it is noon in san francisco, 3:00 p.m. in new york, 3:00 a.m. in beijing. matt: and this is the bloomberg "market day." i want to get you quickly to a look at stocks right now. we've had really a global selloff. europeans docs still look that at the close. u.s. stocks, as we get toward the close, seem to be turning around a little bit. -- european stocks still look close.the the s&p 500 was down 1.5%. so was the nasdaq. the nasdaq has shifted into positive territory, and the dow and s&p are getting close to unchanged. scarlet: come inside the bloomberg terminal and you can really see it. we pretty much tell at the open and treaded along the bottom with the first hour of trading and pretty much have autumn that

that point and have made a steady progression up since noon. we are at our best levels of the day. the s&p is little changed, the dow still down by a hair, and the nasdaq higher by .1%. the dow has now swung 257 points from peak to trough, which is a pretty wide band given the action of the last couple of days. it has been widening steadily. this is the intraday point swing. that's the most since july 8. matt: keep in mind, it was down over 200 points yesterday as well. even the we are inching back toward unchanged, we're not taking up for the losses we had yesterday. european stocks -- well, indexes are down five are sent 6%, 7%. , 6%, 7%. scarlet: we've been discussing emerging-market stocks. matt: our european companies

really that much more exposed to china than u.s. companies, or will you see a bit of a bounce tomorrow when european markets open? auto makers and retailers certainly are, but european stocks got a boost in the last couple of weeks because of anticipation of qe and the fact that monetary policy was diverging and valuations were better than that in the u.s. they certainly got the bulk of inflows as people sat and looked at u.s. equities and said maybe they were to overvalued. look at the let's top stories crossing the bloomberg terminal at this hour. shares of alibaba sharply lower after quarterly revenue missed analyst estimate. quarterly sales rose at the slowest pace in three years. the commerce giant blames the country's weakening economy, but the ceo is still up the. jack ma: people come here not only for a specific shopping

purpose, but they come here for lifestyle. were confident for the long-term growth, and we will continue to closely monitor consumer behavior and the chinese economy as a whole, but we are confident for the growth. alibaba announced a $4 billion stock buyback program for the next it of years. shares are down since reaching a record last november. we'll have more in just a few moments. matt: debt ridden greece is one step closer to a financial rescue. there's a technical agreement on the bailout, but the greek government and lawmakers in other euro area countries still need to approve it. the bailout is worth 90 or billion dollars -- $94 billion. scarlet: it's no real surprise, the consolidation of kraft and heinz is leading to job cuts. the deal was driven by berkshire hathaway and 3g capital of brazil, both known for controlling costs.

matt: the u.s. government says it will appeal former aig chairman's victory that challenge bailout terms. the trial judge ruled the terms of an $85 billion rescue loan given aig in the midst of the 2008 financial crisis were illegal. in june, papers were filed stating a challenge of the judge's decision to award no damages. both the government and greenberg are challenging the verdict. scarlet: at&t is raising guidance on revenue, earnings, and free cash flow, expecting all three to increase in 20 15 and over the next three years as well, following its takeover of directv as well as two execute wireless companies. at&t says it is looking for adjusted earnings per share above the consensus estimate. att: twitter is making change. if you years direct messages, you will now be able to type as much as you like -- if you use

direct messages. regular twitter messages will still have the 140-character limit as usual. those are an assortment of stories. there's a hell of a lot of news today. scarlet: there is. matt: especially that market action. scarlet: it's back down again. i'm looking. it has been a painful 36 hours for markets and companies doing business with china, but not necessarily for greenlight's david einhorn, who has reached a windfall, on paper at least. matt: alibaba shares plunged today after earnings disappointed investors. as the company trying to do too much too fast and just getting crushed by the chinese economy? scarlet: would not be the first. cisco reports after the bell. the ceo hopes to create a leaner company to stay competitive and relevant. all that and much more coming up on the bloomberg "market day." matt: the first bubble gum for

in monterey, california, in 1996 openedfirst bubba gump in monterey, california. mpe founding ceo of bubba gu joins us here on set. scott, thanks for coming in. let's talk about how you got started in this. from what i understand, you were kind of a turnaround artist at another company previously and then just decided to take a gamble on starting a restaurant chain. scott: i partner and i were approached by paramount pictures around making a restaurant around "forest gump," and like we told everybody in those days, we thought it was a great idea. matt: but why? it's just one movie. it's kind of old now. how do you get the idea?

scott: we thought there was an unforced translation. it made since a restaurant would exist. i cannot tell you how many people came up to me in the restaurant over the years that mean if you have the shrimp company. it's sort of like life imitating art. did you ever get tom hanks to come to the restaurant and a dorset? scott: we never did, but we did have a look-alike, and he is probably the most photographed guy in the world right now. matt: you have obviously been incredibly successful at least here. i fret good reviews of the restaurant online. how do you avoid kind of the big chain restaurant food where it kind of loses its flavor, loses its unique this and just is not that good? scott: we came from an upscale seafood background.

my management team was extraordinarily good and powerful. we brought his to the recipe that you might not the in the normal casual dining or what we nmentto call eatertai restaurant. the restaurant business is about hot food hot, cold food cold and service with a smile. if you do it consistently, you will meet expectations. scarlet: i want to transition to your stores and hong kong,: the poor, bali, indonesia, so you have a presence in asia and you were surely affected by the news we got this week -- your stores lumpur,kong, kuala bali, indonesia. scott: there will probably be a downturn and some lowering of our expectations. as you know, i sold the company in 2011, so i'm really out of that now.

my background over the last couple of years has been working in investment banking and private equity in hong kong, so i do have a little bit of a home there as well. in your book, you talk about dealing with international swindlers or questionable characters. were orwho those people how that came to be. do you advise people about how to do that now? scott: yes, i do. what i learned most about doing international business is that what is in the agreement you is not nearly as important as you make that agreement with. we got involved with some people in the philippines who were swindlers. we were lucky and only cost us about $50,000. it could have cost us a whole lot more. our new franchisees are a lot better and are doing a great job, but you really have to be careful what you do overseas, particularly in more developing

countries where you do not know who you are dealing with yet. gump shrimpbba company has been fabulously successful. now you are advising other entrepreneurs and other companies. have you come across any ideas you think are just as good? scott: a lot. i talk about this in the book, .oo there's a lot going on in terms of technology, in terms of fast casual, which is a new segment over the past 10 years. chipotle is doing some interesting things in terms of customizing and making the experience something that the customer is really part of. upscale restaurants and fast casual i think are where things are going in the future. the people in between, midscale and casual diners -- they are having a hard time. you could pick one other movie after which to make a restaurant -- scarlet: or tv show.

matt: what movie or tv show? joked we woulds do the crusty crab after "spongebob." hillary coming up, clinton comes clean over e-mails. how much is this ongoing saga going to impact her campaign? we'll discuss. ♪

scarlet: welcome back to the bloomberg "market day." matt: we want to get to a look at the markets, which have kind of turned around. what's behind the buy?

>> with left the -- with less than an hour left in the trading day, markets have been paring their losses since the noon hour. the dow is still down, but just barely. it is still at a six-month low not seen since january 30. the s&p is down just nominally here with banks and telecoms being the biggest weights. the nasdaq has turned positive, in the green just marginally after the index fell nearly 2%, which is quite a reversal. stock stealing and renewal energies are the biggest gainers, but the dow is still down, and there's further sign it may be headed for a longer-term decline. this is the gpo unction if you want to follow along on your own terminal. i talked about this yesterday. i want to have you take a look over here. this is the so-called death .ross basically, the 50-day moving average, which is represented by the purple line here, has fallen

below the 200-day moving average represented either yellow line. when that has happened in the past, like in 2011 and 2007, the dow has fallen even further. today, we are seeing that fall in the dow as well. the blue-chip index now has closed below the 200-day moving average every single session thee july 23, and that is longest streak since the u.s. stock market's last correction in the summer of 20 11 when standard & poor's stripped the u.s. of its aaa rating. interesting cycle, and you can see more if you are a bloomberg terminal subscriber. gainers the biggest playing the biggest part of today's come back, representing roughly 11 positive once on the dow. it is up by about 1.5% now. this after pulling up from a 3.5% decline after the open.

this chatter about new specs for apple devices that could be announced september 9 at its next event. that's all the time i have. scarlet: and i just upgraded my ipad mini. titod the curve in about weeks. now for a look at our top stories. at least 300 people injured in a huge explosion in china. state broadcasters cctv reporting on a new zap and citing the local fire department that flammable goods exploded a couple of hours ago -- cctv .eporting on a news app were working on getting more details on this developing story. the white house has long successfully deflected inquiries about the keystone xl pipeline. a review by the associated press says the delay is much longer than average -- five times longer, in fact.

and's spring 2004, the federal government has taken an average of 478 days to give yes or no to all other oil pipelines crossing u.s. borders. the wait for approval on keystone is now more than six years. you would almost think president obama wants to make no decision and hand this off to the next administration. scarlet: this time, he does not want to get involved in canadian politics because they are in campaign season. the obama administration does not plan to invite cuban dissidents to the u.s. embassy in havana on friday. officials tell the associated press that secretary of state john kerry intends to meet more quietly with prominent activists later in the day. the cuban opposition has inupied a central position politics. matt: hillary clinton's campaign announced her aides will be handing over to the justice department of private e-mail

server she used during her tenure as secretary of state. thelet: this is intelligence community inspector general had identified several suspect e-mails that had gone through this private server. for more on this, i want to bring in our reporter who covers all things hillary. jennifer, did hillary say she had a wrist -- he raced -- erased all the e-mails from the server? jennifer: she did say that. there will be an effort to determine if that was actually the case, and if they can salvage those e-mails, to go through them once again and not e-mails 55,000 pages of she handed over but to go through the rest that were on her server. i think they will be poring through this closely to see if there was any sensitive

information that she just did not hand over. my memory -- how many e-mails did she trash, and how many did she hold? jennifer: they have not said exactly, but i think it's about 30,000 that she handed over to the state department. trashed froms been her survey. it's just if it has been deleted so permanently that it cannot be recovered or if there is still a way to extract that information, that remains to be seen. some of her aides have thumb drives. what's on the thumb drives? what's on the servers? jennifer: her lawyer, david kendall, has at least one of those thumb drives. the timing is not clear. same e-mails.he that was another backup version of the same 30,000 e-mails. there's all these different

layers of it, but there are multiple versions of the state department e-mails. the personal stock it's believed is only on these servers and may or may not be permanent delete -- permanently deleted. greatt: obviously this is fodder for her republican and democratic opponents. what are the other camps saying? are they being careful? jennifer: not the republicans. i don't think you will hear quite as much from republicans, but what you are hearing is from scott walker today, donald trump and aight, carly fiorina, couple more, saying the seams like criminal activity and there should be an investigation. this was very questionable, and brings into doubt what she has said in the past about there being no classified information. team will parse that and say nothing was classified at the was also easy for

republicans and other political opponents to kind of lumped isether and say that she hiding something, and why would you want to have this person -- you ever erased your entire e-mail inbox? no, who does that? , thanks veryein much from bloomberg politics. ahead, a manager who is winning from the chinese yuan devaluation. we will tell you who he is. ♪

scarlet: while global markets continue to falter in the wake

of china's frenzy devaluation, there's one market manager who stands to benefit. david einhorn has been betting against the currency, at least in recent filings. he was positioned at the end of june to reap more than $30 million if the dollar rose 10% against the chinese currency. our hedge fund reporter joins us with more perspective. thanks for coming on the program. first of all, this would be a desperately needed win for david einhorn. at least in recent weeks and months, he has had some issues. right, and ite: has mostly been his stock bets. it would be a little bit of a win. i want to point out that it's not that much of a win. it's a pretty small position. change, buts a 10% it would be nice. nice.t: it would be

do we have any idea if he was intended to bet that china would devalue the currency, or is it part to something else? u.s. companies with a lot of operations often will not hedge out their exposure to the chinese currency because it is just so steady and expensive to bet against the yuan. according toyear one manager we were speaking to. so they will not even bother doing it. position as anst apple, so they clearly have a lot of exposure to the chinese market. we don't know for sure, but it could be that he was trying to hedge some of that apple exposure to china. that is just speculation a little bit, but could be. matt: what about other hedge fund managers?

speaking particularly of jim this call years ago. do you know if he is reaping the benefits of that? if he is short and a way that would be helpful? simone: he has been short china until very recently. i do not know if he had this kind of short bet on -- i don't know, but certainly someone we are following to see what their returns might look like at the end of this month scarlet:. -- end of this month. thanks for putting that into perspective. i'm taking off. i'll be back on "what'd you miss?" me for more on this global selloff that seems to be turning around, at least in the u.s. ♪

matt: welcome back to the bloomberg "market day."

i want to get you straight to the top headlines. drugmaker glaxosmithkline has shut down a plant that produces inhaled medications after thatvering the bacteria causes legionnaires disease. the plant was closed after routine testing found the bacteria in a self standing cooling tower. 400 employees who work there have and told to stay away until the towers are clean. the plant produces inhaled drugs like advair, which is obviously a drug for asthma. macy's is going to look for the discount shopper. the department store chain will open a series of off-price stores called macy's backstage. earlier, ceo terry lundgren explained to stephanie ruhle. terry: we'll have a separate company, separate as this, by an off-price merchandise and taking discontinued merchandise from macy's stores and transferring it to these stores. we open up six this fall season. we will compete with nordstrom

rack with our own options like that. meanwhile, macy's reported second-quarter sales unexpectedly fell. it had offered discounts to move out merchandise whose arrival had been delayed. and macy's just signed a deal with alibaba, making it the first u.s. department store alibaba's t-mall global. has been ordered to legalr old company's costs after she sued for sexual discrimination. and it was home sweet home in major league baseball. tuesday marked the first time in history that all 15 home teams one on the same day. viewing each game is a 50/50 proposition, sports company

stats but the odds of a home sweep tonight with a full big-league schedule at one in 30 32,758.- those are just some of the top stories we're following for you on this wednesday. as the economy in china cools, alibaba is getting caught in the freeze. shares are tanking after the e-commerce giant report of the slowest quarterly sales growth in more than three years. alibaba also announced a 4 billion dollars stock buyback as it grapples with a $100 billion loss in market value. "bloomberg west" anchor emily chang spoke with alibaba senior earlier andhang asked how he plans to reverse this trend. daniel: this quarter, we continue to deliver strong results. our revenue grew by 28% year-over-year.

very specifically, we've made .ery good progress for the first time, our mobile revenue exceeded pc revenue. i think this is a good transition to the mobile, and also, we made a big investment in sony, the largest consumer electronic retail chain. i think all this signals we enjoy healthy growth, and we will create more value to our customers. about thats talk investment. this gets you big and off-line commerce. it's the biggest deal alibaba has ever made. how many customers in rural china do you expect to get as a result of this deal? daniel: the investment marks our commitment to our omni channel strategy. we want to create the unique

experience. as you know, they have over 1600 off-line stores. they have over 5000 service stations all over the country. will open stores and more marketplaces and bring us a large selection of products, of home appliances, and i think customers will like it. second, over the years, they've already built up a logistic .etwork we can work with them to deliver premier services to customers. : there's a lot of concern about the chinese government devaluing its currency.

how worried are you about demand softening in china? are you seeing a threat to your ability to promote global demand to chinese consumers? daniel: we always closely monitor the chinese economy and consumer behaviors. reported, we have active buyers of 357 million, so originally, each active buyer makes purchases 50 times a year on our platform, which demonstrates the strength of the ecosystem, and people by a large writing of the product, and people come here not only for specific shopping purpose, but they come here for lifestyle. so we are confident with a and we willowth, continue to closely monitor the consumer behavior and chinese economy as a whole, but we are confident. now anpaypal is

independent company. what is ali baba's interest and potentially doing some him in a or buying a company like paypal -- doing some m&a or buying a company like paypal? daniel: paypal is a great company, but we have a payment company, ali pay. they are in the process of globalization. i think we are open to work with any other partners to work together to create value for those customers. emily: what about michael evans, the former goldman sachs forutive you brought on international growth? other than macy's, what deals do you expect him to bring in? what talent do you expect him to bring in? daniel: globalization is our top priority in the coming decades.

we are happy to have him join us, and as president of ali baba group, he will lead our international strategy and help us to extend our business outside china. announced that macy's joined our platform, and they view us as an exclusive platform to entering the chinese market. today, we are also working with , and we willners have a lot more to come. emily: as i understand it, the chinese government is putting police offices inside internet companies in china, including alibaba. are there police officers working inside alibaba right now? daniel: as a company with a huge , we work closely

with the government to follow the government policies and regulations, and we will continue to do so and to make sure we are in compliance with the laws and regulations in china. emily chang is with us now from san francisco. obviously, this is a serious for alibaba.hang, did he say anything more concrete about the chinese economy? it feels like it's slowing down a lot more than the government is admitting to. emily: we talked to a lot of experts about this, and they say the vast majority of people in china are not exposed to what is happening. withba just did a big deal basically the best buy of china, the biggest deal they done to get to people in rural china, people who are not exposed to equities, and a lot of people point to the potential for the chinese consumer class to continue to get online.

deal will connect them with people off-line for now, but ultimately, those people will be online at some point. when you look at the big picture, it seems to be a big concern for a lot of people. he's maintaining confidence, but said it is something they will continue to monitor. think we will see bigger deals? the chinese government is starting to pull out every rabbit of the hat it can find to brace the economy. i mean, $4.5 billion is not exactly a heck of a lot of money or a company that was worth $300 billion at its ipo. emily: i asked about paypal tends to come up when you talk about potential acquirers, and he says they don't need paypal they have alipay.ay -- allypay --

alibaba certainly has the financial capability to do a deal like that, but we have not seen them do deals like that yet, so it leads to wonder if anything like that would ever actually happened. twitter an early investor saying alibaba would love to buy twitter, and you talk to people who are deeper in the weeds, and they say it just really would not make sense, and it's very unlikely to happen. matt: thanks. be sure to watch "bloomberg west" today at 4:00 p.m. eastern. coming up >> four: pm eastern? 4:30, right? four: 30 p.m. eastern. is an end in sight for the global oil glut? stay with us for that. ♪

matt: welcome back to the bloomberg "market day." let's take a look at the market 15 minutes before the closing bell. a little bit of a turnaround today. of a surprise turnaround within the last few minutes of trading. a bit of a surprise turnaround in two of our major indexes. earlier, there were three, but we had to keep on going back and forth. all markets have been paring losses since the noon hour. the dow right now is nominally negative. we will call that flat. the nasdaq i guess we could say is the biggest gainer, up about .2%. for the dow, we're still seeing a six-month low not seen since january 30. i want to look at the s&p and dive into my bloomberg terminal here, and i want to show you a

function of how each of the s&p's 10 sectors are doing. or of the sectors are red. territory. positive now six him in positive territory. thanks, though, at the biggest loser, down .8%. telecoms, as they have been throughout most of the day, right behind them. they had been worse earlier. on the flip side, energy is the biggest gainer of the day, up like 2%, a lot of that having to do with renewable stocks. oil, oil has rebounded off of its six-year low. this year it's because china's devaluation has weakened the dollar. , tradingup i about .7% at $43.79 a barrel. still, oil is down since its 2015 peak back in june, and that is because of a global oil glut, of course, we've been talking about for the past few months. looking at energy stocks that

are gaining -- consol energy is up. energy energy is up by 6.5%. noble is up by 3.6% there. want to take you old to gold. it's now up by about 1.3%. 1100 $22 and $.80 is what it is trading per ounce. in fact, gold has risen almost every single day in august because of china's yuan devaluation. other countries will weaken their own currencies, and gold is the safer haven. coach is down by 4.5%. this is its lowest level since august 3 and it's the second biggest loser on the s&p. the third biggest loser is right here -- tiffany & co. down 4%. yum brands right behind them. exposure more than 50%

to the china market, but again, looking at our major markets, a surprise turnaround for at least two of them, but just barely. matt: can you settle something for me? you lived in china for a long time, right tackle people here, i feel like they are saying "wan." ramy: i will correct everybody here. uen."like "y i get a little prickly when i hear that. matt: steelmakers in the u.s. complain foreign-made steel is being sold here at unfairly low prices. u.s. steel and nucor are among those asking the government to impose tariffs. steel exports to the u.s. rose 38% last year. a wildfire burning north of san francisco spread into napa .ounty

as it expands to 26 square miles, strong wind to blame for rapid expansion. 6%ws had the flames contained. full containment is not expected until next week. at least 150 people have been evacuated as the fire truce through dry timber and brush in napa county. in phoenix, a dust storm tore through the city, reducing visibility to near zero and turning the sky orange. wind gusts as 60 miles an hour during the storm. the weather service urged the public to stay off the roads. still, weather forecasters note that it is monsoon season, and after all, they do live in a desert. those are your top stories from the bloomberg terminal at this hour. oil demand is the strongest it has been in five years, and global oversupply will last through next year according to the international energy agency, so what will this mean for the global oil market?

betty liu and mark crumpton spoke with matthew perry, a senior oil analyst with the iaea. we've hit this incredibly oversupplied market. the previous history has taken us to the stage where very strong supply growth and until growthy, relative to men has left us with a massive surplus. to put this in perspective, this is the biggest surplus since 1998 when the oil price was just $10. we have a huge excess supply, and it will take quite some time before this is equated. we think the second half of next .ear betty: is there a brighter side for those who are bullish on the oil price? oilumption, as you see prices fall -- consumption is growing. in fact, you have seen a doubling of consumption growth rates so that perhaps by the end of next year, we might be at this peak in terms of the glut, and we will start to work our way through the inventory, and prices will start to go up?

matthew: you are completely right. market forces start to take effect. whenever thought it would take quite this much, but the oil and thatve to halve, has stimulated very strong demand growth, and it is supplyg to pull down growth. there's no control over opec supply growth. that is the sort of wild card in the market, particularly when you think about how iran might join next year, but non-opec supply growth is decelerating, and we haven't forecast to decline next year. this combined with the stimulus, that very low gasoline prices, for example, are given to retail consumers, it is addressing the balance. the key thing to consider is that the demand numbers are consistently being upgraded, and supply numbers have started to be downgraded, so that dust tight market, and that should eventually impact prices. : let's talk about the

devaluation of the yuan. willis still demand? it stoke-- will demand? matthew: very simply, that .hould stoke demand it's only small stages, but it should boost the economy, hence no supporter of demand, but the problem for the markets right now is it is almost admittance of guilt that it is admitting how bad the economy is doing. the chinese economy is struggling, and the fact they are doing this is a demonstration of its struggling. i think in the medium-term, it should be supported. ahead, will new leadership liven up cisco?

we will look at what the latest quarterly earnings may show. ♪

matt: one stock where watching as we headed to the close is cisco. the company is reporting after the bell, and shares are trading lower ahead of the news. cisco has been, in the past, a bellwether for technology stocks. the question is -- is it still really that important? bloomberg editor at large cory johnson joins us now from san francisco. why should we really still care about cisco? it's a big, honking company, approaching $50 billion in annual revenue.

also what is interesting, at least to me, is that this company is doing well in an arena where other companies are not. they seem growth in sales. competitors like ibm, oracle's hardware division, hewlett-packard, dell from what we can see from the bonn filings -- all those companies are really struggling. this go, just to keep their head above water is doing so much better than those companies. a salesit looks like turnaround. we'll be looking to see if we .re able to keep that up if john chambers' sendoff will be a merry one at that. the story of cisco has been doing just a little bit better than competitors. i think this quarter will be very important, as we mentioned. the first time with a new ceo, and that may signal some new directions as well.

i ask you about this earlier today, what will the legacy of john chambers will be -- what will the legacy of john chambers be? cory: one of the most important things is just how the company survives. the stock did not do great. for a lot of people in the late 1990's, they never saw gains from all those things they thought would make them rich, and one of the reasons is the company did lots of acquisitions usingstock options, then free cash flow from the business to buy back shares of the stock, reduce the share count, the end result being not terrific returns for investors at the end of the day, but the company survives. the company went through enormous technological change and fended off competitors, so the tip -- there continue to be for competitors. what will the acquisition strategy begat the what will they do in terms of using that cash and deploying

the cash that all these companies by, eventually creating fleet -- free cash flow that could be parts of cisco. these crazy multi-billion-dollar valuations. what is the acquisition environment and that kind of environment and private companies have these sick valuations -- how will they deal with that? matt: thank you very much. we will bring you those numbers live as they cross. cory will be waiting at the edge of his seat and immediately start plugging them into his model. much more ahead. keep it here on bloomberg television. ♪ ♪

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man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. joe: we are moments away from the closing bell. scarlet: u.s. stocks rebounding.

not in the positive after opening for losses. "what'd you miss." will the rise of a left-wing party make britain the new greece? joe: joining us live from london. scartlet: we begin with the markets. all three indexes have finished closed. stocks rebounding. china concern eases. the