sophie kamaruddin has the details. sophie: china is moving rules that would require all companies that want to list overseas to undergo a private security review, this on the basis of national security. this after a debut last week, even after the cybersecurity administration was said to have sought a delay to the listing. these new rules announced saturday, they would apply to companies that hold data on a more than one million users, which could affect ipo hopefuls like bytedance. several companies had already stopped plans for listing overseas, like a medical data player. for companies that have already listed like alibaba, regulators are reportedly considering rules that would require them to -- additional overseas sales. we topped the tally last year. kathleen: how is this tighter scrutiny affecting china's entrepreneurial elite? sophie: they are feeling the heat, as regulators seem to be concerned by monopole listed behavior and stability and data. it has put a drag on chinese internet stocks. last week alone, the

. >> i'm sophie kamaruddin in hong kong. quest good evening from bloomberg's world headquarters in new york. jay powell says the fed has taken that first dive into tapered health but there is still rent to cover before it happens with inflation still transitory. >> u.s. stocks advance on the fed statement. facebook falls in late trade. >> the regulatory leader calls a meeting with bank executives trying to soothe fears about beijing's corporate crackdown. this is the picture, we are seeing u.s. futures muted at them opening. this as stocks and bonds rose. we saw a little bit of a dip but then they reversed all of those. we saw the nasdaq 100 leading the game at .4%. alphabet is the big booster. we also have the right -- the likes of caterpillar. we have seen stronger demand in the u.s. health prices. take a look at facebook and qualcomm. we have seen, facebook is under pressure after hours. they have revenue that beat estimates but they also warned we were going to see slowing growth in the future. that did not sit well with

sophie kamaruddin in hong kong with a wrap of morning calls. any comments that stuck out? when it comes to china's education stocks, so far this year, we have seen more than $126 billion in market cap wiped out for names traded in the u.s., china, and hong kong. chinese tutoring companies are now virtually un-investable. they have set price targets at net cash value which might not even fully protect against the worst case scenario. flipping the board, i want to highlight what has been going on with didi global as well. that stock has been downgraded to neutral from overweight. regulatory uncertainties. delisting cannot be entirely ruled out yet. the companies dominant position is not likely to be completely destroyed. just curb from penalties. as for tencent and alibaba, the equity company maintaining its overweight position on the view that these companies have risks that appear manageable. they may benefit from any near-term cooling in competitive intensity. shery: tons of debate on whether they should be overweight or underweight given regulatory risks. first word news

sophie kamaruddin is in hong kong. chinese stocks wrapping up another session of heavy losses. investors seeing an opportunity to buy any kind of debts? -- dip? sophie: it is way too early to be catching a falling knife and he expects capitulation in chinese markets to extend for a week or two, driven by a risk management, a pickup in vol. he is expecting a softening of investor demand for chinese assets and switching out a chart, and natixis representative sees them putting pressure on the renminbi which pushed above 61 and the offshore rate is trading at a three month low rate ocbc sees it moving towards the 6.54 level and hsbc has pencil been 6.60 -- penciled in 6.60. the renminbi is still relatively strong after hitting a new high of 99 last week and over at maybank, he says china's tech woes have yet to this launch resilience, taking note of how the currency partially functioned as a proxy for safe havens when global infections are the start of a new wave. shery: it was pretty resilient earlier this year. almost no change against the u.s. dollar but of course we will be wat

haidi: sophie kamaruddin. be talking about the race to lower the cost of satellite into orbit as billionaires continue to battle it out in their space race. we will be hearing from the australian space company gilmore about how they plan to meet with bigger players in the commercial space industry. this is bloomberg. ♪ shery: it is all about the space race. we are taking a look at asian nations wrapping up their respective space programs. governments recognizing the importance of investing in space capability for economic and political reasons. three nations have the ability to conduct major launches. china, japan, and india. they are far from the only countries with space programs but they have the biggest budgets for space developments. south korea announced it will accelerate its space program and boosted its budget $2.5 billion this year. this coming at a time when the u.s. and south korea have agreed to terminate that bilateral guideline that has long restricted seoul from developing missiles out of the r

sophie kamaruddin is in hong kong. her for a second session after the bounce on monday, led by china and japan. in tokyo we are seeing softbank lead gains on the nikkei 225. the kospi gaining .7%. authorities on volatility watch. the focus on oil this morning. we are seeing crude recoveries a touch. checking in on oil. wti and brent on focus, this as we seen brent now at about $.76 in -- concerns. he's doubtful e.m. is the next vaccine trade. flipping the board we have j.p. morgan and goldman sachs expected to rise regardless of opec concerns. ing noting if there is a slump in crude, chief valuations will support oil-related commodities. we are seeing dipping slightly higher with stocks. on the offshore yen, you have cnh holding below 6.48. citi bullish on an overweight china duration. on expectations foreign demand will dip. haidi: thank you so much. white house officials are reportedly discussing proposals for a digital trade agreement covering indo pacific economies. it seems to counter china's influence in the regio

sophie: i'm sophie kamaruddin in hong kong. haidi: i'm haidi stroud-watts.week, investors weighing strong data that pushed wall street to another record. u.s. jobs numbers are due later. plus, why foreign funds are fling southeast asia, major outflow over worries of a covid-19 resurgence. shery: breaking news -- johnson & johnson coming out with positive new data when it comes to its single-shot covid-19 vaccine. it is saying it is showing strong protection against the delta variant, that it shows persistent immune response of at least eight months. the delta variant has spread across the world. we are talking 90 six countries according to the world health organization. we just heard from mike darda, shares jumping this week as they also saw that there vaccine worked well -- moderna, shares jumping this week as they also saw there vaccine worked well against the delta variant. pfizer, saying its shot showed persistent immune response of at least eight months. more on that story later. let's take a look at what markets are doing because sophie, it was concern

yvonne: the finance minister of malaysia speaking exclusively to sophie kamaruddin. on the rrr from the pboc. sophie: you see a short lift to market sentiment in a broad-based for cut. slowing on the upside for chinese socks that see slowing to 10.5% by the end of the year. in the short-term higher for south pbs expecting liquidity. earnings, compounds, and growth style. one sector containing to underperform on massive regulatory pressure so the bank is staying underweight on chinese tech stocks, big theme. yvonne: we are catching a bid today for tech but we will see how long the sentiment on the positive side lasts for the pboc cuts. our markets reporters sophie kamaruddin. we will do a check on markets now still looking pretty much in the green. we will see how japan comes back from break here, and outperform continually, 2.2% for the nikkei now. this is bloomberg. ♪ juliette: looking ahead to stories investors will be watching in india today. the government to release consumer price data in the afternoon. and meanwhile an annual shareholders meeting and earnings f

sophie kamaruddin is joined by malaysia's finance minister. sophie? >> thank you.or an exclusive chat. thank you for your your time this morning. you recently appointed this for the national recovery plan. that strategy has its speed mumps given the infection rate that has risen even as vaccination rates have picked up in malaysia. with the lockdown being extended , the economic plights of houses and businesses, that continues to be dire. last week we had the unterman or develop minister warning that they are at the brink of a collapse, how much of a setback does that pose to economic development? >> thank you again for having me here. if we look at what is happening in malaysia, just to put things in perspective, we had seen an increased number of cases not in just malaysia but neighboring countries. what is important to note is that more than 60% of number of cases that are occurring here in malaysia -- we only have seven moving to phase two of the national recovery plan. we have seen a number -- vaccination rate going up. we look at the number of malaysians that

sophie: i am sophie kamaruddin in hong kong. shery: good evening from bloomberg's world headquarters in new york. i am shery ahn. beijing warns china's biggest companies of a wider crackdown on data security and overseas listings as didi's u.s. shares plunged below their ipo price. samsung is set to report a huge gain in quarterly earnings on its memory chip business. we will break the numbers this hour. nomura pulls the plug on a big chunk of its had fund business after the hit from the arcade ghosts -- hedge fund business after a hit from the arcade ghosts -- archagos crash. this is a much wider and bigger surplus than we saw in the previous months of only about $2 billion. when it comes to the goods trade, also rising to 6.367 billion dollars. we did have very strong export numbers for the month of april and may. gains of over 40% although easing a little bit in june given the base effects but no, we are seeing the made goods trade surplus rising to more than $6 billion in the and australia. sophie. sophie: we are seeing a ri

sophie kamaruddin is here with a look at manufacturing.so far shows we do have this sort of tailing off taking place. there is a loss of momentum, to say the least. what are people saying? sophie: the loss of momentum is something that has been highlighted. someone expects this will continue with exports sof tening. there are restrictions in mobility in many countries. some economies already dropping back to levels last seen in january. he cautions supply pressures are not likely to dissipate quickly. this against the backdrop of continued loose monetary policy in asia. haslinda: concerns of a covid variant with a fault line for some assets, but managers say the pricing for risks are overdone. sophie: they are noting sharp declines in rates in some countries with the highest vaccination rates, will other governments are recalibrating reopening plans. on the balance, they are saying market relocations are a way to add u.s. equities, junk bonds as well as em dollar debt. plus, the u.s. yield curve is opening the opportunity to add to value s

let's turn to sophie kamaruddin for the markets because on the docket, a 50 year sail from south koreally in paris and bonds, given the virus outbreak. sophie: we have seen companies loading up on debt although the pace of that record debt binge has been slowing since hitting a high in june and that is seeing the korean corporate bond yields surging 19 basis points through the month of june. qi■it expects issuance will cloe substantially in the second half given the boost to cash buffers to prepare for the virus impact and policy normalization is in place. there is a chance of the first bok rate hike in august. little chance for a july move given the spike in covert cases in south korea, which flipping the board, has prompted credit agricole to drop their recommendation. they like the trade but they wait for better entry opportunities and do not see the outbreak stalling the domestic demand picture. we have the ratings agency upgrading the forecast for south korea to 4% from 3.6%, but next year, they see the pace of expansion slowing to 2.8% on a slow recovery in private consumption. h

. >> sophie: i am sophie kamaruddin. the top stories this hour. saudi arabia insists the alliance must extend its output yield despite strong opposition from the uae. we hear exclusively from the saudi energy minister. haidi: china dealing a major blow to didi. sophie: a global ransomware attack targets a software supply chain. experts say it exploded a flaw in an i.t. management program. haidi: let's check in on markets. we are expecting something of the holiday inn session, of course, the u.s. away from the july 4 weekend. we are seeing kiwi stocks up 0.3%. futures trading up 0.1%, this after u.s. stocks rose again on friday, and for the first time since 1987, the s&p 500 reaching the all-time high for a record seven straight session. the jobless rate climbing, jobs numbers overall coming in positive. no expectations in the markets that the fed will be in an imminent rush take away the dignity punch bowl -- the liquidity punch bowl. futures looking flash. in australia, we are expecting the rba to rein in some of the stimulus measures, despite ha

sophie: i am sophie kamaruddin. shery: i am shery ahn. our top stories this hour. slump in u.s. listed chinese shares accelerates. the golden dragon index posting its biggest three-day fall on record. a big day for big u.s. tech. apple, alphabet, and microsoft beat estimates but shares are mixed after hours. starbucks beats the street. investors do not like a less optimistic china outlook. haidi: chinese shares off nearly 20% in the sof just three trading days. investors are shunning the asset in the broad-based crackdown by regulators in beijing. let's bring in our reporter. when you take a look at the bottoming out for this selloff, is it hard to tell because we just do not know the extent of the regulatory action? >> absolutely, you nailed it. what is interesting is that you are starting to the spread into a story, a global story, and what is high to china and the chinese domestic market is bringing back the entrepreneurship, bringing it back mystically. not just what the effects are for u.s. tech also what the implications could be for global growth given the fact that this

sophie: i am sophie kamaruddin in hong kong. shery: good evening from bloomberg's world headquarters in new york. i am shery ahn. asian stocks look set to snap a three-day losing streak after investors on wall street buy the dip with cyclicals and small caps driving the rally. the post lockdown hangover continues for netflix. subscriber forecasts falling in short of wall street estimates. honda hits reverse year on its go it alone strategy as it shifts aggressively to electric vehicles. we hear exclusively from the ceo. see how we are setting up for the asian markets open. sophie: risk assets are on the front foot midweek after the s&p notched the best day since march, led higher bicycles with the index bouncing off its 50 day moving average. we are waiting on exports data from korea as well which could provide a lift and the nikkei could snap a five day decline after entering a correction although there is caution around how rising cases in japan may delay the recovery. benchmark yields closed at one to two with traders assessi

sophie: i am sophie kamaruddin in hong kong. we are counting down to asia's major market opens. kathleen: i'm kathleen hays. asian stocks face a mixed dart after wall street dipped from record highs with bond yields rising on the surprise surge in u.s. inflation. jp morgan and goldman sachs beat estimates but failed to impress wall street. what is behind the share drop. the white house was set to one american companies about the risks of doing business in hong kong, ramping up pressure on beijing. haidi: we have breaking korea unemployment numbers. we are seeing the unemployment rate hold pretty steady, going lower. 3.7%. the seasonally adjusted jobless rate. we were expecting 3.8% and that has come down from that 3.8% we saw in the month of may and we are seeing more workers coming back into the labor force. stronger sentiment and lifted activity when it comes to hiring as well and is worse coming ahead of the be ok board meeting on thursday and we have been expecting signaling about the start of raising rates this year as these financial risks build but we will continue to wat

. >> i'm sophie kamaruddin in hong kong.g from bloomberg's world headquarters in new york. jay powell says the fed has taken that first dive into tapered health but there is still rent to cover before it happens with inflation still transitory. >> u.s.

sophie: i am sophie kamaruddin in hong kong. we are counting down to asia's major market opens.athleen hays. asian stocks face a mixed dart after wall street dipped from record highs with bond yields rising on the surprise surge in u.s. inflation. jp morgan and goldman s

sophie: i am sophie kamaruddin in hong kong.arters in new york. the fed signals it's making progress on reaching the taper threshold or. exactly when that may happen. chinese regulators could get greater power to block overseas listig

that's get it over to sophie kamaruddin, who is taking a look. re we getting in terms of what investors feel about the near and midterm outlook for the yuan now? sophie: a lot of investors keeping to the sidelines with the vol on cny trading at 2020 loads. this is anticipated for the renminbi through year-end and beyond with your to date highs around 635 as the caps on gains and downside risks being tempered even if the fed begins tapering. the policy divergence persisting and strategists opined that it would lead to -- morgan stanley is likely going long the dollar against the rupee while closing out there seeing dollar -- their singh dollar. it is trading around 136 this morning, after hitting an eight month low this week to hold in singapore. the aussie dollar a two day gain , set for a fourth weekly drop as they assess the weekly pmi data that fell into contractionary territory. check out the kiwi dollar staying below that 70 mark as the euro is holding below 1.18 after reports that the belgian governor opposed the ecb's policy guidance. shery

sophie: i am sophie kamaruddin. kathleen: good evening. i am kathleen hays.n stocks set to open higher after wall street hits another all-time high. investors bracing for a wave of second-quarter earnings as concerns persist about

sophie: i am sophie kamaruddin in hong kong. we are counting down to asia's major market opens. shery ahn. our top stories this hour. the opec-plus alliance descends into bitter infighting, leaving a supply deal hanging in the balance. president biden scores a major victory as the plan for a

sophie: i am sophie kamaruddin in hong kong. shery: good evening. i am shery ahn.hour. agent docs are on track for the worst week since may as fears grow that a virus resurgence could hamper the global economic recovery. pfizer plans to seek u.s. emergency authorization

haidi: sophie kamaruddin continuing to watch the inflation outlook on account of oil.et the first word news. >> opec and allies have struck a deal to inject more oil into recovering economies. saudi arabia met halfway to increase output, overcoming an internal split that threaten the cartels control of the oil market. it means monthly supply hikes of 400,000 barrels per day starting next week -- next month. an about-face in the u.k., prime minister boris johnson has agreed to self-isolate until july 26 after being exposed to covid-19. both he and a chancellor had initially said they would not enter quarantine after coming into contact with the u.k.'s health secretary. the change came amid a backlash one day before the u.k. is due to lift many virus curves as daily cases hit a six month high. mexico says it wants to restart diplomatic and commercial ties with north korea. the country's foreign minister made the statement on the sidelines of a un security council meeting. mexico cut ties with north korea under the previous administration, in line with international laws

sophie: i am sophie kamaruddin in hong kong.vening from bloomberg's world headquarters in new york. i am shery ahn. asian stocks look set to snap a three-day losing streak after investors on wall street buy the dip with cyclicals and small caps driving the rally. the post lockdown

sophie: i am sophie kamaruddin in hong kong.g from bloomberg's world headquarters in new york. i am shery ahn. beijing warns china's biggest companies of a wider crackdown on data security and overseas listings as didi's u

back to sophie kamaruddin in hong kong. s assess the regulatory impact on the sector. there is monitoring of transaction-based platforms and less m&a activity. over in taipei, we are keeping an eye on shape players after -- on this cheap company after the founder said costs could be rising. and this company's earnings report card was disappointing, morgan stanley warning that gross margins could fall below 50% as early as next year. counting down to the taipei opening, features are under pressure. this is a way to learn if soft lockdown measures will be lifted in taiwan this month in light of the rapidly falling number of daily cases. in the philippines, the first local case of the delta variant was detected on friday amid calls for faster vaccination. in malaysia, the government is targeting to fully vaccinate all adults by october, boosting the daily vaccination rate of 500,000. we saw futures move lower after --, a three week drop on friday. haidi: and of course the global growth outlook continues to preoccupy markets, pa

sophie: i am sophie kamaruddin in hong kong. shery: good evening from bloomberg's world headquarters in new york. the fed signals it's making progress on reaching the taper threshold or. exactly when that may happen. chinese regulators could get greater power to block overseas listings, plugging a loophole used by tech giants for u.s. ipo's. 8rreports japan will declare a w virus state of emergency for tokyo to last through the olympics. we will discuss all of this, whether it is the fed, infections, the china tech back down. how are we setting up? sophie: this morning, s&p e-minis looking flat. asian futures are looking little changed while delta variant concerns are building as the who urged caution. epidemic curbs putting much almost vertical. malaysia, for instance, their daily case count staying above 7000 in the week leading up to the bank decision today, watching to see if the central bank will revise its gdp outlook while holding rates at a record low. we had the pboc focus after china's estate cabinet discuss -- state c

sophie: i am sophie kamaruddin in hong kong. shery: good evening from bloomberg's world headquarters in new york. no mood for talking. the u.s. says it is keeping economic dialogue with china on ice as the bite in teams stance hardens. jay powell says the paper debate will go on with the u.s. economy -- recovery not yet where it needs to be and he warns that inflation will say elevated. netflix taking the next big step , adding video gaming to get ahead of streaming rivals. haidi: let's take a look at what we are watching and markets ahead of the thursday session. sophie: steady open in asia this thursday after it snapped a today gain on wednesday with china and vietnam lee being. vietnam stocks nearing a technical correction over rising concerns over covid cases. in indonesia, we have seen its daily tally top india's. the bok may look to temper his hawkish menace at today's meeting in light of a jump in korea's infections. the doj reportedly expected to -- it's growth outlook. we have the yen just holding below 110 well nikkei

sophie: i am sophie kamaruddin in hong kong. we are counting down to asia's major market opens. haidi: i am haidi stroud-watts in sydney. bitcoin falls back. amazon denies plans to accept the cryptocurrency this year. the ev maker says shanghai is its primary export hub. the u.s. and china hold contentious talks but leave the door open for a biotin summit. shery: breaking news -- biotin summit. -- biden summit. shery: when it comes to the quarter on quarter figure, we are seeing growth of .7 percent which is slightly missing expectations of both of .8% and a slowdown from the previous quarter, this coming at a time when we continue to see south korea reeling from virus infections. the year on your number is still much better, a jump of 5.9% for the second quarter preliminary numbers, slightly missing expectations but still a jump given the low base we are coming off from 2020. we are seeing the second-quarter manufacturing members contracting a little bit, down 1.2% quarter on quarter and a huge jump on the year on year basis in the double digit growth, up more than 13%. re acco

sophie: i am sophie kamaruddin in hong kong. shery: good evening. i am shery ahn. our top stories this hour. jay powell says the fed has taken the first dive into taper talks but there is ground to cover before it happens with inflation still transitory. china securities regulator meets with bank executives trying to stir fears about beijing's corporate crackdowns. plus facebook sales beat but shares fall in late trade after the social network warns of slowing revenue growth. haidi: let's get to our top story now. the fed is moving closer to when it can stop supporting massive -- kathleen hays is all over this. what did we find out? do we have a clearer path now? kathleen: it is a couple of things, may be a few things, pretty clear from what the fed said in its policy statement from jay powell's remarks at the press conference today. the fomc is looking at what the timing and pace of tapering its bond purchases is going to be and we have inflation well above the fed's 2% target. it looks like the metrics now for achieving the necessary substantial further progress