the woman took to social media after management failed to act. alibaba, human resources team or slow and indifferent. they didn't take you to seriously. i was shocked because alibaba is such a big, famous company, but i'm also used to it because these incidents happen again and again in public outrage around the case prompted a police investigation. alibaba slide the many question and also several executives for miss handling her complaint. the incident came the week after the arrest of chinese canadian celebrity chris lou, the pop singer, actor and variety showed judge has been accused of luring under age women for sex. more than a dozen brands, including louis the tall and poor. she had severed ties with ruth, and they have been called for him to be deported. both incidents have turned to spotlight on cases of sexual assault and misconduct in chinese workplaces. it's also given a bruce to the countries me to movement, which has been stifled by sources in recent years. here's the concerns of sparking social unrest. the might, sir, is women's rights activists who is detained in 2015

of course, alibaba was added to the u.s.orious markets list, singling out these platforms for alleged places for vendors on those sites to peddle their pirated goods. now, china is tightening oversight on e-commerce platforms, including pdd and alibaba, holding them accountable for potential ip violations. if they violate them, they can be restricted from online businesses, lose their license. alibaba has been dealing with ip issues in the past, but it is not a big problem we have learned how xi jinping is looking to cement his reform agenda. david: in november is what they are calling for, i could be mistaken. xinjiang province, the home of alibaba, but also the home of one joe, the cradle of private enterprise. stephen: sure, third richest province in china, home to hundreds of private enterprises. 60% of gdp in that province comes from private companies including alibaba and ant. so they have launched a pilot program to kind of make incomes more equitable. there is some success, according to the statistics, because genera

it's like when they say alibaba is too strong.say all of these evs are too weak and they need to be consolidated so, the government has a master plan here, a master plan that only they know, and that is what is going to be implemented back to alibaba briefly if i could, you know, it didn't get much press, but alibaba essentially quote/unquote volunteered to give 100 billion un -- which is -- how much is that that's like 13 billion u.s. dollars, a third of their cash to basically chinese social initiatives. i say volunteer -- >> in quotes >> not really volunteer, but it was highly suggested when you have that sort of government intervention in the free market enterprise, it makes it very, very difficult for companies to operate in a free market way and it certainly is going to make it difficult for investors on an outside basis to decide what these things were worth >> molly, it will just be fascinating to see, okay, is this forced consolidation in the ev space china's ev innovation has been quite good this is a huge opportunity if

first arrest of an alibaba manager.been a case that has rocked the nation and gathered so much interest, controversy and anger. china saying they have disapproved the arrest on suspicion of indecency according to the state news tv saying the indecency charge doesn't constitute a crime. police saying the x alibaba manager would receive a 15 day administrative detention. the arrest was the first in the sexual assault case that involved a former group holding manager. he had been in attendance at it in her that took place in late july where an employee from alibaba said she was sexually assaulted by her boss as well as details about extreme drinking. we've heard that government issuing comprehensive warnings about excessive work entertainment culture that is pervasive at a lot of big corporations. we are hearing china is disagreeing with this arrest of the x alibaba manager. we will stay with china when we get the latest trade numbers. they are expected to show healthy growth in august. what are we expecting? >> looking fo

introducing directv stream with no annual contract. >>> alibaba jumping nearly 4%. on this one? >> well, i think you've got a case wherefirst of all, on the charts, you could take alibaba to probably 210, 215 and we're still in a down trend. i don't think that the chinese government is going to let up. i do think though a message has been sent, both not just to the investment community, but to some of the biggest digital and tech players in china and we see the fines paid and we actually see alibaba, who's got 85 billion in cash on their balance sheet, probably getting ready to make another payment i think you've changed the discount rate for how you analyze these companies. in other words, you raise the risk factor, lower your share prices i think there's been downgrades galore on the absence of more news, these shares can probably trade near the high-end of the range i've seen this so many times in emerging markets what's different about this is that china hasproven they can go out of their way, not only to benefit their champion companies, but to show their marke

you have alibaba down 54% from its peak last october.alking about a year and this company, which was twice the size of walmart when you look at market value back then, is now even smaller now. walmart is pretty much right there. tom: one final question in our busy segment here. now what for alibaba? do we have visibility and what they are doing? david: that is the challenge. they have so many pieces of their business. they're having to back away from media because the chinese government is basically telling them they have to. that is the question. it comes down to how much leeway this company can get the government. that will determine what lies ahead for them. jonathan: we will have to -- tom: we will have to leave it there this morning. this is important. the uss iowa battleship museum in los angeles my the iowa took on all sorts of duties in world war two and korea, fighting the great battle power supply shortage at the port of los angeles, just to the edge of long beach. we have been looking into the actual dynamics of what is actual

yvonne: alibaba now donating a lot of money. how will this impact future growth and margins?: that is a good question. on the one hand this is a push for prosperity for everybody and you get into the good graces if you donate, and i use that term loosely, if you donate $15 billion to issues like alibaba has pledged overnight over the next five years, in 10 different sectors that it favors. we are talking education, poverty alleviation, agriculture, and the like. you get in the government's good graces. on the one hand, you are dealing with shareholder money. $15 billion of their profits goes to governments causes. yvonne: stephen engle,. david: our chief north asian correspondent. here in bloomberg, for investors , they want to get not a perfectly natural hedge, but when you look at equities, the ability for some of these to lead, we have seen 10%, roughly speaking, of state owned enterprises, have been able to raise dividends three straight years now. that is one place in the market you can look. some of them have been caught for different reasons. a brief look at how some o

is alibaba trying to pay off or curry favor with the chinese government?aba is still a representative of the chinese tech industry response to this changing political development we have been talking about. [indiscernible] to proactively respond to the political calling for a redistribution of wealth. the fear is that they don't excel-corrective action now, partial regulation will come down the pike. this could be tax reform, new labor rules, investment restrictions. these options are all available on the table. emily: anja, you used to work at the u.s. state department, how is this being received? anja: the u.s. is watching the u.s.-china tech competition carefully. we have seen moves by the u.s. government to make ourselves more competitive. there is a lot pending in congress called the innovation act that would vastly step up u.s. investment in our own research and development for chips, would you give subsidies to semiconductors, so the u.s. government is watching this very closely. but these chinese internet companies aren't directly related to our na

it does incorporate chinese adr's like alibaba and jd.as we see chinese tech which is the yellow line dropping a lot, the regulatory scrutiny still weighing on those shares, u.s. tech is stagnating. growth rotation that was towering this sector is starting to fade. let's zoom in on the u.s. tech part of the equation. in today's intraday session, u.s. tech, apple, amazon, they were the make or break case for the u.s. stock market. they took their supply chain. apple's this case study. taiwan semiconductor manufacturing company qualcomm, sky works, all down on the day, in line with the tech trade and the risk off momentum. not as much as your alibaba's or jd's. less than half a percent across the suppliers. apple ending positive on the session. interesting to see that if you are a supply chain, or in any way associated with a big tech name, you are insulated from the broader move. something to watch for in the days ahead. emily: for over two decades, google has made it its mission to make information as accessible as possible to its users.

watch alibaba. beijing cracking down. government reporting to break up alibaba's alipay unit according to the financial times, alipay will turnover all data used in loan processing to a new credit scoring joint venture that will be partly owned by the government. hong kong list of shares of alibaba down 4% in overnight trading. u.s. listed shares down 2% right now. that news will move throughout the day. >>> now to washington where the race by democrats to get president biden's $3.5 trillion spending plan is in full force not all in the party are on the same page. senator joe manchin stepping up and out yesterday saying there is no way to get a deal done in just two weeks meantime, house democrats are set to roll out their proposals to pay for the spending. including raising personal taxes on the rich and raising the corporate tax rate and slapping a new tax on stock buybacks. let's talk more about it all ylan mui joining us with this. where do the democrats stand right now? >> reporter: brian, house democrats are plannin

well, it's going to impact alibaba in a huge way, obviously thing as all the pay and as long business is one of the most lucrative arm of this conglomerate and goes kind of hand in hand with the retail shopping platform. because we always want to extend credit to buyers so that they can shop more on your platform. so it was a perfect synergy and for that they're being punished now for being too successful . so now the chinese government and tend to force all the pay to turn over its user data to a new credit scoring. and the regulators have also as far as financial to put it to micro loan businesses. jip a was a into new consumer finance unit. so in this new scoring entity and, and john tore them investment group each on 35 percent of the company with date own entities, sharing the rest of the 30 percent. and on top of this alley pay won't be the only entity affected by it because they have a wide reach and their loan and learning facilities touch. many other financial institutions, there is centrally the middleman between traditional banks issuing the loan. and then the consumer is d

what did alibaba pledge? roughly $15 million.hey will donate into 10 different areas that will satisfy the government's vision of common prosperity. poverty alleviation, education, agriculture, and the like. alibaba said it would donate many of its incremental profits in the near term to these various projects. kathleen: thank you so much, stephen engle. hsbc says it is committed to navigating the increasing complexities of operating in china. in its first broadcast interview , knoll clinton told bloomberg that the bank is expiring -- expanding in the region. >> we've been around for 156 years. we have faced political tensions in that 156 year history. let's be honest. if you want to be an international bank serving the world, serving 60 markets at times, it can be difficult. i'm not going to deny that. but our clients tell us they still want us to bank them globally. whether they are consumers wanting to invest elsewhere in the world their savings or its businesses wanting to trade with the world, the demand we've seen over the

cramer, for his take on it says it might be a little too early to do that you sold alibaba last thursday how to you see things today? >> well, just to be fair, i mean, we've spoken about the stock many times over the last several months the reason we buy alibaba last year is we felt they had put an incredible amount of spend into their adjacent market. not only have they not been able to execute on that, we're seeing this regulatory hang on cloud and fintech businesses where we thought there was undervalued opportunity there. as we go through the next couple of months, i continue to look back and think about the enthusiasm we've had in the materials space in some of these very post cyclical epicenter stocks i think there was a lot of run up to steve's point. not just on the china trade, but also on the infrastructure trade here in the united states and there's still some opportunities here but i do think it's a bit early. we were looking for this swoon, scott, back in august, and we didn't get it. we had a really strong august. i think a lot of people expected this to be a two-month chop

if you look at the things alibaba is doing, spreading alipay into south america, into africa, i think the notion of the technological platforms of the future are deep, like there is a vast looming competition between companies in silicon valley and companies in china, and part of that is which systems will be the systems the world operates in. i think we are already seeing chinese platform companies beginning to make strong inroads into the u.s. bytedance and tiktok is an obvious one, but i think you already see it in drone manufacturer and dgi. there's a whole bunch that are already getting massive global relevance and you can see it already. david: let's talk about the future. some things people are interested in right now. one of them is cryptocurrencies. are you a cryptocurrency aficionado or not? reid: i am. actually, if you go to youtube and search for bitcoin rap battle -- this was inspired by alexander hamilton the musical, by ideated, funded and produced a rap battle between alexander hamilton and santosh and okamoto -- and satoshi nakamoto. david: do you invest in cryptocurr

manus: we were just looking at alibaba dropped by over 6.3%. the ramifications across the market are real, there is a real contagion. stephen engle with the latest on alnd tech. let's stay with china. the switch of the focus to growth. some data points coming out this week. let's get to our chief asia economics correspondent. speaking of the data, how much is it going to inform us? >> i think it will reinforce what is going on in china. we know the retail sector was walloped in july and early august. we have seen that in the pmi which is because of the aggressive crackdown. internal travel was hit hard. we know car sales are down. the retail story is expected to be around 6% or 7%. on the others, the production and manufacturing side are reflecting strength. there was an expectation that the export boom would have faded. tom: joining us now is lucy macdonald, global equity specialist at jp morgan. thank you for joining us. we are seeing pressure reflected on the stocks of alibaba and tencent. the regulatory squeeze from china up front and cente

>> billy, i do still have alibaba in my portfolio.g year going into this year this was my highest conviction pick in my portfolio. excited about emerging markets clearly what we're seeing is that alibaba has been beset by being a big part of the etfs and mutual funds, being sold off asia focussed and china focused. i think if you have a longer term time horizon and add to the position here, you can do that but the short to mid-term is really challenging and we are looking for another place to put this capital in the near term potentially. >> okay. well said. not exactly a ringing endorsement. michael, phil in oklahoma writes, fedex continues to slide well off its highs should i stay with this stock? fedex? >> phil, thank you for the question sully has known me for a long time and will tell you that i can be wrong occasionally. this stock was up 17% year-to-date back in may or june, right around there 17% gain it's given most all of it back it's still up a couple percent for the year i'm caveating the fact i could be wrong, but this is

question about that don't forget it is not only the property developers but what's going on with alibaba and that whole sector that will affect gdp difficult to say at this stage how much but there will be some effect at the end of the day >> mark, would you advise u.s. equity investors to avoid chinese stocks at the moment during the question marks over the gdp growth and the clampdowns we have seen by beijing on excess in terms of successful capitalism? >> i definitely would not advise avoiding china i think you have to be in china. the huge market. growing market some of the things the government is doing are beneficial to investors because corporate governance is a heck of a lot better going forward and there are many small and medium-size companies that are going to be benefitting by the movements by the chinese government and stocks coming down like alibaba and might be pickings in that area. you have to look carefully a premps is smaller and medium-sized companies but talking about small and medium in china it is pretty being. these companies are pretty substantial. >> overall, wh

alibaba down 4.5%. yvonne: we saw seatac -- citi with their call on alibaba as well.e of these major shareholders or stakeholders are actually putting cash in play here to potentially alleviate some of the liquidity concerns when it comes to that developer in particular. coming up, we take you to an obscure chinese legal amendment targeted at minors that could be behind this current energy crunch. this is bloomberg. ♪ rishaad: the chinese government is thinking about raising power prices for industrial consumers to help ease the energy supply crunch. it would deal the biggest blow to the economy since china emerged from a nationwide lockdown last june. yvonne: they are saying it would have more of an impact than the delta outbreaks, but what led to this crisis, right? what triggered this? some trace it back to end of secure legal amendment targeting minors that went into effect back in march. for the details, let's bring in dan murtaugh, or energy reporter. this dates back to much, but why are people suddenly scared about it now? >> this kind of power shortage is real

alibaba shares are under pressure alibaba has a 1/3 stake in ant group.peal friday's ruling that apple's app store was not a illegal monopoly and pfizer's covid-19 vaccine could be authorized for use in children aged 5 to 11 as soon as next month the company is expected to have enough study data to submit an application for emergency use authorization to the fda i think that would come this month. then the fda would have to have some time to consider that maybe potentially by late next month. right now let's get to some of the top stock movers dom chu is here. >> let's start off with shares of mgm you are getting a bid in trading today. analysts over at bernstein have upgraded this stock to an outperform rating. it was market perform before they think there is 40% up side because in part they have under appreciated some of the internet gaming and online sports betting aspects and growth aspects of this particular business they also think some of the real estate could empower shareholder value. mgm is up 1.5% up 36% year to date. some of the big thematic m

prosecutors in the northern chinese city have dropped their case against a former alibaba manager accused of sexual assault by a subordinate. they say the man's behavior did not constitute a criminal offense but local police detained him for a lesser offense of indecency. the man's arrest in august sparked widespread debate about the treatment of female workers at companies in china. london's underground had its busiest morning since before the pandemic yesterday. office workers returned to their desks and schools reopened. within 800 30,000 people used the tube during the peak hours, a rise of 17% from the previous week. daily usage is now at about half of its pre-pandemic level. el salvador's president says the country has bought 400 bitcoins as it prepares to adopt cryptocurrency as legal tender later today. businesses will be required to accept the digital coin in exchange for goods and services and the government will accept it for tax payments. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countrie

everyone from alibaba to google, you name it, a long list.of international companies that have invested in those two companies. what are they going to bring and how are you going to leverage that investment from them? i would assume southeast asia is going to be your next big push. horace: southeast asia is the third-largest market when it comes to -- the largest being in china with about 290 million vehicles that used to be turned from the previous asset-based batteries solution to the more efficient and more powerful lithium-ion solution where we come into play. the largest two wheel electric maker in china were 23% market share and partnership with the largest -- maker. we are going to create this open network that really allows, you know, customers to go as far for as long as they want. stephen: your partnership you were announcing in the last few weeks, these are the two large two wheel makers, gas powered and electric. what are your realistic goals for the china market and are you going to bring that battery infrastructure and is it sca

alibaba and tencent off on the back of these ppi numbers. rishaad: there is quiet on the tech front. we haven't heard much. perhaps too quiet. let's get back to the ppi and cpi numbers. the cpi, consumer price index, fairly benign compared to estimates. producer price numbers, 9.5% increase, in absolute tear. factory prices rising this much, the question is beijing, or should i say, china, previously labeled as the country which was exporting deflation, will it export inflation? no doubt central bankers will be looking at that closely. david: yes, the ecb is on tap today. the broader story when you look at this next graphic here and the reason we have that, you will find out in a couple of minutes because our guest is here with us in the studios. if you remember the bond markets going back decades, there you go,. does it taper really matter? we are in the midst of starting a tightening cycle. do we get an end to this trend? rishaad: that is a dilemma for the federal reserve as well. when do they start easing on the bond buying plan that they

alibaba was the first to be in the crosshairs. they have pledged all incremental profits in the near term to go towards societal projects. this is now in addition to this 100 billion yuan pledge over five years to donate that money, which is $15 billion u.s., the exact same amount tencent has recently upped its pledge to. so all of these companies are doing it. they are pledging money to societal goods to meet xi's common prosperity vision. so it will be over five years, 10 different projects. not defined right now. but you can guarantee they will be projects that fit with xi's vision for common prosperity. kathleen: thank you so much, stephen engle. you can get more context and analysis on china's crackdown, particularly tech giants, on red lines china and big tech online at the bloomberg technology channel on youtube. hsbc says it is committed to navigating the complexities of operating in china. in its first broadcast interview, the ceo told bloomberg the bank is expanding hiring in the region. he spoke exclusively with bloombe

today, alibaba. ant group, alipay, and that seems to be the focus of the markets concern. take us to the gmm, mark. mark: on the gmm screen, some of this risk aversion is showing up but it's not too dramatic in equities markets. more importantly, we are seeing the markets affecting some of the risk aversion through a stronger dollar. some of the asian currencies are a little bit weaker. the other big seem to draw attention to is in commodities markets where we are seeing aluminum store like crazy again, -- soar like crazy again. and we are also seeing this divergence in the commodities sector. we have seen slightly weaker agricultural commodities over the last couple of weeks and iron ore has been really weak in recent weeks even though the industrial metals are soaring higher. aluminum and copper at the top in terms of gains in the commodities column but iron ore down more than 4% yet again this monday. anna: you get that real contrast between what is going on on iron ore and what is going on in aluminum, flashing bright green, up by .5% and this is with supply disruption

chinese tech shtocks which they had exposure had a terrible year >> we need to talk to him about alibaba and that business. they are big players in the didi, et cetera. >>> coming up, we get ready for the trading week ahead "squawk planner" is next we kickoff this fall after labor day. we are all back. dow looking to open up 18 points s&p up penn nationalceo jay snowden and brad smith and kevin brady and reed hoffman. >> announcer: this cnbc program is sponsored by td ameritrade. where smart investors get smarter. ♪ ♪ ...aflac policyholders have been paid $37 billion directly... [aflac!] that's a lotta money. ♪ did somebody say money? he said aflac. well if they're paying out billions of dollars to help cover unexpected medical expenses, what's the difference? coach prime. what... no smoke machine? [aflac!] looks like aflac is ready for prime time. [eh eh eh! eh eh eh!] hey, coach to coach... what do i need to do to get one of those jackets? ♪ get help with expenses health insurance doesn't cover at aflac.com every single day, we're all getting a little bit better. get help with expenses

biggest names like alibaba to baidou what is your outlook over the selloff? would still wait to see what's going to happen in this sector before i jump in. look, what china has signalled here is common prosperity and busting up monopolies is a long-term effort of th we are just seeing the beginning of this. every week is something new. if i'm international investor, i'm sitting to see where it ends i don't think we know enough at the moment >> worth noting this week, all of those chinese tech giants are up rebounding here in september alibaba up 8% in the past week outlook, as you say, very complicated as we understand what is next on the regulatory front from china dewardric, thank you >> thank you, seema. >>> coming up, the unofficial end to summer and labor day weekend brings a lot of travel a spike in covid cases could be changing the game this year. we have the latest numbers and outlook straight ahead. >>> first, as we head to break, some of your other top morning stories. a group of current and former executives at renaissance technologies will pay $7

we are seeing that pain in chinese tech once again at the likes of alibaba. that report saying they will potentially break up alipay into loan business, payment side of things, joint ventures, and soho china. wow. the stock is plunging by 37%. this is the second failure of selling the company. one of the victims of the chinese repertory crackdowns. rishaad: data dump this week. david, why are you looking at that stock? the group shareholdings on your board? yvonne: -- david: david: i don't know why we are looking at that. this is the correct stock. soho china. we have been talking about this drop. very simply, the share price is back to levels before that deal began. so far, as they are pointing out, they are really now back up against an option as the only one who has expressed interest in buying the company has stepped out. let us see what happens with the stock, all the way back here today. rishaad: we are looking at this data dump coming out of china, industrial retail sales. is that the usual avalanche we get? what about the u.s. here as well? we have go

alibaba seeing one of its ex managers have a probe into sexual assault allegations drop.ing back shares. 200,000 of them. looking at the lack of negative news on the industry. this buyback for tencent, which is helping to engender more optimism for the industry itself. the tech index up nearly 17.5% from the bottom. that is the biggest since the market did collapse. we have got it at the moment. it's first set to the 50 day moving average. that becomes able market of course. given the strict definition of what that actually is. let's look at what is happening elsewhere. as we go into the chinese lunch break, trade data coming in. unexpected surge taking place for exports and imports. way better than was anticipated. way be- [announcer] imagineated. exporhaving fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural

. >> i'm throwing the book at alibaba.f these chinese stocks you can't. i need one more. i need to go to brian in new york. >> caller: big fan 20 years i'll make it fast. baldwin therapeutics >> no. oh, man. another one that is too risky. too risky. we have to go with bluechip fo now. and that, ladies and gentlemen is the conclusion of "the lightning round. >> "the lightning round" is sponsored by td iameritrade. sponsored by td iameritrade. >> coming up is your crypt and thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. event -- because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that

all i know is they fined alibaba 2.5 billion. multiyear development that we're watching? will there be something that indicates to you that it's all clear or at least maybe they've accomplished what they wanted and it's safe to go back in the water. at that point what do you suggest people, what would be the names you'd want to buy? >> yeah, so the short answer is i don't know and like every person in terms of when is the right time, nor does anybody else you're going to have on your program. there will be a lot of people who will upon topontificate. i'm not friends, nor is anybody else who's going to be on this program. i'm not sure he's the only one who's making the decision. i think the all clear will -- i think you will see -- and this is just pontificating from my view. >> make it fast. >> i think you will see an ant or a bytedance ipo in the next 12 months and that probably signals -- >> that's a good tip thank you. something to pay attention to. we appreciate it >> yeah, sure. >> we're almost out of time. take a quick look

we've been showing some of them what we should show is the last six months of names like tencent and alibabathey've been attacked and why is china eating its own? >> well, because number one objective the chinese communist party is regime preservation, and these tech companies are knocking them down and as you recall one of the things we talked about was putting financial sanctions on tencent, alibaba and baidu, because they are strategic to the chinese's military ai. matter of fact they are the most important one, and they enable the surveillance, what's going on, so xi is kind of almost doing that a little bit on his own, but he's doing it for a totally different reason, and that is one of power. liz: you really inserted yourself into what is a huge problem for this country. the fact that u.s. companies have supply chains that snake all through asia, but particularly through china, trying to make us less dependent on that is an awfully difficult prospect is it not? what do we need to do to make sure that we are way more widespread these days? mattel did it. they really got away from a supp

-listed cayman companies like alibaba, baidu and they prohibit foreign investment in the internet andecom. >> are these all shorts then >> i think they are. i think you probably do have some opportunities to trade them like you have in the last couple of weeks, but i wouldn't want to be left holding the bag as these guys continue to attract fire from beijing in terms of regulations. we talked about the video games, we talked about, you know, issues with data privacy we've talked about all kinds of other issues in china as well as being in the cross hairs of washington just there's a lot of other great places to be for emerging market exposure. you don't need to be in u.s. listed chinese play. >> if not u.s. listed chinese stocks, david, then where? >> there are some very good international companies that are listed in new york, easy to get to i point to sec, which is se, which is an online financial services gaming company and shopping company that has good operations throughout asia and southeast asia i point to simex, the mexican building materials giant they sell more in the u.s. t

boston fed president also involved in a series of trades involving a whole matter of stocks, dow, alibaba, at&t owns a bunch of residential and other mortgages. verizon. most of his trades, however, are much smaller than robert kaplan's all listed between 1,000 and 50,000, but they were at least, i'm looking at the form now. 50 purchases and sales for stocks during the year >> 50 transactions during one year steve, i'm just curious. you interview fed officials all the time and during the jackson hole symposium, you talked to all of them. did i ever occur to you to ask them what they held in their portfolio and what they trade? >> they come out as disclosures every year and it's not something we often ask them about. it becomes a matter more we talk about policy and the economy, but it appears that they've been doing quite a bit of trading and i think now it's an issue. >> yeah. certainly is steve, thanks so much. steve liesman. i asked that question of steve sort of tongue and cheek because we also ask about the timer timeline, et cetera, and those things are keys to the kingdom when it c

casualties include some of china's aleading tech firms, alibaba, byte dance, dd, new oriental educationmpanies have been slapped with fines, banned from app stores in order to overhaul their business prompting sharp falls for listed chinese tech firms and stoking fear about the future but observers say the end goal of beijing's bid for control is not about creating chaos. it's all part of a top-down plan. why is this happening? >> this isn't simply a power play by beijing to crush these upstarts, these billionaires, entrepreneurs. a lot of the crackdown is driven by a political campaign like common prosperity. >> reporter: it is the prosperity of all the people, says chinese president xi jinping as he pledges to redistribute wealth in china, analysts say the crackdown is out to fix social ills like income and equality and hypercompetition. >> the government believes that these companies are mostly in the business of monetizing status anxiety in which you have the salespeople from the online education firms really preying on the middle class dreams of sending the kids to the best univers

krp companies are scrambling to fall in line alibaba is investing more than $15 billion to support thestock tips accounts with millions of followers this they were deemed by beijing as bad mouthing chinese financial markets. >> thank you for more on the china crack down let's turn to joyce chang at jp morgan great to speak with you again. >> great to be with you, melissa. >> you're a long bull on china but right now you say it might be pruden to be on the the side lines. why. >> it is for the equity markets good to be on theed side lines when china talks about common prosperity, they're talking about long-term. acleaving common prosperity by 2035 so i think it is difficult i think you could see this extend further and they've been very clear if you look at the five-year plan, at the sectors that they're going to target, that is related to innovation and also to the green agenda and it is also focused on income inequality so you could see more measures that are coming out that effect the housing market, and higher property taxes, and also more pressure to increase wages given the level

in the private sector, the traditional private sector, things like alibaba, it's abt controlling dataurrency is about the ability to circumvent the traditional financial system china has quite a tight control over. by offshore exchanges serving chinese companies -- customers. people can move their money out ofhina, circumventing capital controls and awareness of what is going on. the government does not want that, they don't like that. the other thing inching is they working on their own digital chinese currency, which could launch as soon as next year, making them one of the first countries in the world to launch a central bank digital currency. they want to try to encourage adoption of that. as long as they are mainstream alternatives such as bitcoin circulating and undermining that aim. nancy: thank you very much, oscar. joe biden's week of diplomacy is coming to an end with the first in-person meeting of the group known as the quad. it features mr. biden, india's prime minister at the japanese and australian leaders. they discussed security and it is seen as part of it to commit t

so buyer beware, but lvs for trade for me >> next up, alibaba, mike khouw, we talked about this one aame headwinds some of the other chinese names are facing the thing is that it's getting down to a cheap enough valuation, and this is a speculative long side bet if you're going to go that way, but i have been dipping my toe in the water myself on the stock even though we're facing all those chinese headwinds. i think this is a halo company for them and the valuation is tempting me enough to get at least a little bit into it >> guy, what say you on baba >> listen, i thought on august 13th we had that big reversal, i think it was the 13th, $153, traded then higher on the day, and i thought that was the all clear sign, and quite frankly, i think it got close to $180, but here we are again, headline risk i think valuation is compelling, but the headline risk outweighs it it feels like it wants to take another leg lower unfortunately. >> jeff, how about you risk/reward here, what is it >> i still don't think it's great. we have been doing a deep dive into china to figure out where we want

look, i'm buying some -- and i happen to think alibaba is a great company. i'm buying some alibaba.>> and nobody has an edge on that one. >> no, no, there are many people now telling me, listen, there's going to be pushback from the billionaire class, pushback from the people i've always felt that xi and the military are one you don't get a kind of society where there's facial recognition everywhere and everything's tracked. it's going to be very hard to create any sort of -- >> any free space, so to speak. >> thank you i mentioned this a number of times. the advent of 5g in china in particular was also enabled. the ability to frankly, just be able to immediately through ai as well identify people is enhanced and they are, by the way, fairly far advanced when it comes to 5g in that country. >> so what do you do you just say that -- do you take it off the equation? if you want to just be in some sort of worldwide fun, i don't know >> i'm still concerned >> when we come back, a moment of silence at the nasdaq this time as we remember 9/11 today, things can be pretty unexpected. but yo

if you look at things that alibaba is doing, in terms of starting the ali pay and everything else into south america, into africa, i think the notion of the technological platforms of the future are in deep -- there is a fast-moving competition between companies in silicon valley and companies in china. and i think that is part of, which systems will be the systems that the world operates. , i think is in deep competition. we are already seeing chinese platform companies beginning to make strong inroads into the u.s. bytedance and tiktok is an obvious one. you see it also in drone manufacturing and dgi. there's a whole bunch that are already that are already getting massive global relevance and you can see it already. david: let's talk about the future. some things our people are interested in right now. one of them is cryptocurrencies. are you a cryptocurrency aficionado or not? reid: i am. if you go to youtube and search for that kind rap battle -- this is inspired by hamilton. ♪ i funded and produced a wrap battle between alexander hamilton and satoshi nakamoto that is because i thi

we talked about alibaba making amends where they are spending money on common prosperity too and we'llw jeremy siegel, professor of finance at the wharton school professor, always a pleasure to see you. has your long term bullishness dissipated at all given the big moves that we've seen recently are we in for any type of multi-year period where we revert to the mean or it's all systems go for you still >> i think we're still in a bull market i think long term returns are not going to be as robust as they've been certainly over the last ten years and maybe not even over the last 200 years. but still far ahead of inflation and way ahead of fix income. right now what's going on, you've heard of this old expression on wall street, up a staircase and down an -- elevator i don't know when the elevator comes. it looks like a momentum trade in the sense it keeps going up a little bit every day, no real news to propel it. and a lot of momentum players piling on. we've had this before. and, you know, it's very hard to say when it might end. personally i think the inflation news not tomorrow's em

especially tense. alibaba, which, you know, given the portfolio of companies within these 2 friends, they can make quite detailed profiles of, you know, people shopping spending, health data, so on and so forth. so it's a thing that a lot of people in china say it's long overdue, quoted from a concern to customers, which i don't think was entirely fine by any means. i think there's also plenty wedge, their sense that these companies are getting away with this because they think they're getting a bit to politically after the as well. and therefore, we need to put them in line and remind them that as they go low making profit, they will have to remember what the political bottom line is in china. news. the chinese government regulatory spree has stirred debate amongst citizens, investors and international media. some are calling it a new cultural revolution. is this the 2nd, the cultural revolution? comparisons with mouth cultural revolution back in the late 1900 sixties and seventies have abounded. but there's been off the mark. so there's a lot of people make comparison between what'