haidi: a very good morning. welcome to "daybreak australia." sophie: we are counting down to asia's major market open. shery: and good evening from new york. top stories this hour, u.s. stocks fall from records as commodities slumped as investors worry about the virus and the potential windback of stimulus. haidi: the atlanta and boston

fed chiefs are worried about inflationary pressures. shery: pulling the wool over their own eyes. blasts china investors for ignoring policy risk. we're seeing u.s. futures muted at the open, perhaps a little up after we saw the s&p 500 and the dow fall from record highs. we have energy leading the declines, although we did see some gainers. the nasdaq composite finishing higher by .2%. it wasn't the tech driving the gains, it was vaccine makers. moderna seeing an 18% gain because of optimism about upcoming vaccines. we also have the treasury yield rising above 1.3%, shooting through its 200 day moving average. we also had some corporate supply which really helped yields go higher. the u.s. dollar also rising.

putting a little bit of pressure on crude prices. though at the moment we are seeing gains of about .5% for oil. after hours we are also watching amc. not a lot of people going to movie theaters, given the delta variant right now. but still we have seen revenue beating estimates. amc soaring even before the market closed, and soaring after-hours, up 4.7%. all to do with retail traders and meme stocks. that really helped the s&p 500 see records upon records in 2021. there talking about 44 record highs already this year. at this current pace we could see 77. that would be really short of the 1990's high we achieved back then. we're really looking forward to what these stocks could be looking at when it comes to stock gains for the s&p 500. also inflation. we have seen inflation expectations.

what is going to happen with the fed tightening? already we are seeing u.s. consumer inflation excitations rising to an eight year high when it comes to those numbers. right now the median three year, you can see it around the 3.7%. the one year even higher when it comes to consumer expectations of where prices will go. haidi: and finally for the first time in decades, we are seeing wage inflation. wage pressures. we have been tracking this story on wall street. j.p. morgan said to be expanding the pay rises not just the first year hires, but across a rod or range of junior hires. aaa, under -- chipotle and under armour as well. shery: even at a time where we are seeing some companies having to really put off the return to office, given the delta variant against biking. we are talking not only low

vaccinated space now suffering from another wave, it is all across the united states. we are talking about the highest number of cases and hospitalizations since february. so this crisis is really ongoing in the u.s. and of course around the world. haidi: you talk about a crisis, let's take a look at the longer-term crisis for the planet and the world. this is that incredible and incredibly depressing and alarming new report out from the intergovernmental panel on climate change from the united nations. the secretary general called this a code red for humidity. essentially -- for humanity. we are seeing the planet warm by 1.5 degrees celsius over the next two decades without drastic moves to eliminate pollution. all of this counting down to more of these pledges expected ahead of glasgow. let's look at how markets are setting up this tuesday. sophie kamaruddin is in hong kong. sophie: this morning we had

japan back online with asian features mostly steady going into tuesday which brings us soft ink group's results and second-quarter gdp numbers from the philippines. we are expecting a bounce back on a yearly basis but sequential numbers are likely to show contraction. we have seen the delta spread weigh on the outlook for several economies and the apac region with only a few seeing upside revisions, namely taiwan. in hong kong we have seen domestic stocks remain resilient. elsewhere though we could see further downgrades when it comes to economic outlook. this, as policymakers are staying accommodative. the window to easing is getting shorter as fed officials talk of tapering. flipping the board, it has put pressure on precious metals while yields climb. we are seeing global crisis study after the flash crash on monday. td securities putting out that there is still vulnerability

for gold bugs. shery: let's get over to vonnie quinn now with the first word headlines. vonnie: thank you and good morning. samsung's vice chairman will be released from prison friday after a justice ministry committee said he should get parole. they considered his behavior while incarcerated and public sentiment. the 53-year-old was jailed for a second time in january after he was convicted of using bribery to win support. the senate is poised to vote on the passage of a massive $550 billion ever structure bill, despite a change to a rule in the blueprint. that means the original language will remain, something that has been opposed by investors. the biden administration backed the compromise. bloomberg news is learned the european union will not reimpose

research and's on non-essential travel from the united states. this, despite new covid cases exceeding the bloc's threshold. new infections have risen to about 270 per 100,000 in america. you limit is 75. eu guidance says ultimately the decision rests with each member state. prominent lawyer roberta kaplan has resigned from the times of charity after she advised andrew cuomo on how to respond to sexual harassment claims. she chaired a nonprofit founded by hollywood woman to fight sexual harassment. it comes a day after the governor's top aide also stepped down. by the way, cuomo denies any misconduct. 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'm vonnie quinn. this is bloomberg. shery: the fed's 2021 tape

recorders is growing. the atlanta fed president's is the central bank should move to taper after another strong month or two of employment gains, and proceed with the process faster than in the past. he argues that bond purchases are no longer helping to create jobs, but instead are hoping to drive up prices on things like homes and cars. that, as the inflation debate continues to divide officials and consumers. >> number one, we're heading in that direction. >> you should be worried about overheating. and instead we hear much too m uch of the rhetoric of transients in the inflation rate. >> having wage push inflation, cost push inflation, and demand pull inflation, which is going to be very hard to counter down the road. >> the economy is strong and

unemployment is declining, and inflation is threatening. shery: our next guest says the fear of inflation is greater than inflation itself. let's bring in eva ados, coo and chief investment strategist. always great having you with us. of course we saw u.s. consumers expectations for inflation jumping to an eight year high in july. this is even before they factored in the infrastructure deal. how will this reverberate through the market? eva: that is exactly it. we think the fear of inflation is greater than the underlying inflation itself. we're seeing of course many cases where there is a demand pull and cost push inflation scenario, but there is no big surprise here. the fed has been very transparent with their announcement. we also have analysts and economists around the world tracking every little variable when it comes to inflation. we have to remember we are coming out of and expended period of very low rates.

so in some regards we have gotten accustomed to near zero rates, which is not the case previously. that does not mean we should underestimate the significance of the fear for inflation, because that is what drove the markets down earlier this year. when we saw high-growth stocks dropping significantly out of fear for inflation, which was then shown to be unfounded. so of course inflation is here, but the fear of inflation and the expectation of it is even worse. haidi: it is not really that bad when it comes to how investors are fearing inflation and how that is playing out when it comes to the market. when you take a look at this chart, buying the dip, the s&p 500 has not been over 5% off its peak levels so far because we are seeing investors pumping in every time there is little bit of a selloff. how long can this be sustained if you believe markets have priced in inflation, priced in a

gradual fed tapering, and have priced in lockdowns not happening even with delta --? eva: we are mostly concerned about the rising delta variant cases. because what that can create is further supplied chain disruptions. it can wreak havoc on that. we're already seeing manufacturing facilities in southeast asia closing their operations. they are shutting down their plants, scaling back on production. that can reverberate across the global supply chain. and it comes on the heels from the 2020 covid issues. we already had supply chain issues in place. that's going to further exacerbate and tighten the product availabilities and push the product price higher. so we are going to see that even more going forward. it's fueling inflationary

concerns. we have increased governmental spending. we have wage inflation. cost push and demand pull inflation going on. haidi: eva, stay with us. eva ados there. coming up, investors have not taken into account the market risks inherent in china. we have that exclusive conversation, just ahead. this is bloomberg. ♪ this is bloomberg. ♪

shery: short seller carson block says investors have not taken into account the market risk inherent in china. in an exclusive interview, the muddy waters chief also weighed in on the rise of the retail trader. carson: when you have passive

buyers of more and more to float, it does not create a linear, upward effect on stock trait -- stock prices. it's convex. you layer on top of that retail buying, these gamma squeezes, and yeah, so you just get this crazy disconnect in a number of stocks between the actual economic fundamentals, and what the stock prices are doing. now, the saving grace for people such as myself that when it comes to meme stocks, they advertise it openly that they are going to squeeze it. so we are no longer ignoring what they are talking about. we don't have so much capital that we cannot get out of the way, knock wood. i am not so much worried about that. it's the distortion of passive buying on, really, just a lot of

crap companies, and sometimes abject frauds, especially from china, that to me, is the more disturbing issue. >> how do you make money? do you stay away altogether, or basically they are advertising what they are going to do, and you can play with that? how? carson: we are not playing long squeezes on meme stocks. a good example of how we utilize this was excel fleet, a company we shorted earlier this year, it was a spac, closed to an empty box basically, in our view. the stock went down and we made money on it. now, we're very quick to pull the trigger on getting out of something if we have to. so we saw all of a sudden retail traders talking it up. there was about call options. we just covered are short entirely. turns out the stock did not squeeze, but better safe than sorry.

so that is how we are utilizing it. on top of that, we run our book generally market neutral. for every dollar short a name, we are to long to hedge it, and we are going along with factors or factor baskets. for every short position we might have 30 to 50 tiny, long positions we think will explain most of the beta there. that is how we have changed our business to keep up with the times. >> there is also this concern you could have meme traders in the u.s. and in china you could have massive policy shifts, that suddenly start to change entire industries. we saw that with semi conductors today, as people were concerned about activation of price manipulation from regulators in china. you also some milk formula and other areas. how'd you get a sense of what next area than might be targeting? do you try and play in any of that, or does it make it nearly uninvestable for you?

because it is based on something that cannot be predicted. carson: that is the point. it cannot be predicted. i think that investors for a half decade were basically pulling the wool over their own eyes on the capriciousness of the policy environment in china. so, that's coming home now to bite a number of investors. it's just one of many risks that you really need to take into account, but investors have not. it's another reason why all other things being equal, a china stock should trade at a significant discount relative to a stock that's from a company based in the u.s. but often we've found that they don't, because investors like to tell themselves these fairytales about -- there's this tremendous cognitive dissidents, always has been -- cognitive dissonance with china. we think the real gdp growth credit will be 7% this year. i would say, but you know that

that is not real data. you know that there's inaccuracy and lying embedded in that, and nobody takes that seriously. haidi: carson block there in an exclusive conversation with bloomberg. still with us is a beddoes, ceo and -- is eva ados. look, agree with him or not, it is hard to argue the cognitive dissidents -- cognitive dissonance when it comes to chinese stocks. it is something that is very observable, right? if you do agree with him and say, yes, these shares should fundamentally be trading at a discount because of that risk, how deep does that discount have to be for there to be a compelling buy opportunity? eva: as usually happens when there is a mass exodus, there's opportunities created because some very desirable, good growth

stories are getting hit along with other stocks. that is the case right now. we have some good growth stories that have a lower valuation, some contrary and investors are finding good buying opportunities. i'm not saying that all of them are a good play, but there are opportunities there. we also need to have in mind that china has not abandoned their long-term growth or its capitalistic intentions. there might be a big difference between valuations in the u.s. the valuation between u.s., china, and the rest of the world is widened. that has made the risk return case much more compelling. the risk is real. the risk is justified when it comes to chinese investment, especially when you have sudden announcements by the chinese government. shery: you play along with those

a sudden announcements? this chart showing how some sectors have really rallied, given that people are thinking, wait, there are sectors that will benefit from chinese politics. eva: we are tracking the sectors. some of them, as you said, will benefit. of course every announcement has its good side and bad. so, it needs to be a stock figures market. there are good opportunities there. we saw education and fintech company is getting a significant drop because of the announcement we had lately, but that has created opportunities in other areas. the significant drops are also good buying opportunities for the long-term. for contrary investors looking long-term, some dropped 45% from their highs, they are very good buying opportunities. it's one of the highest growing

companies out of 50,000 companies we are tracking around the world. shery: eva, always great getting your insights. thank you so much. still to come, softbank earnings out later, and while estimates are strong, those expectations have been tempered by the china risk this quarter, as we discussed. we will have a preview. this is bloomberg. ♪ his is bloomberg. ♪

shery: focusing on softbank ahead of their results later, and the major factor that will come into play is its heavy exposure to china's tech scene. they have been impacted by the

latest regulatory crackdown. we will be watching for what the company will say about their outlook. much of these moves did not happen until the second quarter and will not factor into the results yet. but it's important to remember its vision fund has a greater exposure to asia tech with 42.3% more than its vision fund one at around 38%. haidi: some of softbank's biggest investments still had a pretty poor showing in the second quarter. uber, all seeing negative returns. still, earnings expectations remain pretty strong, albeit herevidown. let's get more now from tom. what are you looking out for? tom: the big question on a lot of people's minds is what, if anything, is soft back -- softbank going to say about buybacks? it's a way to compensate shareholders for investment declines.

you both have been talking about it just now. their portfolio took a bit of a beating in the quarter. what's worse, people are going to be focused not just on buybacks, but on what softbank says about the future. rightg at the beginning of this current quarter is when you saw china really start to talk about crackdowns in a couple of areas where softbank is heavily exposed. ride-sharing and education. those are two areas where they have taken big bets. and clearly those investments are taking a battering now. didi in particular. shery: how difficult has it become to forecast profits for the conglomerate, given that they also have unlisted firms, given the regulatory crackdown in china affecting perhaps its future earnings as well? tom: there is a lot of volatility in some of their holdings. we've talked to analysts and it

is really hard to get a consensus. some people saying there will be a bit of a profit. it's very hard to get a very clear picture. a lot of volatility. you do see them investing in some of the bigger tech names. we just broke the story a couple days ago about them taking a big stake in a pharmaceutical giant. another one of the bigger names they have talked about. i think you are going to see, as they make these bigger investments in bigger publicly traded companies, that's going to help the volatility. but again, some of these recently ipo'd companies, there are a handful facing all kinds of uncertainty. we broke the news on design region, fair financial, all thos e portfolio companies experiencing difficulties, so that is who is going to weigh on their investment portfolio. haidi: global technology editor tom giles there.

clearly that buyback is in focus. we have a lot more to come here on "daybreak australia." this is bloomberg. ♪ is bloomberg. ♪

>> the dominican republic, for example, 96% first vaccine, about 8% of a third vaccine. similar statistics in argentina. chile, just about all done. we are now building our vaccination profile in america. canada is pretty much under control. the big challenge is the united states. shery: on the u.s. vaccination push, as we continue to see u.s.

cases surge back to february highs. the spread of the highly transmissible delta variant causing u.s. cases to swell. the death toll also climbing by half, the biggest weekly increase since december. in the meantime, we could be seeing more fiscal support to cushion the economy from the fallout of the pandemic. the senate's infrastructure bill continues to inch forward, even as changes in the contested cryptocurrency provision were again blocked today. kathleen is here with a recap. how much closer are we to passage? kathleen: it looks like we may be on the verge of passage. the has been a lot of debate and gop opposition to some key part of the bill. democratic as well. but the senate majority leader chuck schumer spoke today to the president. he is optimistic this will pass, perhaps tuesday. >> now mr. president, it may

have taken all weekend, but the senate is now finally on the precipice of passing major bipartisan infrastructure legislation. last night, an overwhelming bipartisan majority of senators voted to put the bill on a glide path to passage tomorrow morning. kathleen: expects the vote tomorrow, tuesday. one reason for optimism is over the weekend, we already had 50 democrats, all 50 in the senate, and 18 republicans saying they would vote for the bill. that is enough to get it passed. of course it is for the cryptocurrency supporting rules, that is what is being contested. because the original bill has been seen by some, including democrat ron wyden for morgan, as t-- from oregon, as too broad. you have to ask these

cryptocurrency players to report on information the don't even have. jack dorsey is saying they are overly broad. nevertheless, looks like it will go through. and what is next, chuck schumer and other democrats are saying next we will move on to the $350 trillion social infrastructure built which will complete joe biden's economic agenda. interestingly, the $550 billion bill will add $256 billion to the budget deficit over the next decade. how do you pay for it? that is more and more the big question. haidi: of course this comes as the debate over the debt ceiling heats up again. this feels a bit like groundhog day, or the boy who cried wolf every time we do this. kathleen: of course every time the situation is a little different. right now you're looking at the question of the debt ceiling. should it be increased at a time when we have a $550 billion

infrastructure bill about ready to be passed and maybe $3.5 trillion more. what is happening now is the senate also today passed the budget blueprint for that next $3.5 trillion package. they want to force republicans into having to vote on that debt limit hike, and vote it down. so they could have put that question of the debt ceiling in this budget plan for the $3.5 trillion spending bill, but they left it out. now republicans have to vote for it. they are putting them on the line. so mitch mcconnell said, you cannot expect us to finance this socialist spending spree, all this nontraditional spending. janet yellen stepping up today and saying we can do this. we have done it before. passed by a bipartisan vote. it was sent three times during the trump administration.

you guys can do it now. by september, if there is no debt ceiling increase, treasury will not have the cash it needs in its coffers to pay the regular bills. they can take extraordinary measures like cutting back on certain auctions of treasury secretary's -- treasury securities. but usually there is always some last-minute passage of some agreement. that is what the markets are betting on. but it is definitely heating up. haidi: kathleen hays there. time for morning calls ahead of the asia trading day. sophie kamaruddin is in hong kong. you are looking at implications of the climate report. sophie: that's right. at jefferies, the ramifications of factors like geographic concentration and reliance on less resilient infrastructure and it comes these climate change risks. the asg research team says investment implications, we could see more adoption of ev policies and support for

decarbonization, which should mean market will reward companies that have a faster pace of reduction in carbon dioxide and other target. utilities seeing that is an area where renewables can place fossil fuels. as for managing the physical climate risk, jefferies says insurance is an industry that will face increased headwind. the last point on this list, a decrease in material consumption may be necessary, which would shift the focus over towards well-being. the report identifies that move away from material consumption is necessary to meet the goals to avoid this climate change catastrophe. shery: let's get a little more on that u.n. climate report. let's bring in vonnie quinn with the first word news. vonnie: a dire report from the world's top climate scientists that paints a bleak picture of the effects of global warming. the u.n.'s intergovernmental panel on climate change warns the planet will heat up by 1.5

degrees celsius in the next two decades without drastic steps to eliminate greenhouse gases. the u.n. secretary general called the assessment a code red for humanity. the number of and -- airline seats being offered in china dropped to the most since the beginning of the pandemic. rising cases of the delta parent -- variant has dampened tourism. aviation data shows peak capacity plunged third 2% in -- 32% in one week. the latest impact has impacted more than half of china. china dozens -- punished dozens of local officials to fail -- authorities in wuhan found nine cases after mass testing more than 11 million people in the original epicenter of the pandemic. china's former health chief says the idea of living with the virus is unacceptable. china's essential bank is

downplaying inflationary pressures, while flagging risks to the growth outlook at the same time. in its quarterly policy report, the pboc largely pledged to keep autonomous. it calls a surge in ppi july prices temporary. they say the decline in productivity and an aging population will help suppress it. moderna has been approved for use in australia to keep -- to treat covid-19 as the country struggles to contain the delta variant. scott morrison told reporters australia should receive 10 million doses this year. sydney is currently in its seventh week of lockdown, and authorities in the state of new south wales are extending lockdowns as the virus spreads beyond major cities. 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'm vonnie quinn. this is bloomberg. shery: coming up, mark says it's

time to quit chinese equities. we will ask him why. this is bloomberg. ♪ is bloomberg. ♪

>> our estimate is this latest outbreak could shave gdp growth

by 1% to 1.5%. >> we're not changing our forecast yet. our annual start -- forecast stands at 8.7%. we do think we need to incorporate the latest developments into our projections. >> it is possible growth will decline to the lower single digits and that would entail 0.2% to 0.5% downside revisions this year. shery: analysts weighing in with their own outlook for china's economic growth. our next guest says this is a governing body issue. mark, great to have you with us. when it comes to china, you have a lot of opportunities. investors saying there are compelling buying reasons you should not be throwing out the baby with the bathwater, if you will. is it a broader concern for you when it comes to the lack of

predictability for policy? mark: there are several reasons why i have said investing in china at the moment is not such a great idea. first, let me just set the floor by saying that the government of china of course can put in with other regulations they -- can put in whatever regulations they deem fit for the people of china. so my commentary here has nothing to do with politics, as in zero. what concerns me is a number of chinese companies are not getting audited. and the chinese government says it is on the basis of national security. i have no issue with that fact, except i would tell anyone if you don't get outside audits, if you cannot verify the financials, whether the company was in europe come in america, wherever it was in the world, i would not be binding company because you don't know what it is you are buying. second, a number of the chinese companies are what are called

variable interest equities out of the cayman islands, see you are not really owning the company, you own a shell company that owns the actual company. and third, i would say that the government recently has gone after the private tutoring companies. there is a disconnect with didi on the projection of the data. a number of other companies, they are looking at it as trust redoing. so you have a lot of regulatory risks that makes me say this is not the moment to be investing in china. shery: i want to get to -- haidi: i want to get to fixed incomes. i think a lot of investors would call this a pretty tantalizing premium to over china's real yield premium over u.s. treasuries. we have seen foreign buyers boosting chinese government

purchases in july. that foreign element is still going strong. is that compelling, given that you say there is no value left when it comes to conventional u.s. bonds with yields at the present levels that we see? mark: i have said about united states bonds that they have virtually no value because our inflation rate is so much higher than the bond yields. not only treasury bonds, corporate bond, mortgage bonds, even high-yield bonds. there is no value to be gained right now in the bond market. again, i think the issue with the chinese government bonds is they have higher interest rates but you also have to look at the currency and see what makes sense after you put in the currency fluctuations. shery: there have been some arguments that perhaps because of china's low correlation when

it comes to these assets to the rest of the world, that it's a good hedge. could that argument work here? mark: yeah, it's not a good hedge. one of the reasons is because the chinese at the moment are going after any number of different companies and rounding them up in a way that i do not know what they are going to do next. and i am a very conservative investor and when i don't understand what any government is doing, not just china, and what they might do in the future, it gives me pause. so i am not saying that going forward in some months will be the time to reengage with investing in china, but i am saying that at the moment i do not think it is a good idea. shery: mark grant, it was great having you with us. coming up, another day, another bank is raising the salary of its junior bankers. more on wall street's

intensifying battle for talent, ahead. this is bloomberg. ♪ this is bloomberg. ♪

shery: j.p. morgan has raised the stakes in wall street's intensifying battle for talent, expanding a previously announced

increased -- pay increase to more staff. joining us with more is our asia finance reporter not bella -- what are they doing, and why? >> it's basically raining cash for junior bankers these days on wall street. for so long, the overworked and underpaid, they are now the hottest commodities for banks as they scramble to keep up with the deluge of deals. j.p. morgan is expanding a previously announced pay increase that was just for investment banking stocks but they are not expanding that to junior sales, trading and research analyst so that first-year can now get $100,000, up from $85,000, and second year is going to $105,000, and third year, $110,000. jeffries is also joining in this expansion. analysts in the u.s. are going

to get a 30% raise to $110,000 as well. haidi: so there are banks that have not announced raises. what are the implications for them? nabile: headhunters are telling us that banks that have not announced major pay rises will be forced to fall in line with this new $110,000 new normal to remain competitive. there is a lot of poaching between banks and some analysts are going to the buy side as well as private equity companies higher up. you have seen firms like morgan stanley and deutsche bank, which were among the first to raise their first-year banker pay. at that time they raised them to about $100,000 earlier this year. they may need to now make up for that discrepancy in other ways, perhaps through bonuses. haidi: so we are seeing the reshuffle from raises beginning

with citi, selling off their australia retail unit. nabila: look, this is the ceo's first big move. w announced -- she announced earlier this year she would be selling around 13 markets around the world out of retail and consumer banking. citi can steal the valuation of about $3.4 billion australian. citi will continue to serve as institutional clients as well. for nav, it doubles their credit card business and makes them number two and australia, setting them up to go head-to-head against the biggest. so this is the boldest move we have seen yet from their ceo, who of course took on the job about 1.5 years ago. there is a spend on technology that will be attached to this deal, because they have to build a new tech platform. investors are wondering if yvette -- if a bet like this on

a credit card market that is shrinking will ultimately pay off. shery: the bill ahmed with the latest. haidi: this is a story we have been tracking in terms of the trend among the big banks. creating all these incentives to try and retain junior staff. after that infamous slideshow were we saw a litany of complaints by these young bankers. long hours, burdens on mental health, lack of worklife balance. we are really starting to see the desperation of some of these wall street banks to try and incentivize and train young talent. shery: the pandemic has really changed things. now we are seeing with the spread of the delta variant how that return to the office could be delayed even further. we continue to see perhaps a bit of good news in a sense that those inflationary concerns are now filtering through to wage gains.

we saw inflation expectations continuing to rise among americans, an eight year high in july. of course it does not help it comes to the cost of living rising. commodities have been rallying, although this past week we have seen a little bit of downside pressure on the commodity prices, especially given what is happening in china with the economy starting to slow down a little bit. we also saw oil below seven dollars a barrel. haidi: always watching out for the price of coffee and availability. shery: i know. that is what we are concerned about right now, how much our starbucks coffee will cost. [laughter] haidi: inflation when it comes to avocados has come down quite a bit. another significant one in the basket for us. let's get you a quick check of the headlines. shares of game developer -- will begin trading in what is said to be south korea's second largest debut. they raced around $3.8 billion.

they make a popular survival shooter pubg, had to revise the price. amc entertainment posted there were losses than expected, even as the movie industry struggles to draw fans back into cinemas. revenue soared to almost $445 mi llion. they say customers are returning after the entire industry shut down last year. we doctor is said to be fueling questions about the hong kong exchange ahead of its ipo about how it is complying with beijing's new cybersecurity rules. it's been looking to raise up to $3 billion through a hong kong listing as soon as september. chinese companies into list offshore have been facing more scrutiny after an investigation

into didi. biontech raised its forecast for vaccine sales to almost $19 billion. the german firm and his partner pfizer filed contracts for 2.2 billion doses this year and more than one billion doses in 2022 and beyond. the vaccine is on track to be one of the best-selling drugs of all time, given biontech the cash push it needs to further r&d. let's take a look at the day ahead when it comes to australia and new zealand. it's census day industrial you. no shortage of controversy. questions of -- new south wales' chief health officer will be questioned over advice she provided to the government about sydney's lockdown at a special parliamentary inquiry. and challenger in james are set to report later. lots more ahead.

shery: we can't go without checking the price of coffee. so, we're looking at coffee, and beans at a seven year high. brazil saying we could see a spike for the next two years, not boding well for the price of coffee. copper also at eight two week -- at a two week low. for a 4th consecutive month we saw copper and iron ore imports slumping. iron ore prices down. we continue to see china trying to reign in the steel industry, given the environmental concerns. holding at the $1700 level, after they entered a debt cross. we've seen a plunge in the cries of gold -- in the price of gold. we've seen a rise in yields and a stronger dollar not boding well for the greenback and gold.

take a look at bitcoin. we continue to rally above $46, as we continue to see more upside for the broader crypto space, despite that when it comes to the infrastructure deal, we did not see some of the changes that the crypto industry wanted. we continue to watch how that bill gets passed through congress, but in the meantime we continue to see upside about $3100 for a ethereum after that upgrade we saw along the network. haidi: coming up we will be speaking with loreen gilbert, joining us with her markets outlook. we will also be getting a view on japanese earnings. talking about nintendo, and of course the lack of transparency when it comes to acting what softbank is going to release with these earnings. of course that buyback announcement is very much in focus for what investors will be

looking out for. daybreak asia is next, as we continue to count down to the start of trading in asia. sydney futures up by about .3%. kind of a drifting, mixed picture going into the open. this is bloomberg. ♪ is bloomberg. ♪ - [announcer] imagine having fuller, thicker,

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welcome to daybreak: asia. i am haidi stroud-watts in sydney. sophie: we are counting down to asia's measure market -- major market opens. shery: asian traders worry about tapering as u.s. stocks fall from records and commodities slumped. investors awaiting news on a softbank buyback.