♪ chang in sanily francisco and this is "bloomberg technology." monday'sks lead selloff with chip stocks among the worst performers amid trade issues with china. apple looking particularly bruised. plus, policing the web. two devastating shootings over the weekend leave dozens debt. president trump calls for social

media companies to detect mass shooters before they strike. one of the gunmen allegedly released a manifesto online. ellenk with alan -- with pao. the hong kong chief executive calls the city unsafe and unstable. what is next for demonstrations, as well as the market? we will discuss. u.s. stocks plunging the most in 2019 after china escalated the trade war with the united states, sending u.s. stocks down to the biggest drop this year, sparking a rally in global bonds. 3.5% theq down nearly tech sector hit particularly hard, leading the way in losses. just look at some of the big names today.

investors are starting to grasp the potential for a long-lasting twolict between the world's largest economies. joining us from new york to discuss, luke kawa. where and why did tech feel the most pain? that it is kind of not investors weren't ready for this to be a long, drawn out process, they thought things wouldn't get worse this quickly. explain why helps we have been able to turn on a dime. i think that stocks were overextended a dive into the terminal, you can tell that u.s. stocks with exposure to china, course this will be a lot of tech stocks. they have gone off 7% in the

last few sessions. so, is there more to come? luke: million dollar question. right now, tech looks a little calm. we talk about the fix. -- the vix. the nasdaq has its own, vxn. rose by more in points than the vxn. that could be a quirk or that could signal some lingering complacency in tech. a lot of money is passively kind of managed door will be -- managed or will be keyed off on. in theow, a lot of trend next few days, saying we have just had his big jump, we have to deleverage a bit.

there is also some kind of systematic selling that could continue to bite us. emily: i have a chart showing just how down of a down day it was. meantime, going has been stable and in fact so i run up in the last few days. is there any connection? luke: i think there is a connection. is idea of bitcoin benefiting on haven flows. if you are going to try and pinpoint the news of the day, i look straight at the yuan, straight at the idea that rich people in china might prefer having their money in the currency that is depreciating past the threshold. they would rather have it in this digital form that might be easier.

i think that is more the story with bitcoin today. emily: busy day for you and i'm sure more to come this week. let's continue with the discussion. of tallork, the ceo blocking capital. from new york, the manager for wireless front, who has warned about tech stocks, estimating an 8% to 10% decline in tech stocks last month. you saw something, paul. is there more to come? paul: that is the $64,000 question. foolhardy tould be buy this dip. but there have been tech stocks that have now been smashed and i want to invest in tech with the buffet philosophy of being

greedy while others are fearful. if you can look in the eye and say, i don't worry about what happens with that stock in the next week or months, but a year from now i do, there are some stocks that i would recommend investors get in. emily: michael, given the uncertainty around the trade war, how do you see tech performing? are there tech-specific things going on here that the broader market will succumb to? was justwhen luke discussing the selloff in tech shares, i think you have to dig in a little bit and bifurcate it. there are certain subsectors, have, or apple, that will fundamental issues or challenges. i think you also have to look the index,he text,

that has led the way up. across assets, the bond bid, bid,bid, the swiss franc what gained the most is going to be selling off a lot. i think you have to really disaggregate what is fundamental as it relates to this potential damage from escalating trade tensions. emily: let's take a company like apple. in the short versus the long-term, what is the approach? aul: apple, i have given it full valuation and then some. $170 to $180 about a share. i own it because it is in my benchmark and it is a big

player. going forward, i don't have the llish view that others do. emily: meantime, it wasn't all bad news. some tech stocks that ended in slash,en -- lyft, roku, -- slack, pinterest. michael: bifurcating what is managed down,risk what is being fundamentally damaged by trade tensions, there are stocks like google that haven't had the valuation we have seen in the past. they arguably don't have quite as much exposure to some of the trade tensions. there aren't a lot of pockets. when you think about portfolio

, i would point out, on a year-to-date basis, the s&p is still up above the spx. two weeks ago, cruising into fresh eyes. -- fresh highs. given that we don't know the chinese reaction function, that we don't know the efficacy of incremental monetary stimulus, there's no reason why you have to jump in and buy this particular dip. emily: what are some specific companies you are watching? paul: there are some companies i am pretty bullish on. june quarter reports

or guidance for the quarter we are in now but they are good long-term place. i am bullish on the fintech the me. investing in square and paypal. in the near term, i like mastercard and visa. emily: it is interesting that you mention square since shares are down 20% over the last couple of days. i spoke with the square cfo and you will hear this interview later in the show. square suffering some pretty big setbacks. paul: i would say yes and no. one of the things i was very bullish on coming out of the quarter was the sale of caviar to doordash. now you have a company that is refocused, monetary businesses on their core business. i think square will continue to grow at least 20%, maybe with

some tangential areas they can get into. i think square and paypal will be great investment. not in the near term but over the next year or so. emily: michael, let's talk about the near term. what happens the next few days? michael: we are going into some uncharted territories. you can see it go below 100 basis points. points. under 50 basis you have to be prepared for one more of these volatile augusts. it doesn't mean you have to rush but youy utilities, have to be thoughtful in picking your spots and where to be. conditions,g global gold miners i think still have a

, especially how strongly gold has been last couple of months. we willichael purves, have to leave it there. tallbacken capital. and michael, thank you. semiconductors, the worst day of the year. a closer look at how the chipmakers are being hit by u.s.-china trade tensions. this is bloomberg. ♪

earlier, we mentioned financial markets buckled after china escalated the trade war with the united states. semiconductor stocks felt the heat and tumbled.

the semiconductor index down for its fifth straight day, its longest losing streak since october. joining us to discuss, tj rodgers. with us in washington, shaun donovan, covers trade. area now saying they gutting a stop to buying u.s. h products. the currencytting depreciate. the question of how this and -- how this ends is on all of our minds. we don't see an obvious way to end this. the path looks like one of escalation. if we look at what the next move from the trumpet ministration could be, it is -- the trump administration could be, it is unlikely to be a beat. emily: tj, what are the specific

trends you are watching with regards to semiconductors? obviously, chinese companies buy chips from u.s. companies, u.s. companies buy products from chinese companies. tj: china, if you want to look at electronics, the chips are made all over the world, the u.s. is one of the top ones. they go to china to get it assembled and then go wherever they go after that. when we start having trade wars shipments,g semiconductors are going down. our products are essential to most of high tech stuff. viable not have a high-tech chip industry. they have been working on it for a long time, haven't achieved it. chips is a big deal

if you are in an electronics oriented economy. emily: you can see that drop over the last few days. all of this happening before talks even restart. they are scheduled to start again and september. is there a chance of the talks getting back on track? shawn: i think it is safe to say they will get back on track at this point. i think we will see a meeting that will take place probably in washington in early september, but that meeting is likely to look a lot like the one we had in shanghai the last few weeks. that meeting yielded nothing new. that said, september is still a ways away. today was signal sent

abrupt. if we get a few more of these days, things may change. what is the good news in chips? is there some? tj: right now, fairly dismal. moore's law has changed the world. in market of nothing to $400 billion. it has made everything we use and touch more valuable. we are not in a catastrophic decline. even 2008a 2001 or decline. if you like semiconductors, now is the time to go pick the companies you like and get on board. emily: let's talk about what this means for businesses going forward. this happened after the president sent a tweet after others in the administration

said the talks had been productive. continuing mixed messages. now, china responding and tough to imagine going back. i think the reality that a lot of businesses need to get used to is these tariffs are the new reality, especially in this huge economic relationship. that is already leaving a lot of businesses in the tech sector and others to rethink supply chains that go through china, thinking about moving them out of china, thinking about segmenting them into a supply chain that services the u.s. market and one that services the china market. these costs are real. these costs look like they are here to slip -- here to stay for a while. donnanbloomberg's shawn

and t.j. rodgers, thank you both. shales -- square square shares plunge. this is bloomberg. ♪

emily: square shares keep on sliding. extending losses monday following -- losses monday, falling as much as 20% over two days. this, while beating analyst estimates on second-quarter earnings and revenue. square also facing questions about its decision to sell the -- sellar to -- selby doordash.viar to >> certainly, today and friday, there was a broader narrative around uncertain, macro and

trade. emily: how does what is happening in china impact your business? portionwe have a small of our revenue and costs where we do business in china. we manufacture some of our hardware goods in china. it is a small percentage of revenues and costs. we have levers around both pricing and supply chain to pull levers if we need to to respond to various macro concerns. emily: given that you manufacture some hardware in china, you consider moving it out of the country in the current climate? amrita: all of those options are on the table right now. we are focused on our customers. it is still a very small percentage of our revenue. emily: let's talk about the sale of caviar. it was a surprise to investors and i think some more open you would sell it for more.

what did you hope to accomplish with caviar? amrita: the transaction with caviar was not about the business performance with caviar, it was about seeing the really strong growth in the ability to influence our really strong ecosystems, our seller ecosystem and cash ecosystem. it was about creating clarity of focus and potential for those ecosystems. emily: one analyst said, while probably a smart long-term business decision, it leaves us questioning the unique business model versus other payment competitors which have rapidly improved their platform and go to market competitors? amrita: what we have now is the opportunity to work as a partner and platform provider. just this past quarter, we announced two partnerships with doordash, one related to a

service we have called order manager, which allows our sellers to link up to doordash, caviar, and others. secondly, we established a strategic partnership with doordash around cash boost, which provides instant rewards for customers to use the cash debit card. we see more opportunities to partner and participate in the ecosystem in that way. emily: obviously, facebook shook up washington dc with their libra plans. you have lawmakers who are infuriated, and a lot of skepticism. could cryptocurrency become a bigger part of your business? want towe believe we make small experiments in the --r term that allow us to

near-term opportunities. a coinched with cash app product where we provided easy access to buying and selling bitcoin. that drove $125 million in revenue at the top line this last quarter. but what it really did for us was drive engagement. when people had the opportunity to continually come back into the cash app to check how their bitcoin was using, use it as a store of fund, that provided daily use of cash app. that helped us drive engagement and see how people engage with cash app on a daily basis. emily: how bullish are you with cryptocurrency in general? amrita: we are excited to see what the future has in store and it is a continued area for us to experiment. cfo.: square ceo -- square

coming up, another mass shooting, and the darkest corners of the internet. what can be done to fight online extremists, next. this is bloomberg. ♪ hey! i'm bill slowsky jr.,

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>> this is "bloomberg technology." i'm emily chang. a pair of mass shootings in the united states that killed over 30 people. once again has the nation debating social media's role in senseless acts of violence. this is the third time this year that an alleged mass gunman has posted a murderer's manifesto online before their attacks. this shooter gunned down at least 22 people in el paso, texas, authorities believe the suspect posted his white nationalist racist creed less than 20 minutes before the first emergency calls came. in the same thing happened with the mass shootings in

cistchurch, new zealand, where 50 people were kill and at the synagogue in april. now the founder of the website is saying enough is enough. he told "the new york times," shut the site down. the not doing the world any good. it's a complete negative to anybody except the uses that are are there and it's a negative to them too. they just don't realize it. president trump weighed in on monday, blaming mental illness, the press, video games and social media for the shooting. to discuss, i want to bring in someone intimately familiar with trying to clean up the darkest corners of the nternet. ellen made it her mission to try to clean up the site, red its. how much do you think social media is to blame for these kinds of acts of violence? >> i think there are so many different things to plame and social media is a big -- blame and social media is a big part of it. the founders were very naive or maybe just lazy in allowing it

to be -- allowing platforms to be this free-for-all and now we're reaping the results of it. which is people are yelling at each other, they're harassing each other. and now they've taken it into real life where they're actually shooting people down. emily: when you crack down on speech at reddit which was not easy, there were people who disagreed with what you were doing, actually research in the aftermath shows that you did -- what you did increased positive conversation, there were some users who started behaving as a result. yet there were other users who fled to other sites. talk to us about the challenges of doing something in addition to doing nothing. >> it's hard. i think a lot of people want to see this magic bullet, where if i'm the c.e.o. of reddit, i should take all the content down and that will solve the problem. but it doesn't. because there are other places. but i also think it's important

to do something. where i don't have to solve the whole problem as c.e.o. of my platform, but i should make my platform a place where people can actually have conversations, where real information is outweighing the fake information, and where people are becoming more knowledgeable and better at interacting with each other and they're not being led down this path towards white supremacy, towards misogyny, towards transphobia, towards terrorism. emily: let's listen to what the president had to say about this today. he talked about online radicalization. take a listen. president trump: we must recognize that the internet has provided a dangerous avenue to radicalized, disturbed minds and perform demented acts. we must shine light on the dark recesses of the internet and stop mass murders before they start. emily: calling on the federal government to put pressure on social media companies, to try

to find mass shooters before they engage in these acts. is that realistic? >> i think it's hypocritical. i think he of all people should just stop radicalizing people. he should stop the racist, white nationalistic or supremacist, actually, talk that he does using the internet to spread those messages. and enable those terrorists. emily: let's talk about that. how much do you think this is a trump-related thing, where he retweets right wing extremists, he doesn't call for gun restrictions and instead brings social media, and how much is this really social media's fault for letting things get out of control? >> it's a mix. it's always complicated. obviously he has a huge role in spreading these messages and in normalizing them. but the media has this huge role, both social media for amplifying and allowing him to

continue to violate the rules on their platforms, and then also journalists are amplifying his messages, are looking for those clicks and attention and pushing out stories that really amplify some of his messages of hate. emily: the former u.s. homeland security secretary, michael cher it tauf -- chertoff, had this to say about what he cease happening yone line as well -- online as well. take a listen. >> because of certain elements in the internet, a kind of intensification of the kind of behavior that we've seen in these tragic occurrences over the last couple of weeks. it's not that people have necessarily changed, but that they've been able -- been enabled through the network to find each other -- each other and in some instances to encourage or insight people to go out and actually act on some of these crazy impulses. emily: so what more can social media companies do? >> i think they can set up rules and many of them have them already. but actually apply them. apply them across everybody.

and let's stop giving an exception to people who generate more clicks or more engagement than other people. let's stop giving an exedges for the president. let's stop giving an exemption for people who we think are going to complain the most for being taken off of platforms. emily: in the past when you've come on this show, you said twitter should ban president trump from the site. do you still believe that? >> yeah. we look at what's going on and i think that it would be very hard to say that he didn't impact these terrorist acts. it wasn't partly because of him -- that it wasn't partly because of him inciting groups to target people from different places, people from different backgrounds, people with different skin colors. i think it's a very convenient thing to blame the internet, but that doesn't solve the problem. we have to really get down to what is it that we need to do? and it's like, let's have these clear rules. you're not allowed to harass people, you're not allowed to threaten people, you're not

allowed to incentivize people towards violence or to have people start aggregating. you're not allowed to do that across different platforms. these are not rules that are new. these are rules that have been out there. these are the rules at reddit since i put them in there. and let's just apply them evenly. enough with the koran teeing. when you have different -- war teening. when you -- when you have different rules for different people, that doesn't work. when you make exceptions it becomes confusing and that's when you get bad activity. emily: a site that is in question today, we heard from the founder calling for the site to be shut down, which is interesting. even six years ago he suggested that some of these mass shootings were linked to his website. here we are six years later and nothing has changed. there are also businesses that provide services to some of hese websites.

which was keeping the site up and protecting it from denial of service attacks and prereceipt -- repeatedly refused to pull it down. but cloudflair has even now decided to stop servicing eightchan. we have a statement from the c.e.o. who said they've proven themselves to be lawless and that lawlessness has caused multiple tragic deaths. even if they may not have violated the letter of the law in refusing to moderate their hate-filled community, they have created an environment that revels in violating its spirit. you pointed out before you came on the show that there are other, like twitter, for example, has a verified 8chan account. what are some things that other companies can do to be stricter, even when it comes to the websites themselves, let lone the people? >> what are the real-life implications of things that are going on in your site. so maybe the words aren't exactly doing something

terrible, just along on your site, but you look at what's happening in real limbings you look at what's happening on other platforms and all of this work coalesces in really terrible, hateful behavior. so how do you think about that in the context of your contributions to it? how do you think about not necessarily solving the whole problem? right so what if they go to other platforms. so what if they are still going to aggregate but you've done your best to solve the problem with the tools that you have? i think saying that it's too hard or saying that it's not going to solve the whole problem, saying that you need to be able to track these people, like, it's not worked of. we've gone through the past two decades and seen that the internet actually is not a place where humans come to have positive conversations. they come to have -- to get a dopamine rush. they come to really engage in emotional behavior and it's less thoughtful than we imagined. emily: so do your part, no matter how big or small you are. ok.

ellen pao, former c.e.o. of reddit. thank you so much. >> thank you for having me. emily: all right. meantime, bill ackman's square capital management has lickry dated its positions in united technologies and a.d.b. he's decided to sell his stake in united technologies rather than fight its takeover of rating on. he had previously vowed to oppose the deal saying it lacked strategic sense. in a letter to investors, he said he's exited a.d.p. because much of the low-hanging fruit has been picked. it's a success of the investment and returned about 50% for purchasing square's co-investors. coming up, google veteran is credited with creating the field of people analytics. now he's bringing a.i. and machine learning to h.r. outside of google. we'll talk about his startup next. this is bloomberg. ♪ nure -- this is bloomberg. ♪ ♪

emily: over the course of a decade, lass low helped google grow from six to 72,000 -- 6,000 to 72,000 employees. during that time google was recognized as a top player over 150 times, racking up titles like best company to work for in the united states, though of course the company has received more scrutiny recently. now he's bringing his google learnings to other companies with his startup, humu. it uses machine learning and artificial intelligence to nudge managers and employees toward behavioral changes all with the goal of creating a happier workplace. joining us now to discuss for a work-shifted series, humu c.e.o. and co-founder. good to have you here. on the show. so, you ran people operations at google for a decade. what was missing from that experience that you are now bringing the business world with humu? >> the biggest thing was i realized that on a really,

really bad day at google, at least while i was there, your biggest problem was maybe the lobster bisque was cold. it was a pretty privileged place to work. for people who, like me, were immigrants or people who worked hourly jobs or people who worked in like cafes or retail, work was not going to get much better sooner. and so we started humu with the idea of bringing some of that goodness to other organizations. emily: you're using a.i. to identify behavioral changes, to give employees nudges to help them be better versions of themselves. what exactly does that mean? in practice? >> what it means is if you step back, it's hard for organizations to change. and it's hard for managers to be good managers and it's harder to employees to be good team members, to feel safe and secure. our idea which has been working pretty well is that if you better understand what's going on with the people in an organization, at the team level, at an individual level, they want to be better. they want to learn and grow. so small interventions, small reminders that we call nudges to a macker, to a team member, -- manager, to a team member, to a colleague, can drive more

behavioral change for the good than all the training in the world. emily: give me some examples. >> one example is there's a restaurant chain we work with and they wanted to roll out a new product. they wanted soup in their stores and it was new. but the underlying problem we identified in some of their stores was not product development or launches t that people didn't feel free to ask their managers questions. and the work force it's largely hourly and mostly high school educated, very diverse, under-represented groups. the nudges we sent were simple. we told managers to ask people for advice and their opinions and we nudged individuals to assume good intent. because often as an employee you assume your manager's out to get you. the combination of those things caused people to say, why don't we give out free samples and let people try the product. that led to more sales, more business, that was great, but more important, more trust with their managers and the team members and people felt better about the work. emily: it's interesting that you mentioned contractors. you can't do an interview without talking about your work at google and google, one of the issues google has been face something criticism over how they handled t.v.c.'s,

contractors, you've got senators just today sending a letter to google c.e.o. calling on him to make these employees full time. they make up like half of google's work force. is there a better approach for google? when it comes to contractors? >> yeah. i think in general you should hire them as employees. emily: you think he should hire all these temps as employees? >> i think in general you should. so, for example, we have somebody who is working part time at humu. they're a recruiter for us. i work reached out and said, i'd rather have you as an employee with benefits and goodness. i can see situations where you try before you buy. you dent know if the person is going to work out. there's jobs likes that. also if you're ramping up and ramping down rapidly, don't know if you're going to invest for the long term, but, no, i generally think if you're going to employ people, sudden you -- you should employ them. emily: what if they say it's too expensive? the company? >> i think that's the cost of doing business. emily: all right.

what about -- you mentioned at the beginning of this that there were times when the biggest problem at google was the lobster bisque being cold. now you have employees protesting the way the company has handle the sexual misconduct. 20,000 employees walking out of the company. how could google have handled that better? >> well, it's hard to safe. because on the ground things always look different. so i don't want to second guess the folks who were there. i will say one of the nice things about being at humu with a great team of co-founders is we get to make our own policies and we make decisions and we have a very clear policy. if you engage in any kind of behavior of that kind, the kind that was alleged, you're not there anymore. so far that's served us pretty well. emily: meantime, there's an employee, a former google employee, who was on maternity leave, says she's not going back, she's written this memo, went viral. via mother board. says despite these clear policies that google says they had, she had problems with her manager, this person

retaliated, and now it's not a safe place for her to work. google saying they prohibit retaliation in their workplace, it's very clear policy. there's multiple channels to report concerns. what about when the policies don't seem to work? >>le with, that's one of the things that's really tough about management. i haven't been to google for a while. i was excited when we came up with the idea of five months of full paid maternity leave. that was groundbreaking for the u.s. at the time. canada, not such a big deal. they had better. at humu we offer a year of parental leave because we think that's important. it's a special time in someone's life and you should care for that child you shouldn't have financial pressure to come back. emily: are people taking the zeer >> yeah. we've two moms. one's out now and we have one who just came back. they're amazing. actually, not the year, the first one took sinn six months. we'll see about the other. emily: some of the things you're doing, where you have full control, you're doing things differently. why? >> well, i think one of the things about leadership, this

is one of the things i did learn in my last job. if you're lucky enough to have a large brand behind you and have some reputation, that carries with it responsibility. it's a like spiderman's uncle with great power comes great responsibility. there's certain issues where you should speak out. but it's also true that inside a company, if you're not the founder, c.e.o., you often have limited ability to do that. it's just a luxury and a blessing to be able to say, look, the right thing is you provide -- parental leave. if somebody engages in bad conduct, you let them go. it doesn't matter if they're valuable to the business or not. there are behaviors that are unacceptable. emily: how do you think humu can make any company better? >> what we've seen in companies like -- there's only a few companies where we can share the names publicly, but places like fidelity. places like sweetgreen. places, firms like that. like virgin atlantic. the cumulative effect of small interventions helps people be their best sevs. so you see improvements in things like open innocence terms of sharing and gratitude,

in terms of just how people treat one another as human beings. which by the way, ends up having a business impact. you see 12% productivity lift. but people come to work happier and they leave work happier. emily: treat people like human beings, which we can all do, starting now. >> doesn't seem that hard. emily: laslo -- laszlo bock, thank you for being here. still ahead, unrest in hong kong. protesters hit the streets for the ninth straight weekend. more details from the city next. this is bloomberg. ♪

emily: activism continues on the streets of hong kong. it is the ninth straight weekend of unrest. protesters have tried to shut down the city, disrupting daily

commutes. this as u.s.-china trade tensions heat up and u.s. stocks come plummeting down. set the scene for us. what is happening? right now? reporter: i'm here in the hong kong district where the government headquarters, the legislative council building is located. this area was she rouded in white smoke on monday after police used tear dwass to dispes -- gas to dispel protesters here. other ac ticks were used across the city -- other tactics were used across the city. bringing the city to a stand still as they proceeded with a general strike, even after chief executive warned that they were bringing the city to a very dangerous situation. she also did not make concessions to the protesters' demands which include calls for her resignation and the complete withdrawal of that controversial extra tradition

bill. the government -- extradition bill. the government also condemn pros testers for attacking police stations. we had 170 flights canceled, subway services were suspended and some roads were blocked. adding to the uncertainty for businesses as well as for investors. emily: we're looking at some pretty disturbing scenes here. is there a count of injuries and how some of these people are doing? reporter: when it comes to the count, these are some of the stats i can offer you. in a police briefing yesterday, the first of many -- of daily briefings that are to take place from here on out, they noted that 1,000 rounds of tear gas were fired. 150 rounds of rubber bullets, sponge bullets, and 420 people have been detained, including 82 on monday. since the clashes first began on june 9, we have seen some

injuries. we have seen protesters and police being hospitalized, adding to some of the concerns for local residents as to where to, from here, especially since they're not really receiving very well, the remarks from the government, and the chief executive, confidence in her administration has just crumbled. emily: while i have you with us, the u.s. treasury department has just designated china as a currency machado manipulater. of course that term has been a long-time issue between the united states and china and we have seen the ratcheting up of trade tensions on both sides. what's your take on the u.s. here upping the ante? reporter: so with this labeling or this threat of labeling china as a currency manipulater, that comes after the people's bank of china and beijing officials allowed for the yuan to breakthrough that

psychologically key level of seven yuan against the dollar. this as china doesn't seem to be wanting to give ground to the u.s. after those threats of tariffs, which are to take effect on september 1. so the read here is that you have this game of chicken really unfolding. china also requesting for big agricultural companies on the mainland to stop their purchases from u.s. companies. so this is going to be going on for some time. not much leeway here when it comes -- comes to compromise. but fresh rounds of talks anticipated next month. emily: all right. stay safe and keep us posted in hong kong. keep watching bloomberg television for updates on what's happening in hong kong throughout the evening. that does it for this edition of "bloomberg technology." we're live streaming on twitter, find us there and be sure to follow our global breaking news network on twitter.

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>> welcome to day break australia. i'm paul in sydney. >> i'm in new york. >> and i'm in beijing. we are counting down to asia's ajor market opens. shery: we kick things off with breaking news at the moment. we are seeing treasury department here in the u.s. designating china currency manipulater. secretary mnuchin sending out a statement saying that today they've determined that china is a currency manipulater that mnuchin will engage wi