>> stephen engle summed it up nicely.you have sentiment which is rock-bottom at the same time policy credibility issues in the market so you have a rally because we are ready [indiscernible] but at the same time it does not sustain because the credibility is not there so as mentioned the no-show in the mlf is a disappointment to the market as well it undermines the credibility and circumstance. where we can go from here, the fixings for the renminbi this morning was a downturn in the sense we did not get a bigger adjustment that would've been more consistent with the strength of the dollar to help chinese economy with imported inflation so i think where we go from here, the message from the policymakers in china seems to be don't panic, carry-on, and in a certain sense keep an agenda we are at an appropriate time we will come out and do some policy to provide some support to the economy and let the data speak to itself. >> given where the chinese economy is now, [indiscernible] it has been well supported but it needs a we

stephen engle. do we know? stephen: we know china has been trying to improve its relations with the e.u. at a time when there have been a number of different probes back-and-forth between the two trading blocs. there was the electric vehicle probe launched by the e.u. on china. china also having its own investigation into e.u. liquor products. then there is the issue about semiconductor equipment, machines from asml. the netherlands government teaming up with the u.s. to help limit the advanced chipmaking equipment getting into china. so there is a number of different trade issues at the fore of trade relations between the e.u. and china. now we have another e.u. proposal from brussels essentially to thankfully, if approved by member states, to put sanctions on a number of firms around the world including in china, but also in hong kong, india, turkey, syria and others. essentially trying to punish firms using third parties, third countries, essentially, to get equipment for some sort of materials,

stephen engle in hong kong, think is a much for that. i key news, pakistan deciding to suspend its mobile service nationwide, according to the pakistan interior minister. today is election day and according to the mp, it has been decided to temporarily suspend mobile service across the country, according to eight ministry spokesman in a statement. again, it is election day in pakistan, suspending its mobile phone service after a security threat. we've heard about those bomb blasts as well, raising concerns of violence breaking out in the country. we will have more later in the show. let's get back to markets, steve, good to have you with us. let's focus in on china, the stocks are down after he eking out some gains earlier. it seems like the measures out of china, even the change at the top of the securities regulator isn't providing any comfort. >> there is obviously a lot of uncertainty. the inflation data is the major story of the day. people were expecting a slight deterioration, but it came in significantly worse than people have be

let's get more from our chief north asian correspondent stephen engle. we are getting a lack of details. the response to it is telling in futures because you still have chinese equities setting up further weakness. >> we are heading toward the big weeklong holiday in china where people go back to their home towns and there are parties, celebrations and the like. the market has been hammered. whatever kind of stimulus or talk of stimulus or job that was done last week fizzled out by friday. csi 300 down 4.8%. we have seen mentally losses for six months in a row. $6 trillion of market capitalization wiped out. people are getting skittish the last six months. the csrc out with a statement yesterday. not surprising given the route friday. i will paraphrase their statement. policymakers vowing sunday to prevent abnormal fluctuations. it did not say how it would do that other than it would give or provide more medium and long-term funds into the market. the third point, cracked down on illegal activities. it did not mention which of those activities they were

let's bring in our chief north asian correspondent stephen engle in hong kong. another pledge end another time we don't get many details on it. stephen: i think authorities have to stay something. a statement coming from the csrc sunday essentially trying to put a band-aid or some cream on the wound, if you will, friday's stockmarket route. essentially all of the jawboning we heard earlier in the week. out by friday and the csi 300 same 3.4%. there was an outpouring of frustration on social media. that is a very narrow area to voice discontent in china because it is heavily scrutinized, obviously. and, basically -- what is the word i am looking for? annabelle: policed? stephen: that's a good one, thank you. it's a monday morning and i'm struggling with my words. i think a lot of frustrated investors went to the u.s. embassy website to voice their frustration. i'm not sure why. i don't know if the u.s. i'd anything to do with this. again, it is showing the potential for social instability with a stock market now losing $6 trillion in the route. this is the sixth

let's bring in our china north asia correspondent stephen engle.erhaps these steps, even if piecemeal, are still needed. stephen: there is a lot of factors that play, but the main things i am looking at is obviously, the national team, if you can call it that, is probably coming in to help support, you have seen that in the northbound data flows, some onshore funds coming in through hong kong northbound, boosting the csi 300 by the close. so we have seen that. that is essentially what the data is showing, china equity benchmark rebounding. eight out of the last 10 sessions have seen inflows into the mainland. shares from the northbound program. the csi 300 index saw intraday rebounds just as northbound fluids started trading around. so that is not just anecdotal evidence, that is pure data-driven evidence that there is a sort of national team trying to prop up the a share market in shanghai and shenzhen. the other side of the story is much to the neglect, if you will, of the small caps. csi 1000 is a different story than the csi 300. bring up the c

our chief north asia correspondent stephen engle joins us. what do we know?> we know beijing is not happy. beijing was able to ward off a similar proposal by the eu to sanction firms. but some member nations in the eu block heard from china trying to dissuade the fears of the eu back then that they were not. their companies or government channels helping aid russia's war in ukraine. it has been resurrected. the eu has proposed sanctions on two dozen firms around the world, including three from china, other from hong kong, other from india, turkey, and syria among others. beijing has put out this statement that china firmly opposes what it calls illegal sanctions, or long arm jurisdiction against china on the grounds of cooperation between china and russia. we can change the page and see chinese and russian enterprises carry out normal exchanges and cooperation. they do not target third parties, nor should they be interfered with or influenced by third-party. that is the big issue, whether these private enterprises are using third parties or third nations to g

for more on this let's bring in our chief north asia correspondent stephen engle.hat is the aim here? stephen: the aim is to restore confidence and put discipline into the regulatory body of the csrc, the market regulator. and as you said, the new disciplinarian, the new sheriff in town was announced before the lunar new year holiday. came up with some strategies on how to crack down on what the csrc has repeatedly said was malicious activity in shortselling and the like. so what we have seen of course is the csi 300 pain for the past seven sessions including before and after the lunar new year holiday. the hang seng index in hong kong has been up five of six sessions. you dragged out the chart back to 2021 when the market was at a peak. you are still seeing the csi 300 down 40% from the february peak of 2021, and the hang seng index is down 47%, losing about half of its value over that time. again, there is a need according to the regulator to add not only confidence to the market, but discipline as well. and that is where he comes in because he is known as a disc

stephen engle is here with the response from beijing. considered sanctions on chinese firms but beijing was able to assuage the fears and they did not go forward with it. now what we're hearing is there is a proposal to sanction up to about two dozen firms around the world including three from china, one from hong kong, one from india, syria and turkey. the concern is china or other nations could use third parties to basically circumvent sanctions to get products to russia. china's ministry of foreign affairs is saying it opposes illegal sanctions proposed by the eu. two dozen firms. they did not name the firms because of legal reasons, but if approved this a be the first time that eu imposed curbs on businesses and mainland china and india since russia invaded ukraine. it adds to a rocky road of late between the eu and china even though beijing wants to improve relations. the eu launched a probe into ev makers. china has an antidumping probe into liquor. asml, the chip equipment making giant, which sided with the united states as far as

haidi: that was stephen engle. the political pageantry begins next week.alks at the trade conference in abu dhabi have been extended to a fifth day. member nations are struggling to reach agreements on a range of key issues. tell us about how divisive this is. >> very complicated. a lot of areas of disagreement have to do with how the world's 's poorest people are treated. it is about countries buying grains from farmers at predetermined prizes. it looks like a subsidy and smells like a subsidy but from countries like india's perspective it is about food security for 800 million poor people. from brazil perspective, it is about not being able to sell fairly. fisheries is another sticking point. the same sort of thing. a lot of subsistent fishermen who rely on these programs. this is about daily life and death of feeding people. another issue is e-commerce. tariffs on e-commerce is prohibited. this is where we get into the interesting area of crossover because e-commerce could be used as a bargaining chip for movement on other issues. it illustrates the dep

stephen engle, bloomberg news, tokyo. haidi: breaking news when it comes to development in u.s.the house has held a boat on homeland security's may arcus impeachment and it has been rejected in terms of the impeachment vote. we did know that a panel of republicans are planning to burrow ahead with the vote and approve plans to impeach the homeland security secretary. it is seen as a historic vote on the house for as critic's happened announcing that effort as being unfounded and now we are seeing the house lacks the votes to pass the israel aid bill as well. we are seeing that vote on going but when it comes to the vote to impeach homeland security secretary, that has been rejected. it still would've made him the first cabinet official to be impeached in almost 150 years. it was virtually certain that a senate led by the democrats would not be voting to remove him, but still a significant action given republicans ability to aggressively oppose the secretary who is increasingly coming under scrutiny and criticism for the handling of the southern border. our coverage continues her

joining us from eastern ukraine is nbc news chief foreign correspondent richard engle.es ago, and they were telling me that the shortages of ammunition are now so extreme that they are counting bullets. they are rationing their artillery rounds, rationing their regular ammunition they put into their rifles. they still have enough drones because they have a local manufacturing base they are using, in some cases, 3-d printers to make drones. but they are not in a position right now to launch any new offensives and not in a position to hold the russian -- hold the line. we saw the loss out in eastern ukraine over the weekend, and that was a terrible blow for the ukrainian military because ukrainian military had been holding on to this small city for many years, had been contested in that area. as they were overwhelmed, outgunned, the government decided that holding it simply wasn't worth it. as we've seen on the other side, as we have seen with the russians, once you start losing territory and once you start having to go on the back foot and retreat, you can lose territory

the engle side block have only homes. second the width of the sidewalks does not change the width of sidewalk in a different neighborhood in 1910 contracted by a company to design the 148 acres new residence park with 792 house lots that ensure light, air and sun. . with gas, sue and water connections placed within lot next to sidewalks prevent street excavated. with concrete curbs and with no house within 14 feet of another. banning stores and businesses and mull pull unit businesses in thes and houses. [reading fast] dpw's brief fails to discuss the structure within the property along ash ton and hallaway the distinction by the map is in 19 twoot company reserved easement for city puc access to the water pipe this is legal proof that the homeowner owns the 9 feast property. furthermore if the city's intention have a 9 foot unpaved sidewalk in the terraces the stealed have obtained an ease am. dpw agree there is is no right-of-wayise am on our property. dpw claims the city can take possession of 9 feet of property to cre

let's get more with our chief north asian correspondent stephen engle.hat happened over the past week? stephen pop authorities have been looking for the economy for this year. halfway through the first quarter the numbers and sentiment has been week. there was concern the lunar new year holiday would be muted as far as travel and spending. as we have seen. granted the last few years were disrupted completely by covid and a very weak covering last year and hesitancy to travel back to hometowns and the like. we are still waiting to see those numbers. they came out much better than expected. low expectations, but still back to pre-pandemic levels. that's a big momentum shift, if you want to call it that. when the chinese consumer is mobilized literally and figuratively it bodes well for the broader economy. the property slump continues. overseas investment sentiment still very weak. i will get to that in a symptom -- second. there is a geopolitical haze over the investment climate in china. data for the travel period over the last week february $.19 februar

let's bring in our chief north asia correspondent, stephen engle. what is the latest here? pretty surprise move since yesterday. we gave a little bit of rally, that it falls back. overall sentiment has been weak. you have sliding stocks, you have a sliding economy. you have geopolitical tensions with the united states, and you are coming up onto a heart break, if you will, using television terms, and that is a week-long holiday were sentiment is pretty weak, so something had to be done. it has been a pretty bad here for officials in xi jinping's government. he lost a foreign minister who was replaced. the top general in the pla replaced. now you have the securities regulator abruptly changed. given the situation and given the presidents in the past with security regulators changing, you usually get a boost in stocks because again, they are given a mandate to use perhaps more forceful approaches to stop a potential stock market slide or whatever rectification that needs to be done. here's the two gentlemen in question right now. the securities regulator, chairman, and party

our chief boy the asia correspondent stephen engle joining us. is it something substantial or a band-aid solution? >> a bit>> of a piecemeal approach. keep in mind there has been a number of different factors in play. there has been perhaps the national team coming in coming -- across border and propping up stocks after the midday break. small caps have been pummeled. we talked about yesterday were the csi 1000 index following another 6%. that two things i can talk about now. one, we are seeing the national team perhaps coming in through some of these directives coming through securities regulators. there is this chart saying the nine year lows in sight. we already saw a five-year low for the csi 300 on friday. i would to change the terminal. i will get to some of the piecemeal approaches and regulatory moves we are hearing about in a second. look at this northbound stock connect flows. five straight days we are seeing intraday rebounds have started to coincide more with buying by offshore participants. eight of the past 10 sessions have seen inf

our first guests tonight are a talented trio from ireland, engl england, and america-land.h oscar-nominated for their roles in the explosive christopher nolan epic "oppenheimer." which is nominated for a lot of oscars. >> can you explain quantum mechanics to me? >> well, this glass. this drink. this countertop. our bodies. all of it. it's mostly empty space. groupings of tiny energy waves bound together. >> by what? >> forces of attraction strong enough to convince us that matter is solid. to stop my body passing through yours. [ cheers and applause ] >> jimmy: "oppenheimer" is in theaters and on peacock now. please welcome cillian murphy, emily blunt and robert downey jr. [ cheers and applause ] ♪ >> jimmy: welcome. [ cheers and applause ] well, this is a treat. thank you all for coming together. dare i say this may be the most sophisticated panel we've ever had here at the show? >> really? >> i didn't know you were running a panel show. >> jimmy: yes, we made some changes. the president feels that some changes are needed in the show. well, it's great to have you here. tha

richard engle is reporting from ukraine for us. where are you and what are people there telling you about what life is like? it is hard to believe it has been almost two years since this war started. >> reporter: so, i'm in the city of mykolaiv, in southern ukraine, it is very near to the city of kherson. now, we were in kherson earlier today, about an hour's drive from here. and kherson is right on the front line. you got russian troops a few hundred yards away from the center of the city. while we were in kherson, there was incoming russian fire. mostly russian artillery from the opposite bank of the river, a river that runs through the center of kherson. and this area also gets attacked, but not with the same kind of frequency that kherson does. occasionally there are drone strikes or missile strikes from russia into the city of mykolaiv. but there is a degree of normal life, people are out on the streets, there are shops open here, but in kherson, 70% of the people have left. there are constant russian attacks, about 30 of them

let's bring in stephen engle. >> notice respect that she did not show up in he did not address the fanse is getting off the plane. great to see you. your your pulse check. you said this no-show was outrageous when i'm not going to beat up known the government but the bigger western is, should the hong kong government come back and bite hong kong? >> this affair is getting increasingly messier. it's my view the organizer needs to bear full responsibility. from the time being, they assured the government that would play for at least 25 minutes. all of the marketing and promotional materials make it evident to any particular purchaser is it's not -- the government received a trophy after the game. given he walked in and off the field but then they said they were pushing government to blacklist unless they provide full refund to the attendees. is that going to happen? they said they would withdraw the application for matching funds. you want them to refund those tickets. is there any -- >> is not enforceable. it's up that they view my want government to do is be very clear promotional mater

yvonne: ceo speaking with stephen engle.e subscriber you can catch up on our interviews by using tv . join the conversation, send messages. if you have questions during live shows, check it out. this is bloomberg. ♪ ♪ yvonne: you are watching bloomberg markets: asia. smic posted better-than-expected profit on robust demand for their marquee smartphones. net income was under $175 million. china's chipmakers capable of making nanometer -- seven nanometer chips used in smartphones. investors are exploring an offer to buy we work out of bankruptcy. newman and the start up flow have been seeking information to formulate a bid. the cofounder step down as ceo after a botched attempt at going public. national australian bank says andrew irvine will become chief executive officer. irvine had been the executive for private banking since 2020. he will start in the rule when his predecessor retires after more than four years in charge. new york trader shares fell the most in 11 months as they announced a buyback after fourth-quarter