>> good morning and welcome to daybreak australia. i am haidi stroud-watts in sydney. >> good evening, i am shery ahn. the top stories this hour. >> another day, another record high for the s&p 500 as it settles into the narrowest trading range before the pandemic. quite a fairytale earnings report for disney as earnings

and streaming reports are smashing estimates. u.s. hospitals are pushed to the brink, they desperately seek medical staff. this is a picture across wall street. this is after the s&p 500 saw another record high. health and tech leading the gains but this was the narrowest trading range since 2019. we are getting back to this pre-town endemic -- pre-pandemic levels. we also have some data on jobless claims falling for a third consecutive week. we also had ppi at the highest level since 2010. but we are watching the semiconductor space very closely. they have been falling for the sixth consecutive day. given that this sector sometimes cause for correction, we will be watching the angst.

we did get the iea, a cutting global oil consumption forecast for the rest of the year. quite the reversal from what we saw just a month ago from wendy asked opec-plus to open the oil down 6%. look at some after our movers. we got disney gaining more than 5%. disney screenings -- streaming service and 160 million subscribers. airbnb is low after hours by about 5%. there forecast is slumping in total bookings given the spread of the delta variant. doordash also under pressure after hours. they built a record number of orders but there revenue gains have slowed down but this whole week has been about inflation. look at this chart. it was about u.s. cpi monitoring. ppi gains are outpacing those

games we saw in the cpi numbers. the final demand jumping seven point & year on year. we do have to consider the base effect because ppi did drop more during the pandemic. this reflation trade gets another boost. we are seeing treasury yields hitting a one-month high. right now, it seems to be off of those fed hawkish comments. this is really adding angst to the market. >> that infrastructure bill and the spending associated with it is really the way on it as well. we heard from the likes of jeffrey saying that when he sees these back-to-back prints of over 5%, -- he says anything

over 4% is signs of not probable but provable signs of inflation. he is really quite concerned about it. >> we are seeing those sticking inflation numbers, we are talking about rent prices gaining. prices are soaring the most on record in the month of july. the national realtors association saying the prices dropped 23% year on year. that is really adding to the inflationary concerns. >>'s numbers are just crazy. we are used to coming from sydney when we are seeing skyhigh prices. the metropolitan area seeing double-digit gains. that median single-family home is at a record high. they're really fighting it out when it comes to the scarcity of listings. let's get more on the inflation outlook and implications for investors. we are joined by david who is

the ceo at mainstay capital. there is this kind of push and pull when it comes to inflation expectations. how is it informing the way you are investing at the moment? david: as you covered at the top of the show, ppi is the highest since 2010. in the u.s., we are seeing 1980's style inflation. the fed had worked so hard to push inflation above 2%. now we are running at very high numbers. we think that comes down but for now, we need to be conscious of that in our investment strategy. not forgetting about the benefit of growth stocks or the portfolio. they are concerned about the delta variant with covid. we may have some tapering of the

economy for that reason along here and around the globe. it does enter into our thinking that while we have inflation and high rates right now, we need to be conscious of where the economy might be going to growth. also how covid could suppress economic growth going forward. >> how worried are you about the delta variant? earnings are out in the last three hours, the concern when you look at the stock reaction is how we may continue to see the reopening get upended. >> i think we felt we were putting covid largely behind us as we got into the new year but the delta variant has changed

all that. when we go around the globe, we look in asia and we have the highest rates of covid in vietnam, thailand, other countries there. russia has the highest death rate. because of the delta variant research, covid has been very resurgent in the u.s.. we are seeing in europe has been going on. that is one of our concerns as we look at high inflation, we have a red-hot economy in the u.s.. we have earnings setting all kinds of records but with the delta variant, we are concerned that what that does to the reopening trade, it is what that does to those valuable and cyclical names that were doing so well for some time. we don't think it is enough to set off a market downturn but we are keeping a very close eye on

it as the data continues to come in. >> during the pandemic we have seen a lot of interest in the health care sector. in the past five days they seem to be really underperforming. down the most compared to every other sector. what is happening in that industry? >> we like the health care sector for two reasons right now. one is because what we are talking about with covid, it has reminded us of how important a specific area within health care is and that is medical technology and devices, biotech for that matter. how important that is for diagnostics, the testing, finding different kind of treatment as we get through immunization and potentially booster shots in the u.s. and around the world in containing a disease like covid, how important that is because we have seen what the impact is, certainly on our health and

human lives. and the economy in the last 15 or 16 or 17 months. this area is an area that is a good defensive sector. these markets are reaching record highs. we have not had a significant correction here of 10% or more in the u.s. for almost a year since last october. that defensive nature of health care plus an area like medical devices technology, there is specific etf's in that space, there is also mutual funds like mental -- medical technology and devices that is managed by edward who has been able to beat all of his peers. we think that is a very good pick in health care sector and

specifically, medical technology and devices. >> there is a chart showing how emerging market stocks are underperforming at about a 20 year low or so. is this a market that could add some value to the portfolio? >> it could at some value to the portfolio potentially. our concern about what is happening in emerging markets, a lot of emerging market countries , they are ahead of the curb compared to the fed, compared to the ecb. we are questioning when the fed will actually taper. we don't think they will be able to raise rates for a very long time if ever. we are actually questioning, we don't think they will start to taper their asset purchases in september. we think that comes later in the year if not early next year before the actually get there.

i know that is not the consensus view. in emerging market countries, they have been raising rates. central bank have been raising rates there. we have a saying -- central banks have been raising rates there. here, while we know we have the fed still on our side in europe where they are setting new highs as well, the ecb is on their side. in emerging markets they have central banks taking -- tightening. this has been a fuel to this bull market in the u.s. and globally. this massive amount of the quiddity that central bank have brought into the system. >> is that a nebulous part priced in already? david: we think the infrastructure bill, specific etfs we like which invest in a

rare earth metal, that is important in terms of what is happening in a letter vehicles. a lot of high-tech devices were used in tv's, led displays. these were elements on the periodic chart. we don't hear about them a lot like we do gold and silver. it is an area that has a lot of potential with the infrastructure bill. we like steel and we have for some time. it is one area in commodities that has not will over. that is what has happened with the instructor bill. we think those types of plays with metals, mining, those infrastructure plays, it makes sense with the info structure bill going through.

>> david, always great to have your insights. let's get over to vonnie quinn with the first word headlines. >> the pentagon is sending about 3000 extra troops to afghanistan to help evacuate diplomats. the u.s. currently has more than 4000 people out of the cabell industry. president biden's partial that commission order shows how the u.s. has been caught off guard by taliban advance. the group has caught 12 of afghanistan's capitals in a week. alibaba is setting up a hotline. the case has ignited a debate about misogyny across china's tech industry. the allegation went viral and daniel jang called the handling

the humiliation. covid vaccine booster shots are not appropriate for anyone who does not have a compromised immune system according to the cdc. the fda is planning to approve this chart. the cdc director says nobody should seek out a booster shot on their own. san francisco has become the first interview a city to require a full covid vaccination for indoor patrons of restaurants, bars and gins. the mandate extends to large indoor spaces such as theater and entertainment venues. new york city imposed a less severe mandate, requiring indoor diners and jim goers to offer one vaccine dose. -- gym goers to have at least one vaccine dose.

global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn, this is bloomberg. >> next, we will speak to anthony about vaccine boosters, masks and how the u.s. is handling the delta variant. next, disney gets a boost as streaming services top estimates. we will dig into the latest results. this is bloomberg. ♪

>> that as its business grew and theme parks reopened. su keenan has the latest on disney. they reported 160 million

subscribers which is 3 million more than expected. quite they blew away expectations. disney streaming is the star of the show. in terms of the numbers, sales of 17 billion -- 17 million beat wall street estimates. disney plus subscriptions, and 60 million. -- 116 million. this generated 4.3 billion sales in the quarter. it is already more than half the size of disney's linear tv business. disney shares rallying after the report and extended trading. it was up as high as 5.9%. still holding that gain above the 189 dollars share mark.

bob is pleased with what he calls the trajectory of park demand for the fourth quarter which was already outpacing what was in the prior order despite the rise of the delta variant. the rising park attendance had a lot to do with the increase in the park hotels and other revenue. there was a report that was viewed as strong -- it was a report that was viewed as strong across the board. that has caused a lot of disney investors to show their enthusiasm after hours. haidi: i am wondering how the company will balance streaming. does it cannibalize its own separate businesses in the year to come? >> there was a big question of the lawsuit filed by scarlett johansson which goes right to that issue. you might have recalled that scarlett johansson, the big star of the black widow summer release was alleging in her

lawsuit against disney that the swift move by disney to streaming did undercut that box office income on which her salary is predicated. they seemed to address this several times on the call without ever referring to johansson directly by name. at one point he said they made hundreds of agreements with people tied to their films since the virus took hold and those have gone smoothly. the ceo says that they have hundred there contract with movie stars. the sheep was optimistic if not glowing when he talked about the future of disney plus. he said they are pleased with the levels despite a few price increases. he says subscribers will not be linear but they feel good about the direction they are heading. disney has been pushing bundles of products because they feel

the subscribers are less likely to cancel. upcoming movies such as the legend of the 10 rings and free guy will be exclusive. this is not how disney has been releasing movies during the pandemic. stay tuned. quite that was su keenan. you can also turn to your bloomberg on for it -- for more on disney's earnings. you can get commentary and analysis. this is bloomberg. ♪

>> taking a look at the day ahead for australia and new zealand.

experts say about the lockdown in sydney needs to be ramped up to further prevent spread of covid. other state does have rental criticism of the south wales for mere. the minister says this is to increase transparency and regulatory oversight of pension funds. >> we are watching covid cases around the world with mexico seeing covid case infection rising by a daily record of seven straight days. they added 24,900. this coming at a time as mexico continues to struggle with their economic growth starting to slow down. the cost of living continues to rise. central bank's policymakers

facing a conundrum here. it is not only x ago, we are also talking about wellington. interest rates rising. kathleen hays has more on that. let's start with these developing nations. it is a tricky situation they are in. >> you pointed out so well that you have these covid cases rising. five point it percent year-over-year on mexico's inflation rate right now. that is a big jump. 3% is the middle of the target. it is definitely running hot. even so, because of the covid cases and the economy, to raise the queue after a surprise rate hike in june that did nothing to slow down inflation, no surprise there, of the five members, two

of them did not want to hike the rate. the central bank made a compromise. they now say inflation is not going to come back down to target until 2023. they say the price shock will be transitory. let's move to peru. the political turmoil there. the currency is falling. the idea is that with this political turmoil that there could be inflationary price pressures. the vent is no hike but a chance they will. finally, the turkey central bank met today. is it any surprise that the central bank did not vote to keep going? >> in all of these stories, inflation is playing a big role. >> we are also watching the rbn.

>> of course, how could we not? that will make the manufacturing number all the more interesting. its last reading was something like 50.7. the thing about new zealand is that every number seems to be strong. everyone says they are going to raise that key rate. let me go through the list as we look at inflation expectations because you have second quarter inflation, 3.3%. no wonder the to your expectations are up to a seven-year high. employment is down to 4.0%. house prices are surging. almost 31% year-over-year in july. that is one more reason we are seeing those inflation expectations. if you have time for one more quick chart, there is almost three rate hikes.

we have a nz -- a and z up 2 basis points. >> much more to come on

haidi: we are taking a look at business. the pmi reading coming in for the month of july at 62.6, jumping from the previous reading. very comfortably above that line that demarcate's growth with contraction. we have seen resilience when it comes to the new zealand domestic economy despite orders being closed and the travel bubble being suspended on account of the covid cases in this part of the world. we are waiting to see whether that strength in the economy

will translate to one of the first rate tightening cycles for a major developed central bank. inflation expectations rising to about a seven-year high as well and that manufacturing pmi coming in so strong. shery: all of that has implications for the bond markets. we saw treasury markets reversing some of those losses we have seen in the previous session. time for morning because i had of the asia trading day. we want to take you to that call on bond yields. they are saying that bond yields and cyclicals have bottomed and are now on an upward trajectory for the rest of the year. cyclical and reflation linked market segments and they are cautious and beneficiaries of lockdowns and the bond yields. haidi: the pandemic continues to weigh on consumer spending in japan post olympics. it is a bit of a reality check. near-term spending enthusiasm

remains subdued. vaccinations rose but 70% of consumers think the worst of the crisis is not yet over. this comes as the tokyo panel expert is saying that the virus situation is out of control. jetblue has made a new york and london flight which arrived nine days after the u.k. granted vaccinated americans quarantine free entry. robert hayes spoke with bloomberg about the first step when it comes to the carrier's long-awaited transatlantic shift. >> we are going to keep the fares low. every time jetblue has come onto a market, there is the jetblue affect that when it comes on the market, fares stay low permanently. we saw that at lax. when we started in 2014, fares are still half in business class. >> i cannot fly the other way. i cannot get an exemption to be so but it is tough.

you can fly into the u.k. from the united states but what about -- >> it was terrific. we saw our daily new bookings triple. that was great. the u.s.-based carrier. most of what we are going to sell will be in the u.s. so that was great for jetblue. the u.s. government should open up. there is no reason not to. you can fly for countries -- from countries that have much higher covid infection rates but you cannot come from countries in europe where infections are much lower. that is not a risk-based approach. when it is going to open up, i could not tell you. it is something we and the other airlines continue a dialogue on. by christmas but hopefully even sooner than that. it is really hard to predict how they are thinking about it. >> you flew here on a narrowbody

and aircraft. normally, you fly across the atlantic on a wide body. you are pushing that aircraft pretty hard. in the middle of summer. i know it does not feel like summer in london today but in the middle of summer, the aircraft is obviously well within its operating limits. in the winter, with headwinds, is that aircraft going to be pushed pretty hard? robin: the aircraft will be fine. we have a heavy cabin. we do not have that many total customers on board because of that. it will help keep the airplane might. we don't have much concern about range. we have to make sure that in the winter, when you are facing those headwinds, as we say, we will not be diverting airplanes for fuel so that is not something we see happening. guy would that be a better aircraft? robin: we will use that to pushing to other cities in central and southern europe. shery: robin pays speaking with guy johnson there.

the cdc in the u.s. has said that booster shots are to be approved for people with compromised immune systems while san francisco will require proof of full vaccination for many indoor activities. let's discuss all of this with former white house senior advisor for covid-19 response, andy. let me start with those booster shots. is this the right call at a time when the who has asked for a moratorium, given that poor countries do not have a third shot yet? andy: thank you for having me on. what the science is telling us is that people who are immunocompromised really have not been properly vaccinated so i do not think we should think about this as a third shopper people with cancer, hiv, and other conditions. we need to look at this as we

have not sufficiently given them enough immunity. it needs to be three shots versus for some people, it can be two. for others, we may learn it could be one. there might be more. from an equitable standpoint, i think we need to make sure that everybody, regardless of medical conditions, can get an appropriate vaccination. shery: san francisco requiring full proof of vaccination, this seems like a very stringent mandate. will we see other cities following suit? should they? andy: i think it will be regional, places like new york, san francisco, on the coasts, may be a few big cities in between. but we are going to see the polar opposite in the southern part of the united states. in texas and florida now, it is illegal apparently to even ask someone whether they have been vaccinated. it is illegal right now to

require someone to take a test before they enter someplace, illegal to require someone to wear our mask. we have had reactionary policies throughout the south while we have had policies that are probably more consistent with what we are seeing in parts of eurogh toastal parts of the u.s. ha how much is the vaccination of children the missing puzzle piece now? andy: a missing piece? haidi: the missing piece to this puzzle, the biggest threat to ever getting out of this. while we don't know how infectious delta is among children, we know that generally, they pass along a lot of infectious is. andy: in the u.s. -- infectious diseases. andy: we have low vaccination rates among people 18 to 25, particularly in the southern

part of the u.s., and in some communities of color here. so those are missing pieces. also i think the people who are under 12, having them vaccinated is a missing piece. to your first point, i don't think anyone in the u.s. should feel safe until we effectively have a vaccinated -- have vaccinated the globe. we need to keep all three of those names in mind or we will not be in a situation where we can say we are getting the better of covid-19. haidi: it is interesting to and read some of your previous comments and you said this is a manageable challenge. optimistic about it being able to be handled. in australia, we are torn between do we stick with covid zero with elimination or is reality for all economies do you think that we are going to have to live with a certain level of and actions, particularly with the infectiousness of delta? andy: one of the differences in what is going on in the u.s. and

in australia and other parts of the world right now is until everybody is offered a vaccination and is offered a vaccine to keep them safe, people cannot get back to normal life. they cannot be expected to get back to normal life, but here in the u.s., if you are vaccinated or -- then i think you have an opportunity to move on with many of the parts of your life. delta is a challenge and there are precautions that people need to take. we have many challenges and at some point in time, if you have been vaccinated, we have to be able to move this from a state of emergency just to something that is more like a lot of the day-to-day challenges we have. i think it is a much greater threat to you and it is not yet safely in that bucket so hopefully more people will

choose to get vaccinated and hopefully, we will have more vaccines available around the globe so everyone has an opportunity. shery: the uneven vaccination rate is really shocking. when you were at the white house, you were working with companies like facebook in order to stop the spread of misinformation. how much progress would you say has been done? andy: not nearly enough. we know that two thirds of people who are not vaccinated believe one of five myths about the vaccine that something are not true, like the vaccine itself will give you covid-19, things that have no scientific basis and if you ask people where did they learn that information from, the answer is social media, and facebook. sometimes that happens innocently enough. people believe something and share it with their friends. that is not reliable. often times, there's bad actors.

some of them are russian, some of them are american. some of them are people who are very public about what they do and some of them are subtle about what they do, but we are not going to be able to get a handle on this unless facebook and their peers decide to take it as seriously as they take their own business. haidi: when it comes to herd immunity, we are hearing from a lot of epidemiologists that the goalposts with delta has shifted as high as 90%. in hindsight, do you think the 70% target was less ambitious than it could have been? andy: no, because i don't that was the end stage target. the target was to rally the country to get to 70% and we are now a month or so past that, 72% in the u.s., but we have a much further distance to go. with the more infectious variable out there like we have with eltek, it is going to take

more people getting vaccinated. we cannot quit. we cannot give up on people including many people who decided they want to get vaccinated or they are unsure they want to get vaccinated. we have to listen to them, talk to them, get them the information they need. they will be much safer and we will all be much safer if people do get vaccinated and i hope that arts that happen in even greater numbers. it is picking up but it has to pick up even more. haidi: it is a good reminder. we really appreciate your time. white house senior advisor for the covid-19 response. that's get you the first word news with vonnie quinn. vonnie: the spread of covid-19 in japan's capital is impossible to control. this from a government official who told tokyo's governor that infections are "raging at disaster level." officials are considering whether to extend a that to expire at the end of the month.

there were experts they the government sent mixed messages about the seriousness of the pandemic including allowing the olympics to go on. hong kong's population shrank substantially over the past year after the implementation of a financial security law. more than 89,000 residents left in the 12 months through june according to government data. a 1.2 percent drop. that brings hong kong's current population to 7.4 million people. canada's prime minister, justin trudeau, is expected to call a snap election this sunday, looking to capitalize, showing his liberal party with a large enough lead to retake a majority in the legislature. the vote will reportedly be held on september 20. public opinion polls show the liberals with 36% support, near the threshold needed to regain control of parliament. the u.k. chancellor of the

exchequer, rishi sunak, has promised the u.k. will not see a return to the austerity policies of the last decade. he did a round of broadcast interviews over the men's approach to spending. he said he worked well with the prime minister although he refused to deny that he wants to succeed johnson one day. 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 vonnie quinn. this is bloomberg. shery: we have plenty more to come on "daybreak australia." do stay with us. this is bloomberg. ♪

>> it is shaping up to be another busy day on the regulatory front in china. >> executives saying that they are going to be facing higher taxes going forward. >> they comply with all the regulations for all the markets we are in. this is something we will make sure we keep doing. >> bytedance may be eyeing a revival of its hong kong ipo plans according to them. >> local media in china, 21st century business news as well as bloomberg news saying bytedance has denied that report, saying it is inaccurate. >> made one may be hit with --

we have seen some response on the company as well and didi wayne giving up data control. >> and beth -- weighing giving up data control. >> investors pulling the wool over their own eyes on the capriciousness of the policy environment in china. >> i think things will be much clearer in one year or two years, once things get cleared. we are open to resume active investment in china. >> the chinese authorities are in their long march to see how they are going to regulate this out of the industry area >> the government continues to crack down on large parts of the economy. online insurance companies. >> china signaling that it's push to regulate parts of the economy will be deep and sustained over the next five years. >> this will be the most significant of all the regulatory resets that china has done. we think it will reshape the landscape for china equities quite profoundly.

>> let's take a look at beijing's widening corporate crackdown and the progressions that we saw. bloomberg understands that sequoia capital remains optimistic about china over the long-term term despite the widening regulatory crime down. let's get more from sarah mcbride, who joins us out of san francisco. what are we hearing? what is their take on this? >> we have a lot of money at stake. my colleague, lulu chen, and i reported that over the years, they have poured more than $10 billion into china. they believe, despite the current crackdown, that long term, there is a good future in china. enter capitalists by nature of their profession are very optimistic so let's see if they are right.

they are big investors in the education sector, for example, that has been the subject of a big crackdown in china, as you viewers know. shery: how much money are we talking about, especially in the education sector? sarah: well, they invest through a number of different funds and some of these funds are into the billions of dollars. so it is over $10 billion from sequoia entities in china altogether and that includes into companies valued at $1.5 billion this year. and another, which was valued at $3 billion a couple of years ago. these are substantial companies. that is just a small fraction of the folio. in terms of the number of deals

it is involved in, it is one of the largest investors in china. shery: sarah mcbride joining us with the latest on the chinese crackdown and sequoia capital's hit from it. we have geopolitical tensions between the u.s. and china to worry about. the cia is weighing proposals to create a special china unit as it looks to gain greater insight into america's top strategic rival. jodi schneider joins us now with more on this. how will this unit operate? jodi: the cia is looking at creating a mission center for china which basically highlights an escalation into china. it is part of the view of china capabilities. it will elevate the focus on china within the agency.

china now has been part of a broader mission center for east asia and pacific and this would essentially have a mission center that would just china focused. clearly, by discussing this, they are elevating china for what the cia considers to be a priority. haidi: that involves other moves that they might be considering? jodi: that is right. they are looking at a number of things including going ahead and deciding whether to deploy china specialists around the world, following the approach back in the cold war. the director said in an interview next month that he is looking at that. also looking into how to deal technical -- the technical

surveillance of china. this comes after senior officials raised concerns. haidi: jodi schneider there with the latest. be sure to tune into bloomberg radio to hear more from the days big newsmakers for you can get in-depth analysis. we are broadcasting from our studio in hong kong. you can listen in fear the outcome a radio plus, or bloomberg radio.com. lots more ahead. this is bloomberg. ♪

>> here is a quick check of the latest business flash headlines. a better-than-expected set of orderly results and the surge in streaming customers. this new plus to 116 million subscribers as the company's park pulled in 4.3 billion dollars, also beating estimates. earnings rose to $.80 a share including some items, eating the $.55 estimate. airbnb shares fell during late trading after it forecast a decline in quarterly bookings compared with pre-pandemic levels. the company blamed the spread of the delta variant of covid-19 for the gloomy outlook but it did feed expectations for second-quarter revenue which was up nearly 300% year on year. bookings for the same period were up almost 200%. after spending a decade trying to revive it, adidas sold its

underperforming reebok business to authentic brands for around $2.5 billion. a majority will be paid in cash with a deal expected to close in the first quarter of 2022. they have acquired more than 30 names as it grows its consumer company line-up and filed for a u.s. ipo. the joint venture that runs tim hortons coffee chain is planning to go public via spac listing. sources tell us a deal could be worth one point $8 billion and an announcement may come this week. there are around 150 shops across 10 chinese cities with plans to expand that to more than 1500 outlets. we learned the beijing capital group is mulling the sale of its new zealand waste management unit which could fetch about $1 billion. they have asked for proposals on the divestment and could also consider selling a partial stake

in the business. haidi: let's check in on how this friday's session is faring and how we are setting up for the start of trading across major markets this morning. we are seeing upside of about .3%. we have the manufacturing pmi showing expansion at a faster pace in july, continuing to come in over 60. inflation expectations for new zealand rising to a seven-year high ahead of the meeting next week. sidney futures up by .4%. we had a national cabinet meeting when it comes to the extent of the lockdown as virus cases continue to surge here. in japan, futures looking muted, edging up slightly as concerns over the delta variant, the tokyo panel saying that the virus is out of control in japan. kospi futures of the laggard, .4% softer. coming up in the next hour of "daybreak asia," our guest says it is not about growth versus

value. we talked to her about finding value in growth. women led -- a woman led capital firm will be joining us for the latest on alibaba and the #metoo movement in china. that is it for "daybreak australia," but "daybreak asia" is the next. -- is next. ♪ (announcer) back pain hurts,

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haidi: very good morning. i am haidi stroud-watts in sydney. we are counting down to asia's major market opens. shery: i am shery ahn in new york. china's crackdowns and the spreading delta virus set to subdue asian risk appetite despite another record close on wall street. beijing tightens funding for struggling residential property developers, restricting investment from private equity.