thank you for joining us, morningstar head of global equity research. plenty more coming up. this is bloomberg. ♪ haidi: it is 9:30 a.m. here in sydney. the market open is about 30 minutes away, the start of a new month. looking for a little bit of positivity when it comes to the start of trading here in sydney after u.s. markets retreated friday and what was a pretty lackluster pre-thanksgiving holiday session to close out that month. i'm haidi stroud-watts in sydney. shery: i'm shery ahn in new york where it's 5:30 p.m. you are watching "bloomberg daybreak: australia." let's get the first word news with paul allen. paul: thank you. the aussie dollar strength and after data on saturday unexpectedly showed china's official manufacturing tmi rising above the 50 level for the first time since april. 50.2 reading easily beating estimates. that boosted investor confidence. one reason to caution is a tweet from the global times sunday saying china wants tariffs rolled back and part of any interim trade deal with the u.s. the german government faces a crisis after the coalition p

still with us is dan kemp, cio emea, morningstar investment management. you have $217 billion of asset management, i am sure you own automotive related assets. i wonder what your take is on the global industry right now. we start to see the consolidation. is it late, and how important is it? dan: i think the important thing to say is that we are primarily asset allocators, multi-asset investors. i am not going to give you a view on individual auto manufacturers, that is for my equity research colleagues to weigh in on. as we think about the industry as a whole and the broader sectors in europe, as we were saying earlier, they are at the epicenter of concerns of global trade. it is an industry that faces clear challenges around sustainability and what is happening to concerns about carbon. there are long-term structural challenges, but more acutely we have seen this worry about autos and trade, and what is happening in the white house. if we see some of those concerns rumblings ofee the a solution to the trade war really coming to fruition, then potentiall

if you look at flows, for example, morningstar come up flows this year were mainly in bonds and cash substitute products. the flows and equity started in august, september. the rally that started at the beginning of the year was done with the year was done with very little money of investors. investors started pouring money into markets in september, october, now it is starting. there is a space for more money from investors. i think what investors have -- thed is that equities new bonds, especially with dividends. it is very difficult to avoid. [indiscernible] francine: what industries will benefit from -- i am not exactly sure how you would describe it, traded truce or something like that. it's been 20 months of a to protect between the u.s. and china -- tit-for-tat between the u.s. and china. fiona: the trade war is clearly not finished. a truce was declared yesterday but the trade war is not finished. depending on what happens in the election next year, it could start again. some of the important factors such as technology have not been solved yet. we would be careless if the mar