>> very good morning. welcome to daybreak australia. >> we are counting down to asia's major market open. quest good evening. -- >> good evening, i am shery ahn. policymakers are divided on the taper timeline. >> a warning from tencent, the chinese tech giant said

investors should be bracing for more regulatory curves -- curbs on the sector. >> we are seeing u.s. futures under other bit of pressure but this is after the s&p 500 fell from the july meeting. most officials agreeing the taper timeline could come later this year. a little bit of a mixed bag on exactly when but when it comes to pairing back asset purchases, it seems those consensus is are ready for this year. we had stopped briefly rebounding but given the minutes also showed most officials saw benefit in treasury tapering, we continue down. we had wti dropping to the lowest since may. it is surprising given the meant outlook. a little bit of turmoil in the treasury and dollar market but

not much change there. the dollar still at that one month high. look at this chart on the bloomberg. it is all about what the minute said. we are seeing the fed's referred inflation target. given that the inflation goal has been achieved. they are still not there when it comes to the unemployment target but we continue to watch that very closely. when it comes to the market, it is not just about tapering. tapering would be removing support from the market but it is also about a rate hike which would be an outright tightening. we continue to watch what will happen on that front. even if you taper first, it will not really pressure a rate hike anytime soon. at 21 basis point hike.

>> it seems prudent to conflate the two measures because that gives the fed quite a bit of flex ability in terms of how they tweak this gradual return to normalization but i want to go to that labor market point because there were concerns within the sentiment we see from the fed that there is risk when it comes to short, medium and even longer-term slack in the labor market given the destruction we saw from the pandemic. even if you look at the return to the estimate, we would be reunited with colleagues. the delta variant has abandoned all that. we are now seeing wall street really having to redo the return to our plans. capital incorporation being the

latest to say they will not return to november. we will see that requirement be vaccinated increasingly. >> invited administration -- the bite and administer ration doing a u-turn when it comes to booster shots. we have a timeline coming out on the 20th. we will also be watching the china open because we may see some sigh of relief when it comes to the chinese credit market. we know that government act investors -- we will be watching that closely. we have seen that recovery there as you have seen on par wrong bonds given the first signals that finally the government would step in. although the government also stepping in when it comes to regulatory concerns. we had tencent taking a hit. their earnings really showcasing that slowing growth. especially given that they have been really concentrated on the

gaming sector as well. they are now bracing for more regulatory measures. >> yes, thinking of those regulatory measures, one of the hardest hit sectors is online education and education tech. we have an update on beijing's measures, admitting they will have a material adverse impact on operations. the company compliance will have a material adverse impact on the existing business. it is a heavy burden to bear when it comes to these education tech companies that have been on the frontline of the latest crackdown from beijing. our next guest is taking a look at the fed. saying inflation remains a bigger concern than unemployment in the u.s.. dana joins us from pennsylvania. great to have you with us. on the balance of things, given that there still seems to be

some volatility in the data, is it prudent for the fed to keep continuing to take a longer-term objective here? >> i think the top of tapering is prudent. we have a lot of economic sources here. i would say the top of tapering is expected, it is probably priced into a large extent. tapering probably starts at the end of this year. we have some influential speakers saying they expect tapering. i think this is expected. i don't think it will be that harmful to markets. >> what is harmful to markets? we see this goldilocks scenario continue. you get this feeling that the numbers were quite vast but the

outlook for most companies, not so much. >> 2022 has a lot of focus for people we are talking to now. certainly the prospect of the tax increase, how much will that shave off of corporate earnings. the interesting thing is one of the economic firms we worked with, they would be harm to the most. they are not seeing a lot of that priced in yet. it is still too broad a range of outcomes to know where we are going to go with this. i think that uncertainty is difficult for markets. the debt ceiling is difficult for markets. where will we land in terms of how the 2022 earnings will be impacted? i think everyone expects something. it is really hard to price that in, the wide range of outcomes. >> not to mention retail numbers

not doing very well. consumer confidence slumping. how big of a concern is this if we actually do see consumer pulling back on their purchases? >> it is funny. we have gone from deflation worries to inflation worries. it is probably premature to be concerned about it at that level. i think you are absolutely right. the covid variant, it is very interesting. we are in the retail advisor world, conference season. it is very touch and go. will be -- will we be able to meet in person again question mark we really thought we were reopening. the question is where are we going to go with this delta variant? our school is going to reopen?

you are right on target. that is what we are hearing. >> radio tour concerns and china really pulling back those chinese adrs. especially the tech sector. we are seeing the divergence between china tech and u.s. tech with northeast asia really being more weighted toward information technology, since the financial crisis, much of this adds to the vulnerability of those emerging market stocks? >> great question. this is an area that our research team has looked at because we have seen such an evolution in the emerging markets and the posture a lot of our clients take, going for the cyclical approach to more of a tech driven one given how the economy is reflected and how the sector is reflected. china is a huge piece of that emerging market index.

you have a certain allocation to emerging markets to automatically get to china. there is concern there. interestingly, you're even more tech weighted. all that i would say, particularly emerging markets, we are not saying you should step out of this. i think a lot of the guidance that we get -- what is the view in terms of how your emerging markets are. maybe a cap on that. quite great to have you with us. we do have the start of a very easy earnings day here in australia. we are getting numbers out from the treasury, reporting the final four years.

510.3 million aussie dollars. net income coming at -- coming in at 250 million and that for your number when it comes to the number is slightly better than expectations. of course, this is a winemaker that has been heavily affected, was heavily affected by the chinese tariff on bottled australian wine exports. this is recovering on the back of other shifts to market. sophie: earnings are in focus along with the potential for tapering. after that loss we saw for fed stocks, we have more earnings out. we have a sex, an evolution.

flipping the board in china, we have china unicom. we are also keeping our eye on the pricing of the first major local debt offering from the chinese tech company since the crackdown began from beijing. we are checking in on the kiwi dollar this morning. we are seeing it trade below 69. little change as we digest remarks from the governor in which he said the next opportunity to raise is in october. in light of the economic rebound and capacity pressures. he says there are no plans to deviate from the schedule. pulling up the chart, we have a dovish pause expected from indonesia. we will also be watching for any signals on budget financing from

the central bank. that could add downside pressure. >> we will be watching. over to vonnie quinn. vonnie: united arab emirates says it is hosting the exiled afghan president after he fled afghanistan. he said he wants to prevent bloodshed, adding he is in talks to return to afghanistan and that he did not flee with any money. the taliban has set up checkpoints at kabul's airports, preventing citizens from playing. the taliban led afghanistan cannot access special drawing rights ahead of an allocation set for next week. the country has $450 million worth of strs. house members say 18 republican lawmakers had urged janet yellen

to intervene to prevent access to the funds. bloomberg's learning details about the types of questions the sec is asking chinese companies applying to go public in the u.s.. we are told they focus on their offshore corporate structures. theories include the nature and direction of cash flows which allow for circumventing beijing restrictions on foreign ownership. the sec has added four disclosures on foreign and regular tour risks in china. 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. >> still ahead, we will speak with the ceo of this argentine tech startup which closed its d financing round. up next, tencent warns of more

restrictions from china's regulators as they report slower topline growth over two years. we have the details, this is bloomberg. ♪

>> chinese tech giant, tencent has a stark 24 investors. great for more regulatory curbs on china's tech sector. this is the slowest pace of quarterly revenue growth in more than two years. let's cross over to stephen engle and hong kong. >> anything they had to say on this regulatory crackdown was

going to be over the results. we want to get to the guidance coming from martin lau. the president of tencent. in the past, results since this crackdown as they navigated the antitrust warnings and the crackdown on gaming and educational tech, martin lau always talked about compliance being our lifeblood. they wanted to get ahead of anything. here he is doing a longer-term morning. he is saying more regulations should be coming. this should be expected because the regulation has been quite loose over an industry like the internet considering its size and the importance. that has been a main point we have been talking about for several months. quite a few months since the rigor tory crackdown began last autumn against alibaba. regulators are playing regulatory catch up because that

lacks regulatory framework allowed this. the results are a result of this crackdown in the second quarter. a slower pace of quarterly revenue growth since early 2019. gaming, one of their bread and butter sectors is underperforming. have cracked on online tutoring. tencent backs a couple of big companies like vip kids. that industry is being dismantled. nationalized some would say. a big revenue generator from advertising spending. that will have a spillover effect across all companies. traditional educational tech providers are not spending on advertising. net income, sales rose 20%. that was in line with expectations but the slowest pace since early 2019.

net income did beat expectations. 42.6 billion you want. it is not so optimistic because largely, 20 billion of that game, more than 20 billion you want was on investments globally. we chat is the big ecosystem. it is under pressure. we chat suspended new user registrations. they have been criticized for walling off other consumers who maybe use alibaba services. that is a key component of the antitrust crackdown in china. >> interesting timing for by duke to be tapping the global bond market. what do we know? >> baidu is not being specifically targeted but is -- it is one of 30 companies summoned to one regulators of anticompetitive behaviors along with tencent, alibaba and all the victims of chinese tech.

when the tide is going down, all the boats sink as well because there is less money to be sloshed around in advertising spending. it is a very interesting time for baidu to hit the bond market. but shall me did hit the global bond market with a 1.2 billion dollar offering back in july. it was $7 billion in demand. from domestic and international investors. this is the first major global offering. xiaomi did 1.2 million i do was consider the first major one. it will be for general purposes. baidu is repositioning itself. it launched as a search engine, the search engine if you will, the google of china but really transitioning more into

artificial intelligence. ride-hailing, the cloud services and autonomous driving and the like. it needs some money to be raised there. they are tapping the global bond market and there seems to be some demand. >> that was stephen engle there. you can get more analysis and context when it comes to china's crackdown on its tech giants on redline china. earnings coming in. the casino operator -- they have not declared a final dividend post share. impact numbers coming in at 106 t .4 million. that is slightly higher than expectations. that is much worse than estimates of 103.7 million. they are saying that they are

continuing this conflict. the stock to get a bump up. we heard that they were going to commence novation she asians -- negotiations. you can catch that interview at half past 2:00 p.m. here in sydney. quite coming up, nvidia shares on the move after the largest u.s. chip maker reports a beat on those earnings and forecasts. we have our report, this is bloomberg. ♪

we are watching -- >> we are watching nvidia. the company is warning that its bid to require -- acquire this company is taking longer than expected. ed: there was a major concession that talks were taking longer than expected. that is how nvidia phrased it. they flagged that they were transparent, qualcomm and intel phrased grievances. they underlined it with your still confident the deal will get done. they are trying to sell the virtue of it getting done. the value of the deal is now 50 billion. it was 40 billion at the time that it was negotiated. there is a real spotlight on this. we are at a stalemate when it

comes to regulators. >> where does this growth come from in the second quarter? >> with data centers and gaming, it was $.68 topline growth. nvidia continues to say that the global shortage of semiconductors will continue to -- continue for most of next year. demand is greater than supply. customers over order out of anxiety that they won't get the chips down the line. that seems to be boasting the -- boosting the topline for nvidia. >> ed ludlow with the latest. plenty more to come on daybreak australia. this is bloomberg. ♪

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haidi: we have numbers, bhp spin off. importing a net loss of $195 million, worse than expectations that bloomberg had been protecting and analysts had been protecting. we are also looking at in terms of the special dividend of two cents per share, the underlying margin of 26.4% of full-year underlying profit, lower than

the estimate of 524 million dollars expected. the net loss is less than expectations. $195 million, 3.5 cents dividend. you can get more with our interview of a ceo who joins us later on bloomberg markets. vonnie quinn. vonnie: minutes from the july federal reserve meeting show wide agreement among fed officials that they had obtained inflation goals but still need to make progress on their employment mandate. on the timeline of when to reduce bond buying, the minutes reflect most participants judge it could be appropriate this year. singapore will offer vaccinations to short-term visa passholders. they announced the decision,

saying the eligibility for expansion includes a special task holders such as those on training work permits. vaccinations will be made available to eligible short-term visit passholders who have been in singapore for 60 days continuously. former president richard sackler asserted ignorance over how many people died from oxycontin, the addictive painkiller. when pressed for answers, sackler says he did not know that. some of his family have come under scrutiny. they deny any wrongdoing. two u.s. senators want the federal trade commission to launch an investigation as to whether tesla uses deceptive marketing practices by lay building -- by labeling it as self-driving. the lawmaker said the automaker has repeatedly over-stated the

capabilities of its vehicles and that could be leading to deadly consequences. 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: australia reports job numbers for july later. the figures are expected to show a worsening employment picture. paul allen joins us now with more. what are we expecting? paul: it could be one of those reads that looks ok on the surface but then when you look closer, it starts to get uglier and uglier. the expectation is for the headline rate to go up from 4.9% in june with 43,000 jobs lost. bloomberg's own economist, james mcintyre, has a different view. he sees the on employment rate improving through 4.5% but with 50,000 jobs lost so that this can out -- the disconnect is for the participation rate, which is

declining, was expected to decline, and that would juice those numbers temporarily. the picture for august is likely to look worse still. sydney in its eighth week of lockdown. restrictions are slowly getting tighter. we have 600 33 cases of covid yesterday and the government today saying there up to 4000 unlinked cases in the community so that suggests cases will continue to rise while lockdowns will continue to remain in place, and that will put pressure on the jobs picture. shery: what is the rba saying about these lockdowns? paul: at the moment, steady as she goes. we did have the rba minutes out this week and it said the board should consider the case for delaying its bond purchases. those are expected to be pulled back to 4 billion a week by the end of september but the rba also said the experience suggests that once these lockdowns and, the economy bounces back quickly and that is the view backed up by some of the big thanks as well.

very well-capitalized, very liquid. anz says the mortgage deferrals are only 1300 nationwide, which is less than 1% for deferrals they offered during the fiscal year 2020-2021. in the backdrop, we have a slowly declining vaccination rate. at what point does vaccination get to a point where the economy can reopen? there is light at the end of the tunnel, unlike there has been for other lockdowns. shery: paul allen joining us from sydney. the reserve bank of new zealand governor, adrian orr, stood by the central banks policy path. he signaled that this step will be taken by the end of the year. kathleen hays is here with more. as we speak, we are hearing from governor orr speaking to a pro-mentor committee. kathleen: the message is pretty

much what he said last night about why they paused. this is going to be temporary. they are on a path to rate hikes. he is also being asked a lot of questions about home prices. was their policy excessively easy? this is one of the reasons they were expected to hike the rates. the lockdown in new zealand. the toughest restrictions is why they paused and made that clear. he is saying a lot of things here. i have no regrets with regard to monetary policy. he notes that in fact it was without doubt something that had to be done. he is also saying that he thinks that everything they have done is something he would be standing for, defending. he thinks they have done the right thing. it sounds to me like the parliament is calling him to task a bit. it is something that they have to do because of the structure they have. he has to answer to the government like any central

banker and this move he made was i think kind of expected after everybody knew that it could become of awkward for a central bank. maybe only a total of seven. it is still a big deal in new zealand so it is interesting that when he was talking about this at the press conference last night, he basically said, yes, we have paused because of the restrictions because of the virus, and we are pausing for now. let's listen to what adrian orr said. adrian: clear direction is to be reducing monetary stimulus, lifting the initial cash rate and then turn tightening monetary policy. this has not shifted us at all from that broad path. it has given us time for pause. kathleen: he said it last night and again today. the markets don't understand that the next move is going to be up and the rbnz's own projections indicate that they are going to hike the key rate

by the end of the year. there are two more meetings. october and november. some people are saying they are still looking for if these lockdowns work, if the fire is cases get fast under control -- virus cases get fast under control. adrian orr certainly left the door open to that. shery: for now, the rbnz prudence is actually making a lot of analysts and economists reassess how they feel about what other central banks could potentially do. kathleen: we have an mliv blogger who said he thought this could send other central banks in the wrong direction. it could prove to be a rash move. more of the talk is that, yes, as adrian orr said, what has happened in new zealand just shows how unpredictable and damaging the virus can be. the question that is more interesting is does this mean something for the bank of korea? they are expected to hike their key rate this year.

the market has always priced in -- priced out the odds of two rate hikes down to one and is interesting because rate moves in korea and new zealand often go in tandem. they are smaller economies, smaller countries, and we have seen them right now, both looking at the overheating housing market, rising inflation. is that another reason they could be moving in tandem? some are saying they will not hike at all. others saying that maybe they will hike but they will signal that this is a dovish hike on like the hawkish hold that the rbnz did last night. haidi: kathleen hays there. we continue to take a look at vaccine distribution and we were talking earlier about potentially this third booster shot being available sooner rather than later to all americans.

lots of different headlines that we are seeing when it comes to the pfizer vaccine versus moderna. it seems like they are still on top when it comes to shareholders despite a lot of the evidence we have seen new studies coming out showing perhaps the moderna vaccine could show more efficacy against the delta variant we are seeing from the likes of pfizer and astrazeneca. shery: retail traders seem to lighthizer now but it was not that way earlier in the pandemic. moderna and biontech with triple digit gains and pfizer sort of missed out with gains of around 35% or so. over the past five or day -- five days or so, pfizer has climbed to a record high so traders, retail traders, has been snapping up about $60 million of shares just on tuesday alone. but yes, this coming at a time where we continue to see this struggle over vaccinations. new york city mayor bill de blasio being sued for requiring proof of vaccinations. haidi: it is going to be really

interesting because of course new york is doing this. it is not just new york city. we have seen new orleans, san francisco, putting in place fairly similar vaccine mandate as well so it will be interesting to see whether this has the challenge and the legal grounds to stand on. but when it comes to mandating vaccines, this is really the new frontier because we heard from qantas ceo alan joyce yesterday saying he is requiring all 22,000 of qantas employees to be vaccinated, if you are a fine line worker, cabin crew at the airport. you have to be vaccinated by november. for the rest of the employees, by next year. my dad was one of the first i think in australia to be vaccinated because he just feels like if you work at an airport, you really do need to be protected and protecting your colleagues as well. shery: we will be talking more about the vaccination campaigns all over the world. coming up next, we will be joined by the ceo of an

argentinian financial services startup which was valued at $2.5 billion. our interview is next. this is bloomberg. ♪

>> you are watching "daybreak australia." we are seeing the offer you on hold steady with vol continuing to go nowhere.

wells fargo is saying it is coming to an end as they lacked the dollar index even in the face of relative -- regulatory risk and concerns. wells fargo staying place for a significant drop of as much as 2% in the coming weeks which could see the currency hit a new here today low. a big move in an otherwise sleepy summer market. not calling for a 2013 style of evaluation. following strong earnings, the e-commerce group, we have a bunch of analysts from citi's alicia, who raised to the price target to $335 from three and a $20 as we see strong revenue and user metrics. we have gamer penetration very much a key factor here. we have of course a push coming through from sea group.

shery: let's turn to a financial services startup raising $350 million in funding from softbank and tencent. that values the company at almost $2.5 billion. it plans to use the funds to double its workforce by next year and spur growth plans in mexico. let's discuss its business outlook with our guest. thank you so much for joining us today. really only after a few years of launching your startup, you caught the attention of many global players. not only asian giants but also george soros. what do you think they see intercompany and in the sector you operate in? >> i think they see a great debt in latin america which is over 50% of adults don't have access to financial so they see the opportunity to provide through

technology much better, much more conclusive, and much more transparent financial services. that is not availab region, and we have seen a flurry of innovation so what we are trying to do is give everyone an account with which to manage their finances. that could deepen financial integration as well as financial inclusion in the region. >> where next to? >> we have not launched but we are going to say we have a lot of verticals running in argentina. 25% of the young in argentina, 18 to 25-year-olds have uala, and we recently launched insurance as you have more cards in the market, people need more services. there is a huge opportunity in this market. in mexico, we have not yet launched savings or lending. we have over 200,000 clients.

sicko is a country of a hundred 30 million people -- 130 million people where over 50% of them have never had the ability to pay for anything online. 85% of mexican commerce has been cashed. we know this is a one-way street. there will be a battle in these kind of markets and we are hoping to win by providing a product that is simple, easy to use, and innovative through technology. haidi: how has the pandemic been critical as an impetus for getting some of the unbaked in the region to open up their first accounts and how much runway for growth do you continue to see from that? pierpaolo: i mean, the truth is that the pandemic provided an inflection point that hastened the adoption of digital money. in argentina, over the two weeks when there was a very strict lockdown, and even the factories for cars were closed, we amassed over 100,000 clients. when we reopen, we had more cards to print than all of the banks combined. so there is a huge opportunity

in markets like argentina where 75% of commerce happens in cash. in mexico, it is 85%. we think that cash is going to go away in 10 years effectively in the region as more and more of the spend those online, goes to subscriptions. you need a payment mechanism. we have one that is global to everyone. and then we have ones that cross from there. be that a merchant requiring insurance, savings account, or lending. we recently launched a by now, pay later product and it is amazingly successful because we help people build a credit history they did not have before and cash does not allow for that. haidi: does crypto play a part in your strategy? pierpaolo: we think crypto is super interesting and there's a lot of innovation happening in crypto. in latin america, we are regulated entities in argentina and mexico so that means we have to abide by the regulators.

truth be told, there isn't a clear revelatory framework for the on-ramp and offramp of crypto. if you only operate in the crypto space, it's easy. you can have an exchange and that works. if you are working with rules for kyc, and cards that give you access to the fiat system and central banks, you need clarity and there is not so much regulatory clarity. while we would love to innovate in that space, we need more clarity from regulators. brazil, colombia. we even see it in the u.s., driven by the u.s. senate. shery: how is the regulatory landscape when it comes to just to simtech, not only in argentina, but the rest of the region? pierpaolo: that is a great question. over the last five years, regulators have realized that the future of the economy is digital. we cannot have societies where 50% of people have access to

financial services and 50% do not. otherwise, we asked people to give them -- believe in democracy and capitalism but then do not give them an account. regulators where there is a new regime from the central bank and even chile, a country historically closed, are all opening up because politicians from the right wing and the left wing all love financial inclusion so we welcome that because we think that technology gives us a possibility of cutting around 80% to 90% of the fixed costs to provide everyone an account so we can fix this debt that our republics have had for a long time. just like it has happened in asia over the last decade, technology really brings about a fair opportunity for everyone to have a credit history, to be able to take a loan, and to be able to save effectively. haidi: really great to have you with us.

pierpaolo barbieri, uala ceo joining us. we have breaking news when it comes to earnings. an alert crossing the bloomberg. we are getting the numbers coming through. when it comes to the underlying profit, beating estimates, the shares have not been trading very well so far this year but we are seeing underlying profit coming in at 1.16 billion dollars, slightly better than expectations of $1.11 billion. net income also just flatly better than the $1.13 billion that came in at $1.16 billion. issuing a final dividend per share of $.40 per share. that coming through from new crest. we will be hearing from the ceo and the md will be joining us in the first interview, post results later at 9:10 in hong kong. lots more to come. this is bloomberg. ♪

>> a quick check of the latest business flash headlines. robinhood slumped 8% in after-hours trading after warning that seasonal headwinds will result in lower third-quarter revenue. the trading platform report of the second quarter net loss of $502 million on revenue of $555 million. crypto trading revenue soared more than 4500%. nissan debuted the latest

iteration of its iconic car in new york. the first refresh in over a decade. the automaker forecast a return to annual profit for the first time in three years in the coo -- and the coo says they will continue to push for electrification in core u.s. products. he added covid-19 outbreaks and a global chip shortage continue to pose a challenge. >> the chip shortage is driven by the capacity. the actions have been taken by our suppliers and this will also go away. whether this will go away and short term, i don't think so. whether it will continue in the long term, i don't think so, but it will continue. haidi: for months, the biggest u.s. banks pointed to september as a target for most employees to be back in the office. the delta variant appears to be appending those plans. joining us now for the latest is jenny surane.

we can almost hear the tearing of return to office plans from around the world. we are hearing revised dates been pushed out and the requirement of vaccinations. jenny: yes, that is exactly right. i think you are seeing vaccine requirements, mass mandates coming back on the table, and the big one, just seeing that september is not going to look like the return to normal that these bid ceo's want it to. we already have some of them saying maybe october, maybe november. really, everything is upended by delta. shery: we have seen some bank leaders pushed to the return to office. one of the biggest u-turns you have seen so far? jenny: i don't think we have seen any big u-turns. citigroup is a good example where they are still planning to bring it back -- folks back in september but put in place this vaccine mandate for their corporate offices and places

like new york, chicago, d.c., so i think you are seeing a lot of them trying to cling to this idea of getting folks back. definitely adjusting for the reality at hand. delta is this highly transmissible and contagious thing. trying to kind of calm those fears while at the same time get people back. haidi: jenny surane, bloomberg finance reporter with the latest. we have big interviews in the coming hours off the back of a penny -- busy earnings day in australia. the ceos will be speaking to us about their latest results and guidance going forward. that is it for "daybreak australia," ahead of that very busy day. "daybreak asia" is next as we count down to the start of trading in asia and inflation remains key but we will be passing some of those tencent results as well for the latest on what china might do next. shery: those regulatory concerns hitting chinese markets and chinese adrs here in the u.s.

this is bloomberg. ♪

haidi: hello and welcome to "daybreak asia." i am haidi stroud-watts in sydney. sophie: i am sophie kamaruddin in hong kong. shery: good evening from bloomberg's world headquarters in new york. policymakers could start tapering later this year. a warning from tencent.