agricultural bank of china shanghai put on develop a bank and i c.b.c. are the main lenders according to the filing is china's 1st holy foreign owned car plant and reflects the chinese government broader shift to opening up its car markets this shanghai factory is tesla's 1st car manufacturing site outside of the us and will be used to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on u.s. made cars it aims to produce $250000.00 vehicles a year after production of the model why after his attitudes initial phase also started building service centers and charging stations across china to assure customers a standardized after sales service that china made cars will be priced at $50000.00 before subsidies and tesla says that it wants to start deliveries before chinese new year on january 25th and with more we bring in lauren fix the car coach so lauren we come into year and these are some very ambitious goals that set for themselves and in the past houses performance didn't really give us any confidence and analysts no

well, i spent two years in captivity in shanghai between 2013 and 2015. my final nine months of that captivity was in this very prison in this very cell block where this message has come from. this was written by some of my cell—mates from that period who are still there serving sentences. do you think it was written as a collective or one of them wrote it to you? would it have been decided as a collective thing to do? i'm pretty sure this was written as a collective message. obviously one single hand produced this capital letters handwriting and i think i know who it was. but i will never disclose that name. no. and tell us about life in the prison. what were the conditions like? what were the other inmates like? the foreigners' cell block in qing pu prison had about 150 foreign prisoners in it when i was there. today it has about 250. these prisoners are living a very bleak daily life. there are 12 prisoners per cell. each cell is painted in grey. paint is flaking off the ceilings. they sleep in very rusty iron bunk beds with a mattress which is not m

well, i spent two years in captivity in shanghai between 2013 and 2015. my final nine months of that captivity was in this very prison in this very cell block where this message has come from. so this was written by some of my cell—mates from that period who are still there serving sentences. do you think it was written as a collective or one of them wrote it to you? would it have been decided as a collective thing to do? i'm pretty sure this was written as a collective message. 0bviously, one single hand produced this capital letters handwriting and i think i know who it was. but i will never disclose that name. no. and, tell us about life in the prison. what were the conditions like? what were the other inmates like? the foreigners' cell block in qing pu prison had about 150 foreign prisoners in it when i was there. today it has about 250. these prisoners are living a very bleak daily life. there are 12 prisoners per cell. each cell is painted in grey. paint is flaking off the ceilings. they sleep in very rusty iron bunk beds with a mattress which is

well, i spent two years captivity in shanghai between 2013 at 2015. my final nine months of that captivity was in this very present captivity was in this very prison in this very cell block where this message has come from. this was written by some of my cell—mates from that period who are still there, serving sentences. do you think it was written as a collective, or one of them wrote it to you? would it have been decided as a collective thing to do? i'm pretty sure this was written as a collective message. obviously, one single hand produced this capital letters handwriting and i think i know who it was. but i will never disclose that name. no. and tell us about life in the prison. what were the conditions like? what were the other inmates like? the foreigners' cell block in qing pu prison had about 150 foreign prisoners in it when i was there, today it has about 250. these prisoners are living a very bleak daily life. there are 12 prisoners per cell. each cell is painted in grey. paint is flaking off the ceilings. they sleep in very rusty iron bu

shanghai with plans to wrap up, fast. so much for secrecy, president trump identifies the alleged whistleblower, did his retweet break the law. equities take a breath. bonds sell off. the yield curve steepens. welcome to bloomberg daybreak on monday, december 30, i'm david westin in for alix steel today. get you caught up "on the markets." start with equities. going to the end of the year. are we going to break the records? s&p up slightly. that's come off where it was. nasdaq is in the red a little, flirting with the red. meantime, take a look at europe stocks -- the stocks sold off over in europe. the u.s. 10 year has been selling off. the yield curve is going up. the dollar is weaker once again. the british pound is leading in the charge. but it's down against all the g-10 currencies. time for the global exchange where we bring you today's market moving news from around the world. from hong kong to beijing to london to washington our bloomberg voices are on the ground with this morning's top stories. start right now wi

a joint concert is being held with the members of angel salon and the shanghai city youth orchestra. wang's parents are concerned how he may handle it. day by day the children with asd are growing as people and as musicians. they are ready to showcase their growth to the parents and to the public. ♪ >> people with asd are called children of the stars in china due to their isolation. it's not easy for thehem to fina place where they truly belong. but in the future these activities may help them become children of a star where they are welcomed and understood by all. ♪ group says it will hit back after u.s. air forces killed dozens in strikes. you are watching al jazeera. also coming up: it a turninging point for saddam. 29 members are sentenced to death h for tortrturing and k kg a protester. .ustralia's bushfires worsen people are told to live their homes.

in orange, the s&p 500, in white the shanghai composite. for the early part of the year, the shanghai composite really outperforming, up 30% at one point at the s&p 500 was up less. as the year has gone on, it is really the s&p 500 winning of that, on pace for its best year since 2013. the shanghai composite up about pony percent, headed for its stillear since 2014, but if it bit of a lag. as to whether there is outperformance on this day, not surprising leak, the big story you have been talking about our morning, boeing is helping out the industrial sector of the s&p 500. beneath the surface, the aerospace and defense index is really outperforming, up 1.3%. named is up 2.3% as they the new ceo, david calhoun, replacing dennis muilenburg. investors clearly like that. what investors are not liking, unless you are bearish, natural gas. it is pretty warm in new york, and natural gas is down 1.74%, headed to its worst day in almost a month. of course, on warm weather, some traders of the cool weather that had been around last week was heading f

shanghai down 0.3%. this week across these majors, we are in wait-and-see mode because we have the fed and

entered into agreements with lenders in china for a secure term loan of up to $1300000000.00 for the shanghai car plant and to repay the $3500000000.00 r m b debt due next year trying to construction bancorp agricultural bank of china shanghai built on developing bank and i c.b.c. are the main lenders according to the filing is china's 1st holy foreign owned car plant and reflects the chinese government's broader shift to opening up its car markets this shanghai factory is tesla's 1st car manufacturing site outside of the us and will be used to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on us made cars it aims to produce $250000.00 vehicles a year after production of the model why after his attitudes initial phase also started building service centers and charging stations across china to assure customers a standardized after sales service that china made cars will be priced at $50000.00 before a subsidy. yes and tells us that it wants to start deliveries before chinese new year on january 25th and with more we bring in lauren fix the car coach so l

the message simply read, we are foreign prisoners in shanghai, for to work against our will. please help us notify human rights organisations. the message went on to say that they need help wanted the message to go out there. so this is being reported by the sunday times, it is there to page this morning. obviously, a big surprise for a six—year—old to see this message. they then contacted the newspaper, who are running the story today. tesco's have immediately put out a statement, saying it has halted production at a factory in china, which is alleged to have used forced labour to have made these christmas cards. tesco say they are shocked by these allegations, and will delist the company that prints the cards, which is actually based in china, if they are deemed to have done any wrong doing here. it is not the first time that allegations of forced labour have surfaced from this place in shanghai. in early 2013, there were allegations that two close companies use to this business to make closed in shanghai. so obviously, tesco said, look, we donate more than £300,000 pe

year, we saw this the shanghai composite bottom 2450. about let us say that is a relatively solid bottom for that market. you have all sorts of news. you have the fed. the chinese central bank not doing much. and also some economic faltering. very reasonable bottom for this year. if you assume the shanghai areosite listed companies 80% this year, you can multiply 1.08 and you get about 2600 or 2700 on the bottom. i think the peak is a little difficult to project at the moment but i would say the general trend is actually down. yvonne: generally down. investors looking forward to the most? external factors like the phase one deal or more domestic issues that chinese are grappling with? what is the big focus? >> going into 2020 because the -- the issue is suspended for now. i think the market has priced that in already. going into 2020, i think china will be more domestically focused. if you look at 2019, even though there was a trade war going on, china runs a huge trade surplus because the input is slowing down in 2019. that shows the do

its strong development is due to its being 300 kilometers south of consumer giant shanghai. yiwu is the location of over 400,000 wholesale shops. they don't offer luxury goods. but they have everything necessary for the normal lives of ordinary citizens. the roughly 5,000 tons of goods that go through this city every day are distributed to the rest of china and the world. the yiwu international trade market, located in central yiwu, is the city's biggest general wholesale market. the 150 square kilometer plot of land is divided into five sections by product. it houses 50,000 stores. more than 2 million items ranging from furniture and electronic gadgets to food are sold at affordable prices here. for buyers from around the world, the market is incredibly convenient. but yiwu is undergoing a significant change. recently, buyers seeking chinese goods have been joined by foreign merchants hoping to sell products from their own countries. they come seeking the affluent chinese demographic. and buyers from around the world. >> yiwu is now changing from a wholesale market to a wor

and you don't see any of that in hong kong, shanghai and japan. all teachers were paid the same, they all had the same resources. >> they really do anything they can to fight any kind of inequity. so there are examples where in the united states, they want the best teachers, the most experienced teachers, to go to those schools that may be weaker or underperforming, but in effect it's usually the regressive -- the opposite, where well, i have tenure, i'm going to teach fifth grade in this school for the next 10 or 20 years. where i can say one example is in japan, when we were in tokyo, prach for example, teachers are moved around within the district every two, three years basically. so you could go back to school and a teacher is not there and she was moved. so you're not going to have this is a good school, this is a bad school because the teachers are moving around. and there are financial transfers to make sure that the inequity doesn't exist. in the united states on average, only 10% of a school's budget comes from the federal government. so

and shanghai was an international city at the time and while life was extremely difficult there, it was much better than what could have god forbid happened to these people if they were still in europe in areas of nazi occupation. our congregation continues to have holocaust survivors with us to this stay as well as second and third generation survivors and we particularly focus on being warm and welcoming and inclusive. we do that both because that is who we are and how we believe, but we also believe it is a response to that dehumanizing that happens when you're being persecuted. we welcome jews, we have a saying that everyone is jewish enough and we welcome interfaith. we say interfaith families are welcome as a way of making that very point. >> a feeling of belonging in so crucial to any faith group and every rabbi, minister or priest, pastor, thinks a lot about how in their sphere of influence in their sphere of service the ways in which they lead by an example of belonging. i am wondering if you can talk a little bit about how in fact even this experience in the holocaust surv

confidence and analysts now don't have any confidence in their execution for 2020 they predict that the shanghai factory probably won't be able to make model threes in high volumes meaning a 1000 cars per week until mid 2020 so what do you think. i agree with i don't know initially they're going to be delivering 15 cars by the end of the years we can say that he delivered cars in 2019 that's more of a publicity stunt than anything else but in reality initially must consider going to produce 3000 cars a week which is not possible and it's not fully automated like he had stated they still need manpower which is really good because that means jobs but i think we're not going to be talking about a 1000 units a week until you're right about the middle of the year we also have to remember we need sales and if there's no sales there then you're producing product that just sits and that's partly what temp and you're in the u.s. where there's lots of vehicles sitting in different locations around the country you can look it up online but it's looking at shorty airforce base and they're just parked and th

only 30% of the components made in shanghai are sourced locally. the question is can they shift the supply chain. david: many thanks to bloombergs kailey leinz. up next, riots and unrest rattled countries from ecuador to chile. what does the new year hold for latin america? power onbalance of bloomberg television and radio. ♪ david: from new york, this is "balance of power" on bloomberg television and radio. i'm david westin. news,oomberg first word we go to ritika gupta. ritika: the united states launched airstrikes on five bases in iraq and syria. the move comes after several recent attacks on the american-led coalition operating in the region. secretary of state mike pompeo weighed in on the strikes. today, when we did was take a decisive response that makes clear what president trump has said for months and months, which is we will not stand for the islamic republic to take actions that puts american men and women in jeopardy. iranian and iraqi officials have condemned the airstrike. in ohio, more than 100 thousand homes and businesses lost p

well, tara is an american but when work brought her family to tokyo and shanghai, she put the kids in local public schools there. now they're back in new york and tara has written a terrific book about what she learned from watching her kids learn. the book is called world class. one mother's journey halfway around the globe in search of the best education for her children. pleasure to have you on. >> thank you so much, fareed. >> why is it these schools and these are public schools in hong kong and shanghai. why are they teaching so well? >> the level of learning expectation is so high. through overcoming the challenges, you gain that resiliency and the motivation to continue to learn and push yourself. so that's a very big difference. >> you also talk about really important thing again, these are public schools and you came to the states and you were struck by the wide disparities in funding. >> absolutely. >> the best suburban schools might do well, but the places where the poorest kids are which need more attention get less funding because funding through schools is through proper

of the project was inaugurated monday gas will eventually flow from eastern siberia all the way to shanghai and the pipeline at the russian chinese border is opened the gas is now flowing. the russia china gas pipeline opening was broadcast live on t.v. at the same time the 2 countries' leaders greeted each other via live video conference. doesn't mean that this is a remarkable genuinely historic event. it will not only for the global energy market but above all for us for russia and china. it's a multi 1000000000 euro project construction began 5 years ago when it's complete the pipeline will run to 3000 kilometers in length and carry 10 percent of china's natural gas needs the russian section from the gas wells a convict in scorrier to the chinese border is now complete from here the chinese will take the pipeline all the way to shanghai another opportunity for the 2 sides to reaffirm their friendship. chinese president zeeshan ping said he wished the 2 sides would work harder and build more bilateral projects like the china russia east through pipeline. he said that would boost both coun

secured $1.4 has billion in financing for its shanghai factory. the deal with local chinese is preparings it for delivery for the model three. tesla hopes the shanghai factory will help it builds momentum in the country. that is your bloomberg business flash. anna: thank you so much. its embattledoved ceo, dennis muilenburg. this tod decided to do restore confidence in the company. for more, our global business editor benedict has been covering this story from the european angle. he joins us now from berlin. why does boeing say this move is necessary. it comes after the well-known story around the 737 max. the new information surrounds the space program. benedict: the space program is probably the last nail in the coffin for the ceo ousted yesterday. it was supposed to dock at the international space station but the caps off never made it there. a much bigger issue weigh in the company is the future of the 737. the cash cow airplane grounded for many months and nobody knows when it may be back in the sky. , the ceo thaturg out yesterday had put fa

electric vehicle make a tesla its 1st model 3 cars built at a chinese plant in shanghai have rolled off the production line less than a year after starting work on factory the electric car maker says it will increase production in china the world's biggest car market. the outgoing bank of england governor mark carney has said he wants climate action of the world of finance to match that in other fields and indeed he compared the climate crisis to financial crisis that it requires a strong and cross party action counties due to become united nations special envoy for climate change next year. german strength less beer in 2019 revenue for the last 12 months has slipped to 2 and a half percent to just over $85000000.00 picked in the tos and while the market for non alcoholic brew is growing it can make up for lost revenue with regular brewers breweries are optimistic for 2020 though partially thanks to the football euro cup which usually comes with a higher consumption. it's been a busy year of the business news says the u.s. china trade war has kept us all out and we've seen the reputatio

i spent two years in captivity in shanghai between 2013 and 2015, and my final nine months of that captivity was in this very prison in this very cell block where this message has come from, and these prisoners are living a very bleak daily life. there are 12 prisoners per cell. they sleep in very rusty iron bunk beds with a mattress which is not more than about icm thick. a tesco spokeswoman said the company was shocked and that it would never allow prison labour in its supply chain. it has now launched an investigation and production at the factory has been suspended. katie prescott, bbc news. let's bring you up to date with other business news making headlines, because in the past hour china has announced it will cut ta riffs china has announced it will cut tariffs on some imports from the first of january. the country's finance ministry said levies on over 850 products, including frozen pork and frozen avocado, will also lower ta riffs and frozen avocado, will also lower tariffs on some tech equipment from the first ofjuly as well. it comes as trade tensions are easing with the us. as tr

tesla's model 3 officially rolling out in china less than a year after the company broke ground at its shanghai factory. >>> weworks parachute packages we'll talk about that and new report on the high price the troubled startup will have to pay some of its executives >>> the restaurant industry facing a big year of change. we are breaking down the new frontiers for that sector in the new decade and facebook being called the new cigarettes for our society by the founder of salesforce.com his critical take on the social media giant as "worldwide exchange" begins right nowe to exchange" i'm dierdre bosa in for brian sullivan the second to last day of 2019, take a look at stock futures right now pretty much flat they are on track for a block buster year as i mentioned the s&p on track for potentially its best year in two decades if it can squeeze out gains of nearly 30%. 29.6% is the gain that we are looking at dow jones and the nasdaq also on track for a record year. moving on to the bond market, the yield on the ten-year note currently 1.912% let's go worldwide now in asia, markets were mixed in

i spent two years in captivity in shanghai between 2013 and 2015, and my final nine months of that captivity was in this very prison in this very cell block where this message has come from, and these prisoners are living a very bleak daily life. there are 12 prisoners per cell. they sleep in very rusty iron bunk beds with a mattress which is not more than about 1cm thick. a tesco spokeswoman said the company was shocked and that it would never allow prison labour in its supply chain. it has now launched an investigation and production at the factory has been suspended. katie prescott, bbc news. let's now turn to asia, where a major summit is about to take place involving the leaders of china, japan, and south korea. high on the agenda will be how to end some long lasting trade disputes. let's go to our asia business hub where mariko 0i is following the story. what can we expect to emerge from this summit? as you said, trade will definitely be high on the agenda stop i should say, though, to remind oui’ stop i should say, though, to remind our viewers, but christmas is not exactly a public

let's get a bit of a snapshot of tesla rolls out its first china made vehicle in shanghai. we will have more on how elon musk is trying to win over customers in the world's largest car market. the next decade be a tough era for the bond market? we will discuss that. this is bloomberg. ♪ yousef: it's 7:18 in the morning in rhea. this is a live shot of the downtown area with a view of the tower of kingdom holding. brent crude up a quarter of 1%. five targets in iraq and syria. because it'sficant one of the few times that involves direct strikes on iranian proxy forces, including weapon storage facilities in control of patients. -- control locations. we are up about 27% so far this year among the top three commodities up 2019. wti and brent. let's get back to another top story in china, where the central bank ordered lenders to adopt the new loan price regime for all credits from next year. moving beyond the benchmark loan rate, that set the cost of oss the economy for decades. it has generated stimulus since the global crisis, and has suppressed yields around the world. the

it simply read, "we are foreign prisoners in shanghai qing pu "prison in china, forced to work against our will. "please help us and notify human rights organisations. " the families did that and they contacted the human rights the family did that and they contacted the human rights journalist peter humphrey, that was part of the message. it said to the recipient, "please contact peter" and peter since went to the sunday times with the story. tesco have issued a statement. they say they are shocked and would never allow prison labour in their supply chain. they said they were shocked by the allegations and immediately halted production at the factory where these cards are produced and have launched an investigation. tesco say they have contributed £300,000 to charities from the sale of their christmas cards and that goes to various charities in the uk. an investigation is ongoing. 88 flood warnings remain in place across the south, the midlands, and the east of england, and one other in wales — following another night of heavy rain. yesterday, a tornado swept through parts of surrey

we have ramped up to 1000 cars a week at the shanghai plant. before april, he wants to get up to 3000 cars per week. we also note has left has been exempt from a 10% purchase tax in china. things are so far on track for tesla in china. challenges is tesla going to face in the chinese market? it has got some stiff competition, right? it is a very crowded electric vehicle market given it is the largest auto market and electric vehicle market. day modeleir big neo with incentives to attract consumers. you have bmw, audi, mercedes-benz which have come out with new ev models to gain a slice of that market. you have local products, analysts have noted it is taking longer than expected, which means cars that are being produced now are not totally china made. some products are still being imported from the united states. in addition, you have a pretty challenging macro backdrop. china's auto sales are in an unprecedented slump in the broader slowdown. you have electric vehicle sales slowing given the chinese government has been scaling back those subsi

there was a message which read: we are foreign prisoners in shanghai qing pu prison china. forced to work against our will. please help us and notify human rights organisation. the first thought was it must be some kind of prank. but on reflection we realised it was actually potentially quite a serious thing. and so i felt very shocked but i also felt a responsibility to pass it on to peter humphrey, as the author asked me to do. the family did just that and got in touch with the human rights journalist peter humphrey who the message in the card had suggested they contact. he himself had spent time in the qing pu prison for his part in an alleged corruption scandal. i spent two years in captivity in shanghai between 2013 and 2015, and my final nine months of that captivity was in this very prison in this very cell block where this message has come from, and these prisoners are living a very bleak daily life. there are 12 prisoners per cell. they sleep in very rusty iron bunk beds with a mattress which is not more than about one centimetre thick. a tesco spokeswoman said the

it simply read, "we are foreign prisoners in shanghai qingpu prison in china, forced to work against our will. please help us and notify human rights organisations. the families did that and they contacted the human rights journalist peter humphrey, that was pa rt journalist peter humphrey, that was part of the message. it said to the recipient please contact peter and peter since most of the sanitised for the story. tesco have issued a statement —— since went to the sunday times newspaper. sunday times they statement —— since went to the sunday times they say they are shocked and would never allow prison labour in their supply chain. they said they were shocked by allegations and immediately halted production at the factory where these cards are produced and have launched an investigation. tesco say they have contributed £300,000 to charities from the sale of their christmas cards and that goes to various charities in the uk. an investigation is ongoing. greg, thank you very much. 88 flood warnings remain in place across the south, the midlands, and the east of england, and

tad cool as we go on into thursday but not bad that what a weather will sink through temperatures in shanghai fall back to around 8 degrees celsius as the rain policies for the southwest may well be got some very heavy rain continuing across parts of sri lanka you can see the shower clouds here rumbling away pushing in the big down post a much of india it is staying dry we are seeing temperatures getting up to around 29 celsius into the southern pos but on the 18 it need that if that bit of cloud around here that's going to continue to push its way further east which is we go on through thursday they tried to clear the air a little at least showers continue for sri lanka as you can see more heavy downpours him a mom across the peninsula while she dry but watch out for some right furcata over the next couple of days. when is the last time you out on the streets protesting whether online you feel the weight of the system going to walk through each and every. or layer further and further into the jail or if you join us on saying the entry has to start from day one whether again you and attention

just into the far east, shanghai might see what weather. wednesday, the rain will become a little more intense with snow on the northern flank of that. further south, it should be largelyy fine. hong kong at 23 degrees. into the philippines, we have been talking about a tropical storm making its way toward the philippines. you see the system coming through tuesesday. wet weather driving across the country, gradually pushing over toward parts of vietnam. some parts could see inches of rain in the probe -- the process. sri lanka, a lot of clouds showing up here. north easterly driving moist air the southernward peninsula of india and also into sri lanka. elsewhere, it is looking dry. cool weather there. --have unsettled weather coming into central china. not bad at the moment, particularly into the south. figure cloud you do notice here will thicken up through the next day or so, tuesday. one or two showers into shanghai, might see a little bit of wet weather. wednesday, it thickens up. rain will become more intense with snow on the northern

receive government subsidies tesla's model 3 cars being built in its 2000000000 dollars factory in shanghai were on a list recommended for subsidies for new energy vehicles which included plug in hybrids battery only electrical vehicles and those powered by hydrogen fuel cells 2 variants of the tesla model 3 vehicles are on the list for the generous subsidy program so joining us now to discuss this is the car coach to lauren fix all the way from lancaster new york lauren thank you for being with us today. thank you for having me tesla is aiming to make more than 1000 vehicles a week by the end of 2019 and ultimately push that number up to 48100 a week a lot of this is about gaining access to the chinese market but it's not incredible but it was incredible how to look at to use to exist based upon government subsidies so what you make of this government subsidy program. well the government subsidies program put in place by china was to entice people to switch over to alternative types of propulsion for their vehicles and what's happened unfortunately is when they did 1st put it out people to

the shanghai about flat. nikkei down about 0.4 of one percent as well. in europe, green across the map. the dax in germany up 0.1 of one percent as is the cac in france. a little positivity coming off the break. oil rising to a three-month high on optimism right now. you can see wti crude about a third of a percent to the upside to the u.s. base crude prices. we continue to watch what is happening with gold prices we are off the high of the year. 15, 16 spot 40 up about 0.1% looking at other top stories today. reporting the u.s. and china are working to finalize the text of the phase one agreement which will run up about 85 pages in english running from preteks to purchases. the length of the document is reportedly down from 150 pages from when the talks collapsed back in may. the big issue remains how to word china's ag buy commitments and if the country can reach the figure touted by the trump administration japan considering selling a major plant to apple in a bid to boost its balance sheet. sources tell nikkei last week that sharp was also on the tal

in china where the shanghai composite, only. it dropped not even a gain. down by 7.4% >> you had that massive build uppost crisis where they were investing and spending like crazy. that was a big spike a lot of things have come off the profits. >> a lot of focus on growth that is quantity, not quality >> for the 10-year treasury note, down by 50% over the past 10 years what else have we got? >> that's about it >> 10-year treasury about half of what it was looking back at 2019 and how low interest rates were. looking at the treasury yield, we are about 50% lower from where we were in yield terms 1.8% versus 3.8% 10 years ago. stock markets are 120% higher. you would think that bonds would be higher than where they are today. >> i would love to know what various economists and fixed income strategists were 10 years ago. >> i know. probably 6%. when the u.s. yield curve turned this year. however the spread is widening again. zurich insurance guy miller explains why none of this means we are out of the woods when it comes to a possible recession in 2020 >> we

for the last couple days and will continue along that mild theme 17 celsius in shanghai on friday 22 in hong kong we have got this but is farther to the south we could see wanted to shine through the northern philippines and in fact by saturday we could you see want to show along these coastal areas of vietnam the cab beginning to build through the interior so maybe a cloudy day in shanghai with some sunshine in between then further to the south as the say want to showers across the philippines if you will through will central and southern areas but notice as heavy the rain across much of borneo some areas to the mill seeing some heavier downpours but also on friday a much drive day generally throughout much of the mill a peninsula as well one or 2 more showers on saturday but for the most part no so as wet as it has been 27 in singapore and you almost deafening house meszaros and some thunderstorms we've also got some rain and snow pushing through more northern sections of india so if you want further to the south. it is bulk of weather here and this is actually where we have seen s

japan notching gains of 18% for the year the shanghai composite finishing up about 0.33% and the hang seng is up about 10%, which is less than a lot of the other benchmarks let's look at what is happening in early trade in europe and joumanna bercetche joins us now. >> thank you in line with other markets activity volumes are down about 40 to 50%. not all european markets are open today the picture is some what negative the uk ftse 100 down about 30%s. about 0.4% weaker on the year. the cac flat, the spanish index also down. this is not telling you the full picture. the stoxx 600 year to date is up 23%. this is the best performance for european markets in a decade the uk ftse 100, starting with that today, we are down 0.4%. year to date, we are up 12%. what a year for the developments general election and change over in leadership. all eyes will be on the brexit date of january 31st new discussions about the future trading relationship something to watch out for the big bounce around 4% what about germany you can see year to date up 35%. also a big performer we have spent a big part o

japan, hong kong and shanghai, we saw a bit of mixed trade there. real movement downside with regard to what happened with shanghai composite, down 1.5%. the hang seng flat nikkei in japan flat on the day. more mixed trade in the european markets. germ p dax down by .1 of 1%. the ftse 100 in the uk up by one third of 1% and cac in france hovering around flat, little movement in the big french benchmark there. >>> a look at some of the other top stories we are following today. boeing starliner spacecraft returned to earth yesterday. yes, it did return to earth, landing in new mexico. that's the good news the bad news, it never reached the international space station as it was supposed to for that big rendezvous the issue resulted in the clock the spacecraft failing to fire its rockets at the right time. at least some video of it returning safely to earth. >>> uber founder is on pace to sell his entire stake in the ride sharing company he's already shed more than $2.5 billion worth of shares since a lock up period expired last month. he now has less t

how big is the shanghai opportunity? points out the average costco location serves 60 to 70,000 member households. some of their asian locations serve 100,000 or even 120,000. but at their shanghai store, it's already got more than twice those numbers. that's extraordinary at the end of the day, this company's biggest china problem is that there are 25 million people in shanghai and they only got one costco sounds to me like a terrific investment thesis for owning costco stock for years and years to come. meme in new york meme >> caller: yes hey. boo-ya, jim. i own shares of alibaba, which i purchased back in may. so is it all about the tariffs rol roller coaster. i notice every day they go to do the tariffs. the stock goes up. the tariffs don't go through the stock goes down. what's the deal? >> i tell you, business is so strong there they had a huge singles day. with number 11 they are doing incredibly well it's the only chinese stock that you can own. it's got great financials to it. it's really well-run company so i

one celsius in shanghai wednesday. a moist onshore f flow heading toward vietnam but not much there in the way of showers. maybe a few more likely on thursday. the rain pushes further south through china and across into shanghai. temperatures they're dipping a little bit lower and quite cloudy in hong kong, 23 for the daytime high. rain across much of borneo, fairly widespread, heavy at times and some heavier rain in southern areas of malaysia and staying that way as we had through thursday. scattered showers and thunderstorms in kuala lumpur. we had over toward india, much cooler in the north for the last few days. what we have got is some foggy conditions up into pakistan. fog in the forecast for the next couple of d days. feeling cool in new delhi at 19. elizabeth: hello again from delhi. these are the top stories is our. u.s. president donald trump says the houses declaring war on democracy if they continue with impeachment proceedings against him. a congressional committee is finalizing the rules for the vote agai

shanghai bureau chief. our tvorget, if -- function is tv . if you want to watch us live and also catch up on past interviews, and dive into any of the securities or bloomberg functions we talk about. also become part of the conversations are that bottom of your screen on the left side. ask the guest. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ mberg. ♪ throughve seen it going . those are difficult moments. confident about hong kong. paul: this is "daybreak asia." i am paul allen in sydney. shery: i am shery ahn in new york. the christmas holidays offered no respite for protest that has gripped hong kong for more than six months as demonstrators targeted shopping malls over the past three days. daniel joins us now. so how targeted were these demonstrations? dan: protesters went after shopping malls, as they have done repeatedly throughout the past six months. the christmas holidays upon us. you know, there was some hope that things would be more peaceful. they were not, of course. shopping malls in

beijing is denying forced labor is being used at one of its prisons in shanghai. a chinese spokesman said the whole thing is a farce made up by a journalist in china named peter humphrey here's how humphrey reacted. >>over the last year and a half. >>this president has been gradually introducing a much harsher regime to for foreign prisoners to work in the same way the chinese prisons across the country and every chinese president hu. >>participating in manufacturing labor. we benefits the prison system but green profits to it's an economic enterprise run by the prisons. >>the little girl's father told the bbc that at first they thought the message was a prank but then they realized it was potentially serious. the company tesco which supplied the card says it's shocked by the discovery would never allow prison labor in its supply chain. next on kron 4 news at 6 foggy conditions and icy roads lead to a huge 69 vehicle pileup in virginia we talk with one of the drivers in the pilot who says he's lucky to be alive and if you are streaming us on kron on the news conti