Street and beyond. Calls for a truce and chinas ridesharing wars. Do let us know what you think of our top stories. Follow me on twitter rishaadtv, and include trendingbusiness. Open of the session and hong kong and shanghai in 30 minutes. And feel thelook puls of investor sentiment. David what we have seen since brexit his investors are shrugging off any reason to begin selling. ,hat is the main story expectations that the japan will move on fiscal stimulants, new zealand will cut next month, a the rbnz willt move. Japan getting a decent bid after the yen back above 107, gold on the way down. Safe haven assets being set aside at the moment. Weakness across these two markets opening up. Kong, chances are that this becomes the next member of the bull market. It is a 20 threshold. That is your trough right there. Something to keep in mind as we make our way throughout the trading day. The biggest story across markets is this. Obviously it has died down a little bit. Mcdonalds is feeling the love,. up, lots of reports on why rishaad right, breaking news, elon musk releasing his master plan for tesla. Rosalind this much awaited teasinglan, he has been supporters and followers for weeks. He has released it on the tesla website. How toxplaining accelerate the advent of sustainable energy. s master plan is to create solar roofs with Battery Storage his master plan is to create solar roots with Battery Storage. It will enable your card to make money for you when you are not using it. To make money for you when youre not using it. There have been some speculation that he would come out with a mass vehicle to go into the public transport sector. At analyst was looking mobility services, electric autonomous vehicles. Others saying this is the way to connect the dots between solar, electric vehicles, and sustainability in general. Rishaad more on that story later in the program. Allegedn government has cooperate as u. S. Investigators seek to seize 1 billion in assets. T is linked to 1mdb lets get more on this from our Southeast Asia correspondent. What do we know so far . Reaction from the malaysian government says it will still 1mdb, that is that 1mdb is still under investigation. The opposition pressing for clarity, asking the prime minister, chairman of 1mdb, to come clean. All this hot on the heels of u. S. Prosecutors taking action to seize assets worth 1 billion. They have filed civil lawsuits. Here is what Loretta Lynch had to say. Well, the fbi says the malaysian people were defrauded on an enormous scale, very strong words, at least 3. 5 billion dollars alleged to have been misappropriated, one billion dollars laundered through the u. S. Banking system. Rishaad lets just look at this. Has anybody been named in this u. S. Complaint . Are there any claims as to who was involved . Mentioned, the stepson of the malaysian prime minister. He partly owns red granite pictures, which backed wolf on wall street starring leonardo dicaprio. The other person named is a malaysian financier. Known for partying for paris hilton and lindsay lohan. The two of them named in the complaint. Rishaad swiss banks seeking help from the u. S. What do we know there . Bsi wasow that involved. Its operations in the lion city have been shut down. U. S. Prosecutors have highlighted other banks linked to the 1mdb scandal. Swiss prosecutors are seeking help from their u. S. Counterparts to gather the necessary information. 1mdb is under multiple investigations across the world. The money trail goes back to malaysia, singapore, switzerland, hong kong, u. S. , and the caribbean. One year on, still unraveling. Rishaad thanks a lot for that on this developing story. Nott, oil search deciding to submit a counter interoil proposal for counterproposal for interoil. Dan joins us live from singapore. Why did oil search drop out . Oil search might actually win by losing here. Oil search is part of two different gas projects in Papua New Guinea. They work with exxon on an lng project. On another, they are involved , andtotal and interoil their whole purpose in making to find a way to integrate and make some money. Easier for those two projects to be integrated. They get the benefits of the acquisition without the eluded interoil stock effects to without the diluted stock effects to purchase interoil. It is a pretty strong statement. The natural gas world is facing a big oversupply, projects are being shelved or delayed all over the world. For an oil major like exxon to up this offer and show this much , itrest in Papua New Guinea shows they think that gas reserves will be cheap to develop and export and can compete at these low lng prices. The projectseans get accelerated, and there is more feeling they will move forward now than if exxon had not made the bid. Rishaad we will get more on the chief executive at oil search and just about an hour. Right, events in asia. The turkish lira taking a huge hit. For that story and others, here is the roundup. Turkey has declared a threemonth state of emergency the president pursues those responsible for last weeks failed military coup. Army units will take orders from provincial governors, meeting the country will not be under military rule. Low. Ira hit an alltime they said the threat was not over. Died since the push by a faction of Turkeys Armed forces. Thousands of officers, judges, and prosecutors have been arrested. Uber investors are calling for a truce in the costly fight in china. Several Institutional Investors want uber to sign a Partnership Agreement. They have discussed the potential deal they would negotiate. They fight for dominance in the worlds egg is marketplace. Declaredpreviously spending 1 billion a year to expand in china, and both companies have instances for drivers and users. Have incentives for drivers and users. And hsbc executive has been granted bail after being arrested for the fbi as he planned to fly out of jfk. Foreignlobal head of exchange in london appeared in court and had to surrender his export passport. Manipulatingges of the pound to take advantage of information. He is accused of front running the currency transaction in 2011, 8 million in the bank. He left the bank two years ago and remains in the u. K. He is expected to face extradition from the u. S. The pair are the first individuals to be charged in the long running inquiry. Rishaad thanks. Still ahead, targeting kfc and apple over the dispute and the south china sea. Details of that later on. Gold, our next guest saying it is a good hedge be the Biggest Surprise for the market this year. Asiapacific stocks at 2016 highs. Wall street setting a string of records. R the good times back for Equity Investors . Are the good times back for Equity Investors . We see these record highs on wall street in a year when i so much news. Fewer see any clarity and potholes as we go to the second half . As you said, the first half felt like two years already. It has been a long first half, very turbulent. Onseems like we are back track. It was a very volatile first half, let by the essential policy mistake by the fed, raising rates into a rising u. S. Dollar. We had a few disasters as a wakeup call to the fed, and now the penny has dropped. They realize that less is more. Equities,k at u. S. After 15 months of volatility, new highs. From a trend point of view, we are back on. Is, does thishing tide really lift all the boats . At the end of the day, do you see any Asset Allocation moving in favor rather than coming here in the asiapacific. It is a great question. Hadbull market we have since 2009 really has lifted heavy teches and stocks all the way up. So the question is the new phase of the cyclical bull market, is it going to lift up the rest, the boats that have been left behind, asian and european equities, global banks. If you look at the pessimism around those areas, the valuation buffers are built into those markets, and the fact that now we realize that china is not falling apart to china is stabilizing, and emerging Market Countries are starting to heal as well. Led byl market will be areas, energyld stocks, asian and european equities, and thats the areas where we have investment in. We are also looking at global banks, which have been sold down quite heavily. Rishaad i have to ask you to hang on. We have breaking news. The yuan fix, david is having a look. What do we have . , the the past two days pbo c has come out with a surprise, fixing stronger than what most bank models have suggested. Against the yuan 6. 6872 against the u. S. Dollar. Let me check where we are as far as the spot rate is confirmed that concern. Concerned. You see the spike right there. There we go. So just about unchanged at the moment. Not really saying anything just yet. We have to wait a few minutes for an update. Again, the message is fairly bear that the pboc may spurring speculation they are defending because fixing is below for a Third Straight day. Saying, as david was six point seven, is that the line in the sand . I think it is. Also from my Market Reaction point of view, what we had last year was a total surprise, little communication, sudden evaluation, which created panic. Model driven,s prices driven devaluation of the currency against a basket. It is very different. Reserve in at the fx china, they have stabilized even though the yuan is breaking into new lows. While we may have the same kind it isnd, but the point is not posing the same panic it did earlier in the year or late last year, so it is different. Stabilizing. Is this brings us to what you believe is the Biggest Surprise of the year. I dont disagree with you, and that is the price of gold. Does that rally have more legs . It does. I think it does. Biggest coststhe to having gold was the cost to carry. Bondith 30 of gold indices and negative yield territory, there is not much cost of carry. Gold is a great hedge. Number two bank, people are underestimating number two bank, people are underestimating the inflation pickup. The inflation is picking up in the u. S. , and it wont be too far behind in other countries. ,old is a great inflation hedge so hedge against attentional volatility and geopolitical risks, but also as a hedge against inflation. Rishaad thanks a lot for that. Great talking to you. Right, quick check on the latest this is flash headlines. Meanside in Energy Prices australias secondbiggest producer made less. 8 inwere they slid the second quarter. Woodside reported its worst result in 13 years, annual profit fell. Woodside stock has plunge. Right now shares on the way up by two thirds of 1 in what is a rising market. Buy a rail operator for nearly 2 billion. It is seeking to take the Company Private after a series of service interruptions. It is expected to become a november. By volkswagen shares paring gains. First half earnings exceeded. 25et expectations, eight billion dollars operate 8. 25 billion for operating profit. That included the 2. 4 billion put aside for provision with impending lawsuits in the u. S. Ankswagen in that predicting increase in profit as it tries to recover from the scandal there. For mho come, the search 370. Have investigators been looking at the wrong place all the time . We will take you to sydney to try and find out. This is bloomberg. Withad you are back trending business. I am rishaad salamat. Mh 370. Ing search for they found no trace of the flight the disappeared in 2014. We have been following this story from the getgo. A piece whether they are looking in the right place. Thats right. I guess that is the next question, isnt it . We have almost finished the a nont search, which is mas in its expanse of southern indian ocean. Present they are 90 through that. They are now saying that we might be looking in the wrong place all along. This of course has huge implications for the search zone. Rishaad now the thing is, what are people telling you about where else this aircraft could actually be . Yeah, of course you know there are many conspiracy theories about where this aircraft is, but the science of the search all indicated that the aircraft did fly south towards the southern indian ocean. The big question is, and the real black spot in this investigation for the last few flight. Of that fight investigators are in the dark about what went on. They have only been able to make their best guess. The current assumption was the aircraft was not in control when it fell into the ocean. No one was in the seat. If you assume that someone was, then it could have glided hundreds of kilometers further, and that is the conclusion that some analysts are saying, that the aircraft is way beyond the limits of of the current search sewn in an area almost as big as california. Rishaad great talking to you. Next, uber investors calling for a truce and china. Find out what could be on the bargaining table. That is just ahead. Rishaad a look at our top stories. Of aang seng on the verge bull market as asia keeps the Global Equity rally alive. Earnings putting the wind back in the sales, hoping to sustain a run that has added 4. 5 trillion to World Markets in three weeks. Threemonthing a state of emergency as the government pursues those responsible for a failed military coup. President blame the uprising on the u. S. Cleric. 9000 people are arrested and another 50,000 lost their jobs in the country. 3 wall st investment banks have compensation by the most in four years. Goldman sachs, j. P. Morgan chase, and Morgan Stanley cutting pay by 17 to shore up profit there. Goldman reducing by almost 30 . Straight to the markets, heres david. Weeks, from 100 for 107. En to a sixweek high for dollaryen. Talk of stimulus again in japan, this time fiscal. Possibly ¥20 trillion. I wont get into details about how that will be allocated, but that said, the government will seek approval of the plan in early august, ¥20 trillion is ok, 185 billion. Its really big. Shanghai composite opening up now. Has been on the up, so we are now at an april high. Billion, so 881 million renminbi to be exact. Thats basically 130 billion u. S. Dollars. Hang seng index, thats a market you want to watch. Msci hong kong intraday bull market yesterday. 22,931. Asia looking like this. , roughlyin japan expected as well in new zealand and australia, monetary stimulus that is. It will be interesting to see when they bring those rates down. Were looking at a 92 chance ont the rbnz takes it down august 11. It will be interesting to see how they control speculation in the property market. Lets see how all this plays out. Asia looking like this, up about 6 10 of 1 , highest level so far this year. Not bad given all the challenges for the global economy. Rishaad thank you, david. Lets look at how china has managed to weaken its currency so muchting much as a squeak out of its trading rivals. It has triggered cries of market manipulation and interference. G20 finance meeting taking place this weekend, they dont seem to be worried about the yuan anymore. It is a curious situation. When china last hosted the g20, there was concerned that china was planning a steep device wishon and Global Markets were on the edge. All forward, and the yuan 3 against the dollar, 6 against the basket. Ase people have described it a stealth device way should, but there is no finger wagging. There therestory is is so much money around the world, so china is going into this g20 as the chair and a comfortable position. It will not get too much criticism of its yuan policy even though the g20 will reaffirm they dont like competitive delay way shes. Rishaad outside of china, will brexit feature into these talks . Revive global growth. Take money on the side, pressure off the Central Banks. , we do not know how it will play out, but that is a concern even if market volatility has dissipated. The italian banking situation is deathly a concern in terms of its impact on the eurozone. Worries for the emerging markets, geopolitical risk, turkey, and, and, and. What are the chances of just a bland communique at the end of it all . It is a midterm catch up. We might see some new language or extra focus on antiterror financing. This has been a g20 priority. Some progress on creating a new Global Safety net for the financial system. Down towhen it comes it, it will be another piece of paper, laws, doing more to promote global growth, but when they go back to their parliaments, we will have to see if they deliver on that promise. Rishaad thank you. Stronglyk about rbnz, signaling more cuts to its cash rate in the pipeline. The bank releasing an unscheduled update on the economy. Paul allen has a look at what the government has been saying. Paul sometimes we have to decode what Central Banks governors say, but not in this case. It seems likely for further policy easing will be required. Graham wheeler wants to get the inflation rate between 1 and 3 . Inflation in new zealand has been below 1 for some months, but the cash rate, 2. 25 percent, the next opportunity to do something about that is on august 11, and majority of economists think the cash rate will be going down on that day. A rate cutviously would risk is stoking new zealands redhot Housing Market , but i think he has taken some steps to try and address this, but some have said he has not gone far enough. Paul not enough. We have had the ceo in new a higheraying that loan to value ratio would have been needed. Graham wheeler telling investors they would need a 40 deposit. Rishaad thats just it, we have already seen him achieving one of his aims, graham wheeler, the new Zealand Dollar. A bit of slippage there. Just by releasing this update this morning, he has achieved one of those goals. Exchange ratehe is needed, and thats what he got. The new Zealand Dollar fell two thirds of 1 , although it has recovered. Past look at it over the 12 months, you can see it has been climbing ever steadily against the u. S. Dollar, just pulling back in the past few days. Graham wheeler saying the new Zealand Dollar is holding down the tradable goods inflation, so he is doing what he can to keep that train going. All right. Thanks a lot for that. Paul allen in sydney for us good lets check on some other stories. Theresa m