on the gtv library on the contain costs. bloomberg. there is a metric where revenue exceeds growth and cost and he surprising news from the world of banking, hsbc ceo john flint did not achieve that in the first year. in the first half of this year, he did. is stepping down after 18 months it's a little puzzling that he on the job. let's bring in our asian finance has seemed to have gotten the editor. costs under control but now the board has decided he is not the we are not expecting these numbers to come so soon but let me get started with john flint man to take the bank forward, given the headwinds. because it has been in hsbc for shery: give us a little bit more decades. about the numbers.
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why is he leaving? we have surprisingly now seen a >> goods -- good morning. share buyback announced as well. russell: that's right. big shock this morning. the numbers were generally pretty good. the bank did not give a reason the first half results, profits why he is departing but clues can co area. rose. the outlook has changed so they the bank announced a $1 billion released a short statement and buyback, something a large part of the market had been expecting. they referred to a drop in the cfo was telegraphing that interest rates in the u.s. and a there would be a statement about range of geopolitical issues including brexit. the buyback plans in the middle the year. the core capital ratio rose a little bit. u.k. departurehe from the you remains highly the bank had the buffer to perform that buyback. uncertain. given other interest rates and shares have been stagnating this revenue headwinds, the bank said year, but we will see later it would not be able to achieve today whether the buyback was price and -- priced in and how a return on tangible equity target for the u.s. the market reacts to the the u.s. is trouble for the business. the bank maintained it would overhaul in management. shery: thank you, russell. keep its return on equities higher for the global a quick check of the business operations. flash headlines. probably if there is any clue why they are leaving, the samsung could face an investor action this week. outflow of be a net
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statement on the outlook is changing. they said he is not the man for the job given these headwinds. almost 400 million dollars worth there was another statement where they said they are of shares as a result of msci weightings review on its index. managing operating expenses and investment spending in line with increased risks to revenue. local brokerages expect south korea's rating will follow 3/10 of 1%. they say there will be a need for aggressive cost cuts. saudi arabia and stocks are included in the emerging-market the bank managed to achieve a indices. an indian billionaire has revenue rising in the first half which was getting the bank back formed a company to increase his investment in the nation's on track when he took the bank aviation markets. last year. he could not achieve positive folkirports were focus on growth, so the bank is back on -- on acquiring and managing reports in india and abroad. track. it makes it surprising and they have a network of almost unusual that flint would be $10 billion. he outbid rivals to operate five leaving having got cost controls back in shape. of the country's airports. those are the headwinds facing shery: saudi arabia has lowered the bank. the price for the september sale those are the news that the new of crude oil to asia, while ceo will have to deal with. raising prices to buyers in shery: given the headwinds, parts of europe. kingdom agreed there were expectations they to opec-plus plans to curb might not announce buybacks, but production for nine more months, but has been able to afford more they did. does it mean revenue is getting
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to china than every before, and better? the buyback situation had increasing volume to asia has been offset by falling volumes in u.s. been something the market had at least some the latest sales drive indication. the cfo said in the middle of the year they would be talking with a power boost, bringing back the supercharging perk to about the buyback plan and they went ahead and announced that. tesla cars. tesla has scrapped the offer they have a capital cushion they have decided to unleash. earlier this year as part of a cost-cutting initiative, but said the shareholder meeting in that is one positive out of this stream of news. june found that elon musk the hang seng to deliver profit described the superchargers as being absolute key to sales shery: next, hong kong stocks growth. butnumbers were not bad, there are headwinds mounting. unraveling after weeks of protests, and the worst could be other geopolitical risks that the bank did not mention, yet to come for the market. a live update on today's mounting unrest in hong kong, a transport disruptions. huge area for hsbc. we're also seeing disruptions in the were contemplating moving their headquarters there a few train lines as well as at the years ago. airport. they have suspended part of the there is the trade war as well. train line. although the results are suspended they
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positive, there was a buyback, there is uncertainty the new ceo west rail line as well. this is bloomberg. ♪ will have to deal with. this is bloomberg. ♪ hey! i'm bill slowsky jr., paul: there is a laundry list of potential risks. how about rolling interest rates and monetary easing? what will that have going forward? first thing they sit in this statement, interest rates will fall rather than rise, given the prevailing outlook for dollar interest rates. pressures are rising. when i am that give clues to that in the report was interest margins. it fell five basis points. already monetary spaces having pressure on the lending business. thoses a big risk, one of the bank is highlighted. editor,ian finance russell walled, thank you for joining us.
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central banks in asia are in the spotlight this week, five rate decisions across the region. markets predicting india, the philippines and new zealand will cut to shore up growth while the rba and take of thailand will stay on hold. let's get over to singapore and our reporter. i live on my own now! i've got xfinity, because i like to live life in the fast lane. are they all pretty much saying the same thing? unlike my parents. week'sr: after last you rambling about xfinity again? you're so cute when you get excited... anticipated rate cut, you would anyways... i've got their app right here, think there would be some dovish i can troubleshoot. tilt to the mood, but all i can schedule a time for them to call me back, it's great! you have our number programmed in? flavors of dovishness. ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. australian and thailand unlikely aw well. he doesn't know our phone number! to cut this week. you have our fax number, obviously... today's xfinity service. simple. easy. awesome. australia had june and july i'll pass. back-to-back rate cut signaling a pause and seeing housing market stabilization and labor market tightening, not as much room to ease. thailand has been among the most interesting to me to watch in southeast asia, a hawkish lean
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than the rest of its peers in the region. worried about housing and auto market bubbles. what is interesting is strengthening. -- the thai baht is strengthening. shades further to the dovish side, we have the philippines ♪ expected to cut interest rates. shery: this is -- has linda -- they have signaled patients as of late -- patience cut rate ned theell: -- haslinda: british pound will fall to its weakest since 1985 if the u.k. india likely to pull the trigger creches out of the european on another interest rate cut. union without a deal. 13 banks say there is a 30% they are looking at external chance of a no deal brexit, factors. three times higher than the india is more a domestic factor in terms of low inflation and more dovish board they have got levels seen in a similar survey in february. seeing financial sector the average response to the poll troubles. says sterling could be driven down to 1.10. the inventor of the hoverboard really something for everyone, says his successful flight from
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five central banks out of the asia-pacific. shery: you mentioned inflation. france to england was the most how much room do they have to move? amazing moment of his life. completed the journey in 22 minutes. it is more a diverse it was his second attempt. the first ended when he crashed trying to land on a refueling set even among these five but some are dealing with low boat and destroyed his board. inflation. paris onlew over even the philippines, we were talking several months ago last year about how much high bastille day. inflation every report was advisort trump's trade ticking up and now they are seeing a reversal of that in line with what their has joined his attacks on the expectations were. fed, saying jerome powell and it is below the midpoint of his colleagues are the biggest throat growth in the u.s.. stephen navarro spoke after -- their target range. very tricky for these economies to balance inflation pressures spoke of trade tensions as a key reason for rate cuts next week. he said that powell is as well as the currency pressures in this environment with uncertainty around trade singularly responsible for undermining u.s. gdp growth. tensions and slowing global europe's busiest airport has demand. paul: the trade tensions are a avoided a disruptive strike at key pressure because pretty much least temporarily. london heathrow officials and all of these countries are having discussions this week are union leaders have agreed to very exposed to the trade talks with mediators on monday situation. how heavily will that way out?
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over a pay dispute. out?eigh security guards, firefighters, engineers, and drivers have threatened to walk out from michelle: a lot. midnight sunday, with 175 already canceled. you look not just at new zealand the union has rejected an offer at singapore -- and singapore of 7% over 2.5 years. come a but many of these are global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 export reliant. journalists and analysts in more than 120 countries. they are watching every step of the way as they have been on u.s.-china trade tensions, south i'm haslinda amin, this is korea, all of these challenges around trade in addition to the bloomberg. paul: thank you. demand pressures we have been let's get back to the story in seeing since last year on global trade. hong kong at the moment. a lot of this stuff is mixing we have rail services being in, hard to keep track and pick disrupted across hong kong. apart the sources and weighing protesters taking action on a on policy measures that are day that called for a general strike. this follows more violent decrying they are not getting clashes and a ninth straight help from the fiscal side. michelle, thank you. weekend of unrest. we also had emi numbers for hong kong for the month of july, up next after two months of demonstrations, activists in showing a profound impact, sinking to 43.8. hong kong showed no signs of since 2009.owest slowing down. we will discuss the ramifications for the city and china. this is bloomberg. ♪ ♪
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with all that in mind, let's get to our -- to hong kong and sophie kamaruddin. lam on thee eric line at the mtr station. sophie, let's get to you first. we had news of a number of flights canceled today. what are you hearing question mark -- hearing? -- sophie: typically about 1000 flights would be scheduled. hong kong airlines has counseled about 30 flights. a quick update from hong kong express as well confirming one chartered in three scheduled flights have been canceled today. this is part of a broader plan by organizers of the general strike to disrupt travel across hong kong.
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other networks also being disrupted, seeing delays across several lines. as we count down to the 1:00 p.m. strike time, seven districts are anticipating thousands of people together in those neighborhoods, including ground zero for the mass marches. shery: eric, let's turn to you. as a sophie mentioned, we are seeing disruptions on train operations as well. what are we hearing? i'm at a station where employees have been turning people away for the last 15, 20 minutes. they shut down train service about half an hour ago. i was on the platform earlier today, and the signs were saying the trains were two minutes away and the trains were basically, no train coming for 20 minutes. the difference this time is the people started leaving pretty much right away. it were not sticking around to wait. it was basically just before
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people shut down the station and started getting everybody out. sophie, give us the shery: taking a picture of hong kong international airport. latest. what are we expecting when it comes to the protests? cathay pacific has canceled 140 today, -- the protests today? flights coming to and from the city. hong kong airlines scrapped 30 we seen nine consecutive weekends a protest. flights as the protests not abatingmomentum continue. protesters shut down the city as the general strike is being called for. with a strike this monday after throughout the weekend -- the a ninth straight weekend of week, we will see more demonstrations. there will be another potential unrest. we have heard from the hong kong rally at the airport. police they have 44 protesters arrested. on july 26, there was a looking at the commotion at hong kong international airport. demonstration in the arrival halls of the hong kong this is daybreak asia. i am shery ahn in new york. international airport, paul: i am paul allen. presumably as a means to highlight concerns of the demonstrators to taurus -- hong kong is bracing for a general strike today in what is tourists. expected to be the biggest i am standing in front of the action in decades. the embattled chief executive cathay pacific check-in counter. the crowd dispense may comment later after a ninth consecutive weekend of protests. a somewhat from earlier when i arrived at 7:00 a.m.
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people have perhaps a rechecked -- weg us in sydney is in for flights. we have seen several concerned were seeing pictures of hong passengers reject airport staff asking about the status of their kong airport and hearing a call flights. for protesters to paralyze the they have been directed elsewhere, as one would imagine, underground railway system. fortress hill is experiencing they are looking for alternative disruption. means to leave hong kong today. paul: eric, i want to get back is it risky for protesters, because the argument -- occupy to you. trying and failing to get to movement fizzled out when it work on the mtr on hong kong became inconvenience to the people, disrupting airports, is island. this the same and the best you mentioned a number of fellow passengers have given up and are option? good beijing way it all -- could leaving the station. i wondered if you could gauge for us the mood of the people. beijing weight it all out? if their frustration or a sense we have got to remember this of acceptance? eric: i would say it is a bit of a mix. a lot of people looked kind of is not just a replay of the occupy movement. a lot has changed in hong kong resigned to the situation. not too frustrated. in the last five years. what has been remarkable is every time democracy protesters but there are some people coming up to the station and getting turned away and getting really pushed the line that bit further the moderates have come in and upset and yelling at staff.
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i've seen that a couple of times not only refused to condemn but now. would say is support them because they feel the avenue for protest is being cut off one by one and have been frustrated, but for the majority of people, they are kind of the last five years. paul: we are getting more live accepting the situation and trying to figure out alternative means of getting to work. we are starting to see long pictures of delays on the hong kong mtr, people standing on lines of people waiting for the tram outside the station. shery: sophie, what are we platforms disrupting the expecting in terms of beijing's reaction to all of us? movement of the trains and passengers. -- all of this? to your point in terms of somee: we have learned options, it will not let the disruption go on. what choices does it have? lines from state media regarding >> the furthest extreme is the beijing's stance on the matter. legal right to which aging has saying it will not allow the and the government has two send situation to continue and it in the people's liberation army one be sticking to the send in thet has to country, two systems regime. we also had commentary from the people's daily in a front-page people's liberation army. the hong kong government and other officials have played down that. op-ed saying hong kong should it looks like the nuclear option because it would end hong support police in ensuring that violence doesn't continue to damage thenomy and take hold. eyeill be keeping a close
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economy and a blue back on the as to what the official response may be from the government, but chinese economy. the other is for concessions but that is unlikely. especially with jinping in for now, those are the kind of signals we are getting from the chinese government. charge. we are left with hoping it shery: sophie kamaruddin and fizzles out but it hasn't eric lam, thank you very much, happened yet. that must be worrying to joining us from hong kong. beijing, the hong kong government and people that care the latest breaking lines, the about the future of hong kong. hong kong chief executive, shery: the protest started carrie lam, will meet the press at 10:00 a.m., including the against the extradition bill to finance secretary, who will meet china -- but they have morphed the press at 10:00 a.m. into something greater and are again, carrie lam speaking to the press at 10:00 a.m. local protesters hoping to achieve time in hong kong come as we see now? the disruptions happening across the city. it reignited tensions, but you can also turn to your bloomberg for more on this. this movement has been building for many years in hong kong. you can get commentary and analysis from our expert people want justice and right to editors. have a say over their coming up next, tensions rise in government, things which are the gulf as iran seizes another normal in otherthey want to proy tanker. from the increasing incursion by we will check the outlook for oil. this is bloomberg. ♪ china. it has morphed into something bigger but we have seen that
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pressure building over many years. i think this would be a great surprise to people looking more closely at what is going on in hong kong. shery: we have seen international reaction from the u.k. and the u.s. are we expecting the international response to deepen as motorists continue? we have seen governments raise concern -- protests continue? >> we have seen governments is concerned. foreign governments might criticize, might be looking at what is going on but this will be an issue for hong kong people and beijing to decide. foreign governments around the world recognize it as part of china so there will not be any role, but there is a role on putting back up.
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♪ ,"ul: this is "daybreak: asia i am paul allen in sydney. shery: i am shery and in new york. iran has seized another oil tanker, the third since the middle of july. joining us from singapore, our guests. tell us how significant is this latest development for the oil market? think it is going to register even as a blip on the radar of traders today. it is apparently an oil tanker out iran says was smuggling iranian fuel. it is more and internal iran matter. there was a similar incident a few weeks ago, and overall, the tensions are simmering for sure
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in the persian gulf region, but the oil market is not too bothered for now. shery: yeah, i was wondering what is behind that. we continue to see the rising geopolitical risk in the middle east with the latest iran headlines, and concerns about the safety of shipping in the region, but at the same time, the markets don't seem to move as much. is it because we have other concerns like demand concerns over trade? vandana: a couple of reasons for that. one is of course the demand concerns are overshadowing everything else in the market right now. we have had this escalation in tensions in the ,iddle east since around may 12 which is when the first round of tanker attacks took place. there have been seizures of and attempt to impede the progress of tankers and so on. but the oil flows from the middle east have not been
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affected. as far as the oil market is concerned, it is essentially reluctant to price in the worst case scenario. certainly no one is expecting either the u.s. or iran, the main parties that are clashing, to willfully want to engage in military conflict in the region. i think that is giving the market some sort of reassurance, if you will, that oil flows will somehow not be affected. remain withers fingers points on the buy button in case there is an escalation and conflicts. paul: to that end, getting back to the point about the latest seizure not really registering as a blip, it's hardly surprising. i think it was carrying barely 4.5 thousand barrels. denying ownership of the ship, and iran says it is iraqi. symbolically, does this
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represent a ratcheting up of tensions, a bit of a taste of what could be down the track? vandana: i don't think so. we have to bear in mind, the oil market has been watching this very closely since may. it has been three months, and we haven't really seen -- remember, there was an incident when donald trump said he was almost going to authorize a strike on and he missile strike, backed off as well. without a doubt, it is a cause of concern. a worry for asian buyers. shot up, premiums have so clearly the cost of buying oil has gone up as well, especially for asian refiners. the market doesn't want -- it seems reluctance -- reluctant to
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factor in a worst-case scenario for the time being. paul: i want to get your how iranas well on fits into the u.s.-china trade tensions. there is potentially an opportunity for iran. vandana: i think that's a very important point, paul. if you look at how much more , if it isna has left to ratchet up the tit-for-tat tariffs, there isn't much. studiously avoided imposing tariffs on u.s. crude, but at the same time, the refiners have been buying less and less u.s. crude. you have to ask yourself, how can china -- what steps can it take to give it the maximum leverage in the escalating trade war with the u.s.? iranian crude could be one of them. you've seen in the past few
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months, china has been helping iran. there have been lots of reports of crude coming into china, being imported into china in violation of u.s. sanctions. the crude coming and going into storage in china. it could presumably he made available to other asian refiners. flows could go up, it could be china's way of thumbing its nose at the u.s.. shery: wti has been hammered more than brent. is this because of the rising inventory piles and the u.s., and will the trend continue? the u.s.i think inventories have definitely come back to center stage, as far as the oil market is concerned. of the, more because
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consecutive, i think seven weeks of big decline. what you are seeing is in the past few weeks, the discount of wti to brent has been narrowing as a result. the expectation right now is for u.s. inventories to continue to decline. plus, the huge declines in the past couple of months, there probably impacting market sentiment. i see the possibility of that spread continuing to narrow in the coming weeks. yeah, i am wondering what the impact of all of this has been on u.s. shale producers. one of the largest drillers in the permian basin, slowing production. others as well. the u.s. is turning into collateral damage in terms of weakening oil prices. vandana: i think the first few quarterly results we have seen from the shell drillers,
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especially -- shale drillers, especially mid-cap drillers, and the oilfield services companies, it has confirmed that the market's doubts about the cut into the environment, that it's not really been conducive to shale growth. shale will continue to grow, but probably not as much as had been expected. certainly nowhere near the huge jump, up to 1.6 billion barrels per day out of the u.s. last year. we see oil rig drilling numbers continue to decline over the last eight months. some shale regions, we have the four major oil producing shale regions, a couple of them are in month on month decline in output. that is something to keep close eye on. the rig numbers in some of the
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shale regions are going very close to subsistence level. that means just enough rigs to keep the oil flows at current levels rather than continue to grow them. shale is in a tight spot. i think the cash flows have been under pressure. prices -- where prices at current levels or continuing to decline, we could see further contraction in some of the shale regions. overall, a much more anemic growth in oil output in the u.s. ton -- and then compared last year. paul: thank you very much for joining us this morning. interactive tvr function, tv go. you can catch up on past interviews, and dive into any of the securities or functions we talk about. you can also become part of the conversation by sending us instant messages during our shows.
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this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪
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♪ paul: the foreign minister of malaysia says he will push back if the u.s. tries to impose sanctions for trading with china. he spoke to bloomberg in bangkok about how the government is
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positioning amid rising tensions. >> we would like to trade with both the u.s. and china. are most that we worried about is should there be unilaterally sanctions taken by the u.s. against us if we continue to trade with china. our position is we would like to continue trading with china. >> there are some concerns because china has -- or rather the u.s. has already taken action against some countries it deems as having trade deficits. china, germany, canada. in asia, malaysia is in the top 10, including the likes of india. are you concerned that the u.s. will take action against that? >> we are concerned. but if this thing were to happen, we just have to tell the u.s., you are being unfair and a
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bit bully. >> do you think the u.s. will buy that? >> we know the u.s.. >> have you had conversations with the u.s. about it? >> no, and i hope this will not happen. firme a believer, a believer in fair trade. hurting forit is any kindry to declare of trade war with another trading country. we really hope that this will not continue. >> what is the biggest concern among you and your counterparts in your conversations at this meeting? >> well, there are a couple of things. aside from the trade war, there
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is a south china sea. it is a political issue and also a security issue. i think all is young -- asean members are concerned. we keep saying we want to make sure the sea is safe. it is for trade we wanted to be a sea of trade, friendship, and cooperation. and we want to ensure that no werearization activities to happen, and we want everyone involved to make sure you don't escalate, should there be any incidents. everyoneeen reminding that even though warships are allowed to pass by because it is ,omething we have agreed upon and it is also administered un law, we in law --
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also want to make sure you limit warships. you can't stop them from passing by, but it too many were to pass by, you sort of increase attention. shery: the malaysian foreign minister speaking to haslinda amin in bangkok. let's get a check of the latest business flash headlines. tesla giving its latest sales drive a power boost. it is bringing back the free and unlimited supercharging perk for new orders of model s and model x. tesla had scrapped the offer earlier this year as part of a cost-cutting initiative, but at the shareholder meeting in june, elon musk described the superchargers as being "absolute key" to sales. paul: warren buffett is turning his back on stocks, reinforcing his traditional distaste for overpaying. with markets at all-time highs, berkshire hathaway sold $1
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billion or more of stocks that it had bought last quarter. that was its biggest that selling spree since the end of 2017, and leaves it with a record cash pile of $122 billion. they sold big stinks a big banks and apple. renamefacebook plans to instagram and whatsapp with its name. the comedy said he wants to be clear about its products, but it -- it is worried that facebook has too big of a monopoly. paul: let's recap the situation in hong kong. plenty going on today. disruption at the airport and we've already heard of a number of flights being canceled. you can see a tram waiting there. also disruption of the mtr, this
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is something we have seen as well. passengers standing around, blocking access to tea -- to trains. the mtr on the island line encountering delays and they are warning people to allow extra travel time. 10:00 a.m., wee, will carry live carrie lam's speaking to the press. she will be alongside the financial secretary. we will have those comments live on bloomberg. let's get check of the markets. we are continuing to see a sea of red. the nikkei at the lowest level since june 6. the cost be the lowest since the summer 2016. this is bloomberg. ♪
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>> it is not :00 a.m. in beijing, shanghai and singapore. i am selina wang. david: i am david and glace. opene counting down to the of the markets. let's get to your top stories. aslic transport disrupted hong kong braces for a general strike. selina: hsbc will be want to watch today following the surprise departure of the ceo. he left the role after less than 18 months. david: china's big four state
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