♪ haidi: welcome to daybreak: asia. we are counting down to asia's major market opens. kathleen: good evening. our top stories this hour. asian traders mole a defensive tilt on wall street. the dollar slipping to a three week low. opec-plus stays the course. members agree to stick with their planned supply hikes as

oil demand improves. how one covid case in vietnam upended toyota's output as delta exposes the risks of supply chain stocks -- stops. haidi: breaking numbers when it comes to korea gdp. cpi numbers. south korea. second-quarter gdp expanding by 6% year on year. that is revised higher from a 5.9% increase. when it comes to that quarter on quarter number, 8/10 of 1% gain. marginally higher than the increase we saw in august. consumer prices are up 6/10 of 1% month on month. that's a faster expansion than expected. 4/10 of 1% was the analyst expectation. cpi raising 1.8%. expectations were 1.8%. consumer prices overall are coming in at two points of percent growth year on year.

this comes on the back of what we know are the bok concerns about household debt burdens and the overall level of debt in the economy, hence becoming one of the first or the first major agent central banks to start that pregnant -- tightening process. kathleen: everyone is waiting to see how the federal reserve moves along its path. although more definition and answers wanted from the friday jobs report. today, things came in lower than people were forecasting. 374,000. the outlook for jobs was around 750,000. why the big difference? you can see that yes, jobs are moving higher. adp and payroll from the u.s. government tend to move in the same direction. in july, when people were forecasting almost a million jobs, the payroll adp number in

july came in at 3296. you can see a lot of gaps in those months. sometimes they move together and sometimes they don't. wall street economists across the board take it as a sign that maybe the increase won't get to one million. maybe it won't get to the consensus of 750. it might have dropped down now to 650. everyone has to take this with a grain of salt. we could see a big surprise in either direction on friday. haidi: perhaps we take oh -- opec-plus with a gain of -- grain of salt. this was amazing. a very different tone to the contentious meeting that opec-plus is renowned for. we speak to many analysts saying, looking into the

uncertainties of next year, the uncertainties for air travel, it could be a different picture for future meetings. when you take a look at that resumption of global travel, vaccination remains a key piece of that. kathleen: this leads us right to apple. they are not yet asking people to get vaccinated or requiring it. they do want them to report their current vaccination status by the middle of september. they seem to be moving in that direction. in other ways, they are nudging people in that direction. they said, when you get vaccinated, we will keep that data profit. it will be aggregate data so we can report what's going on at apple with all the various agencies that are tracking this. they are saying that they will have people get tested now three times a week instead of ones. maybe they figure it is too much hassle. they are moving in that direction. we will see if they get to the

point where they plan to require that you do it, not just say you might. haidi: it is a story we continue to follow as we try to get back to some semblance of normal. let's take a look at how all of this is playing into the market picture as we head into the start of trading for major markets in asia. new zealand is seeing a pretty flat session. we got the trade index coming in better than expected. 3.3% was the number there. we will continue to watch the open when it comes to australia as well, given that we have heard from anc saying that the rba will be delaying the reduction of one -- bond purchases next week. given the uncertainty over the lockdown, saying that that's going into the september policy meeting. they will choose to hold instead. nikkei futures, taco looking softer going into the start of trading there.

s&p futures up by 1/10 of 1% after we saw a defensive tilt to the u.s. session with tech stairs -- shares gaining again. crude holding lower. when it comes to currency, range bound when it comes to dollar-yen. the dollar falling to a three week low. we saw the aussie dollar and keyway -- kiwi as the performers. opec-plus sticking to their existing plan to produce in october. super quick decision. less than an hour in a virtual meeting. su: this is in stark contrast to other meetings such as january of this year. we saw drawn out negotiations. this one was about 45 minutes tops. they swiftly ratified to 400,000 barrels a day for october. the swiftness of the decision

actually gave some confidence to the market. we did see oil rebounding after a sharp decline in the u.s.. in terms of what opec is seeing, they say demand recovery is gradual and subdued. despite the uncertainty of covid across the world, they see market fundamentals strengthening. recovery accelerates. oil accounts, they have a challenging path ahead with several tailwinds. analysts are quick to point out this rink in u.s. stockpiles. you've got demand rebounding in india. the china outbreak of covid is contained. china is one of the big consumers of energy products. all this underscores the mixed message. they see tightening of the market in 2021 but then a surplus again in 2022. that's a tough road to navigate quickly. to the big picture for oil.

we did see a decline in august of about 7%. it's on track to rebound. in particular, bullish inventory data in the latest u.s. session that underscored a bigger than expected decline. kathleen: this is such a cooperative opec meeting. they had very contentious ones. what's expected next? do they keep singing coup by -- kumbaya? su: opec and its allies have indicated in the summer that they will be monitoring closely the oil market and adjusting, reversing course if needed. look at the forecast from some of the top analysts. citigroup believes that they may have to actually pause these monthly output increases to adjust to the market. we will see oil rise to 80 by

the fourth quarter. j.p. morgan has a similar forecast of oil rising to 74 in the fourth quarter. they do see lower china demand. thus the differential there. in the wake of hurricane ida, we've been talking about natural gas futures. they are soaring. that's because of the seven-year low in production which has been idle because of the damage of hurricane ida. even though drillers are saying that this could lead to tighter supply as the u.s. gets into the winter heating season. natural gas is used for that. separately, china's top oil producer preparing to revive its venezuela oil production. president maduro finalizes legislation to attract more international investment. kathleen: su keenan, thank you so much. you can get more on opec and other stories you need to know to get your day going in today's edition of daybreak. it's also available and -- on

mobile. a new survey found out that vaccine mandates arm set to become more common in the workplace. a consultant found 52% of u.s. employers are planning or considering requirements for a covid shot by the end of the year. joining us now to discuss this is carol wetzel. apple is nudging closer to a mandate. more than half in the survey say that they want to have a mandate. is this covid-19 booster approval coming just in time to help these things move forward? >> yeah. the survey you referred to show that companies are increasingly looking at. 52% are planning to have some sort by the end of the year. 21% right now. it looks like a sharp acceleration.

one of the folks who did the survey noted that one company said that they feel comfortable. we've seen many companies come out with vaccination mandates for workers coming into the office. apple saying that they want you to disclose the status. that's a passive tact. it is becoming more normal for corporate america to adopt this. once you have madura full approval and the booster shots coming through, the pfizer full approval getting some push in this direction. haidi: you talk about the boosters. we are seeing more incremental progress when it comes to moderna. >> filing for fda approval for its booster shot.

it is trying to get a booster shot out. the biden ministration wants to get these going in september. in september, you will see the fda and cdc talking about this and starting to roll it out, pending approval. haidi: we continue to track the biggest vaccination campaign in history. more than 5 billion doses now given across 183 countries. check out our vaccine tracker on the terminal and up bloomberg.com. let's get you to vonnie quinn now with the first word headlines. vonnie: thank you. the u.k. is set to offer a third covid vaccine dose to people aged 12 and older with weakened immune systems. this follows the recommendation from the government advisory committee get health authorities say the booster will go to those with conditions including leukemia and advanced hiv. no decision has been made on boosters for the wider

population. liberal u.s. democrats are publicly attacking jerome powell's record in a bid to displace president biden from giving him a second term. how's lawmakers including alexandria ocasio-cortez as well as two dozen liberal groups wrote separate memos this week criticizing powell's fed. they are not backing a single alternative. the taliban and other afghan leaders have agreed on the formation of a new government and cabinet. an official says an announcement will come into days. we are told the taliban had been waiting for the full withdrawal of u.s. troops before making public any leadership plans. bloomberg has learned the doj is preparing a second monopoly lawsuit against google over its digital advertising business. a source as action codes come as soon as the end of the year. last year, the doj sought --

filed a landmark antitrust case, charging the search engine giant with anticompetitive practices to search advertising. google dissolute's -- disputes that it monopolizes ad tech. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. kathleen: still ahead, china's government has medical services and drug prices and it sites. we talk about just how extensive the crackdown could be. up next, riverfront investment hold steady with a risk on stands. we discussed her markets outlook, just ahead. this is bloomberg. ♪

♪ >> september tends to be one of those months. >> we get bad outcomes.

>> what happens in september? >> september is going to be a white knuckle event. >> here we are. >> this is when the rubber meets the road. >> other currents will take over. >> a whole bunch of things going on. >> fomc meeting. >> potential tapering. >> geopolitics coming up. >> a lot of people waiting on the correction. >> september is a critical month. >> weighing in on what they've seen for another pivotal month for investors. among them, the person we are bringing up next to his bullish -- who is bullish on heavyweights. joining us is rebecca salzman. it's great to have you back on the show. you are bullish for the next year. a lot of people are bullish. they say, where else will you put your money but stocks? not bonds. the fed still pumping and a lot

of liquidity even if they taper. do you have anything more fundamental then, you have to do it because what also you going to do? rebecca: thank you so much for having me. it's great to see you. the astounding recovery that we've had in the u.s. economy, underscored by the rebound in corporate profits, certainly has underpinned the surge in equities that we have seen in 2021. where the concerns are over the next few months is as investors adjust to the fact that we do expect a deceleration as we head into 2022. we are risk on in terms of our portfolio positioning. we expect some headwinds. you have the seasonal effects that everybody talks about. we are sticking to our guns in terms of our current positioning. monitoring the situation and sticking to our process. kathleen: mega cap tech stocks

are leading the charge again. for years, people have been saying, look at valuations. people keep doing just that. are you buying that? are you adding that to your portfolio? do you think it's overdone? rebecca: we are neutral to overweight. we are still slightly overweight with a tilt toward software and services. one thing that the tech sector has had going for it has been the consistency of earnings growth. so we are willing to keep that neutral to overweight allocation. you also have to think about it, for anyone who is a benchmark against the s&p 500, it would be the significant weight that technology has. you would have to be pretty bold to go underweight with a high degree of conviction in the face of the earnings growth we've seen. haidi: bill gross is talking

trash about the bond market. he says that investment garbage is what he calls bonds. he says it's been a contender for the worst investment for a while but now there is something worse than holding cash. you agree with him in this environment? does that imply that a 50-50 portfolio no longer really makes sense? rebecca: at this juncture, we don't believe it makes sense for our investors. we do remain overweight equities, particularly u.s.. as you look at the yield, the tenured was at 130. the yield on the s&p 500 is at the same level. we've had depreciation potential for shocks over the long haul. makes more sense to stay in equities, we believe. haidi: outside of the u.s., are there compelling opportunities for you? rebecca: at this juncture, we

are watching. certainly the valuation levels are more attractive when compared to the u.s.. they are behind us as it relates to the economic recovery. they too have had their issues with the outbreaks and the delta variant. we've had a wait and see attitude to neutralize those ratings at this point. haidi: always great to have you with us. 20 more to come on daybreak asia. this is bloomberg. ♪

♪ kathleen: counting down to the start of trade in tokyo. here's what's on our radar screen today. softbank group is planning what could be japan's biggest corporate so far this year. and wants to raise $4.1 billion as borrowing costs fall.

japan's third-largest real operator seeking to sell around $2.1 billion in shares. in japan, takeda pharmaceutical. the local distributor from a dirt is covid vaccine. the drugmaker says two doses were not related to modernity shot. adrs had their biggest gain in about a month. let's move onto inflation now. inflation higher than expected in august. very good news. the bok could raise its interest rate again this year. revised data showing a greater expansion in the second quarter. 0.8% growth with an earlier reading of 0.7%. finally, korea raising as much as $946 million by filling 13 point million shares. haidi: yeah.

we are watching this google boj story. the department of justice and the u.s. preparing for a second monopoly lawsuit against google over its digital advertising business. this is in addition to the antitrust case looking at the company's web search business. david mcglocklin covers the boj. we are trying to keep track of all the different lawsuits that are on at the moment against google. what do we know? david: yes. there are already a number of lawsuits against google for alleging antitrust violations. the trump administration last year sued google over its search business and agreements it had with some of the manufacturers, including apple. there was then to other lawsuits filed by the state attorneys general. this would be a new federal

lawsuit that focuses on google's digital advertising business. that's basically the technology that web publishers and advertisers use to buy and sell display advertising on the web. kathleen: in the end, if the government prevails, what does this mean for the company? a quick one for you, please. david: ok. that's hard to know. that will probably not be decided for many years. the worst outcome for google, the possibility is that the court could order the business split off from the country. that's always a risk in these antitrust cases. haidi: david mcglocklin there with the latest. a quick check of the business headlines. amazon will hire more than 40,000 people in the u.s. and

what the company is calling its biggest ever recruiting and training event. the e-commerce giant plans to hold a career fair on september 15. amazon employed 950,000 people in the u.s. out of a total of 1.3 million worldwide. router they brewed a new safety mode that will block a piece of accounts. the company says technology will assess negative interactions by considering a tweets content in the relationship between the offer and responders. the software can determine which users interact regulatory -- regularly to ensure that it doesn't block someone's. new future that let's users receive paychecks up to two days early. the option will be available within the existing direct deposit feature. it will compete with a similar

service available with paypal and some traditional banks. coming up next, we talk about the impact of china scrutiny over its health care sector overdraw makers -- drugmakers introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you can get. like sharpening your cooking skills with a top chef. join for free on the xfinity app and watch all the rewards float in. our thanks. your rewards. wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises.

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♪ vonnie: this is daybreak asia. opec and its allies have agreed to stick to their existing plan as gradual monthly oil production increases. ministers ratified the supply hike schedule for october after a brief video conference. opec-plus is in the process of rolling back unprecedented output cuts implement it during the death -- depths of the pandemic. 45% have been revived. president biden has met his ukrainian counterpart at the white house, telling him that

the u.s. will counter russian hostility towards ukraine. biden says the u.s. remains committed to ukrainian sovereignty and territorial integrity. he said he would press biden on ukraine's aspirations to join nato. a new survey has found vaccine mandates are set to become more common in the work ways. will it harass wasson found employers are planning are considering requirements for a covert shot by the end of the year. that's more than double the 21% of companies that have some sort of mandate. a texas law barring abortion after the sixth week of pregnancy has taken effect temporarily. the u.s. supreme court has stayed silent on a bit to block the measure. the texas law kicks in wednesday. it instantly becomes the country's strictest abortion measure.

global news 20 for hours a day on air and on bloomberg trick take -- global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. haidi: china is targeting more affordable health care as part of the presidents comment prosperity drive. our next guest says the in pink -- impact will be seen. for more, let's bring in an equity analyst at morningside. you make an interesting point. when we saw those health care stocks falling yesterday, it was largely because services, hospitals. what is the impact on drugmakers here? jay: with regards to the guidance that was given yesterday, it affects mostly the medical services sector. it should not have much impact on drugmakers in any concrete terms. drug pricing is already being addressed by several other policies. namely the policy for generics.

we don't really see any rationale or high likelihood of further policy tightening on top of what already exists. the sector has already had ongoing policy drug prices while balancing the need for innovation. at this point, we don't see any need to go above and beyond that. haidi: china bears will point out the huge clock tech -- crackdown on chinese tech. they say, it's just a matter of time. does that apply to drugmakers and biotech, given the stage of development that we are at for this industry? jay: that's a really good question. i think that our view and the view of many of the investors we talk about is, no. there's no rationale for tighter policy at this stage for a few reasons. biotech is hard technology by

chinese policymakers, akin to telecom technology. drug development has measurable benefits to the chinese people, their health. it's a way to show off technological advancements to the rest of the world. we don't see the same types of things with internet platforms in china. the second problem is being addressed with existing policies. for the internet giants, that was not true until a few months ago. finally, china's innovative drug element is still in this -- the early stages. gross profit margins are high. that's a lightning rod for public attention. policymakers understand at this juncture that they need to incentivize drugmakers to spend r&d and the private market to invest in the space rather than killing it off by mandating low returns across the sector. haidi: -- kathleen: health care has become a global industry,

has in it? people will travel around the world to get treated. certainly, drugs that could treat a biologics to deal with cancer. doctors can't give you a pill for that. they try to suppress the symptoms. that's one of your top picks. tell us about it and what you think it will do. jay: sure. you bring up a really good point on the cancer. cancer is the focus area for a lot of chinese drugmakers. it is easy to commercialize. recently, there's been advancement in the immuno oncology space. long-term prevention is going to be a much bigger role in how we treat and ill with cancer. for right now, especially when oncology is low hanging fruit. we are seeing a lot of progress. imap is a clinical stage company that applies rational drugs to

achieve strong results in the clinic. in human patients. it's unique among chinese biotech. while most other biotech's focus on fast following drugs, imap focuses mostly on first or investment class drugs. long-term, that type of drug development will be protected or aided by future government policy. kathleen: tell us about cftc nutritionals. it's one of the top three in china. jay: yes. cs pc is a group that is one of the top big pharma companies. in recent times, the past two months, we've seen a subsector rotation out of biotech and into some of the sectors that have not had as high gains including big pharma, including distributors. i think that might be a theme

that we could continue to see. a so-called flight to quality. subsector rotation out of the best-performing areas into lower performing areas. when it comes to big pharma companies, they have relatively good earnings compared to the other big pharma companies. they are not exposed to big price cuts. that's one of the issues. haidi: what will be the breakout catalyst for pharma stocks? jay: in the near term, i expect that the sector will mostly be trading sideways. as i said, most of the clients we speak to agree with us that tighter regulation is not likely or rational at this juncture. at the same time, many investors are following this. better safe than sorry for the time being. we will see a lot of sideways trading. another factor that supports that is that the sector has performed very well over the past few years.

it's my view that we will see some sector rotation. also, continued gains in light of that. long-term, i'm very bullish on the sector. it has a lot of structural advantages. but when we talk about the next six month or so, as long as the fears over technology or edge -- education are there, that could spill over into investor sentiment for health care. kathleen: thank you so much. fascinating conversation. morningstar equity analyst. don't miss our exclusive conversation with the ceo of the hong kong exchange. that's happening at 8:30 and hong kong in new york. up next, the world's top carmaker is taking a hit from a covid induced supply chain sees in asia. more details, next. this is bloomberg. ♪

♪ kathleen: disruptions have rippled across the global supply chain. orders at factories are piling up. it's a particularly sensitive time for overseas buyers rushing to stock their shelves in time for the year-end holiday shopping season.

pmi's in the united states and europe on expansion territory. asia, the situation being compounded by some of the world's worst covid-19 outbreaks. haidi: one of the big companies that has been squeezed by the supply situation in asia is the world's top carmaker toyota. we are joined now fire transport reporter in tokyo. it shocked the market when an announced it would be cutting production 40% this month compared to previous plans. we had seen this company manage supply-side issues pretty well. what has happened and why are these cuts having to happen? river: that's right. it was a big shock. toyota had really managed the semiconductor shortage that is hammering other automakers relatively well up until this point. that being said, we are seeing with more clarity what happened to toyota's supply chain that caused the cuts this month in

his global output. toyota and japanese automakers in general have a really strong presence in southeast asia. that has been a source of cheaper labor for them and also a supplement to their china operations. that works relatively well until the region started to witness one of the worst covid-19 outbreaks as the delta variant spread through various countries. that hammered toyota suppliers in the region. specifically, we saw that chipmakers in malaysia and wire harness makers in vietnam were a particular joint picked -- chokepoint for toyota. they are bundles of wires that are like a central nervous system for the car. there were country lockdowns and restrictions on business and clusters of factories that led the factories to be shot. toyota couldn't get enough of those harnesses and chips out of

those two countries. that led to this month's production cuts. we had an interesting example out of vietnam specifically in early august. there was a single covid case at a vietnam wire harnish assembler. one of the country's largest. the entire factory shut down. that's a bit of what happened behind those cuts. kathleen: all right. looking at toyota at this moment in terms of recovering lost production, what doesn't mean further out? river: yes. immediately, toyota is faced with the issue of finding parts and ramping up production in october to make up for the september losses. looking further out, there's broader questions arising over the hyper-efficient manufacturing methods that a lot of global automakers pursue. they work out of these regional

hubs and they hold very little inventory. it's various -- efficient for them. they don't have the same margins of ip companies. as a professor of management who looked quite closely at the situation said eloquently, the system is being exposed by delta in regard to how fragile it is. toyota spent last month looking at diversifying its supply chains and making sure that it's not particularly concentrated in one region. on the other hand, diversifying supply chains is costly and time-consuming. these hubs do appear because of reasons. there's cheaper labor in southeast asia. going forward, the question is going to be where to strike that balance between efficiency and resilience. kathleen: thank you so much. river davis.

moderna joining pfizer and biontech in seeking go-ahead for a third booster dose. a professor says booster shots will be needed. it's a question of when and what would be most effective. >> we do not know right now what is the critical amount of antibodies needed for complete immunity. to prevent you from getting a symptomatically infection, from transmitting covid to others. we do know that antibodies go down over time. it's likely that the lower your antibodies are, the more likely you are to get sick with covid. >> look at where we are right now. i guess we are on schedule for boosters. there seems to be trepidation. what do you say to the people saying, wait, why do i need to booster? >> you will absolutely need a booster. the question has never been,

will we need a booster. with viruses that mutate, they change over time. boosters are necessary. do -- when do you need a booster? should you prioritize boosters or unvaccinated individuals? what should the dose of the booster be? with the covid vaccines, there's numerous different types of vaccines. does it make sense to get this -- the first shot as the same as your first and second shot? should we be giving you a different type of vaccine? >> what percent of the population has to get vaccinated before we start seeing a real reduction in transmission? israel record its highest ever caseload even though it has a pretty high vaccination rate. >> share. the issue is that there vaccine rate went up as the number of cases were going up. it takes time for you to build

an antibody response. with one shot, you get some response. on the second shot, you get a good response. it's a lifetime issue with the israel data. there's no magic number. >> how close are we to accelerating and ramping up to that? europe celebrated that 70% rate overnight, saying that, we are getting there. case counts are still concerning. >> is due to the lag time. the measure is one shot versus two shots. after is when you get the immunity. acceptance has gone up in the united states. there's been a bigger drive. in baltimore, there's an initiative where they come to your house and vaccinate. they are trying to meet people where they are at. so i don't know. i worry about the large proportion of nonbelievers, conspiracy theorist who are

adamant that they cannot be vaccinated. there's a fair number of them in the united states. >> is the delta variant crested? what is the first and second derivative on the new spike in hospitalizations and such? >> looking at the data, there's two ways to look at the data. the first is, what is the predominant variant? delta is with greater than 95%. cases still go up. i would not say that it has crested just yet. it's too early to call. we are moving towards the peak. it has not quite reached yet. haidi: the johns hopkins bloomberg school of public health is supported by michael bloomberg, the feinberg of bloomberg philanthropy. be sure to tune into bloomberg radio to hear more from today's big newsmakers and get in-depth

analysis from the daybreak team. you can listen in via the app. lots more ahead. this is bloomberg. ♪

♪ >> one of the jobs of an international bank is to comply

with complex laws whenever they are implemented. that complexity has increased. we will navigate that, as we have done so far. we will continue to do so going forward. kathleen: that's noah quinn in his first sit-down interview as the bank ceo. he spoke with francine lacqua. subscribers can watch that full interview first on the bloomberg turnabout -- terminal. apple asking all u.s. employees to report their vaccination status. telling workers to voluntarily declare if they've been inoculated by mid september. regardless of whether working remotely or from an office. apple isn't mandating vaccines. it says it will use the data to inform its covid response efforts and protocols. an ipo for building materials -- we are told blackstone is

considering listing cme in amsterdam last year -- next year. blackstone bought the construction and material supplier in 2019. supply constraints, trimming its third-quarter delivery outlook due to an uncertain and volatile semi conductor supply. the chinese electric comic or expects to deliver 23,500 vehicles in september it -- in the quarter ending september 30. new order sick -- orders hit a record high last month. haidi: every new yorker would know about seinfeld. it seems like it's an enduring classic. netflix shares getting pulled to a record. in the end, finishing the highest since january. up 14% since its august low. from october 1, they will start streaming seinfeld.

all 180 episodes on netflix. bloomberg intelligence calling this key for viewers right now. kathleen: they went to have so many starring roles. this was a national phenomenon. so many people could talk about the latest seinfeld episodes. i think it's interesting. netflix, disney plus recycling series and cartoons, whatever it is that were so popular. it's astounding that netflix could do this. it makes you wonder what other old series, very successful are they going to start recycling in this way. what will others do? for every age group, in fact. little kids want to recycle one thing. if you are 30 or 50, you might have a whole other set. it's awaited make some money. haidi: yeah.

you don't have to think about it. you go home and watch one episode if you've got time. let's get to another big event. hong kong exchange kicking off its biotech summit. stephen engle's is there. it's an interesting time as we see these regulatory changes in the sector in china. stephen: absolutely. the next hour will show a lot of things. we will speak exclusively with the hong kong exchange ceo. he will be talking about a lot of different things. he wants to talk about biotech, no doubt. the hong kong exchange launched their pre-revenue chapter scheme to attract chinese biotech, global biotech to come here. there was a big rush of ipo's. of course, now the market has been down over the last month and a half.

because of all these regulatory concerns. we will ask him how that might be affecting the pipeline of new listings, in particular in the biotech space. of course, the other geopolitical concerns that might affect the exchange include the anti-sections law which has been put on hold by lawmakers in china. it looms very large for this city here. of course, what is the overall pipeline given for this regulatory uncertainty in china? that's coming up in the next half hour or thereabouts. our exclusive interview with the ceo. kathleen: i can't ask you your favorite topic that you will do. your coverage of hong kong and china stretches over decades. the specials you've been doing. what is the most important question you will ask everybody? stephen: obviously, the regulatory changes are front and center in everybody's minds.

will biotech or other sectors -- which sectors will be the next in the crosshairs? the officials and china have indicated that this will be regulatory scrutiny regime over the next five years. they are cleaning up some regulatory arbitrage, catching up in certain areas. big platform companies which we have seen definite market pressure. hundreds of billions of dollars have been wiped out of market capitalization for those platform companies. will that spread? these are the big questions. haidi: they are big questions indeed. our chief north asia correspondent at the hong kong exchange. coming up next, mark matthews will be with us with his markets outlook. what is fair value when it comes to chinese assets right now, given these governmental pressures across many sectors?

we have the market open across sydney, so, in tokyo, next. this is bloomberg. ♪

kathleen: hello and welcome to "daybreak: asia." haidi: major markets opening across asia. traders -- despite weak jobs data. opec+ singh the cost agreeing to stick with -- and oil demand

improves. -- back in the spotlight as chinese companies wesh 2 embrace president xi's slogan. >> i am stephen engle. we will have an exclusive interview with the ceo. we will talk about the pipeline, as well as biotech stocks and the potential impact of china's anti-sanctions law on this international financial hub. that and more coming up. kathleen: let's get a look at how the markets are opening. the nikeei and topics both moving higher, the fourth day of gains. the topics closed at its highest level driven by advances in electronics. we will see how that goes. the yen is in a range where it has been for some time. the 10 year gaining a bit in terms of price falling lower in

yield. a governor at the boj at sink may be when they look at the japanese economy downgrading it because of concerns over the length and now the severity of the covid crisis, so that is something in the background. markets around the world, particularly bond investors waiting for the jobs report to get signal from the federal reserve. let's look at to react starting with the kospi. the kospi has been for a straight sessions, closing a little lower today, .1 of 1%. yesterday it was doing better on technology shares. taking a look at the korean won, a little weaker this morning. we just had inflation numbers coming in higher than expected, 2.6% in the latest month year-over-year. with the bank of korea is

looking for is 2.1%, well over the target of 2%, and the surprise rate hike has a lot of people focused on the rate hike this week. maybe the won will get stronger on that is. haidi: as we see those inflation numbers continuing to support the korean economy. where i am we are seeing the asx off .4 of 1%. stronger trading when it comes to the kiwi entity aussie, the two performers as we saw the greenback falling to that three-week low. in new zealand we did get stronger terms of trade, so that is meeting to rbnz expectations as well. lots of concerns now we have backward quarter gdp numbers and the fourth quarter looking pretty bad. impact on household sentiment

and the services sector expected to weigh in to a double dip recession risk for australia. in china lots of regulatory changes. my next guest says a fair value of the stock market is uncertain. we do not know how far beijing can go or will go of achieving president xi's goal of prosperity. to that end in terms of how much company ceos are struggling and scrambling to do the right thing by president g and his policy priorities, take a look at this graphic that shows the number of times that we have seen common prosperity being raised in earnings calls, in perspective documents, the number of stories with this exact phrase has spiked, and we have seen this in the china dream, supply-side

reform, so is there anything that a smart investor can really do to adequately gauge what kind of discount, what kind of valuation is appropriate at this point? >> i do not think so. when i speak with the managers in mainland china, they also say that they do not really know what devaluation to assign to the market, because they do not know what the decision-making processes, they do not know how far it will go, but intuitively we can surmise corporate taxes are going to go up, income taxes are going to go up, there is probably going to be a property tax in one or two years, there is probably going to be an inheritance tax after that, and companies are going to be forced to pay out higher wages. higher wages are good for consumption, and there are a few other sectors in china didn't

look appealing light green, energy, and health care, but for the internet giants intuitively devalue should be lower than on average it has been for the last 10 years. the msci china index, still the big heavyweights, 40 plus percent of the index traded at an average of 15 times over the last decade. now it is uncertainty -- on 13. the trough is eight. i may add there is also the onshore market is a totally different story. that when we like. it is not driven by valuations. the government is making it very evident that property prices are going to be controlled, and wealth management products are not paying out the big returns used two, -- used to.

there is a tremendous amount of household wealth in china. haidi: you talk about the property market and how key that is not just within that industry by 240, 50, 60 sub industries it affects as well as commodity demand. -- saying china is coming up to a moment in terms of how much pain they're willing to endure to rein in the the property market. is that something investors are appreciating? >> i read those reports. he has a great economist. short-term pain for long-term game -- gain is a great idea. the gdp forecast for next year for china is 5.1%, and i will have to get them to correct me if i'm wrong.

that does not strike me as a bad number. paul volcker, 1980 2, 1983, that was a horrible recession kathleen: it was quite a recession. i have to ask you about purchasing managers index. in the u.s. today the ism goes back 50 or 60 years, actually got a lot stronger. overnight in asia so many pmi's weakened considerably. what does this mean for investors looking for a good place to make some money? >> i think it means that you want to stay in the united states. i am in singapore. i was surprised by the ism-pmi.

unquestionably it speaks to the strength of the u.s. economy, and here in asia what i would say in our defense is i think people are looking through our weak pmi's because new infections are starting to come down and a lot of countries year, vaccinations are ramped up and restrictions are being eased , and these markets are relatively small. even india compared to the money that is been printed by the federal reserve. if you look at india, that disastrous covid episode they had in april, their market was rocksolid. kathleen: left on the road. as an investor you state you cannot look at what is happening now, and even with delta, after about 60 days it piques, it may be virulent but it does go away quickly in terms of how much it lasts. with that in mind, we are in

asia -- where in asia broadly do you make money? >> onshore, yes, because it is not driven by fundamentals, it is driven by liquidity, which will be a big thing that comes from households that used to buy property that they do not want to anymore. india is expensive, but it always has traded at a premium to its peers of around 20% on average. it has been higher than that but i think that is merited, because china is really no longer on peoples'investment scenarios and india is the second-largest emerging market in the world, and it has a bunch of good stories. it has a big up-and-coming new economy story. there are hundreds of indian companies, it be about 100 and the ipo pipeline that a lot of

them are digital companies, and then the demographics, i am sure you are aware, one of the countries in the world where the working age population is larger than the dependent population. that will remain the case until well past the middle of this century. there are a few countries like tech, languages -- bangladesh, pakistan, but there markets are small. that is where i would be, in india and onshore china. haidi: mark matthews, always great to have you, and of asia research at julius baer. we have breaking news on peru getting the downgrade by moody's with the outlook kept unstable. that is the foreign debt rating getting the downgrade by moody's. the long-term debt rating downgraded to baa1 as we

continue to see weakness. in terms of limbered economics, bloomberg intelligence estimate peru pointing to potential recovery in the wake of the pandemic, which has at the economy hard, potentially seeing growth of 3.1%, trending down, but much lower from the potential average growth we are seeing, around 4.5% in the two day gates -- decades before. let's get you over to vonnie quinn. vonnie: opec at its allies have agreed to stick to their existing plan as gradual monthly oil production increases. the minister ratified the supply hike scheduled for october after a brief video conference. opec+ is in the process of rolling back unprecedented output cuts implement it during the pandemic.

45% as so far been revived. the taliban and other african leaders have agreed on the formation of a new government and cabinet. attila beneficial says an announcement will come in a few days. we are told the teller been as been waiting for the full withdrawal of u.s. troops before making public any leadership plans. liberal u.s. democrats are publicly attacking jerome powell's record. how's lawmakers including alexandria ocasio-cortez as well as nearly two dozen liberal groups wrote separate memos this week but assessing powell, but they are not begging a single alternative, which bolsters his chance of renomination. bloomberg has learned the doj is preparing a second monopoly lawsuit against alphabet's google over its digital advertising business. the court says action could come as soon as the end of the year.

the doj is 11 states filed a landmark antitrust case charging the giant of anticompetitive practices. google disputes that it dominates ad tech. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. kathleen: thank you so much. we have a couple news to tell you about. it is going to let mapmakers point users to the web to pay for services. this seems to be a movement by regulators to make this happen. this announcement comes as part of a settlement with the japan fair trade commission. people of been wondering about this for a long time, how can they make you go to just one place, and all of the developers. apple said the change will be implemented globally early next year. developers like netflix and

spotify complaint apple does not allow them to link to the website to allow users to sign up for the service. for so long it was a standard practice. no one seemed to question two. the japan fair trade commission apparently winning the date year, and it will be interesting to see how much further this goes. a big interview coming up tomorrow on bloomberg television. helen wong joins iceland for a first interview before becoming ceo of a leading bank, and that is coming up on daybreak australia. our exclusive conversation with the ceo of the hong kong exchange from hkx biotech conference, and more on opec+ members production numbers next. this is bloomberg. ♪

kathleen: let's turn to oil and the latest on the decision by opec+ to stick to their plans to boost production. su keenan joining us with the details. this was a quick decision. i guess they already knew they were going to do this was there anything to argue about? >> no argument, no wasted time, and the swiftness of the decision give confidence to traders. i saw a huge contrast to previous opec+ meetings held virtually. there was one in january of this year and the more recent july meeting, which had a stark contrast because there were drawn up negotiations. ratified very quickly the 400,000 barrel a day supply hike for october, a pre-existing plan where there will be gradual monthly increases, and opec and its allies as mentioned earlier in the process of rolling back

cuts and going into the meeting based on supply tightening. one of the things they commented on is there is despite the uncertainty related to covid, there is a view that demand recovery is gradual and subdued, but that the fundamentals are strengthening as that recovery accelerates. they also see a challenging path ahead, one was several tailwinds . you have shrinking u.s. supplies, and increase in indian demand, the china outbreak contained, china a big consumer, and lastly if we can look at the reaction, there you have the demand recovery, and for the three key tailwinds, we have a large screen graphic of that as well. these are some of the reasons many analysts believe opec will have a tough road going forward and that they had previously

come out with data that shows what they do see a tightening of the market in 2021 they believed it will flip and have an excess supply. the reaction in the u.s. will market was a sharp drop after the news came out, but then on top of that, you had bullish supply data, and that caused oil to end up slightly higher. close to 68 in asia trading. kathleen: ok, we are all marching in the same direction. does this stance continue? we all remember when saudi arabia and russia went at it, oil prices plunged, remember? i guess they put all of that by then. what do they do moving ahead? >> they know it will have to keep nimble and closely watched the oil market. they said as much in their july meeting.

analysts are saying there probably is going to be some return. if you look at the outlook from a couple of big firms ,ci -- citi says they will probably have to pause output increases. i do not know if we have a bloomberg that we can drop into. we also have natural gas prices flying higher, worth mentioning because in the wake of hurricane ida there is been a seven month low in terms of production of natural gas. that is going to affect winter heating, and separately we have got china's top oil producer preparing to resize -- revised as well operations. -- revised venezuela operations. kathleen: let's look at what is coming up next. chinese stocks continue to rally as investors the abundant in the selloff as chinese firms raise

to embrace president xi's slogan. i'll look ahead at the market open. this is bloomberg. ♪

>> one of the jobs of an international bank is to comply with complex laws and sanctions laws wherever they are implemented. the complexity is increased -- has increased what we will never get that as we have so far. haidi: that was a clip in a sit-down interview. he spoke exclusively with francine lacqua. you can what the full conversation first on the bloomberg terminal starting at 5:00 a.m. on hong kong.

investors are saying about them when it comes to chinese tech, insurance rallying for a third day. the hong kong tech index uprising gains. technical indicators of strong corporate earnings -- sentiment. let's bring out our strategist. we have that so should have defensive plays in the u.s. after jobs numbers. do we see this continuing? is there a sense that anything has changed when it comes to the visibility of the tech crackdown here? >> yes, there has been positive steps, and that is what investors are clinging onto here. there were up in a couple of things going on in the past few days. there were been signals from beijing that they want to have more transparency on the way they introduce policy, particularly in relation to antimonopoly policy. at least that gives investors more of a roadmap of where beijing wants to go.

some of the uncertainty recently has been investors were in the dark because they did not know in which direction the next set of restrictions were going to come from. you give them a clearer signal, and that is certainly a positive . you're are also seeing from the other direction more companies getting used to what they need to do to satisfy the rhetoric coming out of beijing. bloomberg is running a story today about the number of companies embracing xi jinping's slogan. as many as 20 companies have added that phrase into the earnings reports. that shows chinese companies are adaptable, they know the winds are changing, and they need to do things from their side as well and they're doing it. kathleen: if you want to do business in china at that is what you must do, and you have to be practical.

the same thing happens in of countries when regulators when it crackdown on something. what does this mean for investors? we have seen chinese stocks rebounding recently, so may this be an adjustment to the new way of doing things in china and we all move ahead? >> if the optimism continues and there are more steps that beijing has taken away the toughest of its measures, there is certainly some potential upside. on evaluation -- a valuation basis we have seen stocks perform against the nasdaq by such an enormous margin it looks like they are relatively cheap compared to injure companies in the united states, so that alone would get some people sniffing around saying these stocks have beaten up so badly they could hardly go too much lower now. kathleen: thank you so much, our

strategist, and a very big interview coming up next. we speak exclusively to the ceo of the hong kong exchange. investors shake off beijing's regulatory

kathleen: hong kong's exchange annual biotech summit starts today bringing together leaders to share their insights on the health care sector in the post covid-19 era. let's cross over the hong kong now we are chief north asian correspondent stephen engle is standing by with ahead of the exchange. >> let's get right to our guest, the ceo of the hong kong exchange, thanks so much for having us. a few weeks ago we did talk and we talked about the pipeline.

you say it is going to potentially be a record pipeline even though the number of listings have slowed down a bit. let's talk about biotech, because we had a boom when you launch the pre-revenue scheme allowing mostly chinese biotech's to list here. there is been a bit of a pullback. what is the pipeline looking like an biotech? >> the pipeline is strong. there were 38 companies that have listed since 2018 when the chapter was established, raised over 100 billion. many of them do much with no revenues, and if we look at today we have 20 companies in the pipeline. it is a very healthy level of companies ready to go out. this is the sector that has been the highest growing sector of

the industrial exchanges that we have. it has been growing at about 60% in terms of market apple's agents company year on year. >> the index is down about 25%. the overall market is down 11%, the hang seng index, and there is been pullback, regulatory scrutiny, but in biotech these talks or a bubble pre-pullback. was this just in case of valuation being taken out? did you see a biotech bubble forming? >> this is a sector where you have companies without revenue streams in many instances, so it is a volatile index. there is quite a bit of volatility in the sector. we should expect sometimes it will go up, sometimes it will go down. the great thing is we are seeing

new sectors being added all of the time. you start seeing devices companies, diagnostic companies, new technologies coming in, mrna , a lot of these things are experimental. >> can you apply this pre-revenue biotech scheme to other sectors? are you looking at schemes for ai or spac's? >> there are different chapters we have for different companies. companies can apply for chapter 8a or a18, so there are different chapters the companies can apply to and get access to the hong kong exchange. >> biotechs have sensitive data. what are you hearing from regulators about whether certain areas of biotech, pharmaceuticals, medical devices, ehealth will be next on

regulatory scrutiny? >> i think the regulatory reforms we are seeing in china is something that we are going to see continuing for quite a bit of time, but it is not only china as it relates to data, big tech. it is a regulatory process i expect will be a long march not only in china, but also around the world, because it is an area of sensitivity, whether it is data, privacy of information, national security, issues of how to regulate companies that have monopolistic powers. this is something we will probably continue seeing. >> have you heard biotech, pharma in particular is not as sensitive when it comes to data? >> it depends on what type of company you are talking about. today we are seeing more and more ai companies using ai to

develop new formulas and significant event of information , so it really depends. you cannot generalize in terms of biotech because there are different sectors. the same moves will be applied across all sectors. >> we heard in july perhaps listings will have less of a cybersecurity review than those companies that go to the united states. is that a fact and i was that potentially affecting listings year? >> i think it will be consistent all around. the rules will be applied consistently. >> hong kong will not have that advantage? >> i do not think that will be an advantage, because essentially companies we need to make sure that they protect their data, they are confident that they -- data is secure and

cannot be permitted to other areas. the likelihood is very low. i would think there will be a consistent application of rules and regulations. >> we are cheering from citibank and other analysts saying there is about $637 billion that have not returned. what you're seeing with those companies thinking of a u.s. listing? are you seeing that pipeline increasing given that there is a lot of companies that potentially would find regulatory scrutiny in the united states too difficult? >> absolutely, we have seen quite a significant increase, and companies that were originally inking about the u.s. are now inquiring about hong kong. some of them have switched and started focusing on hong kong.

part of this is regulatory pressure from the u.s. and the need -- others feel it is easier to be closer to home markets, it is a combination of things. i will expect in the medium-term we will have companies listing in both venues. i do not think it is going to be all hong kong and that is helpful for the market. >> what about long-term? >> same thing. medium to long-term i think it will be a balanced approach. >> in biotech, we know one of the biggest potential listings is a tencent back company that applied for listing in april, potentially listening -- listing in september. we heard the hong kong exchange are doing their own reviews and asking questions about whether they will meet increased regulatory scrutiny in china for hong kong listing.

is that on your watch since you became the ceo, you are hesitant to do more reviews by the exchange because of the new regulatory framework? >> this responsibility falls on our listing division. the level of scrutiny has been consistent from our point of view in terms of the type of reviews that we have, at we are looking at companies, and obviously we have been putting in the public domain adjustments whether it is international companies looking to list in hong kong and the criteria that will be used. those of the changes that we are looking at, and it is subject to public consultation. we have not change the approach we take with companies coming here. >> your predecessor stated about

a year ago in december of 2020 it is potentially possible hong kong would be the number one global capital raising center for biotechs within 5 to 6 years. is that your stated mission? >> and three years it has become the number two in the world. this was introduced only in 2018. now we have already 38 companies that have listed in that chapter. a lot more in general. it is 38 companies worth 100 billion hong kong dollars. it is very level market capitalization growing at 6%. i think it will certainly be one of the top capital raising venues in the world. our mission is to be number one. >> we know that you have very

strong ties to the international banking community and private banking. what are those discussions like when the topic of this anti-sanction law comes out? we know the committee has put this on hold, but this is potentially a major conflict for international banks that have to comply with u.s. sanctions, chinese anti-sanctions law and still look at capital raising. >> international banks are obviously looking at this all of the time. they have to weigh the level of activity piercing, which is very significant activity. we talk about how the volume went from $90 million in 2019 to 188 the first six months of this year. they see the volume increasing a lot, the level of activity very

significant, and they have to look at all of the risks as well, and i think it is the right thing to do to consider all of the facts, and everyone is analyzing and assessing what the proper thing is to do. >> it is a big risk -- is it a big risk to hong kong? >> it is something everyone needs to take into account and consider how that will impact. how it will be determined, i do not know and what the potential consequences are. >> thank you so much, best of luck at the biotech summit. the rest of this morning from the hong kong exchange biotech summit, back to you. haidi: great conversation was to go -- with stephen engle there. paul: south korea's inflation given other than expected last month. the central bank may raise its key interest rate later this year. consumer prices increased 2.6%

year-over-year. it highlights a buildup of pressures. the united kingdom is said to offer a third covid vaccine dose to people ages 12 and older with severely weakened immune systems following recommendations on the government advisory committee. local authorities say the blister will go to those with conditions including leukemia and advanced hiv. no decision has been made on blisters for the wider population. a new survey has found vaccine mandates are said to become more common in the workplace. a survey found 52% of u.s. employers are considering requirements for a covid shot by the end of the year, more than double the 21% of companies polle thed -- polled the currently have minutes. --

it means many developers will no longer have to pay a commission of up to 30%. it is part of a settlement with the japan fair trade commission, and apple says it will be limited to early next year. members of the billionaire sackler family will pay about $1 million and walk away, part of a settlement of opiate related claims. i just as he improves of the settlement plan. the plan also rends the family's members immunity to civil liability. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. haidi: let's get a check of the markets, asian stocks holding steady.

it could be an uneventful session as we count on to u.s. payroll numbers to add a little more detail to those. the nikkei225 up about .1 of 1%, the kospi softer, lower by half a percent. in australia, sydney trading low as we continue to get a reassessment of the rba expectations of further economic downside for the third quarter and fourth quarter gdp prince with these lockdowns continuing. in new zealand we had better-than-expected trade. we see a theussie and qe dollars holding to those gains. let's look at some of the movement we are watching the tokyo session. -- electronics actively investing in chip production for stable supply according to the ceo and interview. upside of 5.4%.

we are seeing the supply side challenge when it comes to acceptability. nursing japan railway off as much as 50% at one point when it comes to the japanese real giant in this sheriff sale s --hare sale as the toll of covid continues to weigh on what has been a completely devastated tourism sector. they are aiming to sell 27 8 billion in equity. we are seeing that in some of those other tourism names. kathleen: jenna's long dormant go cities are slowly coming to life. we will tell you why and what it means next. this is bloomberg. ♪

haidi: china's ghost cities are showing signs of life. a decade ago pictures showed empty apartment towers with the pace of building the rate of residents moving in. we recently visited some of these ghost cities. these pictures go back a long way and terms of china's border

development and the infrastructure investment story. what did you see this time around? >> the ghost city narrative really was this worry that china's debt fuel growth would be to these property bubbles, so we visited three of the most famous ghost cities and found they really are filling up, and they were not meant to philip overnight. -- fill up overnight. we saw delivery people weaving in and out of crowds, and in another area this is a place where 2 million people live, and we saw a lot of families come in for the new schools being set up, so slowly but surely these ghost cities are filling up. there is national data on how

these places have evolved over the years. kathleen: i would imagine it is tough to go out into the middle of nowhere and build the buildings and hoping to create this brand-new city with nothing there, no transportation, no businesses, what is the model for doing this? >> absolutely, these places really are created out of nothing, and to be clear, most of them are not cities, they are new districts, so additions to cities created out of farmland. in a lot of cases there was no construction there, so the model has been a lot of money into these new buildings, including public spaces as well as government buildings. at first they get this pushed by

vitality by allowing state enterprises in. they tried to attract private capital by giving subsidies and encouraging policies, so the hope -- that is very much been the model. haidi: the demographic story is changing, right? and with perform that side of story is changing too. are they still building up these big developments in the hopes that overnight more will come? >> absolutely. in 1978, 18% of china's population lived in cities, and last year that number went up to 64 percent, so there has been an incredible pace of urbanization. it is continuing, although slowing. for some of these places we went to, there are new districts

building up with apartment blocks, four-star hotels or five-star hotels and these luxury condos. across the river there is also this huge new build, so the model is continuing. china is hoping for more people to move into these urban areas. kathleen: thank you so much for joining us, this is a terrifically written, beautiful photograph. so much went into this. it is a fascinating read. you can read the full story and the bloomberg special issue, you will not want to miss this. watch us live and see our past interviews on our interactive tv function tv . you can become part of the conversation by sending us instant messages during our

shows. this is where -- for bloomberg subscribers only so check it out at tv . this is bloomberg. ♪

kathleen: let's get a check of the business flash headlines. the latest automaker -- supply constraints saying its delivery

outlet due to an uncertain and volatile semi conductors why. the chinese electric car maker never expects to deliver up to 23,500 vehicles in the quarter, down from 25,000 previously. the company said orders hit new highs but supply constraint tempered production. twitter debuts a new safety mode that will automatically block abusive accounts. the company says technology will assess negative interactions by comparing it we's content and the relationship between the author and responded. twitter also said it can determine which users interact regularly to ensure it does not lock someone by mistake. amazon said to hire more than 45,000 people in the united states, the company is calling its biggest ever recruiting and training event. the deal, striving -- the e-commerce giant plans to have a career fair. amazon employs 950,000 at the end of june out of 1.3 million worldwide.

apple is forcing all u.s. employees to report their vaccination status. the worker is telling them to voluntarily declared that they have been an ocular by september regard as to whether their or from an office. unlike several peers apple is not mandating vaccines just yet. it says it will use vexing data to inform its covid response efforts and protocols. haidi: i do not know if you are a top gun fan or a tom cruise and i don't or even a cinema fan but it seems like the return to normal from hollywood will be some time to come. paramount is having to move the premier of top gun from november until may of next year on account of the delta variant is, the fact that there are more restrictions on gatherings and a broader uncertainty that continues to plague the movie industry. in terms of box office takings things have been improving. look at the numbers, taking just

about a quarter of this time last year. kathleen: i am a top gun fan, it was a great movie. how can you not be a tom cruise fan? he has done so many great movies. you can go on and on, but i have missed jackass movies, jackass forever? [laughter] we will have to wait to see what that is all about. [laughter] i think it is interesting, what is interesting to me not so much trying to fight the pandemic but this recycling of old films, old concepts that were very, very popular and i guess paramount figured it is the way to go. we will have to see them

together. we will discuss the rally on chinese tech stocks with our guest and we will also be speaking with head of chinese economics. our market coverage continues. bloomberg markets china up next. ♪ it's moving day.

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>> this is my kitchen table and also my filing system. over much of the past three decades, i've been an investor. the highest calling of mankind i've often thought is private equity. [laughter] and then i started interviewing. and i watched your interview so i know how to do some interviews. i learned this doing my interviews how leaders make it to the top. >> i asked him how much he wanted he said 250 and didn't negotiate with him and did no due diligence. >> i have something i would like to sell. >> and how they stay there. you don't feelen adequate n