moore. >> paul, not peter? >> paul, not peter. >> reporter: for all the produce that comes rolling out of colusa county, california, its population of humans is small. just 22,000. everybody seems to know just about everybody here. so when a would-be anonymous tipster called the sheriff's office, it turned out he wasn't anonymous at all. the detective who took the call recognized the voice and phoned him right back. >> says, hey, you need to come in and talk to us. >> reporter: the caller as it turned out was this man, dave moore, caussin of roger and gus, with a multimillion-dollar spread of his own and a passion for warbirds. dave's stepdaughter had once been married to paul. this is a video from their wedding day. a messy divorce followed a few years later. >> so david and susan moore came into our office. >> reporter: susan moore is dave's wife. what did they say when they got into the office? >> the first thing they told us was a wiretapping incident. >> reporter: wiretapping? >> yes. >> reporter: dave and

i'm paul gigot. from the mueller report to the impeachment probe, we begin with the investigations into president trump which kicked into high gear this year as democrats took control of the house. so what did we learn about the president and those investigating him and which side emerged stronger? let's ask wall street journal columnist and deputy editor, dan henninger and columnist kim strassel, bill mcgern and mary o'grady. kim, when we think about impeachment, i'm beginning to think in retrospect that it was probably inevitable. we were going to get impeachment one way or another from the democrats who are really intent on it and even after the mueller report failed, they were going to look for something else. what do you think? >> well, that was really the key. when the mueller report came over, i think some of us out there we waited more than two years and we thought okay, now we have an a answer, it's time to put this behind us. but no, the minute it came out, they doubled down. they drilled i

i'm paul gigot. the long awaited report from justice department inspector general michael horowitz was released this week on the fbi's investigation into the trump presidential campaign and although the report concludes there was no evidence of political bias, it details a shocking trail of abuse and failures at the fbi as the bureau pursued the investigation it calls crossfire hurricane, including 17 significant inaccuracies and omissions for applications for surveillance targeting trump campaign aide carter page. here's horowitz wednesday as he testified before the senate judiciary committee. >> circumstances reflect the failure as we outline in the report, not just by those who prepared the applications, but also by the managers and supervisors in the crossfire hurricane chain of command, including fbi senior officials, who were briefed as the investigation progressed. paul: michael mulkasi served at the 81 attorney general of the united states. you supervised the fbi as ag. is this kind of behavi

♪ paul paul: welcome to "the journal editorial report." i'm paul gigot. the long awaited report from justice department inspector general michael horowitz was released this week on the fbi's investigation into the trump presidential campaign and although the report concludes there was no evidence of political bias, it details a shocking trail of abuse and failures at the fbi as the bureau pursued the investigation it calls crossfire hurricane, including 17 significant inaccuracies and omissions for applications for surveillance targeting trump campaign aide carter page. here's horowitz wednesday as he testified before the senate judiciary committee. >> circumstances reflect the failure as we outline in the report, not just by those who prepared the applications, but also by the managers and supervisors in the crossfire hurricane chain of command, including fbi senior officials, who were briefed as the investigation progressed. paul: michael mulkasi served at the 81 attorney general of the united states. you supervised the fbi as ag. is this kind of behavi

paul: welcome to the journal editorial report. i'm paul gigot. it's full impeachment ahead as house speaker nancy pelosi asks committee chairs to begin drafting articles of impeachment against president trump, saying that democrats have, quote, no choice but to act. pelosi's announcement came two days after the house intelligence committee released a report concluding that president trump abused the power of his office by pressuring ukraine to announce investigations beneficial to his re-election l campaign and obstructed congress when he ordered witnesses to defy subpoenas in the impeachment inquiry. let's bring in columnist and deputy editor dan henninger and kim extrakim strassel and big b. the report said the president abused his power in a way that jeopardized national security and the intel gritty of our elections -- inte integrity of r elections. did it jeopardize security? >> even in the worst case scenario, if you believe he threatened to do this -- paul: the way it was provided. >> the way it was provided. it's interesting that the witn

i'm paul gigot. the long awaited report from justice department inspector general michael horowitz was released this week on the fbi's investigation into the trump presidential campaign. and although the report concludes there was no evidence of political bias, it details a shocking trail of abuse and failures at the fbi as the bureau pursued the investigation it called cross fire hurricane, including 17 significant inaccuracies and omissions in four application for surveillance targeting trump campaign aide carter page. here's horowitz wednesday as he testified before the senate judiciary committee. >> the circumstances reflect the failure as we outline in the report not just by those who prepared the applications, but also by the managers and supervisors in the cross fire hurricane chain of command, including fbi senior officials who were briefed as the investigation progressed. paul: the 81st attorney general of the united states, judge, welcome. you supervised the fbi as ag. is this the kind of b

. ♪ paul paul: welcome to "the journal editorial report." i'm paul gigot. the long awaited report from justice department inspector general michael horowitz was released this week on the fbi's investigation into the trump presidential campaign and although the report concludes there was no evidence of political bias, it details a shocking trail of abuse and failures at the fbi as the bureau pursued the investigation it calls crossfire hurricane, including 17 significant inaccuracies and omissions for applications for surveillance targeting trump campaign aide carter page. here's horowitz wednesday as he testified before the senate judiciary committee. >> circumstances reflect the failure as we outline in the report, not just by those who prepared the applications, but also by the managers and supervisors in the crossfire hurricane chain of command, including fbi senior officials, who were briefed as the investigation progressed. paul: michael mulkasi served at the 81 attorney general of the united states. you supervised the fbi as ag. is this kind of behavi

paul works with roberto. >> which is how parisi presented paul to the jury. of course as you know, paul had a deeply troubled history with the law. violent sexual offense in his background. but the jury didn't get to hear about that. nor were they told about the dna. quite possibly paul. that was found on the envelope containing the bomb diagram. excluded. so would the jury see the same paul moore prosecutors saw? >> he is almost like a marvel comic book arch villain. he's bright, he's clever, he's evil as can be and he has a flaw to him. his flaw is his arrogance. >> reporter: the jury retired to think about it. and they were not fooled. after just five hours of deliberation they walked back into the courtroom and declared paul moore guilty of murder. the judge sentenced him to life in prison. >> i remember driving away from the courtroom and my wife and i were together and we just started crying because we knew it was over. you know, i did the job. i went in there and i did my job. i told everything i knew. and it wasn't easy because i basically put away so

paul: dan? >> i guess i would say it's the extent to which the left progressiveism became the benchmark in the democratic party after the 2016 election. bernie sanders had a lot to do with that. but it became on policies like the environment, on identity, on taxes, attacking the wealthy, this was kind of -- paul: free college, medicare for all, taxes through the roof. >> it was a challenge, it became for moderates, joe biden, amy klobuchar, tim ryan, the question was how far could you vary from the left wing agenda and still get the support of the party or the media. now, joe biden and amy klobuchar have moved more clearly towards the center but the left is kind of the controlling force inside the party. paul: have we seen the peak leftism in the democratic party? because warren had that -- now she's down. bernie stays at 20% but doesn't move up. i wonder with biden and bloomberg getting in and maybe klobuchar rising in iowa, perhaps the left's moment is over. >> i'm not sure where bloomberg is

i'm paul gigot. from the mueller report to the impeachment probe, we begin with the investigations into president trump which kicked into high gear this year as democrats took control of the house. so what did we learn about the president and those investigating him and which side emerged stronger? let's ask wall street journal columnist and deputy editor, dan henninger and columnist kim strassel, bill mcgern and mary o'grady. kim, when we think about impeachment, i'm beginning to think in retrospect that it was probably inevitable. we were going to get impeachment one way or another from the democrats who are really intent on it and even after the think? >> well, that was really the key. when the mueller report came over, i think some of us out th years and we thought okay, now we have an a answer, it's time to put this behind us. but no, the minute it came out, they doubled down. they drilled in on the obstruction piece of his report even though the justice department said this was not something th

paul: bill? >> paul, a miss to the supreme court for declining to grant cert to a case brought by national review and the competitive enterprise institute. they're being sued by climatologist michael mann for defamation. there was an interesting dissent by judge alito, he said if the court is really is serious about the first amendment, they should have taken this up. so they can come back, but they'll have to go through all this litigation and stuff which has an effect on robust debate. paul: dan. >> the world anti-doping agency is the group that polices the use of illegal sports-enhancing drugs in sports, and this week its compliance committee recommended that russia be totally banned from the upcoming summer olympics in tokyo because of its abuse of those rules and perhaps from other world championships in sports such as soccer. this is a really harsh ruling, and if it happens, it means that russia will not be able to participate, but i think it's merited given the idea that russia thinks it c

paul: good morning. i'm paul allen in sydney. under one hour away from the market open in japan and south korea. shery: good evening from new york. i'm shery ahn. sophie: i'm sophie kamaruddin and hong kong. welcome to daybreak asia. ♪ paul: our top stories this tuesday. a step closer is the u.s. prepares to fly to mexico. congressional approval could happen this month. morgan stanley wields the acts and the year end efficiency drive. 1500 jobs being cut across the world. shery: goldman sachs is recruited by softbank to find funds for wework as part of a $5 billion rescue plan. first, a quick check of the markets. australia coming online. sophie, what are you seeing? sophie: after a three-day rise for sydney stocks, asx 200 open little change after the tepid session we saw on wall street. heads up on the corporate fund, i want to highlight bellamy australia said china might need acquisition so shares will be suspended today. bonds enough straily at a risk off. yields coming off the session low as the rba governor says gdp is in

paul: i am paul allen in sydney. you are watching daybreak: australia. new documents show president trump question u.s. military aid to ukraine months before his controversial call with the country's new leader. roz presley joins us from washington with the details. do these emails tell us anything new about the president and ukraine? os: having gone through impeachment and having heard from so many officials over many hours of testimony, i am not sure they do, but they certainly put a finer point again on the fact there was something going on in the white house about ukraine and that it seemed like the president knew a lot and had interfered a lot even before this all became public. frommails you referenced the centers of public integrity, published on saturday, heavily redacted, but trump inquired about ukraine aid as early as june and eight was put on hold an hour after his now infamous phone call with the president. the administration is on record now saying it is meaningless. democrats say it is illustrative of the broader problem but may not add mu

paul: i am paul allen in sydney. over the weekend china's unveiled the neo- third major project in its lineup. tesla will start delivering china built cars on monday bringing more competition to electric vehicle makers. selina wang joins us from beijing with more. neo-has been under some financial faculty. what is the plan to stay afloat? reporter: it is only a few years spent much on marketing and product development and been burning through cash faster than tesla. the company has been scaling back on sis -- on spending. it has been scaling back on employees. it will be able to remain competitive despite the looming tesla threat. the company has received $100 million in notes from the ceo as well as tencent, which is a major shareholder. the company is restructuring its business and spinning off the non-core businesses. despite downsizing analysts have noted it will be difficult for nio to sustain its business. you got more financing otherwise and you could ramp up faster and continue to cut costs even further. thin

paul: was attorney general. arguing that the articles of impeachment passed by the house this week, do not allege any violations of law. and trivializes the impeachment process for partisan purposes. he served as deputy attorney general on the bar. welcome george. nice to see you b again. first let's talk about and before we get to impeachment. the senate trial. is nancy pelosi and the speakers threatening not to turn over the articles of impeachment and the senate. until she likes how they conduct the trial of the center. this represses to that. >> know. it is absorbed. is fundamental to the constitution paul, and he tells of the congress sets his own grrules, that the senate has its rules. for impeachment and decides its own procedures. the idea that they would have to negotiate with the house as to what that process looks like, is silly. and you shows again, how unabashedly political and politically motivated the whole impeachment businesses. it's very. paul: so the senate and ms. mcconnell the majority, be j

paul. paul: thanks, shery. the indian government has banned public protests and shut down communications and the internet in some areas. citizenshipr as the log rages on. thousands are defying their ban. let's bring in dan. what is the latest? a big dayrday was where we saw protests all over india. most of them were peaceful. there were instances of violence that broke out, reports of one or two deaths from gunshot wounds. pretty much, chaotic. bringing a sense of, you know, what is next in this whole movement. it erupted due to the citizenship law. there are things on the agenda that could further inflame religious tensions in india in the month ahead including the construction of a hindu temple razedsite that was decades ago where a mosque once stood. shery: we continue to see indian stocks touching record highs. why aren't we seeing this impact on market sentiment there? an: so far, it is just question of how far this thing will go. modi, on the one hand, has been going around courting foreign investments, t

paul: good morning. i'm paul allen and sydney. we are under a market -- we are under an hour away from market open in japan and south korea. sophie: welcome to "daybreak asia." ♪ paul: our top stories this thursday -- no change at the fed. rates remain on hold as expected. jay powell indicates little chance of a move in the coming year. sterling will be in the spotlight is the u.k. heads to the polls. source -- sores -- soars. australian markets have just open for trade. let's turn to sophie for what to watch. sophie: it's hitting the snooze button with markets little changed to the downside. aussie dollar just retreating a touch. we are also keeping an eye on what is happening with the u.k. election taking place thursday and india very much focused as we get health checks on the economy. we are also waiting on japanese machine orders. we have singapore on the docket as well. paul: thanks very much. let's check in on first word news with ritika gupta. ritika: the u.k. vote later thursday in an election that will define its relat

paul: i am paul allen in sydney. let's get a quick check of the latest business flash headlines. american express rosen u.s. trade as singapore sovereign wealth fund announced investors buying a stake in the global business travel division. qatar investment authority and funds managed by blackrock are buying in. 50% ownership with the deal valued at $5 billion. after slumped in new york slashing its outlook and warning the november sales were considerably lower than expected. it now expects full year revenues to be done as much as 18% compared to initial forecast of single-digit growth. results on full january 14. the stock lost half of its value this year. paul: may be set to move further away from topography to the more lucrative health care sector. unitiagnostics imaging says it is worth $1.6 billion. health care and diagnostics is the highest revenue generator among fujifilm's business and accounting for more than 40% of its overall income. shery: a recap on the pg&e headlines. we have seen the bankrupt utility i

paul: mr. mulvaney: veiny, thank you very much for joining us. -- mick mulvaney, thank you very much for joining us. [applause] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2019]

paul: thank you for joining us. protesters were out in force in hong kong on sunday in a sign that the antigovernment, anti-china demonstrations will probably drag into the new year. organizers said 800,000 people took part while police but the figure below 200,000. there is also a call for a general strike on monday. man -- yvonne is in the central business district. large: it was another turnout over the weekend and we've been walking around, and in terms of the damage left behind, you're not seeing a lot. there is still some trash in the streets and graffiti on the walls, and behind me, you see that protesters have thrown petrol bombs at the court of final appeal, which we haven't seen before, there protesters targeted the courts specifically, but this is the most of it. largely speaking, this was a peaceful event. you mentioned that 800,000 people showed up from the victoria park and causeway bay to the central district. we saw families show up, perhaps knowing this was a legal event, the first approved by polic

two paul rudds is better. wouldn't three paul rudds be best? didn't you stop one paul rudd short? >> i don't think they did. some people might say they went two too many. >> stephen: how do you feel about watching both of you on screen? is there one of the characters you like more? >> no. it's-- you know, sometimes it's hard to watch yourself on screen. this one's particularly rough because i have to be judgmental towards two performances. and it's-- you know, i just can get critical over each choice. so it's kind of double the pain. >> stephen: do you normally not watch yourself? >> no, i don't know. i'll watch it. usually i'll watch it when it's being edited or done, but after, that, i tend to let it go. i don't really pay attention. >> stephen: you don't have paul rudd film festivals in your house. >> no, i don't. >> stephen: come on over, everybody! >> no, i just sit at the computer and watch clips. ( laughter ) >> stephen: so this is-- what's your character's name, miles? >> miles, yeah. >> stephen: now, there's a new- and-improved miles in this. if you could improve paul rud

paul: loss of revenues. mr. mulvaney: it's not. the has been a year since i have been out of the office. i am going to do this by memory. last year, last fiscal year, not the one that ended in september was one of the most -- our debt $800 billion, $900 billion. almost half of that was, over half was in mandatory spending. only half of that was in medicare and medicaid and social security, and the other half was on the discretionary side. my party has done such a good job of convincing ourselves that entitlements are the problem that we ignored the discretionary part of the budget, and we spent a bunch of money. the republicans on the hill spent money. keep in mind, congress spends money. i am reminded every time i go to the hill to have budget discussions. "mr. mulvaney, thank you for being here, but the constitution lets us spend money." you are right, and they did. with the republicans in charge of the house were almost as big as they were with the democrats in charge of the house. it is hard to get members of congress to stop s

paul: good morning i'm paul allen in cindy. we are -- in sydney. shery: good evening from new york. i'm shery ahn. : i'm sophie kamaruddin in hong kong. welcome to daybreak asia. paul: our top stories, china recommit to a further opening of the economy. lower financing costs for private companies. more clashes in hong kong as an officer draws his gun after protesters tried to vandalize the chinese flag. shery: the bank of america boss is optimistic going into 2020 but warns overleveraged companies pose a worrying threat. the markets coming online. sophie? losses for sydney stocks after a decline for the asx. bonds rising above 130 basis points, climbing to a july 23 hi. nikkei futures slightly higher this morning. the kospi potentially building on gains after posting a high on friday amid signs of overheating for the index. we will watch for korean exports data later this morning, another weak print is coming. a nikkei news report japan decided to use export controls on south korea. the president is to meet with xi jinping this monday in beijing. paul: first word news, this is su ke

paul: i'm paul allen in sydney. a holding company of india's mammoth tartar group has had a sharp legal defeat after an an executive ruled had been improperly fired in 2016. tartar has four weeks to appeal the ruling. month low in paris after its price target was cut on indications the upcoming lunar new year will be difficult. the stock closed at its lowest since mid-february after shipment data from cognac confirmed further weakness in sales growth in asia. says thet bank aramark numbers indicate demand will be even worse than expected. watching casino stocks in hong kong trade later jumps oner the u.s. china's jumps on decision to limit -- all major operators enjoyed the lift in new york. the move marked a stamp of approval in beijing. shery: staying with casinos, companies that have seen japan as a potential $20 million gaming market may be questioning if that cap it is worth all the trouble. consumersg in our reporter. we saw japan legalize new casinos back in 2016. why are these operators becoming more pessimi

. >> my name is paul weber. my father was a lawyer in small-town vermont, who was always willing to help a client out. and that's how i ended up inheriting a really cool and really old chinese relic and a pretty strange story to tell. >> i'm jamie. i meet paul, a local math teacher, and his wife, sarah, at their home. >> come on in. >> thank you so much. the residence doubles as a bed-and-breakfast the couple have run for almost 30 years. i couldn't help but noticing, as i came in, you have a lot of exotic art. >> my father was always interested in asian art and he dabbled in painting a little bit. and so that's why we have lots of things around the house. >> when paul's father, bruce weber, wasn't practicing his painting skills, he was practicing law in nearby brattleboro. what kind of attorney was your dad? >> well, as a small-town lawyer, you don't specialize. you do a little bit of everything. >> in the mid-1970s, a woman comes to bruce in need of legal services. whether she couldn't afford his fee or for so

paul: good morning. i'm paul allen and sydney. we are under an hour away from the market open in japan and south korea. from: good evening bloomberg world headquarters in new york. i'm shery ahn. sophie: i'm sophie kamaruddin and co. will import. daybreakwatching " asia." -- i'm sophie kamaruddin in .uala lumpur paul: our top stories this friday -- christmas cheer for friday aztec gains internet -- as tech 9000 nasdaq above 9000 for the first time. --ry: let's get used to let's get you started with a quick check of how markets closed. it was a holiday shortened week, but we saw some markets adding to those gains, those record highs, so the s&p 500 was led higher by consumer companies. nordstrom, macy's, jcpenney all advancing. not to mention u.s. jobless claims fell to a three-week low. today the biggest gainer after saying this holiday season was record-breaking. that surpassed and closed above 9000 for the first time, but usp stocks under -- u.s. stocks under a little pressure at the moment. let's turn to sophie for what to watc

paul: welcome to the journal editorial report. i'm paul gigot. it's full impeachment ahead as house speaker nancy pelosi asks committee chairs to begin drafting articles of impeachment against president trump, saying that democrats have, quote, no choice but to act. pelosi's announcement came two days after the house intelligence committee released a report concluding that president trump abused the power of his office by pressuring ukraine to announce investigations beneficial to his re-election l campaign and obstructed congress when he ordered witnesses to defy subpoenas in the impeachment inquiry. let's bring in columnist and deputy editor dan henninger and kim extrakim strassel and big b. the report said the president abused his power in a way that jeopardized national security and the intel gritty of our elections -- inte integrity of r elections. did it jeopardize security? >> even in the worst case scenario, if you believe he threatened to do this -- paul: the way it was provided. >> the way it was provided. it's interesting that the witn

paul: and i am paul allen in sydney. u.s. secretary of state mike pompeo arrived in ukraine this week to voice support for the embattled nation. but it is a message that might .he muddled by rudy giuliani's latest visit he was there in search of dirt on joe biden and by the pending senate impeachment trial in the senate as well. we have bloomberg news editor us. subject joining what is mike pompeo internet to achieving ukraine, and how hard is it just going to be? >> his stated goal is to affirm to the ukrainians that they are a strategic partner and priority for the u.s. as they face off that theussia, to show u.s. supports the ukrainian government. but this is going to be rather difficult given the fact that there continues to be this sidelined with julianna's trip and impeachment hearings all revolving around the president anding with ukraine attempts on the julian's park to dig up dirt on one of the president's chief political rivals. pompeo will be the highest-ranking u.s. official to go to the ukraine since the jul

paul: i am paul allen in sydney. the fed's latest operation brought in billions more dollars than an ad on offer. it shows how hungry primary dealers offer liquidity. watcher kathleen hays is here with us. what is causing this? kathleen: it is a couple of things. one is the big transition from the precrisis system of the fed's small balance sheet, its giant balance sheet, started to work it down, and financial regulation and deregulation that changed the rent -- the landscape for banks. let's jump into the bloomberg terminal. in the month of december some different things happened, but we can say the federal reserve came with an offering of $50 billion of repo. a big repurchase agreement. there were 54.2 5 billion dollars worth of offers. what you are seeing in this chart is precrisis. that was back in the day. i'm not even on the chart when i started covering the chart. they used to do repo operations all the time. they managed liquidity day in and day out. you can see in the crisis how they were some large repo ope

paul: good morning. i am paul allen. we are under one hour away from the market open in japan and south korea. shery: good evening from new york. i'm shery ahn. sophie: i am sophie kamaruddin in hong kong. welcome to daybreak: asia. ♪ paul: the top story this tuesday -- u.s. and china in daily contact on trade as the clock ticks down to the tariff deadlines. new duties being delayed. progress for the new nafta. that seems a political win for president trump and democrats say it is good for american workers. aramco preparest makes the trading day boom. still considering a secondary listing in asia. shery: we have breaking news out of south korea. the unemployment rate coming in at 3.6% for the month of november. this is higher than the estimates of 3.5%. we have seen three months of unemployment rate going up in south korea. for the month of november, the adjusted jobless rate at 3.6%. the government saying they added 331,000 jobs in november versus 419,000 jobs in october. we have seen a lot of pressure for the south c

paul: good morning, i am paul allen in sydney. we are an hour from the market open in japan and south korea. kathleen: i am kathleen hays. sophie: i am sophie kamaruddin. welcome to daybreak asia. ♪ paul: our top stories, expected shipments show why china needs a trade deal. theal demand is hurting economy. oil is expanding three days of gains after opec's deeper out what curves. -- output curves. kathleen: and the biggest demonstration in hong kong in months. the protests will drag on into the new year. markets have opened. what do you see? gaining .2%.sx 200 ceosurprise resignation of futures are pointing higher. policy decisions from the fed and ecb as well as aramco's big trading debut in riyadh. and the fed will close out its current session this week with prime minister of a going to win a deal. we are waiting on japan final third quarter read which could be revised up. we will get a reading on china's credit data. seeing the offshore yuan holding steady, the weekly gain trading at the mid-levels. the aussie dollar under p

paul? paul: let's get the first word news with haslinda amin. slinda: thousands rallied in hong kong monday evening against police actions to see moneys raised by a crowdfunding group. police arrested four people over suspicions of money laundering. and $9 million of assets. spark alliance condemned the police action. raised the subject telling xi jinping he's very concerned and urged china to continue to exercise self-restraint. abe also mention the treatment of uighur muslims saying the international community is increase of a worried. chinese state television said president xi agreed that sensitive issues should be handled properly. five people have been sentenced to death in saudi arabia for the murder of journalist jamal khashoggi last year. that the killing was not premeditated and said it did not have enough evidence to incriminate two senior officials close to mohammad bin salman. he's denied sanctioning the killing but the u.s. says it could not have happened without his knowledge. is accused of using sophisticated technology to spy on

paul: good morning, i am paul allen in sydney. we are an hour from the market open in japan and south korea. kathleen: i am kathleen hays. welcome to daybreak asia. ♪ kathleen: let's take a look at our top stories, the u.s. and china welcome the trade deal and take new tariffs off the table but robert lighthizer warns important issues remain. the turbulent months of protests. in hong kong demonstrators clashing with police. doubts grow over masayoshi son's investment record. topics question his strategy after a series of expensive setbacks. desktop banks question his strategy. staggered open, not seeing a huge amount of action. we are up .1%. looks like a positive day rolling a flat close of u.s. equity markets friday. good news from the u.s.-china trade dispute, seems to have been priced in. new zealand has been flat all morning. seeing modest gains for nikkei futures as well. by s&p is pointing higher .1%. we have also had out of economic the midyear and fiscal outlook. the surplus budget is falling, narrowing a little, same s

paul: good morning, i'm paul allen in sydney. we are under an hour away from the market open in japan and south korea. to "bloomberge daybreak: asia." paul: our top stories this friday, aramco raises $25 billion and is valued at 1.7 trillion dollars. ipo pricing comes as opec agrees to formalize output restrictions. nancy pelosi turns a screw on president trump. the impeachment process is on the fast track and about may come before christmas. shery: blackstone says geopolitical tensions remain the biggest threat as we head into 2020. we hear from steve schwarzman this hour. is ready markets have open for trade. what are you seeing? steady, butholding still on course for a more than adding moreop after pressure to the earnings outlook. totralian companies expected see the worst profit growth in 2020 where southeast asia is forecast to come out on top, followed by india, even in the face of expansion. nikkei futures are pointing ther after japan joined physical spinning bandwagon. today will get it gauge on household spending as we

(paul) aw thanks... and did you know you can give your family the gift of savings with both an unlimited plan... (sprintern) ...and the powerful new iphone 11 included (paul) ...for just $35 a month when you switch? (sprintern) whoa, what a deal! (paul) and, sprint has a 100% total satisfaction guarantee so you and your family can try out the network and see the savings for yourself. (sprintern) so cool, now open it! (paul) is it the iphone 11? (sprintern) what? how'd you guess? for people with hearing loss, visit sprintrelay.com. still fresh... ♪ unstopables in-wash scent booster ♪ downy unstopables ♪ hvr dips. you either love it or you really love it. aveeno® with prebiotic striple oat complex balances skin's microbiome. so skin looks like this and you feel like this. aveeno® skin relief. get skin healthy™ (man and woman) [burst of t♪lking to animals] (vo) it feels good to give back. (attendant) thank you so much. (woman) oh, you are so welcome. (vo) you can choose the aspca to get two hund

paul never met the human jesus. here was james, who was jesus' brother, and this upstart was presuming to teach jesus' message and go out among the gentiles with this message. >> things get so bad in the relations between paul and james that ultimately they have to have a big conference in jerusalem to sort it out. >> around 50 ad, 20 years after the execution of his brother jesus, james presides over a council of the movement's leaders. the outcome will decide the future. will they remain a small jewish sect, or will christianity stand alone? >> paul comes to defend the salvation afforded by the death and resurrection of christ that also extends to gentiles, and he brings a saved christian to jerusalem in order to try to prove his point. >> here is my friend, titus the uncircumcised greek, and he's bringing him to everyone that says so what are you going to do about this? >> the only thing that counts is faith. >> when we read the acts of the apostles, it's quite clear that there's tension, and there's especially t

paul: thank you. you can get more on the situation in hong kong and a roundup of the other stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers can go to dayb on terminals. it is available in the bloomberg anywhere app. let's check in on the first word headlines. wildfires are expected to get worse in australia amid rising temperatures which will peak on new year's eve. have --on acres of land land have burned, 950 homes destroyed. prime minister scott morrison said volunteers battling in new south wales will be compensated for their efforts. as this is a prolonged fire season, it is putting additional demands on our fire fighters in particular. it remains that the callouts have been more extensive than previous years going well and beyond and above what is normally expected of those engaged in quality or service. -- in volunteer service. least 41 people are known to have been killed by a typhoon which hit christmas eve. dozens more are still missin

mega donor paul singer. most people have never heard of it singer, but every single member of congress has. he is one of the biggest reasons the parties behavior seems so divorced from the interests and the beliefs of republican vote voters. why do people you vote for keep doing things in washington you disagree with? in some cases, because they are paid to. and this year we recently profiled what singer's actions meant for a small town in nebraska. that segment got a big response, here is what we said. >> if you spend time driving around america recently, you have may have noticed an awful lot of the country seems to have shriveled up and died. take a trip on route to go in maine sometime, count the paper mills and abound in house as you see. down on route 23 and michigan or ohio, consider the empty factories ringed with barbed wire. outside the coastal cities, it seems like this are everywhere. this is your country now. shuttered car dealerships next to defunct restaurants across the street from thrift sto

paul. paul: thanks. today is the day. the world's most possible company will make its trading debut. but only with a fraction of the stock available to investors. saudi aramco 1.5%. the ipo raising record $25.6 billion. joining us now from hong kong is the sanford c bernstein senior analyst, neil beveridge. we will have trading getting underway. what are your expectations for the stock price? valuation is a lot lower than where the stock is initially going to price at $1.7 trillion. we estimate fair value of closer trillion dollars. there is lots of pressure certainly for the stock to go up. the saudi oil minister is talking around a $2 trillion valuation so i think you could on the stock move up today buying from local investors, and of course, we will have passive money flowing into aramco given it is waiting on the msci e.m. when it gets included. paul: in terms of that expectation you mentioned from the saudi energy minister of a valuation, that is making some pretty hero look assumptions about where the oil price is

paul never met the human jesus. here was james, who was jesus' brother, and this upstart was presuming to teach jesus' message and go out among the gentiles with this message. >> things get so bad in the relations between paul and james that ultimately they have to have a big conference in jerusalem to sort it out. >> around 50 ad, 20 years after the execution of his brother jesus, james presides over a council of the movement's leaders. the outcome will decide the future. will they remain a small jewish sect, or will christianity stand alone? >> paul comes to defend the salvation afforded by the death and resurrection of christ that also extends to gentiles, and he brings a saved christian to jerusalem in order to try to prove his point. >> here is my friend, titus the greek. >> paul brings with him titus, an uncircumcised greek, as a sort of symbol of the gospel that he's preached, and he's really bringing him there to say to everyone, "so what are you going to do about this?" >> the only thing that counts is fait

paul: i am paul allen in sydney. china is expanding its generic drug program to include 33 drugs moved to pit domestic and international drugmakers into a price were. -- war. provided skepticism about this. we are joined by rachel chang. let's start with the story of the alzheimer's trial. this is being very closely watched. why are there any expectations that this drug could work when so many before have failed? >> that is an exciting development. when the chinese government gets conditional approval for this drug, that was a real global reaction. companyortantly, this just came out of nowhere. nobody knows this company. giants haveceutical failed to find a solution for this. this is really something that is being watched globally. therapyoes the chinese for from the western approach? rachel: this drug is very interesting. the western approach is very focused on the plaque that those of in the brain for alzheimer's patients. major pharmaceutical giants have been trying to find a way to get rid of this plaque in the

paul: all right. ephie coumanakos, managing partner at concorde financial group, thank you so much for joining us. do not miss our interview with the australian finance minister later on daybreak asia to discuss australia's midyear budget and outlook. kathleen: up next, getting brexit done. the challenges ahead now for boris johnson. this is bloomberg. ♪ this is bloomberg. ♪ kathleen: having won the u.k. election, boris johnson is moving quickly. one of the most highlighted tensions. governmenttional editor is joining us now from london. let's start with the irish backstop question. will that just get bulldozed over by boris johnson in something that gets pushed through congress? what do you see in that initial circle before we even get to the eu? guest: certainly he now has the mandate to get brexit done. he has enough seats in parliament to put that bill before parliament -- before christmas, andre get that passed pretty quickly. and then brexit will officially happen at the end of january. of c