tv Bloomberg West Bloomberg July 26, 2016 11:00pm-12:01am EDT
bump, after cheaper iphones are catching on in china. aussie inflation rises faster than expected, reducing the chances of an rba cut next week. also coming up, the presidential seal of approval. clinton,linton -- bill bigs up hillary clinton. we are live at the democratic convention in philadelphia. reporter: i'm juliette saly keep an eye on the markets. most are at their highest levels since october. this is driven by casinos in hong kong, and the pullback in the yen. -- in up 1.4%. pretty flat in australia, but the chance of an rba rate cut possible. iphone suppliers are rallying up. on the markets shortly. with apple here,
this is the world's most valuable company. it released earnings after markets closed in the u.s. shares rose post-post-release, and post market -- of both post-release and post market. numbers are falling. unit look at revenue and thatts, profits were not good. several billion yet less than last year. iphone t means that the model, peoplest were doubting whether it was a little too expensive for but it pickedts, up traction. that seems to be what is saving apples numbers, especially when you look at projections. 45 point $5 billion -- $45.5
billion. that is the bottom end of the target range for apple, if you look at the projections. as far as that is concerned, it seems to be over growth. sales are falling. another thing to mention, the cfo basically said at the start of this, for the past quarter, they were not able to keep up with demand.now they have put in the necessary capacity to meet back up -- demand, so they do expect this for the next three months. the iphone is still the most important product for apple. close to two thirds of revenue, and closed his 60 -- close to 60%. 67% comes from selling the iphone. 40 million phones. to put that into context, the quarter that includes christmas, the first fiscal quarter for apple, they typically sell more
than $70 million -- 70 million. angie: and as we move toward the seven, from better than expected performing se. you have to know your iphone lingo. what about china? how much of a role does it still continue to play for apple? david: it is the third biggestdavid: market. over 40% of revenue, then here, then china, then the rest of asia. up. is how china divvies 21%. but have a look at the absolute numbers coming from china. revenue there from greater china, including hong kong, has been falling for three quarters. it is lower than the seasonally good as quarter you typically get. is below $10 billion for the
first time in sometime. what the cfo has said is there are several problems. obviously competition, a macro problem as in a slowdown, and then the currency. you have a weaker currency, so then when they repatriated back, you get a weaker dollar value. the economy slowed down, there .re macro conditions when you look at the billions in the market, everyone is saying that anyway. it is a challenge. interesting that tim cook identified india is the fastest-growing market. david: he is looking at 51% year on year sales, backwards looking. what is interesting is he is looking toward retail stores there. angie: and india letting him do it. so, by the stock or sell? buy the stock. that seems to be the overwhelming recommendation.
after the numbers came out, the latest, eight or nine that have been updated in the last 24 hours or so, are either buy or over raise the stock. angie: when does the iphone seven,? david: i think in september. angie: thank you. you can get more on that at bloomberg.com, with reports and market data, and some of the interviews you may have missed. the australian dollar rose briefly after consumer prices grew by .4% in the second quarter, perhaps giving the reserve bank of reason to pause any further rate cuts. let's go to paul allen in sydney. we were waiting for this. the cpi figures. he said this is the important data, that will show us the direction of the rba. how significant is this? significant,retty but i'm not sure the picture is , at .4% iny clearer
line with estimates. if we take a look at the on year inflation for australia, 1% is well below the target between 2%-3%. the improved reading, from negative one last quarter, was insurance and financial services, and the australian dollar did spike up after the data dropped. $.75. are below this is where the challenge for the reserve bank becomes somewhat clearer. inflation was better than expected, but what are they going to do about it? the consensus seems to be stay on course for other cuts. others are saying, it might be best to leave it there, because we have a new governor at the end of the year. it would be nice to leave more ammunition for him. a line ball call, and the
tuesdays rba board meeting is very much alive. angie: we are seeing the weaker aussie dollar. thank you for that let's get back to the markets. paul talking about ammunition for the rba. what about from the boj? there is reports that prime be will announce the details of the stimulus package. it will be ¥27 trillion. wee a look at the weakness have seen coming through in the japanese yen as that report hit the bloomberg. 1.2%, aftern by yesterday's surging 1.1%, the most since brexit. big weakness coming through in the japanese yen, now heading back toward the 106 handle. we had japanese equities over lunch break, but they did go up by over 1%.
you would expect more strength as the yen continues to weaken. also, let's show you the offshore renminbi. we had the pboc actually strengthening the rate for the second session, and that is as we saw the currency track gains in the broader market.it is pretty flat , 6.6769. markets, most regional indices tracking back higher on the back of those gains in japan. if it stays at this level, we will close at the highest level year.october of last paul was mentioning the cpi figure in australia. more strength coming back into equities there, particularly in the mining space here it apple suppliers boosting a number of equity markets, so taiwan in particular is pretty fat -- flat on the kospi, but some weakness coming through on the shanghai market. other than that, looking pretty good. angie: thank you. let's check in on some stories we are following for you.
hillary clinton has become the first woman to be nominated for u.s. president by a major party. formerlyormally -- monday -- formally one the nomination after each state announced its vote from the primaries and caucuses. in a gesture of unity, former rival bernie sanders asked for clinton to unanimously be named the party's nominee. proposal to privatize commercial properties has drawn support from glass lewis. the $4.4 billion plan is in their interest. pay 52, 10%play -- more than the ipo price right now. shares are claiming 1.6% higher. we are watching china national petroleum posting and 11% jump in net income.
first-half profit gain in at over $4.1 billion, spending cuts boosted the bottom line. pnp sees revenue did take a hit from falling oil over the past year. shares looking like this in hong kong, 1.43% higher. a chinese internet company will vizio, asker video -- it continues u.s. expansion. positioning as the next netflix, apple, and tesla, all combining tv,, the are, and electric divisions. this is the latest expansion. we have aforward, dual headquarters strategy, and vizio is an initial part of the entry into the united states.
we plan to bring our full ecosystem of products with core markets in china and the u.s. we are building a large team here, and with be private entity here, we intend to, over the next three or four years, lift our business in the u.s. market. angie: that little bluebird, falling from the sky. twitter plunged in extended trade, after its revenue forecast fell short of estimates, struggling to win more advertising dollars. the company is expecting third-quarter revenue of up to $610 million. analysts were looking for $681 million. monthly active users rose in the second quarter, with profit coming in at $.13 per share, beating estimates. nintendo earnings later today. we will preview the numbers and ask where it is -- whether it is game over for the pokemon fueled stock surge. fortis q shares soar in sydney
angie: she clinched it. nominated as the first female presidential candidate, for a party..s. political she said she will put the biggest crack in the glass ceiling, of course referring to this monumental moment in american history, at least despite the international stage being led by a lot of women not seen aerica has woman president at any moment of its history, until possibly november. tight race,t is a as the polls show donald trump at the latest in the lead. let's do a quick check of the latest business headlines. a little extra, fizz after a first profit beating forecasts. strong sales of non-alcoholic beverages on the market, better than expected performance.
in april, there was a $2.8 billion deal to buy another company from ab inbev. they have raised the cash bid for british brewer sab miller, by almost 2.5%. almostfers sab miller at -- ab inbev offered a cash in stock alternative. holder,sab miller aberdeen asset management, says the new proposal is still undervalued. i look at goldman sachs. they are being sued after allegedly turning out a client favor. the managing director is accused of betraying the duty, from the be onial advisory to
capital when it was taken over by a bank in 2011. a major jan shareholder says goldman used confidential information to help a bank by it on the cheap, knowing two of the brothers were involved. shares in fortescue metals are jumping after the iron ore miner has a solid set of production numbers. expenses. operating the world's fourth-largest iron ore explorer -- producer is looking at different ventures. that, webout all of have the man himself fortescue ceo, joining us on the line from perth. you are leading gains on the asx 200. investors really liking the fact that fortescue has been able to cut costs, and perhaps bolster margins a little bit. but forward guidance, how are
you going to be able to continue that? >> we are continuing to work very hard to improve productivity and efficiency, right across the business. very specifically, we are looking to improve the metallurgical performance of the processing plant, so that we can continue to reduce our cost and improve efficiency. angie: how are you going to do that with iron ore prices rallying about 25% in the first china?et stockpiles in as you've said today, rising again. lastly, to more than 105 million tons. iron ore prices are not expected to stay high. what is your outlook on prices, and how is that going to affect your bottom line? >> we've continue to monitor the market. our major strategy has been to ensure that we are as productive and as efficient as we can be.
today, we are right at the bottom and of the global cost curve, and that allows us to have very solid cash flow margins, even at lower iron ore prices. of course, we are using that cash flow generated to repay debt, and that in itself is reducing interest costs, and contribute in back to stronger financial performance. we do expect that iron ore prices will continue to be volatile. it is a heavily sentiment driven, with a lot of futures trading, and derivatives trading. but our strategy is to maintain so irrespective of where the market does we are continuing to make strong margins. angie: interesting you are looking to cut debt. $4.8 billion in secured credit facilities scheduled to mature in 2019. but taking a look at the current environment, liquidity is really cheap. why not hang gone to the low cash, or low-cost cash?
mander -- it is a matter of repaying debt. we use that to fund our expansion and development of the country -- company, and we are in the natural process of using strong cash flows we are generating to repay it. obviously, we are trying to prioritize repaying our most expensive debt first, but there --also the maturity that that we want to repay all the short-term maturities before we to the long-term. that will continue for a few years and we already have a strong balance sheet, and it will get stronger as three repay debt, and also it reduces interest costs. angie: ok. also, interesting partnership, minority stake here. when are you going to formalize that joint venture plan, and have the first blended on the
market? >> we are working on that right now.it is a reasonably complex set of processes to go through. we have completed a lot of laboratory test work and it has been positive. we are working on a technical and commercial solution, which will provide it to customers and companies. we are continuing to work on that now and we are hopeful, of coming up with a finalized plan for that in the near future. angie: is there an outlook at all in the global economy that you see perhaps increasing your production? currently, you have it at 165 million tons. are you committed to keeping the shipments, or what needs to have in india look to expand that? >> we have always been very responsive to the market, angie. and we have managed our production profile to meet that
'arket, and our customers demands. right now, we don't see any justification for increased volumes, but we will continue to monitor that. steel demand in china has plateaued at over 800 million market.ich is a strong that is around 50% of the world steel production, right on our doorstep.it is just 11 days filing away from our port. that gives us a strong market fighting to, and we will continue to monitor that to see if there is an opportunity to expand. we don't see one in the near future. said, notyou've expansion, but focusing on efficiency right now. which projects and which assets can we see more of these efficiency projects? very hard toking continue improving our metallurgical performance of our
processing plant, because every time we are able to improve that performance, we are able to reduce our mining grades, and therefore make greater value of our ore bodies, and reduce mining costs. that has enormous leverage for us in being able to reduce cost. us. is a major focus for secondly, it is about improving our shutdown and maintenance practices around our fixed plant and mobile plant, to improve the efficiency productivity, and utilization for each of those. it is very much a focus on continuous improvement, because we want to try and get the absolute best out of the assets that we have invested in. angie: efficiency is the name of the game, and investors like it. shares up for fortescue, when i'm -- 120% this year. really good to talk to you. the fortescue metals ceo join us live from perth. coming up, pause for thought.
angie: asia's equity benchmark up for a third session, but investors remain nervous ahead of a boj meeting. let's look ahead to the with rba.on let's start with cpi. >> headline inflation is the lowest in nearly 20 years. withone of the core measures is higher than expected, but well below the target level. the market is reacting as if somehow is a bad number. angie: soft inflation, but wouldn't you want to wait to have as much fire power as possible? >> politically, that is possible. at the same time, if you are
angie: top stories this hour. asian stocks are on the rise, with japan rebounding following a three-day slide. emerging-market stocks hit animate -- 11 month fly driven by speculation of further central-bank action this week. the prime minister shinzo abe may announce details of the latest stimulus package today. the aussie dollar deep -- briefly spiked after australia's consumer prices gained more than four in the last quarter. this allows the rba deposit before making any further rate cuts. the probability that governor glenn stevens will choose to act 64%,week has fallen from
to just 50%. cost rate target with cut to one 1.75%.- hillary clinton has become the first woman to be nominated for u.s. president by a major party. she formally won the nomination in philadelphia. her husband, former president bill clinton, told the convention she is a change maker, and talked of her experience as secretary of state. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 100 when he countries. this is bloomberg. let's get the latest from the markets. japan coming back online, reports that promised her update may shower the economy with stimulus earlier today. reporter: absolutely. fnm reporting we could see a ¥27 trillion package. that is coming through on the nikkei 225, up by 1.4% before
lunch. now it is up by 2.6%. certainly traders are buying that we areumors, going to hear a huge stimulus package coming through from prime minister of abe. it is understood this report will include ¥13 trillion of low interest loans. there is also a report that japan is mulling fifty-year bonds. a long time to get your return on that one. also, weakness we have seen coming through on the yen. it is down by 1.3% against the dollar, pushing through the 106 handle. as i said, reporting it will be, a ¥27 trillion package about five times more than earlier reports coming through from the nikkei. looking at the rest of the market, we are seeing a little
bit of weakness coming through from shanghai market, down by 1.6% on the lunch break. apple suppliers looking good across the region. australia slightly higher after that cpi. that is the state of play in markets. angie: thank you. democrats have made history by officially nominating their first ever female candidate for u.s. president. hillary clinton formally received the seal of approval after state delegations read their vote to the party convention in philadelphia. we have bloomberg in philadelphia for us right now. we just heard from bill clinton before hillary accepted the nomination via video. run us through what happened. reporter: bill clinton took the stage tonight, trying to once again unify this party, as many progressives and former supporters of bernie sanders' campaign were feeling disgruntled.
but bill clinton delivered a long, long, personal speech. the first portion was basically about how he and hillary met. then he pivoted to how her senate career was like, as well as trying to draw a contrast with republican presidential nominee donald trump. essentially, what we heard from bill clinton was that hillary clinton is a change maker. but this is a speech delivered much more toward independents than it was toward progressives. angie: what happens to bernie and all his supporters after this?i hear they did a sit in at the media camp in philly. reporter: there are many disgruntled, anti-wall street, antibusiness bernie sanders type of socialist supporters who are very much disgruntled with how this played out. they are upset not only at the controversy, which resulted in former dnc
chairwoman deborah what -- debbie wasserman schultz' forced resignation, but also what they view as hillary clinton not being progressive enough. they take issue with her tepid support, are coming out against the transpacific partnership. obviously, bernie sanders very much against tpp. this is a party that was very different than the party that bill clinton inherited and ran on back in the 1990's. it was a clear moment of history to see the division represented on that stage, with where the party is today, and where it was with bill clinton's presidency. angie: quickly, what can we expect tomorrow? reporter: tomorrow night, we will hear from president obama himself, as well as vice president joe biden. look for this party to unify, and look for them to draw the contrast, trying to present donald trump as a divisive rhetoric that is not good for
american politics. but he is up in the polls and he is leading. angie: thank you so much. it is a horse race now. kevin, live in philadelphia. asia is watching the outcome closely. we still have a couple months away, but new research indicates that the region has the most to lose after mexico under a trump presidency,.we have the chief agent economics correspondent here. what impact will the top presidency -- trump presidency have for asia? reporter: the biggest impact on the asian economy would be through the trade channels, they are that kind of administration would hike trade tariffs, which would trigger policy response, or there may be currency wars as governments try to weaken currencies in response. it would impact growth,
inflation, require policy response, and all the risk and balance. it would not be a good mix. of course also in the mix would be if donald trump was to label china as a currency manipulator, that would trigger severe tensions with china. the u.s. and china are big trading partners. china is the world's biggest trading economy. angie: there is something that and we and rnc agree on, heard it from bernie sanders yesterday, which is defeat pete -- tpp. which is what donald trump wants. that is a valuable asset, if it is approved in this region. reporter: it is, for economies like vietnam, or economies like japan. shinzo abe has staked a lot of political capital on it. if there's no guarantee teedo people pass -- tpp will pass in the current administration, or either of the presidencies that might come.
either way will have some negatives to it. angie: who is most vulnerable in asia? countries aretwo south korea and the philippines. the philippines is interesting. obviously there's a lot of outsourcing. donald trump wants to bring those that -- jobs back to america and that would hurt jobs in the philippines. he might also bring down the immigration barrier in america. that would hurt remitted ms. cash remittances. -- remittances. on the security side, if you would follow through with making countries pay for an alliance with america, that would put stress on the south korean balance sheets. that you picked that are the philippines and south korea. angie: thank you so much for that wrap up. let's check in on some other
stories we are following. two u.s. chipmakers are joining forces in the hope that greater scale will help compete in the industry, seeking record consolidation. we are talking about analog billion.buying $414.8 both companies are searching on the deal. fiat chrysler has said it will revise the way it reports vehicle sales as it is being investigated for inflating figures. the new method would no longer include reserve figures, and will account for returned cars. under the new system, monthly sales gains, ending in september 2013, rather than 75 consecutive months of increases that it reported in june. global bank regulators are resisting a u.s. backed push for
stiffer capital rules. regulators from europe, japan, and in the essay the proposed standards could be forced to increase reserves by as much as 70%. there is disagreement over how much banks should be allowed to borrow against their assets. the committee on banking supervision is due to wrap up with deliberations by year end. china's economic stabilization remains largely intact this month, according to the earliest indicators. we are taking a look into this. what is the data telling us? reporter: the data got out this morning. industrial profits are due up 5.1% from 3.7% in may. that the positive government says there is a decrease in downward pressure. also, there is a debt ratio to some of those companies being reduced. we also have some of the earlier surveys, early indexes coming out to give us what to expect
for july. we have had the end and i basis come out -- standard come out looking at smes. they have seen a pickup in sentiment for smes. we have also had indexes looking at the largest companies in china. there is still positive sentiment there, benefiting from the more positive macroeconomic environment. they get support from the central government and the regional government on espoo ease.executive sales managers also more positive. angie: how much of this has anything to do with chinese economic fundamentals, and everything to do with cheap liquidity? reporter: this is it. he always had to have caveats when you're talking about the chinese economic data that we see. we were able to get more perspective a few months ago, because there was more data coming in, more of the private
surveys. many of those now are being sidelined. there is suspicion the central government is doing it because they want more control over the story and the data that comes out. for example, there is one index in china suspended indefinitely. media index was scrapped. baidu is being put on post. -- on pause. 6.7% growth in the second quarter, on the other hand. for june, which is a healthy number. angie: tom mackenzie, thank you. coming up, the race to the white house. we are going to discuss the political risk scenarios with michael every. this is bloomberg. ♪
latest business headlines. deutsche version has accepted the company's takeover bid for london stock exchange group, with investors saying yes to $13.5 billion deal. investors owning over 60% of shares back, taking it beyond the threshold. the deal still needs approval from the european commission and regulators. the u.s. judge has given the initial go-ahead for vw's plan to get nearly half a million admissions cheating diesel cars off the road. settlement include buybacks, and will cost the company about $15 billion. if given approval come the plan would clear the obstacles to vw's recovery from the scandal. elon musk is capable of producing half a million cars by 2018, despite the production targets so far this year. speaking at the site of the company's factory, he said he
was confident the first tesla will roll off production linux summer. but he said they will need to raise a modest amount of capital to make that happened. joining me, the head of for rebelmarkets bank. you are looking very relaxed, just came back from holiday in the u.k. so you caught up with family. not too stressed about brexit? >> we all argued one way or the other, but that will be the new normal. angie: what is the impact? i'm sure they asked you. >> society is very slim. i don't think i have seen that country that divided since the 1980's. it's unfortunate, but it is when you have these big existential political divisions. rishaad: when you look at it aom your point of view, it is
great opportunity, but the point is, for the leadership to take it forward, that is the other question. >> it is an opportunity, it is a crisis, it is both. it depends what the -- outcome is. no one really knows, which is why the market sold off aggressively and then bounced all the way back. rishaad: have they overshot on the way up? >> possibly, because we don't know what the full outcome will be. angie: haslinda: is that the same balance of risk and opportunity with the political situation in the u.s.? >> we have not seen much market reaction to the upcoming u.s. presidential election. on the one hand, you can say it is logical, because it is a very choice. on one hand, you have a highly controversial billionaire with legal problems around him, and on the other hand a highly controversial multimillionaire with legal problems around her.you can see how existential this is .
clearly, there is a very big fiscal rich -- risk, which is not priced and by the markets yet, but as we get closer we will start to see volatility. angie: that is almost an outside point of view. said yesterday that a lot of clients with more than $1 million in assets are really split, even politically. they are not necessarily looking at the economic fallout or outcome, but just what they feel in their heart. >> i can understand what he is saying that. at the moment, it is unclear who is exactly offering what platform. we have seen a stark divide between what looks like continuity from clinton, and potentially very very radical trump.from chomp -- it is unclear what the invocations are for the u.s. and wider global markets. which one will follow through, in which one will be better or worse? angie: that is the story we have talked about all morning, what
would happen if donald trump did win. asia overall, or would be victim to what he says. how likely do you think building a wall in mexico or trade barriers really will happen? rishaad: with mexicans paying for it. what happens then? [laughter] >> i don't have a crystal ball, but in terms of the well -- wall, it is not impossible, but difficult.in terms of higher tariffs with asia, and china in particular, my feeling is that is easier for people to put in place than people think. economy, which is already pumping in government stimulus like crazy to keep the flow, if you take away u.s. exports, around $30 billion a month every month going forward, it is a real blow. haidi: does it also make it difficult for some of these very highly acquisitive chinese companies to snap of
u.s. assets? >> almost certainly. we see that in some areas in australia and new zealand. yvonne: it exacerbates the weakening of the yen as well. >> i think it could. it is all hypothetical, but if you are china and you see, cap is placed to win, hypothetically, would you not get your retaliation in in advance? could.: if you careful what you wish for. >> hypothetically, that makes sense. angie: fomc, boj, big central-bank action. directionally, we will wait for comments from the fomc, and will we get any action from the boj? >> the boj is the more interesting one. fomc will hedge its bets, incrementally moving closer. angie: you've already got a
transcript. [laughter] we've heard it before. wildcard. is a we don't know if they are going to pull out of their pocket a box of indoor fireworks that everyone will walk away from, or if it is going to be some kind of bazooka. they need to do something absolutely radical. policy is already ludicrous there, but it needs to get even more ludicrous to achieve -- angie: but why? right now we are seeing the yen weakened. it is one of five right now. it touched one of 3.99 yesterday. 10 five right now. it touched 103.99 yesterday. and right now, it is external backers. everything.rue for but if we are talking about 105, they would like it at 125. they are looking to get there unless they do something pretty
aggressive. if they do pull out indoor fireworks, we will see it back towards 100 again in the short-term, because the market will register that disappointed -- disappointment. 50 year jgb has been denied, but it could still happening. >> i think it is in a bad idea. the question is, how much will you issue to go about that? rishaad: the french do it. >> but it is not a game changer. at this stage, the only game changer we had really, is if we see a reversal of the trend towards trying to run a budget surplus, or primary budget surplus by 2020. angie: can we say this before, when kuroda expanded asset purchases, drove rates down to negative, and went, this is the answer, job done? >> the market temporarily reacted. the yen fell off. but cynics like myself were saying, it will work for a while, and then everything will
go back to normal. angie: why won't it work? >> it will for a while. it depends on fiscal stimulus. it is semantics. rishaad: there is the power in both diets to do that. >> if they wanted to. the boj are denying. they say at the same time they will coordinate monetary policy and fiscal policy, which is the same thing. if you've switched to fiscal stimulus rather than trying to raise taxes and balance the budget. if we see that and the boj says we will carry on buying, that is the start of helicopter money, and when the yen gets pushed down. that is when you could see a recovery. if we don't see that, it is just a blip on friday. angie: you heard it hear from michael every. thank you for that. turning in for an extended conversation. thank you. coming up, nintendo's stock has surged thanks to the stellar success of pokemon go, but the latest earnings report also
angie: welcome back. you are watching "asia edge." i'm angie lau. surging popularity has people above the age of 25 scratching their heads a little bit, including the analyst of nintendo. latermpany has results today. what are investors looking for? >> the forecast for financial results are pretty straightforward. they expect the company to report a small loss in revenue will decline. but what they want to know about is what does pokemon go mean for nintendo? they will be looking for indications from the company about how it will be able to benefit with this game, and similar technologies going forward. angie: what was disappointing over the last couple of days,
and surprisingly before they reported earnings, they said there were some factors? >> as the craze took off, nintendo shares exploded.everybody anticipated this. many investors anticipated this would be a huge payday for an tender. shares -- -- for nintendo. shares doubled. then quietly, tokyo put out a release saying, by the way, we don't expect much impact at this point. they put it out in japanese, which also did not make people happy. they want more clarity about how nintendo will be affected. they want more clarity about this. angie: in terms of ownership, it is about licensing deals. who gets a majority payload? >> the gases are all over the place about how much nintendo will actually get from pokemon go. we went over analyst estimates, and on the low end, it is about
30% of the benefit, on the high-end, 40% or 50%. nintendo owns about a third of pokemon the company, and owns a stake in the company that helped develop the game. how does financial stakes end up resulting in profits for nintendo is not clear at this point. what investors would really like to hear after the market closes is, give us a clear indication of how this will benefit, and how are you going to use the concept of augmented reality, for other games may involving mario or donkey,? angie: i think we will get a bloomberg team together. alstom, thank you for that. bloomberg markets, middle east coming up. --have used this standing standing by in dubai. reporter: we will be looking at new set of egypt, where the government is in the final stages of a multibillion-dollar three-year support program from the international monetary fund. will that help revive confidence? we will get you the full story,