doubt on u.s. interests as far as asia goes. i am now joined by juliette saly. juliet, there in singapore, that is where she is talking as well. bit of a broadside to beijing. juliet fish absolutely, really interesting comments from the vice president on her first trip to singapore, the biden administration saying the united states is not asking countries in asia to choose sides. and that their engagement in the region is not against anyone country. we just heard, harris wrapping up those comments. michelle, your thoughts? michelle: as you mentioned, afghanistan has been a distraction all trip, something she needed to address. more importantly, the vp had been at pains not to engage on

the china subject directly but she did get into that here, she mentioned the south china sea, she mentioned beijing undermining the rules-based order. she did reaffirm that the u.s. does not want any country in the region to have to choose, so they are really reaffirming their commitment to being present in the region and the indo-pacific, it term that predates the current administration, but continues the u.s. policy of trying to get more involved in the region. one part was when she ducked about wanting to promote peace and stability, and impeded commerce, and commitment to an international rules-based order, i think all of that kind of wraps up what they are trying to do in terms of promoting the u.s. while trying to also be tricky in their downplaying china's attention, but also

pointing out the problems they have with the china vision. the other somewhat surprising part was offering to host the apec forum in 2023. a symbolic gesture that the u.s. is trying to stay involved in the region. really a recognition all around that this is an important part of their strategy. important part of their foreign policy. and hopefully a positive message brought to this region to key partners in singapore and vietnam. rishaad: michelle, we look at recent comments in light of what has happened with afghanistan, comments out of beijing suggesting that this move to leave the country is also a recognition, ultimately, of america's decline, continued decline. the broadside about the claims beijing has on the south china

sea as being unlawful, certainly, it was a speech which did spend a lot of time attacking, i suppose, the policies being conducted by the middle kingdom. michelle: yeah, it is really kind of a complicated debate going on around what is happening in afghanistan. china might see openings to promote their vision of international involvement and how they might get involved not just in afghanistan, throughout the region. what you saw today were efforts to push back, to remind others in the region what the united states believes is not a favorable strategy going forward, even for the economies in this region. it is interesting, being in singapore and vietnam, these are two key players. singapore has been at pains to talk to both the u.s. and china about various things to advance, and interests in the region.

vietnam is a little bit more pro-u.s. in that regard. so an interesting venue for her to take her message later today in hanoi. but it was an interesting -- a bit unexpected to attack china so directly in the speech. we will see where it goes from there, coming off rocky talks in the past few months with chinese officials. rishaad: michelle jamrisko in singapore for us. let's have a look at the markets. the thai market, bangkok is positive, at the moment gaining the most in the week. all this as china prepares for life with,, changing direction. perhaps relaxing some restrictions. as the country is suggesting --

suggesting that the country's strategy should be to learn to live with covid-19. nds trading day, red-hot stock market, up 1.5%. we did get that big story late yesterday, about india. over the next four years, they will monetize some government assets, a move aimed at encouraging private investment as well as plug holes in the coffers of the government, juliette. juliette: very positive in asia. we have seen an extension in china's csi 300 index. the materials index is up 2%. consumer staples index also rising by around 2%. it is this move back into tech stocks. have a look at the hang seng tech index, gaining 4.5%,

extending its two-day gain 7%. suggesting some further upside for wall street as well when we see markets reopen, after the fda approved the pfizer/biontech vaccine. of course, it was under emergency use authorization prior. that could potentially lead to more maxine mandates. oil continuing to hold its gains after its biggest jump in nine months. a very positive risk on session. let's get to the broader economic picture. our chief economist at bank of singapore is here. looking ahead to jackson hole, it has been moved to a virtual summit. what does that tell you about the risks still out there with the spread of the delta variant, which jay powell has always indicated would help decide when

they would taper? >> it appears like it will be the focus of the current meeting. it doesn't look like it'll be as adversely impactful this time around. i expect the fed will sound optimistic. jliette juliet fish, more broadly with this optimism, when we look to see perhaps what could happen with the bank of korea later this week? -- the spread of the delta variant there still seems to be

affecting the activity. the pmi data we got yesterday from japan, the united states and the united kingdom suggests the impact may not be as bad. in this case, the bankers may seem important enough to call the rate hike. but the markets would not be surprised if they stayed on hold, just like the rbnz did last week. rishaad: we're seeing a little more hawkish and is creeping into other central banks. indonesia, for one, reiterating their plan to reduce liquidity next year, saying that participation in actions may be lower, but they will still be on standby. is this something we will be seeing across south east asia as perhaps people start to think about the concept of living with covid rather than trying to fight it? of course, that will be

contingent on inoculations. >> yes, i think the markets will start anticipating that all countries in asia will be shifting away from this zero cases intolerance of covid to a more european or u.s.-style approach of tolerating covid cases. if that is the case, central banks in southeast asia will start to tighten their policy. the economies can live with the pandemic so we can expect prices to go up. rishaad: looking at also what the pboc has been doing, vowing to boost credit support, this against the backdrop of what the commerce minister was talking about yesterday, which was them looking at a rough year for trade next year, may be at the

end of this year as well. what did you make of all of this? >> certainly, policymakers are concerned about the short-term economic outlook in china, give any have had new cases of the delta variant in china. and then, of course, the global shortage of semiconductors. it is affecting china's exports. you have already had the chinese central bank made one rrr cut. more than likely they will consider further moves if china's economy keeps slowing. it does control market sentiment. that micro policy it is likely to remain supportive of china's economy. juliette: despite all of this that you mentioned, you still have a positive outlook that the economy will record fast growth this year.

tell us more about that thinking when we ask if you are concerned about the unknowns and the spread of the delta variant. >> sure. i think we will still get historically very high growth. about 6% growth in the economy. we think vaccinations will ultimately overcome the delta variant, and allow economies to reopen. we think central banks, they will still be slow, particularly in the major economies to start tapering. the administration might able to get more infrastructure spending through congress this year. the outlook still remains supportive despite these near-term risks we are seeing,

particularly with the delta variant. rishaad: months or more hooded in, elizabeth. we have fed chair jerome powell, special coverage of that coming up on friday. let's find out what is going on in terms of that first word news. we go over to new york and join vonnie quinn. vonnie: hey, thank you. president joe biden says full approval of the pfizer/biontech covid-19 jab should clear the way for more private companies to impose vaccine requirements. the fda granted approval for the short for people 16 and older, as u.s. average covid daily deaths topped 1000 for the first time since march. it is the first vaccine to be fully cleared by u.s. regulators. this company has started issuing new disclosure requirements as the chinese company is seeking to go public in new york.

they are also reportedly being asked about the risks of the chinese authorities may interfere with company operations. the taliban say there will be consequences if the u.s. delays its troop withdrawal from afghanistan past the august 30 one deadline. u.k. prime minister borris johnson is said to be pushing president biden to delay the pullout. the airlift is expected to dominate discussions. the pentagon says military officials are in constant contact with the taliban, coordinating evacuation efforts. prime minister justin trudeau has expanded out of the block in the campaign. his prospects for a majority or weakening. preliminary surveys still give his party the advantage but it

has dwindled. canadians vote on september 20. ships have resumed movement in shanghai after a two-week shutdown to quarantine dockworkers. the terminal is still closed. bloomberg data shows container ships have left in the last few days. one french shipper told customers that for operations should return in the coming week. i am vonnie quinn. jules. juliette: still ahead this hour, china's tack in focus,didi delaying expansion. and you requirements for chinese listings. rishaad: plus, we are counting down to the start of the trading

day in india. an infrastructure leasing plan. can the government raise money? we will also be discussing the country's vaccination goals with the chair of india's national technical advisory group on a midsize nation's -- -- on immunizations.

juliette: you're watching bloomberg markets: asia. we are particularly looking at chinese stocks listed in hong kong. we had kathy wu from jd.com. it outperformed on sales. jeffrey's saying that their business model aligns with regulations, raising the target price.

analysts positive on jd.com. 10.6% gain. it could go into other stocks. tencent up 4%. the hang seng tech rally extending its gains over -- a two-day gain of around 7% now. rishaad: you mentioned jd.com. we had the tech crackdown in china, but their sales were a big beat, pretty much down to consumer spending increasing. correspondent stephen engle is with us. what is jd doing which is different to alibaba and the likes of tencent? they both saw sales, not exactly what you might call as good as they thought. stephen: their sales did meet expectations. rishaad: but they were still pretty big the. stephen: sure. jd is not a big high-profile

target of regulators, but they are ensnared in the net. jd.com shares are down 40% before today's rally since the peak in february. they had been ensnared. the boost from the second quarter was their equivalent to the alibaba single days in september, well, jd has it in june. they got a big transactional volume boost, up 26%. that was better than expectations. so you are may be finding investors going, this is good news in the chinese tech space, another chance to maybe bottlefeed a little bit in the company. analysts are saying it has fairly good fundamentals comparatively, and they have good revenue, better-than-expected. bottom line, it is up today. juliette: let's talk about to didi suspending plans to expand to europe.

do you know why? stephen: they have all kind of regulatory issues. they have suspended new subscriptions in china. there are some revenue issues with d.o.d. -- didi. the united kingdom, france and germany, they have already gone into south africa, kazakhstan and russia. you go to these new markets, you have to spend money on marketing. and right now is not the time for them to do that. i want to redo bloomberg intelligence, talking about didi suspending their plans to go into euro. markets in australia and europe are weak. marketing costs may sustain hefty losses. with much smaller profits, didi may need to rethink its

international strategy. that is where they stand right now, under regulatory pressure and maybe extending themselves too far with their plan in going overseas. rishaad: stephen engle, our chief north asia correspondent. still ahead, we are looking at chinese stocks, a bit of a tear up at the moment. are we seeing them beating of -- shaking of regulatory concerns? we will hear from our next guest. jules, give us a sense of what is going on with ever grande. juliette: it is up 6.7%. nine sessions of losses, but they have raised 154 million dollars after appearing their stake in some banks, continuing to downsize to stave off the liquidity crisis. so it is part of this broad-based rally you're seeing.

multi-shares also advancing as much as 4.4 percent. remember, this area was hit friday as we saw the distillers come under pressure. we will continue to keep you updated on these broad-based rallies we are seeing. cpi coming through in the china equity markets. stay with us. . more to come. this is bloomberg. ♪

>> let's check in with some of the morning calls. sophie kamaruddin. this stock surging to multiyear highs. it is quite something. thing is, it is looking less like a short-term spike. >> yes, already, you have pent-up demand for one. supply disruption.

port congestion. investor capacity will stay tight. so shipping remains the place to be for momentum and growth stocks. pulling up the board, look at morgan stanley. they expect shipping will be an upside goal for the next 12 to 18 months. we are seeing shares of this company claimed to multiyear highs. juliette: we are counting down as well to the mumbai open. narrowing markets, and that is raising some red flags to some investors. sophie: that's right. citi is cautious on this company. seeing an upside to their september 2022 target for the nifty. analysts have put allocations towards a defensive tilt, even

as they do struggle with high valuations for such plays. they are seen as having better risk dynamics as well as industrials. citi has reviewed their underweight position on autos. rishaad: sophie kamaruddin, thanks. let's go to the chinese market. we have a move to the upside, perhaps peering some of the gains. 1% up on the csi 300. concerns over the delta variant of covid-19. some of those concerns being allayed. we have tech stocks in china also moving to the upside. let's have a look at the stock rally. you can see where we're,

currently, the position for chinese equities as we head over for the lunch break in shanghai and shenzhen. a lot going on. central banks also in play. this is bloomberg.

juliette: you "bloomberg markets: asia." in india today, these two companies will start trading after their ipo's. bese is among one of the companies holding shareholder meetings today. in india's transport minister is expected to chair a meeting of the infrastructure committee. rishaad: we also have india planning to raise $81 billion by

leasing out infrastructure assets over the next few years. that is to find capital expenditures without ultimately pressuring government finances. let's get more with our next guest. the modi government -- the narendra modi government announcing this monetization pipeline. it was announced by the finance minister yesterday. give us a sense of what this program is and what it constitutes. >> thank you. basically, the government plans to raise approximately 6 trillion rupees, or $81 billion by leasing out state owned infrastructure over the next four years. it plans to lease out airports, ports, railways, gas pipelines, power transmission lines, after which the assets will have to be handled back -- handed back to

the government. this is part of a broad government strategy. only a few parts of it will be opened up to the private sector. the government plans to raise 80 billion rupees in the first year. maximum revenue coming from monetizing roads and railways. . this will free up a lot of government budget money for infrastructure creation and give access to sectors such as railways, which have been so far apart part of the government monopoly. juliette: tell us more about the reasons behind this decision. >> this particular program, the monetization program is very key to the government's aimed to narrow its deficit. this particular program basically is to free up a lot of

budget funds and look for alternate avenues to generate funds. this is a move in that direction. there are projects which the government wants to finance. this particular pipeline and method of revenue generation, the government thinks it will be able to finance its key infrastructure projects with this monetization move. the revenue so far has been boy and but the government has not been able to move much successfully on its plans. the government is looking at this plan to narrow the budget gap while at the same time being able to create a new infrastructure, to create jobs. juliette: thank you so much, shruti. let's get the first word news with vonnie quinn.

vonnie: the u.s. vice president has said beijing is using coercion over its territorial claims in the south china sea. speaking in singapore, kamala harris directly targeted china, saying its claims of the are unlawful. she said there should be no doubt on u.s. interest in asia. v.p. harris: our engagement in asia and the indo-pacific is not against anyone country, nor is it designed to make anyone choose between countries. instead, our engagement is about advancing an optimistic vision that we have for our participation and partnership in this region. vonnie: in singapore, the number of locally transmitted covid-19 cases jumped, after 59 any infections were linked to a dormitory for foreign workers in the north of the island. daily case numbers of 94 are the highest for more than two

weeks. this comes as singapore looks to shift away from a so-called zero tolerance avenue. the u.s. is reportedly pressuring israel not to allow a group to win a tender to build two light rail lines in the tel aviv area. a business website, calculus, says the topic will likely come up thursday when the israeli prime minister naftali bennett, talks with president biden. five groups are said to have submitted bids for the businesses, three of them chinese. china shutdown 145 accounts on this social media platforms, some of which have been sympathetic to a popstar who is accused of rape. the social media giant said it closed the account because they published information that is harmful for maintaining social order. the popstar, who is chinese-canadian, was arrested in july over several sexual assault allegations. 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. ♪ juliette: alright. we are seeing a pretty broad-based rally, asian stocks having their best to gain since february. a number of factors playing into this. you have alibaba and tencent among the biggest contributors to the overall benchmark gain. jd.com is flying, up 10.3%. analysts upbeat after they had some -- among their sales. i want to point to the airline index in asia. really rallying on the news that u.s. regulators have given approval for the pfizer and biontech vaccine. really leading to that reflationary opening theme. airlines up 1.9 percent. macau gaming shares are also up after authorities announced an easing of policies.

and this broad-based rally is coming through in commodities. oil posting its biggest jump in mind months -- in nine months. copper and gold seeing some really big gains. brent and wti having the best gains of this year. still some concern about the delta spread, but there certainly seems to be some change in tone, in positivity. . will the vaccines get us out of this and will we see the reflationary trade come back? rishaad: indeed, that is the subject of our interview after the, break vaccination goals for india, an interview with the china technical advisory group on immunization -- an interview with the india technical advisory group chair.

rishaad: er back with "bloomberg markets." we have the dubai open about seven minutes away. the country saying it may record an unprecedented 600,000 new infections a day if the country fails to boost the pace of vaccination and avert a third

coronavirus waived. india battled with a -- india may be battling a surge of cases as early as october. let's discuss this with narendra arora. thank you for joining us, doctor. give us a sense of where we are with the vaccination program in india and this fire warning coming through. >> we started our covid vaccination program on january 16 of 2021. and as of yesterday, almost 580 million doses have been dispensed, administered. with that background, what is our target? we intend to immunize 920 million adults by the end of this year, give them two

doses. and our aim is that we should be able to reach and meet our target by the end of the year. the whole purpose is that we immunize as fast as possible depending on the supplies, and we are totally on indigenously manufactured vaccines. we do not take into account vaccines from abroad. rishaad: tell us about the new vaccines. you have j&j and various others. what are you going to be concentrating on, and are you confident that you have enough of them? dr. arora: yes.

zyko vd, which was given emergency use authorization to three days ago, will contribute about 10 million doses a month, which will certainly increase our availability. but our major flyers are serum institute and pfizer and biontech. serum institute of india is contributing almost 100 20 million doses per month. we're expecting it will further increase to around 150 million doses a month. and the other one should also come up rapidly. because of many glitches, there have been some --. in september, we expect it should be providing us about 120

million doses. then we have the russian vaccine which is manufactured by companies within india. that, plus zyko vd, and another two manufacturers. one which india has done advance order. and another is an indian mrna vaccine, genoa. that should also be available. these companies are in phase three but they are already preparing their vaccines. so by the end of this year, we expect about 1.8 billion doses. august is already gone. so in the next four months, we

should be able to have about one point one billion doses available for our people. juliette: doctor, this is increasingly becoming, as they have been mentioning in the united states, a pandemic of the unvaccinated, and there's concerns of another wave in india. tell us to that point, how worried you are about that, and when do we start looking at vaccinating children too? dr. arora: i think the major difference between india and several of the other countries, we are observing a vaccine eagerness. usually vaccine hesitancy is not a major issue in our country, number one. number two, as the vaccine supply chain improves, we will keep on. our daily capacity, we have shown that we can administer after 9 million doses a day.

our total capacity is around about 12 million to 13 billion doses a day can be administered. this comes from our experience in the polio campaign -- 12 million doses to 13 million doses a day. as vaccine supply improves, more will start coming up. the routine immunization network has been used, the infrastructure has been used to administer the adult vaccines. you asked about child legalization. at the moment we have this first vaccine, zyko vd, which is approved for children 12-17 years. it will rollout in october and onwards. we are developing a list of children, priority children, that means those who have comorbidities.

so at the moment we just give to those with, billy's, because the child population -- those with, billy's. below 15 years, we have 500 million plus children. they will be taken up after the adults. juliette: doctor, by the end of the year how many vaccines do you think will have approval and when will we see the vaccine export ban end? dr. arora: we should have six or so indigenously-manufactured vaccines by the end of the year. although we have given emergency use authorization to johnson & johnson and moderna. technically they are approved, but they are not available in our place. and associated with covax facility in w.h.o., so i know

the importance of the question you're asking. almost 60 countries do not have any access to the vaccine. india could provide a substantial portion in 2022. as soon as we are the adult population, we will have sufficient vaccine to share with the rest of the world. rishaad: dr. narendra arora from the national technical advisory group on immunization. . let's have a look at what is going on in singapore. we have, the harris, u.s. vice president -- kamala harris, at the moment having a roundtable with singapore's minister of trade, discussing supply chains and the like. this is her message coming through to the attendees of this. v.p. harris: be it a pandemic or be it the climate crisis or what we have known from before, just

the fact that the global demand for the products and goods that are produced in our society is greater in many ways than the supply. it is our perspective that when we look at the disruption to the supply chain, this is an issue that requires all nations, in particular, nations that are in partnership, and our allies, that we should coordinate, understanding that no one of us can actually produce or satisfy the demand. so there must be some collaboration and at least some coordination around what we do to meet the demand. this is the issue we are here to discuss. i will say that, here in singapore, i have spent a very good amount of time yesterday with the prime minister. minister, i want to thank you as well. it has been a very productive

conversation. the prime minister announced two new efforts to ensure a resilient supply chain. one, we launched the u.s.-singapore partnership for growth and innovation between the u.s. department of commerce and the ministry of trade -- department of trade ministry in singapore. to fight the challenges we face in terms of the need to enhance supply chain resilience. he and i had an extensive conversation about this yesterday. we understand not only that the issue relates to our mutual vision about what we can do to improve systems, but it obviously also is about the shared challenge that we face. so i want to thank the minister for his participation in that event. we also announced a new united states-singapore dialogue on the supply chain which will bring our top government actors to enhance cooperative efforts to promote greater supply chain resilience.

and, as you know, i just gave remarks outlining our vision for that partnership. i want to thank everyone here for this conversation, because i do believe there is so much in particular about the pandemic that highlighted the fractures and the failures and the fissures. this moment gives us the opportunity, borne out of crisis, to fix and find solutions out of long-term issues that have challenged us, with a vision of the future and how we can be more efficient, more collaborative and in particular for the united states to build on our partnership as a member of the indo-pacific region and as a partner who has a sustained, long-term and ongoing relationship with south east asia and, in particular as

we are here right now, with singapore. so i look forward to our discussion. i thank each of you for your time and for the work that you do. thank you. >> thank you very much, madame vice president. now i would like prime minister -- to give his remarks. >> good morning. first of all, lemuel, vice president kamala harris to singapore. i hope you've had a very fruitful visit so far. the pandemic has laid bare the importance and the capacity of our global supply chain. rishaad: we will just leave things as we get over to india. we have the opening of the stocks about five minutes ago. let's see what is happening with regards to price action. certainly what we have been seeing in this part of the world has been raising equities. we had indian stocks open on an absolute tear. a red-hot market as sophie kamaruddin described it earlier on in morning calls. a little more muted than other

parts of the world. that is currently the position therefore equities in india. juliette: i think, as sophie was pointing to, the chart showing that this was -- some skeptics pointing to the lousy market as a sign that gains could be harder to come by. you have got participation in the rally even as the nifty 200 sees fresh record highs. the number of companies above their 250 day moving average has tumbled. further pointing to what sophie was talking about two the red flags in this red-hot market. rishaad: let's get over to the hong kong exchange. the collaboration with msci gives global investors another tool to hedge. we talked to the msci chairman

and ceo, henry fernandez. >> there has always been a lot of talk. in every major market of the world, there has been a time in which indian shares. were called investable there was a time in the distant past in which mexican shares were called un-investable because of various actions of the central government in those countries. we have seen the regulatory compliance in china happen every three to five years. the markets have sold of. f but very quickly afterwards, the markets have recovered and have gone to new heights. so i think we have got to look at this process is that the chinese regulators are going through in the prism of the past, and also across other markets in the world. there has been a lack of regulatory oversight in china.

we criticized them on the other side as well. we have to see how it all shakes out. but i think it is important to keep in mind that countries go through periods like this. there is no country that is exempt, including western countries. >> does the nature of the regulatory crackdown, the volatility of chinese markets and what authorities are trying to do their, does it change the tone and the timing of discussion and approvals? i am wondering if approvals get a lot quicker. are they sped up when there is this sort of regulatory attention being paid? henry: i think it has to be some effect, in times of volatility, for example, it is even more important to have the right risk management tools and hedging tools for the market. this whole process about approving the launch of a share

futures in hong kong has been long coming. it was much more about secular perspective than at the moment of time. we have been working on it for the better part of four years, and it came down to the regulators and the exchanges making sure that this was properly structured. so, as i said, there had been a link. bunker hill developed a system of --, and obviously, the cash market, through the connect program through shanghai and shenzhen. hong kong is the largest market in the world including exposure to china. obviously a great trading center for the yuan. the link was the derivatives

market. so we have been working with the regulators and the exchange to get to that point in building this ecosystem that, all of it together is greater than the sum of the parts. so we're very happy that that is taking place now. >> let me turn to crypto. you have said in the past that you are talking to experts about developing some cryptocurrency indices and products. do you know at this point what crypto assets you are focusing on? henry: we are still exploring options and talking to experts. but we are very bullish on digital assets and the prospect of blockchain technologies associated with it, obviously including cryptocurrencies. they think they have a role to play in the world. we are looking at that. we are looking at it from the point of view of direct exposure to the various types of cryptocurrencies. we are also looking at the climate change aspect of mining and the like, and also at the disruption that this could cause

in other parts of the fintech world. so we are looking at all of that. it is too early to tell at this point what the right products will be. but we will be announcing something in the course. juliette: that was the msci chairman and ceo henry fernandez speaking exclusively with bloomberg earlier. the msci index is up 6% in the past. rishaad: 10 years let's see what is going on here, macau casinos are on an absolute tear, having the best day this year. it is on the testing procedures of travelers coming to the island. authorities there are starting --, those travelers who have not gone to foreign countries or come to hong kong or taiwan are required to hold a negative covid nucleic acid test taken

within the last 48 hours. lifting those shares. we have "daybreak: middle east" coming your way next.

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manus: this is "daybreak: middle east." yousef: stocks climb as u.s. regulators give full approval for the pfizer vaccine. president biden implores americans to get their shots. manus: it has been a year since jay powell rolled out a new way of getting monetary policy at the fed. questions swell about whether the plan is backfiring. yousef: the head ofsc