sophie: asia energy editor aaron clark. must go back to this negotiation is about to take place on monday. we will be able to see a compromise? >> that is the big question. saudi arabia is insisting that opec must extend its production agreement to the next year, sticking to this plan and has hashed out with russia. this is raising the stakes in the standoff with the united arab emirates. the uae says it is in favor of adding oil to the market but says it rejects the plan proposed by saudi arabia and russia. its own production going significantly higher. without the extension of an agreement, there is a fallback deal in place under which the oil outlet doesn't increase in august. clearly, that would be very bullish for prices but we will have to wait and see. the group is scheduled to meet again later today to try to hash this out. haidi: what are the implications for the market? >> the uae is really forcing its allies into a difficult position. except the request for risk unraveling the opec-plus alliance. failure to reach

sophie: asia energy editor eric mark -- aaron clark, thank you. markets are vulnerable with possible triggers in the inflation scare, u.s. deeper talks, and the delta variant setbacks. we are joined by shane oliver. on the inflation front. opec+ dispute when it comes to raising output, that may weigh on the inflation picture as we see consumer spending being dented. we are seeing this come through with the correlation between the s&p 500 and brent which is negative for the first time since 2019. one will higher oil prices ring the bell for stocks? shane: that is a good question. you could argue the rise in oil prices has contributed to some of the inflation scare over the last few months. you could argue it is opec to some degree. at the moment it doesn't have any positive effect. the question is how much faster it goes up from here. the gradual rate higher to some degree has been absorbed by the markets. if it continues to accelerate, perhaps because opec can't reach a deal on increasing output, obviously, that would be a concern. but as we have

haidi: are asia editor aaron clark. let's get to vonnie quinn with first word headlines.kers behind the ransomware attack exploiting kaseya software are reportedly demanding a single $70 million payment. he told them the company is not aware of critical infrastructure it by ransomware and apache should be released soon. -- and a patch should be released soon. facebook, twitter, said they could stop offering services in hong kong if the government goes ahead with laws. they say they raised concerns to the government in a private letter. private information is revealed publicly could put --at risk. china central banks say's institutions should increase credit supply and provide more support to small and medium-size companies. eight pboc notice monday encourages smaller banks to sell special bonds to expand funding channels for smes. the country security regular pledge to safeguard against risk, and against the untamed expansion of capital. global news 24 hours a day on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countr