♪ haidi: very good morning. sophie: we are counting down to asia's major market open. kathleen: good evening. our top stories this hour. asian traders look ahead to the u.s. jobs report after cyclicals led wall street to fresh records. china's president looks to calm investors, announcing a new stock exchange and further

economic opening. the hsbc ceo is betting on china's middle class is despite beijing's crackdown. southeast asia's second-largest lender is focused on china going on a hiring spree. >> we know that china is now so much more linked with the rest of asia. the inter-asian trade is growing substantially. we do notice this opportunity. kathleen: the latest on the great storm caused by crane -- hurricane ida as it swept into the northeast region. edison saying that there are still more than 13,000 customers without power. however, they expect power in queens to be restored by midnight tonight. the bronx by 3:00 friday. 95% of the restoration by friday night. we are showing you cars getting stranded on roadways that were

suddenly flooded that they could not move. the death toll, at least 40 now. this is one important step for people but there is still a lot of cleanup, as you can imagine. at least this part of it is getting done quickly by local authorities. let's take a look, moving from this to the jobs report. life goes on. the jobs report out tomorrow. it's the august numbers i want to show you. we are expecting again of around 750,000. that's the yellow line. the two blue bars, look at how nice they are. gains of about 950 thousand, close to a million for tons -- two months in a row. the private payrolls report came in about half was forecast. the 300,000 range. people are saying, this could be weaker. this is the big question now. will we get a report that surprises and comes in closer to

that nearly one million, the kind of numbers that the fed chair would like to see to start the taper? haidi: we are watching the continued impact of the tech crackdown in china. we have to speak -- a speech from the president. when he speaks, everyone blesses. lots of very positive things when it comes to opening up. more reforms. the new stock exchange in the works. more pilot programs and trade deals with beijing. still, there's a sense that there is further to go when it comes to the regulatory shakeup. we will see if this has helped sentiment at all. kathleen: a very interesting and entertaining story on the bloomberg today. how wall street is having to tiptoe around some of the new states where it's been opening offers and putting more employees. i'm talking about states -- not like new york.

if you look at states like texas and florida where they've been pushing more people for years. they are having to step back. you see the texas governor greg abbott saying that he banned local authorities from requiring vaccines. in florida, the governor is wondering about companies requiring vaccine passport. these other areas where they've really been growing a lot since the pandemic. the move from wall street down to miami has been a big one. it's interesting to see how these politics are making them alter their policies it. in new york, citigroup is requiring its employees to get vaccinated but not get in other parts. haidi: huge contrast and divergence between some of the states when it comes to how masks and vaccines have been approached. let's take a look at data crossing the bloomberg. the s trillion pmi services as

well as the composite number. the final number for august coming in pretty soft. 43.3. that is softer than the premium that we had. the services number also retreating, 42.9. unsurprising given that we continue to see weakness in the services component of these industries as we remain in lockdown. let's get a look at how we are setting up for major markets getting underway. vonnie: no surprise. we have the aussie trading at a one-week high. the greenback holding a 3d drop across -- ahead of the u.s. jobs report. you have the offshore yuan staying from here, steady below 6.45. trading near a mitchell a high. -- mid july hi. take a look at the u.s.

holding steady after stocks rose to a record on wall street. i goldman, they see more upside for economically sensitive asset, saying that the concerns over global cyclical are looking overdone. we will be watching reaction to plans for a new sn me stock -- sme stock exchange. now taking a look at the terminal this week. growth and enterprise focus. hong kong leading the charge. asia up 18% over the past five sessions. the china gauges at the bottom of the heap amid the tech clampdown. the index has slipped to them -- a two month low. haidi: let's get more on those plans, focusing on small, innovative businesses. stephen engle is in hong kong. lots of details on what is being

planned. stephen: we are listening to his speeches and what he is telegraphing a lot closer these days because just about everything that has transpired on the regulatory front over the last 10 months, he forecasted or hinted to in speeches. we have to look at the speech he gave last night and read between the lines and see what he is saying. the speech was long on somatic's in short on specifics. that is common with chinese leaders. what stood out were some of these pledges to gradually further open up services sector to foreign investment and also drive programs. the one that really stood out was this new board that they were going to launch in beijing. that will essentially drive

innovation, particularly in services. let's hear from the president. >> we will continue to support the innovation driven development of small and medium-size enterprises by deepening the reform. and setting up the beijing stock exchange as the primary platform for renovation. stephen: don't they already have the star market in shanghai? that is focused primarily on technology companies. medium-size enterprises. this board could be more focused on innovation and services. we have to see. there were a few details in that speech. when he speaks, all the others in the various departments get moving and start acting on it. we will likely see dietl's coming forward. the csrc was already out. they had a statement right on the heels of that speech, saying that the new exchange is an important measure to implement

our national, innovation driven strategy and convict -- continue cultivating new drivers of development. how will the market shape up? very likely that it will be a revamp and reform of the existing beijing board called the and eq which was set up in 2013. it had very little liquidity. very little volume. lower listing requirements and shanghai and shenzhen. it didn't take off. we are likely to see a reform of that market. it's called the new third board, by the way. no one knew about it, really come outside of the tight investment community. they will reform that and select companies that are already listed there, moving to this new unnamed beijing board. kathleen: everybody knows about alibaba becoming the latest big platform company to pledge to support his common prosperity drive. can we expect the others to come under the thumb of this

crackdown to step up and do the same? kristin: they are all -- stephen: they are all doing it. we've heard from tencent, they recently doubled their plans. what did alibaba pledge? roughly $15 million. they will donate into 10 different areas that will satisfy the government's vision of common prosperity. poverty alleviation, education, agriculture, and the like. alibaba said it would donate many of its incremental profits in the near term to these various projects. kathleen: thank you so much, stephen engle. hsbc says it is committed to navigating the increasing complexities of operating in china.

in its first broadcast interview , knoll clinton told bloomberg that the bank is expiring -- expanding in the region. >> we've been around for 156 years. we have faced political tensions in that 156 year history. let's be honest. if you want to be an international bank serving the world, serving 60 markets at times, it can be difficult. i'm not going to deny that. but our clients tell us they still want us to bank them globally. whether they are consumers wanting to invest elsewhere in the world their savings or its businesses wanting to trade with the world, the demand we've seen over the past, even in the crisis like the one we just faced, the demand from our customers to serve them globally still exists. >> are authorities asking you to choose? >> no. >> clients? >> no. we have to comply with laws and regulations.

that's a complex tax. i'm not going to pretend it's easy. no one is asking us to choose. >> what are your expansion plans in china? >> we are hiring. we have announced a commitment. an initiative called pinnacle. the plans are to hire 300,000 extra wealth managers over the next three or four years. we've already hired 600 of those in the first nine months of the program. we are on track for our target for hiring this year. the initiative is going really well. it is meeting expectations. >> talk to us about the laws. if the sanctions law comes through, what does it mean for the financial sector? >> we've been around for 156 years. one of the jobs of an international bank is to comply with complex laws and sanctions laws wherever 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. you have to stay close. you have to stay close with your clients and the regulators to understand their requirements and to navigate those complexities. it is certainly a complex situation at the moment. haidi: speaking exclusively with francine lacqua on bloomberg's front row. let's get you to the first word headlines. vonnie: thank you. ocbc is boosting its wealth management and corporate banking headcount for greater china. they will be at the lenders main operations units. the ceo says the number of relationship managers for wealthy chinese clients will double to 500 by 2023. she spoke to a six lucidly and our first in-person interview since taking the job in april. >> we know that china is now so much more linked with the rest of asia. the inter-asian trade is growing

substantially. we do know that if this opportunity. vonnie: 40 people are confirmed dead across the u.s. northeast after the blow to river by the remnants of her canada. record rainfall in new york caused catastrophic flooding. people left stranded. a state of emergency was declared. in new jersey and maryland, the storm triggered tornadoes. india's increase in daily covid-19 case numbers is raising concerns of a possible third wave. more than 47,000 new cases and 509 deaths reported on thursday, the highest daily infections in two months. israel reported a record 11,000 new daily cases with testing rates high ahead of the school year. 30% of those infections were in children younger than 11. 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: thank you. still ahead, markets racing for the jobs data. are we approaching the taper threshold? this is bloomberg. ♪

haidi: fed officials continue to debate winding down monetary support later this year. joining us now is lizzie a rockland. what you watching out for? >> one thing that has been really interesting over the last year is that the labor force participation rate has remained flat. that means people are not

looking for work at the same pace that they were before the pandemic. we will look to see whether that has increased as schools reopen in people return to the office. kathleen: thank you so very much. let's bring our next guest in. the head of equities at research affiliates. how important is this number to the market? it seems like that weaker adp support made everybody go, it will be a weaker government report. what if it's not? what if it is strong like alaska blood months were? >> i think a market is certainly expecting good news. i think the number is quite important. the market attempts to react pretty dramatically to unexpected components. we have seen the jobless claim

number this week has been very strong. i think people will extrapolate that information and expect august implement number to be very positive. kathleen: if it is, what does it mean for the rally we've seen? we had it led by big tech. it was a defensive play. today, a little bit of a reversal. we saw cyclical stocks coming to the four. a strong jobs report. the fed moves its taper sooner rather than later. which impact does that have? morality rally or more of a pullback? feifei: it means may be more rally in the longer term. especially on cyclical stocks. i think the cyclical stock movement has everything to do with the prospect of economic recovery. the recent setback in august last year was due to the concern about delta variant. whenever the variant concern

comes into the picture, the technology companies, health care companies have higher profit margins. they can batter the storm better. investors tend to rotate into those sectors. when the economy is on the right growth trajectory, people tend to invest more encyclicals. haidi: where are the opportunities encyclicals right now? feifei: i think the financials, energies, materials, those sectors. they typically have bigger exposure to the economic recovery and growth. their valuation still looks very attractive. value versus gross is not as high as the beginning of the year. it's really attractive versus the historical norm. haidi: what are you watching in terms of the regulatory overhaul

out of china at the moment? feifei: well, i think that particular set of the market really has bigger, more psychological impact and investment. overall, the government tightening might be somewhat necessary for certain sectors. just the magnitude that this is coming. that creates fair -- fear. it creates international assets fleeing away from chinese markets, potentially into u.s. treasury and u.s. equity markets as well. that explains a little bit about the performance in the past couple of months. kathleen: there are two camps right now looking at emerging markets. it's a good time to invest. some people think that the valuations don't warranted. there's uncertainty about the

dollar. what do you think about the emerging markets? feifei: we have been very strong advocates for emerging-market investing. it's relative to the u.s. market. i think it's very attractive. emerging markets, in the longer term, i think that the currency trend is positive for emerging-market currencies. when economic growth catches up with the rest of the world. right now, more disruptive because of the lack -- lag in the vaccine deployment. that creates uncertainty on emerging markets. you have to invest early. i think emerging markets potentially benefit from high demand for exports, commodities. the global economy is still on the recovery phase. kathleen: always great to have you with us.

you can get around up of the stories you need to know to get your day going in today's edition of daybreak. it's available on the mobile in the bloomberg anywhere app. you can tweak those settings to get the news on the industries and assets that you care about. this is bloomberg. ♪

♪ kathleen: counting down to the start of trade in tokyo. in japan, the jib and composite pmi data. manufacturing pmi came in stronger-than-expected. we are watching to see bond purchases. we will get those numbers after 10:00 tokyo time. we will be watching retailers after a broad drop in same-store sales.

fast retailing says it sales for august dropped by more than a third. let's take a look at korea. the central bank governor will meet with the newly appointed financial services commission chairman at 10:00 a.m. seoul time. we will bring you any news that emerges. we will get the latest decision on extending current social distancing measures along with updates on covid cases and vaccination numbers. haidi: yeah. we saw a broad rally in crypto. it coin touching 50,000 once again. other coins also rallying to get j.p. morgan warning about potential signs of fraud. what's different about this rally? >> as you mentioned, you have either rallying. you have a lot of the other smaller tokens coming out. you have those coin. it's a really broad rally.

it isn't just relying on bitcoin and easter to come up. kathleen: for those of us who don't have millions of dollars to spend on a digital image, it is hard to understand. >> it is really interesting. it looks like it has gotten some of the retail interest from the meme stocks and bitcoin. you do have these big price increases. once you hear about a tenfold gain in a penguin or a rock, people start to get interested. it looks like there are a lot of professionals doing that. some of these prices are not really retail level prices at this point. they are into tens of thousands of dollars. kathleen: thank you so much. still ahead, the u.s. looks to expand vaccine manufacturing, allocating $2.7 billion to help.

we discussed where that money might go. that and more, coming up next on bloomberg. ♪

vonnie: this is daybreak: asia. president xi jinping to china will set up a new stock exchange in beijing to finance smaller companies. he said the plan would deepen reform of the national equities exchange. china must increase equity financing in its bank-dominated financial system to reduce debt levels. >> we will continue to support the innovation and further

development of small and medium-sized enterprises by deepening reform and setting up the beijing stock exchange as the primary platform for innovation-oriented sme's. vonnie: chinese regulators have set a december deadline for 11 ride-hailing services to fix instances of what it calls misconduct. realtors criticized the companies for disrupting their competition and hurting the interest of drivers and passengers. it cited violations, including using unlicensed drivers. the italian government is preparing its first full annual budget, with a view to keeping up ex are spending, to fight the -- despite the economy rebounding faster than inspected. singapore exchange has become the first asian financial hub to induce a framework for blank

check companies to live. spac's will be allowed to list in singapore starting friday with a minimum market cap of $112 million. approval comes as global regulators step up scrutiny on spac's. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. kathleen: the u.s. government will allocate $2.7 billion to expand vaccine manufacturing, but it is not yet clear which companies will receive the funds. meanwhile, president biden's booster plan is facing resistance from medical expert say they are concerned that politics is getting ahead of the process. joining us to discuss all of this is kara wetzel. the $2.7 billion, what will it do? the vaccines are already out there, right? why is $2.7 billion needed for

boosters? kara: it is to continue the overall production. it is not just the vaccine, it is supply like needles and vials. this is kind of part of our plan to provide vaccines also to the rest of the world and more developing countries that neither shots. this will help keep developing it not just for the u.s. but for shots all around the world. haidi: paris getting ahead of ourselves when it comes to talk of boosters being rolled out? -- are we getting ahead of ourselves? the narrative around boosters is getting ahead of where the actual science is? kara: that his concern for health officials advising the cdc and the fda. the biden administration is going full force in saying we want to get boosters to people in late september, eight months

after you have gotten your second shot. the boosters have yet to be approved by the cdc and fda. there is concern politics is getting ahead of process and these are things that need to be carefully reviewed and applied to diligently. the cdc and fda have to keep doing that before we can promise these boosters to people in september. kathleen: of course there is a lot of concern by parents who are wondering about getting the small children vaccinated. even anthony fauci, oh, it is a great idea, you should go ahead and do it, when there is absolutely no long-term data on what the effects will be, particularly for kids whose bodies are still developing. kara: i'm a parent, parents are anxiously awaiting shots for kids under 12. so far they are continuing to review the data, hoping to get something by the end of the year. just another thing the cdc and the fda has to review. so far, it's safe for people over 12, but kids are eagerly awaiting the shots.

that is just another wrench in the full system. haidi: we are all eagerly awaiting the results of these studies which are underway for kids under the age of 12. kara wetzel there. for awhile, big wall street banks have been cranking up pressure on employees to get vaccinated, but they have yet to adopt policies like in texas. but how long can this tiptoeing last around the culture wars? joining us to discuss is hannah levitt. as we see a lot of firms pushing into places like florida and texas, what are we seeing them due to trying get around this issue, given it is such a controversial one in these states? hannah: wall street has been at the forefront of returning to offices, and firms have taken various approaches. but the common thread is they stop short with clashing with texas, where officials are critical of vaccine mandate.

citigroup told employees in new york and new jersey the need to get vaccinated and go into the office at least a couple days of the week, but it has yet to open offices in texas and kentucky. goldman is another example where they ordered all u.s. workers to return to the office in june, but as the delta variant spread, they decided to require shots to enter workplaces and employees who are not fully vaccinated are expected to work remotely. kathleen: a lot of people might be surprised to know that texas is where a lot of big banks are locating various kinds of processes and workers. most of them seem to be based in new york but this is a big growth area. why does it matter so much? hannah: that is a great question. why is it so on their radar. a lot of big banks have been shifting jobs to texas in recent years. texas has shown it is not afraid to punish banks for policies lawmakers there opposed.

another example would be the firearms industry. they restricted work with that industry and earlier this year the governor in texas signed a law that bans state and local governments from working with banks that restrict the firearms industry. that's an example of escalation we could see. kathleen: thank you so much. hsbc ceo says the bank is adopting a hybrid working model. as a global economy emerges from the pandemic, they say they want to balance business and staff needs. quinn spoke exclusively with bloomberg. >> my own view on the return to the office is it will be a waste if we didn't learn from the last 18 months. if i think about the future, do i want the future to be the way it was pre-covid on working environment? and let me explain that in more

detail. over 200,000's of my colleagues, 90% of them work from home. not everyone could because they had to work in branches or on trading floors. but a lot of work from home. i trusted them last year to run the bank globally in 60 countries, and they did a fantastic job. i am not going to turn around to them now that covid is over and say, i no longer trust you to work from home. >> what segments of banking do you see more talent wars? every day we have a story about you and your bankers being paid $120,000. noel: there is clearly a very hot market at the moment in investment banking. at all levels. there is a very hot moment in the trading business. but they go through phases. >> do you have to increase your

prices? your pay? noel: we always have to adjust. we want to make sure that we are competitive, and that we are keeping our talent. so we monitor the market pay always very closely. >> do you and your executives travel less during the pandemic? noel: yes, undoubtedly. again, it is part of the learning curve. it would be a shame if we all went back to the way it was when we were flying around the world for one day trips here, two day trips there. my expectation is i will probably do fewer longer trips. my expectation is that will translate into probably a reduction in our travel budget by around 50%. haidi: hsbc ceo noel quinn speaking exclusively on bloomberg. coming up next, the first female ceo of a singaporean bank spoke with us exclusively on her homecoming journey after 27

years at hsbc. that conversation is ahead. this is bloomberg. ♪ this is bloomberg. ♪

haidi: we spoke with ocbc ceo helen wong in her first in-person interview since taking the job in april. she rejoined ocbc after 27 years

with hsbc. the return is a homecoming to where she started her banking career as a management trainee. she spoke exclusively with us in singapore. helen: i am very honored to be chosen and appointed and it is truly from the heart i feel so good because i also started with ocbc. it is a homecoming. so i feel good about it. but not so much about being the first woman ceo for a singapore bank. that's something i do not necessarily think is a headline. i never thought it would be a headline. it should be based on the person's merit, their leadership. so i thought i was recognized to have that, so i am very proud. i hoped in the future this would not make headlines, meaning there are more women leaders as well. haslinda: just months into your

stint as ceo of ocbc, secession is far from your mind i'm sure, but if we take a long term perspective, how might you be looking at secession to place people in top six -- top positions? helen: succession is always in my mind. i'm new in my job, but i could have an accident, i could vacate the office for whatever reason. secession is always there, meaning i have to continue to identify several candidates. it's not just for my role, it's for the whole bank management. succession planning is important, and i do want to continue to build. we have a very good management team. but again, as i just said, we want to continue to expand. so continue to look at possible

talents. also nurturing, and also grooming internal candidates that we are always identifying over the years. haslinda: how do you view women talent in the company? how are you building the pipeline? helen: good question. if i look at my top team, my management team, if you go onto the website, 25 people, we have seven women. 28%. not that bad. it has actually increased over the last few years. but in a way, when i look at succession planning, i do not really consider the gender. you have to look at who has the merits, the track record, the aspiration, to do a bigger job. so i do not consider gender in that sense. but, but we all know that in general in asia, women can still in general have a tendency to think a little bit more when you talk about career progression.

they may doubt their own ability when you say, hey, why don't you consider in three years time targeting this position. so i do not want to encourage women talent to also not consider their own gender as well. just consider whether they do aspire to do a bigger job, and how to prepare themselves to do that. so building women pipelines means you encourage people, encourage people to aspire, but to women, give them more of a nudge, saying hey, this is equal opportunity, and you will be successful if you put your mind to it. haslinda: is it still in male dominated industry. i'm wondering, what would it take to change that? lots of arguments about how it is still a boys club. what do you think would be attributes that help you get here? helen: i actually do not feel it

is a boys club. i think it's whether we have enough supply of women in the p ast. as i said, because of asian culture, i mean, when i was younger, there's a lot of talk about whether you want to marry well rather than a job. it's just asian culture. put in the effort, aspire to do better. i do not even think about how far i can go. i just thought if i put in my efforts and i enjoyed it, and i'm given the opportunity, i would say yes. then that is how i got to today. haslinda: one final question, amid such uncertain times, as ceo of a company, what keeps you awake at night? helen: i sleep pretty well. [laughter] i think it's uncertainty. uncertainty. there are still a lot of

challenges in the world, but if you ask me personally, climate change is one of the biggest uncertainties i feel that may wake me up sometimes at night. kathleen: fast editing interview. -- fascinating interview. that was ocbc ceo helen wong spacing -- tune into bloomberg radio to hear more and get in-depth analysis from the daybreak team, broadcasting live from our studio in hong kong. listen via the app, or bloombergradio.com. plenty more ahead. ♪

kathleen: china's push for common prosperity is headlining the news. the flagship slogan is also showing up in the earnings reports of the most influential firms in the public and private sectors. sophie kamaruddin is taking a closer look from hong kong. sophie: i want to highlight what our colleagues have put together analyzing which companies making the drivers seat in the chinese market ended the push for common prosperity. it's soe's standing out as an increasing focus for investors as dividends are seeing improving.

as the chart illustrates we have a portfolio tracking soe's that have a proven record of boosting dividends. outpacing the csi 300. more are seeing boosting in the months to come. haidi: ever grand group is set to be facing demands to repay at least two of its biggest nonbank creditors. they were not revealed but sources say the creditors are trust companies which want immediate repayment. they pull money from wealthy individual investors and count for 40% of ever grand's borrowing at the end of 2019. marketing $59 billion in bad assets for sale to shore up finances after record losses. the company says the assets involved more than 7000 borrowers, its biggest ever bad debt sale. a rescue package from some of

china's biggest financial firms last month and reported losses of $16 billion after a long delay. bytedance has in order to halt services in singapore after the city's financial regulator said it may be in breach of local payment rules. the monetary authority of singapore says their local unit does not have the right licenses to operate in a city. the crypto exchange was added to the investor alert list of unrelated persons or entities that may have been wrongly perceived. the faa has bounded the virgin galactic space plane while it investigates whether a flight deviation threatens public safety. reports stated briefly flew outside the area it was cleared for. the news sent virgin galactic shares down almost 3% at the closing new york. qualcomm gave a bullish forecast saying thanks to strong demand.

the chipmaker says revenue in the fourth quarter will be about $7.35 billion which is higher than average analyst estimates. they say their latest results reflect strength in markets including the cloud, 5g infrastructure and broadband. a weasker than predicted forecast for the current corporate -- current corporate -- current quarter. they say profit will be between $.52 a share in the three men's -- kathleen: we have to share with everybody this story of our colleague in tokyo covers the boj because they are coming out with a new ¥10,000 note. the equivalent of a u.s. $100 bill. it is so cute. they said ta-da. they got over 190,000 likes on a

tweet. it may not be much for -- naomi osaka has millions every time she tweets something, but for the central bank -- of course i love all these essential banks. it has to be kind of fun that they got so much attention with something like this. haidi: according to even the boj's own survey, the majority of japanese households find their communications difficult to understand. so this could go a little bit towards making them more approachable perhaps. kathleen: the boj has a gift shop on the ninth floor. i have dishwasher rags you can get which has a ¥10,000 note printed on it. so something to look forward to next time you are in tokyo. but right now i think we want to take a quick look at currencies and see what is going on. the dollar has been weak,

definitely getting lower. right now pretty much unchanged. everything is about unchanged. certainly in asia because it is the end of the week. that has been a lot going on all week from australia's latest gdp numbers, many strong reports out of japan. we are waiting for their pmi, etc. at the same time, i think so many investors around the world, they are just pulling in their bets. they want to see with the jobs report does, because if the jobs report were to come in a lot stronger-than-expected and people say maybe the fed is going to taper faster, that could move of rate hikes and we could see the dollar move higher. if the jobs report is weaker, that could lend strength to the sense the dollar is going to weaken further, and that will reverberate through currencies around the world. haidi: let's take a look at how we are setting up when it comes to the broader equity markets

trading this friday session. new zealand seeing small upside about .1%. we're watching the big four banks. could potentially outperform to their new situation. we're watching miners in the quarry saying prices will driving upside for coal miners. nikkei futures up about .5%. looking like a pretty start -- pretty steady start. we had the reverse of the tech, battle with cyclicals leading wall street to a record. the dollar heading -- falling ahead of the key u.s. jobs report. goldman sachs interestingly saying big concerns over a global slowdown, over delta, are overdone, and they see more opportunities when it comes to cyclical trade. we will see whether that plays out in asia sessions. we will of course also get more on china. president xi about opening up, about the new stock exchange,

will be making an impact when it comes to sentiment. bnp paribas chairman would be joining us with his outlook. he says china's battered tech stocks could be worth another look. kathleen: you can get more context and analysis on china's correct down on his tech giants on red vine, available online at the bloomberg technology channel on youtube. we're looking ahead now to the market opens in sydney, soul and tokyo. we are also looking ahead to another look at the big jobs report. right now the forecast is for a gain of something around 750,000. that would be slower than the two previous months. importantly, they were very close to one million a much weaker report could shift people's bets on how fast the fed will start to taper. how much quicker they will get to interest rate hikes. and then the opposite. this is something over going

over a look at the jobs report. so, keep it right here. this is bloomberg. ♪

>> hello in welcome to daybreak asia. i am kathleen hays in new york. sophie: i am sophie kamaruddin in hong kong. haidi: taking a look at the major markets opening across asia, our top stories, looking ahead to u.s. jobs numbers and xi jinping's promise of a new beijing stock exchange. singapore becomes the first asian hub to allow spac listings

but a lower minimum market cap. and ocbc guesses -- gets set for an hiring spree in china. plus, another exclusive. the hsbc ceo tells us why he is betting on china's middle-class class is despite beijing's crackdown. let's get you a check on the friday markets. sophie: this friday morning we are seeing upside for japanese stocks as the nikkei continues to move ahead, above 28,000, even as we are seeing fast retailing shares move lower by about 1% on the back of retail numbers dropping 39% for the month. upside for japanese stocks. goldman seeing and improving outlook. anxiety over global cyclical risks, they say that is overdone. checking on the open in south korea. we're going to be gauging reaction to the government

extending the virus groups for four weeks. we have the korean won forming up, treading below 11.58 against the greenback. the staggered open in sydney, after we saw the asi 300 among the biggest laggards on thursday as soft iron ore prices weighed on miners. the aussie dollar trading near one-week high. fluctuating around the 74 level. market pmi readings for australia falling to a 15 -month low. the dollar index looking steady. ahead of china's pmi update. offshore yen looking steady. haidi: china remains committed to opening up markets amid the regulatory crackdown. it comes as president xi jinping is planning to set up a new

stock exchange for preventing -- providing financing for small businesses. our next guest says he sees value in these stocks. joining us for more analysis is zhikai chen. always great to have you with us. trying to soothe investor nerves that are not just frayed, but probably severed after the last few weeks and months of trading. did you find substance in what he has to say or do the regularity headwinds continue? zhikai: good morning. thanks for having me. some headwinds are coming to our side in terms of policy need to see fleshed out for what they need to do in terms of common prosperity. but the message last night was very clear. china still requires capital. they are trying to resolve this issue of how to direct capital

to enterprises in china and to try and innovate, if you will. haidi: what are the opportunities right now that you see? it is very difficult for a lot of investors to see through where the regulatory issues stop and therefore, what to work out what discount of evaluation makes sense at this point. zhikai: indeed. i think the very strong determination that we see now is to correct regulatory arbitrage of regulation of some factors. we are still digesting what this means for some of these factors that have been highlighted. what is happening also is the correction has been fairly symmetrical. you have seen some commerce stocks trading at levels we have not seen, for some of these

companies. i think that is a very strong valuation first -- for some of these established names that will still be a significant player and have a role to play in the chinese economy moving forward. kathleen: you have so much focus in the jobs report tomorrow and the need for the fed to taper sooner rather than later. is this different for china, japan and others who are on their own track with monetary policy that will not be changed by the fed when you compare them to more emerging market nations that are probably looking nervously at this jobs report and the signals it might send to fed officials who want to taper? zhikai: i think the taper is now well telegraphed. the speech promised no surprise and they will deliver on that. that is pricing the expectation

at this point. we are kind of in a situation where bad news might be good news in the sense that bad jobs reports basically means the taper might be pushed up further and rate hikes would push up even further as well. the global interest rate outlook has a lot more impact on more vulnerable emerging economies around the world than larger economies like china and japan, which has a bit more policy latitude than their peers. kathleen: for an equity investor maybe you can look past this to a certain extent. what are you looking at as a good country, a good industry, a good place to put some money and make more? zhikai: i think in asia this has been a challenging year. right now we are still really focused on finding companies in sectors where we find interesting growth dynamics.

in particular this is something you had mentioned before, on the website there are specific sectors that feel short in terms of supply. those are the areas we are focusing on and having some positions. the other part is on the e-commerce thing and platform site. we are overweight some of the larger players in that space. because evaluation spots. that is how we are positioned right now in that space. kathleen: in terms of supply constraints and how that will affect various countries, certainly china has faced in the sense of having to shut down ports and the virus flaring up. how do you see that playing out, particularly when it comes to chips, which are so vital in so many products? zhikai: it is. it is a very complicated picture right now, in the sense that we are now seeing potential shortages from places where we did not expect them before. if you look at the recent

warnings coming from carmakers, the covid shutdowns in some countries like thailand, vietnam, malaysia, is creating chip shortages. even for a well-run players like toyota. so that's something i think a lot of companies are re-examining their supply chain and seeing if they need to increase supplies on that front. it's an evolving situation and one that is bringing us surprises on a weekly basis. kathleen: that is an understatement. thank you so much, zhikai chen, from bnp paribas. now let's get to vonnie quinn. vonnie: hsbc ceo noel quinn says the growth of china's middle classes is an opportunity too big to miss, even as beijing cracked down on the country's wealthiest people.

the bank is plowing billions into china, and trying to add 3000 wealth managers over the next three to four years. quinn admits tensions between beijing and washington makes the situation tricky. >> i can't predict the future. but is it a complex world? has it become more complex over the past three years? certainly. that is when we step up and help clients navigate that complicity. i am not going to pretend it is not, but it is rewarding. vonnie: ocbc is boosting is wealth management and corporate acting headcounts for greater china. hires will be at the main operations and private banking units. ceo helen wong says the number of managers for wealthy chinese clients will double to 500 by 2023. she spoke to us exclusively in her first in person interview since taking the job in april. >> we know that china is now so much more linked with the rest

of asia. it's growing substantially. we know there is this opportunity. vonnie: at least 40 people are confirmed dead across the u.s. northeast after the destructive blow delivered by the remnants of her can add. in new york -- of hurricane ida. in new york, catastrophic flooding, left transports paralyzed, and people paralyzed. in new jersey and maryland storm triggered tornadoes. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: let's get a preview of all the important u.s. jobs data. we will be learning about the health of the labor market and how does impact with the fed does from here. next, more on china's crackdown.

this is bloomberg. ♪ his is bloomberg. ♪

kathleen: xi jinping is sending a strong message to beleaguered stock investors. he wants equity markets to play a stronger role in development of china's financial system. the chinese president said the government will establish a new stock market in beijing. for more, let's bring in our chief north asia correspondent stephen engle. so what do we know? what is the motivation here? xi is trying to cheer people up who are worried about the future of businesses in china? stephen: i do not think cheering people up is on his to do list. i think what he is trying to do is clarify his greater vision for common prosperity. it's an interesting story

because you think, what, xi jinping is promoting the development of equity markets? in fact, he does want to see the equity markets play a larger role in driving small to medium-sized enterprises. and redistribute the wealth, rather than big blue chips like alibaba and tencent, who have amassed so many other smaller companies and created giant, all-encompassing powerful platforms that potentially threaten the influence of the communist party. he would like to see the equity markets play a more develop in a role too small to medium-sized enterprises in an economy that is so hooked on debt and also lending from the banks. on that one side it makes a lot of sense. but the devil will be in the details. how they turn what this -- there's an existing beijing stock market. people oftentimes do not know that.

the national equities exchange and quotations company. it has a lot of small stocks that don't trade much actually, because they have a problem would liquidity and volumes a very short. he wants to reform that and make that into a more liquid stock market for innovative small to medium-sized enterprises. let's hear from the president. >> we will continue to support the innovation-driven development of small to medium-sized enterprises by deepening the reform and setting up the beijing stock exchange as the primary platform for innovation-oriented sme's in services trade. stephen: the last point i want to make on this come up bring up this terminal chart 4481. it's very interesting to see through this rectification of

the large caps in china. you have actually seen an on performance of small to medium-sized enterprises. i guess that is an ultimate agenda of xi jinping, to redistribute the wealth. the small caps over the last year outperforming the mid and large caps. you turn the page, exemplified by the broader shanghai comp outperforming the blue chips 50 index by the most in recent years. haidi: you get these phases of phrases in china like supply-side reform and china dream. now everyone is about common prosperity, including alibaba. stephen: absolutely. and compliance is the lifeblood. that is what tencent has said, and they pledged about $15 billion to these social causes. alibaba, in addition to earlier saying they would donate -- i use that word loosely -- donate

all incremental profits in the short-term to social profits, they will add another $15 billion u.s., 100 billion yuan, to 10 particular areas. that will satisfy xi jinping's vision of common prosperity. we are talking poverty alleviation, agriculture, education, and the like. haidi: stephen engle there with the latest. you can get more context and analysis from china's correct down, particularly -- china's crackdown on the bloomberg technology channel on youtube. more bad news for china evergrande. at least two of their largest creditors are demanding immediate repayment, adding to liquidity strains of the world's most indebted developer. let's bring in our executive editor paul dodson for more.

this latest twist, is it a major concern given how much pressure we know this company is already under? paul: i think it will be classified as incremental rather than a major new concern. but the problem is it is a bit of a confidence game at the moment, a bit of a house of cards, if you will. you have two requests for repayment of loans. i kind of want to get paid now as well. you get more and more requests for repayment, that could be a difficult situation. already being put in place for p eople. a great liquidity strain evergrande is under. you have potential ways of raising money but it does not have access to quick cash.

trying to get to the next repayment date and keep going. but it is a challenge for the company. you can see that obviously. kathleen: if everybody thought they were fine, you would be willing to buy more, or extend credit to them or something. but as you mentioned, the benchmark bond was down to $.34 on the dollar. seems to me they are trying to dig out a hole, but it gets deeper as they dig. paul: that is a very nice analogy. it's a significant risk. not to say it will definitely happen. if they can sell assets, obviously the problem is will be selling off the crown jewels at a discount. if it manages to do that, they will keep going.

it has a viable business, but it's saddled with such a huge burden of debt. it has not been paying all of their bills. escalating further, scaring more buyers. it's a really difficult situation. they previously managed to find a way. but we're getting closer and closer to something of an endgame here. that's becoming a bigger worry to the rest of the world. haidi: huarong, that record loss after the delays of earnings report. is it out of the woods completely now? paul: huarong is such a big -- they managed to get that bailout. yes, huarong itself i still got

a lot of -- has still got a lot of assets. still trying to raise more money. it's trying to auction holdings it has, which is a typical way of running its business. but they have a lot on their slate this time. the thing is there hasn't been those large companies coming in, buying things in a transparent way and showing confidence. that's what you need to watch out for. that's the success that will give them more heart in terms of the borrowing situation at least. haidi: we will be following this multi-episode drama. paul dodson there. hsbc ceo noel quinn says he is

not deterred by beijing's corporate crackdown, and china's continued wealth creation offers rich opportunities. in his first interview since being named ceo, he told us exclusively about navigating the changing sanctions laws in hong kong. >> we have been around for 156 years. we have faced political tensions in that history. if you want to be an international bank serving the world, serving 60 markets, at times it can be difficult. i will not deny that. but our clients tell us they still want us to bank literally. what -- globally. whether they want to invest elsewhere in the world, or businesses wanting to trade with the world. the demand we have seen, even in a crisis like the one we face, the demand from our customers to serve them globally still exist. >> are they asking to choose between one or the other? >> no. we have to comply with the las,

regulations -- laws, regulations, and markets in which we are in. no one is asking us to choose. >> what does this mean for wealth creation and your pivot and your focus on china well? >> let me talk about wealth creation from a china concept. if you think about the number of cities in china that have over one million population, there are different statistics but certainly around the 75 to 90 market. many of those cities have gone through urbanization over the past decade to 15 years. and they are going through gdp per capita growth. and we are starting to see those cities turn into strong consumption markets. and as they develop consumption, typically when they get to gdp and the double digit per head,

that is when they start to think about wealth products. insurance, wealth management, investment products. that is where i think a huge opportunity is. by the way, urbanization has not finished. there is more to come. so i think we are on a long transformation program within china where the creation of wealth, and it is about definition of wealth, it is not just the super wealthy, it is well for the middle class and wealth for the urbanization that is taking place. that is why i think everyone is interested in china as an opportunity for wealth. and don't just think about wealth in china as the superrich. it is also wealth for everybody. and it can be as simple as an insurance policy. >> with the latest crackdowns and extra regulation you do not feel it will veer you off course? >> it's an important market opportunity, and an important

market need to serve. it will not change our investment plans. >> if sanctions come through, what does it mean for the financial sector? >> as an international bank, we have been around for 156 years. one of the jobs of an international bank is comply with complex laws and sanctions laws wherever they are implemented. that complexity has increased. but we will navigate that as we have done so far and will continue to do so going forward. but you have to stay close. you have to stay close with your clients and with the regulators to understand their requirements and to navigate those complexities. but it's certainly a complex situation at the moment. kathleen: that was noel quinn there. subscribers can watch the full interview on the terminal and on bloomberg.com. this is bloomberg. ♪ s is bloomberg. ♪

kathleen: quick check of the markets. taking a look at the nikkei, up nearly .5%. gains across the b in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

♪ >> we are taking a look at the hong kong pmi numbers, waiting for them to come across the bloomberg at this moment. very important as we see other asian nations with their pmi's flipping. it is a sign, of course, it's not so much a lack of demand as it is supply constraints, and what we are seeing is a pretty darn good number. any number above 50 means

growth. compare this to countries we've seen like the philippines. even china, the services pmi, looking from 54 to 47 a. this is a strong sign for hong kong. we will wait to get more details on the things like new orders, but let's say a big + four hong kong's pmi in the latest a-month. let's move on. ceo helen wong speaks exclusively about the opportunities she sees. >> we are partnering with chinese banks that will be

accepting a lot of referrals to customers coming to hong kong. we've been building up our china strategy for quite some years. we have our premier clients, and indeed, some of them are offshore. for the last three years, we've seen that number increase by 50%. >> talk to us about the ambition and the strategy to get there. when you take a look at your income, china counts for 40% of the income. >> it is still very much our home base in singapore. we know china is the second

largest economy in the world. we know china is linked with the rest of asia. it becomes china's biggest trade partner, and the trade is growing substantially. we've seen the acquisition in 2014. we have about 19 branches around china, hong kong. in no way, we are there and are ready. it is indeed the trade flows. so many chinese customers are using singapore as a base. it's a big market. of course, not just counting the

chinese investors. you're also looking at taiwanese companies. they've been adopting the china plus one strategy. >> are you all set up for all of your growth plans, your strategy? will you hire further? >> we will. our bank of singapore in hong kong, we upload our numbers from 2018 until now. we are going to double that in the next few years. for handling the trade flows, the investments, we are also expanding our china office. we now have china businesses in

malaysia, and we are increasing the presence in indonesia, as well. >> how concerned are you about the infectious delta variant hampering the growth in south east asia? i think this is the uncertainty we are talking about. this year and last year, we make sure we serve the customer. i think that is pretty much done well. we want to look at what are the opportunities, and also recognizing the challenges. >> that was helen wong speaking exclusively with haslinda amin. let's get you to vonnie quinn. vonnie: a wto panel has rejected beijing's claims against the united states over tariffs the trump administration imposed on chinese solar panels. washington's measures targeted

alleged dumping, but the geneva-based body says beijing failed to establish the u.s. broke its rules. bloomberg data showed that chinese suppliers flooded the u.s. market panels in 2017. chinese regulators have set a december deadline for 11 car healing services, including dd global, 26 instances of what it called misconduct. regulators criticized the company for disrupting fair competition and hurting the interests of drivers and passengers. india's increase in daily covid-19 numbers is raising concerns of a possible third wave. five hundred nine deaths were reported thursday. elsewhere, israel reported a record 11,000-plus new cases, with testing rates high above of

the school year. 30% of those infections were in children younger than 11. the italian government is preparing its first full annual government. that is despite the economy rebounding faster than expected. the finance ministry is working on a new law to support italian families and businesses during the pandemic. 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 am vonnie quinn. this is bloomberg. >> now to sophie in hong kong for a look at the markets. >> this friday, we are seeing cap -- asian stocks ahead for the sixth straight day. tech is under pressure, and over in seoul, chips and autos are boosted on the kospi.

and see soft shares have seen a gaming here. this as korea extends virus groups for another six weeks. tokyo is under pressure, but most sectors are higher on the neck 225. we do have some weakness coming in. mazda is rising with auto names despite reports that the carmaker plans to suspend factories in mexico. we are seeing this stock gained by double digits, shares up the most in 16 weeks with bitcoin trading higher. we do have a snapshot of how asia is wrapping up the trading week. haidi: the singapore exchange has issued a framework for

stocks to list in the city state. the rules include a minimum market cap of just above $112 million, half the amount originally proposed. let's get the details from our managing editor in singapore. they beat hong kong to the punch. are the rules more liberal than a -- more liberal than earlier expected? >> exactly. the rules are more liberal or less strict after they consulted with the market participants. the minimum market caps will be $150 million singapore, exactly half of what was initially proposed. in singapore, those will be detachable. also, investors will be allowed to redeem shares. in short, it's a more relaxed

set of rules than initially expected. > many markets have been booming this year. how's the ipo market in singapore so far, and will this new set of rules help? >> the singapore market has not really been booming compared with the region. as you mentioned, the global ipo's are at record highs. in singapore, we've only seen three ipo's. less than $250 million. the stx itself issued a dollar bond. the company is looking for acquisitions. it has not been great, but this set of rules will help.

stocks have been listed in new york this year. they've raised $700 million. we've seen sponsors working on deals to be listed in singapore. not a huge amount in the pipeline, but we have reported several. the rules will help, but it is a competitive business. u.s. markets have much deeper liquidity. singapore has to compete hard. >> thank you so much. up next, a preview of the upcoming jobs report as investors look for the rebound of the labor market. this is bloomberg. this is bloomberg. ♪ ♪

>> let's get you the latest on the business flash headlines. we are continuing to wait for the friday jobs report. in the meantime, some other headlines we are watching, the latest when it comes to this company. they've been ordered to halt services in singapore after a regulators said it may be in breach of local payment rules.

the authority of singapore says the local unit doesn't have the right licenses to operate in the city. the crypto exchange was added to an alert list, a list of unrelated -- unregulated entities that might be wrongly perceived as being licensed. the faa has grounded virgin galactic's space plane. reports say the spaceship briefly flew outside of the area it was cleared for during its ascent. the news sent virgin galactic's shares down 3%. the company says the assets involve more than $7,000 in its biggest ever debt sale.

>> investors are awaiting friday's u.s. jobs report hours from now. for the latest read on the health of the labor market. the report comes as fed officials continue to debate winding down monetary support later this year. joining us now is bloomberg's senior asia economics reporter michelle von reames go. we are looking for something like 725,000, a bit slower than the previous month. what is the expected force to push it higher or lower? it could have a big impact on markets. >> happy jobs day, kathleen. there's a lot to look at in this report. there is a double barrel headline focus. on the unemployment rate, it gets a little tricky. we want to see if it declined, it was due to good reasons, but

people leaving the labor force out of discouragement or retirement. the overall on a planet rate should inched down to 5.2% from 5.2%. that means we need to evaluate the labor force participation rate. it could be more volatile as state jobless benefits expire. the fed is also tying this all in with its inflation evaluation. they are looking at wage gains. bloomberg economics points out that wage gains have risen as labor supply was tight. just one more caveat to be aware of. august may be one of those trickier months for seasonal adjustments. it was a headache due to school-related timing being

varied across the country, and that will be no exception this august. >> increasingly, a lot of essential -- central banks, waiting for the fed to do their thing. is there evidence of the different way that the pandemic is contributing to some of the fact that we are seeing inflation and debt across different economies? >> certainly. every economy across the world, increasingly even within emerging markets, we talk about the to track recovery. there are two from circumstances. inflation, different dynamics in terms of the management of the pandemic. the delta surge itself and vaccination rates are key. the fed, for its part, they are going to be looking to clear that hurdle on substantial

progress in the labor market. we won't get there with any one report, but we did hear from powell that progress has been so-called clear but not the substantial they were looking for. this report for the fed, they are looking to see that things are still on track, that the labor market is hanging in there, and i think it is showing the spread is lessening in the u.s. and hospitalizations are trending downwards. they will be looking for broader gains, not just industries like hospitality. we will have officials talking about another encouraging sign. to your point, i think central banks across the world have been hoping for a steady as she goes message so they can take these

factors in stride and digest the others. >> the biden administration and democrats are looking for ways to close tax loopholes. we are hearing about more americans looking for places to hide. we are talking about this niche strategy called private placement life insurance. it was already gaining popularity among the ultra-wealthy, but according to wealth managers, this is dominating conversations, and it is perfectly legal. >> perfectly legal. more and more people interested in it as they look at the possibility of their income tax rising. losing the possibility of

capital gains rates, having those move higher, looking at estate taxes being changed. it seems like a human reaction. pay more taxes? not if i don't have to. the american council of life insurance says it isn't that big of a place. they don't even bother to track it, at least not yet. it will be part of the debate to see what they can get past. there is so much that lies ahead for the biden team as they try to find the money to fund things like the three point $5 trillion infrastructure package, but that is a big question, especially after joe manchin said he's not on board. >> you can tune into bloomberg radio for more on this and all of the other top stories. broadcasting live from our

studio in hong kong, can listen in via the app. this is bloomberg. ♪

>> we did see another rally. this rise and fall of

cryptocurrencies, bitcoin continuing to grip investor sentiment and attention to. look at bitcoin reaching that level once again a. we are seeing some of these wider assets coming along for the ride, as well. every time this happens, we ask, what is different about this rally? we site each of the largest crypto's rising as much as 3%, a very strong run after an upgrade in london last month. >> it is interesting. it is such a debate. it's almost generational, but people who have been in markets are saying this might be a speculative thing that will go away. let's listen to what no quinn told bloomberg in an exclusive interview. >> at the end of the day, as a

financial institution, you can't chase every piece of business. just because a market is evolving in a certain way, you've got to make judgment calls as to which businesses you go for and which you do not. >> on the others to, remember we were talking about naomi osaka? she is still out there in flushing, queens. my agent started talking about cryptocurrencies, and i've gotten interested. on the other hand, john paulson, famous for "the big short," a book about it, a movie about it, he said, i wouldn't recommend anyone invest in cryptocurrency. i haven't invested. have you? >> i have not. occasionally, i have foam oh, taking a look at the prices and

knowing, despite the ups and downs, this is a space that is here to stay. everyone has an opinion about it. it's very colorful, at least. let's take a look at some other stocks we are talking about. what are you watching? >> we are keeping an eye on shares of chinese brokers, this on the prospect of a new s&p stock exchange in beijing, which is a boon for china's brokerage sector but could weigh on the hong kong exchange in light of the competition. pulling up the chart at bloomberg, analysts expecting these reforms and policy support, that could lift market turnover for chinese stocks. we did see a jump in august amid the growth from value sectors. >> sophie kamaruddin, thank you so much. coming up, we will get more

insight on markets from chief investment officer mark cronin. that's it from "daybreak: asia." however, our markets coverage continues as we look ahead to the start of trading in hong kong and shenzhen. stan by for "bloomberg markets." china open. this is bloomberg. ♪

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♪ yvonne: 9:00 a.m. in beijing and shanghai. welcome to bloomberg markets china open. david: counting down your last sessions of the week on china's mainland and here in hong kong. that's get to your top stories this friday morning. yvonne: hsbc's ceo tells us exclusively that china