Monetary policy settings to more free trade. Shery pressure mounts on Narendra Modi as he struggles with his unpopular citizenship law. The bjp is headed for defeat. Lets get you to japan. We are getting the latest minutes from the bank of japans october meeting. Boj members saying it is appropriate to clarify the downward bias for rates. It overhauls their forward gardens and they are saying it is important to enhance cooperation with the japanese government. This was back in october before the 120 billion in fiscal measures announced by the japanese government this month, so lets get straight to the market action. We have the open in japan in south korea. And south korea. Open in japan and south korea. Sophie we have little in the way of fresh catalysts. We will be watching for reaction to news that boeing has requested to halt shipments. Sony interview after the company apologized to customers for not being able to keep up with demand. It looks like a muted session is underway. Changed after it closed after a record high. Checking in on the kospi this morning, we are seeing a marginal move as well. The asx 200 little changed after a threeday drop. Theching now to check in on yen, going nowhere so far this morning. Switching it out to check in on the yen if we could. This trading at 109. 38 morning. Little reaction to the boj minutes. Jgb. E keeping an eye on the head of a twoyear auction, the last of japans debt sales for 2019. The twoyear sale could have a up in twoyear yields. Ahead of a sale of u. S. Fiveyear notes, shery, Treasuries Holding Steady after drifting lower overnight. Jerry. Shery shery. Newy boeing has named a ceo after ousting Dennis Muilenburg. Struggling tois navigate the 737 max crisis. Stephen engle is watching this. 400,000 parts go into each 737 max, so how significant are the latest developments at boeing . Significant,s obviously. Under Dennis Muilenburg, boeing had been on a great run. This Company Becomes the biggest industrial giant in the United States, surpassing ge, under mullen berg. Its stock had tripled up until the beginning part of this year, when the problems the mechanical problems started to surface with the 737 max. The two crashes and more than 340 or the 346 associated aths associated with that. Dennis muilenburg, his philosophy, his mantra, was compete to win. He really drove a hard bargain with suppliers around the world. He put, according to a number of analysts, a laser focus on costs. It is being called a retirement but lets not mince words. He has premuch been ousted. The question now is did he put cash and cost savings at the expense of safety . That is the big question. David calhoun has the big task. He is a former ge veteran, the former ceo he is now the ceo and president taking over for mullen berg. Taking over in midjanuary. What is the first order of business . Stephen it is a long todo list. First of all, you have to look at getting those airplanes back in the sky. You can see the tales of the 737 on the tarmac, probably up at the everett facility. More than 400 737 maxes lighting up. They were producing 42 of these are month. They decided to suspend production because we do not have a timeframe for getting the max certified by regulators, but theres also other engineering issues. Theres been production problems. Theres been delays to the 777x new jetline. There has been an embarrassing mishap with the space capsule failing to rendezvous with the International Space station, but these are secondary to repairing the relations with the regulator, the faa, because we just got a statement in fact, just within hours of boeing saying that Dennis Muilenburg was going to step down. The faa put out a sharp rebuke of boeing and of the leadership newe, saying that the leadership must focus on being transparent in its relationship with the faa as safety regulators, and this has been one of the biggest criticisms of Dennis Muilenburg as well as the boeing leadership, and its relationship the last few years with the faa, that perhaps it had too much say, too much of a bully pulpit, if you will, in getting safety reviews through the regulator, and there is resentment built up at the faa. Its calhoun, is calhoun the right man to do that job . He is affable, wellconnected. One guest earlier said may be calhoun, 62 years old, nearing the retirement age, is not necessarily the person to lead longterm. David calhoun might be the right person. The trouble is, he is more of a shortterm solution. You know, his background, his skill set, general electric, hedge funds, private equity. It is really not the kind of longterm reemphasis engineering and reform that i think boeing really needs. I guess the answer to your last question is really getting those relationships back in order with the faa because if you dont have that relationship with the faa, you will knock at the 737 max up in the air again. Paul Stephen Engle and hong kong. Thank you so much for joining us. You can get more on the shakeup in todays addition of daybreak. Bloomberg subscribers go today be go dayb on their terminals and its also available on mobile in the bloomberg anywhere app. Lets check in on the first word news. Get over to Haslinda Amin. China will further lower the amount of many banks to put aside reserves to reduce borrowing costs for small firms. State media reports that pboc will cut the reserve ratio for rediscounting. Officialhas fired up efforts to ease a possible liquidity crunch caused by rising local government debt. Tesla jumped in the regular session on reports is secured almost 1. 5 billion in financing from china. Coming say the money is from local banks and a formal announcement may come this week. Tesla is preparing to sell its shanghai made model three. New car registrations in china climbed to a fivemonth high in november. 393 a year earlier. Have been sentenced to death in saudi arabia for the murder of journalist Jamal Khashoggi istanbul last year. The killing was not premeditated and the court ruled it did not have enough evidence to incriminate senior officials crown Prince Mohammed bin salman. He repeatedly denied sanctioning the killings. Indian Prime MinisterNarendra Modi looks set for an election defeat. To containles nationwide anger at his religionbased citizenship law. Least 24has seen at people killed. They are wrestling with an economy growing at its lowest pace and unemployment at its highest in decades. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Haslinda Amin. This is bloomberg. Thank you. We will have plenty more, coming up on daybreak asia, including a Market Outlook for 2020. This is bloomberg. Shery this is daybreak asia. I am shery ahn in new york. Paul i am paul allen in sydney. Stockmarkets have had a spectacular run this year. Equity investors have an economic resurgence in 2020 may want to be cautious. Valuations in several markets are getting stretched. Pete mcguire joins us now in sydney. Peter, an incredible runup in 2019. Surely, this cannot continue. Is been outstanding. When you look at the performance, no one would have guessed you would have 1. 5 to 2. 5 per month gained. Put on 48 . The ball outocked of the park. Paul you were explaining before i joined you that it doesnt really square away with what Interest Rates are doing. Peter you are living on a Deserted Island and say what did the market do . What will Interest Rates be . Seven . Aussie is up 24 . Should be 8 or 9 so it is not a true indication. Monetary easing all over the world, and this is probably the fuel to get those markets to where they are and what is ahead of us, the next decade, will be outstanding. Shery we are seeing the 10 year breakevens around the highest level since july. Are we going to see some inflation scares next year and notential potentially have n affect on how the central bank look to the economy . Uper inflation has to tick eventually paid when you look at the crude market, 63. That has been the headline we saw a decade and a half ago. The next though decade, you will see inflation up higher. Seen wage growth. You have not seen strong underpins as far as those key imports to really get inflation up and running so its going to be a fascinating amount of months ahead. Elections, brexit, and so on. Shery talking about the election, we have priced in most of that phase one trade deal optimism in the markets with record highs in the u. S. Aerybody will want to take jab at china. They arethe risks going into next year . There going into next year . Peter it has been scrapped together. The Chinese Market up seven or 8 for the year. No doubt of rumblings internally. We all understand what their plans are and what impact it will have to the domestic economy, but still, you have got to say that they are doing reasonably good numbers. I think theres going to be a little bit of uncertainty over the next year. What are the next steps as far as these trade wars . And what does chinas rebuttal do . Be ancertainty is going to bit of nervousness. I think the fundamentals are there. Everyone wants a deal and everybody wants to grow their economies. Paul what our expectations for some other trade deals . I am thinking the u. S. And u. K. Peter the u. S. Is going to play hard on euro if they play hard on brexit and i think that will be this trade off so i am not sure how that plays in the First Quarter of next year but i feel as the mr. Trump has really got as eyes on that auto sector far as europe, and there is no doubt that the euro zone is not doing as well as what we anticipated if you put your mind back a couple of years. Germany and so on. It has got to be a hard slog for those guys and over the next two to three years have really got to start hitting some good numbers to get those growths moving forward. Paul in terms of other risks, nobody talks about the deficit much these days. It is 1 trillion. When does it become a political or economic problem . Peter political, another year away. The mantra at the moment as President Trump has only got one agenda and that is to try and get back in power and he has his eyes focused on that one. They are kicking the can down the road. Very, very strong employment growth. I feel as though there is enough momentum to take the gaze away from that. You have a surging u. S. Stock market. The dow up 27. S p up 33 for the year. The headline numbers, they are on board, but overall the economy is doing very well. Paul your earlier point, you were talking about some of the runup in equity markets. The role that Central Banks have had to play. Uncomfortable, doesnt the experience of the past few years tell us, dont worry, the fed will be back to save the day . Peter absolutely. Nothing is changing. That is under normal. When i first heard that terminator or nine years ago, it was like what does that actually mean . Are in unheralded times. What is the storyline . No momentum at the moment is all about trying to get growth. You have strong demographics, surging, you know, new age economies. They are really changing the landscape. That will be the fascination moving forward over the next decade or two decades. From 7. 5 your mind go billion dollars to 9 billion in 20 odd years. Those consumers will drive total growth across the whole planet. Paul one of the things that has been missing for a very long time now is inflation. A number of guests we had our inflation risks to which my reaction was always, really . Isnt japan if occasion japanification more of a problem . In 1989. ,000 points india japan had not a bad year when you think about those numbers. From a lownumbers base. I think there is still that momentum. They have an aging economy. Very different from china and india. Maybe their time on that top horizon is starting to move down the curve a little bit. Paul inflation is mia. Where is it . We have not seen it since the 1980s in a serious way. Peter it might just be bubbling along. Japan has other issues to attend to before we get to inflation in japan. Paul peter mcguire, thank you so much for joining us. Still to come, pushing production. Sony working around the clock to meet demand but even a 24 hour operation has not been enough. We will get the details, next. This is bloomberg. Shery take a look at nikkei futures at the moment unchanged. We are seeing the Energy Sector leading the gains on the market. We continue to see financials and communication stocks weighing on the index. This of course as we see the japanese yen trading within a very tight range ahead of the Christmas Holiday week. Stockkeep an eye on one moving in japan. Sony working around the clock to manufacture its in demand image sensors. But even 24 hour operation has not been enough. For the second straight year, the Japanese Company will struggle to keep up with demand in the holiday season. Our Technology Reporter joins us now. How does this demand for these sony image sensors square with the doom and gloom we are seeing in the mobile phone market . Know, it is pretty much there is no phone that does not have a camera that faces inwards as well as afterwards but it continues to rise. And to highend mid to highend models will have a camera on the back. Some manufacturers like huawei and samsung are pushing even into more lenses, more cameras. Everyone wants their pictures to look at on the internet. On the instagraming facebook. Lenses,ant telephoto pictures that are good in the light. That comes down to the sensors that make that possible, which is why sony can continue to grow when the market swings. It helps that they control more than 50 of that market. Shery what are they doing to meet demand . Peter they are working around the clock to running their factories. They have been investing heavily in expanding capacity. They have doubled spending this year to 2. 8 billion. The problem with these kind of investments is they take a while to take effect. The machines that are going online today, they were ordered a year ago. Our decisions the company has to make long before. It is really hard to read demand a year ahead. And depreciation affects your balance sheet. They built a new factory that will go online and 2021. But the head of the Semiconductor Business says even that might not be enough. He thinks the supply might be fairly tight through 2021. Paul highend cameras and more cameras, are they enough to convince people to buy new sounds . Samsung and huawei are betting that they are. For the longest time, screens were the main differentiator. We moved down to oled screens and they are potentially inflexible. Apart highend models from mid end. You have seeing the proliferation of 3d sensors. It has the interfacing facial recognition camera. It is the weaker version of it. Sony is developing time of light sensor that will allow for much higher resolution and much of Depth Sensing and facing inwards, this could allow you to redo gestures and potentially even understand facial expressions that would allow you to map the world around you and that is helpful for augmented reality games. It is a bit of a chicken and egg scenario. There are rumors that apple might introduce a depth sensor in which case a lot of ios developers will have a lot of motivations to come up with interesting things and many people are betting this will convince users to buy a new phone. Seen investors bottoming out. We continue to see these numbers, especially koreas exporting members. Semiconductors in double digits. Where can we see this industry finally bottoming out . Pavel it depends on who you ask. If you are asking the manufacturers of equipment, they have said the bottom is hit. , somet the share prices of them are more than double this year. They are getting the orders for chips that are yet being made. The bottom might be some time off. Paul the bloomberg Technology Reporter. Thank you for joining us. Lets get a check of the latest business flash headlines. Forit suisse blamed its coo a second spying scandal at the bank. Again, painting his peer as a rogue operative. He has been blamed for the first incident and was allowed to resign in october. He has been declared as having been fired and stand to lose 4 million of stock as a result. Shery bmw is under scrutiny from the fcc over its sales reporting practices just months after the regulator fined yet chrysler for similar issues. Contactedit has been and will cooperate with the investigation. Paid 40sler million. The fcc said it was fraudulent. Paul chinese video sharing app tictoc is said to be considering building a global hq outside china as part of a plan to distance itself from antibeijing criticism. Sources say singapore is under consideration along with london and dublin with no u. S. City on the shortlist. Tictoc does not have a headquarters although its most Senior Executive is not shanghai. Its main office is in los angeles. Still to come, mission to mend ties. We will look at what is on the agenda when the leaders of japan and south korea meets in a few hours. Stay with us. This is bloomberg. Bloomberg. Shery this is daybreak asia. I am Haslinda Amin with the first word headlines. Boeing ousted Dennis Muilenburg after the tumultuous year that has seen two fatal air crashes. He leaves after being publicly rebuked by the aviation regulator for his handling of the 737 max crisis that boeing criticized for pushing too strongly to be allowed back into service. Thousands rallied in hong kong monday evening. By aseized money raised crowdfunding platform to support the antigovernment protest movement. Police arrested for people of Money Laundering and froze almost 9 million of assets for the Spark Alliance group on thursday its bark alliance condemned the Police Action as defamatory. The unrest in hong kong talks in china and japan in beijing. Shinzo abe raised the subject, telling xi jinping he is very concerned and urged china exercisenue to restraint. The International Community is increasingly worried. Chinese state television said president xi agreed to sensitive that sensitive issues should be handled properly. It has been accused of using increasingly Sophisticated Technology to spy on regional rivals. They say the main vietnamese be linkedelieved to to the government. Experts say it has specifically targeted the Automotive Industry and american businesses with links to vietnams economy. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Haslinda Amin. This is bloomberg. Shery thank you. A mixed picture across asia. Lets turn to sophie for what to watch and markets. Sophie. Sophie it is pretty much a snooze fest on this side of the world. Treasuries not much changed. In the jgb space, you are watching for a twoyear option. You are seeing a pickup in the two year yield up 1. 5 basis points. We are seeing resumption of the flattening of the curve for jgbs. When it comes to the equity space, the nzx 50 is the outlier. Aussie shares set to snap a three day decline. The cost be lower by. 1 with samsung weighing the most on the benchmark. When it comes to stock members in tokyo, lets pull up the board to check in on some of the laggards. It is falling after registering a drop in december. If im a company is flipping as much as 3. 8 after agreeing to a. Eal to buy investment an oil company is under pressure. The refinery is on fire. Another company sliding after being cut to hold. Lets check in on members to the upside in tokyo. I want to highlight japan rising to a sixyear high on plans to set up a 5g venture. Sony among the biggest boost to the topix this morning. The company sliding the image. That is supply. Panasonic gaining some ground. It could find some support. It has not given a 1. 4 billion financing boost. Paul thanks, sophie. China will further lower the amount of money banks must put aside as reserves in a bid to reduce borrowing costs for small firms. The premier li keqiang said the pboc will cut the ratio and export increasing quotas for rediscounting. Cranfieldegist mark joins us now from singapore. It is pretty quiet out there. In short and broken week. How much of a catalyst is this move going to provide . Mark you might not see a huge reaction in markets immediately. Of course, as you say, people have really gone off for their holidays so not many left a way to do something about it, but it is the kind of information that will feed through to people as they get ready for the new year and we may well see a similar kind of response in january 2 what we saw this year where china markets get off to a flying start. It is certainly what people want to hear. They want to see this endorsement that china has not finished lowering Interest Rates. It has been incremental moves mostly this year. Pboc has been trimming away at the various rates. The rrr, the riba rates. They have all been coming down in small amounts and this appears to be a path they want to take into 2020 as well, so no dramatic rate cuts for these regular, small cuts along the way. Well be the could rrr. Some people think january 15 is a date when it may happen that goes nicely into the calendar before the lunar new year. What the premier has said is another rate cut is coming pretty soon. Shery this week, we had a statement from the Chinese Government that they would be taking major steps to open up sectors that they would be easing market regulations, lowering financing costs. How closely do markets wash this . Mark it all feeds into the. Icture disputes are in part about accessibility to chinas markets and whether china really wants to play a role in the Global Markets at all. The United States has been pushing them in this direction so any moves which show that china is willing to be more open, obviously, are going to be good ones. In the unitedon states. All of this helps to ensure we get this phase i deal that we have been promised early in the new year and possibly leading onto further deals with the United States and china but everything that is done, moving forward in this direction, helps to get people more optimistic that the chinese economy is going to turn around and have a much better start for 2020 than it had in 2019, and that is really the crux of the whole thing for traders is to see an improvement in Economic Data. Generally through this year, we have seen the chinese economy slowing down. We saw increasingly the Industrial Production data getting weaker. Retail sales not too good. Another number such as the pmis, for several months, were in decline. We are starting to see the early stages of the turnaround. The last Industrial Production was slightly better as well. If this can continue into 2020, exports also on the rise as well , then that improvement will certainly feed through to china assets and you will probably see a pickup in equity market. Fundamentally, it is about getting the chinese economy to heat up again as it has done in the past. That data, we want very closely, as we go into 2020. Shery mark cranfield, our mliv strategist. Follow more on this story and his commentary as well on markets paired our markets live blog, mliv. You can get a market rundown and one click. Expert analysis from our editors. You can also find out what is affecting your investments right now. Kongumbling unrest in hong and strained three way ties on the agenda as china hosts a summit with japan and south korea. Our asia government reporter, Isabel Reynolds, is watching from tokyo. It is really interesting to see china now trying to emerge as a mediator between these two u. S. Allies. What are we expecting from this trilateral summit . Isabel right, well, as you point out, this has been going for 20 years now. Faced thisys problem. Theres always been to of the three who are not getting on at any one point in history. Now, we see japan and south korea are going through a spat. Previously, it has been china and south korea and before that, we have seen china and japan get involved in a very serious thatte over territory, so kind of difficulty has always prevented this threeway relationship from really making a lot of progress. They have been talking about a freetrade agreement for a very long time that that has not really gotten very far. What we will see is some very general platitudes about working together on north korea, about the importance of free trade and so on. We will look at the bilateral meetings taking place on the sidelines. We have already had abe and moon holding separate meetings. Raise the issues of human rights in hong kong. Tot is more important is crown the improvement of relationships between japan and china by having xi, on a state visit. He does not want anything to get in the way of that visit in the spring. Terms of the relationship between japan and south korea at the moment, to what extent is the domestic political environment in each of those two countries hampering progress . Isabel as you say, that is a very important factor at the moment. While there is some indicator that governments see the importance of their relationship, especially in relation to the increased threats in north korea recently, and they perhaps want to try and improve things, if you look at the opinion policies, theres really not a lot of enthusiasm. There was one yesterday from the nikkei newspaper that showed 70 of japanese did not see any hurry to improve relationships with south korea, and we have also seen an increase in the number of South Koreans who say they are taking part in a boycott of japanese goods amid a spat over trade, so we are seeing this time, Prime Minister abe is going into this meeting, definitely trying to put the onus on moon to improve the relationship by resolving this issue over forced labor and court cases brought against Japanese Companies over that what happened 80 years to 100 years ago, whereas president moon is going in saying he wants japan to totally rethink its export restrictions on south korea so it is hard to see a very positive result coming out this time. Shery asia government reporter Isabel Reynolds in tokyo. Thank you for joining us. Now dont forget our interactive tv function, tv go. You can watch us and catch up on past interviews as well as dive into any of the securities are bloomberg functions we talk about. This is for bloomberg subscribers only. You can check it out at tv. This is bloomberg. Paul mass trading day before christmas, you are seeing live pictures of seoul. A shade over. 1 . Narendra modi looks set for. Efeat in the Eastern States the election comes as modi struggles to contain nationwide anger at his religion based citizenship law. 24 people killed. Joins us now. How serious is this situation for Prime Minister modi . Daniel it is certainly a setback. The bjp would have liked to have had a victory here to keep up momentum. When modi came in in 2014, the bjp started sweeping elections left and right. They peaked at running 20 states along with their allies, down to 15. It is really a bellwether of where things might be going on the ground. For modi, it is three or four months off to win nationally. He is basking in that glow, so to speak. He is saying this is not a referendum on the citizenship bill. He has got a lot to worry about, so where it goes from here, we will have to see. Shery the government has tried really hard to use these protests. They have tried to prevent tv stations showing protests. They have band and shut down banned and shut down Internet Access in parts of new delhi. Dan we saw the death toll rise over the weekend. We have seen religious clashes get very deadly in previous years, so the efforts so far, you know, could they have been worse . It is hard to say. It is the biggest reaction against modi since he came into power in 2014. The opposition is trying to gain traction out of this, trying to keep it going. They are Still Holding rallies, so modi is seeking to contain the damage right now. He has already said they are not going to push forward a National Citizenship registry, which would be the next shoe to drop in these policies that are appealing to the base. It is a bit of a combination of modi trying to take action to kind of quash any protests. Thatase up on the policies are really driving the anger. Sort of pressure is Narendra Modi coming under from the International Community . Been in thees spotlight. The u. S. Has tried to build a relationship with india. They tried to really bring them onboard, even calling the asiapacific region the indo pacific region. They see india as a counterweight to china, and what we are seeing is congress in withcular getting upset some of the actions that have been taken in cashmere. India risks losing some support in the u. S. Congress. Pakistan is another issue. The Prime Minister tweeted that india might try and stir up something with pakistan to try and distract from modis own domestic issues. He is coming under some pressure even from malaysia as well. He risks upsetting some muslim countries. , thank you. An kate our is a governing managing editor with the latest on india. A quick check of the latest business flash headlines. It has been a good year for asias just man. The indian tycoon added almost 18 billion, taking his net worth to 60 billion according to the bloomberg billionaire index. The surge in his fortune this year was fueled by a 40 jump in the shares of his Reliance Industries the rallies almost tripled the gains first nzx. For sensex. Paul the nikkei news sites an interview with the financial unit head and says it will apply for a full license to retail and nonretails customers. The report says it will try the same thing another Southeast Asian companies if they follow singapore. Shery softbank is raising its bid to buy out to the public shareholders of japans leading messaging service, line. They are raising the offer by 3. 5 percent, valuing it at 12 billion. Masayoshi sons engineering to compete with global giants such as google, amazon, and tencent. Coming up next, chinas socalled fan grows are taking to social media to stick up for beijing. We will find out how their Online Presence is growing. This is bloomberg. Paul you are watching daybreak asia. The protests in hong kong these are some of the issues stoking the ire of young people in china who are ready to defend their country on social media. Sophie has been looking at the phenomenon of these socalled fan girls. Sophie fan girls are forced to reckon with brands. They go into battle, shaming brands with patriotic means. The result can be farreaching. As recently, arsenal was forced to apologize after a star player made critical comments about chinas treatments of its uyghur minority. Other brands have vowed to mercedesbenz was forced to remove including the dalai lama on instagram. Facebook and twitter are where they operate despite being banned on the mainland. Any westerners assume this is product of propaganda and brainwashing. Others say it is genuine. Shery our next guest says the motivations of chinas online army are widely misunderstood. A thinkthe founder itk focusing on how drives economic impact. First of all, explain to us who these fan girls are. Are they mostly women . Where do they come from . Thank you so much for having me. First, fan girls as a phenomenon has nothing to do with politics. Imagine Justin Bieber fans, and every time that a Justin Bieber song received criticism in the news, they would leap online to attack whoever was criticizing their favorite artist. That was the same in china. You had artists like jackson and theyre relatively fanatical fan base who spent much of their time online defending their favorite artists. Now, that turned political over the last six months with the hong kong protests. Thesean when some of favorite artists Hong Kong Born and extraordinarily wellliked in Mainland China he was receiving a lot of criticism for his support of Mainland China in the face of these hong kong protests, and so, all of the fan girls, all of his fans, took to defending him. They took to the web to defend him using the tools and weapons at their disposal, memes, gifs. Imagine hundreds and hundreds of fans flowing onto the Comment Section of an article written about the hong kong protests to voice their support of both chinese artists and then ultimately china itself, so these typically age 14 through 24 it is a misnomer. It was primarily women, but now, it is young people all around the country who feel like their country, the country of which they are a fan, in this case, is not getting a fair shake in foreign media, and wants to stand up for brother china. Shery lets talk a little bit about the western perception. Because when we see this patriotic posting, this internet warriors coming out of china, people tend to link it to the . 50 army, how much they get paid in order to make these patriotic postings, so does this relate at all with the fan girls, or is it a completely different phenomenon . Dan it is always a mix with china. My warning to folks is to not write this off as simply a Chinese Government propaganda effort. There is a real rise in patriotism in china. There is a real rise in nationalism. When we look at china, we tend to focus on the government within china, you think of the last 30 years of incredible economic development. You dont think of that as a macroeconomic phenomenon. You think of your town turning your village turning into a town, turning into a city. It is your lived experience, so that everyone is deciding much of the media decides to attack china or what is perceived to be an attack on thea, and approach issues of china with empathy. There is a real base within china who is fed up with that treatment, particularly in the media. And so, while the flames of this fire, the nationalistic fire we are seeing, are certainly being fanned and stoked by propaganda within china, the actual the heart of it, the real fuel for that fire is organic within china, a real sense of pride, and a feeling that they are not treated fairly in the world of International Media opinion. Paul i do not think there will ever be enough time to get into the number of differences between Justin Bieber, a popular musical artist, and the Chinese Communist party. Are these fan girls simply unaware or willfully ignorant of things such as tiananmen square, the oppression of the uyghurs, the long march . Listl stop the there. No. There is broad recognition of the flaws of the Chinese Government within china. With that being said, and as an american, we have sort of seen this over the last several years. It is not unique to china, the sort of willful ignorance of what the country does on the world stage, or intended focus on some of the positive aspects. There is an increasing awareness from within this body a Broad Community outside of china that those who are exposed to the best education in the u. K. , in australia, in the United States, part of this fan girl nationalisticnd youth contingency, is based abroad. These are people exposed to international news, people exposed to different thoughts and opinions than the sort of ecosystem created within china, but it is also recognition that yes, our country is flawed, but so are other countries as well. Paul all right. For thank you so much joining us. Chinas markets heading into 2020. Our guests forecast the outlook for the credit market in asia. Stay with us. This is bloomberg. It is not 00 a. M. In beijing and singapore. I am selina wang. We are counting down to the opening of trade viewed here are the trade. Here are the top stories. Theboeing ceo leaves amid 737 max crisis and a failed mission to space. China will strengthen support for the economy in the year the new year with new policies. Musk procures a big loan as they ramp up production of the tesla model three. Selina we saw the biggest drop in six weeks on chinas cut chineseter they text companies, but we are getting positive comments, saying they will inject more funding, maybe rrr cuts. What do you think for the opening on Christmas Eve . Yvonne it seems like the premier is trying to give a list to stock the rally in china. Looking a little tired with the state funds cutting back on chipmakers. That will be a key focus for next year. When will we see the rrr cuts. . Broader markets looking really tame, Christmas Eve, a lot of markets will be closed tomorrow, and today in indonesia and philippines, both are closed. Not seeing a lot of movement, this will bring you some christmas cheer. Yeartodate on gmf. Look at the leaderboard when it comes to equities. It really is new zealand topping the list so far with lower rates. People say we are seeing nonexistent earnings growth, so 2020 could look dire for new new zealand viewed new zealand. Continues, if this but when it comes to asia fx, the thai baht the strongest currency we have seen. Down close to 5 for the year. We are seeing some green shoots in the tech cycle and economy, and bonds as well. If you are buying the aussie 10 year, you would see the big yield dropped, close to 100 basis points this year. Mentioned the big move lower yesterday, but it seems like things have stabilized a little. We will see if the headlines do much for where stocks will go today. Levelled to hit the 3000 when it came to the shanghai composite. China and we are nursing the worst week for the pound in two months when it comes to sterling, 129 on brexit fears. Not a lot of movement on the aussie, but hedge funds are boosting their bearish bets on the aussie, whether they are betting on rba, a new survey from bloomberg saying it looks likely that the governor might lower rates to 0. 25 . Keep in mind, thats the level they said he would try to consider qe, which is still up for debate. Is in sydneyul with the first word news. Paul thousands rallied in hong kong to seize money raised by a crowd funded for the antiprotest movement. Almost 9 million in assets from the group on thursday. Spark alliance condemned the action. Hasunrest in hong kong surfaced in talks. China has been urged to continue to exercise selfrestraint. Shinzo abe said the International Community is increasingly worried viewed worried viewed five people have been sentenced to death in saudi arabia for the murder of journalist jamarcus sergey your list jamarcus sergey for a journalist last year. They said they did not have enough evidence to incriminate to senior officials. The crown prince has denied ordering thedenied killing viewed killing. I am paul allen, this is bloomberg. Selina ant some some live pictures across the screen, this is the business summit in beijing. We are seeing the chinese premier, Prime Minister shinzo abe, and others will be making brief speeches. We got some lines from prime isister abe who told xi he concerned about hong kong in urged beijing to exercise selfrestraint. We will give you more lines from this summit as the show goes on. A von, what are you seeing yvonne, what are you saying . Yvonne when it comes to north korea, that will be a key focus on the agenda. There has been speculation this could be a big problem for d. C. s year as well. D. C. Next year as well as we get closer to the deadline. We will bring you the latest from beijing in a moment. After has named a new ceo outing Dennis Muilenburg. To playmaker is struggling navigate the 737 max crisis and is telling suppliers to hold part shipments for a month. Lets get to Stephen Engle, who is been watching of elements this morning. Is any of this a surprise . Why now and what was the last straw . Stephen it was significant, but it is not necessarily as a prize if youve looked at going over the last nine months after the fatal accidents. There has been a string of other accidents. Less look at the case of Dennis Muilenburg, and the case against. The case against outweighed the case for when the board decided to oust him. This is a company under muilenburg, it became the giant, u. S. Industrial ousting ge, it tripled on his watch until the early part of this year and the problem started to surface. He had a laser focus, compete to win was the mantra and he drove a hard bargain with suppliers. On whethersm comes this laser focus on cost and cash might have come at the expense of safety, and thats where we start looking at the case against Dennis Muilenburg. Will talksor, who we about in a second, has a long to do list of Building Confidence again not only with regulators but with customers, with suppliers, with the flying public. Remember senator blumenthal called the 737 max a flying coffin. This is devastating news to the aircraft, the successor to the 737, the biggest generator of cash for boeing. You have those two deadly cash groundeds, it has been since march, a public rebuke from the faa, and all of these other issues that this is successor this successor will have to deal with. Is at the top of the priority list for the new ceo . You would think the 737 max, and then other mechanical and engineering issues as well, some tankers have had some issues. , the nextthe 777x generation of the successful triple seven. You have the snafu with the spacecraft that was supposed to rendezvous with the International Space station and did not. There are a number of chemical and engineering issues. The number one priority right now, because you have to get the 737 max certified airworthy again, it is repairing that relationship with the faa. Within hours of Dennis Muilenburgs announcement that he is stepping down, the faa put out a statement saying the new leadership at boeing must focus on being transparent in its relationship with the faa as a safety regulator. Selina thank you, Stephen Engle. For more, lets bring in marc maron, ceo of aviation consultants. He joins us from new delhi. When you look at this decision, its taken a long time for the ousting. Is this enough to restore confidence or do we need to see even more leadership changes . Mark good morning and happy holidays. Theblem is boeing problem at boeing is not just leadership but the strategic outline, commercial aircraft and airplane, defense and space. What is working at boeing is what they inherited from mcdonald douglas. Every program from donald Mcdonall Douglas has worked extremely well. What is breaking down is the core boeing products, weve seen it with the star liner and the 737 max. Herenk the biggest crisis is that boeing has lost leadership and morale within boeing is extremely low. That is concerning, because if they are going to pull out of this, they have to get everybody together, including their own employees. This is probably the toughest phase that boeing could possibly deal with. Calhoun the best replacement at this point in time . There is criticism that he doesnt have an engineering background. A lot of the issues are in the product areas. Down,when the chips are you need somebody who can roll with things and get the place back in order. This guy comes with that kind of capability of having started previous defense programs from a project management side. That brings in a lot of strategy perspective. Going forward, i think boeing would have to completely realign its market offering. Space,mercial aircraft they announced a partnership, and i dont know if that will help them or save them. But i think they need to fix the 737 max or get rid of it for good. Mothballed programs andre, the 757 and the 767, it might be strategic to bring program,757 or the 767 mild is the 40005000 on, nautical mile category. Yvonne mothball and the 737 that is something calhoun will have to deal with . In terms of really when it comes to what the priorities are, is a more toward the regulators . Is a more toward the customers, airlines, supply chains, what is the key focus moving forward for calhoun . Max is ahink the 737 product failure, you forced an engine not compatible on the platform. The best boeing can do is go and come to737 800 some kind of cash benefit program for the airline where they reduce the price and through the money saved on fuel, you save on the Acquisition Price of the asset. It could work for boeing, but we are not sure, again, if regulators will be convinced. If you go back to Something Else that is more stable, because the max, if you really fixed it, it will be at least 20 million per aircraft and airlines will not cough up that money and neither will boeing. We know that dealing with a shortage of aircraft, and you have airbus knocking on most airline stores. Airlines doors. It will be tough. Yvonne there was, not just when it came to the 737 max, but more deeprooted problems numbing through when it came to boeing as well. You mentioned calhoun might be the right guy, but how long will he stay in this position . Do you see this as a more near to midterm position for calhoun, or is there a time, or now the time, to bring someone external into the company . If this are not sure will really work for boeing, it is too early to tell, but what i can say is that if there is anybody that could save and get them back, the recovery from the negative of the moment, i think he has done the job pretty well and he can achieve all of those will be a year, boeing on a much better footing. Again, this is such a rough period for boeing. Lets be clear, what is working is the defense side. In all of that came from mcdonnell douglas. It is working is truly well. They have the money coming in, its just that the brand has been hit because of the 737 max and star liner from a few days ago. Yvonne you mentioned about what airbus can stand to gain from all of this, but they wont be able to make the a320 fast enough, even if we see airlines switching away from the 737 max. How much can airbus will he gain from all of this . Production delays will be there. The fastest you can put together a 320 with certification is five months, maybe 4. 5 months. That will need a tremendous amount of capital. To increase production. 320 has problems of its own with cracking in the engine, and as we know, airbus is working with cfm to come up with that or technology, so that could be a big fix. It should take airbus about six thats, but lets hope boeing can come back. Yvonne market, thank you for joining us today. Rtin joining us. What has to remark on just come through from the pboc, operations. Ral on not a lot of movement in pretty much in line with what the analysts were expecting today. Been consolidating around the seven level for a lot of time closer to the holidays. Coming up, more about elon musk and in his and his ambitions in china, securing a fresh round of financing. Selina next, beijing will continue to lower the reserve ratio for banks, and look at how to increase liquidity to smaller firms. We will assess the option as growth slows. And we leave you with live pictures from the chinesejapansouth korea summit is underway. We will bring you more from that summit in the show. This is bloomberg. We are just a few minutes away from the opening of trade in the chinese mainland and hong kong markets. China is stepping up measures to support the economy in 2020 with a multipronged policy drive. The premier says the government will continue to lower the amount that banks will set aside to reduce borrowing costs for small companies. Follow rrr cuts wideranging initiatives to boost the production sector, including higher tolerance to nonperforming loans to small firms, and supporting private companys financing. Joining us now to talk more about Chinese Markets is a head of research. Always great to have you. We had the tariffs yesterday, and now the prospects of rrr cuts. How soon could we see that and what effect will it have on the equity market . Hao most people had expected rrr cuts. For parts of the economy, the credit is still not flowing. Even the total liquidity is abandoned. Some are still having access to getting credit. Its not surprising at all. In 2018, we had multiple rrr cuts already. But the Economic Growth is not coming back and credit group is not coming back either. Credit growth is not coming back either. Its not surprising. News, thee positive market was down yesterday. Yvonne we have to live pictures from beijing ahead of the trilateral meeting. Jaein speaking. The premier was talking about china opening up earlier, thats what they were talking about the import tariff decreases yesterday, and the economy is resilient, and will continue opening up. We will bring you the latest ahead of the trilateral meeting. You mentioned the Market Selling off yesterday. One state fund particular were cutting stakes in tech stocks. What you think prompted that . Hao i think the state fund had a good run on some of it. There was even more development in the semiconductor industry. The u. S. Is putting more restrictions on Semiconductor Sales to china. The news in combination is a negative sign for the market. Of a bearw much signal should be read into that instead of just walking in profits . This was the biggest fall in six weeks. This year, its earlier than usual. To a majort close festival, we had a good run this year, i think the major indices and china are up. The consumer and health care industry, up double this year. For some of the funds, they probably will have some profits off the table. All in all, because of the news , am not surprised to see people taking profits. Ok, stay with us, we have more. Plenty more ahead. This is bloomberg. Selina lets get a check of the business flash headlines. A Digital Banking lysis in singapore license in singapore. Grab willl apply apply for a license for retail and nonretail customers. It will try the same in other countries. Has blamed its already ousted coo for a second scandal at the bank, again painting him as a rogue operative who kept executives and directors in the dark. He has been blamed for the first incident and was allowed to resign in october. He has been declared as having been fired and stands to lose about 4 million in stock as a result. A few minutes away from the opening of trade in hong kong, it will be a quiet session today. Asian futures down about 20 points, the hang seng about 27,900 at the moment. ,e are watching the renminbi 70133, but it was interesting with the pboc survey yesterday. In terms of a policy response, more bankers are saying that Monetary Policy is lose, and is loose. Two Percentage Points higher than we saw. We want to bring you back to the summit,tures out of the talking about upholding the freetrade values with china and japan. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your local xfinity store today. Yvonne you are watching Bloomberg Markets china open. Live pictures. Pictures with the south korean president speaking at the moment and talking more about overcoming protectionism through cooperation. This was ahead of the trilateral ,eeting with his counterparts from japan and china. He also talked about upholding free trade values with china and japan. Headwindsacing many or confrontations and tensions when it comes to china and japan particularly this year. Trade. F talk about and im guessing north korea might fit into that schedule later on today. Selina and ahead of that trilateral meeting we had gotten sentiment from all three sides that they were vowing to speed up their free trade negotiations. Good news for the markets. Green across the boards after suffering and we saw the shanghai composite dropped more time infor the first six weeks. And a slump of 1. 3 . We are seeing a little bounce back. No surprise that we saw profit taking. It would be reducing stakes in some Tech Companies. Interesting boards. We will be looking at Tech Companies that saw a beating yesterday. We continue to see microelectronics making chips falling today after dropping 10 yesterday. Other chipmakers fall more than 5 . Take a look at where the 10 year yields are in china. Bonds have rallied and yields have fallen as we have seen the pboc continue to inject liquidity into the market for several days i had of the holidays when we are expecting more demand for cash. We also are getting more details on the multipronged strategy for pboc. They are expecting more rrr cuts. Yvonne we are getting closer to the holidays. A lot of moves we are seeing are quite tame. We are quite flat. Are flat. Ashares the hong kong dollar, 7. 78 at the moment. The highest in a month yesterday. That will play into how the hong kong dollar does today. Let us take a look at your mr function. What is moving . Some of the Property Developers are gaining slightly. Including ck asset holding. Not a lot of moving. Year to date, what is moving the market the most is the pharma. One under 14 points this year on points this year on the hang seng. Our guest, thes National Head of research and chief strategist. What does 2020 bring . The same gains as 2019 . Not likely. 2019 was tremendous across all Asset Classes. You had a phenomenal year if you were in the right sectors this year. It will be very difficult to nextw such a strong act year. I would not be surprised to see some corrections here and there. Yvonne it has been very concentrated as well. The Industry Leaders, those that have led the rally. Is that also likely to continue . In part. Look at the Chinese Market. They are still making decent returns. They will be making a return that is lower than capital. And that in part explains why the bank is reluctant to lend to that part of the economy. If you look at the domestic Chinese Market, it is catching up with the global trend meaning sequestration. N you can purchase a lot of etfs. All sorts of sectors are protected and you can buy etfs. The etfs are market cap weighted. Goes, thegecap price weight increases forcing them to buy more from those leading companies. And that is why in almost every largecapket, the tends to lead the gain. Selina speaking about those Industry Leaders what does that mean for the divergence of large and small cap indexes in 2020 . 2019, we saw the divergence between large and small. It0, the largecap will be difficult to expect them hurn out another stellar performance in 2020. Surprised toe too see some countertrend rebound for a lot of companies. Selina in terms of catalysts for the shanghai composite, we are seeing the phase one trade deal, some improving Economic Data from china but manufacturing issues persist. What about the peak and the bottom . 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 domestic demand for some reason is not giving up. I think people will be more focused on Domestic Affairs in 2020 and also, the banking sector, especially the smaller commercial banks, they probably need some sorting out. Yvonne hao will stay around. We are still checking out some live pictures this morning where the Prime Minister of japan, abe, has just stepped down from the podium. And now they will begin this trilateral meeting between the three nations. Talked aboutular the hong kong issue with the premier as well saying the hong kong freedoms should be kept. And also they would like to hear more about north korea and how the confrontation will play out. Perhaps, we will see more coordination among these three nations when it comes to pyongyang. Just go to live go for more of these live pictures. Especially later on this week. Thatll have more from meeting later on but here first is your first word news with all allen in sydney. In a bid tol state media reports the premier said the cbo seawell cut the reserve ratio and support increasing quotas. The plan is part of official efforts to ease the possible liquidity crunch. Boeing has asked its ceo after a tumultuous year that has seen two fatal air crashes and a failed mission to the International Space station. He leaves after being publicly rebuked by the regulator for the handling of the 737 max crisis. Boeing was criticized for pushing too strongly. It has secured almost 1. 5 billion in financing from china. Sources say the money is coming from local banks. It is preparing to sell its shanghai made model three. Registrations in china climbed toa fivemonth high compared 393 a year earlier. Indian Prime Minister modi is set for elections in the eastern state. This comes as he struggles to contain nationwide anger regarding his citizenship law. 24 people have been killed in those clashes. The government also lists the economy growing at the lowest slowest rate in five years. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am paul allen. This is bloomberg. Yvonne thank you, paul. Selina after some twists and turns, can positive momentum flow into the new year . We will explore that and the outlook for other chinese tests. This is bloomberg. I think 2020 will be a better year for tencent. The online game business has begun its recovery in 2019 and the pace should take up in 2020. More importantly, i think . 10 semtech tencents business is picking up and margins are steadily climbing. Selina in 2020, it is believed that huawei not only had to deal with the issue of licenses but also the Ongoing Investigation of its cfo. Has hurt the image of the company because negative news could come out from the case. And the u. S. Administration continues to pressure its allies. Even though not u. S. Companies but if they have strong relationships with the u. S. , they could feel pressure to stop supplying or doing business with huawei. Areas isition in rural becoming more intense. We have seen them make specific moves. With the equal system advantage that alibaba has come i think it is fair to say that they will. Ave their slice of the pie it still has a lot of room to grow in terms of users and rising consumption. Selina those were our Bloomberg Intelligence analysts with their outlook on the chinese industry in 2020. Still with us is the chief strategist. , 2019 wasith tencent not quite the turnaround year that was hoped for. They still had slow ad sales. What is your target for next year . Think, the story is definitely one of the cheaper ones in chinese semtech. Others have done very well. Becauseto 2020, i think of the Gaming Business coming advertisingo online and other new forms of business coming back as well. Tencent would be a key holding in peoples portfolio. Selina alibaba has outpaced tencent this year. It has also outpaced all retail sales in china. Can that hold up . Tencent has half of its earning coming from online gaming. Alibaba is more ecommerce. Less susceptible to regulation, chinese regulation while tencent and its Gaming Business the government tends to have an in different attitude to the Gaming Business. Is focused onay its Online Platform business. Techocused on some new ventures. It is a substantial part of alibaba. Strong alibaba is very in many regards. Tencent is also a very good company. Because of the Gaming Business, it appears to be more vulnerable to government regulations. Yvonne look at its positioning this year. Multiple hands i can count the guests that said you go into the Chinese Consumer can you continue with that next year or is it time to rotate . What sectorsk at have explained the return to [indiscernible] you have probably lost money in the last 10 years. That is why everyone is holding. These companies represent growth. Would expect in 2020 the value to come back. Of10 years of reading sending a letter to investors every year, it is difficult to think people have not learned from that. And if you look at the past there tends to be a reversal. The value could come back. Selina you talked about investors running out of ideas. In terms of looking at broad sectors like tech and health care, where do the best trades lie . You mean for 2020 . Selina exactly. Basically this year everybody loaded up on Consumer Health care and some of the large tech stocks. Going into next year because we are expecting the economy to grow and stabilize somehow, and especially an Insurance Broker and larger banks should benefit. Relativelyuation is cheap as well. The cyclical component and smaller parts of the market should do better in 2020. Yvonne you mentioned growth stabilizing. Protecthink china well the 6 growth target . What are the consequences of doing so . In order to achieve doubling in 2020bling 2010s gdp even next year, if the growth is below 6 , they can still achieve their growth target for 2020. I think the government has answered its own questions already. It will be ok. And also, if you look at the actual economic performance, consumption is holding up well. Recovering. Is we expect about 50. Service pmi has been above 50 for many months now. And also come of the employment rate is bullish. We are not seeing massive unemployment in china. All that means is that around 6 , the chinese economy is growing close to its potential. At this rate, if you want to ,timulate the Economic Growth to save the economy. Selina thank you so much. Have a great holiday. Up, christmas has come early for tesla. It has lined up a major Financing Deal in the country just as the year closes out. This is bloomberg. Yvonne tesla shares are ending the year in style rising again moreports it has lined up than one plate 4 billion dollars in financing from local banks in china. An official announcement could come as early as this week. Our transportation reporter joins us now. Why is tesla are wing the money in the first place . It has several Million Dollars coming later in march. More importantly, they have this factory they are putting the final touches on and that will start operating we think later on this year and start deliveries early next year. They are going to ramp up that factory and that cost they have to buy robots and maintain it and ramp up production to a level that at some point will reach 3000 cars a week. That is pretty much it. Selina chinas overall auto market has been in an unprecedented slump. They have skilled back subsidies. How will tesla fair in that environment . Fare in that environment . Tesla does not report Monthly Sales but we have just gotten a hold of Registration Data in china and those figures show that in november, sales jumped 14 fold. That is the backdrop of the overall Chinese Market. So far, it is looking so good. Of tesla has all sorts support from the Chinese Government in the sense that they have been getting a lot of permits approved really fast. You can see that in the way that they built this factory super fast. In less than a year. So far it is doing ok. The real test will come next other carmakers will be introducing their own models. Dont forget about the subsidies. Next year is supposed to be the final year that china provides a subsidies for electric cars. It will be an interesting year next year. Yvonne looks like elon musks trips to china are now paying off. Selina let us get a quick check of the business flash headlines. They are raising the offer by about 3. 5 . 12 billion. They are engineering a complex deal that would include a jpeg champion and tencent. Chinese video sharing apple tictoc is considering building a global hq outside of china as part of a plan to distance itself from antibeijing criticism. Singapore is under consideration along with london and dublin with no u. S. City on the short list. Tictoc does not currently have a headquarters. The main office is in los angeles. For another look at the market. After the beating yesterday of the benchmark, we are seeing it flat for the chinese csi and the hang seng. We did get some of the positive sentiment from china regarding the rrr cuts. The volumes are so low. Getting closer to christmas. Perhaps a lot of traders are already off to their holidays. Not a lot of movement. New zealand goes from strength to strength. Looks like it will be a topperforming market in asia. Gaining 0. 8 . A rest of the markets are still the rest of red of the markets are still seeing a bit of red. This is bloomberg. What are you doing back there, junior . Since were obviously lost, im rescheduling my Xfinity Customer Service appointment. Ah, relax. I got this. Which gps are you using anyway . A Little Something called instinct. Been using it for years. Yeah, thats what im afraid of. He knows exactly where were going. My whole body is a compass. Oh boy. The my account app makes todays Xfinity Customer Service simple, easy, awesome. Not my thing. Rishaad regional tensions in north korea. Tesla picks up the pace in china, securing a loan from banks as it races production of the model three. Yvonne a tumultuous year at boeing, the ceo leaves. Rishaad markets yvonne not a lot going on. Rishaad a huge difference in volumes. S p getting a new record. There. Tailwind from 0. 5 . Down about lets look in a bit more detail, the nikkei is flat, that has been the picture from the getgo. The shanghai composite flat. The other markets described as flat. Some of the Asset Classes in picture andnd looking at the 10 year yields, one basis point in positive for the jgb. With the boj