haidi: a very good morning, welcome to daybreak australia. sophie: we are counting down to asia's major market opens. shery: top stories this hour, the slumping u.s. china listing accelerated. posting the biggest three-day fall on record but mark mobius

tells us beijing's crackdown benefit small and medium-size competitors. haidi: the big day for apple, alphabet and microsoft, all with shareholder meetings. shery: president biden set to mandate max -- mandate vaccines or testing for u.s. marines as the delta variant infection surges. this is a picture and markets right now. u.s. futures extending after they fell from a record high. really those mega tech inclined. -- mega tech declines. the nasdaq 100 saw its worst day in about two months. we also had the golden dragon china index about eight of those companies, only seeing the biggest three-day drop on record. we are talking about a 20% plunge since its february peak.

also keeping an eye on crude prices rebounding. data showing a few inventories dropping in the u.s.. if those reports are confirmed, it would be the largest drawdown since march. of course, all about the tech earnings. take a look at this board right now, we are seeing a mixed picture. it was a pretty strong earnings report. from all of these three companies. when it comes to apple, when it came to the guidance we are seeing a little bit of pressure. the prospect over the is your cloud computing business, alphabet right now gaining ground after seeing the revenue and sales forecast. all has to do with that divergence we are seeing in u.s. tech and chinese tech. but, our collie, pretty grouped of saying we could see they --

could see them shrink later. the correlation, given the correlation that has shrunk. whether it is an upside or downside. haidi: taking a look at that 10 day correlation, the does that golden dragon index, we only ever see that divergence may be a few days. could be an interesting choice when it comes to safety and big u.s. tech. particularly to try and shield from the continued fallout we see from the regulatory action in china. shery: we have seen most chinese assets under pressure. let's talk to sophie for how we are setting up for the asian markets. sophie: taking a look and new

zealand, kiwi stocks will change. lower this after we saw i three-day decline for the regional index here in the asian-pacific as that crackdown worsens. they managed to eke out earnings, as well as re-sign among major reporting on wednesday. mitsubishi owners earning as it boosted a profit outlook. we have the closing and a fresh record high. this wednesday, the staggered open, earning the rio tinto. $2.4 billion investment into a mine in serbia. they jumped into an all-time high, faltering from china's regulatory action. the index for stocks now in the red.

still seeing where we are on typical recovery, in light of the fed's recent policy shift, you have gerard referring p.m. over e.m.. in particular that is where virus outbreaks are seeing the earnings clouding. haidi: let's get back to those big tech earnings in the u.s.. alphabets, revenues growing robustly. let's get more from bloomberg technology's emily chang. let's start with apple, a record-breaking third quarter but there were some flags to potential downsides to come. emily: of course, tim cook talked about how he sees optimism returning to consumers but there is uncertainty ahead. on the same day we got the new

guidance from the u.s. and the cdc about wearing masks indoors. by all accounts, it was a strong quarter for apple. this is a quarter before they unveiled the new iphone. still, across the board, it was a record quarter for services and a huge quarter for apple. again, it is about how things are going to continue to evolve. they did say almost all retail stores are open but as we have seen over the last year, retail stores do not need to be open for apple to have strong results. i really have my eye on the coming iphone that we will see in september and whether or not the next cycle will be a big upgrade cycle or super cycle as they say. shery: i am waiting for those iwatches. trying to upgrade. let's talk a bit about alphabet,

because their ad business is roaring back. emily: i got a chance to speak with the alphabet see for. -- cfo. we are talking about the huge rebound for alphabet. the june quarter was looking dismal. that was at the height of covid, when advertisers, nobody knew with the next two days, let alone the next couple of years were going to look like. she specifically said advertising revenue was led by strong growth in retail. broad-based. followed by travel. financial services. media and entertainment. she could not give us a lot of color on the quarter because things are changing so quickly in part because of that delta variant. things quickly evolving. shery: that's emily chang with the latest on those tech earnings. you can also turn to your bloomberg for the latest, get

commentary and analysis from bloomberg's executive editors. for now, we turn to our next guest, dissecting the impact of not only big tech earnings but the broader market implication. always great having you with us, we have seen solid earnings not only from these tech companies but the broader markets. we are talking about more than 80% of s&p companies reporting. how long can this earnings momentum last when many are saying this is perhaps peak earnings? >> last tuesday was turnaround tuesday. right after a couple of rough days. this tuesday seems to be tumbledown tuesday. we will see what tomorrow brings, i think you're absolutely right. both are having a hard time distinguishing between peak economic growth and the

normalization of economic cycle concerned about peak earnings. i think we are very far from peak earnings, look at big firms like jp morgan and others, forecasting earnings growth's of 30% to 40%. next year 10% to 15%. i concur with that. i think we are about to embark on a synchronized global expansion. once the delta variant passes. the good news about the delta variant is that it moves very quickly. you can see in the u.k., cases are down 40%. 40%, shery where they were a week ago. shery: that synchronized global expansion, when can we expect that? they are seeing some dangerous, what they call dangerous divergence. take a listen. >> we warned of a dangerous

divergence. and we are seeing that gets worse -- seeing that get worse and what we are looking at. if you look out into 2025, advanced economies projecting a very significant budget marketing and developing. shery: the imf seeing asia getting the biggest downgrade. in this environment, when we are not there yet when it comes to synchronized growth, the housing position? >> my biggest focus has been the rays between the spread of the delta variant and the vaccine production surge which will lead to a vaccination surge. you have to remember, the world is giving 33 million shots per day. 75% of the world population is expected to be vaccinated by the end of the first quarter of next year. only eight months away. right now, i think over the next

week or -- over the last week or so, we have discounted the delta variant. in essence, i think we look at the growth numbers coming out of europe, very solid. if you look at growth in the u.s., very solid. that 70% plus, all we -- already kind of walled off from covid. i do think emerging markets will struggle because they don't have the policy. the tool chest will say the advanced economies have. that is what the imf folks out there were speaking of. to me, the real issue is we were going to move from a staggered reopening to a synchronized global expansion. that will lead to a higher rate. that will kick off the next leg of the cyclical value. both in the united states and in non-us markets like europe, japan and parts of latin america that will benefit from that

global expansion. i will see above trend growth not only this year which is a given but next year in both local and developed economies. shery: when you take a look at lukewarm response, how much is it tell you a market is price to prescript -- is price to perception? >> part of the market is price to pursue -- price to perception. particularly in the united states, not so much elsewhere, that is one reason i the u.s. continues to outperform area frustrating folks like me who are talking about going to the non-u.s.. when rates go down, as we have seen in the last couple of months, growth in big tech outperforms. the nasdaq at record yesterday. i think there is a glowing

realization today in the united states. the most expensive on record versus a broad market. very exposed. shery: stay with us, we have a little bit more to talk to about, particularly on the developments in china. let's get over to su keenan for the first word headlines. su: we start off with the cdc which is reversing course on mandates here in the u.s. area in addition to advisory recommending vaccinated people should wear masks public indoor settings, where the virus is spreading rapidly. recent data suggests that some vaccinated people can still transmit the delta variant. >> information on the delta variant from several states and several countries indicates that in rare occasions, some vaccinated people infected with

the delta variant after vaccination may be contagious and spread the virus to others. su: sticking with covid, indonesia marked its deadliest day of the pandemic is more than 2000 people died from covid-19. the southeast asian nation has reported the highest number of deaths worldwide. the delta variant has crippled indonesia's health care system. new infections dipped to a three week low on monday before rebounding to over 45,000 on tuesday. and, bloomberg has learned china is considering imposing more tariffs on steel exports. this is a cap domestic reduction amid surging prices stoking inflation concerns. we are told rates range from 10% to 25% and include tariffs on some products not covered by an earlier round.

sources say officials want to implement the value in the third quarter. when it is still subject to final approval. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. shery: up next, another day of heavy losses in china has the worst on record. we will get more inpatient ahead. plus, a toy buying boom. this is bloomberg. ♪

>> what is happening is a good thing because with the chinese government is now doing is cracking down on the big companies that dominate various sectors.

>> you are seeing a reminder of some of the regulatory issues that exist in china. >> it is certainly causing some around the globe to question their exposures. >> a clearer view of sectors which are investable and which are not. >> investors are showing more nervousness. to sit on their hands. >> no way any global investor can endure china. >> i don't know what it will do next. we have to be ready. haidi: global investors blindsided by china, let's return to j. we talked about your investment preferences. on the count of the vaccine

rollout handling. when it comes to contagion effect of china, is this a concern? >> i really don't think so. the market moves very fast. a three days correction for the chinese, we have effectively discounted the bulk of this. most of the china exposure, if you look at the etf whether it is china or health care, they are all significantly oversold. today's volume was evidence, the volume was 4, 5, 6 times the average. so, to me i think this is a localized issue pertaining directly to china. i think it makes sense in a lot of ways. perhaps the rollout was not the smoothest. i don't think the issue is with

the investors felt like, i think it is more the focus on data issues and the quality around the two companies. they are basically trading what is going to be liquidated. >> that she rebounded in today's session. take a look at this on the bloomberg because we have seen the $1 trillion wipeout from mainland china. we are talking about the world second lobular's -- the world's second-largest market. would be tough to a door this, especially when you have long-term real money investors. especially if you feel the pain later on. >> i think china is an important market. a very important source of liquidity. by the same token, china has not been the place to be this year at all. i don't think many people are massively overweight.

the folks selling are probably going to regret it. this market is a master, whether or not you would argue these companies are bubbles, perhaps not. i think we have already done the bulk of damage and now it is a question of clarity on the rules of the road. and you go from there. shery: many other people also thinking perhaps this could lead to an opportunity. thank you, the founder and principal of tbw advisory. some of those people include founding partner mobius capital partner mark mobius, who says the crackdown could be a good thing for certain corners of the chinese market. >> i think what is happening is a good thing. because what the chinese government is not doing is cracking down on the companies that dominate various sectors at

the exclusion of smaller companies. the regulatory crackdown is probably, and the long run, going to be good for the chinese market. these companies are not going to get dominant. they will allow other companies to come up. it will be very interesting pickings for smaller and medium-sized companies. i realize the uncertainty of further crackdowns of certain areas is a problem. in the longer run, it is probably a good thing. >> do you have money at work in china? >> yes, we have money at work in china. of course, india is our biggest now. but china is the second largest. we think it is going to be a great opportunity in china. it provides buying opportunities

in certain areas. >> where are those certain areas? what exactly would you be buying right now? >> in the tech sector, not the big companies but the smaller companies where the crackdown is having an impact on them. where they're going to have room to grow and not be dominated by the $.10 alibaba's of this world. >> i here which you are saying. you crackdown on the big dominant guys, therefore there is more room for the smaller guys to move up. isn't your investment naturally going to be capped? >> is interesting, some of these medium-sized companies growing at a fast pace. alibaba and tencent, small companies. a chance of these smaller companies to come up and go in a good pace. the other area i am interested in, that is going to be

beneficial for some companies. >> what are the areas you see? you have health care, what else could you cd impacted by some of these regulatory crackdown from china? >> obviously indirectly the consumer section will be hit. big companies like alibaba and tencent, they have dominated the payments area. now, the smaller companies will be able to do their own systems. have freedom. that can be beneficial. >> is there going to be another sector in the crosshairs? >> recently a crackdown of that sort of thing in china.

whenever you have a crackdown, i would say education would be an area to look at. >> that was mark mobius, the founding partner of mobius capital. plenty more to come. this is bloomberg. ♪

haidi: taking a look at the day ahead for us trillion, earnings later today. in aussie stocks, sydney's much -- sydney's month-long lockdown is expected to be extended today as the rest of australia opened up. the highest get in this outbreak. we are also getting second quarter, the headline numbers

reflecting a load based and transitory pressure. and, sherry, we are hoping it will light a bit more of a fire under the aussie dollar's well. shery: we are

>> consideration right now -- shery: president biden will require a mandatory vaccine workers while the cdc warns against the delta variant. officials tightened guidelines for the use of masks as part of a response to the rise of the delta variant. vaccinated individuals are advised to wear them in public

indoor settings where it is spreading rapidly. let's cross to the person who leads u.s. health coverage. give us the latest on these guidelines. >> the new guidelines are a step back from what the agency said in may when it said people who are vaccinated could be indoors without masks and without worry of being infected. the cdc director acknowledged the delta variant has become very good at outsmarting our defenses so they have to put these rules back in place because vaccination levels are not where we would like them to be in this variant of the virus is spreading very quickly in many areas of the country. haidi: we have heard the white house re-imposing requirements for the press. what could be next? timothy: reporting suggested the

biden administration is getting ready to announce vaccine mandates for federal employees and contractors which is a significant workforce, similar to mandates that have been put in place for vaccination in california and new york city and some employers are taking steps on their own to try and get their workers vaccinated, either mandating it as in the washington post or using stopped her -- softer techniques of persuasion to get people vaccinated. haidi: timothy annett. crown resorts saying the melbourne casino operations can restart with restrictions. crown saying gaming and non-gaming operations can recommence.

they included limiting the maximum capacity in each indoor space to 100 patients as well as physical distancing and distancing protocols. crown still negotiating when it comes to the potential lifeline for the broader business and its melbourne casino as it tries to show regulators that it can become a suitable operator with the ongoing casino. sticking with australia and sydney's month-long law down may be extended through other parts of the country although other parts of the country are opening up like in melbourne. the city saw the most covid cases since the latest delta outbreak in mid-june. let's get the latest from our cross-asset editor. why does it look like sydney will stay locked down? these numbers are just not coming down. >> that is right. new south wales has failed to

flatten that covid curve despite this lockdown which has been growing since the end of june. yesterday, the state recorded 172 cases, a record as you mentioned, fueled by the highly contagious delta variant. sydney recorded 901 cases, a jump from 683 in the previous seven days. and the premier has come under some criticism from health experts for perhaps not locking down the greater sydney area much earlier. which is probably one of the reasons why at this stage, we are seeing the cases rising and greater sydney expects it to stay and lockdown for the

foreseeable future. shery: how is investor wariness grounding optimism over corporate earnings? question -- >> we are entering the corporate earnings season and the economic expansion that we have seen up to this lockdown up to june in containing the virus has lifted profit estimates for the s&p and asx 200 to the highest in a decade but that optimism is likely to be tested as new south wales, which is the most economically important state, stays in the lockdown. as the earnings seasons get underway, there will be a few things investors will be looking for in terms of outlook and how they see their earnings being

impacted by the new south wales lockdown. shery: andreea papuc. let's get to the first word news with su keenan. su: in tokyo, the number of new coronavirus cases hit a fresh record here at more than 2800 cases were confirmed in the japanese capital, about double the number from one week earlier. tens of thousands of visitors are in tokyo for the summer olympics and only about one quarter of japan's population is fully vaccinated. an encouraging statistic out of india which added nearly 30,000 cases of covid, the lowest daily count since the second wave of the virus began four months ago. the total tally stands at 1.4 million and only 7% of india's population is fully vaccinated. president joe biden met with the lead democratic negotiator and infrastructure talks as attempts to craft a bipartisan deal hit

multiple snacks. senate negotiators missed another key deadline as differences remain on both sides including how much unspent covid-19 money can be used for infrastructure. the white house says it is confident in accord will eventually be struck. fully vaccinated tourists from the e.u. and u.s. will reportedly be able to travel to england soon. boris johnson is expected to open the doors to fully vaccinated tourists on wednesday, a move that will bring relief to the battered tourism industry. for now, it is maintaining a travel bans including on the u.k. and e.u. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. shery: the federal reserve faces a host of conflicting policy signals from surging virus cases

to striking consumer prices in a red-hot housing market. kathleen hays is here to set the stage. a delicate dance that they have to perform here. kathleen: and this is the july meeting. with no real policy changes expected, so much focus on the policy statement itself but it's only about five paragraphs and then jay powell's press conference afterwards. for starters, yes, virus cases are going up in the u.s. well that change the fed to change anything in that it meant or what they are looking for? have the very beginning, the fed that back in march of 2020 that it is all about the virus. those are the headlines we are watching. then they started to celebrate and look at the recovery. 6% or 7% gdp. will they make any statement in that direction or maintain their rather optimistic view of where the economy stands vis-a-vis that?

transitory inflation. there is a lot more pushback. even the white house is changing its messaging'tting complicated. will jay powell maybe broaden in his definition out? we are right now looking at consumer confidence. it is recovering. 129.1. six months in a row, it is at a pandemic high. expectations are holding steady. consumers view of current considerations -- conditions, up to 150. the fed hawks are looking at tapering and wondering why the fed -- what about mortgage backed securities? can't we call these back? look at housing prices. the index, a 30 year survey, once again hitting the biggest increase in 30 years, three decades, of 60.6 year-over-year.

jay powell says it is not the main thing affecting housing. we will see if we get anything on that tomorrow as well. haidi: the dark virus clouds hanging over the global economy but much more for developing economies. kathleen: unequal access to vaccines. the chief economist at the international monetary fund said this today on bloomberg television. >> we warned of a dangerous divergence and we are seeing that get worse in the most recent data we are looking at. if you look out into 2025, we have almost no scarring for advanced economies and significant scarring for developing economies. kathleen: the imf season 6% gdp growth after the economy globally fell more than 3% last year. emerging market economies forecasted down to 6.3%. based on 6.7 percent in april but advanced economies, that

view is up to 5.6% for 2021, up 0.5 percentage points since what painful forecast in april. the increase in the delta variant cases is one of the main driving this. imf, world bank, no matter what organization you talk to, they say the advanced economies have to help the developing economies get those vaccines rolled out. haidi: kathleen hays there. it's time someone calls ahead of the asia trading day. sophie kamaruddin is in hong kong. chinese stocks wrapping up another session of heavy losses. our investors seeing an opportunity to buy any kind of debts? -- dip? sophie: it is way too early to be catching a falling knife and he expects capitulation in chinese markets to extend for a week or two, driven by a risk management, a pickup in vol.

he is expecting a softening of investor demand for chinese assets and switching out a chart, and natixis representative sees them putting pressure on the renminbi which pushed above 61 and the offshore rate is trading at a three month low rate ocbc sees it moving towards the 6.54 level and hsbc has pencil been 6.60 -- penciled in 6.60. the renminbi is still relatively strong after hitting a new high of 99 last week and over at maybank, he says china's tech woes have yet to this launch resilience, taking note of how the currency partially functioned as a proxy for safe havens when global infections are the start of a new wave. shery: it was pretty resilient earlier this year.

almost no change against the u.s. dollar but of course we will be watching those moves closely as up next, we are talking about mattel storing past earnings expectations amid a toy buying room. the ceo joins us in a few moments. this is bloomberg. ♪

haidi: shares in mattel climbed

as high as eight .3% in extended trading after the company reported second-quarter results that soared past expectations amid an ongoing toy buying boom. revenue rose 40% to just over $1 billion in the company raised its guidance as well area joining us from california is the mattel chairman and ceo. great to have you with us. you seem to be projecting this continued strength beyond the pandemic. here in sydney, we are under lockdown again and i am buying more toys to keep my toddler occupied at home. do you think this trend system ends -- sustains even as the world returns to normal? >> that really bodes well for mattel and that these are exciting times for our company with another exceptional quarter. sales were up 40% with adjusted ebitda growing by more than four times.

our strength is foundational and very broad-based and we are significantly outperforming the industry and gaining market share in each region. we are now firmly in growth mode and adding momentum to our transformation strategy to establish mattel as a high-performing toy company and with that, we do see continued momentum and expect to grow in the second half of the year. we just raised guidance for the full year. in fact, we doubled our expectations for topline to 14% for the full year so very strong momentum overall. haidi: we have seen a rise in global price pressures and factor gate prices in china. how much will this be a headwind for your business going forward? >> we have seen pressure in the second quarter. there were some challenges in

the supply chain but we managed through them and we have not seen any material impact in the second-quarter results. we are going to raise prices. that will materialize in the second half and we will go between pricing actions and additional steps we are taking to continue to optimize our business and reduce our cost base. we will be able to mitigate for inflationary costs inflationary pressures over time. shery: how do you expect the additional costs you are going to pass on to consumers to be offset in the second half? what is going to drive your gains when you are making toys more expensive? >> when we raise prices, we have the consumer in mind and we are being very thought about finding the right balance and making products that represent quality, safety, and value for consumers. we do expect to see momentum in

the second half. we are off to a good start in the third quarter and seeing strong increases in retail sales. we also expect to exceed as we see here today $1 billion of adjusted ebitda in 2022 so we have strong momentum, we feel great about retail promotion for the upcoming holiday season and we expect to continue to grow shares and outperform the industry. shery: how much support will come from the token business you have that has been pretty successful so far? ynon: this is another great area for us where we can continue to grow our business. we own one of the strongest catalogs in the world. that gives us an opportunity to expand our growing toy business into other verticals that are

directly adjacent to the toy industry. film, television, music, online games, consumer auto x, as well as digital experiences. we recently launched one for three hot wheels offerings. great to see the opportunities that we have with such a strong catalog of generational brands with a built in fan base that is very passionate about these franchises so we have a lot of opportunities to extend our brands into these areas. haidi: how big is the holiday season going to be this year? ynon: we have not given specific detail for the holiday period, but as i said, we feel great about the momentum we are seeing with brands, with the plans we have with retailers to create demand and i believe we are in an excellent position to continue to grow shares.

him looking at the way our product resonates with consumers , can say that these are levels we have not seen in many years and this is across the board, across all regions come across categories. we are seeing barbie, hot wheels, and fisher-price growing at double digits, american girl growing at double digits. we have been growing at double digits for four consecutive quarters and continue to increase our market share so a lot of momentum overall. shery: congratulations. ynon kreiz. coming up, surging commodities prices expected to drive rio tinto's first half results. we will have a look at what to expect from the world's second-largest miner. this is bloomberg. ♪

>> take a look at these commodity assets. we are watching iron ore futures as well as deal because of a report that china may be applying tariffs on will exports . that led to a slump in those futures. we are watching pork belly futures because we are now seeing a shortage of american honks so it has now become very, very expensive. bacon getting very expensive for americans as part of a surged to

record highs. watching sugar and coffee futures. we have seen a little bit of pressure on perhaps concerns about cool temperatures in brazil easing. we saw rebecca -- arabica coffee futures as well. perhaps we should not be too worried. haidi: very important. rio tinto is expected to deliver a generous payout to shareholders thanks to soaring commodities prices. paul allen joins us now with more. paul: steep expectations. $12 billion. to give you some context, that is about triple for the same period last year and not to do similar to what we saw for the entirety of the previous financial year so that means dividends are expected to be pretty healthy as well. a broad range of numbers. expectations around 493 per

share but some analysts see this possibly going as high as nine dollars per share because rio does have a generous payout, 40% to 60% of underlying earnings, a lot of cash on hand, so there may be a special dividend or some other treat for shareholders as well. shery: how is the outlook for the second half looking? paul: also pretty good but a couple of things here, some of which rio tinto can control. the soaring commodity prices. iron ore around $150 a ton for the period, tyrosine then, hovering during -- pushed higher since then. that is largely dependent on ongoing demand from china. rio can control those costs. this is something the city has been looking at quite closely, concerned about prices rising. worker shortages and rio tinto also dealing with industrial

action at its aluminum smelter in canada so if you shares there as well. haidi: paul allen in sydney. staying on earnings, shery mentioned on starbucks, quarterly results beating estimates on a strong u.s. recovery but slowing china growth dampened investor mood. restaurant success rose 73% but in china, they were way below estimates. the results highlight a challenge for starbucks as it rapidly expands in the chinese market. it has 5000 locations in the region and it is planning 600 new ones this year. microsoft reported sales that exceeded estimates for a 10th straight quarter. shares sent to lower in late trade. sales rose 45% after accounting for currency fluctuations, marking a slowdown from previous quarters. fourth quarter sales climbed to 21%. net income rising just over 16

billion. shery: we are keeping an eye on the olympics in tokyo but this has been a really strange year for the olympics and i think we are now seeing that whole being taken on athletes. two prominent athletes pulling out of the games, talking about a top american gymnast and the stunning defeat of a japanese start tennis player. a lot of focus on their mental health. haidi: absolutely. we have been following the story of naomi osaka ever since her withdrawal from the french open back in may, citing mental health concerns and this stunning exit in the third round of tennis as well really devastating for her fans and her as well but simone biles, she is basically the olympics poster girl for the u.s., pulling out in that dramatic moment as the finals went on. team usa went on to earn a silver but we don't know what will happen next for her.

she was worried about injuring herself if she continued so we will continue to watch the olympics coverage. you can keep track when it comes to the metals results. the tracker is on the terminal and on bloomberg.com. we will continue to bring you those top stories. this is bloomberg. ♪

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>> hello and welcome to "daybreak asia." i am haidi stroud-watts in city. -- sydney. sophie: i am sophie kamaruddin. shery: i am shery ahn. our top stories this hour. slump in u.s. listed chinese shares accelerates. the golden dragon index posting its biggest three-day fall on record. a big day for