alibaba, sister. >> it is not scary it is adorable tim. >> be safe out there, folks.ooking safe with lula at the hem and some of the best rallies and ewz is the way to play that. >> this is the thing about guy he tries to be scary but he ends up being adorable. right, guy >> the tie, not the person. >> anyway, gm has had a bounce back and i think it is time to sell upside for it. >> and i think it is dorkable. i'm with guy he's talking tlt, i think the treasury yields are topping out soon. >> thank you for watching "fast money. enjoy halloween and be safe out there. we'll see you tomorrow at 5:00 with , but to teach you educate. th

it has a lot of names from alibaba and baidu.back to 2023 lows you see a lot of companies now they are down 50% year to date this is an overreaction and consolidation of power if you are a business owner, you are fearful. we have seen additional lockdowns. we see shenzhen again locked down that supply chain is under scored here today with the leadership change. this wasn't done in a subtle way, dom this was announced >> jeff kilburg at kkm thank you very much. we appreciate it see you soon. >>> that does it for us here on "worldwide exchange. futures are marginally lower "squawk box" has the coverage coming up next we'll see you tomorrow >>> good morning stocks in china plunging overnight as the communist party concludes it's five-year congress with xi jinping taking power again. >>> a new frontrunner for prime minister as boris johnson drops out of the race. >>> and names like the biggest in tech reporting this week. double whammy. higher earnings and slower growth it's monday, october 24th, 2022. "squawk box" begins right now.

alibaba netease baidu. called invesco golden dragon lost 14% a day this has to deal with the shooting ping, who you mentioned, replacing the market friendly members of his leadership group with these, yes, men and investors didn't love it. there's a fear look, the bookcase for china shares is that they're cheap, right? alibaba has lost almost 80% over two years, it has generated more free cash than amazon over the past five years , yet it trades at a sliver of amazon's value. the bear case, which i lean to is that you don't get any ownership. if you're us investor, it's a gimmick. you're buying into a shell company because china bans foreign ownership across vast swaths of its economy, and there's always the potential of some kind of backlash will retaliate. retaliatory action. you know the u. s trade tensions, the bulk the bulk counter to that bear cases. she wouldn't do that, because he wants to renminbi to be a global currency is not going to weaponize assets denominated in his own currency, but the bear

. >> alibaba shares in many ways have been the bellwether, certainly the most well-known name that trades here in the u.s. you can remember the ipo, many years ago at this point. >> that was a different time, right? different time >> yeah, they were going through capitalism now they are going for hardcore communist. >> and a decline like that something that was more or less known, but perhaps the way that he has loyalists in every single position now wreplacing people perhaps it was even more drastic than people thought. >> people think we'll look, oh, the numbers are good, and they had some sort of economic growth number i trust none of their numbers. would i trust anything mao said? about you fund managers will still have the guts to come on our network. >> and jim, you've got stifel saying peak inflation, goldman we're not on the cusp of a recession, morgan stanley technical rally continues. >> research is so out of whack with the stocks, it is amazing nothing but down grades and price target cuts. those interested in trading understand that you are getting the gift of a lifetime becau

we do own, we were early investors in alibaba group, obviously, and ant financial. he has his work cut out for him, but we will talk about it, and in three years to five years we will know if it worked. i totally agree he cannot accomplish this as a public company. i am sure it is not the most efficiently run business. i'm sure there are tons of ways he can fix it. it will take a lot of time. he is amazing at sending rockets into space and he proved the world wrong with his car business. he started his career in payments. time will tell if he is successful in turning around twitter. i think it is a very tall order, and it is not like facebook and bytedance would sit around and do nothing while he tries to do it, so. emily: from a bigger picture, i find it interesting we could potentially see this massive deal, twitter for $44 billion have been in the middle of potentially a drop into a recession. we saw adobe buy figma for $20 billion. we are waiting for the big microsoft activision deal. why do you think about how the mna landscape is keeping up pace despite the fa

it is also alibaba, baidu, those primary listings in the u.s. down about $3.5 billion by may date. shery: we have seen many of these names already. they are under scrutiny by chinese me leadership -- by chinese leadership. the focus again on prosperity during this party congress and what that means because we saw president xi jinping use that slogan to rein in the private sector. the concerns about what this means for the barter economy under the markets and how investors are looking at china overall. haidi: let us hope we do not see such a huge reaction to the negative when it comes to trading here from the australian budget to be headed down later on today. we are expecting some moves to the outside when it comes to these key sectors that will be impacted by different policies to be unveiled in the budget that include mining, infrastructure stocks, critical mineral producers in particular, childcare shares could see some upside as well. watching for the 50.5 million dollars over the critical mineral research and development hub as well as pled

s. equipment shares and chinese giant alibaba fell over 3 percent. while china's semiconductor firms slumped. nearly 6 percent. japan is opening its doors to tourists. travelers will be able to visit the country just as they could before the coven. 19 pandemic. japan's airline stores and tourist hotspots are excited to revive their businesses a week. yeah, and means that some visitors actually have much more buying power. heavy rainfall in india has damage key, summer grown crops and hooting, rice, soybean cotton and vegetables just before harvesting that could still conflation in asia. 3rd biggest, the car economy, our food prices could prop new delhi to introduce additional export restrictions on commodities, including rice, meat, and sugar, was in the beginning of the war and ukraine. russia has drastically cut its gas applies to europe. as the block lost its biggest gas supplier, norway is throwing the lifeline. it's preparing to become europe's biggest supplier and make huge profits in the process or own max xander visited the use gas rich neigh

alibaba singles day event on monday with the pre-sales. we are seeing early indications that those numbers look strong in the early going we need the catalyst and a resolution to holding foreign companies accountable. we need u.s. and china diplomacy to return. we need the two sides to sit down and talk to one another it is the multinationals that do a lot of business in china which are at risk. tesla was down yesterday a number of the u.s. multinationals with business in china were off yesterday it is not just about chinese equities it is u.s. equities with a lot of exposure. >> big story for sure with the world world's two biggest economies. brendan ahern, thank you >>> some sales troubles for some of the europe's biggest nkbas. we'll be right back right after this s through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.

still tech, given you mentioned, a a alibaba and elsewhere? >> looking like coming back to hong kong. a few days ago edu, one of the larger and leading chinese companies saying in context s.e.c. is only thing it needs and, therefore, more likely than not they're going to come back to hong kong so because edu is one of the better companies, cleaner companies. i would be surprised to see other china adrs using similar statements as well so for the u.s. investors to really understand the chinese space, there's a lot of due diligence that needs to be done going forward. especially how the foundation numbers are being reported you know how chinese regulations need changed in the tech space. overall, just because i mentioned demand is still very strong, the names still have value. >> hmm. >> i want to mention we're near session highs on the nasdaq. up about 195 points. 1. three quarters percent dow up as well i wonder how in china congress is done, and behind xi should we expect new rules down the road affecting chinese companies? a clarification on

power, he's expected to keep going after super-wealthy industrialists, like the founder of allie alibaba, and it's down 15% and similar declines all across-the-board. that's a big deal. tesla is down. elon musk cutting the price in the model 3 and the model y in china. trouble with demand for tesla cars there, as china keeps reporting new covid lockdowns. you're down nearly 3% on tesla. politics, whoa, serious electoral damage for the democrats. the words "red wave" are everywhere. first a new poll shows the republicans have a command ing lead on three big issues of the day, crime inflation in the economy, speaker pelosi wants to change the subject. you'll hear from her shortly. second, a dreadful report card for the public schools. math and reading scores dropped sharply during the pandemic. the democrat-friendly teachers union getting some of the blame. the republicans have made education their issue. third, a dreadful report on the border. record numbers coming into the country. that is a negative for the democrats. boris johnson drops out of contention for his old job as prime minist

alibaba down 11% as well.o the other thing i just mentioned, the bloomberg chart on the enterprises index. we are within 10% of that and that takes you all the way back to 2008. and something happened during that time. rishaad: absolutely. you look at what is going on, the big elephant in the room, it is not even the elephant in the room, it is the room. we have the federal reserve. saying frontloading is a good thing, but really at the moment, they need to know about when they stop, when do they start overshooting. does that mean that they are actually making a policy mistake? they may well have 75 basis points plan for the next interest rate move. yvonne: the last one maybe. you heard from mary daly from bullard, talking about maybe it is time to slow the pace of these hikes over this concern of over speaking -- overshooting and over tightening. in asia, you have major central banks that are intervening. of course with a nikkei reporting japan intervened on friday. the pboc was trying so hard to stem depreci

alibaba, the hang seng index and the two-year treasury yield. we'll be right back.d, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create >>> let's check out today's stealth mover, it isinitiated cn overweight rating on the stock and an $8 price target, which is well above current levels, now just above two bucks wework has removed $2.7 billion in costs through a multiyear program and that its future cash generation capabilities are being ignored by the market. ad adding vshift away could b

let's change the subject then, alibaba. what do you think? >> this is a really interesting stock.e all the way down, and of course we all saw the autocratic thee a theatrics over the weekend on the other hand, you have to simply ask yourself, even, you know, the strongest of autocrats realize that profit comes from capitalism if you really want to destroy one of the greatest brands in the world and strangle it completely, i don't think so the story with baba now that it's so cheap as far as valuation comes, any tiny incremental positive, a loosening of covid policies, a lesser oversight from the regime as long as they stay in business and not get involved in any political posturing, all of that will give it enough breathing room for it to pop 25 to 50% it's highly speculative. i do think it has a chance because of its gross under valuation and a chance of slight positive headwinds, tailwinds to make it go higher. >> let's move on to starbucks, opening 6000th store there it wasn't long ago they were closing stores in china. >> they were closing stores because of covid, i think, but

september 2011 among the biggest losers, an online recruiting company and fintech firm 360 dij irktech, alibaba dwopg 12.5% dropping to its lowest level since ipoing in 2018 starbucks which are counts children as its second biggest operating region and las vegas sands down more than 10%, yum china down nearly 14, all this after china's president xi jinping locked in an unprecedented third term in office the win sparking fears that his policies could hamper growth of private firms and make the country uninvestable we've got live reaction now from our eunice yuen in beijing good morning on the ground. >> reporter: hi, melissa president xi, as you said, secured a third five-year term so that much was expected, but the scale of his political victory has made him the most commanding leader since the regime's founder chairman mao. at the end of the week-long communist congress, the elite group was packed with xi's allies and supporters would suggest that president xi is going to have total control over the direction of china now that essentially means that we're going to see a continuation of zero co

saying, well, a simple two-stroke engine , four cylinders, and they have already found it somewhere on alibabat is it called, on aliexpress, this engine costs $17,713, and they have already disassembled everything, and even that the blades of this propeller are on on a wooden base, that is, not even metal, and there is no system for e-e output of these exhaust gases, which is why it is so noisy. because if there was an exhaust system, the power of this engine would drop, it is not powerful enough. how do you evaluate it in general the insides are primitive enough, and the control unit is there with buttons like in the soviet factories in the 60s, you press the button. and when it goes down, just like this shekhed, have you ever seen this video, what did you think ? yes, they really survived from the very beginning, it was really strange that it seems simple , but what is there to be surprised about, it is a simple drone, which is intended for self-destruction in our country, and together with the object that is being sent, the main thing is that it is actually soldered he is so intellectual th

his venture capital firm was an early investor in companies like alibaba, and twitter. chairman of the embattled chinese real estate giant evergrande is said to be putting london's most expensive home up for sale. he and his family are the ultimate owners of the luxury residence overlooking hyde park. the 45 bedroom property was purchased in april 2020 for $232 million. he has seen his net worth slide after a collapse in the chinese real estate market pushing evergrande another developers into default. macau casino operators plunged in the u.s., sharp declines in spending during the golden week holiday. revenue fell 26% on year as the covid zero policy kept travelers at home in china. las vegas and mgm resorts also fell. rishaad: let's have a go at what is going on with some of these movers. macau. also seeing some traction. looking at china property, there we go. down 6.7%. down since the bonds having fallen back as well. asset-backed securities too. yvonne: more fallout in the property sector. the third quarter as well. profit jumping. today is very much where the chi

muscovites one of the largest marketplaces was on the brink of crisis, the main shareholder of the chinese alibabaill no longer develop this project in moscow , other partners also joined this initiative, according to information from the foreign press, aliexpress russia has already reduced its employees more more than half also closed its internet platform where russian sellers exhibited goods, all advertising campaigns have also been stopped, and an important event of this this week, ukrainians can now purchase military bonds in the diya application - these are securities that the government offers to ordinary citizens at a discount at a nominal value of uah 1,000 per bond, the settlement period is less than a year. such a mechanism is, first of all, really support for the state budget and the armed forces the ministry of finance of ukraine says that the government started issuing bonds on march 1 and already more than uah 131 billion has been raised, which is essentially a lofty sum for anyone who has the desire to support the armed forces and generally achieve such the closer the date of victo

public by october 20 anastasia sakovskaya alexander alexandrovich vesti, republic of belarus chinese alibabainvest in russia , the aliexpress marketplace, which belongs to the internet giant completes the construction of a logistics terminal in yekaterinburg, the rumors about the freezing of investments that appeared, were denied by the deputy minister of industry in some media and trade viktor evtukhov. he spoke at the russian retail week forum. he emphasized that by the end of the year, the share of online commerce in the country could grow from the current five to ten percent; now there are about a million entrepreneurs on marketplaces, twice as many as last year. naturally, with aliexpress, which operates on the territory of the federation, and there are no statements from the company that they sent money. no, not only that, they are now being completed in the large center of yekaterinburg , i don’t think that after that the company was frozen people here. in russia, eight eco-technoparks will be built in 2 years, one in each federal district, and the general director of the russian envi

chinese tech stocks, big companies like alibaba, 10 cents, they all took a bit of a hammering, not justhong us, where they are also listed. it wasn'tjust hong kong. asian markets in general, japan, south korea, australia as well, they are all down. so caution here, caution across a welcome i suppose, given the challenges that everyone is facing in the global economy at the moment. 0k, thank you. nick marsh there. talking of declines. shares of tesla were under pressure in new york late on wednesday after the electric car giant disappointed investors. tesla made record revenues of almost $21.5 billion in the three months to the end of september, but that was less than markets were expecting. tesla has lost half its stock market value over the past year. and there are growing concerns about the demand for its expensive cars, as a global economic slump looms. 0ur tech correspondent in san francisco, james clayton, has more. welcome i think this is a really curious set of results. i think tesla will be kind of happy with them, to some extent, they are in line for record profitability, they

the chinese company alibaba did not suspend investments in russia, the aliexpress trading platform, whichiant, is completing the construction of a logistics terminal in yekaterinburg, rumors about an investment freeze that have appeared have been denied in some media deputy minister of industry and trade. vladimir evtukhov. he spoke at the russian retail week forum. according to him, the share of online commerce in the country could grow from the current five to ten percent by the end of the year. today, marketplaces are registered. about a million entrepreneurs. this is twice as much as last year. with aliexpress, which operates on the territory of the russian federation, there are no statements from the company that they have suspended their activities. few of them are now completing construction of a large center of yekaterinburg and think that after that from the company present at the freeze. an extraordinary meeting of the g7 countries will take place today, it will be held online. and although support for ukraine has been announced as the main topic, world leaders are likely to lim

we saw a big losses for tencent, alibaba jd.com. hsbc reporting the third quarter numbers.ve as well on those earnings numbers. other u.k. exposed shares worth watching as well, product, ck asset -- prada, ck asset. rishi sunak will ascend to the third prime minister this year. ♪ >> good tuesday morning. it is 9:00 a.m. in hong kong and also shanghai. m

. >> have a great day, have a good day alibaba, very indicative of what is going on in the chinese marketight now, shares of the chinese tech giant trading lower after president xi jinping tightening grip on ching ruling party secured unprecedented five-year term as communist party leader effectively dictator for life the consolidation shooking investors facing political uncertainty head winds in have china stock down 11 1/2% we remember with founder jack ma disappeared for several months remember that one? he he disappeared yesterday xi jinping first public move eliminate take out predecessor publicly humiliateing the guy hu jintao was moved from the people's congress yesterday, pushing back on green agenda ark arc attorney general is here we get into it stay with us. . ♪ do you want to stay a little while, ♪ ♪ don't you want to stay a little while ♪ ♪ . ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find t

tencent, samsung, alibaba.ou guys probably did not do too well, and i'm not saying that to call you out, but i'm just wondering, in the third quarter, your thoughts on if investors should be shifting or changing their exposure to hydration bonds -- hi duration bonds -- high-duration bonds? >> we see that they are more exposed to rates outside, particularly in deposit-rich economies like singapore where there will be a more direct link to topline growth because of the interest margin improvement and also not a lot of concern on the asset quality front because the large provisions taken to prepare for the pandemic are still physically offering their balance sheets at this point in time. asset quality in general has stayed very undervalued in asia. david: part of that is the part of asean that has outperformed. indonesia is a big part of that. do you still think that group can outperform, or is it starting to look like it will not? >> i think that group will probably still be ok into the first half of next year. a

you have some of the china tech index such as alibaba. the nasdaq golden dragon index. this is stunning. on the day, you have this index down 21%. that is an absolute plunge on the day. the worst ever. the lowest level since 2013. this has to do with president xi jinping and china -- in china, receiving a third term. and probably the idea that there might be some tensions increasing and maybe some of these adrs may not be listed. there is some kind of rowing concern. another concern is that we have week pmi's out of the u.k. or out of europe. the same for preliminary numbers out of october. the composite pmi around 47. not great. the other piece of news is rishi sunak is now set to be the new p.m. in the u.k. you can see the two-year gilt yield and the 10 year are coming in. we are basically back to where he -- we drifted before the b.o.e.'s action. the ftse 100, up .5%. finally, taking a look at the pound, just about even. scarlet: having el doolittle, thank you so much. today marks month number eight of the war in ukraine. axa is out wi

alibaba up 7.6%. david: we touched on the tech space.one group of stocks that had a very good start to the day. we are off highs of the day in hong kong. we are still up overall, third straight day for asian equities. plenty more ahead. this is bloomberg. ♪ - [announcer] imagine having 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, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.

it comes to common prosperity, we have seen how that was used to to rein in tech giants like alibaba others all losing at least $10 million in value. what does this really mean investors need to line portfolios with the parties of xi jinping are closely than ever. kriti: that certain .30 weakness you are seeing when comes to the offshore yuan, how much worse can it get? shery: we have not seen this level ever since we started seeing the offshore unit traded in 2010. you're seeing onshore falling trade 14 year low against the u.s. dollar. the expectation is we continue to see a slowing economy in china. we are talking about the released gdp data showing mixed recovery. we have the hawkish federal reserve comes who not thing this whitening u.s.-china yougov driving outflows. the pboc just this weekend ending events trigger study yuan fixings. during that party congress, authorities wanted stability in the markets. we have that fixing around 7.11. now they fix it around 7.12. that is higher than expected but still this gives an indication of where the yuan is headed. the fact that the p

the news that upended the market, perhaps moving away from such growth tech names, the fact we saw alibaba folsom much, what does it mean for the chip sector at the moment? debby: following the u.s. analysis of this new set of rules, chip stocks have plummeted. we've seen the semiconductor index fall more than 40% this year due to the new curves and partly due to the headwinds of the chip sector. it's going to be quite challenging for chip companies to navigate this weakening demand and high inflation environment and potential recessions. given the restrictions for the business in china, it is going to be quite challenging. caroline: going forward, are people starting to say these negative headwinds, whether it be a relationship and more difficult relationship being done with china, whether it's the curbs the u.s. put in or a slowing fundamental story happening in terms of where we are in the chip cycle, people starting to say this is priced in in some way or not yet? debby: i think it's a convergence of these elements, so it's hard to say whatever chips company is taking a bigger hit, but

senator kaine, he invested in a chinese company called alibaba, one of the largest companies in china, a company that does business with the chinese men harry, that helped -- military, that helped the government against its own people. he was called out for a by chinese dissidents who wrote an op-ed piece in the star-ledger, and eventually sold that stock, prism a blue because he was shamed into doing so. i know that republicans want to make this an issue for me, but they are running the wrong guy against me to make this an issue. >> what is clear is this is a repeated behavior of tom malinowski. he ignored the rules because it did not benefit him. it took him over a year to sell the stocks. that is the repeated behavior now. in washington, d.c., for 30 years, he's doing it again. he's hiding from the voters the fact he violated law to ban investors of congress for insider trading, and is not being transparent with voters. that is what this issue is about. ethics, not transparency. it is a repeated action by tom malinowski. he has one standard for himself and another for everybody els

used to be tencent in there and alibaba. be mistaken but there is an onshore stock that has done relatively better onshore than offshore and it is the most valuable chinese company. >> i am concerned about richie sunak. 90 -- $985 million at the start of the year. david: not quite a billionaire though. >> that is not talking about the shares. yvonne: it just goes to show that it is not just the cpc. it is the tech crackdown and the pain we have seen with fortune's gone on the back of that. that is what we are watching out for today. it seems like today in terms of stocks we are seeing a bit -- >> talking of richie sunak, the incoming prime minister warning u.k. faces a profound economic challenge calling on the nation and the parties to face the headwinds. he will officially take office later tuesday after visiting king charles. >> there is no doubt we face a profound economic challenge. we now need stability and unity. i pledge that i will serve you with integrity and humility and i will work day in and day out to deliver f

seen, but if you want to dig deeper, look at foreign interest, foreign participation in tencent and alibabaes that have a foreign holdings are the ones at risk, because you are going to see selling from those players specifically, because they just cannot justify that investing in a chinese company that has so much risk and uncertainty makes sense. guy: mark stoeckle was on the program earlier. he was clear on this subject. great stuff, as ever. damian sassower. greatly appreciated. this is bloomberg. ♪ scarlet: just before noon in new york, we are looking at optimism driving u.s. stocks up. abigail: we really have a nice day at this point. the s&p 500, up 1.3%. this is the third update in aero. over the last seven days, the s&p up 5%. best seven days going back to march of this year. he seemed to be in this bear market rally mode. i call it a bear market rally because the overall trend is down. a piece of strength has to do with technology and chips. chips, higher than some of the mega-caps that will be reporting. gm reported a great quarter today. that stock is up 3.3%. trucks, suvs doing

alibaba, 2.7% down. taking a look at some europe-exposed stocks.nchart earnings came out this week. these banks out with earnings. they look for the mortgage quality, as you should do. a bit of a mixed bag. good in parts. david: the weak economy means a net interest margins are not there. rishaad: what about that loan book? yvonne: yep. gmms. looks like we are seeing mostly lower across asian market equities today. csi 300 down. singapore doing much better than the rest. of course we are still seeing a bit of a strain across some currencies. seeing commodities a given the dollar strength a bit more downside today. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy

alibaba and tencent and jd.com up sharply jd jd.com up 6% mostly lower session so far with ftse 100 slightly higher more on europe in a moment. >>> to the top story which is meta set to sincontinue the freefall. shares sinking 20% in pre-trade. set to lose $70 billion in value at open. this is after the unexpected fourth quarter forecast. we have arjun kharpal. investors with little patience of what mark zuckerberg said yesterday on the call out. >> reporter: absolutely, seema three things stood out first was we're seeing the impact of the weak ad market across alpha and snap and now meta the average user dropping per quarter. ad dropping 18%. there is no pricing power as they are cutting budgets the second for the investors is lack of cost control that meta showed 28% increase of head count costs jumping 19% in the quarter at the time when other companies like microsoft and alphabet are trimming fat and being disciplined. thirdly, what you said, investors are losing patience. particularly for the vision of the metaverse and whatever it might be reality labs, the division that houses the vr

selling of all coming from the tech stock here is the look at the majors meituan down 14% baidu and alibabawn 11% and 12%. heavy selling. chinese president xi jinping consolidated the grip on power paving the way as third term as president and breaking a precedent which could see him remain leader for life he is the most powerful leader since chairman mao xi's re-election of the party was no surprise. the six people selected for his top team was less clear cut. xi has gone for loyalty over experience bringing several close by in the standing committee sam is here with more. sam, i'm curious of your take of what is driving the tech stocks lower this morning >> good morning, julianna. as you say, some double digit losses in some of the big tech names today. of course, we know that one of the big signals that president xi jinping has been sending to the markets the last week is continuity in terms of the party's positioning around zero covid which has taken an enormous hit to the economy. also on issues like common prosperity or not an issue, but a campaign that has underpinned the volatility

that's why you are seeing the likes of alibaba, a record low for the stock. also jd got, -- jd.com. the other thing i want to mention as well is what we had in terms of the economic data that came out because retail sales, this is a story of slowing consumption in china. coming in the numbers, given they were also delayed by the party congress, gdp a little better than what was expected but still weakness coming through in consumers and also the uptick in the unemployment rate. not a great story today in china. manus: annabelle, a lot to contend with on a monday morning. annabelle droulers in hong kong. what are the events of the week? you've got the october pmi. tuesday will get consumer confidence. when say, u.s. home sales. there we get the ecb rate decision and lots of people are talking about when they raise rates and then had to back track , but to not raise rates this week could be a folly. bank of japan watch all we could, but the rate decision comes in on friday. that could explode a mammoth amount of carry trade's out there. funded in the end, it's not just dollar-yen you

they slapped a record fine on alibaba, and scrapped their financial arm.in ride hailing app, didi, from app stores. there was one area where xi's predecessors used state levels to drive productivity. massive spending on infrastructure which facilitated c commerce and travel. but these approaches are petering out. they note it used to take about $4 of capital to produce $1 in gdp growth. by 2019, it took almost $8 of capital to produce that same $1 of gdp growth. part of the reason is the institute points out is china has nor infrastructure than many developed countries, adding more doesn't really make sense. meanwhile, the real estate sector turned into a spectulative and wasteful bubble. xi deserves some credit for popping that bubble by reining in lending but he's been slow to repair the damage. on infrastructure, he's sticking with the old playbook. china has embarked on a $1.1 trillion infrastructure spending spree. another focus of xi's is to make china more self-sufficient and get companies to direct more technologies. the state directed industrial p

these downgrades we saw incredibly price target cuts and of course, the gigantic chinese stocks like alibabai is no friend of the stock market american company is a big business in china. by the way, please don't believe anything people that say buy china. they come on air including major firms and write for 48 sepconds and then you get burned. then a giant downgrade of meta platforms, the artist formally known as facebook the stock down 60% for the year thank you. this is high profile slashing with tunnels of negativity about reals, even the concept the metaverse is slowing throw in the kitchen sink at it. i take the other side of the trade. we own meta for the trust. i believe it's took over long term and can pull it off i know the next quarters will be terrible but so are the traders. actors calling for dramatic drastic cost cutting to create a leaner, meaner, meta the stock looked down because of how timid the spending was so many stories about apple, one more savage piece. the pin action doesn't do that much damage. so what happens? almost immediately after the opening the s&p goes nega

alibaba, thank. you stick around for me. perhaps we will play round two of that what if game. still had everybody, as trump continues consider talking to the january six committee there's one place where he definitely, may be, talking under oath this week. we will tell you about that going coming up. at least four are reportedly dead and dozens injured in a fire on notorious iranian prison. as protests enter their fifth week, also, we are live in ukraine at the newest blow for russia's war. we'll be right back. ight back. if you're loud, be louder. if you stand out, stand strong. and if you got the devil on your shoulder... take him for a ride. ordinary tissues burn when theo blows. so puffs plus lotion rescued his nose. with up to 50% more lotion, puffs brings soothing relief. a nose in need deserves puffs indeed. america's #1 lotion tissue. (vo) get the new iphone 14 pro on us. right now t-mobile is including apple business essentialsd. so you can easily manage your team's devices. on the network with more 5g coverage. only from t-mobile for business. my asthma felt anything

that senator turns out he invested in a chinese company called alibaba. which is one of the largest companies in china. a company that does business with the chinese military. it helped the chinese government engage in surveillance against its own people. he was called out for -- by chinese disc -- dissidents. he sold that stock because he was strained into doing so. i know republicans want to make this an issue with me. if they are running the wrong guy to make this issue. mr. hazel: this is a repeated behavior. he ignored the rules because it did not benefit him. the state department took over a year to sell the stocks. that is a repack -- repeated pattern of behavior. after being in washington, 30 years, he is it again. he is hiding from the voters the fact he violated the law. he is investing and not about insider trading. he is not being transparent. that is what this issue is about, it is about ethics, not transparency and a repeated action by law an ascii. one standard for everyone else. moderator: senator two years out of office, donald trump rema

it's down 6.4%, the hang seng, look at alibaba, all down double-digits, down 26%, so that's the reactioncause of president xi at that record third term. neil: you have a problem with yes-men. lauren: oh, that's where we're going with this? uh-huh. neil: to my face, they are? but they aren't really. like this guy could turn on you. lauren: there's no innovation. i like critics. nice critics. neil: you give it to "varney", that's good. i like to see that but it's rare i mean, this guys just, xi-jinping, a third six-year term. i love the way they did anyone opposed? no. lauren: i know but i always question and i know you're talking about tesla too, neil: yes. lauren: but how does covid-zero, how does that strategy work for any multinational or any business doing business in china when you have to lockdown completely? yes, tesla does it because they have that closed cycle. neil: but their calling numbers aren't any better, in fact they are worse given this so make you think about is that really the right strategy. lauren: they are doubling down apparently because of those yes- men. neil: yes

alibaba down 3% even though it could be buying back stock.res could match tencent in that endeavor. a lot of focus naturally on what they had to say, what xi jinping had to say because he did valve victory in the -- did vow victory in the tech space. a quick word also on the price action elsewhere. here we go. yvonne: chips are lower. down some 2%, despite their third-quarter profit rising 16%. that did missed estimates. the oil space. macau casinos, oof. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. >> goldman sachs will be combining its flagship investment banking i

risk and he saw what the government did to crackdown on shadowy lending by platforms, whether it is alibabas, and the risk associated with shadow lending, how do you see the more quiet digitalization in china helping small to medium enterprises that need funding but then the government squelch is it off because it is a risk? charles: the technological standing today is so advanced that you are able to allow finance to go into the lanes of the system and help the little guys now. the problem of the last five years with all the effort is all about not necessarily absorbing the risks for this system so that the banks, the public pulling money that can go to the little guys are risky individually, so we need to create portfolios of little guys so the portfolio is not as risky as individually but the issue is we have all been using fixed income as a tool to finance them. and then everybody is using government's money or public money, or banks money, and charging a risk re--- risk-free arbitrage of risk spread, that is the wrong model. we need to absorb the risk and take the upside, then let the

his venture capital firm was an early investor in companies such as alibaba, meta-platforms, and twitterog is asking banks more questions about their use of private messaging services, and the financial conduct authority inquiring about the frequency and content of exchanges through texting and apps such as whatsapp. regulators handed more than $2 billion in penalties in the u.s. to some of the world's largest banks for failing to monitor employees' communications on unauthorized messaging apps. shares tumbled as the ev maker said it would recall all the cars that has relive -- it has delivered after discovering a defect. while the issue was only found in seven vehicles, it is recalling about 13,000. rivian recently overcame production problems and parts shortages. the chairman of evergrande is set to be putting london's most expensive home up for sale. the family are the alternate owners of the luxury property over looking hyde park. it was purchased in april of 2020 for $232 million. he has seen his net worth slide after a collapse in china's real estate market. pushing evergrande and

>> i want to get to meta, too, sure >> a historic drop yesterday, alibaba. up today this stock had a 5 in front of it yesterday you can see what it has done a full year. rebounding ever so slightly again. investors try to recalibrate >> just ignore the fact they threw a guy out who was the last person >> i don't think it was ignoring yesterday when all the stocks were down 14%. >> no. i'm saying -- >> you thought zero coke was going to lift with the restrictions after the party >> i understand they have been able to recreate the mrna. they will be back. but it hasn't happened yet i don't know >> okay. it's fine to admit you don't know >> weber grills. >> there you sell it at 14, buy it back at 6 and change. that is a trade, right >> we talked about this last week byron trott's firm a combined entity. they want to buyback what they sold wherever stock was 18 go back a while. let's show people the full trip here now we will buy it back, as you said, $6.25. >> summer is over. >> 24% premium to where it closed the other day, to yesterday. and we're not intereste