This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world, and straight ahead on the program, tech stocks and focus again because of Apple's Worldwide Developers Conference. I'm Tom Busby in New York.
I'm Caroline Hepkee here in London, where we're looking ahead to Rishisu Nak's first White House visit as Prime Minister.
I'm Brian Curtis in Hong Kong. Capex is jumping in Japan. The tourists are coming in, but all is not well.
I'm Kaylee Lyons in Washington, where we're gearing up for two new entrants in the race for the Republican nomination in twenty twenty four.
That's all straight ahead on Bloomberg day Break Weekend on Bloomberg E Love the three own New York, Bloomberg ninety nine to one, Washington, DC, Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco, DAB Digital Radio, London, Sirius XM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business App.
Good day to you. I'm Tom Busby, and we begin today's program with Apple's upcoming Worldwide Developers Conference at it's Cooper Tino, California headquarters. And this one could be a very important one for Apple executives and Apple investors. And joining me to talk about why is Bloomberg's Mark German our report around all things Apple. Mark, Thanks for joining us, Thanks.
For having me. Yeah, this is certainly probably going to be Apple's biggest launch event in the last decade, certainly since the Apple Watch was announced in twenty fourteen. This is their annual developer conference, typically software focused, this time first major new products in a decade, major software updates across the board, as well as new max Well.
It's a laundry list of new things, but let's start with what I think will garner the biggest headlines. That mixed reality headset, the first major new product category since the Watch right almost a decade.
Right, that's certainly going to be the entree, so to speak, of the launch and the focus of Apple for the foreseeable future. This is Apple trying to create an XR or a mixed reality market. The device is going to be the most premium, high end and powerful headset on the market. It's going to cost roughly three thousand dollars. Apple is not going to be profiting off this thing. That's how expensive the technologies that go into it are.
It's going to use metal, carbon, fiber, and glass. You're going to be able to do everything you would do in a Mac but in a virtual three D space. You're going to be able to move in between a virtual reality world in an augmented reality world, which means at one point you could be fully enclosed you see nothing but the content in front of you. At other points, you'll flick a dial on the top right of the headset, similar to the dial on the side of the Apple Watch.
It'll turn on these powerful cameras. There's about a dozen of them outside, and you'll essentially see what's in front of you, just like you're wearing normal glasses or wearing nothing on your face. You'll be able to do productivity, messaging, gaming, a virtual reac version of FaceTime. So it's going to be pretty wide ranging, and this is Apple's big entry into the space.
Now, a sidebar before we continue on Apple is just this past week Meta announcing a five hundred dollars mixed reality headset. So trying to take some thunder away from.
Apple, do you think certainly?
I've used the Quest three, and at five hundred dollars, it's going to be about a fifth at the price of Apple's product, but I think it's more than a fifth as good. I think it's quite impressive. The video pass through mode they're going to be using on this device. It's not going to be as good as Apples, but it's much better than the existing Meta headset, the Quest two in the market that launched a couple of years ago.
So I certainly think what you're seeing here is a potential rematch between Apple and another player instead of Google. This time it's Meta in terms of Apple wanting to own the high end of the market and Meta owning the loan in the market, just like Apple owns high end of the phone market and Google owns the low end. Apple and the high end of the XR market Metal on the low end, and so Meta's really replaced Google as the one at the frontier here.
Yeah, and when worlds collide, Well, let's go back to some of the other exciting new products and updates that Apple we think Apple is going to have, And let's start with the new XROS operating system, so.
That XROS operating system is a version of iOS that is going to run on this mixed reality headset. So they've created a whole new operating system. They're pushing for a whole new app store and an app ecosystem to run on the setset.
And continuing on operating systems, there's a new iOS seventeen, an iPad OS seventeen, and a macOS fourteen.
So macOS fourteen that's going to be the new software update that runs on the Mac. Right not expecting major changes there. iPad OS seventeen you'll see some minor improvements the multitasking. You'll also see the health app on the iPad for the first time. iOS seventeen you'll see a new journaling app so you can journal different locations you're at or different activities are doing and share it with friends.
There'll be updates to the wallet app on the device as well, in a new smart home feature that can turn the iPhone if you rotate it and put it in lock mode, into a smart home display so to speak. So quite a few little enhancements across the board on the iPhone and the iPad and the Mac as well, and then you'll also see Watch OS ten that's going to be a pretty big update to the Apple Watch software, will bring widgets to the forefront of the operating system.
I think that will be pretty interesting to consumers as well.
And as for hardware, not just the mixed reality headset, but also new MacBooks.
There's going to be multiple new Macs. I'm expecting a new version of the MacBook Air, a fifteen inch MacBook Air with an M two chip, so it'll operate similarly and look the same as the thirteen inch Air introduced last year at WWDC, but obviously it'll be bigger with that bigger fifteen inch panel. That's something that people have been clamoring for for over a decade, and so Apple is going to be delivering there. They'll also see the
company's first M two Ultra chip. That's an extremely high end chip with up to seventy six graphics scores, essentially ten x what you're getting on a low end Mac right a low in MacBook Air, and that machine will be its highest performing chip for machines like the Mac Studio and potentially the Mac Pro. So really something for everyone across the board at this launch.
Wow. Wow.
Now, and preceding this week's upcoming conference, last week, Apple announced the plans for its retail stores and a big expansion. What did you tell us more about that?
Yes, so Apple actually didn't announce these stores. We're reporting on these stores based on my insight sources. Apple is proposing or working on or developing over fifty new stores for opening across the next four years, including new stores in China, India, stores in Detroit and Miami, new store in southern California and Orange County, and upgrade to its Opera store in Paris that's a very famous shopping district. New stores in Canada, across Europe, a new store in
Abu Dhabi, a relocated store in Perth, Australia. So really an across the board expansion on the retail segment.
Got it? Got it? Wow?
Now let's talk a little bit. Let's shift gears talk about artificial intelligence chat GPT, the latest technological tool for so many companies, so many consumers. AI getting Wall Street excited too, and Apple CEO Tim Cook says it has its risks, but Apple is all in on artificial intelligence. Let's go a listen.
I do think it's very important to be delivered and thoughtful in how you approach these things. And there's a number of issues that need to be sorted, as is being talked about in a number of different places. But the potential is certainly very interesting. And we've obviously made enormous progress integrating AI and machine learning throughout our ecosystem, and we've weaved it into products and features for many years.
Well.
Based on what we heard Tim Cook say last week, how does AI fit into Apple's future?
Mark?
You know, I think AI or applied AI as a call it is very key to the company's future. I think this is certainly something that they're trying to implement across their product lines, from taking a picture to using handwa washed detection on the watch, to using some of the health features on the iPhone and the iPad. Right, But I don't think that we're to expect a major chat GPT like product from Apple or an overhaul of
Siri this year. I think that's something that's probably going to come next year or the year after at the earliest.
Now, all the things we talked about today that looking forward to this coming week, let's talk about Apple's big money maker, the iPhone, and what does all this mean for the iPhone? Is it you know? Is it moving it forward? Are we expecting more from the iPhone this year or soon?
So there'll be a pretty big iPhone hardware update in the fall. That's the iPhone fifteen line one. Big change there. On the pro models, they're going to be moving from a stainless steel and glass frame to more of a titanium frame, which I think is going to be quite interesting, make the phone a little bit more durable, potentially make it lighter as well, and so I think that new design is something people are going to be looking forward to.
On the highest end model with the biggest screen, you're going to have what is known as a periscope camera. What that is going to do is allow the camera to have a wider range of zoom, but optical zoom, which means that the camera itself, the scope is actually longer and twisted in the frame, and that actually can get a much more detailed picture than the digital zoom that the iPhone on other phones today really rely on for that wide range of zoom. So big change is there.
And then on the lower end iPhones, they're going to add the dynamic island, which is that new pill shape at the top where you can control some of your alerts, identifications, and your music and maps. On the high end iPhones today, that'll be coming down the line, as well as some of the camera upgrades that you saw on the high end iPhones last year coming down the range as well. And also on the high end phones, you'll see a faster processor that'll be like the A seventeen processor, whereas
the lower niphones will get last year's pro processor. So that's going to be a year of a year upgrade as well.
Well.
There is a lot to look forward to this week and in the near future. And thank you Mark. That was Bloomberg's Apple reporter Mark German. And coming up on Bloomberg day Break weekend, British Prime Minister Rishi Sunak's big visit.
To the US.
I'm Tom buzby you and this is Bloomberg. This is Bloomberg day Break weekend, our globalk ahead of the top stories for investors in the coming week. I'm Tom Busby in New York. Up later in our program, a growing
number of Republicans challenging former President Trump's reelection efforts. But first, the British Prime Minister gets his first White House meeting with President Biden in the coming week, and for more, let's head to London and bring in Bloomberg Daybreak europe Banker Caroline Hepger Tom Rischie.
Sunak will travel to Washington for talks aimed at enhancing cooperation and coordination between the UK and US on the economic challenges that will define our future, so we're told, and Bloomberg's UK Government editor Alex Morales will be on the plane with the PM.
He joins me. Now, so Sunak's.
Visit to the States, I mean it's not going to deliver this long touted, hope for but unlikely trade deal between the UK and US.
Well in a short answer, No, I mean, first of all, it's important to say it's his first visit to the White House as Prime Minister. I mean he's met Joe Biden a number of times already. I think the first time was back in Bali at the G twenty, but he also met in San Diego earlier in this year for the Big Orchest deal, and then more recently in Northern Ireland. And I guess they would have also spoken at Hiroshima, but there was no official Bilab that's the
g Sevon meeting in May. But yes, he's visiting to the White House. Number ten have been pretty clear they're not going to bring up the topic of a trade deal, and that's largely because the Biden administration has really made it pretty clear that it's not a priority for them. No.
Indeed, I mean the UK has tried to secure these deals with individual states which have you know, sort of tried to ramp up ties between the UK and the US on that basis. I mean, it's interesting, isn't it that this will be the first White House visit And you mentioned north in Ireland. I mean, that was the last time that we saw President Biden here. He was in northern Ireland and in the Republic of Ireland. Is there still friction do you think on that issue?
Well, the White House pushed back against the notion that Biden doesn't really like Britain. But what was fairly clear from his visit is that when it comes to there's a lot of warmth towards Ireland and much less warmth towards the United Kingdom from the President. And that even became clearer when he returned and he gave a briefing and it sort of surfaced in the transcript. He'd said he'd had to come over here to make sure the
Brits didn't screw around in Northern Ireland. So really, you know, he likes to pick up his Irish heritage, and he tried to flick a bit at his British heritage when he was in Northern Ireland, and he had some English heritage as well that he sort of emphasized, and that was sort of a bone to the Brits who think that maybe he doesn't quite like us very much. But yeah, there seems to be a little bit of friction.
Okay, So that kind of point perhaps still of some contention. How does the UK then respond to the Inflation Reduction Act? Do you think that that is something that is going to come up in these talks that are going to be about kind of economics and about policy and about you know, the relationship between the US and the UK. The Inflation Reduction Act is simply huge in terms of the subsidies that gives businesses to move, you know, towards
that energy and green transition. What do you think Sunac's message is going to be on that?
Well, I'm sure so what wants to make sure that I mean, as you said, it's a huge package, is what three hundred and sixty nine billion dollars of subsidies and tax breaks and just to sort of wind back. The big concern amongst British companies is that it's just it attracts investment to the United States that would otherwise have gone to Britain. So you know there's been some
concern amongst ministers. When he was Business actually back in January, Grant Shapps called it dangerous and Jeremy Hunt has said that while he doesn't who's the chancellor obviously has said that while he doesn't want to a subsidy race, he's sort of hinted in recent weeks that the UK is actually looking at some sort of subsidy response. I think his exact words with subsidies have a role and that
Britain will make sure that we remain competitive. And he's promised the UK response to both the US measures and let's not forget that the EU launched a package of messages sort of to counter the US effect. He's promised a response by the full because obviously the danger is that the UK ends up getting squeezed between these two big powers and losing out on investment in both directions.
Yeah, on the foreign policy points, then Ukraine, Russia, China, and the UK has been close to the US in the support for Ukraine in terms of, you know, giving weapons to Vladimir Zelenski. How do you think that the discussions will be handled in terms of moving forwards when it comes to the war in Europe? But also the US is rhetoric increasingly tough rhetoric and actions against China.
Well. On Ukraine, I mean, it's almost arguable that the UK has been ahead of the US and we were the first country to provide main battle tanks to Ukraine, and I think when now the country that's provided the longest range missiles.
To the US.
But I think largely the two countries are in lockstep on that, and certainly Biden's been very supportive of Ukraine in a way that perhaps this publican predecessor might not have been. And on China again, I think I think
there's a sort of similarity in the language. Both both countries are wary that China is a very important economic character and that they need to maintain an economic relationship with China, but they're also wary of China's growing sort of nationalism and the danger it poses in the Indo Pacific, and perhaps the visit that Sunak made to the US earlier this year to San Diego, where the US, the UK and Australia sort of fleshed out the details behind
their orchest packs. That's that's an indication of how seriously they hit the China threat. It's sort of a big, multi billion dollar plan for a new feat feet of nuclear powered submarines to patrol that that region.
Yeah, absolutely, and the White House has pointed to this as an area for discussion, you know, reviewing a range of global issues, is how they put it.
I wonder whether.
There are areas for photo ops but also slip ups. That's always something that we are kind of keenly aware of. I mean, it is a big, big moment, isn't it. He's gonna arrive on the seventh of June, then he'll be in the White House the following day, and then he's meant to also be meeting congressional leaders.
You're going to be on the plane with him.
Do you think there'll be a chance to ask him some questions, to pose some questions to Rishie Sunak. Are there any kind of he's under pressure politically at home? Surely, isn't he on quite a number of fronts?
Yeah, I mean certainly. I mean what we don't know is if there's going to be a press converty yet. But on the plane the Prime Minister will normally come back and speaking what's called a huddle. I think the photos and our legendary, so you know, each reporter will get probably one question to the Prime Minister and then you know we'll ask him about a range of issues
and it won't just be about the US visit. So I guess there's the chance that he says something on the plane referring to its domestic issues that you know that are that are preoccupying the British media at the moment. In terms of in terms of potential for embarrassment, I mean, Richie sec is a pretty assured operator. It's it would be unusual for him to misspeak. But you know, on on on any international trip, there's the potential for something.
To get wrong, yeah, or something to peque our interests. I know you'll be there with your question for the PM. Uh and Alex thank you so much for being with us. Bloomberg's UK Government editor Alex Morales, of course, who will be in Washington, DC and following the movements of the British Prime Minister Richie Sunac on his visit at State Side. I'm Caroline Hepgar here in London. You can catch us every weekday morning here for Bloomberg Daybreak you're at beginning at six am in London.
That's one am on Wall Street.
Tom beg you, Caroline. That was Bloomberg Daybreak Europe Post Caroline Hepgar and coming up on Bloomberg day Break weekend, we talk about Japan's economic recovery and preview this week's GDP report. I'm Tom Busby and this is Bloomberg.
Broadcasting live from the Bloomberg it a active Brokers studio in New York. Bloomberg elemon three oh to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixteen to the country, Sirius XM channel one to nineteen to London DAB Digital Radio and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak weekend.
I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. And this week we get some important economic data coming out of Japan, including the latest GDP report. For more, let's go to Hong Kong and Bloomberg day Break Asia host Brian Curtis.
Tom, we look at some of the cross currents in the Japanese economy as we look forward to the next reading on GDP. Good time to talk about the Japanese economy now. Japan's businesses increased spending for the fourth straight quarter.
That was a sign of the country's recovery from the pandemic. However, a surprise drop in industrial production does suggest a week's start to the second quarter, and it raises the risk that the bounce in GDP that we saw in the first quarter could lose some vigor in the second quarter. Paul Jackson, Bloomberg's Japan, Korea Economy and Government editor for Asia, joins us So.
Paul.
We note that the capex number was pretty strong, up eleven percent year on year, but the factory output number disappointing. What are we expecting for this next reading on GDP in the coming week.
First of all, we've the reading all first quarter GDP should still be a positive. I think we should see signs that there is this moderate recovery coming through, helped and driven by this influx of foreign tourists coming in and continued consumer spending, lifting of more pandemic measures. And this capex figure shows that companies are still optimistic and
buoyant that the recovery will continue for now. And of course they need to invest in more equipment because they've got this labor shortage within the country and now with all these people you know, flooding back to visit Japan, especially in the service sector, they need to ramp up investment so that they can deal with more people. So I think that when we get the revised GDP figures through next week, they should still be positive and appointing
to the moderate recovery. Now where we go from here, As you've noticed those production figures for the start of the second quarter were disappointing. We do have some dark clouds on the horizon. And another thing to look at is those poor figures that came out of China yesterday showing that the recovery there isn't panning out in the way people had hoped. So there are dark clouds, but it's still a pretty good environment for Prime Minister Forumyo Kishida to even consider an early election.
Yeah, I was curious about to what degree Japan could be benefiting from some of the weakness that we've seen in China. I mean, on the one hand, obviously a week China is not good for Japanese exports to the country. However, in terms of attracting investment and travelers, and you already mentioned that inbound tourism is doing pretty well. In a sense, is Japan benefiting from some of China's troubles, I think.
On the whole, if you look at it, net, I think it is a minus because, like most of the world, were very dependent on China as a market and as a producer in terms of the inbound actually the biggest spenders in Japan are from China. So some economists are saying, hey, look, you know the moment, we've got a great boost to Japan's economy from the inbound spending, and we still don't
have the Chinese tourists coming back yet. They will eventually start coming, and that will be another driver for Japan. So in that sense, some of the positives from China's situation have yet to feed in.
So China's a big challenge, and you mentioned that there are plenty of challenges. What else.
Inflation is by international standards not that high, just above three percent in Japan, but that's kind of historically high for Japan, the post abode of deflation and falling prices, so you know, at some point economists are expecting the kind of post pandemic spending splurge. To then segue into wait a minute, you know, real wages are falling, prices are going up, We've actually got less spending power, and that you know, spending, consumer spending in real terms might
start to fall and then weigh on the economy. That's obviously a concern for both the Prime Minister and for the Bank of Japan. Bank of Japan has been trying to generate stable inflation for more than a decade. You would think they've achieved the mission over three percent, right, because their targets two percent, But they're still sticking to this view that what we've got here is a cost push kind of transitory inflation phenomenon. The rest of the
world thinks otherwise. But in Japan, they're looking for more sign of stronger wage growth that could support some kind of demand driven inflation over a longer period of time, and that has been the long term goal of Japanese policymakers.
And the week end is a double edged sword. It's good for Japanese businesses and I'm sure they are quite comfortable with the yen at one thirty nine. However, it does make imports and prices for the average Japanese consumer very difficult. How does that weigh up when you talk to people.
In Japan, Well, I think if you go back to last year when we had the very quick slide in the end down to as tho as one five to two against the dollar, I think there was kind of sense of panic, and combined with the sudden surge in prices and import prices, there was a lot of concern. And obviously for those you know, globally orientated companies or
the exporters, this is great. This is a kind of instant profit margin boost if the currency is week so at the moment where the currency is, those global companies and outward facing companies are in a good position. The domestic companies especially those that import materials and produce for a domestic market. It's more of a squeeze for them. But hey, look at the stock market. We are at the highs highest level since since nineteen ninety, and that suggests that company profits are benefiting.
I'm curious about the third arrow of abinomics reform, and I want to know, you know, across the economy, women in more powerful positions and playing a bigger role in the economy, and so many of the aspects of reform, corporate reform, how much progress has been made.
Well.
I think this is kind of one of the unfin unfinished targets of abinomics. The growth program that was launched in twenty thirteen, so a decade ago. We had flexible fiscal spending, aggressive monetary policy. All helped to give a new burst of life into Japan's economy some time. But this third arrow in the quiver of that growth strategy didn't really get a great deal of traction. We have seen some reforms on corporate governance, We have seen some
progress there. The thing is is obviously Sins. The former Prime minister who stepped down and was then assassinated, is no longer in power, and his faction has less sway over what might be the primeister might be doing. Under from Kishida, he's been emphasizing the idea of new capitalism. It's kind of like a new deal for how we run things and what is acceptable for companies. One of the key things he's been focusing on is the idea that needs to be kind of rethink of the distribution
of income. Maybe shareholders should get a little bit less focus after under Abbe premise to Abbe getting a lot of attention. Maybe your average worker should get a bit more in their pay packet. That's the kind of message that would feeding well to an electorate that is struggling with inflation at the moment.
Paul, thank you very much for joining us. Paul Jackson, Bloomberg Japan Economy and Government Editor for Asia. I'm Brian Curtis, along with Doug Krisner. You can catch us every weekday here for Bloomberg Daybreak Asia, beginning at six am in Hong Kong and six pm on Wall Street.
Tom, thank you, Brian, and coming up here on Bloomberg day Break weekend. More Republicans are challenging former President Trump's re election dreams. I'm Tom Busby And this is Bloomberg. This is Bloomberg day Break weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. Some big announcements expected this week in the Republican race to be the party's
nominee in twenty twenty four. And for more, let's head to our Bloomberg ninety nine to one newsroom in Washington and Bloomberg Sound On co host Kaylee Lines.
Yeah, Tom, the Republican primary field is about to get even bigger week. At least two more candidates are set to formally throw their hats in the ring for the twenty twenty four GOP nomination. The first we'll come on Tuesday, when former New Jersey Governor Chris Christy is set to announce at a town hall in New Hampshire. And then just one day after, on Wednesday, the announcement will come from former Vice President Mike Pence, who will do it
from Iowa. Joining me now to look ahead to both of these events is Gregory Cordy, who covers US politics for US here at Bloomberg. So, Gregory, if we could just start with Chris Christy, because he goes first. He's tried this before in twenty sixteen, and that was unsuccessful, as we know, why does he think he could beat Trump this time around?
Yeah, Chris Christy is the first of Donald Trump's twenty sixteen rivals to re enter the fray, and he kind of harkens back to a Republican party that's pre Trump, a little bit more establishment. But as you point out, the party has changed quite a bit. It's become Trump's Republican Party. And so that's going to be the challenge for Chris Christy to appeal to those voters as someone who is anti Trump. He would be quick to point out that he's not never Trump. He was on board
with Trump in twenty sixteen. He dropped out of the race after New Hampshire endorsed Trump. Was chairman of Trump's Transition Committee, helped Trump with debates, chaired his Opioid Commission, and was pretty much on board through almost all of the Trump administration until after Trump refused to concede. So Chris Christie's theory of the case is that he's the one guy who can debate Trump. He prepared Trump for debates against Hillary Clinton and Joe Biden, he's debated Trump
in the twenty sixteen debates. He knows Trump as a debater better than anybody else who will get on that stage when the Republicans have their first debate in August and Milwaukee, and so he's counting on being able to deliver some kind of knockout punch, he says. The other opponents in the race, the other challengers to Trump, have been sort of a little bit too delicate in how they deal with Trump. He he says, he can engage Trump head on and maybe knock him off his perch.
But yeah, it's gonna be a big challenge because the lead that Trump has right now is just so far ahead of all the competition. It's going to take some doing to get Trump down off that perch.
Well, and of course, another person who is going to run against Trump is a man who served him as Vice president, Mike Pence. Does that just make him a villain to Trump's base that he has such a tight hold on.
Still, Yeah, that's the problem that a lot of Republicans have is how to go after Trump without alienating Trump's base, And Mike Pence has a particular problem with that since to the more extreme members of the Trump base. The people who marched on the Capitol on January sixth, they were chanting, hang Mike Pence, and former President Trump has done very little to disabuse people of the notion that
Mike Pence is a traitor to their cause. So that's a challenge that I think Mike Pen's acknowlogist that he's going to have to appeal to that part of the Republican Party on these constitutional principles. He was bound by the Constitution to do what he did in helping to certify Joe Biden's win in the electoral College. But yeah, that's the challenge that not just Pence and Christy, but every Republican has, is how to deal with that Trump problem.
It's going to be a long primary season, and I trust you'll have it covered for us. Thank you so much to Gregory Cordy, who covers US politics for us here at Bloomberg and Tom I'll send it back to you.
Thank you.
Kaylee. That was Bloomberg Sound On co host Kaylee Lines reporting from our Bloomberg ninety nine one newsroom in Washington, and you can hear sound on weekdays one to three pm on Bloomberg Radio and that does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning at five am Wall Street Time for the latest on markets overseas and the news you need to start your day. I'm Tom Buzzby. Stay with us. Top stories and global business headlines are coming up right now.