Industrial average at levels in excess of 17,000 now. Here is zeb eckert. At stake a look at the numbers. It was a banner session on wall street. We saw gains for the dow as you said, pushing above 17,000. Initial indications across the asiapacific are that stocks are advancing. Certainly what we are seeing in markets that are now open including malaysia as well as singapore. Taiwan starting with a higher open. The trading day continues in australia and new zealand. Gains of about 0. 75 . Kospi index, a minor downside. Call it flat, really. We are watching that as well as the currencies. The japanese yen pretty much unchanged today. We did see the selling earlier. Investors take riskier bets in the equity market, not necessarily looking at safe havens. Lets take a look at what happened overnight on wall street. Dow jones industrial average moving above 17,000 for the first time. Also hovering 500 at records. Europe did especially well yesterday. The dax is about 10,000 as well. Give me an idea of how frequently we get these sort of records on the dow and the u. S. Markets generally. I neglected to mention earlier that the jobless numbers in the u. S. Gave a significant boost to the market on wall street. Jobless claims, the Unemployment Rate came in substantially better than expected. The Unemployment Rate has fallen in the u. S. It shows that businesses are picking up. That lifts the economy. In terms of the dow, it is taking quite some time. It hit the 1000 level back in 1972. 5000 in 1995. 10,000 in 1999. During the financial crisis on between 2007lull and 2013. Lull might be the operative word. Lets talk about some other stories we are looking at today. Ecb pledging low rates for quite some time. Mario draghi says policymakers will assess measures taken already. These include pumping money into the block to revive the economy. The ecb cannot and should not act every month. While i am saying this, we dont think that our job is finished, not at all. That the council is unanimous in its commitment to use unconventional measures in its commitment to keep Interest Rates at present levels for an extended period of time. We are getting details on how bnp was able to violate u. S. Sanctions ahead of that guilty plea this week. Would transfer friends funds from a sudanese bank. The money would be transferred to jpmorgan without any mention of sudan. Jpmorgan has not been accused of any wrongdoing. A chinese chipmaker has struck a deal with qualcomm. Getting a fite of its sales from qualcomm. They say they are on the same page when it comes to demilitarization of the korean penicillin. Chinese president xi jinping meeting his counterpart in seoul. For disarmament talks and thanks. Great to talk to you facetoface. This is quite something. There are so many things here. We have north korea first. First time since china and south korea established diplomatic relations, the first er has chinese lead gone to south korea before north korea. We have this warm relationship. President park seems to have a warm relationship with president xi jinping. It is an interesting dynamic. South korea is an ally of the ni did states but south korea and the u. S. Also have a distrust of china. And china is the only friend of north korea. Very interesting dynamic. Some are saying this is president xi jinpings efforts to broaden severe influence over this area and limit the United States by cozying closer to south korea. What they have been saying about the the nuclear the wantclearization, is they to get back to the table. We know that russia and china seem to be writing from the same page or reading from the same page right now. There is a lot of conflict. That is why these talks didnt go anywhere until 2008 and havent even restarted. Korea. Ing up to north i would say cozying up. Time ofions at the same this meeting between xi and park. There is trade which is going to be fundamental. North korea is the elephant in the room. It is. Kim jongun has been conducting missile tests. It is in everyones best interests to have a denuclearized peninsula. The chinese communique talked tion of de0 nucleariza the entire peninsula. That would include tactical missiles that the United States mice have. They have a lot of other things they are talking about. They are discussing perhaps closing by the end of the year. They are talking about wonyuan direct trade. The other elephant in the room is the sea boundary. Tensions in the South China Sea and beyond. Looking also to this, threats from north korea on california right now as well. The interview. Isnt this asap broken film . Is this isnt this a seth rog an film . Is this u. S. Policy . They need to separate fact from fiction. Thanks. Right, if you are Still Holding on to shares of nq mobile, things have gone from bad to worse. We will look at what is coming on with this company. What have we got so far . There is a new statement out. At on. Elling is a change tot the board of directors. They provided the status of 2013 financials. The updates werent good. Very heavy volume. Lively party but not very happy. Two announcements. The head of the audit committee, a chairwoman on the board, she is stepping down for personal reasons. Development, the external party in charge of checking, making sure financials are in order, it says it needs more time to review 2013 financials. Anything beyond that is speculation. That is the point. Given the background, they havent submitted 2013 financials, and you have these two developments. What steps is the company taking next . I guess the best concrete release thee to audit of 2013. There is nothing for investors to grab onto. The reputation is quite damaged. They did try to move on from this debacle of whether they inflated revenues last year. They have just about close the chapter. The review on whether or not they did it was released late last month. Nothing was found a stone what the independent investigation said. Here for example saying, in ourin confident business, our strategy, our financials. We believe the steps we are taking and the expertise of our board they have appointed new independent directors. The report was released in june. The stock has fallen 54 . The market is not buying it so far. Might be a slight understatement. Thanks. Things have gone from bad to worse at n mobile but it is the opposite for htc. Lets take a look at shares. Shares on the way up in taipei by 4 . The smartphone maker earning more than anticipated last quarter. Analysts say they expect smaller profits for the rest of the year. Htc facing competition from apple, xiaomi and samsung. Next, taking a plunge. How the bank of australia managed to talk the dollar down. We will get over to melbourne to discuss that and check in on what is moving the markets. You are back with on the move with me, rishaad salamat. We will get over to chris west and his chief Market Strategist from melbourne. Great to see you. I guess it is all about the aussie dollar over the last 24 hours with the rba governor talking it down. They are playing good cop bad cop, arent they . That is probably the way things are going. They tried to run a tight fiscal policy. That will mean that you will have to get a looser Monetary Policy. That is what Glenn Stevens was trying to achieve yesterday. What he did yesterday was to try to cap gains in the Australian Dollar with people who have been long and people looking to pick up and benefit from those compelling yields that you can pick up in australia as well. The potential for much tighter fiscal policy in australia has to be offset by looser Monetary Policy. That is what Glenn Stevens is trying to promote. We saw the dollar react to that. It is significantly overvalued by all sorts of nations. Does this mark a sea change in the direction of the aussie or do we get this depreciation for a short while . Technically we have broke through and closed below the january uptrend last night. That could be probably better days for people looking to short. The predominant driver of late is still in the market. We still have record low volatility. We have still got about 90 basis points of premium with the aussie 10 year over the u. S. Treasury. That is being driven by inflows into the australian bond markets. That is going to be creating some aussie demand. A lot of those bonds have been unhedged by japanese investors. There will be some catch up fighting. Through kicker comes when the u. S. Dollar starts making traction. Last nights job numbers were really good. The actual inflationary side of things, the earning wages, was still quite stagnant. Had we seen a higher number there, we could have seen better upside in the dollar. Talk about getting some upside on the dollar but it doesnt seem to materialize. What is going to have to happen for that to take place . I think probably the next thing we will be looking for is on july 31, the Employee Compensation index. Quarter, thatlast take out a slower pace from the prior quarter. If we get a nice take up from that, that could be interesting. Headline inflation is above 2 . It hasnt been followed by wages. That is ultimately what the fed is looking at. They are looking at unemployment, which is still at 12. 1 . That is relatively elevated. The other is wage growth. The fed will be happy to be this low for longer. The dollar really appreciates and we get that selloff in the u. S. Treasury market when they remove demand for inflation. To see dollar rallies contained, i think. About Monetary Policy being a blunt instrument probably sending out a signal that they are not going to do anything on rates for quite some time. Market pricing is all over the place. You are hearing people talking q4. Thinkingachs still 2016. I would probably say q2 is about right. I think Market Pricing we are to rates markets moving wildly on any kind of data releases. Be done forneeds to the australian economy on the fiscal side . Many people have talked about the inaction of the government and the reserve bank having to do all the heavy lifting. Government have put theugh quite a few plans on infrastructure side, the healthcare side. That still needs to be voted through. A lot needs to be done domestically for what we have been seeing with the trade balance numbers and what we saw from the minutes. Not enough is being done on the domestic front even though there has been very aggressive monetary action over the last few years. Not enough is being done on the domestic front to outweigh that dropoff in investment. Infrastructure remains very key here for australia. Chris, great talking to you. We have got to take a break. Coming up next, growing bangor growing anger over the death of an israeli. That is when on the move returns. Lets have a look at some of the headlines from around the world. Palestiniansalem, lash with Israeli Security forces. It comes amid growing anger over the death of an arab boy who palestinians claim was measured by israelis. They claim the murder was revenge. Sayssraeli Prime Minister he unequivocally condemns the killing of that palestinian teenager. Motivesnt know yet the or the identities of the perpetrators but we will. We will bring to justice the criminals responsible for this despicable crime, whoever they may be. Incitement,s, vigilanteism, they have no place in our democracy. Comes as the Israeli Military deployed Additional Forces to the gaza strip. Officials say the move is defensive and aimed at Holding Rocket fire from the palestinian territory. Israel says Palestinian Militants have launched 130 rockets in recent weeks. The air force has responded with strikes on 70 targets in the hamascontrolled gaza. The Iraqi Government pressing on with its inoffensive to retake the with its offensive to retake tikrit. At least two people have been brazils worldf cup host cities. 19 people reportedly injured and several vehicles crushed. A bridge which was under construction was part of the infrastructure plan. One of the venues for the tournaments semifinal matches next week. Hurricane arthur threatens to disrupt Independence Day celebrations for millions in the u. S. To 154acking winds of up kilometers per hour. It is expected to pass over or near North Carolina before it travels back to the east coast with rain. The queen of england will formally named the countrys biggest navy ship tomorrow. Bloomberg has a look at the ship that not only is impressive in size but also comes with a staggering price tag. Tons, hms Queen Elizabeth is the you ks largest ever warship. The aircraft carriers flightdeck has ab area equal to 60 tennis courts, big enough for four jumbo jets. The planes lining up on these decks will have more firepower. Worlds is one of the leading jets, capable of supersonic speeds and vertical landing. There is also the closing system that can fire 3000 rounds per minute at incoming aircraft and missiles. Contract up tor 1000 contacts in the air on this he in the air or on the sea. The ship is the most complex ever made in the u. K. It has taken 28 million hours to design and build. Carriers stillr in construction, the project is costing over 10 billion. The ship is so massive that those on board each have gps devices to help them navigate it. The queen will christen the ship with a bottle of whiskey other than champagne in a nod to the ship harsh birth in scotland. Tom gibson, bloomberg. Hms Queen Elizabeth. Up next, great expectations. How wine cellars in china are hoping sales will become more fullbodied. We have got the hong kong and shanghai session on the move. 0. 3 ona gain of about the Hong Kong Market yesterday. Building on that. Indicating we will be seeing some gains. The open in shanghai and hong kong is coming next. Driving higher, asia heading for its longestrunning weekly gains since 2012. Promotions. How xis corruption crackdown is changing chinese leaders. Censorship fears confirmed as google starts scrubbing news articles from search results. We have the asiapacific equities on the way. A banner session on wall street, record levels as the Dow Jones Industrial average up over the 17,000 level. What is going on in this part of the world . The reaction is gains so far. Take a look at the regional benchmark. We are seeing the longest run of weekly gains since 2012. We are seeing stocks in the statement advanced the steepest advance in three months. You are seeing gains for most of the major markets. Taiwan, an exception. Shanghai starting marginally lower today. We have seen Precious Metals pulling back. The old declining gold declining. The u. S. Equity indices are hovering near records. We saw the Dow Jones Industrial average closing above the 17,000 level, first time that has happened. Check out the dow jones and the s p 500 also at a record every get this record. This feeding to the asian session. Shanghai get underway this friday, this is what we have now. Indications oft trade, about 0. 25 . The noodle maker is up. Check out china merchants. These are your leading stocks at the moment. Ome telecoms and tech stocks lets quickly check on what is happening across the region. I want to give you a quick sense on what is moving in japan. The nikkei is higher. Olympus, one of the more active issues there. As this day gets underway in hong kong and shanghai, we will bring you back to the shanghai composite. We are watching how asia continues to react. Thanks for that, zeb eckert. Lets talk about china. , hisdent xi jinping corruption crackdown taking place in the country kills two birds with one stone. Be controllingly mr. Xi jinpings power. Thank you very much for joining us. Tell us what is going on here. What have we seen so far in this Corruption Campaign . Becames after xi jinping the Chinese Communist party chief in november, 2012, he corruptionsweeping crackdown campaign. Both tigerso catch and flies. That means senior level officials and low ranking officials. Across. Exactly. It is the biggest crackdown on corruption in three decades. So far there are around 30 tigers, senior officials being either put on corruption probe or kicked out of party, which very close allies. That happened this passing week, on monday. What is the objective of this campaign . Clean up your act is one thing. What about the ones who are allied to him as well . Upthis also about shoring his own position . There are several objectives for his campaign. Jinping,drive is xi he genuinely thinks corruption is threatening Chinese Communist party legitimacy. One of the other objectives is interesthis investor we can this investor interest blocking his reform policy. Course helps him control that. He has been promoting a string of his allies to high office. Two of reports show his very close former colleagues back to his early days have been promoted to very important positions. Chinashe deputy in National Economic planning agencies. The other is Shanghai Deputy Party chief which is a very important position. Analysts believe this could for the next xi party congress. He probably can shape the lineup of the party bureau, which is a very powerful shape it in his own image. I suppose every leader does this. You are absolutely right. He started this very early in his career. Didnt get this power consolidation campaign started until after four or five years in office but xi is very quick action. He actually already started to make arrangements for the next leadership lineup. Thank you very much indeed. Great to have you on the program. Chinese president xi jinpings crackdown on extravagance has slowed wine sales but it hasnt happened an it hasnt dampened the enthusiasm of wine sellers. The newly opened beijing business is as straightforward as its name, wine and meat with a real emphasis on the line. His aim is to educate and uncork wines potential in this large land. The perl either consumpt