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emily: rough streak for bitcoin, back below $50,000. why investors are heading towards safe havens instead of risky assets and the greatest thing to happen to art? none fungible tokens, accordingy to arc invest expert. first a look at the markets. u.s. equities rebounding from friday's selloff as investors took comfort in the report that cases of omicron variant have been relatively mild. >> green on the screen, all 11 semiconductors closing in positive territory. you are seeing the nasdaq lag. much has to do with the e.v. space, chip semiconductor and biotech. you have yields getting higher, up nine basis points today and still not that major tech selloff that the yield move

dictates and some of the correlations we've relied on flipped on their head but the s&p 500 outperformance i want to bring to your attention. this sector in nine days, you had a 4% pullback which brings me to the little shower pullback you've all -- you've had all this year. one of the staples this year has been mini corrections met with pretty aggressive buying and this is really just one example of what you saw today. could this be the "buy the dip" mentality. you did see tech lag but that wasn't the story for every subsector. electric vehicles ending .9% higher on the day. it's the biotech sector that caught a good chunk of pain, some to do with less demand but

also some of it coming from a tweet from bernie sanders saying that like moderna and pfizer, they have to stop being greedy so that directly translating into that part of the tech universe. that's the macro picture. let's get to the micro with ed ludlow. ed: moderna down 13%, biggest drop of the month. investors trying to take on board the omicron variant, how long will it be around for. moderna a point of selling pressure on monday which is interesting because it was a good performing stock last week in context of the s&p 500 but there's a focus on how long vaccinations will play a role in the battle of covid-19 going forward. you talked about electric vehicle stocks. welcome to monday. oh, my goodness what a day. lucid kicks us off monday disclosing an s.e.c. subpoena which hit their desks on friday. they say they don't know much. all the usual caveats, they don't know the scope of the

investigation but it's about their merger with the spac, run by michael kline, who has also advised the saudi government in investments. that kind of set the tone. a few hours later, reuters reporting that tesla is subject to an s.e.c. investigation, citing a letter that the s.e.c. sent september 24 to a whistleblower who had come forward in 2019 and outlined some concerns that they had about solar technology and defects in the technology. no response from tesla, no comment from the s.e.c. that whistleblower re-signed in august 2020. we fell as much as 6.5% on monday but by the end of the session, softer by .6%, a complete turnaround. investors don't know how to position this partly because the solar business is such a small part of the bigger picture. emily: i want to bring in

garrett -- analyst on tesla. how bad does this impact the outlook for tesla? >> the reality is it doesn't affect our opinion very much of the stock. as was just referenced, the solar part of the business is only about 6% of tesla's overall revenue. so i think most analysts view it as a non-core business. it's really the automobile business is the primary driver of top and bottom lines and that's going to be the case for some time going forward but tesla, if they were to disclose every risk related to the company, their 10k filings would be a thousand pages so i think they'll argue that this risk was covered in some of the risks they've already put out in their filings so we don't really see it having a major impact but it

is one of many risks. of course, anything related to telsa, whether it's a vehicle recall or a whistleblower complaint, really makes headlines. so i think that's what we're seeing. ed: think back to 2019, wal-mart sued telsa because of defects with solar roofs installed for them and amazon had similar complaints. we also know it's been slower to market. but this is a stock that's been under pressure, right, since that november 4 peak. was this a knee-jerk reaction in the early part of monday's session or are there big questions to ask around the long-term trajectory for telsa? garrett: the stock's almost 20% off its high from just over a month ago. it was a difficult day. it's been a difficult two weeks for the electric vehicle space. of course you had the lucid news today, rivien has sold off

sharply in the last couple of weeks so you're seeing a group of stocks that had run up significantly. a lot of investors were starting to ask questions about valuation, which is our primary hangup with telsa right now. we have a hold on the stock and it's probably due to valuation but also competition. so i think you've seen profit taking in telsa and other names in the space over the last few weeks. emily: how much do you think the selloff has to do with musk selling his own shares? and does that concern you? garrett: sure, that's another contributing factor. obviously elon musk has sold a lot of stock over the last month or so so it doesn't look -- the optics aren't good, if you're considering buying stock and the number one shareholder, the individual who owns almost 20% of the company is selling, it's not a good time, the optics are

not good. i think that's another contributing factor to the selloff here in recent weeks. ed: garrett, let's talk about lucid. this is an -- s.e.c. has not been hesitant to look into the merger. you're not so worried about this disclosure? garrett: we're not. what we're seeing in the space is a lot more regulatory scrutiny and it really goes back to another company that we follow, nichola, and their founder and former c.e.o. charged with three counts of fraud. he's currently pending trial which will happen next spring, there are serious federal charges against him so part of it is a lot of these companies have gone public through stack which is a reverse merger which entails less disclosure to investors when a company goes that route so i think the s.e.c. is going back and looking at some of the disclosure that was

made. it's not a concern with us for lucid because we know they have a brand new factory in arizona. they have a terrific product in terms of the lucid air which the specs of that product in our view can stack up to any electric vehicle available today when you look at 1100-plus horsepower and 520 miles of single charge range. of course, it was just named the motor trend car of the year for 2022. we view this pull-back and the subpoena they received from the s.e.c. as really a buying opportunity. we're confident in their disclosures they made in their documents leading up to their july stack transaction and the assumptions and forecasts that they had in there for the next five years seem very reasonable to us so we think -- we're telling investors and clients that it's a buying opportunity. emily: back to telsa, garrett. how do you make your assessment

of the company when the company itself doesn't communicate much? mostly we're reading elon musk's tweets. garrett: the valuation is hard to justify. that's the biggest issue from our standpoint is we have to base our price targets on a 12-month time horizon so we think most investors are taking a five to 10-year view of the company. telsa, of course, wants to grow their annual volumes by a factor of 40 over the next decade so they're going from about half billion vehicles sold last year to about 20 million in the year 2030 so that's why the stock trades at such lofty multiples is that investors are willing to pay these sorts of triple-digit multiples on a p.e. basis for that growth in the coming year. but it's really hard, telsa is in a class of its own. you have traditional automakers who tend to trade a single-digit p.e. multiples, mid to high

single digits. if you look at a ford or general motors. then you have a company like telsa trading at north of 100 times next year's earnings estimates. emily: garrett nelson of cfra and ed ludlow, thank you both. much to watch. the s.e.c. is also interested in a company involved with former president trump. digital world acquisition, bank check company, merging with trump's new media company, revealed the s.e.c. has made requests for information into trades as well as its board of directors and investors. trump is trying to launch his own social media app after being kicked off both twitter and facebook after the deadly attack on the u.s. capitol january 6. coming up, with the increasing threat on omicron, new york city is about to implement the u.s.' first vaccine mandate on private businesses. how does it plan to do that?

>> we're going to do this so that every employer is on a level playing field. one universal standard starting december 27. emily: new york city mayor bill de blasio announcing the city will be the first in the nation to impose a vaccine mandate on private sector workers. joining us now, bloomberg san francisco bureau chief who oversees our return to office coverage. thank you so much for joining us.

talk to us about the details of this mandate and what makes it different from what president biden has already mandated. >> this is the first major mandate to go for private employers in a major city, notably different from the biden administration mandate which is caught up in federal court and hasn't taken effect and may be delayed from plans in january. this mandate applies to all private employers and doesn't have the any options for testing. the biden mandate says for employers of more than 100 workers, they can opt to test employees weekly but de blasio is saying this will go to all private workers without testing options so pretty strict and we'll see how that goes. emily: are other cities going to follow? kara: we don't know. in san francisco, they were the first to enact a vaccine mandate for public workers.

haven't done so for private workers. there's a host of other environments. cities have required full vaccinations for restaurants, something that also de blasio has strengthened in new york. we'll see how it plays out in new york. emily: how is the city going to implement this, enforce it and could it be overturned when de blasio leaves office? kara: that's the big question, how eric adams, taking over on january 1 as mayor, will react. he said he'll review this. we don't know if it will stay in effect. more details be expected to be announced next week on december 15 so we'll see how it will be implemented and we'll have a better idea. emily: kara wetzel who oversees our return-to-office coverage, thank you for joining us. coming up, 15 minutes or less, doordash launching its ultra fast grocery delivery service in

new york city staffed by school time employees. disney's latest offering "inkanto" took in $12.7 million in its second domestic weekend beating the latest "ghostbusters" installment. this is bloomberg.

>> aggressive rebate promotions for the latest iphones, ipads and apple watches are not properly paying out frustrating consumers who believed they would get the devices at lower

prices. when apple launched the iphone 13, it offered huge savings for iphone 12 owners. for example, in offer with a partnership with nobel meant that an iphone 12 owner could trade in that device and get iphone 13 promax at no cost. similar offers were offered by verizon wireless and at&t. apple and carriers have offered $100 and $200 back on watches and new ipads respectively but many customers have found that the rebates have been denied. in some ways, this year's rebate process have made people feel that the promotions are designed to not pay out unless you have time to haggle with customer service. nobel said the issues are -- t-mobile says the issues are due to a bug. this has made the apple buying experience this holiday season less ideal than it should have been and i'm sure there are customers unaware of their

denials and unaware of how to resolve the problems. i would contact your carrier's customer service department to help resolve the issue. emily: you can subscribe to mark's weekly power on newsletter at bloomberg.com. less than 15 minutes, how long doordash said it would take to deliver groceries. i'm joined by jackie for more. over thanksgiving weekend i was in the middle of a recipe, forgot something, got on doordash and they brought it in 22 minutes. how does this build on what they've already been offering? >> this is a major step for them. they've been facing increasing competition from a lot of these wily but very well funded start-ups, especially in new york, that came up with a business model to bring you your food, alcohol, any kind of thing

you might need, like a bodega item, in 10 minutes, as fast as 10 or 15 minutes. but this is a new model that has really emerged out of this pandemic era trend to get your stuff faster and showing no signs of slowing down. emily: talk to us about why they're hiring employees instead of using contractors to deliver this service? jackie: this is a very different model than ferrying food around. rapid delivery really is predicated on on set delivery distances with much smaller radiuses, warehouses with a limited selection of items that you can pick and pack quickly. so in order to do this you need a very reliable work force with regular schedules, managed by humans versus an app with customer service or driver service.

so what doordash realized is that, yes, it has this army of three million gig workers that ferry around food but to pull this off it would have to look into full-time employees to get it done. emily: does that mean potentially bigger changes to doordash's model over time? jackie: i think this is still something they're grappling with. you saw today uber's u.k. ruling that said they basically have to classify their ride share drivers as employees and while the -- that's happening in europe, it underscores the broader increased regulatory scrutiny as regulators catch up to the pace in which these companies are growing and employing people. for this particular business product, that doordash has come up with, i think absolutely no doubt it was the right way to go but starting their dash core speaks to the fact that they want to monetize this, as well.

so while they may not be ready to suddenly flip their labor model on its head, they're certainly willing to test it out while also making revenue in the process. emily: meantime, as they're rolling this out, they've settled with the city of san francisco about allegations they misclassified thousands of workers, didn't give them employee benefits they should have been offered. how did that play into this? jackie: i think it just shows that he's legal battles are not going to go anywhere. they faced similar one in seattle a few years ago and now in new york, you're facing the slate of bills that recently passed to improve worker conditions and while it wasn't apples to apples, what was in san francisco's lawsuit, i think it really shows that lawmakers are trying to find a way to create guardrails around this gig labor model that has been

exploding during the pandemic so going forward i think doordash is trying to be more mindful of how it employs its short-term labor force but at the same time it's not going to be something that changes overnight. emily: what does this mean, the new grocery offering mean for instacart? i tried to get that ingredient i needed on thanksgiving from instacart and couldn't get it for three hours. jackie: it's upping the ante for them. they have two-hour delivery windows but even 30 minutes does not compare to 10 10 to 15 ai think most people want to get things quicker so they'll have to step it up, whether that's launching their own version of this or partnering up with a

last-mile delivery service of their own. emily: bloomberg's jackie devulose. and uber lost a bid to challenge part of a landmark ruling in london which led to drivers being reclassified as workers so uber's london will have to overhaul their model. and u.k. backed research group has unveiled plans for an hydrogen-powered airliner that could fly from london to san francisco without producing carbon emissions. hydrogen is expensive and more challenging. and it will take time to develop the planes and build their infrastructure. coming up, the plunge with crypto currency closing monday just below $50,000.

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>> talk to me about what you think the competitive landscape will look like? >> we've seen pressure in this market. this market has three strong joint ventures that compete head-to-head daily to win the hearts and minds of consumers in the united kingdom so i don't see a difference in the competition. i think we've all focused as the major hub in the united kingdom connecting u.s., new york, los angeles and other locations so i see this as a continuation of competition. we have been waiting for the day we can compete strongly in the marketplace after such a long period of time where it's only been one directional traffic from the u.s. to the u.k. and now it's open, of course, to u.k. nationals. >> you mentioned heathrow. what about gateway. >> we made a tough decision to

focus our efforts at heathrow. emily: welcome back to bloomberg technology. i'm emily chang in san francisco. there was a crypto flash crash over the weekend but bloomberg's ed ludlow is here with what it means. what happened? ed: this is the joy of crypto currencies trading 24-7 around the clock. i don't know what you were up to saturday. a drop of almost 22% over the course of that trading period. we recovered somewhat but it was a dramatic kind of drop and it left people asking questions about what's driving it. of course, weekends we have thin

liquidity, much lower trading volumes going on, people exercising options, as well, to cover some of the positions. the -- there's a narrative around bitcoin if you compare it to ethereum. a big part of the bitcoin story has been institutional investors buying all year long and we know that 50% of bitcoin holders you new first-time bitcoin holders this year but what we see in the data, you see on the chart, is ethereum experienced a much less dramatic drop and much quicker recovery so it's become a double edged sword for bitcoin because while it was institutional buying more year they are the first to sell in times of crisis. on monday's session, we were risk-on mode. everyone has risk appetite but there was softness in crypto currencies although bitcoin is above 50,000. we're seeing the same volatility in crypto-related stocks. you think about omicron and the

outlook for the federal reserve taper and rate rise in 2022, that volatility has played out in crypto and this is a one-week charts of the amplified e.t.f. and some of the big names and you can see since the beginning of december, end of november, heavy losses in crypto rated stocks. the consensus is that will continue. emily: i want to keep at this grueling weekend for bitcoin, losing over a fifth of its value and falling under the $50,000 bar. i want to bring in bit wise asset management chief analyst matt hogan for more analysis. why do you think we saw the flash crash over the weekend? matt: we've seen this story before. one thing that's true about the crypto market and bitcoin market particularly is that leverage can build up in the ecosystem and when you get into weekends, periods of low liquidity, if the market has a slight selloff, it can cascade downward at the levered positions blown out of

the market. that's what happened. but importantly, just as quickly as we went down, we bounced right back up and are continuing to go from there, as mentioned, etherium bouncing further. i take out of the weekend a bullish stance going forward but this is still an element of the crypto market. it's not fully institutional. on nights and weekends, you can get a low liquidity effect. emily: could this mean a longer flash crash in story? i asked edith young for her predictions for next year. take a listen. >> for the last four, five years i have been in crypto, i see three crash and usually that happens early in the year, probably january or february, there will be another crash but it's typical another day in crypto and on top of that, probably there will be a crash for bitcoin before it goes up to

$100,000. i'm counting on that. emily: what do you think the chances are we'll have a bigger crash next year? matt: i don't know, it depends on the outlook for inflation and how aggressive the fed is. i think most of the elements behind the crypto market right now are very bullish but if we see more aggressive wording from the fed, more aggressive tapering, you could see bitcoin sell off. long-term, though, i still think there's a institutional relentless bid for crypto assets. ethereum in particular but bitcoin, as well. so i think i'm more bullish than the last speaker but this is of course risk. emily: do you believe in the buy-the-dip philosophy? matt: i think investors are well served by dollar cost averaging into the crypto market. what i don't believe is chasing all-time highs or selling at the peak panic moment. that's the biggest risk, it's

behavioral. you definitely didn't want to be selling friday at midnight and you probably didn't want to buy at all-time highs. i think consistent long-term, disciplined approach to having a reasonable asset allocation to crypto is the right one for investors. this particular dip, given the rebound we've seen, it makes me bullish about where we're going particularly in the ethereum and other layer one solution side of the market. emily: some of the really bullish folks had big predictions for the end of this year. take a listen to jesse powell, c.e.o. of kraken, from back in august. >> the moon is the bear case for crypto. we're going to other dimensions with bitcoin so i think people just need to hold on. we're still early days. we're still early in the cycle. i think we could see $100,000 plus of coin late this year, early next year. emily: are we going to get to $100,000 plus in three weeks, matt?

matt: i'd be surprised. i'd be very surprised if we got to $100,000. it is worth mentioning, crypto is still the best performing asset class in the world this year, bitcoin is still up more than 150% over the last 12 months. ethereum up 600% give or take over that same time but i think calling $100,000 by the end of the year is a difficult prediction to make. i think as we look into 2022, though, we still have these fundamental drivers, institutions we speak to every day at bit-wise, the advisers we speak to, moving into the market for the first time. i think $100,000 could be in target in 2022 but this year, i'm not so sure. emily: i'll add that to your list of predictions that bitcoin could hit $100,000 in 2022. what else could you put on that list? matt: i think we're going to see the cambrian explosion of

activity. i think investors will look at ethereum, solana, polygon. we're seeing investors who put their toe in the water in bitcoin in 2020 and 2021 realizing there's more to crypto than bitcoin so if there's one biggest story for next year, it's going to be the everything else, crypto as defi, crypto as n.f.t.'s and the metaverse. what's beyond bitcoin is what i'm most bullish about for 2022. emily: bitcoin very ethereum? matt: i'm on the ethereum side, emily. i love all my children equally but if you pin me down, ethereum was the asset of the year this year. i have a reasonable degree of confidence it will continue to play that in the future. there's so much positive activity taking place in and under that blockchain right now.

emily: my job is to ask you tough questions. i appreciate the straightforward answer. bit-wise asset management chief investment officer, matt how ho, thank you. the director of asset security firm aan manuel joins me next. ♪

there are a few things that are not very clear yet. one is the clinical man

manifestation of this virus. is it creating more severe disease or not? is it going to younger or older people. all of these are things that as we see clinical cases coming out, something we will know in a few weeks. ♪

emily: the ripple effect of china's read sharing app still felt. the stock plummeted after announcing friday plans to pull shares off the new york stock exchange. this could be the beginning of chinese companies forced to abandon overseas listings. joining me now, anja manuel. how many didis could there be? anja: no one knows. a congressional commission estimated there are 250 chinese companies with a total of 2.1 trillion shares trading on u.s. exchanges. didi is first but some of the other big a.d.r.'ss are next. emily: how much do you think this really has to do with chinese national security? anja: i think that's the reason

that the chinese government gives but i think there are actually three reasons that xi jinping and the communist party are doing this. the first and most important is they want to the maintain absolute political control. they're going into a very hard year for china. the olympics has to go well. the big communist party meetings in march and of course in october, xi jinping is up for an unprecedented third term so they need absolute quiet on political dissent and i think that's why you're seeing sweeping data security laws that caught up didi, 10 cent, lots of others. no new approvals for online games, limiting gaming, crackdown on chinese education companies. that's the number one reason. national security, as you said, i think is a second reason. and finally, i think xi jinping understandably, he's got this new push about common prosperity. he's worried that some of the

internet billionaires have earned too much money and it's affecting the chinese system so you suddenly see chinese tech companies giving billions to charity. i think those are the three reasons you're seeing the decoupling. emily: does it all, then, super charge this race to decoupling and what does it mean for u.s.-china relations after that? are we in the middle of a giant cold war, to use a very dramatic term? anja: i'm not sure i would call it a cold war but it is quite serious and i'm always struck by the difference between how american business people see china which i think is still cautiously optimistic and what my friends in the biden administration and those focused on national security see and they see a much darker picture, emily. i think there is a real concern about xi jinping moving from authoritarianism to

totalitarianism. there's a lot of concern about human rights -- understandably so. and even though the summit you saw between president biden and. president xi try to put a floor under these things, right now they're making sure we have guardrails and we're talking about the important issues and the idea that there will be rapprochement and things will get better and things return to usual i think is unlikely. emily: we heard the u.s. government refusing to send representation to the olympics and the controversy around tennis star peng shuai who accused a chinese premier of assault and has disappeared. where is this going? anja: on the human rights front, i'm quiet worried. the crackdown continues.

peng shuai is an amazing story because it was so public and international, but people disappear in china with frequency, you just don't hear about it. one of the senior editors of one of the big chinese papers suddenly disappeared a few months ago for some mild criticism of a chinese film. i don't know if he's back yet. but this kind of stuff happens unfortunately a lot in this regime and it doesn't hit the front pages the way it did with the tennis star. emily: anja manuel, director of the asset security form, appreciate you working through complex issues with us today. thank you. coming up, the n.f.t. debate. why cathy wood is calling it the greatest thing to happen to artists. more ahead. ♪

emily: starwood capital kpmg head said he has 30% of net worth in kris crypto curre. he expects to see pressure on commodities. >> i think the fed is completely wrong on inflation because they haven't bought all the steel to fix all the bridges and tunnels and things. that will come with the $1.2 trillion so i'm doing development projects down there, one on the beach up there and i've got to buy steel, i'm going to be competing with the federal government for steel and they're not going to want to buy chinese steel to fix that bridge. so there will be pressure on

commodity prices from the stimulus package and it's going to crowd out and make it more expensive for private developers to build anything in the country which will exacerbate the shortage of housing you see today and why things like rents are going up. we have 100,000 apartments today and we're seeing 20% increases in rents. i have been doing this 30 years and never seen anything like it. >> you've complained that amazon is destroying mom and pop retail by using amazon web services to subsidize losses on free shipping. if you believe in competition and a free market, why is that wrong? >> if amazon was producing steel, you are not allowed to dump steel into cities like the united states from offshore below the cost of supply. yet i got a bike pump delivered to my house in miami for free in two hours. there's no mom and dad store in the world that can compete with that. they're hemorrhaging cash and

they're annihilating mom and dad retail in the process so i think it's unfair, they subsidize all their growth through aws, through the cloud services, which was massively profitable. the government, as usual, was late to the game. they let them also originally they didn't pay taxes on internet sales. now you have a trillion dollar company. your prime account will cost you $500 and you'll not be able to go anywhere else to shop. they're opening department stores, after destroying department stores, they're going to open department stores. after mog mowing down everys in the country, i come from greenwich, connecticut, the main street is empty. who's going to replace them? you let the guys stay and not pay rent. it's not a healthy situation. i loveland scape -- love the landscape of streets on america.

i don't want to see an amazon truck and no stores. >> how would you fix it? >> i'd break up amazon. >> would you? >> i'd separate aws from the retail business, absolutely. >> i recently heard you say that your great edge is your bitcoin position. is that how we all should be thinking? >> yes. >> really? >> this is for me but if you have 5% of your net worth, there's only one thing -- in a world where the government prints money and prints money and prints money and prints money and has no consequences, some time that will end and the only thing they can't make more of is bitcoin. it's never been hacked. it has no real value other than there's 21 million coins instantly devisible so you could see the u.s. saying to the world china will try to knock us off the dollar standard and they'll have a lot of countries align with them with the bridge and

tunnel program so they're going to try really hard -- it's obvious -- they're going to try hard to break the dollar standard and if that happens and the dollar devalues, you need one thing that could hold its value and that thing literally in a scare will go down with the stock market and in my opinion will reverse and go to a million a coin. it could do that because everyone -- it's in the u.s. investors, the whole world at look at one thing they can't make more of and that would be bitcoin so it might be -- there are other coins but they kind o of -- there's no function other than stored value so having a little investment in bitcoin might be a smart hedge because your paper will be worth less. i have 2% of my net worth in crypto currencies, in a selection of them. emily: let's start with capital group chair, mary sternlicht. also cathie wood, clashed over

n.f.t.'s and art. >> it's the greatest thing to happen to artists, n.f.t.'s. there's a company called async art, this was an ah-hah moment for me, this will really stimulate and cause profound changes in the creator world but artists, even physical art, turning it into digital, n.f.t.'s -- this is a property rights system. it's a very interesting phenomenon because we are moving into the digital world. >> and i understand that and let me tell you as an old-timer and lover of art and passionate lover of art, i hope people don't lose coming to museums and experiencing the beauty of art personally. when i had to buy art by phone, you know, with my apps and now i

finally come to get to look at museums, great pieces of art, there's nothing like it. yes, i can understand how we will create new energies, you know, but the beauty of art is always the personal experience of watching the art. anja: we art. cathie: we have an art gallery, all n.f.t.'s, digital art, and it is a thing of beauty, as well. emily: cathie wood with billionaire george perez speaking at an event in miami for bloomberg on friday. tom brady is offering a set of nonfungible tokens including a stop watch, cleats and jersey used at the national football league combine. the collection on brady's autographed n.f.t. platform

opens to the public later this week. that does it for this edition of "bloomberg technology." tune in tomorrow. we'll speak exclusively with brian gu, vice chair and president of the chinese e.v. maker and joined by julie wainwright, c.e.o. and founder of the real real and george kurtz. this is bloomberg. ♪

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manus: it is daybreak middle east. evergrande deadline expires now. some members have yet to receive overdue coupon payments. we will have the latest. and a dying trend in the property sector is hampering growth.