High, also continuing. Some weakness from casino. 4 , alsoalaxy down Bell International down by 1 , so profit taking there. Shanghai stronger, waiting for figures to come through, up by. 3 . The bond market, we have seen bonds rally quite strongly ahead of the ecb meeting, a lot of expectation that mario draghi will continue to boost stimulus and keep that qe Program Going past march. The australian 10 year note, quite a bit of buying coming through. The australian yield on the 10 year down to 2. 24 . The japanese 10 year, pretty flat,. 1 on the return for the fiveyear. Things looking positive. We are waiting for that china trade data, but the map showing a lot of buying today. Is due to release its latest trade numbers with analysts forecasting a slower decline in exports. Tom mackenzie joins us now. That would be an optimistic sign, wouldnt it, but is it realistic . Moderate improvement is what we are looking for. A full 5 st are for for november year on year in exports. Compare to a drop of 7. 3 in october, falling, but at back of rate, on the expansion in the manufacturing sector. A gauge from korea showing exports improving as well. Role will be closely watched. Cushion, but not much propulsion to export numbers. Feeling there are pain from higher input prices, higher wages, and quite possibly as well some of the factories closed down in 2015 windy exports and the pressure on the sector was so bad. Expectedof imports, we them to fall off 1. 9 compared to 1. 4 year on year in october. We will keep an i on crude, coal, and copper to gauge how much demand there is in china as Infrastructure Spending continues apace. Rishaad we have foreignexchange reserves data spendingthey have been money to defend their currency or not allowing it to fall back to fast . Tom as you know, a gauge of the pressure on the yuan. We saw them fall off for november 70 billion, shrinking pile. X it is now just above 3 trillion in total. We have a chart that shows how reserve pilent fx has fallen, and it was 4 trillion in june of 2014, now around the 3 trillion, still the worlds largest, but does indicate that some of these reserves are being spent to alongside theuan ramped up capital controls we have seen, and officials looking to january when the fx conversion quota kicks in. There is concern chinese citizens will take advantage of that in january, and the will be a rush to leave. One analyst said controlling out close outflows is to check the systemic risks in china, and top of priorities is to avoid market volatility. Rishaad thank you a lot for that. Japan, an to unexpected cut in the thirdquarter growth figure, coming in at an annualized 1. 3 . Miller from brett tokyo. This is a massive revision, 2. 3 percent, they shaved one hold percentage point. How did they get it so wrong . They really did. Japanese gdp figures are notoriously volatile, particularly revised figures. We saw a big change this time around. A lot of people were wrongfooted. The big expectation was business spending would have increased a lot and help to the economy. What we got was a decline in business spending, a surprise. If we look into the third quarter, the yen was looking quite strong, very different than today, and that was affecting business spending in terms of Business Sentiment and the way the futures for exp orts looked for japan. Rishaad tell me something here, we have a change in the estimate of the overall size of the japanese economy, which tells us better news there. Tell us more. Yes, when it comes to accounting, there is good news and we look at the way gdp is counted in japan, and now we have a new way of looking at research and development. It is an accounting change, but that change has made the economy as large as ¥540 trillion in the blink of an eye, that is good news for shinzo abe and his goal of getting a 600 trillion economy, but it does not do anything for the growth rate, and thats what we saw in the news today from a revision downward in the growth rate. Rishaad right, what can we expect next from the japanese economy . It is key to get a look at how Business Sentiment really is. We get a little more information next week from the boj when it releases a survey where we get to see how manufacturers see the economy and the fourth quarter, how nonmanufacturers, large businesses, small businesses, so more granular detail on how businesses see the economy at the moment. We have the boj meeting later in the month, and then what is important will be the budget from the japanese government, and we get a look at how fiscal spending will pan out for the next year. Rishaad thank you very much. Brad miller joining us with the latest on that, japanese figures from, growth figures, huge revision of one percentage point. Lets get to first word news. Russia has agreed to sell its stake in its largest in what is the countrys biggest ever privatization. The buyers will pay a 11. 3 billion for 19. 5 and the company, taking equal shares. Russia is privatizing state assets to raise cash after the collapse in oil prices. Governor says inflation rates are low enough to return to his goal. The cash rate is likely to remain at 1. 3 for some time, and recent developments do not cause him to change that view. Brian cost seven times. Korean lawmakers expected to introduce a motion to impeach before parliament decides her fate. The document accuses her of bribery, abuse of power, and violation of her duties. It will be brought before the National Assembly to allow a vote on friday. Park geunhye has apologized for the scandal and says she will accept the recommendation. President elect Donald Trumps time magazines person of the year, something he says is an honor. The editor said the choice was straightforward in that he is the person who has had the greatest influence on events in 2016. Time said trump defied expectations and broke the rules and defeated to bring parties to win despite odds of 100 to one against when he entered the campaign. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Rishaad still to come, hsbcs take on the latest china trade data. Those numbers,g and what do they mean for policymakers . Announceb prepares to its latest decision, why markets are expecting to see further stimulus action. Quick check of the latest business flash headlines, china mobile and alibaba to expand there are lines in the face of competition, looking for opportunities in Cloud Computing the internet of things. Collaboratedeady on ecommerce, mobile payments, and i. T. Infrastructure. By do will help Digital Advertising and facial recognition that stores. Seek a says it will criminal investigation into some facetives, volkswagen must action against audi vw korea current and former executives. Jet airways is set to be taking 300 million in new funding to pay for expansion on international routes. Airlinesecondbiggest started talks with potential lenders and may sell stock at a premium to its current price. And a high debt load contriving to restrict the carriers ability to expand, market share drop back as well. Gear,nomy stuck in low inflation far from target, and thats why markets expect the ecb to keep stimulus coming when they meet today. From marioate cuts draghi, certainly, since he cant really do that, but it is bond buying, isnt it . Are nearour rates zero, what are you going to do . , continuingbonds the program that started in march 2013. It is 80 billion a month now. The consensus is now they will expand the time they will do it, six more months past that march 2017 time when it was supposed to stop. Why did the ecb keep going . Stories about the possible hint of tapering. Here is why, inflation is still weak. 4442, the yellow line is the 2 target. Inflationline shows rising 0. 6 yearoveryear, far from the target. Forecast previously the ecb was 1. 2 , 28 teen, 1. 6 . Our Bloomberg Intelligence team says when they are looking at the economy, they will have a forecast that is weaker for inflation than the ones they have here. Rishaad tell me something, ecb will updating its Economic Forecast as well. What do we know about that so far . Bloomberg intelligence saying not too much change. In the third quarter, area gdp year,3 , 1. 2 year over maybe they will be looking at Something Like 0. 4 in the fourth quarter. Withight be surprised that surprises politically that theyre not be more cautious on gdp, but here is what they are suggesting. Dentt has not made a big in the u. K. Or european economies as people thought it might. Trumps election has led to rising bond yields, but not such a big hit yet, and even though t in the u. K. Or european economies as people thought it might. Italy has upset the political applecart by voting no, there is a long way between that and something as drastic as leaving the euro area. When you step back, nyu economics professor michael is looking at the very existence of the euro area. Zone is a flawed construction. It is very difficult to restart growth in the south, and so you go for a long. Ng time and the support for the people who say this does not work starts to rise, and down the road you have a potential unwinding of the euro experiment. Perhaps this is one reason expected tois not taper. When you hear him Say Something i mario draghi, i have a lot of weight on my shoulders to hold this euro area together to create more growth and not to stop stimulating too soon. If it does extend this program by 36 months is there a risk of eligible bonds to buy . It is one thing to extend the time you will buy bonds and buy more. It is another thing to deliver when key parts of the yield curve when they are still at zero or negative rates. We are expected to see at the end of that meeting hours from now that they have tweet some of aked some of twe the rules to buy more bonds. If youre a bond trader, you want to see what they say there. Rishaad Kathleen Hays joining us from new york. The lawmakers have grilled bosses of at t and time warner about their proposed 85 billion merger and whether it would benefit consumers. They are trying to find out if donald trump is still against the deal saying that he would block it. Su keenan examined this in new york for us. Key questions, will the merger benefit consumers or will it create antitrust concerns where rival distributors of content are harmed . One senators said we have seen the movie before, robust competition collapses. We end up with monopolies, and the ceos said thats not going to happen here. The benefits of combining at ts distribution with the worldclass content of time warner, and for your constituents, we believe the benefits are straightforward and substantial. They will get more choices and lowerpriced options, and that means more nationwide competition against the Cable Companies in each of your respective states. At t stock since the deal didnt come but has rebounded considerately if lawmakers asked if a big at t stock since the md engage in bowling tactics. The answer was no. Offer ourere to not networks over any of that cable, satellite, telco, or overthetop platforms that old now the place where increasing numbers of americans are choosing which when to get their tv service through, we would be cutting off meaningful revenue for our company. There is no incentive for us to do that. During the campaign, trump voiced his objection, talking about too much power in the hands of too few companies, and express rancor at cnn. President s typically dont weigh in on more jurors, nor does the Senate Judiciary committee, which rather guides the regulatory commission. Take a listen to what the chairman had to say. There is concern this acquisition will concentrate too much power and to one conglomerate, resulting in higher prices and fewer Programming Options for consumers. There is also concern about the mergers implication for a free and diverse media. On the bloomberg, despite the premiumncerns, for the deal has come down. In other words, the likelihood investors see the deal falling apart is less than it was a few weeks ago. Up, the indian billionaire tata has broken his silence over the dismissal of mistry. Find out what he had to say. Patriarch hasata turned up the heat on his ousted , asking, ratan tata shareholders to support the removal of cyrus mistry. This has really gotten nasty. And ratan tata silent until now. We have seen both sides exchanged tirades against one another. Saying their side of the story. Rishaad and leaking of course. There was a letter asking for shareholder support to remove cyrus mistry. He was the mode it, logically he should have stepped down. Is the overall parent company, and you have all these Companies Listed separately. Sons is the primary netnet, he is asking for support to get rid of the guy. As ays he has continued disruptive influence on these boards, which can make the inpany dysfunctional, particular open hostility to the family. This is not the kind of language one should expect from ratan tata. Rishaad do we know what triggered this . Your guess is as good as mine. It is only conjecture, interference with insider daytoday affairs. Ratan tata says that cyrus mistry has been acting against tata culture and so on. Families that are have known each other for generations. An 18 stake. Owns this is a 147 year old company. These are not decisions made overnight. This not bode well for the tata group. Rishaad would we know about the interim chairman and what is he saying about all of this . Himself is in charge. Thatbelieve ratan tata they will be focusing on new leadership. We dont know who the new leader will be. We will have to wait and watch and see who the successor will likely be. Rishaad thank you very much. Great stuff with this boardroom battle taking place in india with tata sons. Equities reaching record highs, playing out when it comes to the asiapacific, benchmarks from tokyo to sydney moving to the upside, extending these gains. We also have a bit more pressure when it comes to the bond markets with yields a declining, this is the head of policy updates from two of the worlds biggest central banks, chiefly the European Central bank there. Tell you about australia, the latest trade data disappointing. We have a deficit growing instead of shrinking. Who is to blame . We will be having a look at that and much much more when we return. It is about 10 30 a. M. In hong kong. I am Sophie Kamaruddin. Japan cut its reading of the growth to 1. 3 , down from a measure of 2. 3 . The drop blamed on falls in Capital Spending and private inventories. This was the first time japan has used a new method to calculate gdp, hoping to bring closer to his goal of 600 trillion yen. Chinas Foreign Exchange reserves fell as officials try to shore up the yuan, the fifth straight decline and comes amid tightening of capital controls. Chinas reserves has fallen by 1 trillion. The ecb is not expected to make any change in its final rate call of the year. Expecting an extension of qt to sustained recovery. It is thought mario draghi will choose to prolong asset purchases at the rate of 80 months. Euros for six the ecb will update its forecast for growth and inflation airbnb admits that it softens its approach to regulators. The move comes as airbnb inches into the indoor must chinese market. Enormousr miss chinese market. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Rishaad getting you to the market action, just having that break. Yes, tokyo going in on that lunch break, positive as someen weakens, up. 8 , very strong buying coming through, particularly tokyo electric power, one of the best performers in the region. I want to show you the australian market, rallying very strongly for a second consecutive session despite disappointing data we had. October trade data coming out yesterday today, i should say, but yesterdays data disappointing, but solid buying coming through. Up. 9 , andg is flat movement on the shanghai Southeast Asia markets looking pretty solid today. ,ome movers we are watching samsung sdi firmer after reaching a battery deal. That wille Company Supply those batteries for the galaxy note seven, which was causing some devices to catch fire. Onyo electric power going that lunch break, up by almost 13 , a sixmonth high, and reports out of the nikkei of a loan increased that could help balanced books. This is the company that owns dreamworld that had that fatal accident, rising 6 with the reopening of its theme park. Elsewhere, the bond market, we are seeing a significant rally at head of the ecb meeting. The expectation that we are likely to see mario boost intoinue to that Bond Buying Program pass the march deadline. Have a look at 10 year bond yields on the australian 10 year note, down 2. 7 there, bonds in favor. In japan, flat movement on the 10year note. Dollar the australian the two moved on worse than expected october trade data released a couple of hours ago. Lets go through the numbers. Paul allen is hidden sydney. More weakness there off that terrible gdp yesterday. Trade deficit 1. 5 4 billion, worse than the 610 deficit that was expected, and , revised. Eptember imports were up 2 , exports up 1 , but this happened when the Iron Ore Price was beginning to recover to the mid60s. Revenue from metal or was down by 100 million, coal was 240 million, but less than the 700 million expected. Capital economics put out a note saying this is concerning because net exports may be a drag on gdp growth in the fourth quarter. We just had a negative read for the third quarter, so two consecutive quarters of contraction is the technical definition of a recession, a good long while since we have had one of those in australia. On the upside, the import number, some analysts pointing to a sharp left in capital goods, the potential to feed through stronger Business Investment numbers, but Commodity Prices are rising and demand from china is growing, so there is some hope out there that the thirdquarter gdp figures were a oneoff. Rishaad that is paul allen in sydney. President elect trump getting his man for china, Terry Branstad excepted acce