of the companies, baidu, alibaba, tencent, baidu has suffered -- has suffered the most as far as not being to tap the advertising revenue from those walled gardens. this would be an interesting thing to see if it does play out. haidi: it is the fed versus the markets. kathleen: steve matthews from the bloomberg eco-team, the fed watching team in the region dug into this and was looking at a last-minute of the october meeting showed the federal reserve, the facts saying inflation will go down below 2% this year at a time when their key inflation indicator has risen 4.3% through august. so it continues to rise and jay powell continuing to rely on this and high inflation will abate. there's a lot of uncertainty but a former fed staff economist, she says 400 plus economists can dig down, there's no firm on wall street with that big a staff. the staff forecast could beat wall street consensus. but remember, the fed banks have their own research departments. at the st. louis fed, jim bullard has been in front about this concern about inflation and hiking rates sooner. he says there's a 50%

they are all of the sudden popping up in baidu's searches. also the domestic equivalents of tiktok from bytedance. those videos showing up in other search engines. it's breaking down those walled gardens, which is another way of expressing the monopolistic behavior on the part of these platforms. haidi: our chief north asian correspondent stephen engle there with the reglet tory crackdown. boris johnson said he does not want to turn away chinese investment despite the concerns of his own lawmakers. he spoke exclusively to bloomberg's editor-in-chief and a wide-ranging interview, which also touched on which actions the u.k. is seeking about climate change ahead of the summit. p.m. johnson: when i was running london, i went out several times to china. i had fantastic trips. >> but things have changed. p.m. johnson: the investment in stuff that drives jobs and growth in the country, whether it's in development, whether it's what's happening in greenwich, things have taken off there because of chinese investments. so i'm not going to tell you tha

pin and baidu have dropped but are still positive on a one-year basis.% higher in october and on pace to break a three-month-long losing streak charlie munger's daily journal nearly doubled its alibaba investment in q3 shares of china's nasdaq are also down sharply today after state-owned media said they could face regulatory effects. >> reporter: thanks so much, kelly. the communist party mouthpiece, the people's daily, stressed that the new personal privacy law will govern the export of daily of mainland chinese citizens because of that the law is one that had said that this new export, this governance of exporting data could pose a new challenge for online brokers offering stock trading services for mainland markets or major markets including the u.s. and hong kong. it specifically named futu and fintech as companies that need to clarify how they share data of their mainland chinese customers with foreign regulators such as the s.e.c. as well as finra. it cite sized up fintech for transferring client data to its u.s. partner interactive brokers. futu

other chinese tech names like baidu, blaed have seen their stock prices jump around 20% this monltd butscount to their historical averages. alibaba now at 21 times earnings, lower than its average of 28 times. valuation is only one part of an investment thesis. the question around what chinese regulators could do next remains unanswered but what you are seeing is analysts including those at benchmark saying policy changes are conducive to some company's business models like baidu they see an opportunity in artificial intelligence. there is also reporting this week that the chinese government is amenable to releasing more information to tech companies. >> charlie munger piled in thank you seema mode audio. >>> thattest does it for "the exchange," everybody "power lunch" starts right now >>> boom welcome -- i feel like doing the bewitched thing. welcome to "power lunch" i am kelly evans with scott wapner. the s&p 500 trying to extend its winning streak to seven days the markets are focused on earnings they have been good. is that good enough.

this index is hampered by the fact that alibaba and baidu in there.ok at this two ways and say there's now upside for them to mean revert higher but it's unclear at this point if that's going to be the way facebook is actually improving today but really come back to the pact it's one of those things i put in the category of we just don't know if, in fact, this going to be something that follows through because a lot of the work if you look at what the market's message has been that there might be a cyclical reacceleration, banks higher, industrials doing okay that does not necessarily work to the strengths of the s&p 500 which is predominantly a growth index, dee >> all right, mike, thank you for that. >>> we're looking at crypto and bitcoin shoelding about 61k and looking ahead to the launch of a bitcoin etf. marketplace bakkt is going public they started as a crypto custodian for big investors but developed into a platform for bitcoin futures trading along with an app that users to spend everyday goods it is majority owned by intercontinental exchan

the baidu ministration has criticized you guys for not sending enough doses to africa.art of that response? is there more you can send? >> people should not forget when the pandemic started, we were on the -- we never sold product. we had no industrial experience. we set the goal to make $1 billion this year. that was an extraordinary number. the entire market across many large companies is $500 million. we had made less than $100,000. at the time we made those decisions, it was either in march of 2020 at the beginning of the pandemic. as we know, they were -- we did not know this would be the highest efficacy and duration. if we had known, we would have tried to make more. you are going to see more partnership. francine: do you think we will have sufficient doses to distribute to africa to get vaccinations for 2022? what level do you think we will get? >> i think this is something where we are today. as of this morning, 5.2 billion adults are on the planet. if you have two doses, that is 3 billion doses. over the last 30 days, no projection, the industry as a whole has

taking a look at the likes of baidu. alibaba after what we saw. coming back 6.5% on the day. want to look at cryptocurrencies. the first etf. futures etf on bitcoin. it has put a fire in crypto related stocks. we just heard from howard marks. what he has been saying is three or four years ago, he thought bitcoin was not tradable and no one has been able to explain it to him. but his son talks about it every day. and he is right about it. -- japan on -- we should say modest gains on the nikkei and topics as they look for that one hour of a feeding frenzy one would expect. yen weaker, as well. trade numbers via the deficit actually rising. this is bloomberg. that is the imperial palace in tokyo. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute

an baidu owned video streaming site planned a secondary listing. the u.s.ded company is working within vice chair's -- with investors on the share sale. the listing could take place as soon as the end of this year and raise at least $500 million. one company is moving its headquarters to florida from november 1. the company will permanently close its new york office when it relocates to st. petersburg. it also says it will build an innovation center in the tampa bay region to retain and attract past talent. david: the state of your markets good. if you are a bear, you are on the bench today. green across the equities screen. the other story that is not too obvious is the dollar. that middle column, you see how that is next. currency markets, whilst the equity market is on the way up, the dollar index on track for the fifth week of gains. u.s. 10 year yields are on track for the seventh week of gains. at 155, 156 on the u.s. 10 year. that is the highest level since mid june. in a lot of ways, equity rebounded because of commodities still pushing that inflati

is considering making more data available to search engines which analysts say could bode well for baiduffice to see a slew of weird regulatory crackdown headlines. you p tthink this is over >> many mornings no, i don't think it's over. i don't think that was ever the idea they were smart. they leveraged technology but they have their own culture and that's how they are going to proceed. i think that's going to be reflected in regulatory policy going forward. you're going to have some benefit from government investment and areas they think are important. it means less ennoi vags that will be with us for a long time i think you'll have challenges on even the wap we get exposure to certain chinese companies i think about the variable interest entity structure. alibaba is a structure like that what happens when you're no longer able to get exposure. in terms of what we're doing, i think it has to be nuanced they're not cheap from an absolute standpoint. chinese exposure should be below benchmark. that's clear you stay out of the cross hairs and additional regulatory issues these are the thi

baidu, a feeling that tech will come back given what happened at the u.s.the basis of strong earnings. one of the things responsible for the japanese markets, japanese markets are moving to the upside. about half of 1%. it is tech again responsible for this. tokyo is one of the biggest gainers along with retailing. we have that as we going into the lunch break and tokyo. up next, our exclusive interview that vonnie: is 10:29 a.m. in china and hong kong. i'm vonnie quinn with the first word headlines. korean stocks prepare early games after japan said north korea fired would appear to be to ballistic missiles. the japanese prime minister calls the launches regrettable and says his government is seeking more information. it comes hours after u.s. envoy met south korean diplomat in washington and told reporters washington has no hostile intent towards north korea. the fda's planning to allow a mix-and-match approach of covid booster shots. the agency may act this week on the plan. the fda will not recommend one vaccine over another, but may say it's preferable

unless you are a chinese adr, baidu, they underperformed. biotech up .1%. but let's talk about the big macro issue at hand, and that is inflation, specifically commodity inflation. you can start to see the correlation between stocks and oil, which tends to be pretty positive. now turning negative, telling you the surgeon oil prices are a negative for stocks. rates are kind of a negative to some of those big technology companies like facebook, microsoft and amazon. bloomberg technology putting out a report that the most exposed to rate increase risks will be your social media companies. snapchat, pinterest, these are the companies you want to watch when they are starting to talk about rate increases. you saw a hint of that inverse dynamic today with rates dropping a little bit and these names ending higher on the day. whether that pattern continues is something to watch. >> let's get to the breaking news -- apple is cutting its production target by as many as 10 million units. this isn't just about apple but the supply chain. apple telling its manufacturing

freya: we are monitoring the data on the high-frequency data that we can scrape from baidu and prettyh anywhere we can because it is such an important question. i think essentially, the property market model that had been in place for decades in china is now broken. that is a massive statement. it is hard to explain exactly how big that is. but evergrande is sort of the canary in the coal mine of a chapter of growth of economic history, the debt model is ending, and we are moving into hopefully a greener outlook, but the question still remains on the debt side of things. that may be a question of a longer outlook, but in the meantime, that previous chapter is going to have a various sting in the tail for the next 12 months. essentially, to put it in a nutshell, the chinese policy put is no longer effective in the way it has been in the past many cycles we have had over the financial crisis. alix: markets don't seem to care. i don't see any contagion, even if there may be a pboc cut, for example, to help. why do you think that is? should there be a bigger reaction of contagion? freya:

100 because there are a number of them within the nasdaq 100, you see here, netease, pinduoduo and baidu is off their session highs. one of the big etfs, kweb still up a percent to put things in perspective, if you take a look at the period we've seen in the last year that particular etf that attracts chinese internet stocks is down roughly 50% plus from where we've seen it over the course of the year just in a year-to-date period. a little perspective there on southeast bounces that we've seen with regard to these chinese internet names they still got a long way to go to get back where they were earlier this year. >> certainly quite a decline there. thanks so much for filling us in there. we want to bring you in now allow. thank you for joining us curious for you thoughts on what dom just laid out. what are the opportunities you see now in the nasdaq? >> well, i think, first of all, thanks for having me it's a plea sure to be here. there's so many inputs that the market is trying to grapple with all these macros we're looking at the debate on whether or not the inflationary pressures we

are conducive to some company's business models like baidu they see an opportunity in artificial intelligence. there is also reporting this week that the chinese government is amenable to releasing more information to tech companies. >> charlie munger piled in thank you seema mode audio. >>> thattest does it for "the exchange," everybody "power lunch" starts right now >>> boom welcome -- i feel like doing the bewitched thing. welcome to "power lunch" i am kelly evans with scott wapner. the s&p 500 trying to extend its winning streak to seven days the markets are focused on earnings they have been good. is that good enough. >>> plus, the paypal splsh pinterest deal we will speak with an analyst who say it is an act of desperation on paypal's part. >>> good news when it comes to tax increases. "power lunch" starts right now sthchlt we begin with breaking news from the fed. let's go to steve liesman. >> the federal reserve at this time announcing sweeping new rules to bar federal reserve officials from purchasing individual securities. pribtsz buying stocks and bonds, in agency securities or mor

baidu moving lower, but sitting at the top are health care firms walgreens alliance and united healthens posted fourth quarter revenue and adjusted profits above analyst estimates, seeing growth as much as 13% if. unitedhealth has just been a killer, also raised its full-year outlook for 2021 and said it expects a smaller impact from covid-19 costs next year but walgreens boost really spiking, up 7.5%. beyond meat getting some lift after mcdonald's said it would be testing the mcplant burger in eight locations next month. the fast food giant has already started selling the sandwich internationally and represents an opportunity for the faux meat maker to access mcdonald's global footprint. mickey d's up 14%, adding another three-quarters of a percent on the session, and beyond meat up 2.25, but it's still down about 14% year to date. >>> from burgers to subs, san witch shop jersey mike's has an unbelievably ambitious plan to expand from wherever it is right now, way beyond the jersey shore, to the location near you. founder and ceo peter can crow is here live with the details on how je

not slamming them, i'm just saying this isn't those size trades these are big trades the likes of baidu of these chinese stocks they were just waiting basically for the ccp to stop hammering these names. if they have indeed stopped, then these stocks could see dramatic upside. we've been buying them for about the last week or ten days. >> we'll see decent move lately we'll see if it's longlasting. staff with the "half." unusual acvi inetitys xt you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what the world needs now... is people. people who see healthcare a little bit differently. where technology helps doctors provide more precise care... leading to faster, better outcomes and puts improved health in all of our hands. because seeing a healthier world isn't far in the future. we're building it... now. ge. building a world that works. >>> all right, doc, unusual, what do you got today? >> well, scott, we were just talkin

regulated, take alibaba for example, and other companies like tencent have been much less regulated, or baiduwe looked at the chart in terms of where these companies are on the regulatory process, if you had to force me, i would say maybe about halfway through. the key point is everyone is going to be affected very differently. dani: only about halfway through, that is something that market watchers will not be too comforted to hear. if we are only about halfway through, what is the next leg of this regulation and scrutiny from china? >> i think in terms of what the government wants to do and how it is going to implement it, i think that has already been done. i think all the bad news around that is already out there, but some companies have not been touched yet. it is more a question of who is going to have regulations imposed on them rather than the actual regulations themselves. if you look at that part of it, we are really only halfway through. terms of what the regulatory environment will look like, it is much more complete in terms of what china intends to do and how it intends to get t

that's continue to take a look at these internet related stocks. 5.7% down for the former tencent and baiduso weaker in the session. let's see what is happening coming through. this is the national bureau of statistics, and that is the news conference taking place in beijing. china is saying they see an improvement in china's coal supply looking ahead, talking about the property market expecting to keep stable. calming and soothing words coming from the news conference. property sectors impact on economic growth is a limited one. let's talk about what we have coming up on bloomberg markets. indonesia's finance minister is seeing more than anticipated. stronger recovery in the nation. we have our interview next. this is bloomberg. ♪ yvonne: taking a look at key stories and data we are watching out of southeast asia. singapore set to reopen travel with china and australia. setting a phone call in which president xi jinping and the prime minister say that china was willing to resume travel. meanwhile, australia is in talks with a lion city about a travel bubble. the philippine central-bank gov