trillion economic plan. a deal would allow the adoption of the senate's $3.5 billion tax-and-spend blueprint later today. there would be a vote in late september on the bill. the president is keeping the deadline he set for evacuations from the kabul airport. that is according to a senior administration officials. that means less than a week to fly out thousands of people from taliban-controlled afghanistan. leaders of other g-7 nations tried to talk president biden into leaving american troops in afghanistan after that deadline to keep evacuations safe. the musician had been a member of the rolling stone. he passed away peacefully in a london hospital earlier today

surrounded by his family. earlier this month, it was announced watts was to miss the band's forthcoming u.s. tour. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> it is 1:00 p.m. in new york, 7:00 p.m. in berlin. welcome to bloomberg markets. here are the top stories we are following for you from around the world. biden rejects g-7 demands for more time in afghanistan. the president six to the august 31 deadline to evacuate the country -- six to the august 31 deadline

to evaluate the country. -- evacuate the country. we will bring in the latest from washington for would we will all -- we will also bring you the latest for markets. the s&p, the highest on the street. we are also awaiting results from a two-year option today of treasury notes. we will bring you those lines as soon as a cross. and the u.s. announced a new supply chain initiative with singapore. we will discuss shortages and trouble facing supply chains. we are getting a look at what's going on in the two-year auction. -- option. i will bring in the headlines as they continue to cross. we know right now they were drawing 0.242%. that compares to 0.253% before the $60 billion option.

always want to keep our eye on these option results. we will go that in a moment with katie greifeld. the s&p 500 is at 44.87, up to -- up t 10th of one percent. another all-time high for the tech heavy index. the u.s. 10 year yield, gaining a little bit of ground. the dollar index, coming off 1/10 of one percent to 11.50. nymex crude, gaining. we saw contracts rising with nymex trading right now at 67.62. now let's get to the major headlines that caught my eye this morning. wells fargo, boosting the s&p 500 estimates for 2021.

strategists expect upward revisions to upset potential volatility, raising the year end target to 48.25 from a low target of 38.50. wells fargo was also introducing a 2022 price target for the s&p 500 of a 47.15. they see a little bit of drop next year because of the less accommodated monetary policy by the second half of 2022. a slightly down year in the year after this one. for more on markets, let's bring in the bloomberg cross assets reported. we are getting more headlines in terms of the two-year option right now. i gave you the major numbers, but we are also looking at indirect bidders. a lot of people are very close attention. the ratio is 265 versus 247 in

the previous option. how do you rate this one? >> you definitely saw some strong demand here. the fact that the one issued yield came through below that told you this option entails, like you mentioned, indirect bidders. it is a very watched category now as we try to assess foreign demand. the fact that it was a little bit higher than the average also tells you that you saw some demand here. there's a few potential reasons why. even though yields are incredibly low right now, this is the second highest two-year option to set pandemic began. pretty amazing when you look at the yield of about 24 basis points. analysts said expect to see some debt buying behavior emerge given that this was a relatively high yield, just looking at what recent options have been. you saw that come through today. you also might have demands coming into play here. we are expecting to see indexes

extent and duration i'm september 1 -- extent induration on september 1. -- extend in duration on some timber first. >> can terms of the year end forecast, we saw wells fargo razor target to 4825. you are one of the lowest on the streets. only bank of america i think is lower. we expect to see those rays as well? >> that will be interesting. bank of america has been sticking to the target. it's amazing now with wells fargo emerging as the biggest bu ll, now with more than a thousand points a spread when it comes to the s&p 500 year end target. one goldman was the biggest bull at 4700 or so, that was a

24% spread. that was the third widest in a decade. that number is even higher now. it really speaks to how much uncertainty is in markets right now. most of that is predicated on the path of the virus. in the u.s. and abroad, as we start to question the efficacy of vaccines against delta -- against the delta strain and other variance. there's usually a pretty great degree of dispersion. we know now it's even greater than normal. as everyone tries to grapple with the path forward from here. >> we have another great table showing strategist earnings estimates for 2022. the lowest come only looking for $205 eps next year. assuming no tax hike, is the earnings season that we seen in the u.s. so far prove out to be strong with higher forecasts, or

is the visibility right now because of the delta virus to difficult? >> it was strong. if you look at the percentage of s&p 500 reporting companies, i think it was not quite a record. we got there in the previous reporting season. it was pretty close. pretty close to 90% of all companies beating their forecast. now we are heading into a much more murky part of the year. you saw some of those reopening type sectors kind of lead the way here in terms of earnings growth. how that proceeds going forward is under a great deal of scrutiny. a lot of questions surrounding that. even if there aren't love downs or restrictions mandated by the government -- lockdowns or restrictions mandated by the government, whether people do that on their own can affect airlines, cruises, hotels, you name. already we start to see some of the mobility data that's really been boosting the stock market, keeping it afloat, start to cool. if you look at opentable,

restaurant bookings, those have seemed to plateau. we know that last minute cancellations for airlines are starting to pick up. there are a lot of questions. it makes it hard to really forecast what growth could be for those types of reopening sectors from here. >> thanks very much. great to have you on. katie grayfield come across asset strategist, talking to us about a couple of assets. let's turn now to washington, d.c. president biden, rejecting calls from his g7 allies for more time to evacuate people from afghanistan. sticking to the august 31st deadline the taliban demanded he adhere to. let's bring in annmarie hordern for more. joe biden here, sticking to his guns, not willing to give an extra time to get evacuees out. >> yet, and actually what that does with the timeline in terms of evacuees is it just brings it

forward. it's going to be less than a week now. if you consider it is nearly 10:00 p.m. in kabul. basically they have to get all the americans, all the afghans that are able to leave the country out, because they also have to leave a few days before that august 31 deadline to make sure they can wind down the military presence. right now there's about 5800 u.s. military on the ground. but there's a clear reboot from what we saw from the likes of you caper minister boris johnson, he was going to be one of the staunchest call to the president, urging for the extension, as well as french president emmanuel macron, he also wanted to ask for that, but the president is a sticking to the timeline, so august 31st is the deadline. >> and we know the cia has met with top taliban officials, as well, in couple.

they have been clear they want the u.s. to stick to this deadline. is there no way that president biden can go past that? he's been pretty clear about sticking to his agreements with the taliban. >> there was that meeting, we are not exactly sure what came out of that. this morning we learned from one taliban spokesperson that they are also not going to allow any more afghans to go to the kabul airport, only foreigners are allowed in. they seem to be really looking down on the -- locking down on the roads and perimeter of the airport, leading up to it. the president likely is sticking to the deadline most recently because of what we have been hearing in terms of the secured he situation at the airport. potentially, he could be putting the u.s. military in harm's way, given the threats of the likes of other islamic militants, given what's going on at the airport. the fact they know there's a huge u.s. presence at the security airport, it just seems like the president wanted to make sure they were able to get

u.s. military out, without any sort of combat between -- or potential terrorist threat at the kabul airport. >> it looks like there's less hope for the afghans that worked for american forces. annmarie hordern, reporting for us from washington, d.c. on the current situation in afghanistan. speaking of, we will discuss vice president harris' push to strengthen economic ties and ease of supply chains and strengthen southeast asia. this is bloomberg. ♪

>> this is bloomberg. markets.

i'm matt miller. best present, harris made the case for the u.s. to strengthen its economic ties with southeast asia during a two-day trip to singapore, where she stressed the need to work with countries to ease supply chain constrains, with the surge of covid-19 cases hitting factories in the region. for more, we welcome bindiya vakil. the com founder of resilinc. helping manufacturers monitor supply chain shortages. -- before we get to what the u.s. wants to do endocrine ability the u.s. government has in the region, what are you seeing in terms of the supply chain issues right now? we speak here with a number of ceo's and many fracture -- manufacturers, including carmakers, jose we are not really recovering yet in terms of the chip shortage. what about the broader supply chain picture? >> the broader supply chain

sector, wherever you look, it is externally disrupted and likely to stay that way for the next six months. we have issued upon -- we have issue upon issue compounding the problem. there's turbulence and the water, but the water never got a chance to settle, if you will. we see capacity constraints at factories because of labor shortages. people can't come back to work. then we have the container shortage, which has created a massive shortage of commodities, small things, like wood and steel and aluminum. so companies are incredibly constrains and having a difficult time managing the supply situation in a reliable way. keep in mind, every product needs to be there in order for a company to ship their final product. so it is an incredibly constrained situation, with

disruptions coming from so many fronts, that you might have $30,000 worth of raw material there, and one part is not there, so your $40,000 product can be shipped. >> answer the $30,000 worth of gear, if you are shipping information, where the vice president is, silicon valley, where you are, could cost $20,000 for one container. how are the shipping costs playing out? >> shipping costs are 2x, 3x, because companies who can afford to airship are trying to do that, given the ocean is so badly disrupted at the moment. you have the container shortages, which have not gone away, and in fact, they have only become worse. china shut down their third-largest port for several weeks because of covid cases. what happens is, there are

containers coming from china this way, and here in the u.s., if you look at the long beach port, there's a backlog of ships again, waiting to be processed. so that affects the reverse flow of containers going back to china. so the ocean is so badly disrupted. anyone who can ship by air is looking to do that. it is causing a constraint on things like semi conductors. that would normally ship by air. the other thing that made constraints further as we have air travel now again somewhat in jeopardy because of the delta variant. m companies rely on -- and companies rely on the valued cargo of passenger flights. as soon as air traffic starts to get affected, that does affect cargo shipment, too. >> i wonder of vice president

harris' trip to southeast asia. in terms of working with you come up in terms of washington wanting to work with southeast asia, do they take us as seriously now? >> absolutely. unlike in geo little situations, companies cannot ship fastly overnight no matter what we would like to do. we not only built and shipped into the u.s., we build in asia and sell in asia. so our companies are extremely reliant on bilateral trade agreements and preferential

selling agreements with these governments, in order for us to make our economic targets -- meet our economic targets, like revenues, etc. that is not an issue, particularly in southeast asia. it's very, very strategically import for the u.s. especially in light of us looking for a real alternative to china. >> thank you so much for your time, bindiya vakil. ceo of resilinc. a supply chain management software company. coming up, more than a triple valuation for the company, we speak to the ceo. this is bloomberg. ♪

>> this is bloomberg markets. i'm matt miller.

young professionals who fled larger cities at the onset of the pandemic are flocking back now and the demand for rental properties is increasing. joining us to discuss is andrew collins. he is the ceo and founder of bungalow. an online marketplace for residential real estate, more than tripling us valuation to over $600 billion after inflated funding rounds. talk to us about the rental market. i can imagine, especially as people find buying a house is getting more and more expensive by the minute, they would rather go back to new york, san francisco, miami, and rent an apartment there. >> that's exactly right. we saw a lot of changes in behavior where people were leaving metropolitan cities with covid, they were moving to the boston, denver, san antonios. young professionals were going home and living with her parents temporarily. i think it excel rated a lot of this trend -- accelerated a lot

of this trend we sought to secondary cities, but we've now seen an incredibly robust return back to the major metropolitan cities within the u.s.. so we have seen our traffic and demands for new york, l.a. now surpassing by 40% our pre-pandemic demands. >> what is the new telling point of bungalow? there are online ways to rent the space, but what makes bungalow so popular right now? >> we focus on transforming the way in which we rent to be consistent with the way in which we live. real estate historically has been credibly integrated and fragmented. we really try to bring in a digital first approach to that. we will take care of wi-fi, utilities, housekeeping all

built in. if you've got a great group of friends, amazing, we try to take away a lot of stressors of roommate living through a digital first experience, or if you are looking for other great people to live with, we have built an incredibly strong matching process as well where we will help you find great individuals to live with. the exciting thing about that is it gives you access to beautiful homes in great neighborhoods for 30%, sometimes 40% less then you would pay for a studio apartment -- t -- than you would pay for a studio apartment. >> how do you feel about third party websites entering data? sometimes they will never tell you the best unit in the building, they will never tell you the square feet, they will tell you it's a two-bedroom, but they erected a plaster wall and they call it a three bedroom. how do you deal with that?

>> it is an incredibly important part of our business. you do have real price differentiation between each individual bedroom and the home give a master bedroom with an en suite bath may be $500 more a month than one sharing about them with someone else. we built an incredibly strong platform online where you can do 3d virtual tours about all the properties and learn more about the roommates that are living there if they are already. it is an externally clear process -- extremely clear process. >> thank you very much for talking to us, andrew collins. ceo and founder of bungalow. this is bloomberg. ♪

mark: i am mark crumpton with bloomberg's "first word news." president biden is keeping the deadline he set for the evacuation at kabul airport.

leaders of other nations have tried to talk present biden into leaving troops in afghanistan after the deadline and to keep the evacuation safe. and it is conference following the g7 meeting, leadership said they will offer assistance. >> we all agreed that it is our moral duty to help the afghan people and to provide as much as possible support as conditions allow. mark: speaking at an international press conference today, a spokesman from the taliban said they are firm on the deadlines for evacuations. the vice president visited singapore. the state department says it was in regards to anomalous -- china poses a threat to

countries in asia, but the vice president also reassured countries in the region that the u.s. would not force them to choose between the world's two biggest economies. there have been more than 100,000 deaths reported per day for covid-19. that has tripled in more than one month. data compiled by john hopkins university and bloomberg shows of the seven day average for fatalities topped two straight days this weekend for the first time since march. indonesia will allow people to dine in restaurants and limited capacity. that easing of restrictions comes even as the government extends some curbs through august. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

♪ >> i am greg pennell, welcome to bloomberg markets. >> i matt miller. we welcome our audiences each day this hour. here the top stories we are following for you from around the world. the katy prime minister thousand two foreign homebuyers for two years. if he is reelected, he will try to cool the housing market. plus we will discuss the latest on crypto. the sec demands that chinese companies trading and u.s. markets better inform investors about risks. we will bring you the latest

headlines from our interview. >> i am going to say that they are flirting on both sides. it has fallen back. it was a 70 point gain. it is doing better into the close to be sure we hit an all-time high. you can see the 10 year yield above 1.28%. most intriguing to me in visual stories is best buy. it is not particularly on their earnings, but because there has been so much coming into the economic reopening with consumers dramatically shifting spending. it seems that the consumer is able to both buy electronic gadgets and into restaurants and get haircuts. there may be more strength and

economic recovery than expected. they're starting around the cash. >> absolutely fascinating to watch. not just flirting, but that nasdaq composite is up over 15,000 for the first time at least intraday. taking a look at palo alto networks, with us to look at that is dave wilson. dave, what are we seeing here? we are seeing -- >> we are seeing a record of gain since probably 2012. who can blame them? the amount billed to customers, billings up already for percent from one year ago. -- 34% from one year ago. that is not necessarily going to

be kept up. but in terms of the latest quarter, what is noticeable is that palo alto is getting bigger contracts. the number of new customers, million of dollars, up 31% from one year ago. it is staggering how much it grows. it looks like businesses are going to try to consolidate in terms of who they go to for firewalls and other cybersecurity devices. the company talked about notable strength in large customer transactions. as far as the outlook, billings have been talking about a little bit more than 20% growth this year. with revenue and also profitability, they are anticipating they are going to be able to sustain the growth they had in the most recent

fiscal year and that is going over well in large measure. it expense while the shares have erected so much. >> is this a case of what is good for palo alto is good for the industry overall? or is this a strength story for palo alto for the car -- carter echo -- clerk? >> you're seeing a lot for palo alto's ears. there's a little bit more going on because they're going into the nasdaq 100 index on thursday to replace maximum integrative. nonetheless, people are looking at their numbers and seeing positives in terms of cybersecurity, especially as companies ramp up from offices as opposed to people's homes. >> thank you for that, dave. that was dave wilson.

for what it is worth, we are in the middle of a federal election campaign. housing is a hot button topic for all political parties. today, the liberal leader hopes he can win geordie government onto temer 20. -- hopes he can win a majority government in september 20. he is not the only political leader in the election campaign taking aim at the foreign buyer. it does raise an interesting question if it is sexy to go after the foreign buyer. at the same time, a lot of questions revolved around this for years. the best numbers we have show meeting single-digit's numbers in the big urban course.

matt: although i assume he is not attempting to be xenophobic, initially it does have that ring. we do not want people from over there, from outside of here, coming inside and buying our property. how do you know if they're going to live in it? maybe they want to use it as a vacation home or even airbnb. yet a look at it from the other side. i'm trying to buy house right now, so i understand the pain that people feel when they are in the market to buy. there are foreign sellers who may want a foreign buyer to help drive up the price. if you're selling a property, a bidding war is not the worst think that has ever happened to you. it is interesting to see trudeau making this move. it will be interesting to see the reaction he receives for this. >> that is true. i'm trying to make weird that he

is not being xenophobic. the country still wants foreign investment. if you want to move to his country, start life in this country, by all means buy a home. but if you are going to have an asset and leave it empty, that seems to be what they are going after. we are going to have a little break. we will have more about what is moving the markets out there. ♪

matt: this is bloomberg markets. i am matt miller. the sec is set to demand all chinese firms listed in the u.s. revealed more about investor

risks. let us bring in been dane -- then dane -- ben dane to talk about this. these are not really chinese firms listed in the u.s., these are shell corporations in some gorgeous caribbean paradise that have the right to receive some revenue from chinese investors and has money back in exchange for the right to receive some investment from u.s. investors and have some of those revenues back. it is really complicated. >> i think from speaking with the sec chair, i think the chair would really like it to be explained as you just did. i think there is a genuine question here with those you speak to in washington today about this issue. the point being, when an american investor is putting money into a chinese farm or

company that is based in hong kong. they are often investing in a shell company based in a place like the cayman islands. the issue is that is not as disclosed as it should be. that is one of the issues u.s. regulators have been racing with chinese firms. another one really dates back almost two decades. that involves the workpapers, the financial audits of these firms. going back to 2002, the public trade companies, their books have to be inspected by u.s. regulators. chinese companies have refused to let that happen. they are essentially saying that beijing will not let that happen on national secured grounds. those two issues are really playing out in a heightened way, particularly over the last year. it has become a bipartisan issue at the tail end of the trump administration.

it is now carrying over into the current ministration. -- current administration. >> gensler talks about regulatory risk. i have a hard time believing that an investor does not realize the considerable risk being an american investor in chinese names. >> i think that is correct, although i think what the sec is pointing to over the past couple of months in particular, there has been a clamp down or write down on specific sectors in china. i think what they are saying -- the sec is saying is that there is really a desire for even more information. at the end of the day in the u.s., on top of capital markets and other regulators, it is about disclosure.

the issue that is being raised is that chinese companies, be it the structure or risk, american investors do not have that information. >> or read it. if you go back, it is 102 pages. it is definitely college-level english or even graduate level, if there is such a thing. it is written in a very boring print format. it seems like what gary gensler once, probably because prices have fallen and investors are angry, block letters on one page. this stuff is there. it is just that investors have not taken the time to properly digested -- digest it. it is very complicated stuff.

i think he just wanted to be simplified and clear. >> i think the other issue for chair gensler is in some cases, the corporate structure, the shell companies we were talking about based in the cayman islands and elsewhere, the idea that your investing in not exactly the operating company in china, that a company that has a relationship with that operating company is something that in particular is something they do not feel has been disclosed purposely. i think regulators here have long had issue with the idea that things are not disclosed as clearly as they should be. i do not know if that is only for chinese issuers. the language you see in the u.s. are also pretty confusing and written in a complicated way. >> we really appreciate that. coming up, bitcoin got back

above six $2000 yesterday for a little while. we will discuss some of the moves we have seen in the crypto space. we will talk to the ceo of bitgo . ♪

>> this is bloomberg market. bitcoin made its way back up about $60,000 and will have more on that in a bit. with people interested in the direction of the currencies and what is the best way to plate the crypto space. we are bringing in mike belshe, the ceo of bitgo. i want to start with the price action. you have this mental in cripple

currencies and people get very excited, then it falls on hard times. it is a cycle that we keep living through. when we break out of that cycle? do we break out of it? >> i think it is an 18 month cycle for us. the volatility of bitcoin is much higher than what we are used to seeing. there are massive upswings to 64,000 and then back down to 30,000 in may. you think the cycle is over, but you have to remember, march 2020, we were at less than $10,000 for bitcoin. we are backup to six $2000. -- $60,000. we have been working on this deal for the last 10 years and i think it is paying off. i think the question we face are getting answers from regulatory compliance to insurance. we have not seen any retreat on

institutional interest. >> you have had huge additional interest. bitgo was bought by another company. bloomberg works with galaxy to create some indexes as well. when does a go to the next level? when do goldman sachs, j.p. morgan, start doing business with institutional clients in it bitcoin? >> every one of those you have mentioned has been exploring for the last two and half years. you have to look back to 2018. in 2021, things are looking a lot different. we are on the backstop of the pandemic, which has forced us to take a look at what does the u.s. have in terms of monetary policies and what will that look like for my portfolio?

all of those questions are coming in and they're figuring it out right now. >> that seems to be on a path considered currency. i should stop thinking of cryptocurrency and bitcoin as a means of transacting and more of a store value, like gold. is that how you see it or that it is a transactional currency on its own? >> cryptocurrencies are going to transform everything that i've -- everything in the financial system. it is not a solution. frankly, you get paid in dollars and you want to make payments in dollars. i think bitcoin itself is not going to make a fantastic payment system. other technologies could emerge. bitcoin is of much more value than the store value. >> i've always worried or -- i

always wonder about this. there were times i lived on bitcoin for a couple of weeks. i bought beer and gasoline and groceries. it did not take that long. it is now a much longer and more involved process. can it change? can the miners vote to make the original bitcoin something that is easier, faster, more efficient to spend? >> that is still emerging. we have a product called a lightning. it is a massive, scalable, cheap payment on top of bitcoin. that will come. today, in terms of payment being done, if you are making international payments, it is more easy -- it is more available than banks. frankly, it is easier to move.

that segment of payments is starting to work today, it is only relevant if you are setting -- sending significant payments. as far as day-to-day stuff, other things will come along and make that happen. >> you talk about the institutions getting involved. do we need a bigger push from bigger names? what does the average person think? >> i think people are looking for institutions and others to participate. i think etf is the next big milestone that will come along and enable things. whether that happens early next year or longer, i guess that is the question of the day, the question of the year. that is going to provide an easy way for people to enter and participate in the market. they will know that it is elated and they do not have to establish new policies and procedures for them selves

around security. as industry gets bigger, the volatility goes down, making it a lot easier for people to digest and everything gets a lot struggle. -- a lot stronger. >> thank you. i would like to talk with you more in-depth on d5. i think more people are interested in hearing about that. mike belshe is the ceo of bitgo. before we hide -- before he had to break, president biden is expected to speak at 2:00 p.m. new york time. we will see if he makes it to that point, on the evacuation efforts in afghanistan. you can also watch on your terminal through our website. this is bloomberg.

mark: i'm mark crumpton with bloomberg's first word news. president biden is sticking to

his august 30 first deadline for evacuations from the kabul airport according to a senior administration official. that means one week to fly out thousands of people. readers of other g-7 nations try to talk mr. biden into leaving troops in afghanistan later to keep evacuations safe. in a news conference following the g7 meeting, the european council president expressed concern. >> let's be clear -- let's not allow the creation of a new market for smugglers and human traffickers that are determined to keep the migratory flows and the eu borders protected. mark: the european commission president says the european union is ramping up aid to afghanistan amid the winding humanitarian crisis there. a special house committee investigating the january capital riot is seeking phone, text, and other commute occasi