plus how to play the china reopening, why one portfolio manager sees opportunity in alibaba, nvidia. but we start with the tech turmoil. no santa claus rally in sight. nasdaq falling 1.4% yesterday and now down more than 30% on the year and that is on pace to break a three year winning streak with the index's worst performance since 2008 take a look at some of the valuation declines amazon and apple losing more than $800 billion in market cap. alphabet and michrosoft and tesa not far behind these six stocks on the screen plus nvidia, they have lost about 5 it would in combined value, and they are responsible for about half of the entire u.s. market losses which really tells you a lot about this year and the role that big tech has played >> yeah, just the fact that those seven companies all tech companies of course could be responsible for $5 trillion in combined valuation loss really tells the story of how much has changed this year. if you look back at january where we were in january, how things have changed dramatically since the war in ukraine and then the total tech wreck, what

of alibaba, um, jack ma founded it as you probably know, and he was working initially kind of out of one apartment with, you know, a few friends. but once he got american venture capital with that crucial cayman parent company, that meant you could give stock options to new employees. you took those options, which, by the way, he didn't know what they were until an american explained them to him. he took those options and he used them to hire world class talent that allowed him to build a world class company. i don't think alibaba would necessarily have worked out in a tool the same way if he hadn't done that. his chief technology was somebody he stole from yahoo! how could you steal? was an established company, was like a superstar in silicon valley at the time. how could a small chinese startup's steal this guy from yahoo? the answer was they gave us tons of stock options and then they said, oh, that's not we'll give you extra more stock so you can hire a whole team to for you and you can stay in silicon valley and they can be your engineering team, but you're going to build a tech

if you look at the headlines out of the government, we said this -- investing in alibaba has been about attack on the company. if you look across the e-commerce space, it took 10 cent, which i argued was the most interesting tech company. it was an incubator, platform, social network, and they were under the thumbnail of the government when ant financial did a billion dollars a couple weeks ago, to me, that is the final settlement, the ring kissing investing in china internet is back in. i also think some of these companies have cone what they need to do with u.s. regulators. there's a lot of bustle back and forth in term of getting delisted right now, if you look at the kweb i think you can stay in the trade, because china the only central bank that's easing i think that trade continues to go higher. >> jeff mills, i'd like to get your take on this. because at various points over the last couple of years, the naritive has been around for china investing about the regulatory crackdown the economic effects of the zero covid policy there as things shake out, we talk about, is it investabl

stock exchange is easing for some big names, alibaba, jd.com.ning is now is our guest to covers the chinese markets and some of these names, and the reason they rallied is because of an update as to whether on not they would be delisted, and is the threat diminishing somewhat? >> yes, for sure. this is a very important stuff resulting this long-standing dispute between the u.s. and china in one investor described it as an early christmas gift, because they thought delisting was the biggest concern as they see for the chinese adr names from alibaba to jd.com, and the update today -- caroline: that being? that does it for this edition of "bloomberg technology." ultimately what authority? >> the auditing watchdog. caroline: ah. >> they put out a statement and were finally able to get the full auditing access of those chinese companies, and it is the first time in history, before beijing was trying to deny access for national security concerns, so beijing, and remember beijing and washington reach like a luminary deal during the summertime, but then

well, in the czech republic, at the alibaba training ground, training of ukrainian military personnel in the amount of about 800 people began , such a decision was made by the authorities very quickly and the reason for this is hope for goodies. it is hoped in prague that the 42 million dollars of czech taxpayers that will be spent on vushnikov training will be blind compensated. but hungary abandoned the idea of ​​training ukrainian fighters, the representative of the country said that budapest does not intend to become like some european countries and is moving towards peace, not war, moreover, prime minister viktor orban even called for a review of sanctions against russia he supported the macron's statement that the conflict in ukraine affects the eu and the us differently in his opinion, if europe wants its industry to survive, it must be resolved quickly energy crisis, and for this you need. way to rethink the sanctions policy , belarusians and russians wishing to enter lithuania will have to answer questions about the military operation in ukraine in the migration department no

. >> i want to talk about alibaba for a sec if i can. >> sure. >> because the stock is up again. if you want to call it that, for china itself. >> right. >> it's been an important week there in terms of covid restrictions coming off. we tonight have active numbers in terms of how the virus is spreading. we do hear reports as well in beijing people are staying home. i should point out, eunice, we haven't seen her because i think she's taking a well-deserved break. >> yeah. >> joe sy selling his alibaba. perhaps as much as 8% of his holdings of course, he owns brooklyn nets. >> yeah. maybe he's buying some. >> he owns an apartment on central park south that he paid about 1 88 million bucks for >> nice guy. >> joe's a very nice guy. >> estee lauder is down. charitable trust name. estee lauder is keion china reopening. >> they are relying on cleaning your face which is not as good as gross margins they're betting the chinese are going to come back also particularly related to travel rmp why is harry's ringing the opening bell >> why wouldn't harry be ringing the opening bell >> remem

we saw alibaba pretty tightlipped about how singles' day actually went.hat is kind of an indication that it probably wasn't that good. as they pull back on the restricted policy for covid nbc the number of cases spread and rise through the country, there are eyes from american tech, eyes from the global supply chain towards china under consumer but also how they will react to what we are seeing and what the health of the consumer in that market is. right now, a mixed picture. >> continued and pretty murky picture when it comes to geopolitics in particular. we build on your great focus on the consumer to geopolitics in the biden administration. it is planning on putting more than 30 chinese japanese on a trade blacklist which would prevent them from buying certain american components. that deepens tensions between the two economic superpowers in the world. let's bring in tom giles here for more. just talk to us about this entity list, memory choque -- memberships here. what does it mean for these 30 companies? >> this will put big limits on the ability to

so this data could impact the shares of good names like alibaba, jd.com. know you're on top of this. ed: we are looking from the supply chain side american companies impacted by the businesses in geithner and the chinese tech companies themselves. hope -- soon we will get the information from november data. we see a construction -- contraction in the retail sales. e-commerce is in the heart of that story. we had soft leading indicators of certain markets with ev falling sharply in the month of november. alibaba tightlipped on how singles' day went. which is an indication it was not good. but as they pull back on restrictive policy with covid. we see the number of cases rise through the country, there is bias for american -- buyers from american tech and supply chains from china by the consumer. and how their reaction to policy and what we see in the health and the consumer market is. caroline: and a continued murky picture when it comes to geopolitics. we build on your great focus on the consumer to geopolitics in the biden administration. it is planning t

it's a relief for major listed chinese companies, like alibaba. meanwhile, in a separate development of the u. s. is planning to place chinese chip maker y m t c on 35 other chinese firms on a trade black list. it would prevent them from buying american heart on software in areas like artificial intelligence and advanced computing. washington says it fears china will use such technology to strengthen its military. twitter has suspended the a kind of several journalists that have previously covered unwritten up by the company. and its recent take over i. e long mosque risers for the new york times and the washington post among others find their account disabled by mosque was previously called himself a free speech. absolutely. and it's now 3 months since poland inaugurated a canal that would allow ships to reach the baltic sea without having to bypass rushing waters. since its opening, the 1300 meter waterway hasn't only proven to be symbolically significant. it's also proving at all for tourists. ah, this fishing boat isn't here for a catch. it's out of service due to over fishing, b

we have seen the likes of alibaba, tencent, even country garden showing bullish signs. so you can see gains being extended to 2023. in the fx space, it is about the dollar. the dollar currently rising, putting a lot of pressure on the peso, on the single or and the canadian dollar as well. but remaining resilient, 2/10 of 1% up. it is the best performer in asia for the quarter. and of course, it is about the bond market story. we are seeing yields trending downwards. tracking what we saw in the u.s., we are the likes of cathie wood saying the bond market in particular suggesting it is more worried about deflation, rather than deflation -- rather than inflation, and that the fed is wrong in its tightening. rishaad: ok, let's have a look at the hong kong reopening's in more detail here as you mentioned. we've seen the territory now being reported, they are going to be opening up in the sense that we will have mask mandates removed altogether, scrapped, if you will. we could be seeing some easing of the testing requirements for arriving passengers. all of this combined wit

o provide information for cold and cough medicine chinese technology like tencent and meituan and alibaba surging. and mgm china and wynn macau is up double digits this is all happening one week after the covid control measures spilled into public protests from shanghai to beijing some calling for the resignation of xi jinping. and we hear foxconn is expecting the covid plant, the largest iphone factory in the world, to resume 100% production seema. >> fascinating to see the turn of events there. now to see the cost government responding thank you, silvana. >>> to another developing story this morning the start of what would be a volatile time ahead. more questions about what is going to happen next brian sullivan is in brussels with more on the flurry of headlines. brian. >> reporter: seema, isn't it weird and ironic on the day of the oil regulations and price c caps kick in, china decides it will reopen and consume more oil? coinc coincidence? i'll talk about that all day on cnbc let's talk about the flurry of oil headlines. opec met virtually yesterday they continued the round of cuts

the chinese companies like alibaba. now us movie theaters are hoping for a much needed festive boost from the new avatar sequel. the way of water took it, took $17000000.00 on its opening night in the us and canada some distance behind the recently released black past the what canada, rafa took $28000000.00 on its 1st night. the original avatar is the highest grossing movie of all time. the 2nd installment, fortunately, costs disney around $350000000.00 made. let's discuss that further with financial correspondent in new york, yen quarters of the new york stock exchange force. yeah, this is the whole movie theater industry over the counting on this film doing well, i've christmas. sure. and i mean, especially for our time there is a lot of money at stake. it is among the most expensive movies of all time so far. the most expensive movie was the 4th installment of the pirates of the caribbean, and back then costing about $380000000.00. but sure, if we look at the broader industry, what it's all about that, what you hear

november we saw it for many of the individual stocks that we watch typically on the show such as alibaba, jd.com. so what did that tell us about where china was headed if those stocks were bottoming months before zero covid was lifted, guy? do you look at this maybe now that that was it you sell the news, so to speak >> yeah, well, listen, you know this alibaba has been in a downtrend basically the better part of two and a half years i think what you've just seen from that low of about 58.60 on an intraday low, is exactly that the reopening trade in cheaina, that would be very bullish but does that make it if they reopen in a meaningful way, it adds to the pretty visible inflation problem? i don't know that a china reopen or robust china helps in the long run what we're trying to combat. >> it seems like it might complicate things, jeff mills. by the time china gets to herd ' immunity status or where it can manage the waves of covid we're seeing, that should be when the federal reserve's rate hikes take effect because of that lag effect there so you have all of that hitting the economy a

jd.com, alibaba, alibaba up 4% the news is also lifting macao casino stocks. las vegas sands and wynn are benefitting this afternoon, and with the s&p on pace for its seventh worst year ever, what are the odds 2023 is that bad? bob pisani is at the new york stock exchange >> the short answer is the odds are not very good it will happen again, but it could. there's a lot of people worried with a down year in 2022 and still heading down, 2023 could be another down year it's possible but statistically very unlikely. this is where it's important to know about market history. there's been actually only four periods, four series of events where the s&p has been down back to back years. down once four years in a row in the depression, '23 to '32, and then from '31 to '41, and then down two years in a row during the big oil crisis in 1973 to 1974 so really only four times has it ever been down back-to-back more than two or mere years in a row. the last consecutive down years, as you saw there, 2000 to 2002 another important question is, down 20% years, this is very un

actually outperforming taking market share, becoming prof profitable names that aren't the usual alibabasduoduo, they've used the crackdown to their advantage in the recent quarter, pinduoduo up 65% that compares to baba's 3% tencent revenue declined in its latest quarter pinduoduo has outperformed by a large margin some of the other names. if you're betting on chinese tech as a group, most analysts recommend caution. the reopening isn't that straightforward. it's likely to be bumpy as i know your previous guest of the hour described it. >> hedge fund nwi saying they're short china against the mexican peso, they think it's going to be bumpy, not a straight shot. >>> "into the close. the dow remains higher as mentioned some of the value stocks are working today we're talking about caterpillar which is actually adding the most to the dow. chevron, png, salesforce the s&p, energy, utilities, materials all green. tech is getting hit. communication services and technology higher treasury yields the china reopening is adding bullishness, helping a lot of the china exposed names. also pressuring

but you are seeing alibaba health down some 8%. beijing reporting two covid deaths on sunday.eople are saying, the numbers do not add up given what they are seeing on the ground. plenty more in the next hour. stay with us. this is bloomberg. ♪ >> it is almost 11:00 a.m. in singapore and shanghai. welcome to "bloomberg markets: asia." i am haslinda amin. david: i am david ingalls. i that china was because top leaders hint at it for business push with a focus on boosting the economy and a place to arrive consumption, but concerns arising over china's official covid fatality data as reports report to research in the number of debt arriving in funeral parlors. elon musk in the twitter space is asking users whether he should step down as the head of the social media service. he promises to abide by the results of that poll. haslinda: never a dull moment when it comes to elon musk. in the market it has been a brutal year, it has been challenging, and no signs of that abating. take a look at the benchmarks in asia, but he might read across the board, and investors focused on the pros

first exposures that we're going to see in the market to companies like meta and nvidia and also alibabact that china will be a big theme, china is an important market so having exposure for something like alibaba would be a big proxy for investors looking for magnified exposure and the market has evolved over the years and people are looking for more concentrated exposures and a different type of exposure other than what tom was saying your broad-based exposure that haven't worked this year >> will and tom, thank you both for that we'll have plenty more including single-stock etfs at 1:00 p.m. including the convoluted picture of commodities as we have conflicting crosscurrents both here and in the u.s. and abroad and that's all ahead on etf edge.cnbc.com. keep it here halftime reports right after this commercial break. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me acces

the alibaba group is an online retail giant dubbed the chinese and the oh oh oh, yeah. oh baba is investing $15000000000.00 in research facilities in china, but also in the us, russia and israel. it is very important for the company to invest and without technology, we saw the ai, artificial intelligence i use going to be difficult for the company. and it's not only for auto biasing for many, many companies. so this why we invest a lot to help customers to improve the experiences. like the look of this dress with one click, ali baba offers a myriad of similar options. it takes mere seconds to review millions of items listed on its website. so basically the technology hand to recognize what is in the picture and where to produce it is we know where to progress and dana and dana extract features. and then we'll compare a with, or the part of the we have didn't send back are the same or similar products to our customers. the chinese are now even more dependent on their smartphones than western countries . a host of vital services are centralized within a few online platfor

alibaba has also pulled back, along with other chinese was to companies in new york.t was one of the early advantages of the morning, but now more cautiousness across the board. matt: there's a look at some of the movers in these markets. u.s. ism services data came out and we caught up with someone from edward jones, who says to spec market volatility overhead. >> we have had a strong run since that september 30 period. yes, we are headed toward a seasonally strong part of the year, but perhaps some of that was frontloaded already. bit of volatility, and keep in mind that when there is a lot of tax loss harvesting, december can be a rally. that, in our view, can be strong, especially if investors are positioning for the year ahead. jon: let's talk a little bit more about the year ahead. stephen parker, the head of jp morgan private bank. we are at the point now where investors have to consider where the economy is going with those higher rates, even thinking about the recessionary outlook. is it also worth asking the question of what kind of recession we might be sta

alibaba and home to the world's largest camera maker.ore that reason they were very embracing of this technology to do everything from keeping the streets clean to discovering people's interest on the street. the city has systems that were built by ctc, which is the same kind of chinese contractor that makes a lot of the surveillance systems in xinjiang. so the same surveillance system in xinjiang that were used on uyghurs were actually used to pick up people's interest to the city police. these like criminals or it would bed drug pushers. generally people that you don't want to see on the streets anyway. systems like is a very attractive come but let me maybe perhaps talk a little about the law and order unit that i visited and we had unprecedented access to. i found a district in hangzhou in which the hangzhou -- they are like junior varsity place in china. they are essentially making -- >> like littering, that sort of stuff, yeah. >> so not in charge of arresting criminals but whether in charge of escaping thehe streets cleanr trash p

that's giving names like alibaba a slight boost this morning. talk about that later this hour. >>> check out credit suisse is moving higher as the bank moves closer to completing a $4 billion stock sale saudi arabia's crown prince along with some others are looking at equity stakes in the company's rebranded investment banking arm. those shares are up 4.5% so beaten down this year david? >> a rebound, they'll take it. they'll take whatever they can get. friday's strong jobs report renewing calls for higher rate hikes and leaving many wonder if we really can have a soft landing still in the picture steve liesman joins us to break it all down for us steve? >> yeah, that was a heck of a suite of recessionary data rick just reported, i caesar casticly ism services and factory orders beating expectations along with a strong jobs report friday, marking another data point that beat expectations. define the prevailing outlook for a cooling economy, careening towards a recession. at least for the moment. but the main outlook this morning showing most if

, alibaba, and it's also home to the world's largest camera maker, hikvision. and before that reason, hangzhou is just very embracing of this sort of technology to do everything from keeping the streets clean to discovering people of interest on the street. so so the city actually has this systems that were built by city. and for some background, see, etsy is the same kind of chinese defense contractor that makes a lot of the surveillance systems in xinjiang. so the same surveillance systems in zeitoun that were used to spot leaders were actually used to pick out people of interest to the city. police in hangzhou itself. and these would be like criminal fugitives or it would be drug pushers that they had their faces on the list. generally, people that you don't want to see on the streets anyway. so systems like these are very attractive, but let me maybe, perhaps talk a little bit about the law and order unit that i visited, and we had an open president access to i found a district in hangzhou in which the hangzhou chengguan and the channel one are like junior

tech has made those gains as well, you see alibaba and tencent, all up. if you take a look at the rest of the reason -- region, it seems like we had that hangover on that reopening story. the bond market sold off, these stocks are actually on offer here today for much of the region. ev makers, 11% drop with the tesla stock. we are seeing a lot of peers in negative territory. most of the region here is actually in the red. the kospi, down some 2%. yesterday, a lot of optimism. it seems like good news can be bad news for markets as well if we do see a full reopening. what does that mean for inflation? can prices really pick up? taking a look at when it comes to oil markets, it is that recovery bets for china that is fueling a lot of this. iron ore, rare on august highs, copper is up 1.6%. brent, close to $85. you have that hold with russia when it comes to curbs and oil exports, foreign buyers are adhering to the price controls. this is bloomberg. ♪ francine: in 1971, wire and plastic products plc made shopping baskets. in 2022, wpp, as it is now known, is

i'm hashem, alibaba shock, hopelessness and anger. afghan women are coming to terms with the latest taliban decision that crashes their rights. banning them from universities has provoked condemnation from around the world. it is expected to further push back the taliban government's attempts to be accepted by world powers. laura han finds out what's behind this action. oh, this defiant group of students is taking a stand against the taliban, withdrawing their education. they say their ambitions and dreams cannot be taken from them. my poem, bohack matthew oscar in the 21st century. if there is no education, we will vanish from the face of the earth. no one is going to take us seriously, and we won't be able to demand our rights only with education. can we understand our rights and responsibilities? this was the notification of an indefinite ban on women's university education. a gynecologist in kabul says a lack of female doctors could put lives in danger. if there is no scores, no universities and no gynecologist, female doctors, that number of our or maternity mortality rate is increasin

but apparently you could buy that on online retailer alibaba cost you $5000 . but that's it looks.se for dad or mom, not go, everyone wins. to win win the u . s wins on saturday morning -(stella panting) -the vet called. stella's test results came back. he wants me to bring her in...today. oh, no. come here, you. oh, jay, i'm so sorry. that is the bad thing about loving animals, right? but think about all the wonderful things you gave her, like a beautiful home, delicious food... (lid thuds) ...our marital bed. i'm sorry, jay. stella will not be forgotten. i'm not putting her down, you goblin. she needs a surgery. that is such great news. oh, what's wrong with stella? she has an elongated soft palate, which is why sometimes it's hard for her to breathe. and she snores a lot. any chance that they can do you, too? this is a serious operation. they have to put her out.

meanwhile, the home to the tencent, alibaba testing requirements for entry in most public venues.will keep their output unchanged. this as they take stock of a market that is roiled by uncertainty over chinese demand in western supply. the group held a roughly 20 minute online meeting on sunday. the decision is expected to hold for at least a few months until its monitoring committee meets once again in february. to south korea now. the president has asked his cabinet to prepare a return to work order. this as damage has been increasing with $2.3 million worth of products in oil and steel. also other sectors that are able to be transported as of saturday. they seek to advance debt negotiations. evergrande is put into get support for the plan for offshore creditors. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. >> easing some covid restrictions. the chinese leadership is looking for off ramps after protests against the nation's stringentr a cut last week. wonderf

in hangzhou, home to tech giant alibaba, testing requirements for entry into most public venues willbe dropped. u.s. secretary of defense lloyd austin says the u.s. is building a more lethal force posture in the indo pacific as part of efforts to make sure china does not dominate the region. austin says china is the only country with both the will and power to reshape the region and added the u.s. would sharpen its war fighting advantages and bolster its force presence. evergrande's offshore creditors are said to have signed confidentiality agreements as they seek to advance debt negotiations with the chinese developer. sources tell us the talks were beginning over the weekend. evergrande is aiming to present a restructuring proposal for its dollar debt as soon as this week and is hoping to get support for the plan from offshore creditors in february. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am su keenan. this is bloomberg. haidi: let's take a look at how we are fearing a half an hour

embrace right after the economic or conference, the party secretary visiting the headquarters of alibaba, figurative and symbolic embrace of the best-known internet company in china, looking very much like beijing has growth on his mind and made it a priority. the exit from covid and i think it is looking like there will be a lot of emphasis on trying to help private business in 2023. shery: how bumpy is the exit from covid zero? we are not getting any fatality numbers from beijing authorities. what signals are we getting on the ground, though? >> beijing and the hold of china has not reported a covid death in two weeks since early december. there have been anecdotal signs and reports of more than normal activity at funeral homes, crematorium's in the capital. it suggests that fatalities might be happening that are not being reported or are not being reported to covid. the exact nature of how many people are dying from covid is not especially killinger right now. the human tragedy of those deaths and the thing for markets is if they are is a rapid spike in the number of deaths in china,

like alibaba, all three of these companies surged on this news only to fall back by the close as justchmark did fall on central-bank comments. essentially, they did surge on the news because it removes a major hurdle or a major pressure, if you will, that was potentially going to lead to delisting of these companies if they did not open up the audit books to u.s. inspectors. those inspectors from the united states, the pca ob they came to hong kong and they are saying that they have satisfactorily reviewed these documents. they are not ending the investigation, they will continue and ramp it up in 2020 that's what the charitable bloomberg news. >> our work is just beginning, this is the beginning, not the end. we already are making plans to have teams on the ground in 2023 in order to continue our regular inspections there. if china denies our access, if there are any impediments they put in our way, we will not hesitate to make a determination immediately next year. stephen: erika williams was saying they will pick up the efforts if china does decide to pull back on giving access to

meanwhile, hangzhou, home to tech giant alibaba, testing requirements for vent -- entry at most publicpped. the u.s. is building a more lethal force posture is in the indo pacific. this is part of efforts to make sure china does not dominate the region. austin says china is the only country that has the will and the power to reshape the area. evergrande's offshore creditors are said to have signed confidentiality agreements as they seek to advance that negotiations with the chinese developer. sources tell us that talks began over the weekend. evergrande is trying to present a restructuring of its dollar debt as soon as this week and is hoping to get some support for the plan from creditors in february. to south korea. the court has rejected a protest from shin's arrest warrant. he is facing allegations of fraud after the collapse of the terra luna stablecoin. his cofounder's fate is still unknown. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. rishaad: than

if you look at the u.s., facebook is down more than alibaba.here is risk everywhere in the markets. i would argue the dislocation coupled with the attractive growth potential in the cloud business for alibaa other areas are immensely attractive for investors at this stage of the cycle. plus you have the dollar. that's another tailwind it will move higher as this continues to we can. >> are valuations more broadly adequately well reflecting of the potential for further profit erosion going into next year? >> you should expect for earnings to be revised lower. conversely, i would point to the price-to-book multiples. you are getting record low multiples particularly encyclicals. if you look at the spreads between cyclicals and defensive's, you have the widest dislocations going back to march of 2020 as well as march 2009. you have people sitting in big pharma, staples, energy and utilities and they are all pricey. others i would argue are much more discounted. for example, homebuilders is a group that everyone has been negative on. they are beati

alibaba, listed 11 percentage points during the same period. steady shifting to asia showing traders are continuing to hedge risks associated with the u.s. china spat. coming up, everyone is doing it, are you? lens, the latesta ai to make your selfies look better. all that next. this is bloomberg. ♪ ed: that is us. that is caroline right there. that is supposedly me. using the lensa ai app. all in one imaging editing app or yourself these. -- selfies. caroline: use are good, does this remotely looked like me? not in the slightest i am a bit depressed. ed: i just morphed into an artistic eye italian -- italian gentlemen. caroline: i morphed into someone i do not recognize, but was really hot. ed: a lot of my photos were rejected. we are back. caroline: there is one photo where i look so unwell and miserable and completely u nlike myself i was a bit depressed. it felt like my inside after holiday parties. some people out there, think this sort of ai, to greeley chatgpt are great strides in technology. ed: is this the best thing since sliced bread

kw quarantines and three days of monitoring oversea visits are required to isolate for eight days alibaba and jd.com all popping in the pre-market trade. we will continue to monitor the headlines this morning that's the reason why you are seeing some optimism in u.s. and chinese listed and linked type stocks as you see there. >>> stock futures are losing steam over the course of the morning. checking the s&p futures the last six hours we now dipped slightly into the red. some negativity there. marginally so. wall street is trying to keep the renewed momentum going into the holiday weekend if it can. all three major indices up two days in a row, but with six trading sessions left in this month and the year, a lot of red to overcome. the dow, s&p and nasdaq all down between 3.5% and 6.5% just for the month of december alone. kevin simpson is the founder and chief investment officer at capital wealth planning. he manages money for clients kevin, we talk about this time being seasonally strong. should we be worried that december is shaping up to be as negatively right now >> it is a shame we

the home to tech giant alibaba has also dropped testing to enter offices and supermarkets. bankman-fried says he will testify before the u.s. congress. the chair of the house financial services committee invited the founder of collapsed crypto exchange ftx to join the panel's hearing for next week. bateman says he will appear but only after he has finished quote, learning and reviewing the events that led to the implosion. he says that will --he is not sure that will be in time for the hearing. the uk's rail union has rejected an offer that would end the strike before christmas. it includes a pay rise of 4% including reforms to practices. rail workers who claim strikes on eight days in december and january grow a growing wave of workers taking industrial action in the u.k. overpay. -- over pay. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you very much, so dani, we had the chairman ask a layman on friday -- axel leh mann on friday. but mohamed b

we've heard about this free port in luxembourg, before is it like alibaba? if you go up to the cave and say, open sesame and a wealth of treasures appear via he said, we wanted to see what's there for the thought. how is it stored? is it cleared through customs who control of that sort? is there tax evasion? by here, while the owners, i think the ang tumor, the committee eventually received an invitation to the luxembourg freeport. in february 2018 is east and bunker, and then it looks like a bunker nor a present scene, but we couldn't see what was stored there been. ah, i was curious that i said i got i left with many more questions than i had before. i see, and the answers were very few and far between us. yeah. josh bailey, an international agreement on the disclosure of bank account data went into effect in 2017. since then, it's been much harder to hide money in banks, investment in ours and other valuable collectibles. has been increasing and these objects need to be stored as is done the shortage, it's not just switzerland with customers warehouses. m

singles' day, the alibaba big event held november 11, well, alibaba never even published the sales figuresyear because, likely, the numbers were a contraction. also, the automobile association in china is essentially saying that november sales have fallen off a cliff 9.5% year-over-year. that was a key driver of consumption through the summer. now, even automobile cells are petering out. >> our chief north asian correspondent stephen engle there ahead of the data. let's get to vonnie quinn with the first word headlines. >> u.s. regulators are taking the first step towards the most widespread rebound in stock trading in more than a decade aimed at spurring better prices for investors and directing more businesses to traditional exchanges. the sec laid out four proposals that it says it can use to without also competition affecting pricing and disclosures that brokers must make to clients. oil prices could rally next year as sanctions squeeze russian supplies and demand beads earlier expectations. the iea says russian output is expected to plunge 14%. the agency sees higher demand from india

and then there's other things like the singles' day on november 11, alibaba did not even post their full year of gross merchandise value numbers, because speculating it was quite bad. so this is bad for an economy that is trying to shift as we've heard the number of narratives from government agencies and government bodies essentially saying we need to shift the growth including over the next 12 according to the central committee and state council. domestic consumption is going to be the focus with a very shaky and what they said was a complex and grave external condition. retail sales, bad. industrial production, worse than expected. we know about those factory disruptions because of covid and also the protest that foxconn and the like where they saw sales dip in november. industrial production grew just 2.2%, much worse than expected. these are numbers, dave, that are just so much lower than what we've come to expect from china's industrial. haslinda: perhaps it is darkest before dawn. there is a silver lining out there. we heard about how the meeting on thursday was called off and now

chinese consumer tech names, including jd.com, pinduoduo and alibaba., your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. (woman 1) i just switched to verizon business unlimited. it's just right for my little business. of...this. unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today. >>> you're looking at a big tech name that's taking a beating this year. but morgan stanley thinks it could rally as much as 64% in 2023 it can overcome any supply chain disruption to find out which stock this is, go to cnbc pro "tech check" will be back in just a moment. this is not just laundry. this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gea

you can see the major tech names like alibaba down 3.8% meituan down 6%. casinos are getting hit. you see wynn macau down 3% this is on the concern the economy may not be able to reopen as fast as people are hoping china is adding intensive care facilities as beijing continues to roll back anti-virus controls the country called for the full mobilization of hospitals and adding staff as the government reported 10,000 new infections on sunday. last week, china began winding down the zero covid approach launching a ten-point plan and boosti boosting vaccinations. sam filed this report. >> reporter: china is wrestle thing with covid curbs people outside clinics and hospitals and pharmacies is the latest sign of the concern of the spread it comes a week after china dismantled the harsh zero covid strategy including nationwide testing to take public transport and go to the supermarket. now one would think an easing of the tough rules would see people come out in droves pictures out of cities like beijing over the weekend show the streets quiet as government impo