but first, beijing. reporter: this collective condemnation of chinese cyber attacks by at least 30 countries including the u.s. has been deeply embarrassing for beijing. china has responded by denying it supported or encouraged any cyberattack's and call these accusations groundless and politically motivated. beijing is trying to undermine the credibility of the u.s. allegations by saying it has not provided enough evidence. there are simply too many cyber actors around the world and it is very difficult to pinpoint their exact location, let alone tie these to a single government. beijing is trying to turn the tables on washington, saying most cyber attacks around the world occur from inside the united states. it accuses washington of indiscriminately eavesdropping on the world, not only our competitors, but at friends and allies. it also says the cia has for 11 years and logic cyber attacks against chinese institutions, including technology, aviation and energy. while probably denying these claims by th

will penalties be enough for beijing in a tang? and one wonders whether or how china would retaliate. s the e o u s. start walking down the road of sanctions. well, it's not going to change china and you know, this kind of pious tone that somehow the whole world is sad. this one, it is in fact just a bunch of colonial countries who used to are responsible for many of the atrocities that growth green. china hasn't started. any wars ever broken any countries or leaving afghanistan behind they, they didn't do the things that were put forward by snowden, in terms of actually hack into the cloud and making sure they had access not only to china, but everybody else's information in the world. i mean, this is really an age of post hypocrisy. when i'm on a show where people are talking about how evil and terrible china is when, in fact, they're just accusing china of things that they have done themselves. yet they don't have any proof against china. it's fine for my colleague in australia to say that g was, you know, there were, it's this

it made economic sense for beijing to be relatively hands off. however, as china grew into an economic superpower in early 2000 pages started to rethink. it's hong kong strategy. the beginning, perhaps from 20 or 3 when there's mark change of tactics. of a change was towards hong kong, more control, more innovations and more presence in the way we've gotten to media this a lot in meal to those strange of strategy. so beginning from that, we've seen the media and dumble direct and indirect pressure because we got that pilot. see, we have to hung on stop fun and i will enjoy all home from people in car. we want someone, they told a topic on why you go home again, and i tell my gums, certainly with my mike in the me, me being funny. china's tougher approach to hong kong was solidified in 2012. when cj in ping was appointed general secretary of the communist party in 2014 c, radically changed the election process for the cities. my senior political representative, the chief executive jungle, you june, figured out what if i bought your gun term that?

the communists in beijing were never interested in joining our system. instead, they've used our efforts at engagement against us, hiding their strength, investing heavily in their military and developing strategic initiatives to remake the world in their own image. make in mistake, on every front beijing is challenging the free world and our premise that open societies, free markets and the rule of law automatically result in a prosperous and equitable civilization. the chinese communist party's bid to replace our premise with their own ideology is obvious. whether we look at their fundamental disregard for human rights, their rampant in fact of intellectual property, their manipulation of the international trading system or their penchant for secrecy and cover-up which only worsened the covid-19 pandemic. as a result of this direct challenge to our way of life, the united states finds itself in a strategic competition we did not seek and we really do not want but which we must win. finish for republicans on the house foreign affairs subcommittee and th

make it comes directly from beijing. they've got certain figures to hit and maybe they'll hit them at lower levels whether they can appropriately do so or not. in a range of eight things the chinese are best in this in terms of transparency, but still not great. they've hidden industrial projects and environmental costs under the guise of state secrets state secrets you have no way of accessing. if you try as a chinese citizen, you'll probably find yourself under arrest. if you try as a foreign reporter, you'll find yourself escorted out of the country. the environmental piece is important. this is the one thing that people hold out, well, maybe this is an area we can work with them in. if they can provide us reliable environmental information, makes it kind of challenging to find ways to work with them on the environment. the worst performance is in transparency around human rights issues. that's probably also no surprise, but what we identify in the report is the prospect of making use of some cutting edge technologies

you didn't have to be brave to be able to to be critical of the government here in beijing. it's different. i mean, in the mainland china, in mainland china, it's stock. there are no protests allowed to send, is only for the very brave or for people who are seen as not having much to lose. and i think the way i see it is bay ging or mainland china is a play. some people lower their voices, they whisper when they are be critical. katrina, you're, you're a very western view of this whole thing. i mean this, the truth is that most asian societies and you're from singapore, there is a high re value that is paste, i'm sorry. oh, i'm sorry. yeah, sure, sure, but i mean it's like i said, let me just run time in singapore. these other places, let me just give you a visual and then you can pass what you see, what i'm saying. so this is july. the 1st celebration here on my laptop that the handing over of hong kong from the british back to china. and the difference in the crowds in 2003, 2019, and 2021 thing. what's your explanation for this? so this is a direct direct result of the na

ok, so katrina, you're based here in beijing. we have this conversation on a fairly regular basis. we talk about the long term situation. what is the duty of a government is provide primary. the 1st thing is to provide a safe place. if you're not safe in your home, if you're not shaping your business and your schools, what's the point of all these theoretical things? the idea that a ballot box and a open market is the only way that you can run a country is belied by the with the progress that china, mainland china has had. over the last 40 years. you look at other places where you have, quote, democracy, look at haiti, i mean it's a poster child for what has failed both in terms of i'm going to bring us back to hong kong if i may, i know because hate the news agenda right now. let me just show you, hey, on my laptop screen this, this is you for a very long time. when you are protesting, you stayed under the rated radar. you stayed secret because you were afraid for your safety. what made you then reveal your identity? why did you come out? so i have b g. i have accidentally become

from beijing's side, they have been ok.tual negotiations will be with who we think is your actual counterpart so there's already on the obit of back and forth where both the u.s. and china are kind of trying to not lose faith but also think business might happen. haidi: in terms of managing very low expectations, what you think would be a win-win scenario for both sides coming out of these talks? john: you are right about expectations being incredibly low. of course, there has been the cyberattacks, the sanctions. last week, the biden administration warning that u.s. companies need to get completely out of changing so there is -- shin jong -- out of the city. for both beijing and washington, there needs to be agreement between the leaders possibly at the g20 in october. it would be xi jinping and joe biden's first face-to-face meeting and i think that is really what both sides are aiming towards. shery: does that mean we should not be waiting for any practical rise -- compromise on some of the issues in place, like the tari

she is a visiting scholar at to down university, and in beijing we have, i know our 10 again. he is a political and economic affairs commentator or across type roles and effect. that means you can jump anytime you want. and i always appreciate, let's go to, i know, are in beijing right before the 2nd summit or earlier this week. chinese media was expressing that the us is looking for or creating imaginary enemy out of china. and it was actually said during the high level meeting, what does that mean, imaginary enemy, can you explain that to our audience? well, china, that feels very sad. i mean, on the, almost a daily basis this is kind of drum b to china's, is that, and the other thing, there's very little proof, lots of allegations. so, i mean, china has, sees this as a situation where trying the u. s. is trying to play king of the hill, in essence, you know, try to cut down a competitor that's rising. the difficulty is that china is not trying to be a global hedge mom. and the u. s. is trying to maintain its position so they, that imaginary part is all about what the u. s.

the 1989 student led uprising in beijing. the student lead protests in hong kong 20 years later at hard one of the problems with 100 anniversary. and we've, you know, this message of sticking the course is that it gets harder and harder to reconcile the twists and turns with this sort of beautifully smooth narrative of progress that involves a lot of forgetting. and it this triumphal moment for the policy, there is one on mistaken message we survived. after all, the predictions that we wouldn't, adrian brown, i'll just 0 hong kong. let's return to gentlemen square of coal. so $70000.00 dissembled chinese members of the communist parties in all areas of the country and from all areas of civil society and the military as well as government. because of course, the chinese communist party is celebrating its and tailoring and present changing ping is using the occasion to tightened his grip on the nation in 2018, she removed the to term limit on his presidency effectively allowing him to remain in power for life unless katrina, he

various china has launched a national carbon trading scheme as part of its plan to reduce emissions. beijing has come under pressure to cut its carbon emission levels since it overtook the united states as the world's biggest pollutant under the scheme, more than 2000 power companies have signed up to bid for pollution credits or an allowance to release carbon dockside into the atmosphere companies that do not use all their credits can then trade with others as part of the strategy to encourage the use of clean energy technology. kind of one of the 1st trades on friday morning . company paid $1200000.00 to pump out more than 176000 tons of emissions. that is about $8.00 a ton. alex brill as a senior fellow at the american enterprise institute, he's joining us live from washington dc. it's good, happy with us is always alex on al jazeera. let me ask you about this system 1st of all, because i find this incredibly complicated to understand. but it seems as though this is a way of people paying cash to avoid doing anything about reducing that emissions. is that too harsh? do you think? well, i

let me go diner in beijing here. but there is what i would like to talk about what you can't talk about. ok, let's be be very clear about compromising a country sovereignty, hong kong, irrespective of how you feel, what hong kong, that's part of china, that's their affair. and the, the process of the united states and china exchanging diplomatic embassies is that taiwan is part of china. it's very clear, a very simple look at the documents, ok. it was explicit and implicit here where you wouldn't know that from the mainstream media whatsoever. so let's go to peter. when you take a look at that, i mean, i think you're, you're absolutely right. but when you have a treaty and it talks about returning hong kong in a orderly fashion, it talks about maintaining 2 systems, one government, and then the rules we can well, okay, my, my my, my, my question was originally directly to our, our guest in beijing and so we're going to listen, go ahead. okay, so tom, there it was not a treaty. remember how hong kong came into the pos

haidi: let's bring in john liu in beijing.his is part of a spate of various measures we have seen from washington this week alone. when it comes to the expected warning on hong kong, what are we expecting and what does it tell us about how washington now views the -- john: we are expecting them to issue a business advisory which will make several points to american companies operating in hong kong. the biggest of those will be that there is an increased possibility that the chinese government will be able to access data and information that companies and support in hong kong and that is one concern among many others being the rule of law in hong kong, whether the national security law that was implemented earlier has undermined that in hong kong. in general, it speaks to that greater sense of washington about the difference between hong kong and mainland china. that the former one country, to systems regime, whether that is still in lace. there is greater suspension -- suspicion that hong kong is being rolled as greater china

haidi: brody ford in new york and john liu in beijing. with us is the chairman at dalton investments. i really did want to get your insight on this. take a look at another chart that shows another bearish signal looming when it comes to chinese and hong kong listed stocks. we are looking like msci china is about to or not that can bearish cross. we have seen them moving to the lowest in the year with momentum basically just vanishing. what does this mean for investors? prior to this, it felt like some of the chinese tech names, regardless of which market you are talking about, were a good diversifier in a portfolio is you are heavy u.s. market developed stocks? >> it has underway to china for a very long time, to our detriment, i will admit. the rest of the investing in china are often binary. there is no way to head off against regulatory risk, given the u.s.-china conflicts, geopolitical risk. in the case of a company like dd, which is just a progression from ant financial and the review of the 34 tech firms including tencent, for -- to

they may be perceived as the next target of beijing. standing by with the market reaction is juliette saly, but first let's go to beijing. how far-reaching is this crackdown beyond education here? john: since july 1, since the chinese communist party celebrated its 100th anniversary we have had a drumbeat of regulatory tightening. everything from the data security probe to yesterday beijing telling food delivery companies that they had to make sure they paid the minimum wage to the delivery people. and the education crackdown which is most notable because of the magnitude of the move. it is officially the government telling a $100 billion industry that they have to become a nonprofit. that industry touches a regular chinese citizen more directly than any of the others, and it speaks to how sensitive the government is to the idea that inequality is spreading in chinese society that could cause unrest. it also brings to fore the idea of risk that the chinese government is willing to go, and that is spooking markets and causing people to a

we are now seeing beijing get into the market, whether on beijing, the crypto markets, even profit managementompanies under the gun at this point. this is the biggest two-day drop since 2008. it is sort of a tale of two tech trades at the moment. you are seeing the chart, showing the onshore chinex gaining. the nasdaq golden dragon index down in the double digits. when it comes to those education stocks, analysts have been slashing profit forecasts. companies like tal could worsen -- the operating losses could just worsen from here. the cost cuts one keep pace with revenue decline. some of the largest investors like cathie wood have gotten out of the market but traders have been piling into these stocks. emily: meantime, the crypto crackdown. the interview you did with the founder of ballet. you mentioned some new regulatory issues. shery: this has been another leg of the regulatory concerns in china. seven different agencies in china now releasing new guidelines, saying that online food platforms have to respect the rights of delivery staff and ensure workers earn at least a local minimum in

and the fact of the matter is that beijing gets what beijing wants.e internet traffic and telecom and data security. but they definitely want to dominate it at home, control it, own it, they forced alibaba to divest their consumer financial scoring system to a publicly -- government entity last year. there is no reason they can't do the same thing to alibaba, taking away cloud computing or anything they feel like doing. this is death by a thousand cuts you will continue to see pressure from beijing as they are trying to reign in more of the businesses before they get too large. and it is not just beijing facebook has been hauled in front of the u.s. congress every other week and amazon was fined $900 million for a privacy issue in the eu. so, everyone has got their eyes on big tech. china just has the levers to manage it the way they see fit i think people could buy exposure to china through exposure to commodities. the growth story is real if you own the u.s. mutual funds that owns a shares shares that are traded in china. all of the major brokerage

beijing unveiling a sweeping overhaul of its $100 billion tech sector.lic. nancy pelosi is not backing off her plan to hold up a bipartisan infrastructure package. speaking on abc, she says she will not put a bill on the floor prematurely. kratz are still working on the details of a follow-up package on top of the current plan. south africa's president has unveiled a new relief package to help the economy recover from the pandemic and recent riots over the jailing of the former president. measures include reinstating a temporary wealthy -- temporary welfare grant for the poor. south africa has eased restrictions as covid cases slow down. israel says it has carried out airstrikes in gaza after pro-hamas activists launched incendiary balloons. the balloons caused at least three fires in southern israel. the latest violence coming several months after the recent conflict between the territories and israel. in tunisia, the president fires the prime minister over protests marked the country's independence. the prime minister was sworn in a year ago amid turmo

these are live pictures in beijing. the 100th anniversary of the ruling communist party in china is celebrated. and we look at the legacy of former us defense secretary donald rumsfeld who has has died at the age 88. the american entertainer, bill cosby, has had his conviction for sexual assault overturned by the supreme court of pennsylvania. mr cosby, who's 83, has served more than two years of his sentence at a state prison near philadelphia. he had originally been found guilty of drugging and molesting a woman in 200a. but dozens of other women had also publicly accused him of sexual assault, but no further action was taken against him. michelle fleury reports from philadelphia. this is the moment bill cosby left present a free man. he had served two years of a 3—10 year sentence. his fall from grace was sealed in 2018 after he was found guilty of three counts of sexual assault for drugging and molesting andrea constand in 2004. in molesting andrea constand in 200a. in a stunning reversal, pennsylvania's highest cou

we really don't know where beijing will strike next. how do you hedge?the key is to avoid investments the government may consider benefiting -- at the cost of the broad society. negative private effects. these sectors will be vulnerable to tighter regulation. for example, health care is an important sector. or gaming. tencent has started using facial recognition to make sure teenagers will not play games into the night. more broadly, these will be viewed as important resources of the economy. the government will regulate them to the benefit of the -- >> what does this say about where beijing sees foreign money going? are they being antagonistic? or is it just that they want it in their own way, within their own structure and developing capital markets? >> the crackdown is against capital influence. the key term from the government is prevent the disorderly expansion of capital. to your point, the existence of foreign investor and foreign capital relating to the tech sector, don't forget this is the area that has limitations for ownership. that is why com

beijing's education [indiscernible] helping every sector. we take a look at what to expect in the market open after monday's row. the u.s. and china leave room to talk after a contentious meeting. the latest ahead. this is bloomberg. ♪ >> you are watching "daybreak australia." president joe biden says no u.s. combat will remain in iraq by the year's end. the white house official says washington is expected to maintain a military ground presence. iran faces pressure from hard-line action that want the remaining 2500 u.s. troops to leave the country. u.s. state department raised an advisory to the highest level, urging americans to avoid traveling there. the cdc boosted their warning for spain to the highest level as covid cases climb. they had opened their borders to u.s. tourists in june. california employees must prove they have been vaccinated or wear a mask in the office or undergo weekly testing. all health care workers will have to provide proof of vaccine or submit to similar protocols. similar mandates have been issued in new york cit

that is a concern for beijing.ere will be vigorous comepetition in the teh sector that will beat to the communist party drum that is what we are seeing happen >> we will see chinese tech stocks take a dip over the last week dewardric, thank you >>> on deck, turning attention to the policy meeting. morgan stanley is talking about whether or not it is on the chairm'sinan md. if you haven't done so yet, follow us on the podcast apps. we'll be right back. and earn cash back rewards, all in one app. that's how you get your money right with sofi. ready to shine from the inside out? try nature's bounty hair, skin and nails gummies. the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin. ♪ someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory. at cdw, we get that even as we return to the office, collaboration is still evolving. it's

look, i understand what beijing is trying to do.artbreaking competitiveness of even junior education, primary education, or pre-primary education and china is so fiercely competitive and extremely expensive for parents, it is one of the reasons why we have not seen the birth rate climbed back up even as they have eased on the one and two child restriction rates. this is just one of the things we are seeing player -- play out. it will be very interesting. lots of the institutional investors have said these chinese names are really good values right now. we just have to see the regulatory headwinds and if the fundamental growth story is strong. shery: we heard last week about the broader tech industry in china, saying that, given the pressures they are all under right now, it is a buying opportunity. to each its own. do you see this as an opportunity to buy long-term? we will be asking all the analysts and investors we have on the show coming up. we will be dissecting china's industrial profits, korea's gdp growth, australian cpi in f

up next we will be live from beijing.s is bloomberg. ♪ dani: welcome back to bloomberg daybreak: europe. i'm dani burger in london. yousef gamal el-din is beside me in dubai. china is celebrating the 100 anniversary of its ruling communist party. addressing a crowd of about 70,000 in beijing, xi xiping highlighted the nation's progress towards "a moderately processed society." the chinese president used his speech to warn foreign powers do not get in the way of the country's historic mission. >> we have never bullied the people of any other countries, and we never will. we won't allow any foreign powers to bully us. dani: joining us now from beijing is bloomberg acre -- anchor tom mackenzie and from hong kong we have our north asian correspondent stephen engle. what did we learn exactly from his speech? tom: he had a number of different audiences in this speech that he laid out for those 70,000 members as he stood at the gate of heavenly peace in their forbidden city. he was talking to the domestic audience at the party i

it's very clear that beijing is creating the narrative in north america.here will be issues at home. not to overgeneralize it. in the decade ahead, you will get two different correlated equity markets, all things being equal, mainly in china and hong kong. southeast asia can be the diversifier. but it ultimately makes a very difficult landscape for us to be investing in and buying futures of any technology companies that have a footprint and this takes another second derivative so you have mainstream cyclical companies like nike in north america that very much have good earnings had reasonable valuations. we are going to have this challenge of investing through this cycle with these very common events coming out of beijing that we just have to adjust to that are presented as an opportunity. it makes the landscape a little bit more difficult and we have to work with trying to make that challenge a bit more amplified. shery: are there parts of the chinese market that are less risky? we heard about the consumption side of things and health care, for example,

why does it have beijing so concerned?the reason the structure is so popular is it offer these internet companies a way to list while avoiding chinese regulatory scrutiny. you can imagine why beijing would be upset about that. with beijing putting in this new regime, that could slow down the pace of these listings. while it does not preclude chinese from going to the u.s., it will make it substantially more difficult. david: ok. that brings up an interesting topic right now that was just in my head. i think we talked about earlier. taking it outside, in terms of the listing, how would that affect this seemingly booming ipo markets here in hong kong? john: technically, offshore includes both the u.s. in hong kong. i think the difference here is, hong kong, and beijing's view, is part of china. beijing is reaching for hong kong and is stronger than it has ever been. i think there's a lot more comfort in beijing when it comes to things like data security. i think beijing feels a lot more comfortable with a company listing and

and china as beijing has rejected allegations of cyber hacking. we will get insight from the gms program director. first, shares of leslie fell -- of netflix fell. we will get you the numbers and the latest of the ongoing earnings call. this is bloomberg. ♪ haidi: let's get a look ahead for australia and new zealand today. half of australia's population is back in lockdown after south australia joined torrey a and new south wales in ordering residents to stay-at-home as the delta variant leaks across the country. dividend payoffs for most really is biggest companies are expected to bounce back to pre-pandemic amounts in 2021. a bloomberg's group. php is said to be considering to get out of the oil and gas business in a multibillion-dollar is this that would accelerate its exit from fossil fuels. netflix shares falling in post market-rate after the company's forecast missed analyst expectations. our senior analyst believes netflix needs a fresh add. netflix saying they are committed to growing profit and cash flows, saying they are not worried abou

have we had any reaction from beijing?ven't had any reaction directly to these accusations so far. in the past, you will remember that in the alaska meeting, the foreign minister called the u.s. the world champion of cyber hacking. i would expect rhetoric of that nature this afternoon when the foreign ministry has its daily press briefing. of course, when microsoft links chinese hackers to this hack a few months ago the chinese government strongly denied it. shery: this is the latest escalation when it comes to geopolitical tensions, not to mention other at allies -- not to mention other allies like the u.k. industrially. how significant is the condemnation? reporter: i think the participation of the allies along with washington and nato, that speaks to how joe biden is approaching the relationship by building this alliance to take on china, which in beijing's point of view seems like building an alliance to hold beijing down. that has ashley caused a lot of constant -- that has actually caused a lot of consternation here.

and the heavy rains, the north that running through beijing, for example. not necessarily in the korean peninsula of the eastern side. it looks a bit cloudy and damped. real rain is back in china and stays the southern china and hong concluded though she made is rather dry at the moment. i didn't forecast that i'm on soon right to take the step back from most of india. you'll get an idea from that satellite picture. everything's up in the northeast need the right to think that bangladesh and ne, in india, big rain flash flooding. but everywhere else, where has it gone apart from the western gaps that on shore breeze took in quite dry. and the pre monsoon heat is still there up in rochester, up in new delhi. and for most of pakistan, just a few thunderstorms to east as heat in the hall sponsored pay cut on airways. frank assessments is an argument for suggesting that the buyer and ministrations actually been a long game. it's very much of a warm embrace of the iran nuclear deal because of us domestic politics informed opinions, schools, and shelters of been

beijing targeting cryptocurrencies.ney laundering and fraud. >> the premise seems to be it is bad or scary for crypto. we are at a transition point. the number participating has gotten so big that you need basic frameworks, a sign of maturity and growth of the market. what it does mean is an exchange like ours needs to be sophisticated about how you allow decentralization, bringing in assets to the market, while ensuring good risk management, compliance with the law, disclosure to customers, and that is why we are so excited about bringing him on board. we need people with backgrounds as policymakers in senior roles, and successful companies will try to compete with that kind of talent. >> can you clarify the relationship between the company in the u.s., and the company globally, the world's biggest crypto exchange by far. i know they are separate legal entities, but how are you owned by them, or what is the relationship? >> we are not owned by them. we share a common founder. the u.s. licensed the name and technology.

so we're thing huge celebration in beijing this morning. how ever and here in high pay, people don't really deal the thing with. the reason that high one of these people here feel focus more on domestic affairs such as that's been shorted. and the there will be in the, in the 5. i want you need for on some people here. what about cross street relations and politics they did watch on why on. * the big celebration this morning and they did comment on how exasperated the march was organized by rejoined really, hopefully it will take a look at so continue, please take a look at. yeah, look at the ha, recent part just released this morning. taiwan, people are 20 people, like 32 percent of the chinese people don't really feel negative or positive view on this party. however, 47 in high one do have some that buildings on to come in the morning particular mention of taiwan in president jesus speech, emphasizing chinese determination to bring it back and the chinese control. how's that been received? chung lynn hi was mel and appears calm. so respon

i am reporting from here in taipei having been forced to leave beijing as a result of pressure from these authorities over my reporting. itself a sign of the increasing political pressure. i've been looking at the celebrations and their significance as china's giant capitalist economy celebrates its continued control by a rigid, live political system. bya rigid, leninist political system. the unmistakable hallmarks of communist party rule were front and centre of it celebrations. the total control, the omnipotent leader, the unquestioning loyalty. overlooking tianamen square, the general spoke of how the party had saved china from a history of humiliation and of the power it now wields. translation: the chinese people will never be bullied, _ oppressed or enslaved. anyone who dares to try will have their heads cracked and bloodied against a great wall of steel forged by 1.4 billion chinese people. there are no references of course to the fact that on this spot in 1989, the party clung to power by shooting data hundreds of unarmed protesters. nor any mention of the violence and chaos of

we have seen beijing take issue with those. we saw u.s.h companies drop overnight on account of some of these worries. one of the main worries is that aging will take a look at the sector potentially want it also to be nonprofit. not even an outline concern for you, is that? mr. hogg: i think that is ludicrous. i think that we in the last six months have got to oncology drugs approved. it took us 10 years to develop these drugs. it took us hundreds of millions of dollars to get these drugs to approval and now these drugs are in the market, changing the lives of patients and helping people live longer. so that is a long journey and, you know, one thing i have seen from the chinese government in particular the biotech field over the last few years is the total focus on innovation. an effort to broaden the availability of world-class therapies for patients in china. the chinese government is trying to make the lives of nations in china better and the lives of its citizens better. and you have an industry death the -- that requires such massiv

beijing's crackdown pushes u.s. stocks to the biggest route in two decades and the hang seng continues to sink. splashing out on luxury. and number results. tesla drives the s&p 500 to another record as earnings top analysts' forecasts. it has just gone 7:00 here in london. work is -- mark is with us here from singapore. >> all the action is in asia this week. yesterday we saw the turmoil was in china and hong kong stocks. contagion did not spread. we did not get as much drama. and again today, the pain in hong kong and china continues. it is extending. it is interesting because earlier this year when chinese stocks were slightly higher, we saw the so-called intervention coming in. chinese stocks are down. and hong kong stocks are slumping again. there is a lot of pain in the sector. the contagion has not been wide or broad but i think that will change in coming weeks. >> we will get your thoughts on that and a moment. let's have a word -- let's have a look at where we are. global futures -- in europe, the trading d