numbers. we do see characteristics of two bouts of intervention by japanese authorities this week. right, belle. we are also looking ahead to the u.s. jobs numbers after that less hawkish than expected pay that we heard this week, whether it will firm up expectations for policy going forward. annabelle: that's right, certainly the big focus on nonfarm payrolls expecting around 240,000 gain for the latest reading. slowest pace since november, . haidi: and big tech is in focus. we will be watching this apple has edges and suppliers. he saw investors reacting positively to what was relatively a mixed bag in the latest set of numbers. let's get you to the start of trading, we are actually 10 seconds into the start of cash trading as australia comes online. not much to report, but it has been a difficult few sessions

for all the stocks. looking at where the aussie dollar is, 65.7 two cents. : when it comes to ethics. the yen holding steady. brent crude is just shy of $84. the energy names across asia, concerns continue to weigh on the demand side for oil looking like we are setting up for the weakest week in oil prices since february as u.s. inventories way and i miss concerns about opec+ policy of maintaining their stance, impacting these concerns about supply and demand in the market, belle. annabelle: yes, and also we have at the start of trading for korea, as we come online this morning. japan is shut for the public holiday. we are posting gains at the open. a bit of curry on one strand. the dollar having its weakest session overnight -- a bit of strength for the korean won.

what is playing into the theme for korean equities and was can play into the sea is that apple numbers. let's look at how the some of those supplier stocks are coming online this morning. we saw the jump in late trade in apples a game of 6%. seeing some gains, as well for some of the companies that supply into that u.s. big tech giant. a company posting stronger-than-expected sales last quarter and predicting a return to growth in the current period. a bit of optimism that the slowdown is perhaps easy. of next guest remains positive on global equities with a preference for u.s. tax. joining us now is kieran calder, head of asia equity research at union bancaire privee a su: su: . wit what w have god, are you optimistic about the outlook from here? kieran: we are optimistic on

equities and we have been looking to add on any movements related to what is going on with the current results season. you mentioned apple and other state less bad than feared could be a strong short-term catalyst, they are obviously one of the largest supply chains in asia and we think this will be good for the whole ecosystem, probably today. annabelle: and the moves that we are seeing so far in u.s. stocks over the course of this year, given the race environment we are expecting, where do you see the expectations heading into the second half at this point? kieran: we think the second half will be a strong period of earnings momentum. four months ago we would have said that would be coupled with the beginning of rate cuts. we also know that this has been pushed back at least until the

end of the year. if you consider that the biggest mistake that the fed could make would be to start to cut too early and see a resurgence of inflation. the latest inflation print have obviously proven that inflation is sticky. against the u.s. economy, which is doing pretty well. so we think the net effect of that will be pretty good earnings growth momentum in the second half of the year and that is why we will be looking to increase allocation to equities, especially growth. and that takes us to tech obviously, in the current period. haidi: would you also be looking at more international allocations, with the big moves we have seen in the yen, the multiple attempts at intervention that we see most likely was what played out this week, are you looking at opportunities within japanese equity still? kieran: yes, absolutely. it has obviously been an

interesting period since the boj finally gave up on that. the market peaked two days later and now we are in this period where basically the bank of japan has very little control over where the yen will go given that the rate differential versus the u.s. is going to persist. so, the intervention, while it has been pretty effective in drawing a line in the sand at 160, most likely we will see that get tested again. and the period for the yen to stop weakening will be when u.s. trades start to get cut in the differential changes. the market peaked a couple of days after the end of --. we are in a period right now of full-year results, next year's guidance and heading into the ag

m season. it has become a stock pickers market in japan. and we are looking forward to seeing additional push on the corporate governance and restructuring and et cetera through the agm season. so we are ready to add on weakness in japan at the moment. haidi: haidi: i wanted to get your thoughts on the hong kong rally. we are starting to see signals for the first time since the reopening rallies that may be a-shares are looking overbought. is that another false dawn when it comes to this market, or is it a fundamental driver for this rally to continue? -- h-shares. kieran: for us, obviously three years of underperformance have left the market and under owned and long-lived -- unloved.

you have to consider that in the context of the current rally. we still have an underweight view on china we think there are structural issues that still need to be addressed. on the one hand, less bad news or lack of bad news at the end of a three year's period of underperformance can itself be a catalyst and that's what we have seen. our current view would be to take profit into that until we see real structural change, especially in the property sector that would help -- that is a precursor to long-term investor confidence, especially for investor confidence returning to china. but, of course, the strongest large global market but so far this year on a u.s. dollar basis has been china h-shares. we are having a period right now where we would probably look to take a bit off.

annabelle: wt are your views on tensions between the u.s. and china? those are set to go higher perhaps in an election year. if you have highlighted one of the key risks of being the return of donald trump to the presidency. but what are the key risks that you would associate with that? kieran: well, anything goes with it a second trump presidency. so, [laughs] i think it would be something that we have to stay clear. , look, i think it is becoming a -- there is a real chance that trump comes back. obviously, he likes to have an enemy. once it is no longer joe biden, or if it is no longer joe biden and he does get back in, we would be very cautious around china and anything goes. , on the other hand, it is pretty even, if you look at the odds so far, and we are a few months away. so certainly something to keep an eye on. but nothing concrete for now.

haidi: kieran calder, always great to chat with you, head of is a equity research at ubp. development is crossing the bloomberg when it comes to gip and cpp, nearly a $5 billion due for the utility group, provides energy services across the upper midwest of the united states, across generations transmission and distribution of electricity power for retail and wholesale. we are hearing that the global infrastructure partners and cpp partners are close to a deal. there haven't been any comments so far, but we will bring you details as we get them. still i had at this hour, australia's retirement program may be the envy of the world right now are it still faces challenges. we will discuss more with the ceo of a superannuation industry body. this is bloomberg. ♪

haidi: take a look at one of the stocks we are watching just about 10 minutes into the start of trading. macquarie group is down 1.8% after earnings missed estimates. weakness across the commodities business and global markets business was a week well, dragging the overall performance. net income falling 32%. short of the 3.6 billion dollars aussie dollar average projection from the analysts that we surveyed from what we have seen that underperformance across

the, share price in terms of the comparison to global peers over the past year. expectations were flagged for a soft result from it we have seen so much volatility in energy markets and that environment for m&a being sluggish as well. annabelle: and another group of stocks we are tracking this morning is apple suppliers. they are rising across the board. unsurprisingly, apple itself is jumping in needs trading after predicting a return to growth for the current period. let's get more on those numbers and bring in bloomberg tech reporter mark gurman. what's to doubt the most from these numbers? mark: the biggest highlight was apple did better in china than counterpoint research and others had anticipated. they had said that iphone sales in china had declined by 19%. tim cook was asked to try to square that away on the earnings call. but how could he?

these are third-party analyst reports making a claim. apple has the actual numbers. they don't know where the other numbers are coming from. who knows if counterpoint or the others know whether numbers are coming from? the reality is china iphone numbers, not so hot. but cook is saying that it has nothing to do with the iphone, it is the company's other products. the other two investor. was wearing accessories. it came in at $900 million below where we set a year ago. not so great given the vision for launch this quarter. sales are only going to go down from here during the current pricing cycle, on the car in front of cycle for that product. not creating any growth in that category is a little concerning, but obviously you're still in the for of the product. annabelle: we spoke a few weeks ago when you were saying that -- going back to apple and china, and remember to give you a

couple of weeks ago and he said he felt that apple needed to make tweaks or changes to its product lineup that were specific to the chinese market. given the numbers that came through, do you think it alleviates the need for the company to do so? mark: what i believe i said is that they need to create some products to really create a new growth opportunities in emerging markets. as they explained on the call today, china is the ultimate emerging market than they are doing well there from indonesia, they are growing, but they have limited market share fill in those regions. i said that the up that market share, to go even more quickly, they should release a cheaper form tailored to emerging markets, bring more people into the apple ecosystem, then as the middle classes in china, indonesia, vietnam, eastern europe and africa expand over the next several years, then you can sell those consumers who are

already in the apple ecosystem for those higher end products. my theory was not about china in particular but more about a global emerging markets play. haidi: we spoke to an analyst earlier who pinpointed strengths, one is obviously the apple universe, the infrastructure and the loyalty customers have the other is ai. do you see progress being made in terms of playing catch up on ai for that to be a strong proposition for apple and loyalty to apple going forward? mark: i think the ai three will make the system more sticky. when people are choosing to buy new phones and deciding if they will buy an iphone for any other phone, i think the ai teachers will perhaps make the iphone more interesting and certainly more competitive in the landscape. but they will not sell a ton of

new devices from the get-go because of these new ai initiatives. this is something they have to do -- they are placating wall street and placating consumers and starting this next generation cycle of software intelligence in these devices. i think this will have a positive outcome for them. it's not specific to the iphone, this is something you will see on the ipad, the mac, the vision pro, the watch, et cetera so certainly, this is a long gain for apple as is everything they do. haidi: bloomberg technology reporter mark gurman there with the latest on those numbers. let's stick with tech. bloombergas learned that huawei is secretly funding cutting-edge research at u.s. universities through an independent foundation in washington, despite restrictions officials have imposed on the company over national security concerns. our attack and national security reporter has the details and joins us. -- our tech and national security reporter has the details. how to discover that they were

able to fund this research in secret. >> we learned that huawei partnered with a foundation in washington, d.c. called the optica foundation. the foundation administered a research competition that attracted top researchers from all sorts of top universities in the u.s. and globally, and what we learned is that these researchers, when they were applying for funding the competition, they believed the funding was coming from this u.s. entity but, in fact, it was funded completely by huawei, but there had been no disclosure to them about that. annabelle: no disclosure, perhaps a bit of a gray area. but, is this indeed legal? kate: that is all of the most interesting things is that it appears to be totally legal. while waco is on so many different lists in the u.s. for

restriction, including very severe export controls that prevent a lot of -- prevent sharing of technology with the company. but in this case, this research competition is sponsoring academic research which is generally meant to be published. and that is actually exempt from export controls. so there is nothing that is actually illegal with this, and i found out to be one of the most interesting parts of the story. haidi: what have we heard from wally cole spent the optica foundation from it and have we heard anything in terms of the academics researchers in the universities involved? kate: optica has said, look, we have many donors who would like to remain anonymous including u.s. donors, and may be the case is that, but there aren't u.s. donors on export control lists.

huawei has said they want to keep their name out of it for their name was kept out of it, because they didn't want to -- the event can be seen as promotional. and in terms of the universities and researchers, i have not been able to find one relevant university official or researcher who had any idea about this until i called them. annabelle: that was our tech and national security reporter kate o'keefe, who is behind the bloomberg exclusive. let's shift to qualcomm. shares jumped the most in two and a half years after an upbeat forecast pointing to a rebound in demand for smartphone shapes the ceo told us what is driving growth in the key chinese market. >> the story on handsets in china is pretty simple. the market has stabilized, we had said that a couple of quarters ago. end users are buying better phones. it is really for us, a story of

flagship within the android, especially a lot of those black ships lunching with genai. i think we are seeing the very beginning of gen ai coming to devices, and that drove a lot of the growth. it is 40% not only in this quarter, but it is actually expected to have the same in the next quarter as we look at the guide. it has been a good story as the smartphone market stabilizes and the android flagship has stayed resilience. >> as you know and our audience knows, we will talk about the device when it comes to generative ai. let's linger on china. looks like the domestic players that android faced are gaining market share against the mark -- market for iphone. if you see that in the counterpoint research data.

is that the case, where the domestic players are gaining market share, what does it mean for qualcomm? >> the way you should think about our position in china in the handset market, we have been very focused on the premium and high tier snapdragon. so when an android oem from our customers -- show me,-show meat and others, when they are selling a flagship device, not only do we have the modem content, we have the ai engine and the processor and that has been a positive development and has been driving the increase, especially with the make changes to our premium device. the fact that the android flagship intranet with the chinese oems had been stable and proven to be resilient and seeing positive momentum, chinese users buying better phones, that is a good story for qualcomm and it is reflected in the numbers.

haidi: qualcomm ceo cristiano amon there speaking with our colleagues at ed ludlow. you can watch us live and see our past interviews with our interactive tv function. that is tv . you can join in on the conversation as well by joining us -- sending us is that messages during our shows. it's for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

annabelle: you're watching "bloomberg markets: asia." hamas says it is starting a temporary cease-fire plan with israel, in a positive spirit, as international pressure mounts on both sides to reach a deal. the iranian backed militant groups has it plans to send a delegation to the egypt as soon

as possible to continue negotiations. israel said it would only consider joining cease-fire talks once a mass response to the latest proposal for a temporary truce and release of hostages. turkey is halting all trade with israel over what it the worsening humanitarian tragedy in palestine. israel's imports from turkey reached $4.6 billion last year and include machinery, fuel, fresh produce and food. israel's foreign minister used a post on x to call it the behavior of a dictator. u.s. officials say russia and china are working more closely together on military issues including the potential invasion of taiwan. director of national intelligence avril haines told congress that beijing evidently wants moscow to be working with it on taiwan. she said intelligence assessments indicate increasing cooperation between russia and china across almost every sector of society.

that quick check on commodities. we are keeping an eye on what foil is doing. tracking a little bit higher. we are broadly on track for the biggest weekly decline for crude since february. there are concerns of weakening demand and this increasing speculation that opec+ will prolong output cuts to shore up prices, something that could perhaps be building into that positivity a little bit. we are a bit weak so far in the session, copper holding onto some recent gains. haidi: take a look at how we are opening up to futures in europe, this friday session seeing a bit of positivity as we have seen early gains in asia boosted by what we have seen across tech stocks, the reaction to apple. we are looking at the reversal to the previous session in europe. we saw modest losses. higher-for-longer is still the messaging swing through when it comes to european markets as

well from the fed. we are seeing futures at 0.3% in the stoxx 50. german dax futures at the same tune. match stability when it comes to trading in europe at the moment. in asia, some upside for the likes of australia and south korea. hong kong futures are positive as we continue to see signs that h-shares and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly.

>> a bloomberg analysis of figure suggests the government of japan probably intervened in markets on thursday for the second time this week. how helpful is the announcement when and if and how they did it

and are be looking at triggers and the thresholds as helpful guidelines as to when they might do it again? >> i'm not sure, well, ok, so, the data are pretty clear that they did it. it looked like a duck, so to speak on each occasion, the move was so rapid and so large. and then when you look at the boj accounts to show what happened with where the money would have gone, as it were, then that is the quack. it quacked like a duck. and we have seen this twice now. putting such frivolity aside, we are in a situation where, it is not clear the thresholds matter too much because now that they've, pulled the trigger, they have decided to intervene for whatever reason, it does look like it got close to the sort of level where they should intervene based on what they had

been saying. it was also a propitious moment when they first move because it was a holiday. so the quality was thin. and it was also, they were forced into it. because yen trading had become so disorderly. if we do not stop it here, never mind the level it will go to the levels we don't want to see that. so all of that made a lot of sense. now they are likely to be opting to -- to be opportunistic because once they start the process they want to get as much bang for the bucks they are spending as they can. you can easily see them come in again after jobs tonight, even if jobs is weak because they might want to go here's a chance to drive the dollar-yen rate down that much further. and so if you really put some

distance from those sort of levels, especially because, as i said, he indicated that the pace of the -- was what would worried them and what would bring them to intervene and they got to that level but now that they have intervene, the way that currency trading works, it is going to be seen as those levels where the intervene, 160, 157 are going to be seen as really important markers. so the further away from those levels you can keep the yen in the coming weeks the better the case is for thinking that they have put a solid floor under the yen. similar to what went on last time they intervened in 2022, even after you might have thought there was not -- it was not that necessary. but they did sustainably drive the yen away from the levels it got to them. they ended up having to intervene again. why?

because the policy and race diversion set up drove everything down against the dollar but especially the yen. so, they are facing that pressure. and in particular, in a situation, where it looks like neither the boj nor the government working to seen the -- to see the boj embarq at any rate hikes any rate hikes anytime soon. but if they didn't the yen was going to keep falling. so they do not want to re-create that situation anytime soon. and therefore, there's always the chance they will step in again to try and give themselves more breathing room going forward part >> i think they need a mascot, and intervention duck. >> intervention duck. we want to stick with the avian theme, because hong kong stocks have been soaring this week. do you think that can continue? >> well, yeah, the big problem

for the china case in general, we are talking about hong kong gains, a lot of it has to do with hong kong trade in china stocks and local stocks, china is a big part of it. they have had problems sustainably gaining altitude before. because there are, there are so immediate factors that call out for caution with where china's economy is and because investors have been burned so often before. so, where we are now is among the more promising set ups because there is valuations had gone so low. also, because that yen intervention and the groundwork for it, like dollar strength looking vulnerable, that is important for the yuan which is off, at least, china is off the last three days of this week. but pressure on the yuan to depreciate, has been a big break on -- brake on the potential

for the pobc to carry out easing. it is hard to ease noticeably in policy terms without setting up yuan declines. that is out of the picture now. so, investors are optimistic that there's a turnaround for china and hong kong, and also there is potential that policy support will be greater going forward. >> our markets like asia coverage. australia's $2 trillion -- u.s. $2 trillion retirement program is proving itself the envy of the year. australia's model to solve problem in the u.s. social security system. today's bloomberg big tech reveals most aussie retirees have much less than they will need. at the end of last year, almost two thirds of 60-year-old had $130,000 in savings after 32

years of mandatory employer findings. our guest represents corporate industry in retail and public sector funds. great to have you with this and it is a timely -- given the global focus on the australian model. no system is without flaws, but is this the most perfectly imperfect system in your view? >> it is something to be incredibly proud of, i think. the nation has built something over only about 32 years that is the envy of the world for a really good reason. it starts with some central principles that are to be, i think, much sort of hugged by australians and held on to. those principles being universe -- universality, and preservation. the money is held till the retirement and it is those two sort of central elements of our

system that you can find missing in others that have not managed to get to where we have gotten to. >> what our global peers asking you about the australian system? >> there is a lot of conversation as special as you mentioned from both the u.k. and the u.s. colleagues that ask us about how we have gotten to a defined contribution system that is not only increasing individual's prosperity as they reach the end of the working life but also increasing the nation's economic prosperity overall. and taking albeit slowly but certainly a burden off the government public pension. so they ask us about the set up of that. they ask us about how australians feel about that. they ask us about the politics and the ideologies. and about who are the champions of this system. and in reply we talk about some

of the challenges that it still has because it is good to see other nations being able to build a robust system that they can -- learn from some of the things we have had to work through. and we talk about how, though, it is really well loved in australia, i think and i think people are, as we often talk about this engage with superannuation, i think increasingly people know it is there. they know what it is therefore and they expect us all to do our jobs in protecting it and helping it grow. but the system itself needs to shape to our modern working life as well. and those are some of the smaller challenges that we have in front of us, even though we have this really well-celebrated and world-class system. >> mary, you mentioned some of the challenges that you had the australian superannuation system had to jump over. can you elaborate more on those and reflecting more of the modern day working in modern

life? >> well, in the central components of the system, i talked about preservation and talked about universality. one of the other things that we really need to focus on is equity. a as a central tenet of the system. equity can be delivered, so equal outcomes for people if the superannuation system in retirement income system better reflects their working life. so, when it was designed, we had workforce participation that was primarily based on that typical male model where a person's remains attached to their employer for the duration of their working life and then they stopped work and then they start retirement. and i think if you look around society now, that is really not reflective of the way most people interact with their workplaces. and even their vocations, the way they were, especially true when you think about the people who overwhelmingly take time out

of the workforce to add economically to the country in an unpaid capacity. we might be looking after elders, might be raising children, and in that sense, that is overwhelmingly done by women. and so, that is naturally going to have worse outcomes when it comes to retirement. in a nation such as ours, where we are prosperous and we are lucky and we have built a great system, we do not want the face of poverty in retirement to be a woman who is dedicated some of her life in an unpaid capacity to the rest of us. that's something to work on. then we've got this concept of retirement, each week we --we are really turning ourselves to now. >> i guess perhaps not everyone has enough money to confidently retire on, but given the pool that people actually do take out or extract at the end, is there enough education, i guess, that is being done so people know how to spend their money wisely and really try to make it last for a longer term? >> we can always do better with

helping people make the most of the settings they have got in retirement. that comes to whether or not we can, people can access advice or help in such a way that is meaningful, cost-effective. there are a range of outcomes in retirement. and superannuation wasn't ever meant to completely replace the government age pension. and it is to supplement where it's still needed, and so we have had to sort of, you know, ease off it a little bit in terms of, that it is, it is definitely helping people's dignity, as they finish their working life. we can do better at talking with them about what it is they want to do. in their post working life. and how they might want to spend their money. and how to make that last longer, but also, what role the government age pension has in that as well. >> the ceo at the association of

superannuation funds of australia joining us from melbourne. appreciate your time. subscribers can get more on that big take on the terminal, ni big take. bloomberg.com has it is a well. more to come on daybreak asia. this is bloomberg. ♪ when you automate sales tax with avalara,

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>> take a look at one of the stocks we are watching. really essentially a raise among all the losses -- erasing all the losses, the bank did report a steep 32% decline. paul allen is with us for more analysis. this was pretty well flight. >> it was -- well flagged. >> it was. mccoury says it was not going to be a great year. $3.5 cash profit was amiss as well. the commodities part of the business, the 47% decline in terms of its contribution to net profit there's been substantially lower inventory management according to mcquarrie, trading has been down and it is the same story for

investing, 48%, a weak environment for dealmaking and m&a on the rest of it. mcquarrie did note that there is a lot of uncertainty and some -- the dividends look pretty good on the face of it 3 85 a share. a 40% decline. all in all it was a difficult year for mcquarrie. >> did it look a little bit more optimistic than what we got from the guidance, do you think? >> well, we were closely watching for the guardians, thinking we will get a pretty good -- yeah, very light on specifics apart from the statement, the ceo saying mcquarrie remains well positioned to deliver superior performance in the medium term. so, plenty of room for interpretation ther eand not a great deal of detail but mcquarrie saying it is maintaining his cautious stance, looking at high inflation and high interest rates again.

nothing we did not really already know. conspicuous by its absence any mention of air -- one of mcquarrie's businesses, industry watchers have been thinking maybe they might sell in the coming 12 months. it has an 88% stake in the business that it bought for $3 billion less bloomberg estimate had -- closer to u.s. $8 billion in if we saw sale of that business in 12 months it would be a big hit for the bottom line and perhaps that is why we sing a little bit of it seesawing in the share price this morning. >> that is paul and sydney. let's get more stories we are focusing. sony and apollo are making a $26 billion bid for pearman global. sources say the offer is a nonbinding expression of interest and it all cash offer for paramount shares and the assumption of debt. paramount has been weighing a merger from david ellison, the head of sky dance media. bloomberg's learned that nomura

and mizhuo are facing potential losses. all blue made short bets early this year and was allegedly unable to sell -- to settle the trades. the size of the losses raises questions about risk management at two of japan's largest banks. hong kong securities watchdog has launched criminal proceedings against hedge fund seganti capital management, its founder and a former trader. in one of the most high-profile financial prosecutions in the city, the sec alleges in citing dealings of investor company dealings before a 2017 blocked rapier the case will return to court on june 12th. adani enterprises has received questions over possible violations. according to an exchange filing, the firm got two short course

notices over allegations over rules of noncompliance. other units also receive notices. adani posted a 38% slump in profit last quarter. by one time charges at its airport unit. >> and we want to keep an eye on shares of mgm china when trading in hong kong gets underway for the parent company of mgm resorts international had gains after first quarter sales beat estimates. this year -- their ceo told us there aggressive approach to china is -- their aggressive approach to china is paying off. >> a couple of our markets, we question, we challenge, is there going to be growth there, what are the capital requirements? we probably will do something but time will tell. >> when you look at the excess cash reported, it is about $1.2 billion. it raises the question, would

you consider acquisitions at this point, particularly when it comes to expanding your digital presence online sports betting? >> um, we see brick-and-mortar, i think less so. we are more interested in new jurisdictions that have real growth. we are building in japan. and that will take a great deal of our cash over the next couple years but when we think about digital, we see that as -- we have a partnership with that mgm domestically but we invested time, energy and money and will continue to do so internationally through our re al vegas acquisition and we have a gaming company that provides content and internet business. we are looking for other bolt-ons that would make it make sense. we are very interested in live dealer, proposition we would like to motivate here from las vegas and broadcast to the rest of the world to it we think it can be meaningful over time. and so, we are going to continue to invest into that space. and relatively aggressively but realizing those are not massive capital allocations are capital outlays, we are more

structurally getting a business right for long-term growth. >> we do not have much time but we have not talked about china and we have to talk about what is going on in macau where you recently gained share, a lot of people got excited to see those details in the report this morning. what do you attribute that gain to? is that the overall pie growing and that recovery still going on, or are you actively taking shares in that market -- out of that market? >> we came into the pandemic at about 8% of the market and we sit in the mid- teens. this last quarter were 17%. we have been aggressive in the context of what we have done to the properties, what we have done to the layout, how we have approached a new era without junk it operatives. we have had offices all over the globe, and the far east for 30 years. and so, our ability to leverage into our own systems to get customers directly and understand their wants and needs and desires, we think is somewhat unique and it is paying off.

and you can see the results. we just hit in our quarter, $300 million in cash slow, an all-time record and we believe that we can sustain this level -- in cash flow. >> that was the mgm ceo and president bill horn boko speaking with bloomberg. and be sure to tune into bloomberg radio to hear more from the day's big newsmakers and get in-depth analysis from the daybreak team. broadcasting live from our studio in hong kong. you can listen via the app or on bloombergradio.com. plenty more ahead. stay with us. ♪

>> a look at how we are faring in our into the start of trading. of course, it is a holiday session with japanese stocks not trading today. we did see a softer finish to the first session, the kospi up by half a percent, lifted by a lot of the -- good reaction across the players when it comes to what was ultimately a mixed bag for earnings but some of the optimism when it comes to the chinese market and the growth trajectory going forward came as a sigh of relief for many investors that have gotten used to quite a bit of downside headlines and sentiment for

apple across its key markets. her ein australia we are seeing the asx 200 up by a half of percent. consumer discretionary, one of the outperformer's following on the behalf -- on the back of corporate earnings optimism, seeing kiwi stocks, little changed at the moment after trading a little bit softer. 153.10 amidst more evidence building we did see a second round of intervention this week by the bank of japan. >> that's right. something to be tracking very close we get the official data but as you said that focus coming down to apple inthe session and the better numbers, mixed reports, and some sectors performing better than, services for instance, versus wearables, weakness, iphone sales and a big watch but tracking supplies when the hong kong sessions opens in

half an hour's time from now. but they're the ones in focus for us, mainland china is shot for another session today -- is shut for another session today. the focus on hong kong and that outperformance we have seen over the course of this week. that stock rally showing no signs of letting up at this point in time but just taking a look at this rsi. because you are topping 70 and the question is whether we are seeing this sort of contraction starting to come into the session but that is it from daybreak asia." our markets coverage continues. ♪ ♪♪

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>> happy friday. we are half an hour away from the opening bell. you are watching the china show. >> chinese stocks at the wall street for a fifth week. -- but hong kong entered a bull market. other asian equities and bonds rising. >> apple rallying as it forecast return to sales -- the biggest