Yesterday, nintendo also. We are still talking about this tailwind or headwind. Every single technical indicator was telling you that. Techcrunch reporting that the game will be launched in japan. On a tieinjournal between mcdonalds japan and pokemon go. Be a sponsor of the game in japan and making its restaurants key locations for game players. Australian construction and 20 ,eering stocks, down the most since 2004. Asia is looking like this. It looks like a softer day. It is not exactly off the cliff. Market has been on its own path the last few weeks or so. Liquidity is the main story across markets. Acrossup valuations emerging and developed asia. Given the week lead from wall street, stronger dollar, mixed earnings, this is what asia would look like for the rest of the day unless we get a major positive catalyst. Data expected out of the asiapacific. Rishaad i am avenue freeze on mf revising down global growth. Has also revised down japans growth as well. To sayd the imf have about japan and the stronger yen . To boost theon japanese economy is neither useful nor necessary. They cut the growth forecast to , but did downplay the need for a weaker yen. They said it was challenging for japan to reach its inflation target and should use the available tools it has to boost the economy. They also pointed out wages and said some attention should be paid to the wage setting process. The imf chief Economist Says the calls for helicopter money shows the need for fiscal policy. It is a colorful med o metaphor, but it skewers the problem, which is conventional bearing policy has been the entire burden of maintaining Price Expectations and supporting economic activity. Without enough help from other government policies, for example structural or fiscal policies. Lower forecaste globally comes after brexit and an overlay of risks in the economy. Year, 3. 4 this 2017. In a severe situation, it could fall to 2. 8 , therefore important to remain confident among investors. Imap had been the planning to upgrade the forecast. Had been planning to upgrade the forecast. China performing better than anticipated according to the imf. Are they ignoring the weight of these bad loans . Bighey said china has a impact loan issue and needs to set up efforts on credit issues. Research hadtor of this to say about the loan issues. You have a big rebalancing task ahead. Is in a sense punting on this score, an issue that will have to be addressed in the future. We may have to tolerate Slower Growth to ensure credit growth becomes more sustainable. He did say that the china outlook is better. That is largely on stimulus measures in the near term. It is tuesday evening in cleveland, ohio, lets take you straight there. Donald trump is speaking to the convention after being named officially the nominee. We will bring back our jobs. Will rebuild our depleted military and take care of our great veterans. We are going to have strong borders. We will get rid of isis. We will restore law and order. We have to restore and quickly law and order among many and so many other things. I will be discussing with that thursday night talking all about it, but together most importantly we are going to make America Great again. Have a fantastic evening. I will see you tomorrow night. I was see on thursday night. And we will win in november. Thank you. [applause] trump of course securing that president ial nomination. Indeed, we have that speech taking place at the moment. Lets put this all into context here. Tell me more here. We get this man here who is the official nominee. That is exactly right. It straight from the horses mouth, donald trump is the united states. His son surrounded by his other children turned over the delegate votes from new york, making it official. The room interrupted in cheers. It is quite a moment for the party. One was indecisive, bumbling, and messy with a lastditch effort from the never trump movement. Pence isng mate mike officially the nominee for vice president. Donald trump just appearing now live video to make it official to thank everybody to praise his children and wife and say everyone will be hearing more from them on thursday. Rishaad we heard Donald Trumps and aesterday talking huge controversy surrounding plagiarism. How is that playing out there . Huge has been a distraction for the Trump Campaign on day two of this convention. This was not how they wanted to spend the day. Controversy about whether his staff is up to speed, whether it has enough professional staff to understand how to vet speeches, make sure the candidate and his saying the things they showed and not using anybody elses word. S. \ i think the Republican Party and donald trump will move on. Democrats have tried to carefully balance this because they dont want to kind of play it to hard and have it boomerang buthave a wave of sympathy, this is a stumble coming out of the gate when they wanted to be expressing unity and a ready for prime time showing. Rishaad lets move to the clinton campaign. We know who will be Donald Trumps running mate, but what about Hillary Clinton . Know yet. T we believe she has narrowed it down. Her decision is just todays away. If she follows the model of past them across and donald trump, she will make that announcement before her Convention Starts next week, friday or perhaps saturday, and we believe she has narrowed it down to a few choices. It may be tim kaine from virginia. It may be a retired member of the military or a handful of other candidates, women,ispanics, a range of choices but all attention was shifted to secretary clintons choice once she makes that in just a few days. That Republican Convention there. Right, a more detailed look at him officially receiving the nomination later in the show. Tweet us your thoughts at rishaadtv, include trendingbusiness. Bank of japan in a certain degree of hot water, a few signs of divisions there. Lets have a look at that story. A call to japans central bank from its for mer chief economist, saying it should add stimulus in achieving its 2 inflation market. He says markets will lose trust if it remains bullish. The doj has declined to comment on his remarks. That havingoda said an inflation target is important to prove its commitment. As a be millers board will meet board willillers meet. Fund managers have complained the 100 billion offer is less attractive following the recent plunge in town. It means its two biggest shareholders could get a sweeter deal than other investors. Are theose upset childrens investment fund. The deal was designed to soften the tax hit they would take from an all caps deal. Microsoft has gained in extended trading in the u. S. After sales and profits topped estimates thanks to its cloud business. 22. 6 billion fourthquarter revenue with Cloud Platform doubling earnings. Profit excluding certain items was . 69 a share above 58 since estimated. 1. 1 billion in charges for the quarter related to redundancies and the restructuring of the phone business. Been on ashares have bit of a tear, up by over 13 . That is as the ceo change the companys focus to cloud and productivity services. Rishaad still to come on thending business, is party over for china, some losing interest. The imf says there is no need to devalue the yen. What do investors think of this . We have more with bank of America Merrill lynch. Rishaad a quick check of business flash headlines. Noble group said to quit power and natural gas trading in europe i the end of the year. By the end of the year. Has had a turbulent 18 45 hs due to stock falling on top of the 65 drop in 2015. Japan mobile carriers could prove to be a bright spot with Weak Consumer Confidence and a stronger yen. They are poised to report the highest quarterly profit in a decade. They are benefiting from the government telling them to cut handset subsidies. Deciding to raise its bid for monsanto, monsanto saying it was it an adequate open to further talks. Revived talks over a potential alliance. Forimf downplaying the need japan to weaken its currency to boost Economic Growth and inflation. Thisetter to talk to about bank of America Merrill lynch. Its a bit of a nobrainer, isnt it . Angstnkfully this whole has died down, but a legitimate way to do this is through fiscal monetary easing and if the yen depreciates, so be it. Rishaad or appreciation. Or appreciation. Again, we think there could be more risk with appreciation because we dont think the boj will deliver as much as the market is hoping for. Theyre economists saying they should start telling the truth. The problem is the constraints in terms of what can be done and what will be done. Over time, maybe there is a case if the debt deflation in the world continues to grind and becomes burdensome, we have to think about monetary financing, and that is the legitimate thing to do in terms of alternate actions. The worst thing to do is be caught offguard without a plan. Ishaad the thing also here that nobody actually depreciates their currency then has a successful economy in the long run because there are so many cases of people devaluing for success, shortterm advantages really. Exactly. To purely appreciate the currency is not a root to success. Route to success. There is a case in terms of while we have serial interest rates, how are we going to get negative rates . How do we engineer that . Had we keep Inflation Expectations up . As long as its not the reason for the depreciation to allow or facilitate that move, so the classic example to bring it down to real terms would be the renminbi. We felt it should depreciate to provide china that degree of freedom in terms of policymaking and allow china to address with a lower trend growth rate and a higher debt situation. Rishaad lets talk about with about sterling. Some of called the bull run over with. We are still in the dollar bush camp. We still have sterling dollar at 1. 25. By the end of this year. So to the degree that we have had pressure on clearly to the degree that brexit will have a detriment to impact on investment, but to be fair and terms of downward revision the imf forecast for the u. K. Is a function that the Global Economy has not been doing that will either would. Rishaad they did it twice in the last 78 months. I think that has been a little generous. Of thebeen because pernicious problem of debt inflation and debt overhang in the Global Economy. ,onetheless, in a certain sense brexit has added harm to injury and terms of particularly the in 2017,ticle 50 leaving an extended time of uncertainty. Rishaad what about the euro . It has been relatively immune. Do you think that is misplaced optimism . I think so. We have the italian referendum in october and so forth. The existential question over the european project will come to bear. At the same time, the dollar lifting higher, u. S. Growth doing well, so on a function of differentials, we continue to see brighter prospects for the dollar rather than the euro. Rishaad thank you. The party over for chinas Tech Startups . This is bloomberg. Rishaad this is trending business. Aina Tech Startups falling to threeyear low. What is going on here . At the first few quarters, the fundraising for chinesebased entities only a fifth of what they raised the year before. A boom. Ally experienced 79 unicornchina has Companies Worth more than 1 billion. That is coming to a hold as investors are growing worried. Are notthese unicorns making money, and so investors are becoming very worried. Is a bandwagon effect when people pile into the startups. How does that compare with other parts of the world . China is finally catching up with the rest of the world. If you look at the u. S. , high flyers have been laying off people. Some companies have also had their valuations lowered by fund managers. , we are notat china saying the fund is drying up overnight, but they are becoming more cautious and looking at longterm progress and reverting back to basic metrics. Rishaad what is the advice startups are being given . One interesting piece of startups thatell at his 510 looking years down the road of decelerate a growth, negative interest rates, depreciating yuan, bad loans rising. He sang be prepared to cut cost peoplesh cut people. Hey hows it going, hotcakes . Hotcakes. This place has hotcakes. So why arent they selling like hotcakes . With comcast Business Internet and wifi pro, they could be. Just add a customized message to your wifi pro splash page and youll reach your customers where their eyes are already on their devices. Order up. Its more than just wifi, it can help grow your business. You dont see that every day. Introducing wifi pro, wifi that helps grow your business. Comcast business. Built for business. Rishaad a look at our top stories. Asian equities retreating on a worsening out look. Leadingrials shares declines, crude holding below 45. Makes corporate earnings, imf downgrading its forecast globally, including japan. Numberst gaining after topped estimates down to cloud commuting computing. Ceo has been changing focus to cloud and product to the services as Traditional Software sales shrink. Donald trump is officially the republican nominee for president. Announcementthe has new york push them over the line. The nomination was almost guaranteed. Antitrump protest disrupted day one. Lets get over to cleveland, ohio. Paul ryan is addressing the convention. He is the most senior republican at the moment, commenting on unity for the republicans. Get on the offensive and stay there. Lets compete in every part of. He america every last vote matters. Fellow republicans, lets see this thing through. Lets win this thing and show america are best and nothing less. Thank you. Thank you. And god bless. [applause] there we go. An appeal for unity from paul ryan. Right, lets have a look at what is going on in hong kong. The market open in shanghai and the yuan in focus. David interesting fixing out of china, Dollar Strength overnight, playing into the earnings from a lot of the banks in the u. S. The fixing came in below 6. 70 even as the Dollar Strengthened. We did see me to strengthening in the offshore renminbi. Some people may be caught off guard with that fixing, coming in at 6. 6946. Some stock movers we are following, three names. The overall story when it comes to byd and others is china lifted the ownership cap. The motorcycle and battery making space. Byd down, cutting it to hold from buy. China overseas, a function of half profit will double year on year. Go, lenovo, media reporting that lenovo will be developing a mobile game. Ago, an analyst from china Merchant Securities said that it involves phones built to take advantage of augmented reality, the main appeal of pokemon go. Just something to keep in mind. Theceo raising his stake in company a few days ago, lifting sentiment. Is mixed,l picture nothing exciting at the moment, equities mostly down, oil flat, tenure treasuries lower, and gold not seeing any bid, flat. Asia looking like this after a fairly decent rally the past week and a half. As the bank of japan prepares for its policy meeting, bankers come out with sharp criticism. Jodie snyder has the latest out of tokyo. Tell us more about what is being said here. The former executive director of the bank of japan in an interview said the central bank should ease at next weeks ,eeting and offered criticism saying the bank should take the opportunity to correct what he are two, what he calls big lies made in recent statements. ,ommunication and expectation he is concerned about recent ng the 2 s involvib price target and unlimited policy room. He said it will need to start moving away from that 2 inflation target and reaching it in two years. He says the bank should stop calling for breaching it during that time. The bank of japan declined to comment on his remarks. , whatd tell me something does he want to happen at the meeting next week . Yes, the end of next week. He wants to see two things, further easing, saying there are different several ways for that to occur, further expansion and tfs andes of e rates could be lowered. Bankants to see the stop being so bullish with respect to that 2 inflation target. He says it is causing the markets to be less satisfied with the bank in terms of feing like th ar being too 2 inflation the target, so that is what he wants to see happen. Some other economists and analysts feel there is a good chance the bank may use next week, so we will see more in that timeframe. Ushaad all right, do tell some of the comments the imf has been making about the yen. , i and i said there imf official and said there was no need in terms yen to meet the growth and inflation targets. The official said basically the way to do that is to continue with the three arrows of abenomics, stimulus, and other things, and it would not be useful or necessary to intervene with the yen. Leave itright, lets at that at the moment. Thank you very much indeed. Moving at a long seeing whats going on in australia, shares in bhp billiton taking a hit, a mixed set of production numbers. Paul allen is there. How do these numbers stack up . Quarter wasurth millionr rio, 55. 6 output, less than what the market was expecting. Currently undertaking maintenance on its railways in western australia, saying it is the cause for the decline. Oreyear output for iron 257 million tons, that also missingas mens estimates. On the upside, you could say the Iron Ore Price was up this year, so not so bad, but the stock taking a beating today, one of the worst performers on the a a sex so far asx 200 so far. Rishaad it was a better picture for the company, wasnt it . Paul everything was a beat, including petroleum. Is likely to decline next fiscal year. Barrels to 210 million barrels. Broadly on costs, the ceo Andrew Mckenzie saying they can create significant value through further cost reductions, but other commodities bhp produces did do quite well, copper at beat, metallurgy and coal also at beat. It will take a 170 5 million impairment on that cold business 175 million impairment on that coal business. The government has arrested 6000 people, suspended 20,000 judges, teachers, and academics, and taken dozens of broadcasters off th