Attracting overseas investors for the first time in history. A singaporean is buying a 49 stake. Do let us know what you think of todays top stories. The china and hong kong markets get underway in 30 minutes, but singapore, taiwan, and malaysia coming online. How is the trading week shaping up so far . David extending losses from friday. We went into the european session, more weakness came through. This is what we are waking up to. Overall, the benchmarks down for a second straight day. Not the declines, primes are not quite there as well. That eating said, we are watching a few things. Singaporehailand and exports due out. South korea the only bright heaviest weighted stock of the index is up. 5 . If you look at what samsung brings to the table. You take it out, that index will show declines. There is your price for samsung electronics. , weency markets, dollaryen should be near session lows at the moment. We will be getting the speech at 2 30overnor kuroda p. M. Local time. We are still close to a onemonth low. I want to check out gold. Have a look at where we are. 1338. We will talk about oil in a moment. Dollar weakness broadly speaking helping to lift the overall price. You look at copper, on the way out. We will talk about oil in a moment. Citibank coming out with their latest commodity report, basically saying that the chances of donald trump winning the president ial election are 40 . It donald trump does win, expect this to be very volatile. Ounce is the threemonth outlook. Opec ministers meeting for talks this week amid claims there could be action on stabilizing the oil price. Algerias Energy Minister says saudi arabia is prepared to cut production by 500,000 barrels a day. Saudi is a very important member of the organization, so saudi is ready to do the maximum for the success of this event. It is ready for any eventuality. It is ready for a freeze, to lower production, to make it a success. Haidi lets dig deeper. Good morning. What does a potential saudi cut really signal . It signals a policy shift. The saudis have had a hard line in terms of production. Is tied tong, a cut iran doing something. Iran has to cut for them to cut. It is a very clever move. Sayconspiracy theorists saudi arabia has offered something, but iran doesnt want it, so they can shift the blame to iran. The view of policy does indicate willingness considering the market is in oversupply at the moment. The other thing the Saudi Arabians did say is that it is unlikely there is a deal that is going to happen on wednesday, so expect a lot more talk about what may or may not happen. This is leading up to the official november meeting. Where does the market go from here . The market has been quite resilient in some respects. It has worked in the range of 40 to 50 a barrel. It has averaged about 44. 80 a barrel. It is holding within a range of the moment. Supply is still an issue. If oil holds within that range, and it should going out to november, its a good thing for the market. Haidi watching that very keenly as i know you are. Wti rebounding after that plunge on friday, the worst in just about two months. Some other stories we are watching today. We have around up this morning. Goldman sachs looking to slim down or take an ax to its banking division. That is right. A quarter of Goldman SachsInvestment Banking jobs may be cut in asia outside japan. In theounts to 75 jobs region, with the cuts to come as early as this week. A slump in deal making is behind the move as goldman faces its rating sincee asia 2008. It is underscore me for underwriting 6 billion in bond sales. Employees and austria and new zealand will be spared, as well as japan. Miner iss biggest facing a battle to hold on to its credit score despite the rebounding commodity prices. S p global rankings and moodys put the hp billiton on notice, saying Credit Ratings will be below limits. That is partly due to further possible fallout from the dam disaster in brazil, as well as volatile metals and oil prices and uncertainties over bhp financial policies. The news comes as rivals including rio tinto and fortis q have had their outlooks posted thank to the rebound in oil prices. Bhp sydni listed shares have performed well despite the brazilian mine disaster, posttax charges of 2. 2 billion. A Rolling Stone gathers no mosque, particularly when it has a buyer. A is selling a 49 stake to singaporean investor, the first time that jann wenner has allowed outside investment. Jann wenners brokered the deal. Their mutual love of the guitar and bob dylan led to a discussion about investment in the celebrated magazine. Will head Rolling Stone international, a company established in singapore. There are more fears over the Financial Health of chinas banks. Ratings agencies are warning that smaller lenders have never been more reliant on each other for funding. Our china correspondent Tom Mackenzie has been looking into this story. Another day, another warning of Systemic Risks in china. What is this one all about . Come thick and fast, dont they . The latest evidence that chinas Smaller Banks are turning to each other for liquidity comes when you look at the wholesale funding. That funding including interbank funding, and moodys has been looking at that. For funding now accounts 34 of the financing for chinas small and mediumsized ranks. Itt is a record level, and is up from 29 that we saw last year. Case in point is Shanghai Development bank. In the last three years, it has raised his short term barring by 70 borrowing by 75 . Customerher side, its deposits have increased just 24 . There. Disparity the background to this is that chinas authorities have cap rates at aepo relatively low 2. 4 percent over the year to try to support the economy, but that has a flipside of course, which is that some of that liquidity ins up in dodgy loans and also in chinas murky shadow Banking System. Thenat starts soon rabble, that is when the problems really start to be seen. You are saying, this is the latest in a long list of warning shots about chinas Banking System, the amount of leverage. How worried should we really be . Absolutely. We only heard last week from the thank of International Settlements that they are concerned about risks to chinas Banking System. We have heard from s p. They say that contagion is now a risk, and that risk is rising. Moodys saying there is a risk of a liquidity crunch. Toen that context, i spoke someone who is from the institute of finance and banking at the Chinese Academy of social sciences. It has an advisory role to chinas central government. I asked for his view. Take a listen. The slowdown of our economic growth, the bigger downward pressure on the economy, this background is a macro trend. It will not change in the shortterm, and amid the situation, our Banking Sector faces a lot of pressure. The bad loan rate is rising. Profits are failing. This trend is very obvious. Tom it is worth noting as well that the peoples bank of china are not blind to this problem. They said that curbing leverage is a shortterm goal, and they have taken steps as well to start longerterm repo rates to ith up those rates, and should also be noted that in the context of chinas financial system, china does have a huge savings of 22. 3 trillion. Out to bet could turn their saving grace. Tom mackenzie on that story force in beijing. Coming up, a global brights part. Is Standard Chartered betting big on asia. We will ask our next guest why he is convinced of a rate rise in december. This is bloomberg. Haidi a quick check of the latest business headlines. Chinas biggest aluminum producer will pay shareholders a 32 premium to buy their stocks and its Hong Kong Listed mining unit. It will make it easier for chalco to raise funds. Revenue has been squeezed by falling prices and inefficient operations and worker strikes. Shipping sinking amid reports that 40 of its 97 ships at sea have now unloaded. Hyundai merchant looking at their assets with a look towards buying them. Institutions that gave them money have asked hyundai if it wants to acquire them. Hanjin declining to comment, while hyundai merchant is considering all measures it says. Twitter said to be stepping up the search for a buyer. The company has held informal talks with several potential suitors after receiving interest from salesforce. They have hired Goldman Sachs to find other potential buyers. Some stability returning to the markets. Will it last . Where do we go from here . Great to have you. The dust has settled after a massive week of Central Bank Action or in action last week. Where do we go from here . It is a very good question. What we are watching closely is the inverse relationship to the vix index. Bojaw the ecb and the somewhat underperforming Market Expectations. Theaw a big shakedown in oil trade, the bond market, and equities. ,f you do look at the inverse the markets have higher levels of yield. Particularly asx. Hong kong is at 4. 3 . Stable, andlatility expectations are they will be, they are the ones that will try to leg of that up to be underperforming the rest of the world. Looking at,were the yield and the inverse correlation to volatility. Haidi it is really quite interesting. Any particular sectors you are most keen on . I think you have to bring that back to what will give you that yield return. Utility plays, infrastructure plays, and banks are clearly the ones. Have a look at what happened japan, their Banking Sector exploded. In australia, our Banking Sector settled once the fed everybody down and choreographed expectations for a rate hike in december. Anything with yields or eps growth in the low double digits has done incredibly well. , things thatviders are almost monolithic in their operations have done well. Haidi are you expecting much into they as we go first of the president ial debates in the u. S. . I think you have to. As reason is that tonight the markets and most pundits expect, if clinton comes out and perform strongly and puts trump on the back foot, it will justify the whole process. She is ahead in the polls. It also gets back to the fed. They clearly pointed to the election as something to be aware of. In the main, you can see the Federal Reserve expects the target rate to be. 5 at the end of the year. Transition a smooth through the president ial election. Tonight, there might be a bit of volatility, but if she wins and wins well, it puts that calm through the end of the year. We will probably have eight rate rise in december. A couple of interesting events this week that is interested to the aussie. China pmi later this week, and also this oil story we are tracking. Had you navigate that . Do expected to move the all see . We do, in particular pmi. Oil, no surprise that saudi arabia has come out and said we werey said, that is never expecting anything out of this meeting to have a Material Impact on supply. Price has been ok for the aussie, but iron ore had its third consecutive day on the upside, and pmis are showing that china will likely reach that 7 gdp. Thats more of the aussie affect, exports out of australia into china on that commodity front clearly shows they are ahead of what Market Expectations and analyst expectations were. Haidi someone said approach this rally with caution because it is based on central bank failure. What you make of that . There you stay safe out given this environment . Its a good point. I understand that the market is betting against central banks. What i look at his if you have a look at what the market expects from a rate rise in the u. S. , the boj, the ecb, they are very different. Clearly the market does expect they will under deliver on their promises, and thats an interesting one. Again, thats why you will continue to see Capital Growth in the yield space and the debt market continues to be an amazing inverse relation to what they taught us in university. Watchis one i continue to , probably the only way you can save face over the next 34 months. Haidi uncharted territory again. We will have to leave it there. Great to have those insights. Coming up next, one of the everyone will be watching, clinton and trump occurring for the first of eight the first debate. The latest from the campaign trail up next. This is bloomberg. Haidi this is trending business. Former thailand Prime Minister has been told she must pay 1 billion in fines for her controversial rice buying scheme. She says the program was intended to raise people out of poverty, but critics say huge amount of money disappeared. Saudi arabia centralbank injecting 5. 3 billion into the system as lender struggle with cheap oil. The Saudi Monetary Authority will give the banks the funds in the form of time deposits and introduce seven and 28 day repo agreements. Saudi arabia has been forced to draw down on deposits because of oil prices, putting the squeeze on domestic liquidity. The Transpacific Partnership is high on the agenda as shinzo abe remains a vocal supporter amid resistance at home and abroad. Feels the tpp will benefit the japanese economy and will try to push it through. Hillary clinton and donald trump are against the deal. The tpp will be under pressure no matter who wins the white house in november, both clinton and trump have opposed it. Headtohead later on monday in that first president ial debate. One of the big events kicking off the week on wall street is not on wall street. It is in the political sector, and that is the first of three live debates between the two political contenders, Hillary Clinton and donald trump. Right now, heading into the debate, 14 states in the u. S. Are regarded as tossups, unprecedented this late into a president ial election. Two of the states, ohio and florida, are considered pivotal. ,n terms of electoral votes 198165. Eads with change. Ld most polls are showing what is called a statistical dead heat. For that reason, Many Political watchers say that mondays debate could be huge, a huge event for either candidate, and it is likely that on tuesday, while straight will be calculating or recalculating the odds. Some sad news to bring you from the world of golf. Theld palmer has died at age of 87. He is generally regarded as one of the world greatest golf players. Arnold palmer was a trailblazer. He 17 major titles, four masters, to opie and championships two open championships. Originale of the 12 inductees at the world golf hall of fame in 1974. Coming up, scaling back. Why Goldman Sachs is set to cut a significant number of staff in a ship. The markets in hong kong and shanghai get underway. This is bloomberg. Haidi the top stories trending this hour, algeria says saudi arabia has offered to cut will output a head the informal opec meeting. Would reduce production levels by 500,000 barrels fewer than august. Opec and russia together with algeria calling for a collective cut of one Million Barrels a day. Ratings companies warning about the contagion risks among asnas smaller lenders interbank support increases. Moodys says also prices accounted for 34 of small and mediumsized Bank Financing. One lender has seen its shortterm borrowing and repo agreements surge by 75 over the past three years. Cut a quartermay of its Investment Banking jobs in asia outside japan. 75 jobs will cut because of a slump in deal making. It is the worst ranking since 2008. It is under scrutiny for its role in underwriting 6 billion to 1mdb. Lets go to david who is Monitoring Market opens. It is a sea of red out there. Markets opening up, shanghai and hong kong. We are watching the philippines. We have seen outflows, not a big amount. , it iss of the streak something that stands out, 22 Straight Days of net foreign and selling into friday, the longest 2007. Going back to have a look at taiwan, down about. 9 , pullback across apple suppliers. Let me change my board. We will go back to shanghai in a moment. There we go. Manufactures,part there we go, down about 1 . It is a very big index. A lot of stocks here. We are talking about 150 stocks. Lets flip the board and get back to shanghai because we are watching any sort of reaction, property related stocks. Shanghaiy right by announcing further home purchase restrictions effective today. Breakdown roughly speaking, what are we doing now . Limit majority down, 15 on the way out. Credit suisse coming out with a on mgm on their ratings china. In gm, cut the rating, recommendation on valuation. Nn macau saying you have to dial down your expectations for earnings for the new casino. O down about. 3 . Chalco taking this one private. There we go. 24 . Lets see what happens. 1. 30 a share. Lets wrap rings up with the fast, some news out that is seeking financing. Stop mr. Earnings by ¥1 billion. Earnings by ¥1 billion. That 1000ling saying stores outside japan within 10 years. There are only 10 stores right now. Been a tough year for hedge funds globally. Now, the 11 billion Hedge Fund Tudor investment has quoted singapore trading desk. What is the background we have here . Hello. The big story of downsizing and restructuring tudor, is one of the oldest, most respected, and Biggest Hedge Fund with 11 billion. Since been in existence 1980 and has had phenomenal returns during the first years after it started. However, the returns have been lackluster over the last year. Sizableulted in pretty investor withdrawals this year. As a consequence, the founder cut 15 th said he will of the 400 plus workforce. On the other hand, they are hiring trade