haidi: welcome to daybreak asia." i'm haidi stroud-watts in sydney. sophie: i'm sophie cameroon in hong kong. we are counting down to the major open. shery: good evening from new york, i am shery ahn. asian stocks set to follow wall street lower as growth concerns linger. treasuries jumping on weaker than expected u.s. inflation. apple's iphone launch fails to impress investors.

i shares of the cham -- shares of the tech giant and investors slumped. morgan stanley's australia summit gets underway. the key drivers of industry disruption with richar wagner. breaking news out of south korea. we are getting the jobless figures for south korea. dropping to a record low of 2.8% for the month of august. the estimate was for the rate to come in at 3.5%. it is falling to a record low of 2.8%. much lower than the previous month. this is an unexpected fall. defying economist expectations of a rise. we have seen the virus related restrictions. we are wondering how it will affect the jobless rate. perhaps it will be a decline in labor force, with people waiting out the latest virus wave that has led to an actual drop in the jobless numbers.

we've also had a lot of fiscal aid in south korea. the extra budget passed in late july supporting small businesses and job creation programs. the economy added 518,000 positions from a year earlier, which would be six straight months of gains. haidi: and of course, a little bit of a win for team transitory. everyone says what we see in terms of price pressures in the u.s. are getting more support from the u.s. consumer inflation print. .3% higher. less than expected. a bit of a come down when it comes to the core inflation print. falling from the highs of two months ago. suggesting we are seeing some pullback in the pandemic affected elements, like energy, food, used cars, shelter and such. i don't think it was clear cut, in terms of it meaning a straight pathway for monetary policy. shery: definitely not a straight

pathway when it comes to the fate of evergrande. new headlines beijing has assembled a group of accounting and legal experts to examine the finances of china evergrande. the company itself also looking into their capital structure, given this challenge to their liquidity situation. these are just more signs we could see one of china's biggest debt restructurings to come. haidi: we look forward to apple news. especially when it comes time to upgrading our phone. but the off cycle upgrade was met with doom and gloom from wall street. the market reacting negatively. it is on track for apple. every other time we have had a product launch, other than the very first iphone launch in 2007, we have seen this talk falling an average of .8%. no difference, in terms of that trend.

these were minor adjustments to the iphone 13. faster processor, better camera, longer factory life. displays and more significant changes and upgrades when it comes to the phone. it did look like investors largely shrugged their shoulders when it came to this new set of offerings just before the holidays. shery: as consumers, it gives us one more option when it comes to those gives during the holiday season. apple suppliers will be some of those we will watch during the opens across asia. sophie: very much so. we do have the nikkei futures in chicago resuming games ahead of -- gains ahead of the opening. fresh highs for the nikkei 225. foreign investors under invested. the latest fund manager survey indicating a boost to japan to underweight since may of this year. in australia, bonds extend gains. tracking the rise we saw in treasuries on the back of the u.s. cpi print. aussie dollar is holding

overnight losses sparked by the rba governor pushing back on bets for an early rate hike. the offshore with data earlier this morning. metals market very much on watch after the stumble we saw across the sector. watching copper, in particular pretty chilly has cut its annual price forecast. over moody's, they have changed their outlook for the metals and mining industry from positive, saying the pace will fade out beyond 2020 two. privacy iron ore falling to the $70 to $80 range. pulling up a chart, the consensus is the bok will continue the hawkish tilt. the meeting minutes we got this week. the recovery has been holding up. there basically is a rate hike for 1% in november, with an earlier move due to upside

pressure on inflation. one bok member noting cpi may stay above target longer than expected in south korea. shery: let's talk about the inflation concerns in the u.s.. a slowdown in consumer price names. we are assuring investors the fed has waited to announce that they preplan that left many concerned. many think it remains too high. kathleen hays is here with a recap. let's get started with what was in the report that supported the transitory count. kathleen: look at the latest numbers we got. the concern is transitory, if it persists, a little relief. especially if you look at the monthly changes. you can see the latest monthly increase for august of 0.3%. lower than the forecast for 0.4%, 0.5%, much lower than 0.9% jump in june. so you can see some progress.

it is the turquoise line shooting up at a year-over-year rate. it is used from 5.4% to 5.3%, but it is still very high. above 5% year-over-year for the third time in aro. the reopening linked prices that shot up so much, like used cars, buying a house in the suburbs, everyone wants lunch, those prices. double-digit increases, car revenues shot up, all of those things. after the federal reserve meeting next week, people are saying at the very least, jay powell, his reporters -- could explain they have not announced tapering, talked about it, where glad to see inflation ease, still watching it closely. one thing to remember, he's waiting to see if president biden will reappoint him for second term as fed chair. a lot of speculation among fed watchers is the fed will probably persist and support

this position of waiting and seeing until it is determined. jay powell perhaps not ready to go out on a limb and start tapering if he doesn't have to until he knows he's got the second term. haidi: why are many economists worried high inflation will be persistent, secular rather than transitory? kathleen: there are prices of other kinds of goods at high elevated levels or getting even higher. furniture, new cars. partly of course because of the chip shortage and lack of supply. also rental costs of all kinds. standard chartered saying if you take out prices linked to the reopening and look at a three-month annualized rate, it is running at 3% to 4%. well above the 2% target. -- in chicago saying like a lot of economists, i see that easing has a lot to do with delta.

people pulling back, not enough demand for plane tickets. she said prices are "extremely elevated." and the two-year change and food and gas price is completely swamping the big move in wages. disposable income is getting hit hard by this big jump in inflation. in fact, along with the cpi report, the government puts out the real average weekly earnings. in the month of august, they fell 0.9%. one more thing to say about the fed, the next fed meeting. we will get the decision on wednesday. we will get the dot plot's. the economic projections and revised rate hikes. another thing that can be closely watched. haidi: great work. kathleen hays in new york. perhaps playing into the holiday inflation story with shares falling after the of iphones unveiled at the products event on tuesday. no major design changes.

they feature improvements to the battery processor -- battery, processor, camera. it is a tradition, you do see the stock price fall on the product release day. >> that is right. typically the stock price falls. the biggest jump in an iphone launch was the original iphone introduced by steve jobs in 2007. there will never be anything like that again. of course the stock fell. they were muted changes, not significant. once people see how many will sell, the stock price will tilt them to the other direction. shery: despite the stock losses, the gtv chart showing the magnitude of apple's market cap. approaching the market cap of the u.k., japan, and germany's stock market. what is next for apple? >> air pods and new macbook pros

. you will see them in the next couple of weeks. we are due for the release date of the apple watch series seven. they announced a product, but did not allow dutch announce when it would come out. changes to the iphone x fall. shery: mark gurman joining us from l.a. china evergrande are facing mounting pressure to intensifying debt and the quiddity crisis. -- liquidity and crisis. it could be a precursor to china's longest ever debt restructuring. let's bring in stephen engle with the latest on this. is a restructuring inevitable at this point? >> it sure looks like the issue is coming to a head. if there is no state intervention, this company could go into a downward spiral even further. yesterday we got the data from evergrande saying they have made no material progress to

relieve their liquidity crunch. investors are said -- protesters are said to have gathered in front of the headquarters for at least a third consecutive day. could be a fourth today. they wore repayment on overdue payments for their wealth management products. you have the other homebuyers who paid large down payments for yet to be completed apartments. millions of them. so it is coming to a head. we were hearing yesterday evergrande hired financial advisors to explore the possibilities and avenues toward the debt restructuring. but they've got to get creditors on board to have extensions. and also the government. local government apparently at the urging of beijing, told the local government to hire, and apparently have hired hong kong-based international legal firm and experts on debt restructurings over the last month.

they have been looking at the possibility of how a debt restructuring could possibly look like, as well as financial advisors. both sides looking at this case. not looking great forevergrandee. the particulards falling. >> especially with the small scale process we have seen. questions on whether the government will bailout evergrandee. will they be the lifeline for the soccer team? >> the soccer team, it is interesting. president xi jinping is a huge soccer fan. he's put great emphasis on building a soccer -- football powerhouse in china. but the super league has been fought with financial problems.

and they are owned by -- drum will pres -- drumroll please -- ever grande. and it has spilled over to this team. the top level teams and also the junior league teams. it has affected training, salaries, they are possibly looking at selling a 10% to 15% stake to local authorities. the local government could take a stake. they could be shelling -- they could be selling key players to other teams. it is a problem. the champion in 2020 has had its financial problems. they won the championship, within 100 days, they had to disband. it is not unprecedented. given the huge indebted nature of ever grande, selling the soccer team will probably make a lot of sense. they lose about one billion to 2 billion yuan on investments in football.

haidi: the president does love soccer. a national priority. dave engel. let's get you to vonnie quin with the first word headlines. vonnie: it has been revealed china's president rejected a face-to-face meeting with his u.s. counterpart when joe biden floated the idea during a phone call last week. bloomberg sources say biden suggested they meet at some point in the next few months. president xi jinping hasn't left china for more than 600 days. the longest stay-at-home stand of any leader. world street -- wall street executive are planning a meeting to discuss beijing's corporate crackdowns. bloomberg has been told those invited are blackstone chairman stephen schwarzman and goldman sachs president john waldron, with the pboc governor and top chinese regulators. the china-u.s. financial roundtable was first convened in 2018.

japan is making efforts to gradually loosen its virus restrictions. chief cabinet and secretary told bloomberg moves to restart the economy would start from low risk areas and could depend on improving vaccination rates. more than half the population is fully vaccinated. anyone eligible will be offered a shot by november. >> infections can happen, even if you are vaccinated. we will be asking to take precautions as we show a roadmap toward loosening restrictions. if the behavior restrictions these based on the higher inoculation rates, it will help the wider public understand the benefit of vaccination. we should promote that movement going forward. vonnie: russian president vladimir putin has gone into self-isolation after being exposed by several in his entourage with covid-19. he spent an entire day with one of the people among his covid staffers -- close to staffers. he is negatively tested for the

virus and will avoid meetings for sometime. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quin. this is bloomberg. haidi: the morgan stanley australia summit taking place virtually this year. we get a preview with the australia ceo. more insight on markets in a data heavy week. standard chartered bank's erik robertson is with us. this is bloomberg.

>> the narrative is very much inflation will be transitory. >> it is another report that does give a lot of credence to the transitory debate. >> i don't think it changes much

of anything. >> temporary is the order of the day. >> inflation is high. >> pressure coming through the pipeline. >> supply chains remain disrupted. >> look at supply chains on the good side, labor, and wages. i don't think it changes much for the fed. >> the late report that gives them breathing room. >> they can stay on hold and be patient. >> they are in a good position, regardless of which way they want to go. whether they start tapering december, i don't think it makes a big change in our outlook. shery: guests weighing in on the latest u.s. inflation figures. our next guest things the meeting presents hawkish risk. erik robertson is here. great to have you with us. you say you are not expecting the fed to announce tapering plans until november. where are you seeing the risks? >> good morning.

there are a couple of things we are focused on. the fed will announce its plots for 2024. it has yet to be revealed. there is a good chance to see hikes penciled in for 2024. the way we have looked at the rates market is the observation front end rates are too low. as you have said earlier on the program, we don't think the fed announces tapering plans until likely november. i think there is short-term vulnerability with regards to the 2024 dot plots. shery: given the uncertainty, it is not surprising to see the pessimism over growth concerns around the world being spread across emerging markets. do you see any opportunities now that valuations have fallen so much? >> we do. it is a great question.

for the last two or three months, we have seen spreading pessimism, with regards to emerging markets. part of it has been a growth story, fear of fed tapering. the covid narrative has been challenging in parts of em. it has pushed em assets to historically cheap levels. emerging market equities trade at a 40% discount to the s&p 500 . emerging markets sovereign debt trades at a discount to u.s. high yield. as we look around the world, there are good pockets of opportunity. haidi: where specifically? as far as asian ems, some have been the hardest hit, in terms of the delta variant, but the best performers, in terms of the equity market. >> that is right. one of the things we think is underappreciated by markets is you have seen a significant improvement in vaccination rates

in southeast asia and india. southeast asia has had its covid challenges over 2021. more recently, singapore, malaysia, and india really surging, in terms of vaccination levels. assets related to the markets are not fully factoring in that improvement. it should be a big net positive for growth. haidi: looking ahead to the china domestic activity data, how much of a drag on growth you see for regulatory overhaul when you take a look at these numbers? >> there is a short-term impact and medium-term uncertainty. the short-term impact is sentiment. a big pickup in uncertainty affecting consumer spending. it is affecting the real estate markets. medium-term, the narrative this

regulatory crackdown is somehow going to end the private sector's innovation and entrepreneurial spirit goes many steps too far. the technology sector in china will remain an extremely attractive source of growth. the other thing i should point out is china was the first to really demonstrate a significant economic recovery out of the covid crisis. what we expect to see going forward is a rebalancing of china's economy to more sustainable growth levels. haidi: erik robertson, great to have you with us. we do have a lot more to come. this is bloomberg. ♪

haidi: a quick check of the

latest business flash headlines. rates up to $15 billion for the third flagship private equities fund after making a string of acquisitions. the toronto-based firm will start fundraising this month and finish early next year. goldman sachs' cfo is set to leave the bank, paving the way for the latest round of executive reshuffling. he will be replaced by the cohead of the global financing group create he takes over on january 1. he spent about three years as ceo, before leading the expansion into mainstream in banking. we get the latest on japan's plans to gradually lift its virus restrictions after the latest round of emergency measures. we also get an update on the race to replace the prime minister. this is bloomberg. ♪

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vonnie: this is "daybreak: asia." treasuries rallied after a less than forecast increase in u.s. inflation. seen as giving the fed more flux ability when pulling back stimulus. consumer prices rose 3%. -- .3%. edging to the annualized 5.3%. core cpi climbed to 10 basis points. the prices of new cars, airfare, and auto insurance decline. tropical storm nicholas is lashing the u.s. gulf coast with

torrential rain that can last for days. it is dealing a new blow to the energy industry two weeks after hurricane ida. nicholas made landfall in texas with winds up to 110 kilometers per hour. authorities say life-threatening flash floods are expected over the next two days. china will make the first sale of oil from its reserves on september 24. the national food and strategic reserves administration says the initial auction will be for about 7.4 million barrels of crude. china announced it last week. an unprecedented intervention by the world's top food importer to lower prices. casino stocks dropped in the u.s. after macau revealed plans to step up scrutiny and increase local ownership. beijing wants to clamp down on money laundering outflows in the world's biggest gambling hub. the government aims to increase direct supervision of operators and suggested raising the minimum local shareholding above the currently required 10%.

andrew bailey has called on the eu to clarify its post-brexit plans on curing houses, warning any upheaval risks real stress to financial stability. he told a bloomberg conference it must be decided sooner rather than later whether they can take business to clients inside the block. a temporary waiver lasts through next june. >> to take a decision to break the system up, it is important to consider the risks of financial stability that come with it. it is not a sort of idle -- you wouldn't say it would be coming from the u.k. central bank. that is a real threat. we put central curing at the heart of the system for a reason. vonnie: global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quin. this is bloomberg. shery: let's see how we are

setting up for the market opens across asia. we are watching the countdown to the open in seoul. sophie: the head of the open in south korea. here's how we stand on the kospi. key support level last seen on august 20, followed by a two-week rally. tuesday, it rose 1.1% for the best rebound with hardware tech and financials leading gains. continuing to fall on regulatory concerns. although we did see them here the intraday losses after announcing it will create a fund to support small business partners and exit some businesses. switching out the chart on the terminal, we see nikkei futures overcome some pressure prayed at j.p. morgan, they see further to go for japan's rally. drivers like the reopening sentiment have not been exhausted. even topics technically overbought. j.p. morgan with the rising

market breath for the index. switching out the terminal. looking at where we go across global markets. the nikkei sitting pretty at the top of the board. haidi: sitting pretty, indeed. japan's government says a virus restrictions will be lifted gradually in a process that will require the cooperation of businesses and understanding of the public. the approach is in contrast with what we have seen in the u.k. and large part from the u.s.. >> infections can happen, even if you are vaccinated. we will be asking people to take precautions as we move to show a roadmap towards loosening restrictions. if the behavior restrictions these based on the higher inoculation rates, it will help the wider public understand the benefit of vaccination. we should promote that movement going forward. haidi: let's get more from

isabel reynolds. we know tokyo and surrounding areas have seen multiple rounds of the state of emergency. will this time be different, given they have reached the 50% threshold for vaccination levels? >> the vaccination levels, more than 50% vaccinated. around 50% having had at least one vaccination. daily infection levels falling quite dramatically. if you look at the country as a whole, below 5000 a day for the country, compared to 25,000 in the middle of august. now is the time the government is looking forward to lifting these restrictions. the current state of emergency and's at the end of the month. the government has said even if they go back to state of emergency, the virus-related restrictions will probably be -- the past.

we may not see the shutdowns of bars and restaurants that we had seen in the areas protected by the state of emergency. shery: given we are seeing leadership, what can we expect in terms of policy changes coming from that? any new updates on that race? >> looking at the race, we saw interesting developments yesterday. at least three cabinet ministers said -- the favorite with the public, public opinion polls show he's most likely to be the next prime minister -- also be confirmed as soon as today. he generally comes second, he is not on our graphic because he is not running, we. he may be throwing his support. he may be offered a position in the government if he becomes

prime minister. that could be positive news. a lot of political machinations go in with that. so we don't know how that gamble will work out. haidi: isabel reynolds. xi jinping reportedly rejected a meeting with president biden during a phone call last week amid his campaign to remake the world's second-largest economy. our chief north asia correspondent takes a closer look at the phrase and implications for the chinese economy. >> we will make more notable and progress to achieving well-rounded human development and prosperity for all. >>, and prosperity, the new buzz phrase in beijing. many of the policy changes rolled out by the communist

party can be lumped in under the common prosperity theme, including regulatory crackdowns that have upended markets. the phrase has been around to reflect the pursuit of a more egal a terrien society. it fell out of use during the 1980's, when the directives shifted to make it ok for some to get rich first. common prosperity could come later. as china grew rich, the wealth gap widened significantly. china's richest 20% now herne more than 10 times the poorest 20%. ahead of its 100th birthday, the communist party declared it had long last created a moderately prosperous society. it opened the door to pursue common prosperity as a new guiding principle using policy, markets, and philanthropy to address the country's income discrepancies. few sectors where the government sees inequality or disorderly

capital expansion have gone unscathed. from education and health care, ride-hailing and food delivery, property and finance, online gaming, and other entertainment. china's top court says the pervasive practice of excessive overtime known as 996, working from 9 a.m. until 6:00 p.m. might be illegal. many of china's higher profile executives are heeding the call, pledging billions to the greater good. it all biggs the question, how far will the common prosperity campaign go, and at what cost? economists say the pace and intensity must be weighed against the covid weary economy that is weakening faster than expect. shery: we are awaiting china's august activity due in a few hours. we will likely see the numbers getting worse before they get better. let's get a preview from our chief asia economics correspondent.

let me start with the consumption side. retail sales have rebounded more slowly than other parts of the economy. what can we expect? >> i think they are going for a two ceded recovery, where they joined the week this is because of the aggressive control of the covid virus. we know from the bmi that the services sector got a whack in august. expecting domestic tourism to be confirmed. it was really hit hard over the month. sales in tier one cities. auto sales have also been stocked. consumer sentiment, probably over into this month. not an outbreak of covid that will keep sentiment on edge. the regulatory crackdown also weighing on sentiment. not much to look up to, in terms of the retail side. shery: what about manufacturing? >> the manufacturing story is holding up better than expected.

there has been high input prices, scarcity of key commodities, scarcity of components, and the problem of shipping goods to key markets. the august export numbers were really bumper. the industrial production story will probably hold up. pmi's have held up. some signs of softness in the new orders export. some expectation the export story would -- but the industrial production side of things is expected to offset the weakness on the services and consumer side. haidi: enda curran. coming up next, a look at the path for australia's economic recovery. we have richard wagner. this is bloomberg. ♪

shery: take a look at the commodities space. bloomberg commodity spot index managing to gain .2% for a third consecutive session. the highest since may of 2011. coming at a time where we see the wti crude prices gaining rounds in the asian session. but in the commodities space, not so much. copper under pressure. chile trimming the price forecast. their the top producing copper

nation. he trimmed it to an average of $4.20 a pound, down from a $4.30 call. they think we will see slowing demand. not to mention, they are skeptical about prospects of easing u.s. stimulus. aluminum falling for a second consecutive session. we have seen the 13 year high, perhaps profit taken. gold unchanged. a little bit of pull and push, given it was higher ahead of the cpi numbers. traders still weighing whether or not we see the fed pulling back on quantitative easing and tapering. haidi: morgan stanley is hosting its third australia summit virtually. the theme is disruption. exploring technology advances and opportunities in the post-covid environment. to talk about how living with the virus may add a fresh layer of disruptions, we are joined by richard wagner. so great to have you with us.

i will be honest. a few months ago, we were looking forward to this event in person to be able to have this conversation in person. but here we are. sydney, victoria still in lockdown. how do you view the recovery going forward? the indio syncretic investment are -- they deal socratic investment opportunities, given right now? >> we certainly do have a very strange backdrop. a global pandemic that is still lingering on, a period of immense government stimulus, record low interest rates, the outlook for the australian economy despite the backdrop is very strong. governments and developed nations have bought an immense amount -- an immense amount of money into our economies. i think they would be disappointed if economic activity did not recover the way

it has, and markets were not performing the way that they are. the s&p 500 up 99% largely off of the back of the stimulus and a zero interest rates environment. we see that continuing, as evidenced by the reserve bank yesterday confirming australian rates were unlikely to rise until 2024. that is an excellent backdrop and why we are seeing a high level of activity in mn day and capital markets at the moment. haidi: so you are still seeing buoyancy when it comes to sentiment for dealmaking? >> yes. the environment is very strong. record levels this year. last year, m&a was on strike following covid. it was a time for rescue, capitalizing for many companies dealing with the crisis. that pent-up demand was carried

into 2021. we have seen record m&a volume in the market cross-border. a number of large transactions, like square, which we are involved in. so the mood is strong. it should be. interest rates have stayed at zero. likely to be for some time. very high levels of government stimulus. the highest levels we have seen since world war ii. i think the boardrooms and ceos are looking towards that economic recovery as we come out of covid. and equities are currently being christ as we have traded -- priced as we have traded through covid and ceos are looking for growth. shery: the impact -- have you seen any impact given the regulatory crackdown? sentiment or investor flows to australia? >> at the end of the day, the

press likes to make a big deal of the china-australia relationship. china is the number one trading partner in an extremely important part of the australian economy. i'm confident no matter what, the geopolitical scene presents us -- australia can take a long-term view that is sustainable for the australian economy. and we have a relationship with china in terms of deal flow and the trade flow important to our economy. shery: when it comes to morgan stanley, how is the arrival of new investment banks reshaping the australian investment landscape? >> i think there are some new kids on the block. we have seen that if we go back decades. there are always new competitors. we have probably seen is a

concentration of the market share amongst the top five, of which we are clearly one. and we see that globally. large global banks are gaining market share. there is market share across the top three or four players. there will always be new competitors emerging. likewise, there are other global competitors, many european banks largely withdrawing investment banking. we see the same in australia. they call it a shifting sands of competition than anything too dramatic. haidi: morgan stanley has a dedicated crypto research team. what kind of assets have you seen as most exciting for clients? do you cap crypto wealth for your private wealth clients? >> globally, we do have crypto

on the morgan stanley platforms. they are funds managing crypto assets. in australia, we have not seen much volume from our client base in the crypto space. we have one of the largest wealth management businesses for many large family offices and working individuals. some do have positions, but generally cut small. i don't see that being a major driver of domestic australian wealth management at the time. haidi: in the u.s., morgan stanley and most other wall street banks said they would require vaccinations to return for physical office workers. do you have a plan in place for australia as new south wales is set to begin the process of loosening restrictions for vaccinated people next month? >> we don't currently have a plan in place. we fully support the federal

government's position encouraging people to get vaccinated. i think we will wait to see what guidance the government provides, in terms of a return to the office and vaccinations. we have taken a view in new york where vaccination rates are very high. we want you to be vaccinated to be back in the office. just hosted an open chat with james gorman. it is very clear that people in our new york office are actively getting vaccinated. they want to be back in the office. again, we will wait to see what the federal government guidance is, in terms of return to work plans. we are encouraging to get vaccinated. haidi: good festival -- good flexible working processes have

been successful for employees. female senior leadership in the corporate sector in banking is still behind. do you have a strategy at morgan stanley to close that gap? >> certainly, the flexible workplace policies we have ced are working. we have proven you can work flexibly. covid has been the most amazing real-time experiment, in terms of proving to corporates staff can perform their job very flexibly. we are very mindful having people in the office collaborating in teams, training, and mentoring the juniors is also important. it is very hard to sit in your home office five days a week and have the culture and helping people communicate in that environment. we have made a lot of positive moves, in terms of attracting

talent. the workplace policies we have our part of that. it is working, because our workforce is working very flexibly. coming back to the office, we will find people are more flexible, in terms of how and where they do their job. shery: richard wagner, thank you for joining us. breaking news out of japan. we are getting the core machine orders numbers for the month of july. when it comes to the month-to-month number, it is an increase of .9%. this is below market expectations. still an expansion, considering we have seen a contraction the previous month. month-to-month numbers have been volatile. we have seen in gains and losses. you're on your number has been consistently strong. in july, gains of 11.1%. but again, coming in below economist expect

turning to one company in japan, softbank putting a bet on the tech industry. adding $3 billion for investments as the popularity among foreign venture capitalists. soft ink ceo -- softbank ceo spoke to caroline hyde. >> what has surprised us the most, entrepreneurs in south america are as good as any part of the world. the business models deployed in china, india, and u.s. are booming in latin america. it gives us a competitive edge that we are seeing the art of the markets, and we see the entrepreneurs launching these great companies. so far, we have -- as of last quarter, about 3.5 billion dollars in capital. returns have been exceptionally safe. 100% iri in local currency. 100% on a growth basis in u.s. dollars. one of the best-performing funds

in softbank. definitely among a lot of the venture funds. we have seen the need for venture capitals, as we like to call it, vision capital, in latin america. that is why we decided we must double down in the region to fulfill the investment needs for this year. this year, we plan to .5 billion dollars in latin america. >> build it and they will come, now you're putting money to work in the area. do you think valuations are as appetizing? >> valuations are always a hard topic. the type of growth we see in the latin american portfolio companies is great. therefore, we believe valuations are right where they should be. you are seeing a lot of growth. latin american companies ipoing in the u.s.. a couple of weeks back. they are worth $5 billion today. my prediction is next year will be the most important in latin

american history for ipo's. we expect ipo activity to technology companies in the next year. haidi: softbank's ceo speaking with caroline hyde. and we are looking forward to the japanese market open, given we saw the nikkei finish about 1990 high. the nikkei and topix gaining around .4%. a lot of optimism with the reshuffle. haidi: it will be quite crucial to see the optimism translate to actual economic policy we see from whoever assumes the throne as the next leader of japan. whether progrowth, economic revival policies will come to the fray and result of more of a boost, particularly for the cyclical he driven market. they are planning to take a cautious approach when it comes

to coronavirus restrictions. they don't want to go back to another round of a state of emergency. coming up, more insight on the japanese markets. equity portfolio specialist ken wong is with us. the market opens in sydney and tokyo our next. this is bloomberg. ♪

>> welcome to daybreak asia. >> i am sophie and hong kong. haidi: i am haidi in sydney. wall street is lower as growth concerns linger. investors are looking ahead to china's open.

bloomberg shows numbers getting worse before they get better. and you will be watching out for supplies in trading again. let's get to the market open with sophie and hong kong. sophie: nikkei 225 up 7/5 of 1% after closing at a 1990 hi on tuesday. j.p. morgan says the rally could continue. so far, gaining stocks under pressure. a laggard on the tokyo market weighing on stock. the yen holding steady this morning and a gain for bonds in the region after a pickup in treasuries. open in seoul this morning,

korean jobless data, a record low unemployment. korean won under pressure. kospi a little higher at the start of cash trade. some names are rising more than 1%. nps says they will vote against the plan to split off battery business. in sydney, asx 200 up 2/10 of 1% and aussie dollar is holding losses. we are keeping an eye on asian coal. global resources gaining 3.3% at the start of cash trade in city.

pressure for copper prices at the start of trade as chile cut annual price forecasts on slowing chinese demand. offshore u.n. -- yuan just holding and waiting for data later this morning. shery: most stocks are trading at a discount. let's discuss where opportunities are with ken from e springs investment. what do you like in japan. >> when you look at the overall valuation and it looks more attractive compared to europe and the u.s., japan is 1.6 times and europe is 2.1 times over the price of the book. the u.s. is 4.5 times over.

so we like the valuation. it is attractive. we expect to see a pickup in the first half of the fiscal year earnings in the next couple months and potentially a pickup in economic activity in japan as a result of loosening restrictions from covid. haidi: we have seen a lot of optimism given the reshuffling in japan. japan is right now the best performing market in the world. do we have room for more upside and where would you see it when we see prechter -- see pressures coming from chip shortages? >> [indiscernible] when we look at some of the

things we see in the timeline, ldp election coming up and the morehouse election in october or november so we have catalysts in the next few months but a lot of the gains we are seeing were expected and 22 but are happening now so the markets are riding positive momentum. even though it is positive regardless of who will be elected. haidi: some investment opportunities still seem resilient. >> from a valuation perspective, they look attractive. some are still trading well below the historical tenure.

malaysia, indonesia, they are trading low. singapore and thailand are trading below the historical average so we have seen how other countries as a whole have underperformed the last few years and some opened late reopening the economy relative to other developed markets because of covid. so as we see more economies reopen, it will be a boost to a lot of cyclical stocks. >> it feels like a lot of

economies are better placed to deal with volatilities because of fed tapering. is that something investment companies each worry about? >> they are able to adapt. we are not overly concerned about a strong dollar in the emerging market. with a lot of emerging markets opening up, we are looking at a different world than the past five or 10 years so with a lot of these opening up, with asian markets and economies opening, we see a potential upside area but at the end it comes down to how earnings will revive in the next few years.

and we are focused on nine financial companies, we are seeing are we above 11%. we feel there is an upward trajectory and it is still quite positive. >> can, always great to have you with us. let's get to the first word headlines. >> japan is making efforts to loosen virus restrictions. we were told the move to restart the economy will start in low risk areas and could depend on improving vaccination rates. more than half the population is fully vaccinated and anyone eligible will be offered a shot by november. >> infections can happen even if you are vaccinated so we will be

asking people to take precautions as we move to show a roadmap toward loosening restrictions. if behavioral restrictions ease because of higher vaccination rates, it will help the overall public understand the importance of vaccinations. >> vladimir putin is in self isolation after being exposed to several people with covid. he spent a day with one of the people, a close staffer. the president is healthy and tested negative but will avoid in person meetings for some time. china will make the first sale of oil september 24. the initial auction will be for about 7.4 million barrels of crude.

chinese officials plan a virtual meeting thursday to discuss beijing's corporate crackdown. those invited include stephen schwarzman and pboc governor and top chinese regulators. the china-u.s. financial roundtable was first convened in 2018. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: still ahead, key data from china will give us a check of the economy opening in just under two hours. an economist will tell us why she is worried about consumers and the property sector later in the show. next, president xi rejects the chance of a face-to-face meeting with joe biden and high-level officials from beijing.

details ahead. this is bloomberg. ♪

>> we have to move more to an environment of equal opportunity hopefully to create greater productivity through equal opportunity, but also to reduce that wealth gap. >> i think in china the creation of wealth is wealth for the middle class. >> moving towards regulation, trying to create a level playing field. so in some ways, these measures by china makes it safer for investors, including foreign investors. >> trying to assess china's

common prosperity drive and what it means for investors. president xi jinping rejected a face-to-face meeting with president biden. let's get the story from nick. we know president xi has a full agenda between regulatory overhaul and covid outbreaks. >> right. he has not actually left china in a very long time, about 600 days. so the idea that he is going to come to the u.n. general assembly next week or g20 later this year or do some special summit with jet -- with biden is unlikely but there is also the issue of what the leaders would talk about. president biden essentially in

the first month of his presidency laid out the notion that the competition with china will be one of the defining challenges of the next few decades and that he has really ramped up the rhetoric against china, in some ways even beyond levels that trump did. so that is the atmosphere. and the big question is what really they would have to talk about if they did meet, but at the moment it looks like the face-to-face meeting will not happen anytime soon. >> is there even an opportunity for a meeting? what could be the next circuit breaker? >> that's the issue. normally in the pre-covid era there would be so many opportunities for these big group of 20 meetings with you and general assembly where xi jinping has gone previously and you would have these moments where they could meet. but because of tighter

restrictions, they are not doing them. but also suffice it to say we are a long way from a situation where xi jinping welcomed donald trump for a few days during his presidency, and that sort of thing is not going to happen anytime soon. >> nick with the latest on the chilly relationship between u.s. and china. next, apple releases their new lineup of gadgets, getting muted reactions. this is bloomberg. ♪

>> we saw apple falling today in the new york session. an unusual occurrence during apple product launch week.

anticipation of products. it does not really matter because looking at the chart, their market cap now approaching that of the u.k., canada, and germany. it is incredible how big this company is. haidi: very, very big. the comparisons just continue. we are seeing a muted reaction so far when it comes to the new iphone and new gadgets ahead of the holiday season. this is what we see when it comes to apple suppliers at the moment. apple display up to .6%. quite a different story when you take samsung out of usual suppliers and when youat

suppliers and contractors in this part of the world. the iphone 13 has a lot of similarities to the 12 but there are some incremental improvements for the camera and screen and new colors being offered. this will probably not convince people who are waiting for the next cycle to upgrade. but we expect some will buy into this ahead of the holidays. >> absolutely. if you look at actual market analysis ahead of the event, a lot of people have been holding onto their iphones for up to four years so there is a captive market. this launch is incremental but they are not looking at people who have a 13, they are looking at those who have had it for

years who are looking for an upgrade, and they would get that . apple made major upgrades on the camera flight. not sure about the max, the most expensive, is introduced sensor technology. it has trickled that down across all prices and it boils down to better photos across the board. shery: we will continue to see that in asia. apple is famous for managing supply chain. do we see any sign of an impact from the global semiconductor shorter? -- shortage? >> when it comes to the iphone, zero. status quo as usual. the new apple watch is left

open-ended. they just said later this fall. we expected a new era pod. -- airpod. so the supply chain impact proves to be on the more affordable devices. shery: vlad with the latest on the apple launch of new products. tech giants are facing ongoing scrutiny from regulators. emily chang sat down with the former google president to talk about tech race between the u.s. and china. >> the u.s. is likely to continue leading in this area, enterprising, computer does computing. but china has grown tremendously in robotics and the use of ai so

a great opportunity during covid for social distancing and factories and warehouses to use robots and as technology becomes better and cheaper, for example there is a robotic dog available in china for less than 110 the price. in my home when i order take out, it is delivered by a robot. so robotics are growing very well. emily: the more data we have, the smarter ai gets but we are also facing more regulation and consumers are not opting in as much. do you think those efforts around the world, global scrutiny of technology, could impede the advancement of ai if it prevents data from being gathered and shared? >> i think regulation is absolutely necessary and the

egregious acts that could be taken, but taking away all of the data swings the pendulum to the other extreme. without data, all the conveniences go away. i would like to think there is a medium where on one hand there are regulations to protect people's rights and punish egregious behavior, but on the other hand they also acknowledge being used to protect personal data. i think long-term what needs to be done are equal systems that help them align their interest with hours, the users, so that they are incentivized to produce products that help us improve our happiness or how much we learn. >> here is a check of the latest

headlines. brookfield asset management seeks to raise $50 billion for a private equity funds after making a string of acquisitions. the firm will start upgrading this month and finish early next year. in august the ca does the ceo wrote they wanted to grow each fund to more than $25 billion in capital. haidi: arc investment has dropped out of -- dropped out after vaulting up the ranks earlier this year. they now rank 11th on the list with $42 billion in the apf. down over 6% this year after a 100 49% gain in 2020. >> the cost of valuation hit

after raising $100 million -- 120 $5 million. the startup offered shared ownership of vacation homes and said they will use the funding for growth. they were launched in 2020 and manage $200 million worth of properties. they have expansion plans in europe, mexico, and the caribbean. >> a design platform raised $200 million in fresh capital. the latest backers -- they have seen valuation triple in five months with monthly users around 60 million. the fifth most valuable startup. in the currency space, the japanese yen around 109 level in

a narrow trading range for a while coming at a time when we continue seeing gains for the nikkei and topix. nikkei at the closest level since 1990. korean won continues losing ground after rebounding. exporters have been selling the u.s. dollar ahead of the thanksgiving holiday next week. the aussie is unchanged. up next, we will preview economic data due out of china in a few hours. this is bloomberg. ♪

haidi: breaking consumer confidence crossing the bloomberg, a gain of 2% when it comes to seasonally adjusted month month figures from september. that is a bounce back from a contraction of 4.4%. the broader consumer confidence index for september coming in at 1.062. that is a left from 1.04 one the previous month. this comes as large parts of the australian population in sydney and victoria remain under

lockdown measures, services at retail deeply impacted. but of course, a lot of online activity happening. this comes as the rba pushes back against early rate rises before 2024, saying he wants to see not just consumer confidence and business confidence recover, but that the element of wage growth as well. this is the aussie dollar at the moment, not much of a move along with the kiwi, 73.19 is where we are as we track a mixed to lower session after we had a lower than print in the u.s., and a muted reaction to the release of apple's new product line. let's look at trading in sydney. sophie. sophie: sticking with the aussie dollar, the governor pushing back against an early rate hike. westpac seeing a setback for the australian currency but they are keeping 75 as the year-end

target as vaccinations quicken in australia. sydney switching out the board, stocks headed lower, resources the big drag on the index along with financials. coal producers are also under pressure, joining the downturn despite goldman boosting quota prices for coal. tech shares are rising in sydney and tokyo. let's switch the board, to offset the losses in other sectors. the nikkei two from highs tuesday when it closed at an august 1990 high, but jp morgan saying the rising market will underpin the rally, given the factors driving gains, like reopening sentiment. those have yet to be exhausted. for now, softbank the biggest drag on the index and on shares, -- and game maker shares heard by the outlook as well as the china game crackdown. on the board in seoul, south

korea, the kospi rising .1%, a boost to the upside, the korean won under pressure as we digest jobs data from south korea, the end employment rate falling to a record low 2.28%. drilling into those numbers, that comes down to jobseekers not being able to go back into the market. we have a government official saying this shows the recovery is looking stable. caroline: to your -- shery: to your point on the chinese crackdown, there is an emphasis on what they call, prosperity that companies have swiftly adopted. president xi's new favorite phrase with implications for social and financial said sit down systems. chief north asian correspondent stephen engle takes a look at the praise and what it means for the chinese economy.

>> [speaking chinese] >> we will make notable progress toward well-rounded prosperity for all. stephen: common prosperity is the new buzz phrase in beijing. many changes rolled up by the communist party of late could be lumped in under common prosperity, including regulatory crackdowns that have upended markets. the phrase has been around since mao zedong to reflect pursuit of inegalitarian society, but it fell out of use during the 1980's when the directive shifted to make it ok for some people to get rich first. common prosperity could come later. but as china grew rich, the wealth gap widened significantly. china's richest 20% now earned more than 10 times the poorest 20%. ahead of its 100th birthday in july, the communist party glared

it had at last created a moderately prosperous society. that opened the door for xi to pursue common prosperity as a guiding principle using philosophy, markets and philanthropy to address income discrepancies. few sectors where the government sees inequality or disorderly capital expansion have gone and states, from education and health care to ride-hailing and food delivery, property and finance to gaming and other entertainment. china's top court says pervasive excessive overtime known as 996, working from 9:00 a.m. to 9:00 p.m. six days a week may be illegal. many high-profile chinese executives and companies are beating the call, pledging billions to the greater good. it begs the question though -- how far will the common prosperity campaign go, and at what cost? economists say the pace and intensity of reform must be

weighed against a covid-weary economy that is we faster than expected. ♪ haidi: china in about 90 minutes is expected to show headwinds for the economic recovery. nsgo says that will be reflected in the consumer sector come expecting retail sales to come in below consensus. wang tao is a chief economist at ubs. let me throw up this chart when it comes to what we are expecting in industrial reduction, retail sales and fixed asset investment. are you worried about the retail-consumer peace? wang: yes. in august, especially with new cases of covid, the government put more restrictions on activities, especially services and tourism.

i think that has likely it retail sales and consumption, particularly in august. so, that would be a repeat. things are starting to improve, but august numbers should reflect that weakness. haidi: is it going to be weak enough for the pboc and for authorities to skew from their cautious way of withdrawing liquidity from the markets? wang: the pbc has provided quite a it of months. the market rate has remained low. i think, to the extent that that august number was because of restrictions and so on, i don't think that is going to change their policy tone. second, previously, fiscal policy has been held tight and since the meeting at the end of july, fiscal is supposed to be easing. we should see whether

infrastructure investment is rebounding in august. if that is rebounding, that is good. if not, it is still declining, i think that calls for more fiscal easing the next couple months and more physical impact over that easing to be reflected in investments. i think fiscal policy is something we need to look out for more easing to come from, rather than monetary policy at the moment. shery: we continue to see the crisis of ever grand -- evergrande unfold, as well as other property companies, how big a risk is this, given the property sector is an important part of the economy? wang: yes, the property sector is an important part of the economy. red lines of limited credit to developers. earlier this year, they started to tighten on the demand side for home purchase. so now, we see property sales

really coming down. housing starts up and declining for some time, so property investment is really slowing in the last couple months. we should see further weakness in the august numbers. the evergrande saga could have a spillover effect that makes other developers' access to the credit market more difficult, and i could slow down probably even more. but at this moment, i think the authorities are comfortable with the overall growth extra and also with especially strong exports. it is not likely they will ease property, but i think they will do it, properl -- probably have an orderly disposition of the lavalle per -- of the developer issues. shery: what does common prosperity mean to you? wang: common prosperity is basically getting rich together versus some people in some regions getting rich first,

which is what happened in the previous 30 years. , prosperity is the theme that has been -- common prosperity is the thing that has been launched since the come in's party congress in 2012. now, with china achieving a moderately prosperous society, i think there is urgency, there are new action plans called upon. the policies involve a lot of things we have already heard about, supporting income growth, labor, capital market development, telling better social services, pension and health care issuance, so it is not about egalitarianism, it is about more equitable access and better social welfare. there is some tax reform, but i think that is going to be gradual. the objective is to achieve common prosperity by 2050, so it is a long-term goal. shery: wang tao good having you on, head of asia economics and

chief china economist at ubs. an alert of the bloomberg, shanghai has resumed all port operations today that had been halted because of a typhoon. this is important. shanghai's container port is the world's biggest. at we have seen disruptions already in ports across china, given the pandemic, which sent shipping rates to fresh eyes. we are finally seeing a resumption of port operations in shanghai. let's get to vonnie quinn with first word headlines. vonnie: casino stock dropping the u.s. after macau says it will up -- the macau government expects to resume supervision of operators and share -- china is set to draft internet

rules for the protection of minors. according to state media, beijing will set up a nationwide platform to curb online rumors and fake information while increasing propaganda on communist party achievements. a news agency says regulation is required to improve behavior and the guidelines will enhance internet civilization. tropical storm nicholas is lashing the u.s. gulf coast with torrential rain that could last for days. the storm is dealing i do blow to the energy industry two weeks after hurricane ida. nicholas made landfall in texas with winds up to 110 kilometers per hour. authorities say life-threatening flash floods are expected across the deep south the next two days. a bank governors calling on the eu to clarify post-brexit plans on clearing, warning upheaval threatens financial stability.

bailey said it should be sooner rather than later to learn whether london can take clients out of the block. the temporary waiver last until next june. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. ♪ haidi: coming up next, a new reshuffle at the top of goldman sachs. details just ahead. this is bloomberg. ♪

♪ shery: a big change is in the works for one of wall street's most dominant banks. goldman sachs says cfo -- the cfo is being replaced. su keenan has more on executive shuffling. su: you have seen changes at several banks after a long time with no changes. the cfo is integral to the power structure at goldman, so focus on this move. cfo stephen share leaving the bank in january after nearly three decades, and dennis coleman, the cohead of the global financial group becoming cfo january 1. to ensure a smooth transition, he becomes deputy cfo almost immediately.

coleman isn't the only beneficiary of this reshuffling. observers see the bank as positioning its treasurer doug camtek in bigger roles including taking charge of the global financial group. that is also something to watch. as for sheer, he is considered a strong partner at goldman and played a key role in the most recent effort to expand in mainstream banking. he said in a recent post connected to the announcement that he is not actually retiring from the industry. there could be new things ahead. so it seems like another announcement of where he may pop up next would be down the road. haidi: meanwhile, wall street executives challenging regulators this week. su: later this week, september 16, bloomberg has learned there will be a virtual meeting of top executives which include the

heads of blackstone and goldman sachs that will be meeting with chinese regulators. again, a virtual meeting. we are hearing that the financial roundtable which was first held in 2018 is essentially what we are dealing with here. because of the pandemic, it had been put on the back burner. but it is now back front and center. and the crackdown on the private sector pushed forward by beijing, a likely topic, sources tell us, along with u.s.-china relations in general. the market-roiling crackdown as many investors concerned if not unnerved. the regulatory push has been targeting some of the biggest tech companies and other industries and president xi as promised create common prosperity. so there is billions of dollars at stake here by many big wall street firms such as blackstone, such as goldman, that had been pushing into china. there is also at stake for

china. this will be a closely watched meeting, according to people close to the matter. it has not been publicly put out there. shery: su keenan with the preview. let's check business flash headlines. two of all street' is biggest banks have diverging results from trading activities ahead of the third quarter earnings. jp morgan says expect trading and investment banking revenue to be better than expected while citigroup says earnings from trading will probably decline by a percentage in the low to mid teens. amazon boosted pay rates as it targets hiring 125,000 warehouse and shipping workers amid a tight labor market. starting wages for open jobs in logistics now average $18 per hour, 20% more than the $50 per hour base pay set in 2015. amazon typically wraps up higher in anticipation of the holiday season. nationwide labor shortages have

u.s. companies scrambling to find workers. bloomberg has learned a fund is considering a revamp of its leadership by creating aco role to improve corporate governance. the new co would guide grubhub's business. the chairman is considered -- is considering ending his tenure in february. indian stocks rise after a powerful rally. we look at it next. this is bloomberg. ♪

♪ shery: rare signals pointing to the possibility of further gains after a powerful rally in india. they beat developed stocks in august by six percentage points, the biggest gap since 2018. let's bring in our cross assets team editor. what is happening in india. -- in india? >> stocks are on a roll, a lot of momentum. they are looking at their eighth straight month of gains. indian stocks have just done well repeatedly over recent months and as you say, they are outperforming developed stocks as well.

haidi: what is fueling the gains, given we have seen the delta variant such a concern? joanna: it is interesting, we have had foreign inflows, there is a lot of domestic liquidity as well and analysts are citing strong earnings and quality earnings giving people hope. and then, there is always the momentum as well. shery: what does the huge rally mean for indian stocks? joanna: eight straight months of gains as only happened twice in the 20 -- in the last 20 years or so and stocks after that had a $.19 return next year. it looks like gains they get more gains. if history is any guide, you could see further gains coming out of india. shery: joanna ossinger, our

cross assets reporter. sophie? sophie: hong kong stocks downgraded across the board at j.p. morgan as the government seeks to increase monitoring of industry operations. jp morgan sees a bigger problem ahead if there is little clarity in policy six months down the track. china authorities like this week that the country had too many ev startups. we are watching ev battery equipment maker's raise new contract estimates as kind -- as customers like ceto are ordering. it will take six months for new orders to translate into revenue for ev battery makers. haidi: sophie kamaruddin in hong kong. we are also counting down to the open in singapore it a few minutes. the government there is planning new measures to boost local stock market. units at the state investment

giant to musick will have a fun size of at least $75 million to invest in singapore and regional caps. let's get more from investing reporter david bradley. what is the impetus on what do we know? david: the main impetus would have to be that the singapore exchange, in contrast to hong kong, lacks a lot of liquidity and attractiveness when it comes to companies that want to raise money from public investors. that means investors are less excited, one could say, about singapore. a lot of it is made up of things like rates, property companies and old stalwarts. we can see that, through things like thomas echo launching this newfound that is going to be -- tomasek logic this new fund for

small cap companies, more importantly keeping the money they need to be attractive to investors and be ready for a public listing to make singapore more exciting. shery: what are the risks of singapore going down this path? david: the risk is arguably greater for gic, if it is told to take part. initially, gic has been famous for commercial returns outside singapore. and it has been a great hitch to prevent too much singapore money to be invested domestically. primarily, that means the biggest risk for all players is really poor returns that are mainly driven by nationalist goals first, rather than financial ones. haidi: we have seen singapore at the forefront in many respects when it comes to the regulation and nurturing within the crypto

space. does that mean there is have your focus toward growth and innovation, even with this new fund? david: that is safe to say. but it is also safe to say singapore has been trying practically everything in an effort to become more exciting, more vibrant, and more attractive to investors in general. crypto is a symptom of that. so are recent moves to launch spac's as a vehicle here come all things they can do to make singapore more attractive to local investors and global investors. they will give it a go. this is another sign shery: -- another sign. shery: david ramli, our investing reporter in singapore. we get more global insights here on "daybreak asia" with the

start of trades in hong kong, shanghai and shenzhen. this is bloomberg. ♪

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♪ david: he caught the investing but as as a teenager after he invested 100,000 -- $1000 of his bar mitzvah money. >> by $1000, it became 1700. david: he started on wall street in 1970 and spent the next decade as a securities analyst ar