Condolences to the victims of war. Singer laura, taiwan and kuala lumpur are just coming online. David i dont have anything lost to say. We are caught in this lul; between loll christma an new years. You look at some of these markets. They are basically treading water. Bobbing between gains and losses. Thats the case in new zealand and japan. At a lack ofg capital. Do you keep in mind come as we move into the last few days of this year, we seen a lot of money get sucked out. Malaysia, taiwan, the philippines, these are some of that have really gotten sucked out. We are flat in the regional benchmark. It might get interesting when china and Hong Kong Open up. Currency markets as promise, we are seeing Dollar Dollar strength come through. Thing is quite thin. Theres not a lot of activity going on. It comes at a time of the day when a lot of these banks in japan come up with their daily yen fixes, if you will. Have a look at sterling and cable. Lack of news . Im not going to speculate on why we are seeing these moves. 1. 2287 is what were looking at here. We are pulling back hair by about a third of 1 . Way, we go, by the talked about oil. Natural gas in new york hopping a twoyear high ahead of what is expected to be another very cold january. Were talking just yesterday about toshiba and its woes. Since the holiday break, we have toshiba losing a third of its value. Tell us about this unit that left to siva swimming and ready. Toshiba left swimming in red ink. Booming toshiba was when it bought westinghouse back in 2006. Westinghouse built a reactor and they are building for them in the United States. And,are delayed, over cost because of that, toshiba decided to per the company that theracts constructs reactors. Of cb i last unit year. Now it looks like they will have to take over the cost overruns in the value of that asset has dropped significantly, making them potentially have to make a writedown of as much as ¥4. 3 nhk. On, according to what does a charge this big mean for toshiba was Balance Sheet . That is exactly the thing. A charge as big as 4. 3 billion dollars means they may have to go back to the bank. They may have to provide them with preference equity, which could in turn, when they converted to regular equity, potentially dilute shares. Which is one of the reasons why the price is plummeting today in tokyo. We have to look at what the charge will be. They are still figuring out what it will be. 3. 4 billion is what they will have to do it they will have to go back to the bank. Maybe they can get through. They have enough cash on hand to take care of that charge. It will wipe all of their earnings for the year. That would be quite bad for them, of course. Rishaad absolutely. What is the companys Nuclear Ambitions . So manyse there are problems with this writedown, its what to do two things to their Nuclear Business, according to the analysts i talked to. Lookit just makes them bad it. If you are a country like india or china, they will want a Nuclear Reactor built that is affordable and on time. There are units in the United States are over cost and delayed. Maybe china and india will look to a Different Company, maybe a Domestic Company to build a reactor. Maybe india look to russia to build a reactor. That might hurt their image abroad and their ability to sell reactors. Time, by having less money on hand, by having a big writedown, that helps toshibas ability to finance a reactor. Not only does it hurt their image, but their ability to finance a deal and get enough id through. So it is hitting them from both and get an fid through. So it is hitting them from all sides. Rishaad who gains from all this . Stephen other Nuclear Reactor makers could gain. While, westinghouse was thought to be the preferred in china. There were going to secure maybe 12 reactors in india. Since the fukushima disaster, china has put a lot of money in developing their own nuclear technology. They are constructing currently their first homegrown reactor, which they could export to markets. And according to some a la no lists, that reactor to some analysts, that reactor is 30 of westinghousehan a reactor. So maybe china is the winner in all of this. Rishaad thank you very much. Moving to the first word headlines. Japanese Prime Minister shinzo abe has visited pearl harbor. Did not apologize for strike that killed more than 2000 people. Matcheshistory president obamas trip to hiroshima this year. Says it does not objective china sending warships past taiwan. An Aircraft Carrier and five other vessels sailed past on monday in what beijing said was a routine training exercise. Sayington responded by that the u. S. Recognizes the lawful use of International Waters and the same freedom of navigational rights apply to china and other nations. Production of solar cells are set to start in the summer and will bring 1400 jobs to the buffalo area. Total investment is not know. But panasonic says it is putting more than 215 million into the project. Tesla is expanding its Manufacturing Base in the u. S. Elon musk is on president elect Donald Trumps advisory team. Actress carrie fisher, known for her role as princess leia, has died. She suffered a massive heart attack on a flight from london to los angeles last week. In addition to star wars, fisher appeared in films, including the blues brothers, when harry met sally, and hannah and her sisters. Rishaad getting to some Economic Data came out of japan. This is shy of expectations by about. 2 . Not all bad news. In fact, even though it missed expectations, it was the biggest rise in five months. [indiscernible] it is the biggest rise in almost two years. Some littled, but spots of green toward the end of the year in your chart. Went rising int december. To expansion in the Fourth Quarter, which was expected. Exports have rebounded sharply, one of the key things driving this output figure. Strength and exports in november. Strength in exports in november. Saw the yen weakening. Donald trump, they give a much. Thank you very much. The numbers did miss estimates. But theres positivity amongst those numbers. With a lets look broader picture. Yesterday, we had cpi numbers oh. A tads numbers, just higher than expected. Retail sales this morning also. Rosalind a mixed bag coming out of japan. November. S rose in that is the first gain since february. Yesterday, we had core inflation, the key number that the boj looks at. That fell. 4 percent in november. Boj isd seem that the getting further away from its inflation target. However, there are mixed we are getting the same figure exports are rebounding. The yen is weakening. Rishaad nominal gdp should be increasing, to . Too . Roslyn there was a moderate recovery. Private consumption. Kuroda said yesterday that 2016 was a tough year, but a headwind is turning into a tailwind. The japanese economy will take a big step forward to overcome deflation in 2017. He would have a positive however, thereh, is increasing optimism for the japanese economy. Rishaad thank you very much. Looking ahead has singapores commodity link defunct could be the canary in the coal mine in the coming year. And putting the brakes on chinas growth. Rishaad australian retailer will work jumping in sydney appeared of is after it agreed to sell its natural gas stations the bp. Will take on some 500 woolworths branded outlets. The funds will show up woolworths Balance Sheet in its fight to regain market share in the supermarket business. Struggle deepening. Six aircrafts to emirates will be shifted to a year later. Airier this month, iran came to [indiscernible] latest china beige book reports shows economic in the Fourth Quarter with gains across all industries. Andnue, profit, profits jobs were on the rise. New orders have been pretty much stable. Growth metrics gained virtually across the board. Yu just getting on thisan just getting on this yuan. Lets discuss that. Fortrajectory has been gradual weakness. Its only natural. Indies. I think the cdc is trying to stabilize the army against the dollar as well. Nb against the dollar as well. It is trying to manage expectations amongst chinese households and incorporates. You dont have this very mechanical and onesided depreciation expectations. We do not expected to break seven this year. But next year, it is a different story. Rishaad this year held up better than last year. It bore up well. But next year, a little bit of weakness. Maybe 6. 7 growth. Is right. Rishaad right. This year, we started with a very weak beginning and the government was pumping more stimulus through fiscal infrastructure and property also further than expected. So those to help. Next year, we expect property will weaken a bit more. The government will continue to support growth, but i think they understand that you dont really 6. 7 to support employment. I think they are also a bit more comfortable. Theres also more uncertainty in the Global Economy ahead. So we are the government will set the target around 6. 5 . Rishaad but a range perhaps, not an absolute target as they have had in the past. right. So next year perhaps around a 6. 7 maybe around 6. 5 . Ofhaad what are the limits the fiscal stimulus that china can pump in . They must be nearby now. From a fiscal and financing pointed view, there is not them its limit. The government dead dad, including local Government Debt and platform debt are still reasonably manager opal manageable. Rishaad some people put it as high as 200 of gdp. 200 ofll debt, yes, is gdp. The government has been using cause i fiscal channels, meaning using corporate Balance Sheets and the China Development bank, policy banks. From a develop an point of view, there is it that much of a limit right now or in the next couple of years. But increasingly, the limit is what are the project. Dothink the most they can for a year is probably 2 two Percentage Points extra. The other story weve been reporting is that capital flows you know, how much money has been leaving the coffers as well. They tightened up capital controls. Do you see that thing loosened out any point . If Market Expectations come down, they could loosen that. I think the general direction from further opening up has not changed. Recently, the pbc has announced open further to domestic bond market to make it easier, in terms of tax policies and so on and so forth. Becausehe moment, expectation depreciation is a strong, domestic outflow pressure is very strong. So they have to tighten. Tighteningt kind of in monetary conditions, they could cut requirements. They could continue to inject more money to open Market Operations to make sure domestic liquidity is adequate. However, at the moment, the face to challenges. One is that the u. S. Is raising rates. So International Rates are for rising are rising. Their the thing is they are concerned about domestic housing bubbles. You have the debt market bubble. In the last couple of weeks, they are tried to deliver on that front. Weve seen a few episodes going on there. Rishaad thank you so much for joining us. What weve got coming up singapores long shadow. Plus, a look at the market open in hong kong and shanghai. First trading day of the week. Seven minutes from now. Singapores string of default in 2016 could be a bellwether for distress across asia. More companies are expected to face debt problems as the year unfolds. Why the dive picture for 2017 . We had five Companies Default thing in the island state. Thismillion worth of bonds year. We see the dragnet writing next downturnhe commodities waves. Billion in dollar bonds are maturing next year across the region. Thats 26 more than this year. That is on the backdrop of rising Interest Rates. Specificomes to countries, indonesia is likely to see restructuring. And china, more distress likely. Policymakers not likely to help out companies and let them fail as they seek to control financial risk in the economy. Rishaad it is not looking for looking pretty for singapore. What does it mean i mean, you hinted about the water region. They have the export slump to continuing desk to contend with. Authorities certainly have a lot to wrangle with. Rishaad thank you very much. Foring at the prospects singapore in 2017. A quick look at the markets. We look at he is making his wishes. President obama pays his respects to the dead. Toshiba is plunging again after forecasting a loss of its u. S. Nuclear units in the billions of dollars. It follows acquisition of a Power System Corporation last year. There have been arguments over new Nuclear Projects in the u. S. , which they did behind schedule and over budget. Toshiba has lost a third of its value since markets returned from the holiday break. Are yet to determine the final writedown amount, but it could be as much as billions of dollars that may affect our earnings. We apologize to all of our stakeholders on this matter and we ask you for your continued support. Zinc producergest intends to cut output next year. They will reduce supply by 500 tons in january. Zinc has rallied 60 this year. Stanley has likely force them debt due to the lack of material. A lawsuit says they have confidential data and Financial Information related to indias biggest conglomerate. And the former argentinian president has been charged with corruption over construction contracts. The judge has also frozen her. Ssets she has been prosecuted for manipulating Currency Exchange futures markets. Global news 24 hours a day, andred by 2600 journalists analysts in more than 150 countries. Rishaad lets get straight to the open for hong kong and shanghai markets. David the currency offshore, the nimby the renminbi playing catchup. A little bit of u. N. Strength coming through. Perhaps it comes down to a lot it is thinre trade as well. A lot of this will get exacerbated. Have a look at what happened across aixa be markets are now. As you expect, not much happening or to write home about. A lot of these markets are flat. Markets, as we open things up, nothing out of the ordinary moves between 4. 3 . Have a look at manila, up for a second straight day. The kospi index, apart from the prospect of higher rates ahead, in the u. S. , someone coming out asking what are the top trades in the first few weeks of 2017. Am also applying several risks involved. Years and look at the other shanghai. You have this renewed rally across Commodity Markets. So everything from roberta copper to aluminum to whatever the contract as you are looking at right now. Chances are, you are going to be looking at games. Anywhere from 2 to 4 . That is how things break down along the shanghai composite. Gas, take a look at cold. Coal. That was a very interesting story that played out a few months ago when they basically reduce the number of operating dates, if you will, that these goals can operate in china that strikelets a start a in prices. That is something to watch as we make our way into 2017. A set from that, there are some trading debuts. A lot of the stocks are trading for the first time. Thanks. Lets get the oceans abe visited pearl harbor. He is the first sitting japanese leader to tour the site of the attack that through the u. S. Into world war ii. Paid his respects for did not apologize for the strike. President obama, people promisede world, as are japan, i offer my sincere condolences to the souls who lost their lives here as well as to those men and women whose lives were taken by a war. And also to the souls of the countless people who became victims of the war. Rishaad lets get more from brian fowler. Tell us about the significance of this visit and how it has been received for you are in japan. Brian it is quite significant. Time. S the first a is the First Time SincePrime Minister has dissipated in a ceremony like that when it pearl harbor. It is part of a pattern weve shownin which mr. Abe has Global Leadership. Becomes on the heel of him hising president putin in own hometown. That was a bit risky, considering that the j seven has imposed sanctions on russia. One of the real messages of this visit is to send a signal to the next u. S. Administration that primus trade it Prime Minister abe is someone with whom the u. S. Should collaborate. Rishaad what did he actually say . What precisely did he say today . It was quite a beautiful speech. It was 17 minutes long, fairly long. And it was formal, read goal. Be good say it was elegant. As we noted earlier in the show, he expressed his sincere condolences, which is a very formal way of expressing sadness in japan. He had a couple of phrases in english that stood out a little bit. He said the brave respect the brave. Phrase thed the power of reconciliation. My think that is a message he wanted to deliver. On the one hand, he was reciprocating for obamas visit to hiroshima. Again, he was looking forward to 2017, trying to emphasize some of these messages that will be important as he starts to work with the new administration. He talked a lot about the importance of tolerance. I think that has some significance for him. Chording donald trump, as we know. What about when it comes to broader u. S. Japan ties . A i think Prime Minister of Prime Minister abe thinks that it would. Any recent survey, some japanese fear that the jump administration will have a negative impact on japanu. S. Ties. Is doing hisr abe best to push back on that, to present trump as summative they can be trusted, that japan can work with. He obviously had the first meeting with mr. Trump following the victory in the election. And he is going to meet