Hello from sydney where it is just past 9 00 a. M. We are one hour away from the open of asias first major markets. Seemed like everything was for sale during singles day. Just after 5 00 here in new york. Another busy week of course. The last leg of President Trumps two were in asia. One of the big movers is expected to be alibaba. Just a reminder to our viewers of what happened on friday, we ended that longest winning streak in u. S. Markets since 2013, an eight week long winning streak ended on friday. Nasdaq and dow down, much unchanged. Some of the biggest tech shares were among the biggest losers on friday. This week will bring a lot of news including economic reports come inflation. It will be very key before the fed decision next month. Haidi absolutely. Doesnt move the needle when it comes to that december move that is very highly anticipated. Looking here in asia and in a subdued set up, the s p seeing its first negative week since september. Trading is underway already for the week. We saw weakness in the aussie and kiwi dollars. Over in australia, this is how futures are shaping up. We are getting some concerns over what the Economic Outlook is going to become a particularly when it comes to impacts of the Prime Minister losing yet another lawmaker to a dual citizenship. Leaving him officially with a minority government. Futures looking pretty flat. 76. 51. Sie dollar all these data points coming out like retail sales, industrial production, also money supply and loans are supposed to come out i wednesday and it will give us an idea. We have some News Headlines for you. In the annual singles day event, it went global generating record sales on and offline. Saturdays extravaganza correction of 25. 3 billion in sales, pulling in buyers into 25 caused countries and regions. Increase ina 39 demand and helped 80 brands top 50 million in sales. Softbank is said to be close to signing a multibilliondollar deal. The plaque it is worth of 210 billion in the papers may be signed in the next few hours. Venture capital Firm Benchmark will cause its lawsuit or lawsuit against uber and agreed to drop the complaint. Thanks to investment and government reforms. Inf has welcomed chinas decision to relax frictions on ford ownership saying it is a positive development that shows increasing confidence in the Financial System. Speaking to bloomberg, Christine Lagarde says china is listening to warnings about excessive debt and seeking action to wind back leverage. She says that shows a newfound confidence. Effect that it is considering to remove at least partially those barriers, and to move above the threshold of 50 then gradually eliminate the thresholds, that is an indication of two things ope nness, and also better strength and confidence. South korea says little pressure on the north seems to be having an effect with no missile launchers or provocative behavior for almost two months. Fears kim jongun would test a weapon during President Trumps visit to asia turned out to be unfounded. The foreign minister said sanctions are working, but the south must remain strong. We need to be absolutely confident of our defense deterrent posture combined with the u. S. Forces. But south koreas we need to constantly upgrade and update our military capabilities. We have a very important agreement with the United States that yes, south korea will continue to develop and acquire stateoftheart military assets. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Haidi thank you so much for that. Trade topping the agenda. A tech talks in vietnam our chief north Asian Correspondent was at the World Trade Center building for us. Catch us up on what happened over the weekend. What kind of progress has been made when it comes to the gpb . Were going to see trade at the top of the agenda. Geopolitics also would north korea and the South China Sea disputes. Trade come up with the transposition Transpacific Partnership ending reignited with the 11 existing members minus the United States coming up with a Framework Agreement over the weekend at the apec summit in hanoi. Ant has kind of rekindled urgency for the chinaled china and indialed regional comprehensive economic partnership. It is a separate multilateral trade grouping, if you will. 16 member nations that focus mostly on lowering tariffs. Whereas the Transpacific Partnership with more comprehensive, including environmental issues, protection for Property Rights and also labor rights. Members,e 11 remaining including western nations like australia and canada they are trying to reduce it down to make it more palatable to those 11 remaining members. That is going to have a good push here and a good discussion. Repeatedlyld trump on this five nation tour, this is the last stop of his asian tour. He has continually harped on the need for the u. S. To reduce its deficit to those five asian nations and has been touting free, fair and more reciprocal trade. We look forward to achieving a bilateral trade agreement with partners who abide by the principles of fair and reciprocal trade. Two very important words fair and reciprocal. It has not been that way for the United States, almost at all. And we are changing that and changing it rapidly. Whenever you have so many World Leaders gathering, the personal dynamics, always a very interesting element. Now of course donald trump has met with Vladimir Putin on a walk and talk on the sidelines of a pack, the interest thing the interesting will be between donald trump and the president of the philippines. They will have a bilateral meeting later this morning. Betty overall outside of the last leg of the tour, what is the assessment in asia overall about what trump has accomplished . Certainly doesnt look like a lot from here in the u. S. Well, he has again contradicted himself on a number of things. But also he said the right things to his allies like south korea and japan. He has also come out and said he is willing to mediate a great arbitrator in the South China Sea dispute. If as yet to be seen country like china would agree to have donald trump as a mediator. Ofald trump a very critical the land reclamations that china has done in the South China Sea. And also the philippines president has even come out this weekend in saying you know what, we should leave the child leave the South China Sea. Alone right now. A war would be to devastating. Offer wasld trumps hailed by the foreign secretary of the philippines by being he even flooded donald trump by saying mr. Is the master of the art of the deal, so we welcome a gesture. But if i can put on my cynical periscope, i would say that is not going to happen. Haidi the art of the deal, the art of between. Of the tweet. He has been sending interesting tweets about north korea lately. Steve thats right. Back into the heated war of words between kim jongun, state media in pyongyang criticize donald trump as being an old man, and of course donald trump retweeted without missing a beat, saying im offended. I paraphrase. I would never call him short and fat. Momentever a dull between these two gentlemen. Unfortunately we are dealing with a very highstakes game. Haidi absolutely never a dull moment there. Steve thank you so much in manila, as trump finishes the last leg of his tour in asia. More on the trip from asia next as we hear from the former undersecretary of commerce under president obama. And haidi alibaba was singles day shopping bonanza. We will talk about what is next for this Company Later on. This is bloomberg. I am haidi lun in sydney. Betty i am betty liu in new york. As we were just talking about, President Trumps trip to asia winds down. Lets look at where the u. S. Stance on trade. Joining us is in advising managing partner in former secretary thank you for joining us on the sunday evening. This trip whatve sort of a great . Grade . Fort on the positive sign the most part the president avoided any major gaffes. A limited number of rookie mistakes. Betty he kind of played it safe. Stefan on the other hand there was not much accomplished. Becauseas not expected it was a fixation on the trade deficit and that cannot fundamentally be addressed on this trip. Ae things they ended up couple pushing primarily were a limited number of commercial deals. Billiondied around 250 deals with various companies. In all fairness i think that was much ado about nothing. It has been perceived with the kind of yawn i think it deserves. Betty it was as expected. Stefan some of them were frankly just letters of intent and expressions of interest. Work werengs regular business for things they were going to do anyway. It was the facesaving way to show some progress. But on real issues like intellectual property, Market Access, the ability for u. S. Companies to make fair investments in these markets, there was virtually no progress made. Betty it was ironic that the biggest news had nothing to do with his trip. The fact that foreign banks are going to be able to invest further into security firms in china. Well talk about that in a moment, because that is a pretty big deal for wall street. In the meantime, there were others who came out with perhaps much harsher words to what you just said. New york senator Chuck Schumer tweeted out this trump asia trip a flop. Potus acts like a lapdog to xi and china but talks tough to our friends in Southeast Asia. Stefan look, what i would say is the president rightly is trying to create a relationship with his counterpart president g. Xi. For all diplomats to be effective the need to focus on building those relationships. But they cannot just be at the highest level between president s. They have to be at the working level. Ais is a new administration, lot of seats remain unfilled in terms of the people who are expected to negotiate these deals, and that is a real disadvantage. I think those comments might be a little unfair but they are necessarily insufficient to make the sort of progress were going to have to make if u. S. Companies are going to be able to compete on a level Playing Field with china. Our bilateral deals, even if they are better deals as trump would characterize them have as, are they sufficient to make a from a loss from retreating from Something Like tpp . The president is much more comfortable dealing on these high levels oneonone, curating relationships with World Leaders, rather than being one of many. Do you think not being part of a hugestill going to be loss to the u. S. . Stefan it is not only a huge economic loss, it is a huge loss in terms of our ability to have influence in the region. Tpp represented roughly 25 of global gdp. Ironically while he was there, tpp minus the United States essentially reached an agreement. This is roughly 1 6 of the Global Economy. Our ability to exert influence in the Fastest Growing region in the world is going to be by ourcantly hampered were withdrawal from tpp. From our withdrawal of tpp. Xi hadwe know president global ambitions in a speech he delivered saying that china will be the Global Leader in the coming years. Do you think that dynamic is playing out and is is something washington is concerned about in terms of stepping back from things like multilateral trade, climate change, that kind of thing . Stefan i dont know if they are concerned about it but they certainly should be. As you know, china is in the process of putting together their own multilateral trade agreement. Tpp is going ahead without us. The wheels of commerce are going to continue, and to the extent that the United States does not have a leadership role in that will be to our disadvantage. Betty what usually happens afterwards . We havent told her on this whole trip that a real hard work happens after trump comes back to the u. S. And all the officials underneath him start to talk. What happens after a trip like this . Stefan a lot of the hard work normally should have happened before the leaders arrive and in the leaders can, with big fanfare, take credit for some big accompaniment. We did not see that. The question now is going to be what is really going to happen. Will there be a fundamental renegotiation in our agreement with korea . Are we going to have a trade agreement with japan, which we currently do not have despite the fact is the fifth biggest economy in the world . What are we going to do to fundamentally address these issues with china . The president has recognized this but has not identified any path forward in terms of addressing them. Betty stay with us, we are going to have much more with the. We have a lot more to talk about with the trip to asia. Well be right back. Betty good morning. I am betty liu here in new york. Haidi and i am haidi lun in sydney. Steve mnuchin is standing by President Trumps claim that republicans will deliver the largest tax cuts ever. By various measures including adjusting for inflation, these cuts would fall well short. They hope to have the bill on the desk of the president next month. Lets get back to our guest, stefan, managing partner of former secretary of commerce for International Trade under president obama. Other than the arguments that these are the biggest, isnt the problem, part of the criticism is that these are tax cuts as opposed to tax reform . Do you distinguish between them . Stefan there have been legitimate Corporate Tax reform. The west suffers from the highest Corporate Tax rate in the developed economic world and that will get cut. There had been substantial reforms as it relates to the repatriation of earnings back to the u. S. And the expensing of Capital Expenditures going forward. All of that has been very well received by Corporate America and will be very helpful for corporate earnings. The issue is going to be, what is the impact for individual taxpayers . That is a little less clear. Haidi right. In terms of what the markets are carrying about, we are seeing expectations after we had the two proposals wildly diverge in many aspects. Are they going to get it done before christmas, and will result in the economic boom that people were hoping for . Stefan it is a very aggressive timetable that secretary mnuchin has laid out. Thet the Senate Bill Senate draft bill has come out, you are going to see the lawyers and lobbyists come out of the woodwork. Done in netget it timeframe would be quite aggressive and i would not be surprised if it slipped into the First Quarter of next. Year. Like all deals, time is not your friend. I think they want to get this done because of all the things that could derail it if they were to rate. To wait. Seems the Biggest Issue to be the state and local tax break. What do you think should be done with this . Stefan im a new yorker so i have a strong point of view on that which is i do not like it. Betty you do not like the break or you dont like the repealing the break . Stefan i dont like losing the deduction from my new york state taxes. I will pay more taxes. I will not personally did a tax cut if these plans go forward. I think that is just one of the many issues. But the big issue, of course, is lion that is going to be added to the budget deficit because of this. Betty so if it is not tackling with if it was repealed, certainly help plug that hole. How do you think it gets pay for . Paid for . Stefan that has not been addressed at all. Traditionally republican administrations would talk about reductions in Government Spending and we have yet to hear a proposal of how that may happen. So that is what is causing the 1. 5 trillion hole. Betty stay with us, were going to talk with you more. A quick check of the latest business flash headlines at this hour. The u. S. Justice department is said to have sold at t to work out how to get the benefits they want to propose a merger with time warner without being used to own cnn, pbs and other turner channels. Antitrust officials have suggested that at t explore alternatives to just selling turner in forming a joint venture with the newly separated company. Haidi Reliance Communications senate missed payments on two bonds due at the start of the month. They are the equivalent of 400 60 million and 115 million. The failure to pay is the latest indication of their latest debt woes. Chase market share. Betty the worlds biggest coal producer announced a drop in profit. Net income dropped 40 from the year earlier to 65 million, although sales rose more than 4 . The quarter includes a National Wage agreement for the coal industry which they say will need an additional cost of 870 million u. S. Dollars. Haidi disneys latest marvel superhero it fended off two new movies to sit atop the International Box office. Movies new tally is 650 million. With sequels and remakes a newue to dominate, iteration of murder on the Orient Express debuted at secondplace taking in 74 million. Chets decision to further open up Financial Markets draws praise. Also, what about ballooni