Biggest refining hit by drones next last weekend. Shery we are seeing u. S. Futures gaining. 4 after coming from wall street fell on friday. We had trade related news, not being felt well by the markets. We were up throughout the session but then we had reports the chinese delegation would not be visiting u. S. Performs which led to a fall in the equity markets. There were concerns over the trade negotiations. We had consumer stocks declining, trade sensitive stocks falling like tech. The nasdaq fell the most in two weeks down. 8 . Rally throughout the week, yields going towards 170 at the moment but we are seeing u. S. Futures gaining ground after media reports saying the pullout from the u. S. Farm business had nothing to do with those trade negotiations. Lets see how we will set up in asia given the headlines. Lets go to selena. Markets are closed in japan so any moves are exacerbated by trading but futures are so far futures are pointing to a mixed open, slightly higher, seeing the trading around. 1 as you said we had mixed trade headlines first friday. That is that farm visits were being canceled, investors got skittish but reports from the local media citing the vice minister of agriculture those visits were not canceled because of the trade war. Looking at the offshore reaction to that sentiment, we saw the yen gain as much as. 2 , no trading around we also heard news from the China Ministry of Congress Commerce that constructive talks have been held. We are getting mixed positive news on the trade war front. Looking at the Economic Data on pmi dataave australia as well as singapore vpi. That is a specter to have picked in july. 0. 4 core inflation will hold steady, also hong kongs current account balance. Paul lets check in on first word news with su keenan. Su we start with iran which is refusing to move on the middle east as the u. S. And then military aid to saudi american saudi arabia. Notforeign minister is optimistic about avoiding conflict but added iran would not be the one to start a fight. The iranian president is in new york for the u. N. General assembly and iran said it will lay out a piece initiative at initiative at the event. Iran released a british tanker seized in gibraltar. Theas news agency said ship and its crew have been released. In tanker was detained back july after an iranian tanker was halted after he was record is requested. Fines for breaches in data privacy and singapore in singapore have surged this year. Have written a 937 million with most handed to two entities. A massive breach this year. 29 entities have been targeted, compared with 28 in 2018. 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 su keenan, this is bloomberg. President trump acknowledges he did discuss former president former Vice President joe biden in a phone the ukrainian president. This has sparked a congressional investigation. Our reporter joins us from washington. Two is a phone call from months ago that sparked a battle between democrats and republicans. Tell us the latest. The president went out to texas and ohio, speaking to reporters outside, acknowledged that the conversations with ukraines new president did include mention of Vice President former Vice President joe biden and his relationship to accompany his son operated in ukraine. This is the first time the president acknowledged the content of this call to remind a whistleblower complaint emerged a week ago related to this phone call. No details, just a whistleblower call. Democrats in congress have asked repeatedly for a transcript of the call for for the actual complaint from the whistleblower. One to limit today, significant development, House Speaker zeballos he did meeting that the whistleblower complaint be released and if not, she said there will be a new chapter in the discussions they have had over this issue. A number of democrats are invoking the word impeachment talk about the president s behavior on this issue. Shery we are seeing conflict and tensions in the middle east following the drone strike in saudi arabia. Steve know so far . Late friday night the United States said it was sending a moderate number of troops and armaments to the saudis to defend an oilfield after the United States blamed iran for an attack that knocked off half of the production. Yemen took responsibility but the United States and saudis blame iran. Irans foreign minister and president will be in new york this week for the General Assembly meeting. President trump is midway in history to go to the United Nations. The latest development is no need between no meeting between trump and rouhani. The tensions have mounted. Today secretary of state pompeo on three separate shows said u. S. Is aiming for a medical resolution but all options are on the table and he is confident trump would make the right decision if there is no relief from the iranians. Paul there are far warmer relations between the Indian Foreign minister and President Trump. He is in the u. S. Now and sitting behind the president. A big love fest in houston, people packing a stadium. [please stand by] trump to support Indias Space Program which has had recent setbacks as well as additional trade incentives. Modi was lavish in his praise for donald trump, for his artfulness in making deals and tried to align himself with the president. As they left the stage after a raucous meeting, boisterous celebration of Indian Americans in the United States, modi grabbed the president s hand in a symbol of victory, hand in hand as they left the stadium in houston. All right, steve diamond, thank you for joining us. Violence returned to hong kong in a 16th consecutive weekend of protest. The sunday rallies were muted after saturday saw teargas and petrol bombs. Sophie kamaruddin has the latest. Chinas 70th anniversary continues to loom closer. In the continued focus territories north of the Victoria Harbour across from hong kong harbor hong kong where i am standing. And whatg frustration, we saw was targeting which seemed to be probeijing. This was organized by the government for this week. The thursdays session we see 200 attendees but there is doubt how much progress can be made given the government said they will likely concede to protesters demands. This could be voted on this wednesday and the House Committee fall while there are increasing calls for the Hong Kong Government to manage longstanding issues underlying the protest. Against that backdrop we see stuff continue to flow into hong kong and ab inbev is surprising is listing of the asian unit seeking to raise 4. 8 billion. Paul more on that story later on. Sophie kamaruddin in hong kong. Still to come drama inside one of the worlds biggest startups. We work directors want the ceo to step down after the startup delayed its muchanticipated ipo. Shery Global Markets surging searcing for direction searching for direction. We will hear from a guest next. This is bloomberg. S bloomberg. Shery we are counting down to the sydney open with futures unchanged, not doing much after two sessions of gains. Five weeks of gains for the asx 200. The aussie dollar unchanged. This after weekly losses against the u. S. Dollar on disappointing Economic Data and potentially more rba cuts being priced in. I am shery ahn in new york. Paul i am paul allen in sydney. Strengthens and the yen slips as trade talks have been constructive. Lets look a new week of trading. Thank you for joining us. We are seeing equity markets sort of searching for direction. What is going to be the catalyst . Is it news on the trade front or Something Else . The catalyst the catalyst could be headlines on the trade front but the backdrop is unchanged bridges the cyclical slowdown in Global Industrial growth and is manifesting in china in one way, in the u. S. Also now in a similar way with industrial downturns you are seeing showing up in the data. I think each country kind of knows it is happening in the backdrop. The headlines can kind of i guess edge you along and the markets. They seem salient, but i dont think they change the underlying trend quickly. Of the cyclical global slowdown, the pillar of strength this continues to be the u. S. Consumer but can you see risks i am thinking only in terms of trade but the manufacturing slow down. You mentioned it is affecting jobs or even the risk [please stand by] lakshman very, very clear and we will get more data soon. It is ok because the consumer is hanging in. The consumer is strong because unemployment is at near a record low. The jobs market is fine. When you look at the details, what you will see is jobs growth has been slowing rather sharply since the beginning of the year and is already at its weakest reading in some seven or eight years. Forwardlooking data on jobs growth, jobs itself, it is cyclical. The leading indicators in the direction of jobs growth have fallen to their worst readings in 10 years. In jobs more weakness growth. We can say that clearly. For Consumer Spending growth which is kind of critical to the whole thing. Shery weakness in the consumer sector, one of the reasons Prime Minister modi of india unleashed for 20 billion taxcut companies. What will that do for these corporations or earnings and how it will filter through to employees. Lakshman in india, it is very interesting. Based on cyclical monitoring the cycle, they are at the bottom of the cycle and turning up. If you give it a push, it is like a swing at the right time. It could be a smooth upturn and i think it is also clarifying for Prime Minister modi confusion. Are you business friendly or not . You have been doing Different Things and this is an emphatic message, yes, i am business friendly. It is interesting given the timing of the u. S. And china where there is this may be effort maybe effort to force supply chains to move out of china. India is a we have one of the lowest tax rates seemed next to singapore. When i consider us . Why not consider us . Shery we see huge quarterly outflows out of china. Could we see a turnaround that is more sustainable because of this package . Lakshman i dont know. It remains to be seen. I dont think there is clarity which might be required for putting down real investment. Certainly that is the hope, that we get clarity but business managers, if you look at cfo sentiment and service, they are kind of playing close to their chest for the time being. Is the u. S. Going to hang in . It depends on the consumer and as i said, the job slowdown could undercut the consumer. Inl is anyone going to hang there more broadly . One of the stories at the end of the week was that Global Growth outlook. What does this hinge on, trade war resolution . Seems like Central Banks dont have anything in their power to turn it around. Lakshman i agree with that. We could be at the ending chapters of those efforts but cycles turn even when things are quite dire. I took a look of the oecd Outlook Negative including europe and germany and it is very interesting. The cycle indicators for europe have become more constructive. They sometimes do that. They go in a way you dont expect and they have done that in europe. Certainly german manufacturing is still in the crosshairs but even there it is getting less bad. When you realize europe is very nuanced, it is not one economy, you can see some areas like france that look downright optimistic that they are going to actually get reasonable growth in coming quarters. Shery last week we heard from the bank of japan governor saying the boj has more room for easing compared with the ecb despite everything they have done so far. How do you rate the economy . Lakshman i am worried about japan. That is one place we should look for Recession Risk because leading indicators have gone down. Couple of bad things happening. One is global trade, they are a supplier to china. They are very much hurting right now. They also have the spat with korea which is significant, their secondbiggest export destination and to make it interesting, they are raising sales taxes at the end of the month, which is poor timing. They did that in 1997 and it triggered a recession, in 2014 and here we are again. Shery the question would be, have they learned their lessons . Lakshman apparently not. I am saying it here, it is knowable it is not a great time to do it. Shery especially given your considering more and more analysts are calling for long yens. Lakshman we dont make market calls, but that could happen which may not be the best thing for them. They are taking it on the chin with exports already. That will just make it worse. Paul thank you very much. Break we will bring you live pictures from ohio. You can see President Trump and the australian Prime Minister the gentleman second from the left is the one to watch. That is australias richest man. He has invested half 1 billion in the factory they are standing in. There is a box factory. They will shortly be addressing a crowd which is turning into a keep America Great rally. We will have more on daybreak australia. This is bloomberg. Loomberg. Paul i am paul allen in sydney. Shery i am shery ahn. Saudi aramco has allowed bloomberg and other media to inspect its facilities hit by drones last weekend. Anchor has this first look at the damage. Yousef a swarm of drones dissented here. It belongs to saudi aramco. This is the crude Oil Processing facility, the largest in the world and it is a jewel in the crown of energy infrastructure. It is a few miles away from riyadh, like going from boston to new york. I want to show how the stabilization column, the ones at the end of this have survived the attack. The first one is absolutely devastated. There is a lot of debate around where the attack was launched from. Iran denies having played a role but the u. S. And saudi governments believe the attacks could have been launched from iranian or iraqi soil. Is have claimed responsibility. This is where the crude is pumped out and sent to refineries. Seven missiles it here hit here. Three missed but the damage, very extensive. The attack caused the biggest oneday prices spike since the in 1991. While restoring physical capacity back to 12 Million Barrels a day by the end of the day the end of the year is achievable, the risk is endangering their countrys reputation as a Reliable Energy producer. Yousef gamal eldin, bloomberg. Shery second time lucky for they showinbev as shares of the asian unit monday. They helped raise or . 8 million but the parent tries to reduce a debt burden of 100 billion. Debt,ave 11. 5 billion of compared with 2. 5 million at heineken. Deutsche bank is close to a deal to transfer its prime brokerage business to bnp paribas. An announcement could come monday. It is not known how many assets they will ultimately make to switch. Sources tell us a final agreement is yet to be made and a dale a deal could fall apart. They have declined to comment. Ohio. Take you back to we see President Trump and the australian Prime MinisterScott Morrison together at a cardboard recycling and box factory which is being opened and expanded i australias richest man. You see him unveiling the plaque. That is anthony kratz. More in a moment. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. A. M. Monday morning. Futures looking pretty quiet at the moment. This after we saw the asx put on 1 last week what markets seem to be struggling for direction to begin the week. I am paul allen in sydney. Shery i am shery ahn. You are watching daybreak australia. Lets get to first word news. Su we start with President Trump, skipping this weeks Climate Change debate at the United Nations but insists the absence is not meant as a snub. Flying up to events in texas and ohio, he says he is being briefed on the matters. The debate features youth leaders who are calling on governments and leaders to do more to arrest Climate Change. Police and protesters clash in hong kong sunday with violence in several parts of the city as unrest continued for a 16th weekend. A Peace Movement arrested with a thumbs they subway station. Ing kong bracing for a surge protest around the 70th anniversary of the founding of the peoples public of china. Away now just six weeks from brexit. Carmakers in the u k and europe are warning a new deal divorce would have disastrous consequences for the auto industry. Interlocking supply chains that uires movement been require smooth Movement Across the block and they say no deal would cause your reversible harm to the auto sector. Rugby, the world cup is underway andapan with those defending champions recording wins. Japan beach russia in the opening match while new zealand overcame south africa saturday. The top winners, australia beat fiji while england defeated tonga. And beat scotland and beating argentina. 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 su keenan. This is bloomberg. Very lets get to more on what we should be watching as trading gets underway. Global markets editor adam haigh joins us. Last weeks slide in treasury yields could continue this week or will the latest of elements ease demand . Adam it is an inflection point. They really want to add risk to their portfolios. Stocks had a decent pullback at the end of last week on friday but we remain reasonably close. U. S. Equities and places lay in australia, where equities have been performing well, seems like there needs to be more development on the trade front to really get that risk on entry pushing further. The latest of elements are in terms of the late last 48 hours and havent moved the dial enough to see any meaningful progress which brings us back to hearingwhat we will from Central Banks as to whether that can help. We have positions in places like thailand and new zealand, whether they could have movement but on the biggest Central Banks, it is a bit of a quiet time for the fed. We have the new york fed president speaking and others on the regional cyber nothing to see to really invigorate some of the risk trade. At the moment it looks like with the cash treasuries market closed until we get into the london open, a fairly tepid start. Fund one large australian is convinced there is more turmoil ahead. They have been buying treasuries. What do they like . They are in brisbane and they have been using this selloff in the early part of september to get back into the long positions in treasuries and they favor the longer part of the curve said 10 and 30 year treasuries. The thesis is around the fact Global Growth continues to slow. They see expectations for complications coming from the trade situation to deteriorate even further. They say a lot of the damage has been done and has yet to feed through enter the data. They put the chance of global recession at around 40 in the base case. They didnt give a timeframe but clearly it is of significant importance for them. What they want to do is continue to find some of those safety in the market which treasuries can provide. They use that selloff in the early part of the month to get back into those positions. They are not in the crowd of people saying when we had those multiyear lows in august, that was as much as we thought. , expecting basis points to come off before the end of this year. , the marketsaigh editor. You can find his charts on the gtv library. Stay tuned because we have the qic director of rates Beverly Morris later on daybreak asia. Lets talk about india. Surprising Global Markets with a big Corporate Tax cut. Fed officials seem divided on what to do next with interest rates. Kathleen hays is here with the latest. Lets start with india and see if the tax cuts helped fuel growth. Move,en it is a dramatic what many people have been saying india needs, structural reform. We just heard from the head of a reserve bank in india saying cutting rates in october. As per minister modi in the u. S. In houston, both of them patting each other on the backs, saying what great friends they are, as they also of course try to finish some kind of free trade agreement, bilateral between the two nations but this is where stocks soared when the news came out friday. In india there is a question whether it is enough to keep them going. Bloomberg economics believes this longawaited tax cut will revive lost animal spirits. Remember when modi came into office there was demonetization taking the rupee notes out of the economy. That was a mixed bag. Then you had the goods and services tax the way it was incremented. India is hoping this will attract Foreign Investment at a time when the global trade war has big manufacturers looking at the supply chain saying, where should we go next . Maybe down to 32 it will help. To put this in more context for the library is gdp in india. You can see how much it has come down. A year ago 8 yearoveryear down to 5 on the latest reading. Maybe oil prices are making a difference but this is what india wants to turn around. Modi is helping hoping to have a 5 trillion economy. This is one of the steps he is taken he has taken. Shery we are seeing the Federal Reserve in the u. S. Still divided but we havent seen this in years. What are officials saying . Kathleen it is not just slightly divided. Dissented again in favor of not cutting rates at all and then before on wanting a bigger rate, dissenting for a 50 basis point cut. I want to talk about the official excavations in speeches on friday and policy. Lets start with jim biller jim bullard talking about why he doesnt see the new need for a bigger move. He talked about the fact trade policy is elevated. Recession probabilities are rising, yield curve inverted and the yield curve below its target. This is the president of the boston fed. Hedissented against because doesnt think the u. S. Economy needs it. He said policy is accommodative, on implement low 3. 7 , inflation moving to the per target to the target at banks this could encourage excessive leverage, too much debt. When it comes to the vice chair, he seems not quite in the bullard camp of we need to do more. John williams will be speaking next week. He has opened the door to more rate cuts, mary daly, robert kaplan, Loretta Mester not but there is so much out in terms of what there were seven fed officials. Least one more rate cuts so i think he is trying to signal it could happen. Paul lets talk about other Central Banks. Three in asia. Kathleen we might get some action. The Economics Team is looking for that. Lets not start with someone expected to do anything, someone who has done a lot, the reserve bank of new zealand. The last move, 50 basis points. Before that, 25. They can hold key rates steady. The bank of thailand could cut again to build on the surprise move in august that really did have impact in terms of what investors are expecting. Isthe philippines, the rate below the 2 to 4 range. This gets them to move so we could get too out of three who will cut. The global march to lower rates continuing and governor kuroda speaking thursday. After he has hinted he is open to easier policy if needed, everyone is waiting to see how and if he elaborates on that. Hays, thank you for joining us. The offshore yuan has strengthened on reports china is dropping a visit to the u. S. Farm states that have nothing to do with trade talks. There were fears the negotiations had stumbled area Tom Mackenzie has been watching developments. What happened . Role ofhad this drum optimism at the end of last week where we had of course talks going on in d. C. Between the two sides, negotiators of china and the u. S. And then you have this planned visit by china delegation to montana. Purportedly to talk about agricultural purchases. You also had comments from larry kudlow saying there was optimism in the air but in terms of the visit, the rug was pulled out from those feeling optimistic about the trade talks when it was reported that this delegation had canceled and changed their plans to visit montana and nebraska and that caused a lot of concern. You saw weakening of the chinese currency. Now what have got is a report from the China Business news who have spoken to the vice minister of agriculture who said this was nothing to do with the trade talks. We are keen potentially to buy u. S. Echo cultural products if there is month mutual cooperation. They expect the chinese to be offered another invitation to these farm states in the future. That is as you say leading to a strengthening of the currency and again, renewed optimism. We have had talks in d. C. , now looking for higherlevel talks in midoctober. Shery what is the verdict for a potential interim trade deal . Tom we heard from President Trump when he was sitting next to Scott Morrison, the australian Prime Minister on a state visit, saying i want a complete deal. I want a complete deal, i wont relent until i get that. That counters what we heard in terms of the administration considering the interim deal. That was defined as china buying farm goods in return for the u. S. Freezing or maybe removing the tariffs. President trump appearing too poor cold water on to pour cold water on that. Highlevel talks expected in midoctober. We have to be cognizant of the fact the u. S. Is preparing to add additional tariffs in midoctober and then again the final round on all chinese goods which will cover all by the middle of december. And youreats remain have trump saying he doesnt want an interim deal for but talks could happen in whether or not there will be momentum. Paul our china correspondent, thank you with the latest on chinau. S. Trade. World leaders convene at the u. N. This week with one topic front and center, Climate Change. Paul i am paul allen in sydney. Shery i am shery ahn in new york. United nations Climate Action summit opens in new york later monday. President trump wont be attending but insists it is not a snub. The u. S. Secretarygeneral said cities and the private sector are filling the void left by National Governments when it comes to climate. The Asian Development bank is among organizations committing billions of dollars in financing through 2030. This person works in the Climate Change department and joins me new york. Let me get started with what is happening in asia. How much of the burden sharing is happening in asian economies when it comes to governments, private sector and organizations like yourself dealing with Climate Change . Asiae development need and in asia is huge. With all of these banks combined it is only billions. We need to fill the gap with the private Sector Investments. For example the Asian Development banks say longterm strategy is to increase the private sector lending from 5 , 10 to over 30 the next five years. We are creating an enabling environment for private Sector Investment to come in. Shery what do you mean when you have diverse economies from huge big economies and polluters that are small island nations suffering from the climate dbange where does the a step in . Climate change is about mitigation, reducing Greenhouse Gas emissions and keeping temperature down. Larges where we focus on countries that have Huge Development needs in terms of power plants and transport systems. Towards loweer them carbon development. Instead of fossil fuel, we encourage them and advise them to do Renewable Energy and in transport sector instead of going straight into building roads, which roads will help move cars, we are traded promote early transport so we focus on moving people and goods which are much more low carbon. We have seen in china it is a huge polluter but also a big source of Renewable Energy, they do a lot committing the resources to go fuelefficient and renewable sources of energy. Are they able to offset that with how much they also pollute . It is not about offsetting your they will go to noble energy when they can. We have to help the governments to build the opportunity for a noble energy, solar, wind. We have to identify wind mapping so we can get the companies to in wind energy products. The question about the other small countries, there is really kind of takers. The climate will change no matter how much we reduce co2 conditions, but we can contain the climate. In the longterm strategy building resilience in terms of countries Infrastructure Development is our number one priority. Paul it is the week of the u. N. General assembly, and the latest report on the climate made a. Retty grim reading forget about the 2020 goals, emissions are unlikely to peak until 2030. Are you satisfy the political motivation to do something a Strong Enough with governments . So the Climate Summit is useful because it is mobilizing political will. What we are trying to do as the country level starts to come in, we have to go in and help identify opportunities. No matter how much they come in, forss there is opportunity nationally determined by the regions, it is difficult for the countries to meet their contribution targets. Paul climate financing hit a record in 2018. 80 billion committed by 2030. Are you satisfied . Omitting 80think billion is convincing because it is our own resources. If you couple that with the ambition to crowd in private Sector Investment, you are looking at two or three times the investment. We are working with a lot of other Development Banks in the region as well as in the global sense so that we can mobilize and attract more private investment from all over the world. Shery how much is the Asian Development bank doing ensuring there is a just transition, so there are not poor and Vulnerable People left behind, as you go into the transition . Even thee to make sure smaller countries are benefiting from an additional funds adaptation will funds. Adaptational funds. Put money out so we can pilot test and demonstrate the Community Level what kind of adaptation can be implemented. Shery thank you so much for joining us on this significant week for the United Nations and the Asian Development bank had the Inspector General more ahead. This is bloomberg. Shery i am shery ahn in new york. Paul i am paul allen in sydney. The issues continue to pile up in the inbox at the Office Sharing startup we work. Some members want adam newman to stand down after the delay of a muchanticipated ipo. Lets get over to selina wang with the latest. What do we know . Selina we know a meeting could come as early as this week where some Board Directors will push adam newman to step down and take a nonexecutive chairman position according to what sources have told bloomberg. He has quickly gone from this celebrated startup ceo and founder to a highly controversial figure. We saw the Company Pushback the ipo plans as skepticism emerged streetred among wall bankers. The change in leadership could improve its prospects of a successful ipo and confidence from investors. There is onslaught of negative around the behavior, the ability to generate profits, generating massive losses so far. Now the company is hoping to push the ipo to next month but some analysts think that is a long shot given it needs to convinced investors the company is worth billions when it has not turned a nickel a profit after raising 12 billion. Shery a big backer is soft bank. We wonder if softbank could have played a role in all of this. Selina some reports show that Masayoshi Son does back this plan to remove adam newman. He has been a rate advocate of newman as a visionary figure but it will not be easy even with softbanks backing. Given the amount of shares he owes, he has the ability to oust the entire board. The backing of soft rank improves softbank they have invested 9 billion, they have representation on the board and have considerable influence. It is no surprises softbank patients is getting patience is getting tested. This will be valued at 15 billion or less. Shery thank you so much, joining us from beijing. Lets get a quick check on business flash headlines. The company known as china tesla is outpacing his american rival in one area, losing money. It took tesla 15 years to have 5 billion in losses but they have managed it in a four. The shanghai carmaker reports tuesday and will it will be expected to have lost more money in the second quarter. They have plunged since the market value hit 12 billion last year. Chinas wanted tech stock board tech longer the vaunted stock board is no longer the talk of the town. It has been lackluster at best. 11 of 29 stocks that have listed belowfridays session closing highs. Paul we have plenty more on the next hour in daybreak asia. We are talking trade and geopolitics. This is bloomberg. Paul good morning. Im paul allen in sydney. We are one hour away from the market open in australia and south korea. Shery good evening from bloombergs World Headquarters in new york, im shery ahn. Elena im selina wang in beijing. Welcome to daybreak asia. Paul our top stories this monday, the yuan climbs in the end falls as investors weigh signs of progress in the trade talks. China says negotiations have been construct of