we are looking at chinese adrs. they were facing expulsion from the american market.his is regarding compliance with rules in the united states. what is fueling this rally? >> i think it's the idea that one headwind against china tech, the idea that it is an investable because of one factor, but the regulatory crackdown from beijing. china tech started rallying last week or the week before. there was not unknown reason, but the technicals lead the fundamentals. now we are finding out this is a possibility and that all of these companies that were going to be delisted in 2024 may still be allowed to trade in the u.s.. that's a reason to think that they are investable at this time. >> no doubt and the chinese economy, a number of headwinds. they talked about this as being an interesting development considering their past stance. that is almost sending a broader message to the market. >> that's a great point. it seems to be a break from what the previous stance had been. there seems to be a diplomatic message that the ties between the chinese and the u.s. can come togeth

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shery: take a look at chinese adrs.ve them broadly falling today for a fifth consecutive session but with alibaba leading those declines, we had seen the daily journal that counts charlie as -- cutting its stake in alibaba by roughly half. we have a stock falling almost 2% there. another factor that plays into that was the fact that alibaba did not make any of those gains that were approved by china and you are seeing those chinese videogame makers rallying on the latest call when it comes to china, proving the new gaming licenses. paul: chinese videogame stocks surged as china ended the 10 month freeze on new game approvals. let's get to stephen engle. obviously, this was welcome news for investors in the chinese game space but will some headwinds, right? stephen: that's right. these gaming companies are not out of the woods because there is still pressure on livestreaming. tencent pulled the plug on its penguin e-sports venture that was going to create a twitch like service in china, but they pulled the plug on that,

investors might not be allowed to do adr conversions such as we can do for kweb.broker dealers or custodians that don't allow it or maybe they don't want to hold a hong kong name, so our inflows are more reflective of investors hiring us to make this conversion for them >> right, exposure there straight to hong kong. thank you for joining us i want to point out gamestop having a volatile day after the company said it plans to issue a stock split. it rose initially on the news and then gave up all their gains. seeking approval from shareholders to increase the number of authorized shares to 1 billion from 300 million with gamestop shares now in the red, did the plan backfire what were they after here? >> if the plan was to boost the stock price with this stock split, it was a fail shares down 2% since that announcement was made. certainly, a roller coaster ride you're looking at the chart, a lot of money made, a lot of money lost in the end, stock still down investment interest, especially on wall street bets, that worked like a charm if you go on wall street bets

. ♪ shery: china's adr moving around in new york in the session with alibaba one of the losers.ke in the company but not when it comes to these other video game makers and livestreaming platforms that rallied today. china approving the return of videogame licenses since july, leading to optimism felt across other asian video game makers. take a look at these other names across asia that we will be watching after china approved. the resumption of game approvals is said to be a positive development for the industry and we continue to watch the broader space. nintendo seems to be down about 1%. paul: let's bring in stephen engle. is this a one-off approval, or the end of the moratorium? >> a good question. we will not know until more gaming titles are approved but it's good news for the investors that have been hit hard. one company is down 73% in the last year. it has been 10 months since china last approved video games and essentially they vilified a lot of games for what state media called spiritual opium. you can gather their sentiment toward the sector. the government said it

those adrs down about 18% here in the premarket. tom: we shift gears into the equity market.uidity is for 25 days out is long-term. i love what you say about the acclaimed bloomberg function which is the accumulated guesstimate of where we are going versus just watching what yield says. which matters more right now? >> i think the work function is more reflective of where expectations will be in the next 12 months or so and that's pretty interesting at this point. it's not necessarily reflecting where yields are in the marketplace. it is to some degree in the credit markets because spreads have increased and their large presence in the short end of the yield curve. but if you're looking at treasuries, you are not getting paid for what the work function is telling you. tom: you live in the short term space. do you believe in inertial force where they go too far and then come back? >> we do believe in that we don't think that's the current situation. we have shortened our duration on our bond portfolio. they have been less than neutral for quite some time but we have taken them

let's take a look at the other movers out there and that includes chinese adrs which rallied on the backat news report that chinese authorities would actually meet u.s. revelatory demand for more transparency with those financial audits. a filing by chinese reg you leaders on saturday appeared to confirm that. alibaba up 5%. starbucks in the return, howard schultz shares down 2.7%. in the preening -- in the premarket. tom: romaine, thank you so much. right now, and this is important, the -- has written very carefully considered notes. it was a crack team. stephen gallo at bmo capital markets, they have written an exceptionally nuanced fx note to start the week. stephen, i was amazed at the carefulness of your research note and the summary of visit -- of it is to pay attention for an earlier lagarde. how will she act earlier? stephen: one of the risks facing the ecb is a destabilizing move lower in the euro if there is an extreme increase in geopolitical tension, in the war in ukraine or if we move closer to a severe energy supply shock. in that case, currency instability will be one of t

value inside there is only one russian federation, but it is cheap on the foreign market, that is, adrnts. in some cases, it reaches 10 euros, and therefore there are a lot of different colleagues who are going to simply buy them out there under the package dialog, and then they will convert here, blocking the package, they will convert. and here, when, respectively, this system will open, when there will be an opportunity, respectively, to be transferred. that's when a big problem arises. yes, we had and i know, this is a subject of discussion, because you understand now for pennies for eurocents you can buy most of the biar of some or most of the hole of some, don't let the oil and gas company be big, so the problem lies in this. that is, as it were, but china is solving the question of what just the duration is doing. it’s like you . accordingly, for us this is also a very big problem. now, due to such a component, you can buy a strategic object very cheaply, you can go there in china , for example, it’s very cheap or there are some partners, therefore, from this point of view of su

this involves adrs between may 18 and december 2016.flights from london to hong kong as the airline rebounds from covid-19. as many as three daily services will be available come up from as u.s. two per month after hong kong opens to nonresidents in may. activision missed estimates due to an underwhelming performance in the call of duty game. the company which is being purchased by microsoft saw adjusted revenue for 28% in the first quarter to $1.5 billion adjusted earnings-per-share with $.38, almost half of what analysts were expecting. have a look at the oil price, $100 a barrel for west texas, trading at 98 $66 -- $98.66 per barrel. rebounding ever so slightly, gold dipping below -- sliding off .5%. the spot index is weaker as well. shery: you have the two forces pulling in different directions. the supply chain disruptions and the chinese demand will be strong given the covid zero policy and we are starting to see the supply chain disruptions. something that we were focusing on, the beginning of the pandemic two years ago continuin

now there is an adr, for example, a savings of about 10 cents. very big problem. that is, they are now buying up our securities at a low price. so now we want to ban. this is very important to do in the next few weeks now will do. here, to convert. here they are they substitute they want to supply former soviet equipment to ukraine. especially the customs says the re-export of russian or soviet products is possible, only the consent of the russian federation says our federal service for military-technical cooperation, they listen. looking what arguments will be correct. it's the same here, so brenny works great, wears a potemkin, which helps any caravan to enter neatly into any port. okay, he ended up badly, others appeared, but what's the point of pretending that the business was from the south, when a poker hits us on the head, and we say, come on, guys, now, i’ll fix the bowler hat, but there, yes, it may not be tanks, but it’s definitely necessary for the arrest of trucks, you need to somehow, how the chinese clearly acted. he, but as if one

we are now a month or so from that time, china adrs are getting beat up, is there any hope of that tradelliam: one of the risks to our review that em underperforms dm would be that china policymakers follow through. you do a big infrastructure push or something along those lines, that could help sentiment in some of these areas. but with a lot of these long-duration stories, the nature of the cash flows is vulnerable to the real interest rate story. dani: william hobbs, chief investment officer at barclays wealth and investments. we are going to talk about the aviation sector manus: this is bloomberg daybreak: europe, i'm manus cranny in dubai. dani burger in london. dani: fed chair jay powell hardens his hawkish pyramid, signaling two or more 50 basis point rate hikes to cool demand and bond yields search. china urges big investors to support stock, seeking to support a market at a two year low. elon musk secures billions from wall street in his bid for twitter while pledging $21 billion of his own money. it is a bond market that is bruised, jay powell saying 50 basis point hikes are on

we also have the golden dragon china index with china adrs seeing rallying with alibaba and baidu gaining ground on chinese authorities loosening the key hurdle when it comes to u.s. regulators. more than 200 companies in china lifted in new york. haidi: a little bit of that pressure being lifted. we are seeing asian equity futures on the way up. it is a holiday session with different markets close for different holidays. we are seeing a bit that -- we are not expecting a move off the 0.1% of the rba but watching for a shift in language around patients. that missing puzzle piece is still quite tepid but we are watching the 10 year yield and any response to the tapering and language. when it comes to new zealand, equities up and watching kiwi bonds because we had the inclusion of the kiwi government debt into the world government bond index. that could potentially drive more gains as we see things spread between kiwi bonds and the likes of japan, as much as 300 basis points when it comes to the spread there. more broadly, it is all about the rba and whether or not we see that move off the

we are seeing beaten down adrs is there more that could be done that would affect them to the downsideperhaps the suggestion they may not get through, we may not see anything >> obviously there is more policymakers can do and that has to be one of the risks that whoever out there. it doesn't seem front burner if you want to prioritize, maybe that's one of the things to worry about because we are not already fixated on it. for those stocks, policy makers trying to fight multiple battles here obviously against inflation, and then you have the sanctions piece of it. the complexity of the backdrop i think is what has made for the market frustration >> stepping on the accelerator and the brakes at some time. mike, great interview. after the break more on snap and the broader market and shares of verizon, the phone losing 36,000 phone subs, which is less than the 49,000 expected >>> many victims blame themselves when they hide those things and don't talk about them, it's a huge, huge suppression. it's important you talk to someone. >> giving these students a chance to re-evaluate one message

the s&p 500 lost momentum a little bit toward the end of the session, although we did see chinese adr'saining about 5%, given chinese policymakers' pledge to support the economy once again. we have the 10-year yield really topping that 280 level again, and that is sending the dollar much higher. about a five-year high given the very large weighting of the euro . that left the choppy trading session for wti, though at this moment, we are seeing a reversal between gains and losses at the moment, but we are talking about that $102 a barrel level. while we are focusing on earnings, meta, look at that pop after they announced additional users being added for the quarter. we are talking about 1.9 billion euros -- users. paypal also gained ground, beat revenue estimates, and we have a more positive forecast coming from qualcomm, so we are seeing gains of more than 5%. haidi: new zealand already online as we look at futures trading pretty mixed to high. we heard from the avian see, really considering new ways to define what neutral means, so any implications when it comes to the property market

a little outperformance for chinese adrs.ig reaction is in the two year yield up 10 basis points, inversion on twos, tens. we will talk inflation in the euro area rising to 7.5%. what does that mean for the ecb? we will talk to the governor of the dutch central bank. this is bloomberg. ♪ erg. ♪ ♪ kailey: we are about one hour into the u.s. trading session. abigail doolittle is tracking the news. you don't want to be holding bonds. you might not want to be buying stocks, either. abigail: true. a mixed day. we are looking at it through the world of etf's. the s&p 500 is down ever so slightly. this is the spi, down 1/10 of 1%. it had been higher earlier. coming off of the monster quarter, a big move. probably some repositioning consolidation. relative to bonds, tlp -- tlt down 1.2%. the jobs report giving the green light to the fed, as though they needed it. energy is down a little bit, down 2/10 of 1%. the real outperformer here, clearly, is the china tech k web etf. almost up 8%. china is weighing the possibility of giving u.s

the settlement covers investors who bought nissan adr's between may, 2014, and november, 2016.pacific is adding more flights from london to hong kong as the airline attempt to rebound from covid-19. starting june, as many as three daily services will be available, up from as few as two per month, after hong kong said it will open to nonresidents. before the pandemic, they flew to london five times a day. credit suisse is considering a second broad management overhaul in as many years. the ceo is struggling to turn around the bank after a series of scandals. bloomberg has learned credit suisse may replace long-standing executives on its management board, including its top lawyer, cfo, and the head of the asia-pacific region. yvonne: all right. take a look at markets right now. seeing a bit of stabilization, kind of making waves in the markets. given what we have seen from policymakers in china in the last 24 hours or so, whether it was the fx rrr cut, we also heard a vow to support the economy. you are seeing stocks catching a bid. australia and new zealand more they catch down

bill back better build money was in that bill for police officers. 2400 atf agents in our country only adrn new york we need to double that amount. >> so, republicans are for defunding the police, david appears to be the argument here. but we had our researchers go through this bill. they do not find anything as far as direct funding to aid police departments across the country. so here we have eric adams pushing a bill that's already doa and at the same time lying about that. why do you think he's doing that? >> because in a nutshell you can say you heard it here first, maybe somebody will set it on fox news eric adams is the obama of new york. he will give are you a cleverly crafted statement that seems to be the truth with a scintilla of potential truth and it won't mean anything for it like you are right about the bill when you look at the 148 atf agents ob hired in one scenario under the bill, it would have been for ghost guns enforcement. other gun grabbing policies by the biden administration on the left it. let's go to the core of this. eric adams is deflecting because he won't tak

i think the setup is better for a market as well as adrs. whereas the market might be lower in a cyclical recovery this time. rishaad: helen, when we look at chinese equities, i mean, i want to get into the not of this. what is the discount that we have really because of the regulatory overhang for it on top of that, the covid situation an economic slowdown all contriving together to perhaps create that froth or should i say the lack of froth in that market? helen: i think it's a combination of cyclical factors, as well as structural concerns. cyclical factors obviously being the economic slowdown and uncertainty around not only the covid situation but really how the government deals with covid. if there was not a dynamic zero covid strategy and the government was keen on opening up and resuming economic activity, consumption and travel, i think the market would feel more clear about that. i would say there is also some concerns regarding geopolitical situation and how china might get tangled up and whether things might escalate further or a

on, the fact that china is not taking a position really on putin's war in ukraine, the fact that the adr listings in the u.s. are going to come under pressure and many of them are going to have to delist, there's just a lot of risk there. so i would stay away from chinese equities. i agree on all of that, but i do believe that there is some value in perhaps starting to ease into dollar-denominated emerging-market debt, which is something on the order of 13%, 14% this year. it is a huge number, a lot of it driven by the high-yield space, driven by china property issuers, driven by those bonds along the frontier. donna, pakistan, sri lanka. a lot of this is going to run its way through, but it is setting up for a bit of a rebound here, especially if u.s. yields start to normalize. kathryn: that mix a market, right? the buyers and the sellers. [laughter] so i think that it's fantastic. i do think structurally over the long term i would be starting to accumulate, so certainly there's different viewpoints. i think consumer discretionary and china has a long upside potential for a sustained pe

side remember, there are two very different forces at work in these adrs and you never know which wayl go and the headlines out of beijing recently have also been more positive that they'll wind down the crackdown on chinese tech companies. can you believe it we always come back to this question and we know what drives policymakers in beijing. that is something that investors have to consider and we see -- we continue to see big moves and lots of volatility and i don't know who can believe it. >> i'm worried that this is sort of like that ex who cheats on you and wants to get back together is the narrative ever quite the same >> not a lot of trust. >> i don't know. we'll see how investors feel about it meanwhile, we continue to watch that amazon vote updates next plus don't forget to follow and subscribe to our podcast listen any time, anywhere wherever you download podcasts "tech check" is back in a mowith can get more.so you >>> many -- many wall street banks have been cautious of crypto over the years and as a result some employees leaving to start their own ventures kate rooney is

haidi: do you expect adrs to be delisted? what is the plan going forward?would say right now the environment is still uncertain. but we decided to do in light of the current environment and coordination is these are banking business in russia. how this plays out over the next few months, we are watching this closely. haidi: can you give us an idea of how that part of the business is going? quite cumbersome and potentially complicated. guest: we are well prepared for the potential sanctions models. we have been working in coordination with regulators. nothing unusual to report. shery: good to have you back. the chief growth officer at bny mellon. ubs leaned on traders to post better-than-expected profit after its key wealth management business was hit by slowing client activity. the ceo spoke to bloomberg. >> you see transaction income down from a year ago. generating assets are still positive. more money going into manage. then, you see a real pickup and demand. indeed, from an income perspective, there is money flowing in that region. manus: the biggest th

there are some uncertainties with regulations against the adr, we have seen chinese regulators workings. regulators and trying to resolve some of the risks. at the same time, whether the u.s. regulators will be satisfied with the concessions made by the chinese authorities, i think it will be an important point to watch. from the regulations we are setting up the framework in terms of last year and into this year in terms of enforcement. for specific companies they could still face headwinds and it comes to it being applied to them. at the same time we are seeing companies cutting costs and protecting earnings. >> how important will be the role of income and allocations across asia especially with central banks raising rates faster? >> i think the asian central banks, you have seen taiwan, south korea, new zealand raising rates. i think there will be raising rates and a gradual rate compared to the fed. it will be pretty low, and i think that will be a field for income events spent -- investment. it does provide some degree of value when it comes to income generation. we have seen more

so we did think last month, really was taking us by surprise and the adr issue has been around for sometriction within the company was with the covid situation. but we are expecting to see supportive measures related to certain names that were hurt last year because of regulatory concerns. haidi: i want to get your views on our question of the day, because we did see them more upside impact during our comments on the stock market, which as pretty much remain immune to all of the fed concerns about inflation and the fed tightening. is there a sense of that reduction in balance sheet that makes sense for why it would make the difference there? catherine: china remains in interesting investment opportunity because china is at the very different end of the spectrum versus what we are seeing from a policy response point of view in the market such as the federal reserve. so, a tailwind first china should be this year. the stimulus we use for monetary and fiscally speaking, however, you don't see investors overly excited because from the chinese regulator perspective, it appears they will twea

exposure and we have limited exposure in the area of $3.2 million direct exposure in the form of both adror local shares in sovereign debt as well as corporate debt. those markets as well as the currency markets remain and divestment at the moment is impossible with theexpectation over time there will be possibilities todivest . given all of that as a backdrop , we drafted a motion for the board to consider which all have two motions. moving that we involve all investments in russian securit , a move that we first take steps to divest as soon as equitable for securities linke to and the definition comes from the department of treasury , opec specifically. entities that are harmful to foreign activities of the government of therussian federation . further recognizing again as i noted the fluid nature of the response to the russian ukrainian conflict and update to the board on this topic including criteria used to develop divestment and criteria that can be used to lift divestment in the future. i'll have far more detail and memos retracted and i'll ask for you to make any comments or anyth

meetings starting to go back to where you were before the pandemic with the time, i think some of the adrsou have given the requester the five minutes. i don't know, i can't tell. i just hope that at some point even if we're still hybrid that you please go back to the regular time as i said. i think three minutes or public comment whether it'sgeneral or otherwise is really good . i know as long as we're wearing the masks i'll say it's really hard to talk fast wearing a mask. so please consider that and thank you very much. >> last call for public comment on item 6. seeing no other requests to speak public comment is closed and the resolution for remote hearingsis now before you commissioners . >> i want to take an opportunity to thank again secretary and staff for helping us run these hearings and also to sfgov tv and others. it's great to see so many of you in person and to continually be enjoyed online by other members of the public giving their testimony. certainly we can open the floor if commissioners have feedback or ways to improve the hearing but i think we've been doing quite well