Bloomberg predicted that and that is what we got. But see what is happening market was. Batch market wise. Today the keywords in asia greece. A call for start on tuesday office start cautious start on tuesday after collapse. We do not have leads from wall street, it was closed on a Public Holiday so analysts are saying that europe is the focus. Asian stocks retreat because of concerns over retreating as of concerns over greece, it has fallen the most last week. South korea came out with bb ok decision to keep rates unchanged at a record low of 2 . They have been trying to portrait prices and you can frustrate at a record push up prices. Singapore down. 3 , opening down although fourthquarter gdp numbers beat analyst estimates but still lower than the Third Quarter so maybe that is taking a toll. Japan nikkei down from a sevenyear high because japan exited recession yesterday. We heard that the gdp grew at an annualized 2. 2 in the three months in december ending in december. Lets look at the yen, it has climbed against the dollar and euro and has games. Gains. The boj, with the policy meeting, we will see what happens, trading at 118. 34. Did you look at europe, of course, take a look at the euro, of course, the big story. It has dropped against the dollar, dropping to a oneweek low versus the unknown monday yebnhn on monday. In the focus is on the wednesday meeting. Top stories, greece and creditors have met and talked and listened and completely failed to reach differences, the meeting breaking up without them saying that europes conditions with them saying that europes conditions were observed. All the good has evaporated. Is a bad situation as it stands. The wednesday meeting did not work out, that was an emergency meeting. This one is the crucial one after three hours of talks nothing happened. The euro zone, 18 ministers gave the ultimatum, saying if you are not agreed to bailout by friday, clearly we have to pay you not pay you. They must agree to this friday. Greece are now antibailout. This is that they will do whatever it takes but on their terms. If they were to agree by friday, it means that the ministers may austerity later in the year rollback austerity later in the year but they will give them 7 billion in rolling funding which they desperately need. Areas the genetic press conference here he is speaking at a press conference. First, the greek finance minister. In the history of the European Union, nothing good has come out of ultimatums. In the history, we proceed from crisis to crisis and this is how we improve it. I have no doubt within the next two days in the notion of an ultimatum will be withdrawn any notion of an ultimatum will be withdrawn. After everything that has happened, i am very skeptical because the greek government has not moved at all. This is not a question for negotiation but a decision for greece, what it actually wants. Whether it wants to go down ina path to win back the trust of the markets. Were looking at this again overall the situation as they must decide by friday. Deadlines come over this is serious. The 20th of february come and go but this is serious greeted. The 28th of february is when this runs out. The Banking System in other parts of the eurozone fear of getting a haircut, that is a bit worried. Jpmorgan has deposits being taken out of greek banks. That is people taking money out of the savings physically and putting it under the mattress. That is the concern. S p is doing great in the banks, a massive roller coaster ride. 12 down one day, the next, the next up the next, down the next. If they do not give them the money, the default and goodbye euro. I think they meet friday again and have thoughts on the run up. Friday is the crucial, they must agree by friday. I said crucial every week. Lets see. The reserve bank of australia outlining the decision to cut the cash rate to a record low of 2. 1 . What do they say prompted the move . The reserve bank of australia has doubts in its own word about domestic spending words about domestic spending pickups. They said that that is part of the problem here. Investment in the Mining Industry has fallen off a cliff and australians desperately need something to replace it. The rba at something to say about confidence which has been lacking. The appetite to take on risk have the potential to lead to stronger bond Mining Investment although on friday nonMining Investment although on friday they testified to Parliament Saying that the impact of rate cuts has become less and when it comes to lessened when it comes to Consumer Spending. This is there is a lack of clarity in the chinese Property Market. In the light of weakening commodity prices, the Australian Dollar is overvalued and they feel it has a distance to fall particularly against the Major Trading partners. What about the timing here . Why did they move when they did . Is there any notion of when they will move again . The timing was discussed by the rba Board Members and the february meeting was the first meeting of 2015 but in the end of a decided that moving early offered they decided that moving early offered a communication in terms of what happens next, they do not say. 70 chance of another cut in march. Paul, thanks for that. All elements of me. Paul allen in sydney. This company is struggling to boost prices with iron ore prices dropping what planning but planning to raise production. Shares are seemingly unchanged in sydney. M profit n to profit trickling, selfies ages biggest developer reported revenue of more than 1 billion u. S. We are focusing on homes and offices and shopping they are focusing on homes and offices and shopping. Stay with singapore because the economy grew more than anticipated, the strengthening u. S. Recovery and the falling price of oil, all of that together, demand for iron export getting a boost. This was way ahead of analyst predictions. Have a look at the Taiwan Semiconductor going head to head with samsung, battling it out to meet the booming demand for apple goods. Record spending 12 billion. Will billion dollars on plants and equipment, 1 billion more 12 billion on plans and equipment, 1 billion more than intel has ever spent. That is in response to samsung, analysts saying they are ahead in terms of technology but they are moving aggressively now. Again you talk about the tables turning quickly, samsung has been the supplier of the most important trip for the iphone since its debut so they have bet the farm in terms of spending. When the iphone 6 came in, that is when the tables turned. They are mostly manufactured by Taiwan Semiconductors. We will see the demand in the u. S. Is huge. In china, even with the reduced 7 expansion in the economy, it is five times greater than the eurozone. The boom for suppliers will be huge, materials and research. 15 of revenue comes from tmsc. This is a Competitive Edge that these Semiconductor Companies have to do to keep up with Technology Overall and the brains of the chips. 12 billion. 12 billion. It is the first time they have beaten samsung and intel for overall capital spending. Still to come, south korea stays the course. We get reaction from hsbc right after this. Lets check on other stories making headlines. Egypt has confirmed launching airstrikes in libya in retaliation for claims that the Islamic State has murdered coptic christians. Video shows what seems to be a series of explosions. Libya is where Islamic State is at its strongest outside of syria and iraq. The ceasefire in the ukraine is under strain after claims of violations by both sides with five soldiers being killed near maripol. The European Union expanded travel band against russian we officials ban against russian officials. Pressure describes it as ridiculous. Russia describes it as ridiculous. Greek debt talks collapsed in three hours. The finance minister said that greece refused to be considered a debt colony but says he expects an agreement this week. The new greek government wants the current Bailout Program scrap and is seeking an 11 billion dollars bridge loan instead. Lets talk about south korea because the central bank leaving Interest Rates unchanged at 2 . They see a cut coming next month. We have hsbcs asiapacific economist ronald. Done deal 2 ,. But why not cut now . We have not seen a lot of pressure from the government side on the bank of korea to cut interest rate. In the recent g20 meeting, the finance minister noticed that it was more important than shortterm stimulus and this has dampened market expectation and that is why it was unanimous. I think looking ahead, what will happen to data . If it continues to decline then we have greater probability of a rate cut as early as march. A recap here is not designed to be curbing inflation rate cut here is not designed to be curbing inflation. It is trying to get one to weaken. Absolutely correct. We think the current income surplus will widen from 6 to 7 gdp this year. All else equal, on the rate policy perspective, this will lead to an accumulation of reserves. For the be ok, we think it bok we think they need to support exporters because korea is an export dependent economy. The thing is, where do we go next . As you said, stimulus would be a shortterm measure. I think the name of the game for the upcoming year is to raise the potential growth, from 3. 4 according to our estimates to what the government says around 4 . Does it worry you that this seems to be the only policy toward available for all of these countries policy tool available for all of these countries . Know because monetary and fiscal policy are being used together. That is traditionally the way that you operate economic policies, is it not . It is. We will see more rate cuts this year, we are expecting two. The government will deliver a supplementary budget where the growth hits the 3. 8 the government forecast. Korea must be developing internally from the oil crisis. The problem is you need to look into the details. The trade balance is strong but this is a recession for us exports are flat and imports are coming down. Domestic demand is under pressure. Domestic demand is under pressure not only because of Global Demand included into the local economy but wage stagnation is coming down sharply, flat by the end of last year. This is the key Downside Risk. Me bo the bok forecast, for much are they an independent central bank from the government influence and from the bank of japan . Bok is by law an independent institution but Government MilitaryMonetary Policy tends to government and Monetary Policy tends to Work Together in korea. I would be boj and back korea the answer would be through a Downside Risk to koreas growth. We think the boj can influence bok, more stimulus would raise pressure to cut. Ronald, thank you. Up next, china announces changes to residency laws that of the leader your travel rush. Further details when on the move returns. Lets look at the Property Developer, shares have fallen 3. 5 in the premarket, hong kong dollar one hong kong dollar . 65. The biggest ways of human migration rumbles in china, millions of people at home for the spring festival holiday. H head home for the spring festival holiday. Lets have a look at the new year rush. For the migration have you ever done the migration . It is not recommended. I would try to get out of the country. I remember my first lunar migration, i was going down and it took me 80 plus hours. The train broke down it was a slow train not the highspeed. For does it go . How far does it go . The length of the country. It took 80 hours because the bridge was out, it was a long trip. I do not mean to disrespect the hundreds of millions of people were forced to do this because china has who are forced to do this because china has two weeklong holidays over the year. Let me give you staggering numbers, 2. 8 billion trips will be taken over the holiday. Lets break that down, 1. 3 billion people in the country and that is up to 1. 6 2. 6 for the return. Everybody is moving at once. I am astonished. It is a great testament to the country that they can move that many people. They move them quicker now because airtraffic is more readily available and highspeed rail but the demands are so incredible. In the next week alone, the actual spring festival, there will be upwards of 300 million trips on train alone, 57 million on airplanes. Avoid it if you can or hopefully leave early and come home late. Chris there is something called the system there is something called the system were you have Migrant Workers forced to go home because they cannot live in the cities. There is a new development on sunday were china will abolish the temporary residence permit because that is what ithey got. People are born with the huco, that is the place for they live. Margaret workers go to another city and get it Migrant Workers go to another city and get a permit. Can they change it . It is a complex and bureaucratic process. They will give migrants permanent residency which will give them rights Like Health Care and social benefits not schooling. School reform is a massive undertaking. We will be talking about this more in the course of the morning. Up next, a beijing policy measure limiting the drop in Property Prices. We will have a look at chinas latest figures, the next. The drama that keeps on going, greece rejects the debt extension and that sends the euro down. Setting itself up for trouble, china resuming trading in hong kong. Churning out billionaires. Why chinas ritualist keeps getting longer rich list keeps getting longer. Lets have a look at what is going on with the Shanghai Hong Kong open. Today the big word is Europe Markets reacting, a cautious start giving what is happening in greece and asian stocks are retreating, following the most since wednesday. Alling the most since wednesday. Today would be the seventh day of games, the hang seng down. 3 , it has been rising but opening on a lower note. We are expecting chinese january Property Prices out and will see how they react. Markets will be closed starting tomorrow because of the Lunar New Year, the weeklong Lunar New Year, and south korea as well. Down marginally, reacting to the bok keeping Interest Rates at a record low of 2 , they are trying to show prices which of them up prices which have been a record. Down despite gdp numbers coming in better than expected, and down. 3 , coming down from a sevenyear high because japan has been exiting from recession, we saw gdp numbers growing at an annualized 2. 2 for the last quarter. Lets take a look at some of those big japanese stocks were seeing sony, panasonic nintendo. Sony saying that they plan to prioritize devices and operations. Panasonic is up today 1 , saying they plan to reorganize home appliances. Nintendo is only a briefing for analysts soon read holding a briefing for analysts and. Treating resuming in hong kong big news here clady resuming in on treating resuming in hong kong, the news here. Home prices falling month on month in december it was 65 cities so a slight recovery taking place. Beijing seeing a fall of. 1 . Shanghai seeing flat home prices for the time being at least. On a yearbyyear basis, 69 cities was these home prices which are currently just down as well. The headline, prices falling month on month in 64 cities down from 65 in december. Lets get to beijing, christine. Good morning christine. As you said, january home prices falling a little bit less than december this index tracks 70 cities. Now we have 64 cities falling, it is following a general trend. Home prices may have hit the bottom in key provinces of china last year. We saw prices hit bottom last september in beijing, guangzhou in october. The only major city that has continued to see prices drop is tryingchungdu. This is due to the rate cut and the central bank injections of liquidity through various means. Most think that the prices in the Housing Market in china are stabilizing and receiving some support. We do not know if they will start rising because there is a lot of excess inventory in many cities that most analysts but most analysts see support this year. To recap, month on month we saw a drop in beijing with prices falling to 0. 1 month on month, 0. 3 in december. Shanghai prices have remained unchanged. Courts against the question i guess the question i will be asking is, have we seen the worst of the woes afflicting the Property Market . It depends on if you were a glass halffull person. They will be cutting rates and easing and the topperforming Chinese Hedge Fund totals last week they are going back into property shares because they are confident the government will make borrowing cheaper. They have said that they see government measures improving home sales. Pessimists would point out that it is the government driving the recovery and it is not fundamentals like demand. The government did begin cutting back on liquidity because there was overheating in the market so the home price recovery and if they recover on easing measures, it is not so reassuring for the long run. Thanks, christine. Lets talk about a Property Developer that has extended, a. 8 drop in the open 840 drop in the overnight hong kong 8. 8 drop in the opening in hong kong. It resumes trading after we had it halted yesterday. Limbo leaves u