Protesters tried to vandalize the chinese flag. Shery the bank of america boss is optimistic going into 2020 but warns Overleveraged Companies pose a worrying threat. The markets coming online. Sophie . Losses for sydney stocks after a decline for the asx. Bonds rising above 130 basis points, climbing to a july 23 hi. Nikkei futures slightly higher this morning. The kospi potentially building on gains after posting a high on friday amid signs of overheating for the index. We will watch for korean exports data later this morning, another weak print is coming. A nikkei news report japan decided to use export controls on south korea. The president is to meet with xi jinping this monday in beijing. Paul first word news, this is su keenan. Hong kong is back to business as usual monday morning after tense scuffles side Police Officer draw his gun and pointed at protesters. O shots were fired the incident escalated during a rally in the city center. Demonstrators gathered to show support to chinas uighur minority. In a government is defending a controversial citizenship law in india. Asked accused opponents of spreading laws. Lies. Violence increasing with at least 17 people killed, while four have died in another area. Bush fires are burning out of control in new south wales. A are devastating properly property and farmland. At least eight people are known to have been killed. Hundreds of homes and buildings have burned. The fires are stoked by record temperatures with the government criticized for downplaying the effects of climate change. Malaysias attorney general says he is ready to ratchet up a criminal case against Goldman Sachs for its role in the 1mdb affair. Saidoke to bloomberg and he is planning to bring Bank Executives to court in malaysia regardless of any settlement reached in the u. S. It doesnt matter if this is settled with the u. S. That doesnt help them one bit and doesnt affect our prosecution of the case. Dayglobal news 24 hours per , powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Steps toina is taking open up in sectors ranging from energy to telecommunications. Will offer tax breaks and lower financing costs for private Companies Tumble which account for more than half the mainland economy. Lets go to beijing. This comes on the back of more trade talks with the u. S. And china. This is according to a saysnment statement, which china is seeking to open sectors from oil and gas to communications and railways, trying to ease the market regulations and lower financing companies. Rivate the backdrop is that as chinas economy slowed, warning signs are flashing and china has been cracking down on shadow lending. Private companies have gotten squeezed when it comes to access to capital. Smaller private companies have gotten squeezed especially hard. This plan includes lowering the financing costs for chinas Smaller Companies and setting up Financial Institutions that provide services to those companies. To help them raise funds, china will be backing the bond issuance of those companies and lowering the threshold for new convertible bonds. It is important to the Chinese Government to boost these private companies because they employ hundreds of millions of people in china and account for 60 of chinas economy. We have china hosting the summit with japan and south korea. What is on the agenda . This is an annual trilateral meeting between china, japan and south korea. China is hosting. Ahead of the meeting, you have easing of tensions between the u. S. And china, agreeing to the phase one part of the deal which should ease the pain that has been placed on chinas trading partners as a result of the trade war. Simultaneously you have heightened tensions between japan and south korea when it comes to trade and national security. Economic and trade issues are going to be at the top of the agenda. Bowinge the three sides to speed up negotiations for their Free Trade Agreement to have Chinas Commerce Ministry saying they need to strengthen ties between the three countries and work against unilateralism and trade protectionism. They are likely to push japan to stay in the partnership. And to do with north korea the Nuclear Issue are likely to be at the top of the agenda given that it is in the interest of all three countries to see stability there. Thea and russia have urged Un Security Council to lift some sanctions on north korea, but it is unclear whether china can convince south korea and japan to follow its lead and break ranks with the united states. Selina wang, thanks for joining us. Still to come, more unrest in hong kong as a Police Officer draws his weapon on protesters. The latest on that in a moment. Shery what the worlds top Central Banks may doom next year. We will discuss that with j. P. Morgan securities. This is bloomberg. Shery this is daybreak asia. Im shery ahn in new york. Paul im all allen in sydney. A quick check of the latest business flash headlines. Information of millions of facebook users has been exposed on a searchable database by a group in vietnam. Thesearch firm says vietnambased site was trying to charge for access but a Software Flaw left the information open to all. The majorities the majority of users are in the u. S. Facebook says that info was likely taken before the recent upgrade. Shery metlife shares halted in new zealand after it received a revised takeover bid from an unnamed buyer. Last week metlife care rejected a bid that it received in november, saying it felt the offer didnt value it highly enough but now it says it negotiated better terms and is due carrying out diligence. Shares have surged since talk of the takeover began. Paul the Carlyle Group is planning a 100 Million Pound takeover of another group. The deal will be announced later monday at a price that is not expected to represent a big premium to the friday close. There has been no official comment from either party. 2019 was the year Central Banks jumped back into the fray, cutting rates in the face of the trade war and a decline in manufacturing. 2020 may be quite a year for monetary policy. In the Southern Hemisphere we face low rates with policy space being severely depleted. Lets bring in jpmorgan economist sally auld. Where do you see the rba headed . There is mixed news on whether we will reach the threshold for qe in australia. Them to takeect the cash rate to 25 basis points. We have a formal forecast set by Fourth Quarter of 2020, the bank will be implementing a qe policy. Paul the rba typically has optimistic growth forecasts. It has been revised down. Has been has the approach been sally they are caught between two worlds where they have a preventative forecast that shows conviction they will get back to better growth and inflation and the Unemployment Rate will come down. The underlying story is that achieving those targets is givenult, particularly the structural headwinds the economy is facing. I feel we are in a pattern where every quarter or six months, we see the rba push back the return to trend growth and a higher inflation rate or downgrade forecasts. We will wait to see what happens in february but we need to see the activity data start to lift for the rba to be comfortable that the current set of forecasts are right. Shery a strong turnaround in the Housing Market. Will that transmit to the rest of the economy . Paul she was asking about the Housing Market. We are seeing a resurgence. Will that translate into the wider economy act of the wider economy . Sally that is the ambition. There are many ways lower rates help and one is by boosting asset prices. The expectation is if the story can sustain for long enough we will get consumption effects with that. The jury is still out. We have doubts at jpmorgan about how long the uptick in house prices will last and it doesnt feel broadbased so we will wait to see what the next couple months bring. For the rba clearly putting a floor on the house prices was part of the strategy because they felt housing had taken more off consumption than i anticipated and more off the Inflation Trajectory than they had expected. Around, theut that corollary would be you cant be confident you will put under growth and inflation until you stabilize housing. Paul the consumption numbers are interesting. The idea that maybe australian consumers are on a spending strike, is that a thesis you would agree with . Sally there are structural headwinds to the consumption story. We had a time when consumption was so strong for so long and you feel with debt levels being elevated in the household sector and asset prices, particularly house prices, having had a decent correction the last couple years, maybe that has forced households to think about paying down debt. In the credit data and the real consumption volumes numbers, you usinge how households are additional income to pay down debt. The rbas hope is that disposable Income Growth should lift because we had tax rebates and rate cuts and some of the extra cash will find its way back into consumption. Looking for a are better run rate of Household Consumption next year relative to this. Of thene of the kickers Housing Market is that a lot of people are carrying excessive debt. Do these ultralow rates come with the subtext that all is not well with the economy . Is there an element of consumers sitting back and watching how things play out . Sally that has been part of the unusual rate cycle. Consumer confidence is not behaving the way central bank would have expected, down around 6 since they started cutting rates. Maybe that speaks to a fear that with rates that are very unusually low, people do sense that all is not right. I think it probably speaks to the fact of, compelling Global Forces giving given what is going on with rates globally and it says it is time for the economy to have a little bit of reversion and perhaps we wont be the standout performer amongst the dollar bloc or the g10. ,aul we have seen a resurgent resilient u. S. Economy but the worst seems to be out of the way for the u. K. What is Holding Things back in your part of the world . U. S. , there have been fiscal stimulus packages. Economists estimate that added 0. 5 to growth in 2019 so in australia we have had plenty of monetary stimulus. The rba cut rates a lot over the last 56 years, but in recent years fiscal policy has imparted more of a drag on the economy so to me, it feels like that is the missing piece. If we wanted to be serious about getting the economy back to trend growth quickly and getting the Unemployment Rate closer to full employment, it feels like the missing link is genuinely fiscal policy. Paul we have seen that in new zealand, a fiscal boost from the government. Are you expecting, to what expect that do you to improve . Sally it was backloaded so it might not make a difference in growth. We think the rbnz be back in play in the first half of the 50r, taking the cash rate basis points lower. We know there is an election in new zealand next year, in the third quarter, so there is a possibility the government does spend more and if we saw that going directly to households, that would be potentially meaningful for the Growth Outlook in the back half of next year. Paul in australia how has that influence your outlook for bond yields . Sally we think bond deal to her going lower. A couple rba rate cuts and likely qe or the rba will be buying Australian Government bonds, so we have a targeted 70 basis points for the 10 year yield at the end of next year and 45 for the three year yield. We are a ways away from those levels this morning, so our view on australian bonds is that the exceptional levels starting to. Uild longduration positions yields will decline in 2020. Shery thank you. Pmorgans sally auld malaysias top prosecutor is ready to ratchet up the criminal case against Goldman Sachs. Our interview with the attorney general is next. This is bloomberg. Paul this is daybreak asia. On paul allen in sydney. Ahn in newshery york. Malaysias top prosecutor is ready to ratchet up a criminal sachsf against goldman for its role in the 1mdb scandal. They are far from settlement talks. Sophie spoke with the attorney general. What was the key takeaway . The attorney general is 18 months into his tenure as attorney general and he was in a good mood. About whatat friday he achieved since his appointment in june 2018. Whether it was local reforms are 1mdb, he wasnt able to comment on the ongoing trials of the former Prime Minister, now on hiatus until january. He was forthcoming about preparations to prosecute goldman and units and directors with the intent of doing so by mid next year. This amid reports goldman is in settlement talks with u. S. Authorities. I am quite cynical about the press releases. I wonder if they are selfserving and self generating by Goldman Sachs and their supporters. The last time my offices spoke to doj, they said they were far away from settlement. At the end of the day each company each country knows what it must be doing to protect its national interests. For malaysia we are not terribly concerned about what happens in the u. S. Or singapore with relation to Goldman Sachs. As a sovereign nation, we will do what is right in malaysias interest. Sophie does the development with regard to the u. S. Front the 17the case regarding goldman directors in malaysia . It doesnt matter if they settled with the u. S. It doesnt help them one bit. It doesnt affect our prosecution of the case. Sophie when might malaysia see a deal . As far as malaysia is concerned, it is Public Knowledge there have been talks. Two or three rounds of negotiations. Hey havent got any where there is still a Pacific Ocean gulf between malaysia and Goldman Sachs. As far as we are concerned, the door to settlement is always open. They know where we are. They can see is if they want to find us. If they wantee us to find us. We are preparing the prosecution. As any lawyer will tell you, you can settle on the first day of trial or in the middle of trial, so as far as malaysia is concerned, it is being conducted in parallel. We prepare for the trial and there are settlement talks. We can do that simultaneously. Sophie how much could malaysia get if there is a settlement . , or wasis borrowing borrowing, 6. 5 billion u. S. And Goldman Sachs was structuring that. As far as we are concerned, malaysias position, malaysias primary position is that we didnt need those bonds. Malaysiaserve interest in 2012 and 2013 to have those bonds. Instead, they were passed on us. We are now saddled with repaying the bonds. So there borrowing, people of malaysia, because of the guarantee, have to repay the bond. Talkingerest, we are the principle of 6. 5 and with interest, 8 billion or 9 billion. Essentially malaysias primary argument is, you have to pay back the principal and the interest. Withe the settlement goldman is one avenue. You said you had a strong case. What kind of leverage to you have to prosecute effectively . As far as we are concerned, we are preparing for trial. We are hoping to have the trial in the middle of next year. When i prepare a case for trial, the burden ised on us. We are the prosecution. How goldman and their allies respond is not my concern. Sophie that was tommy thomas, attorney general of malaysia in his chambers. We spoke nearly a year to the day in its firstever criminal case for violation of the countrys Capital Markets act. Heard, mr. Thomas sees little reason not to press ahead with the charges against 17 directors charged for committing claims in malaysia. Paul thanks, sophie. A quick check of the latest headlines. Later monday, Credit Suisse is it to report on a probe that spied on its former head of hr. People tell us the bank will say the surveillance was carried out by the office of the former coo the content from without consent from the board or the ceo. There was a former spying incident. Saudi aramco fell, extending losses and erasing about half the gains made from its debut rally. They posted the worlds biggest and the this month stock rose in the first few days. The majority of initial shareholders have been local with International Investors largely unimpressed with the valuation and governance. Expecting to generate record sales and profit after a festive shopping period that went well. The companys Officials Say it is growing. Analysts say the company may generate revenue of 26 billion. Shifting thais suvuction of it an vector japan because of the currencies strength. Mazda has the capacity to make 35,000 per year in thailand. Thebaht has climbed against dollar, hurting thailands export oriented economy. Next, bank of america says they feel good about the u. S. Consumer highlights. We saw consumer data pretty u. S. , on friday in the helping propel u. S. Stocks to record highs. We will have the latest on the market moves across asia. 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. Su in china, it has been confirmed it will continue opening its economy, easing regulations and lowering finance costs for private companies. The government will offer more tax breaks and broaden incentives in sectors from energy to telecom. China has at least 27 million 300ate companies, employees 47 Million People and accounts for 60 of the economy. Korea is reportedly expanding a missile plant, raising concerns it may resume testing weapons that could threaten the u. S. According to nbc, satellite imagery shows a new structure on the site that may be used for accommodating a launchpad. Threatened a, quote, Christmas Present for america if it doesnt win Nuclear Concessions by the end of the year. Boeing has brought its star liner space capsule back to earth after a failed mission to the International Space station. The capsule touched down in new mexico in what is nasas firstever touchdown on land. The star liner made 33 orbits during its mission. It took off friday but became disoriented and was unable to reach the space station. The skyline are is designed to carry up to seven astronauts to the space station. Reportedlyo has been personally rebuked by aviation regulators to how because of how he handled the rounding of the 737 max. He tried to pressure the agency into letting the jet fly again. The faa reportedly said boeing should concentrate on providing information on Software Upgrades for the jet. Global news, 24 hours per day, powered by more than 2700 journalists and analysts in 120 countries. This is bloomberg. Bank of americas ceo is confident about the Global Economy headed into 2020. He spoke exclusively to bloomberg about why the fed doesnt need to cut rates further. I dont think they do because of the consumer. When we look at the consumer, we talk about the yearoveryear growth rate for consumers being 5. 8 percent. To six now. Holiday spending is up double digits through last friday so you are seeing it through cyber monday. We have discussions about how many days there are between christmas and thanksgiving and halfway through that timeframe, the growth rate is up 6 yearoveryear. Almost 10 on credit cards. Lots of spending going on so we feel good about the consumer in the u. S. That is two thirds of the u. S. Economy, as big as chinas economy. Those are big anchors. In europe the consumers are spending. Put that together and that is a big part of the worlds economy moving forward. Very few have this confidence. When you look below topline youers for the consumer, do see over performance or underperformance geographically, socioeconomic leeco is it distributed evenly . Wages are growing especially in the Median Income area and growing faster because you go back to what the fed was trying to do, make sure the tight labor market translates to Income Growth. That has been consistent, the same thought process happening at an accelerated rate. That is a good thing because it means there is more money to more people and more people are spending. You see that translate into broadbased spending. Of difficulty about spending on things versus experiences, going to do stuff, going out to dinner. You are seeing them both remain strong with emphasis on experiences and electronics and things that are necessarily a car or something, they are things people can consume. Wefrom what you see, can keep this going with respect to the consumer . Economists typically say you have to have more people working or hide your productivity. Were not getting a lot more people working in terms of the population and productivity growth isnt as robust as it has been. Job growth is enough to more than absorb the population growth, which brings people into the labor market and you are seeing the participation rate, the underemployment rate is coming down so that is good. Experts talk about, there is lots of potential slack, lots of people who could work that we are pulling back in. The question longterm is, you will run out of those people and the Unemployment Rate in midthrees, maybe going further south with underemployment rates coming down to read you will start to run out of people and that is the question about immigration and getting a bipartisan structural thing that feeds immigration into population growth and Economic Growth and away from the other types of things it is tied to. Shery that is bank of americas ceo. It is early in the trading day across asia but australia markets have been trading for about half an hour. Sophie Australian Shares extending losses for a third day with resource needs dragging on the benchmark. The aussie dollar Holding Gains around 69 after earlier slipping below the level. Aussie bonds under pressure, the 10 year yield rising for a fifth traders as bond consider upside inflation risks on signs of improving global growth. It is to be seen if this trend will take hold in 2020. Jumping to the terminal, treasuries ahead of the shortened holiday week, we have treasuries trading around 1. 9 , and i want to show you what has been going on in that space. Focus on where treasuries might go in 2020, they havent been able to reach 2 this year even as we had projections, the 10 year yield three point 2 by the end of 2019. Doesnt look like that is likely. There are catalysts in place, paul. Back inng kong is business this morning after a tense weekend that included a Police Officer drying a firearm on the testers. No shots were fired. Stephen engle joins us. How do things stand . Business as usual is right. Monday morning, coming after a tense weekend, yesterday there was a fairly peaceful, mostly peaceful of peaceful protest in support of the uighurs in china that turned, as you can see, violent late sunday. The protesters say the riot police came in and stormed the rally after protesters took down , tore down a chinese flag. The police in a statement say one protester tried to grab the officers sidearm. The Police Officer pulled his firearm, pointed it at protesters, did not discharge the firearm but again, another tense ending to a weekend of protests. Granted it is not on the largescale but this city is definitely on edge. Shery what can we expect for the rest of the week . Will it be business as usual for companies and people going to work . Good question. It is the holiday week, a shortened week in hong kong with christmas and boxing day holidays but there is a protest, a demonstration called for today in support of spark alliance, which authorities in hong kong cracked down on last week, seizing a number of assets tied to this group that was raising funds for protesters. Authorities seized upwards of 9 million u. S. Dollars, 70 million hong kong dollars and seized cash. There is a call for demonstrations against those acts i authorities by authorities in hong kong today. Not sure at this early hour how widespread the support will get. Informed. P us Stephen Engle in hong kong. Are talking tech in 2020 and why online to offline convergence may be the focus of the future. This is bloomberg. Paul this is daybreak asia. Im paul allen in sydney. Shery im shery ahn in new york. Honda is reported to have reached an accord on its longdistance new york to london flight. The agreement will clear the way for a final deal that will allow project sunrise to receive the carrier. The union will support a pay accord after negotiation. Paul airbus under scrutiny in india, having to replace more engines than originally thought. Regulators say more intense forination of power units the planes show more may be at risk of shutting down in midair. Engines are in use on the planes. 130 will have to be replaced. With aviation, boeing suffered another blow to its reputation. A Software Glitch forced the neustar liner capsule to abort a mission to the International Space station. Of the 737 max being grounded with no sign of a return anytime soon. Su keenan has the story. Been an opportunity to showcase boeings engineering prowess but it didnt pan out. many are concerned the ceo is under increased pressure. This was supposed to be a mission to dock with the iss, and instead, the capsule landed it wasmexico on day two. Supposed to be a sixday mission. The mission was aborted and there is video of the capsule coming down. Are typically in the water. This is the first to take place on land. While it was a successful landing, again, it was an aborted mission. If you look at the launch, the it was a terrific launch and a terrific moment for boeing. The unmanned spacecraft some of the first of its kind by boeing, took off friday near cape canaveral, florida, but it ran into problems as it entered course and was embarrassingly off course, according to observers, to dock with the iss. That raised questions about engineering technical prowess. Take a look at the oneyear stock chart and you will see how the rough ride for boeing and now for the ceo, because there are lots of questions about his leadership at this point. You did have the max crisis which is still raging. Last week it was announced they will suspend production of the 737 max, and that has been an issue since the second fatal crash. Point, how is 2020 looking for the ceo . Can he see out the year . Su that is a big question because several days prior to the mishap, you are looking at of testifying before lawmakers about the 737, what they knew and when they knew it, the Software Glitches involved, there has been a report in the , they citedes that sources that the boeing chief executive had then reproached by the faa regulators because he had pushed to get those max jets back in the air. There has also been several stories in the wall street journal and another major publication, the economist, questioning whether he should. Eave until recently, the board expressed confidence in the ceo but these issues add to the pressure. Shery thank you. From planes to cars. Aston martin launched its first suv in china. Competes withbx luxury rivals like rollsroyce and lamborghini. The ceo told us in november about the significance of the move. The first time we have ever launched a car outside europe in 106 years, so it is fairly meaningful. It is a clear indication of the importance of the chinese market, not only to us that also to the luxury business but also to the luxury business. We are making a statement that we want to own this market. We are doing well in the sports car market but that is a small market. Bringing in an suv, the predominant body type in china, will accelerate our growth here. The suv part of it is crucial. Who are you looking at targeting . , and whys interesting i admire what the team here have done, 50 of our customers are female. We dont see that mix in sports cars anywhere else in the world. Part of me is looking at this and saying, the suv, which is often the other car in the family, 70 of our customers have an suv. The fact that we are able to bring women into the brand is obviously, that doubles the market. If we can replicate that around try, this and we do could be a powerful message. Since the ipo in 20 18, shares are down about 70 . How crucial is the dbx to reviving your fortunes . Launched largely on the premise of growth. Not that we havent grown, yeartodate in 2019 we are 13 up so we are growing, but clearly when we went to ipo we talked about the forthcoming portfolio growth starting with the suv and i guess a lot of the pricing was basically taking timeframe. T that clearly, launching this will be a demonstration of that promise to grow. Can you give us a sense of the sales target for the dbx over the first 12 months . The Maximum Capacity in the. Actory is 5000 units per year we are on record as saying we anticipate on average across the lifecycle, around 4000 units per year. That is in the context of a company that right now is just over 6000 per year. It is a big leap up in total volume. Closestok to where our competitors are performing, those sales targets look modest. Text you talked about the competition. What does the dbs the dbx look like as far as the margins it can offer the company . From a pricing point of view, it is similar in pricing to a db 11. Is presumably similar to the db 11. What the dbx does for the company is, it expands volume. Thenext car, which is midengine class, is the one that grows margins. In terms of the overall guidance or target for sales for 2019, you said you will be missing the 6500 target. What our numbers looking like as we close in . We said we would, guidance was 6365 hundred. What we have said is we expect to be within consensus and consensus has us in that range of about 60006400. The other question is around the debt of the company, 1 billion of debt, some of that with Interest Rates of 12 . What is the timeframe for reducing the debt . Obviously that is something we look at and we think about how we address it. At first the priority was liquidity. We dont know what we are going into at the moment. We dont know what brexit looks like, what the trade war looks like. My experience looking across the industry back in 2008, the companys that prevailed were the guys that had cash on the balance sheet. At first, our aim was, lets make sure we have clear sight of liquidity. We need to look at deleveraging, and part of that deleveraging is growing the top line and basically reducing it organically. Does that start to happen in the second half of 2020 . This car will be a big part of that natural deleveraging. Some would argue that where you are now makes it an attractive acquisition target. Have conversations been had . There isnt. I understand your point. Obviously the share prices are relatively low, the pound is relatively weak so i understand your point but you have to if your natural predator is another car company, it is not so easy because as you know, there is a lot of hardware daimler embedded and there is a poison pill surrounding the use of daimler technology. It may look cheap on the surface but the ability for any company 2d source mercedesbenz parts from the car is a huge acquisition and a big entry. Ceoy Aston Martins speaking with Tom Mackenzie in beijing. Breaking news, we have the first 20 days of december out of south korea. Exports contracting 2 year on year in the first 20 days of december. This is a contraction but it is a smaller contraction than what we have seen in the previous months. This, after 12 months of declines for south korean exports. The trade numbers are starting to stabilize. I am paying attention to south koreas import numbers because they only fell euro. 5 . We are talking about two months of doubledigit declines, which really showed you the mastic demand being really sluggish domestic demand being really sluggish. Imports have declined zero point 5 . We are seeing exports with china rising 5. 3 year on year. We are seeing a rebound on exports to china although exports remain a little weak down 16. 7 year on year. Plenty more to come. This is bloomberg. Paul youre watching daybreak asia. Bush fires burning out of control in new south wales. Our australian editor has the latest. What is happening . The fires are still terrible 200 fires burning across australia. About 100 in new south wales, where thankfully, the weather has brought some respite. That will be important for firefighters tackling the blazes on the western fringes of sydney, in the blue mountains. Those huge fires are only separated by about 12 kilometers, and firefighters are concerned about the grave threat if those massive systems link up. In South Australia come over the weekend of is another death, bringing the National Total to nine since the fire season began. Unseasonably early in went are, several in winter, several weeks ago. 86 homes were destroyed in the Adelaide Hills north of the state capital, which is a famous winegrowing region. A bit of respite in sydney but still he Bleak Outlook as we head towards christmas. Shery what is the outlook for the Prime Minister politically . It is a tricky time for the Prime Minister. A passionatet is supporter of the coal industry and has come under criticism from and fired mentalists and moreabour party for not do doing more to curb emissions. The Prime Minister is trying to recover from a bit of a pr disaster last week when he took off on vacation to hawaii without the normal protocol of informing the media he was leaving the country. He came back early in the weekend amid sustained pressure and criticism particularly across social media, and spent yesterday assisting fire crews. Thanks so much for joining us. Still to come, the investment world is days away from the best asset returns in a decade. We will discuss that. Stay with us. This is bloomberg. [ dramatic music ] this holiday. Ahhhhh ahhhhh a distant friend returns. Elliott. You came back and while lots of things have changed. Wooooah woah its called the internet. Some things havent. Get ready for a reunion 3 million light years in the making. Woohoo yeah paul good morning, i am paul allen in sydney. Shery good morning. Welcome to daybreak asia. Our top stories this monday, china recommits to the further opening of the economy planning media regulations and lower financing for private companies. More flashes in hong kong as a Police Officer draws his gun after protesters try to