We speak with the Prime Minister later in the program. , wherehello, from sydney it is just past 6 00 a. M. Trading at the start of a brandnew week. Betty we have a short trading week in the u. S. , sunday evening just past 6 00 p. M. The markets are closed for memorial day. We will take all of the action on friday. Look at how it will affect the asiapacific trading day and the u. S. And in particular the big jobs report. That is something to watch. The fed meeting as well, u. S. Pretty closed on friday much mixed. No one taking any big positions ahead of the long weekend holiday. Bit,o wake us up a little we had reports of another missile being fired by north korea. That happened at 5 40 a. M. Local time, launching a missile that zone. Nto japans economic this is according to the japanese officials, also confirmed by south korea. In the meantime, south korean officials are convening a National SecurityCouncil Meeting at 7 30 a. M. We have seen this and reaction to multiple missile that have been fired the last several months. Haidi this is your coming to the fore earlier, president moon speaking about this. There were low volumes in wall street. It was the lowest of the year, no positions being taken ahead of the long week. In asia that will trickle through as well with Chinese Markets closed. It looks like a bit of a light session in asia. Lets look at the markets trading at the moment. New zealand, the morning is underway. Futures in australia looking to edge higher, but a pretty light section session expected, the aussie dollar pretty much unchanged. Lets take a look at commodities. Markets have been pretty sanguine, with all of the notes out of pyongyang. So that may weigh more, rebounding with considerations posed opec decision, overdone. 57 aee brent saying barrel, normalization. This is taking into account noncompliance if you will. We are seeing the slide in iron comes tout they commodities. China pmi coming out on wednesday and the other gauge on thursday. Lets get you caught up to date with first word news with Haslinda Amin in singapore. North korea has fired another missile in the south in the south calling a meeting. They also released pictures of kim jongun watching a new antiaircraft missile system. Washington may send a third Aircraft Carrier to the region. Helpsthening global trade chinas industrial profit rise 14 to more than 83 billion. 8. 5 rise the year before. Eight of 41 industries achieved better profits in april than a year earlier thanks to overseas demand and investment. Said most of its Computer Systems are running normally again after a weekend crash that disrupted hundreds of flights at heathrow and gatwick. Allcarrier plans to operate the local services into and out of london today after the effects of the weekend. Handling, reservations were effective. Merkelchancellor angela has given the strongest indication yet that europe is drifting away from the u. S. Under President Trump. Said relationships forged since world war ii are over. Europe must now plot its own course and not rely on america and britain. Vietnams Prime Minister is confident that key Economic Growth will meet the goal of 6. 7 this year. Interview with bloomberg, the premier said the country is taking steps to boost the economy to keep below the strongest growing economy. He will meet with President Trump later at the white house. We have a detailed strategy to achieve growth of 6. 7 . I will give you a hint of good data in april and may showing a pickup in exports and agriculture production. That will work for growth in the third and Fourth Quarter this year. Haslinda you can catch more of the exclusive interview with the vietnamese Prime Minister later on the show at 8 40 a. M. Sydney time or 6 40 p. M. New york time. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. I am Haslinda Amin, this is bloomberg. Haidi looking forward to that exclusive. Lets get to what is happening in australia, speaking of the trading week. They are indications thinking about doing something about the shale unit. Aroundolding meetings the country, exploring options with what to do with the shale unit. They are not commenting on the talks, but they have growth plans. The background, the pressure that the management is putting destroyingg bhp of value through the shale venture. Aberdeen Asset Management is the secondlargest shareholder of fromnd said pressure allied is pushing them along. Is doinge government something for an advance on their mining. How does that work . Paul it is not being received well. They do pay 20 set . 25 per ton. The west Australian Government is in trouble. 30 billion of damage. It will take generations to pay off. The state did squander the root of the mining boom. Help them out a said going into Western Australia in the past decade, we are not in talks with reintroducing the formal discussions but have previously rejected, so not looking good for that. And chinas government is sydneys new airport becoming part of the belt and Road Initiative, but why . There is lack of interest in australia. This suggestion comes from the Chinese Government via a think tank. They suggest they would be a good idea making sydney a part of the bill and Road Initiative. The governments already keeping another project at arms length, the Northern Australia infrastructure initiative. Plan not 5 billion part of hilton road. Belt and road. Australia will keep this project at arms length. For that airport, the commitment of 5 billion to build until 2021, and a gentleman called david said making the airport part of this would give the impression of Chinese Support and make attract credit experts. Ifwill watch that and see the airport ends up being part of the initiative. Betty thank you so much. The week ahead on wall street will be a shortened week. Certainly a lot of data, a lot of earnings to watch for. Su keenan here with the headlights highlights. Su there are a lot from President Trump. Couple of big reports on the economy, but the highlight is the jobs report. It always gets a lot of attention. Unemployment is expected to hold lowdy, near 4. 4 , decades and job growth might be expanding at a steady pace in may. Also what is important are the other reports of personal spending and manufacturing. These will take a prime role andr the weak First Quarter many fed members are viewing the economy as stronger than it was thought. In terms of shopping, they say Earnings Growth will fuel spending in april, expected profits to be strong. Factories seeing expansion growth. Those will be the highlight of the week. Betty what about what is ahead for the president . He arrived on saturday night from his nineday trip. Su lets focus on his economic impact. Numbersressure the nato members to bring up spending. If we go to 2881, over several different presidencies, you can see the rate of defense spending , the lowest being the clinton administration. Then it is starting to come up under obama but is expected to rise under President Trump. There are some on wall street saying if he does not follow through with his Spending Initiative and agenda, that could be something that triggers a downturn in the market. Lets go into the other things President Trump is expected to do. He ended the nineday trip by not having had a single press conference, breaking with tradition, though he did send out tweets about fake news. There has been increasing reporting on his soninlaws possible in communications with russia. It will carry through the week. And on track our meetings with the vietnamese Prime Minister and the friday jobs report likely to be something, if positive, the Trump Administration will trumpet as a sign they are moving in the right direction. Haidi back in the white house, straight to another russian drama. Politics aside, what kind of earnings, companies are you watching for us . Su there are significant reports coming out again. Generally companies have been ahead. Reports are from hewlettpackard, dollar general, ryanair and lukoil, canadian banks reporting. That will be before and after the markets drop. Autos will be in focus later in the week. U. S. Auto industry reporting good but not great is that the expectation is with General Motors does have more gains to have more gains. There was disappointment in the sales last month. The markets anticipation is that they come back from that. But they caution that the memorial day weekend is a good threedayuse of the holiday and people go to the beach instead of the auto lot. It will be interesting to see the report. Facebook and exxon mobil with. Hareholder meetings haidi some other movies i have not seen. Thank you for that. We did sitt down, or down with the Prime Minister of vietnam. His confidence his economy is on target. Economistna chief helps us break down the g7 meeting and look to the e. U. China summit. This is bloomberg. Betty we are counting down to the sydney open. Sydney users are up 0. 1 . We have a lot of data to get through and movements not just in u. S. Trade but also in asia. And watch out for another big settlement that the world will be watching, the e. U. China summit in brussels. All. Is likely i am betty liu in new york. Haidi i am haidi lun in what you can see is a beautiful morning in sydney. Be filledek bound to with news, but it will be a volume light session ahead. We have china, the u. K. And the u. S. Close for holiday. A quick reminder of friday, up 0. 7 . We had the selloff in oil. That really weighed on Energy Material resources on the asx. 0. 1 . Seeing futures up President Trump is back in the white house after the first foreign trip that divided allies and opinions. Germany says europe and the u. S. Are drifting apart, china needs to step forward as a champion of global trade. We have the chief china economist joining us from hong kong. This does sit nicely with beijings ambitions to build the vacuumfill the influence that the u. S. Is leaving. Reporter trump has started to turn to domestic. Right now, even at the g7 meeting, there are short statements, and they will continue to commit to free trade. Leaderseel that global this weekend, they also within the statement have a short sentence and calling that trade that has not always works to the benefit of everyone. Even though china is going to meet the e. U. Next week, but at the same time, they would like ,o host the Global Initiative but whether the you will receive int has completely positive europe, or they will still stay cautious about the belt and Road Initiative could be an open question. Haidi if you look at the length of the communique, this was a mere six pages. Eight sherpa coming along to do communications. Does it suggest the fracturing between the u. S. And the g7 counterparts, does that prelude more of a global risk of trade the markets have been pricing in . Reporter the way i look at this problem, within the g7, it is difficult to come up with the groundbreaking statement. Especially with china in global scenes, China Remains to be getting training and global investment. Is up to 15 of the total, so it seems that china will try to liaise with that e. U. Colleagues in order to gain more power to shape the global trade auestment, so whether the and china will e. U. And china will send a deal. This will be an important thing we need to watch closely over the next two days. Betty i want to bring up a tweet from Richard Haass, the head of the council, who gave this reaction when he heard Angela Merkel make her speech saying, i have experienced this the last few days. We are on our own here in europe. This is what Richard Haass said. If one resultonic of prebrexit, antieuropean policy emerges a stronger e. U. , and that seems to be happening. And merkels comment for a watershed moment here given that it seems like perfectly allied relationships are starting to deteriorate, how does that change the e. U. And china . Where is the opportunity, and will it look more like the u. S. Zero relationship . Europe relationship . Raymond i think it gives an opportunity for china. Britain has made the decision to leave the cautious aboutis the future and development, whether the e. U. Will disintegrate. From the chinese perspective, they will insist free trade and globalization is the only way to and they have assets of 1. 8 trillion u. S. , they will try to look for other countries as their target for investment in order to upgrade manufacturing and gain more access to advanced technology. I think the chinese approach is they continue to secure the relationship of the e. U. By bringing it closer with economic ties. I wont be surprised in the summit that china will announce highprofile investment views that they will still try to maintain a closer relationship with europe. Betty and to help them along since traded is top of mind when you talk about countries. I want to pull up a chart that shows Something Interesting from the last several sessions, which is the central bank has been fixing the u. S. Dollar, yuan rates weaker and weaker levels, is result might say of dollar weakness. Is there something more political going on . Knownd last weekend we china or the chinese Central Banks announced they have been studying what needs to change. We know that the formula the pboc has been using is to lengthen overnight the closing of the Renminbi Exchange rate. They tried to stop the global market. But we know 95 of trade is in dollars. So they need to figure out how to deal with this and create drastic moves against the u. S. Dollar so the impact on the chinese currency itself will not become 100 to the domestic market. Wither the next few months all of this political uncertainties and the global volatility and we know the fed decision will be upcoming in june, and that there will be a lot of changes coming on. Cautious,e will stay and not try to follow the market. Betty thank you so much. Anzchief economist at banking group. One thing we would like to bring to your attention is the interactive tv function. There is paul allen moments ago. Thecan watch them live as previous interviews and dive into any of the securities or bloomberg functions we talked about. You can be part of the conversation by sending us instant messages by sending us messages during our shows. Back. Welcome this guy prefers to run a casino when japan legalizes gambling. They have not yet said where they will operate or who will think thebut they region is more fun. Gambling is fun for a large number of people including the chinese who have gone to malcolm. Toy have driven that stock be the best casino stock so far in 2017 of all the casino shares. Haidi it is 8 30 a. M. In sydney. We have futures moderately high, finished the session on friday off 0. 7 . I am haidi lun. Betty i am betty liu, it is past 6 30 p. M. On sunday evening. People are getting a break from the markets. Lets get to first word news with Haslinda Amin. Haslinda hong kong has criticized the decision to downgrade the cities debt grading. It was based on shallow evidence they say. Close relationship with china cannot be considered negative as the mainland is a global engine. Modis lowered the mainland and the other. 13 people now in detention in manchester. A thousand people are working on the investigation, trying to determine whether the bomber was working on his own or part of a wider terror network. People killed. And jacob zuma is said to have survived a bid to force him from office. Members decided not to call a vote with no confidence despite the president facing increasing pressure to step down. The decision to hire the Prime Minister sparked protests and caused south africa its Investment Grade credit rating. Financialng our Intelligence Program has created a sweep of the human opponent. Chess player has been playing since he was 10 and thought no machine could beat him. Alphago is perfect, no flaws and no emotional weaknesses. He said it would be years before computers could master the game. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. Amin, this is bloomberg. For that. Nks lets get a quick check on the markets where trading is underway in new zealand. A little bit down, 0. 1 . The kiwi dollar had the biggest gain in previous sessions. We finished the week flat after the move. Futures in australia, we are seeing a positive uptick a 10th of 1 after pricing lower on friday. The aussie dollar essentially unchanged. We are looking at the weak kiwi dollar as well. Trading gets underway in asia. We have adam here with us. Korea is a big weight in terms of use even, but a fire quiet start expected. Adam the interesting move in the South African rand is worth thing attention to. It is a summa negative move zuma negative move. There were hopes this was it for jacob zuma and the country could move on and replace him. Not the case as we are hearing from the reporting sunday night in south africa. There are some speakers this week as we build up to the jobs report. It will be interesting to see their comments, and we are at record highs with the s p. Maybe a littl