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. i am vonnie quinn. this is bloomberg. shery. shery: retail sales defying expectations in august and posting solid gains across most categories as a resilient u.s. consumer caps on shopping. kathleen hays -- kept on shopping. kathleen hays is here. kathleen: economists will say never bet against the american consumer. the american consumer was showing weakness in august. let's take a look at this chart, turning weakness into surprising strength. this was for a big drop. the consensus view of -0.7 came plus 0.7 so that right there was the good news. and in fact, if you look at another chart where we take out auto sales which were week, gasoline sales which fell mainly because gasoline prices were lower during part of august, you see that the number was 2.0%, a decent number, and remember, auto sales are not weak mainly because people don't want to buy them. at least that's what we are hearing. it's because prices have surged, new car prices are u

will discuss documents -- global news 24 hours a day, on air and on bloomberg quicktake, powered by morehan 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ >> the white house, the house, and the senate, have reached agreement on a framework that will pay for any final negotiated agreement. so the revenue side of this, we have an agreement on, ok? thank you. framework, agreement of a framework. jonathan: the framework. anne-marie to translate some of this shortly. alongside kailey leinz and the soprano let's, i am jonathan ferro. futures down 21 on the s&p. thank you to the team at bloomberg for getting -- 1.4148 is where we are on the 10 year. mohamed el-erian writing people that you have to tell people the spurs and tots are the same team lisa:. nobody calls them the tots. that is the one and only tom keene jonathan:. jonathan:the regular audience knows this but i am sure we should have a disclaimer. let's get to annmarie hordern. a story in washington came out from the bipartisan policy center, a new piece of analysis on when the debt

global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2,700 journalistsnd analysts in more than 120 countries. this is bloomberg. tom? tom: laura, thank you very much indeed. here are the events you might want to mark in your diary, eurozone cpi, year on year is expected to rise to 3.3% from 2.2%, important one you're thinking about considerations to by the ecb. that's inflation picture. we are going to get sentiment, expected to rise to 72 from 70.3. coming up, how could contagion from ever grand hit the wider market? important, crucial question. we're going to put that mliv question two -- of the data our guest host. germany decides the ceo briefing. this is our special program with the ceo's of deutsche bank and sap. it's available on bloomberg.com or on youtube, too. this is bloomberg. ♪ tom: welcome back. happy friday. this is doom -- number daybreak europe. i'm tom mackenzie. intervening amid signs of increasing contagion risk around ever grand. this is as prices facing that bit of data is fueling concerns over the nation's property sector and credi

global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalistsnd analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> we have an alert, the united states has reached out to china on cutting iran away all imports. this is according to reporting by reuters. they have reached out diplomatically about reducing purchases of a rainy and crude. u.s. and european officials saying washington is seeking to persuade tehran to resume talks about reviving the nuclear deal and they have reach out on china on trying to cut imports of oil from iran. this comes at a time where we have seen easing of tensions between the sides with the release of huawei cfo from canada. the u.s. now reaching out to china diplomatically about reducing purchases of iranian crude oil, according to reuters. oil has seen a rally. we are seeing a little consolidation in this session. still ahead a vote for the top position in japan with ldp lawmaker you noguchi -- chris campbell -- as the u.s. approaches the debt ceiling. >> it is imperative congress address tha

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. i am vonnie quaint. this is bloomberg. haidi: let's get back to that china evergrande story, the developer facing more pressure not just from bondholders not that it is nearing a possible default but also anger from homebuyers, management, investors even its own employees. let's bring in chief north asia correspondent stephen engle in hong kong. this is largely centered around these wealth management products that were sold as part of supply contracts and apartment purchase contracts, right? stephen: a small-scale protest for wealth management products like this, whether it was a ponzi scheme tied to peer lending, these are not uncommon in china. but because the government put such a high premium on social stability, and there is this added emphasis and attention to a common prosperity and protecting the rights of retail investors, the government is clearly taking notice of this at a time when, of course, bondholders are sweating it out right n

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists d analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: 9% gains, a chairman issues reforms. ever grand making headlines. yvonne: still watching -- it seems like at this point, the pressure was mostly on the stock. down close to 7%. ever grand -p talking about policy support. plenty more ahead. this is bloomberg. ♪ rishaad: look at the hang seng. bit of a relief rally. yvonne: the pboc had $100 billion injected, seeing some signs to support markets as they try to deal with the crisis. still no clarity. we are seeing the likes of property. rishaad: going to the lunch break, we have an extent -- extending of the rally. up 4/10 of 1% for the two benchmarks. 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.

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. tom: coming up, president biden's inheritance tax heads headwinds. we discuss all this and what it means for the u.s. economy, next . this is bloomberg. ♪ manus: it is daybreak europe. i am manus cranny in dubai. house democrats are said to put forward a top tax proposal. [indiscernible] it all comes as we await the u.s. cpi tomorrow sure to feed into the debate about whether we have inflation which is transitory or structurally becoming embedded. lucy macdonald is with us. i want to get a sense of where you are with risk at the moment. everyone back from the hamptons and fireeye play. the barbecues are finishing. physical stimulus, 20% of gdp coming down the pike. and a taper delay. how does it look for you for risk? lucy: when in doubt, you look at the seasons ended in september, it is more likely to be down on average. it always is. you start from there. we are in a time where you are likely to have more choppiness. we have

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analystsn 120 countries. this is bloomberg. kathleen: thank you. still ahead, markets racing for the jobs data. are we approaching the taper threshold? this is bloomberg. ♪ haidi: fed officials continue to debate winding down monetary support later this year. joining us now is lizzie a rockland. what you watching out for? >> one thing that has been really interesting over the last year is that the labor force participation rate has remained flat. that means people are not looking for work at the same pace that they were before the pandemic. we will look to see whether that has increased as schools reopen in people return to the office. kathleen: thank you so very much. let's bring our next guest in. the head of equities at research affiliates. how important is this number to the market? it seems like that weaker adp support made everybody go, it will be a weaker government report. what if it's not? what if it is strong like alaska blood months were? >> i think a market is certainly expecting g

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. i am vonnie clan. -- i am vonnie. this is bloomberg. shery: china will make the first sale of oil from its strategic reserves. he shares his market insights. this is bloomberg. ♪ shery: we are counting down to the start of trade in tokyo and seoul. in japan, we are watchingmihuho -- mizuho. their top executives have taken pay cuts because of it. on the politics front, it's the final week of campaigning for the ruling parties top spot. the race is fairly open and the four candidates will be doing virtual town hall meetings to firm up support. we are awaiting eco-data. we last saw manufacturing pmi at 52.7 while services pmi lagged at 42.9 in august and we get inflation data in a few minutes. we are expecting that core cpi to pop from deflation in the previous month. in south korea, the bank of correa will release a regular financial stability report at noon local time after the board meeting at 9:00 a.m. and we will be watching correa's crypto e

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. i am su keenan. this is bloomberg. shery: more on those stories and other issues that you need to get your day going in today's edition of daybreak. go on the terminal, it's also available on mobile. customize your settings so you only get the news you care about. this is bloomberg. ♪ >> employment for still short of the mark on what i consider substantial further progress, but if progress continues, it may soon be. >> it's clear made substantial further progress in achieving inflation. there has also been progress in maximum employment. assuming the economy improves, the moderation in pace of purchases may soon be warranted. shery: some officials with a purchase -- hawkish message. our next guest says yields should be higher and will likely see an upward trend before we get to pre-pandemic levels. let's bring in the vice chairman at 1879 advisors. could we see yields spiking even faster given the global energy crisis? when does this become a pr

global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalistsnd analysts in more than 120 countries. that last headline about insect feed gives me the heebie-jeebies. tom: it is good for the environment, apparently. thank you, simone. coming up, we have an update on the virus. we will bring you the latest on japan and the emergency measures. and denmark's virus control model. this is bloomberg. ♪ tom: this is "bloomberg daybreak: europe." i'm tom mackenzie. japan is planning to extend emergency measures in tokyo and other areas until the end of the month, the delta variant is causing increased pressure on the medical system in that country and many parts of the world. japan has extended its emergency measures, why are the japanese vaccination rates so low still despite the prominence of the virus? michelle: japan has made remarkable gains getting to the vaccination levels that they are. 50% of the population is vaccinated, and they did not start with great impetus until the olympics. they are gaining ground quickly. the challenge in japan is tha

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. ♪ >> we are not seeking a new cold war or a world divided into rigid blocks. the united states is ready to work with any nation that steps up and pursues peaceful resolution to shared challenges. >> the president of the united states at the u.n. general assembly. here is your price action on this fed decision. equity futures green. yields aren't doing much paid up about a basis point. euro-dollar not doing much either. that fed decision just around the corner. tom: i would also look at the real yield, a lesser negative number. that will be interesting to see. i know you got in late, i was in. jonathan: i can check this. tom: mike does every day. jonathan: what i remember cop -- tom: i sent you the real yield chart. jonathan: for me, 4:31. tom: you beat me by 60 seconds. in way before us, annmarie hordern. i want to go to jeff stein of the washington post who channels right into your work. zandi at moody's, everybody respects dr.

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. this is bloomberg. tom: coming up, we discussed the latest on china's regulatory crackdown, targeting the entertainment industry. we discussed the impact on the chinese economy. this is bloomberg. ♪ tom: welcome back. this is "bloomberg: daybreak europe." now to a bloomberg exclusive, hsbc is committed to never getting the increasing complexities of operating in china. in his first broadcast interview since being named hsbc ceo, noah quinn said the bank is expanding hiring in the region. >> we have been around 156 years. we have faced political tensions in the history. if you want to be an international bank, serving the world, serving 60 markets at times, it can be difficult. i will not deny that. our clients tell us, whether they are consumers who want to invest elsewhere in the world, or businesses wanting to trade with the world. the demand we have seen even in a crisis like the one we have faced, the demand of our customers to serve them g

global news, 24 hours a day, on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> still ahead, our exclusive conversation with her growth targets and expansion plans. u.s. businesses in china are feeling constrained by the covid zero policy. corey gibbs joins us to discuss that. this is bloomberg. ♪ >> chinese policymakers have reiterated the need to fine-tune policy. they face increasing headwinds. only 10% of companies were pessimistic about the next five years. thank you so much for your time today. it seems even more members are making more investments. the survey was born june to july. we have seen a barrage of regulatory scrutiny there. do you expect sentiments have changed? >> the overall optimism is up. it has basically gone back to the high level of optimism we have seen historically. that is due to the trade war and think of it, we saw an optimism level plummet. in terms of looking at the five year outlook. this is mixed. this really depends on the sector. we se

global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> it is 1:00 p.m. in new york. i'm matt miller. welcome to bloomberg markets. here the top stories from around the world. macau casinos see $18 million white out. we will have the latest on the gaming crackdown that's hitting american operators as well plus we will go down to cape canaveral in florida where spacex is preparing the first ever all civilian space launch. that happens later tonight with the inspiration 4. and german taxi startup lily him . we will discuss with the ceo. a look at what's going on in the markets with the s&p and the 10-year. right now the s&p up about two thirds of 1%. the 10 year yield also rising to 131. investors are comfortable enough to selloff off bonds and buy stocks. the really interesting action i think is in commodities. we saw brent crude hit almost $76 a barrel. the global benchmark contract up and the story has been insane. you can see the dutch contract up 7.5%. we saw gains

global news 24 hours a day on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ matt: it is 1:00 p.m. in new york. here are the top stories. opec and its allies agreed to stick to their plan for gradual monthly oil production increases after a brief video conference. we will discuss with ellen walt of the atlantic council. wall street heads south. how palm beach developers are revamping the area to be more like new york city is more and more financial employees moved to florida. we will speak to the ceo of motor forward about the company's agreement with harley davidson in india. a quick check of the markets. we are back in rally mode on the s&p 500. now up 0.3%. the u.s. 10 year is unchanged. coming back because it did dip throughout the beginning of the session. the dollar index is about -- down about 0.25%. crude unchanged at 68.46. that news out of opec. joining us is ellen walt -- wald. ellen, your thoughts on the meeting? ellen: there was no pres

global news 24 hours a day on-air and on bloomberg quicktake. wered by more than 2700 journalists and analysts in over 120 countries. i am at ritika gupta. this is bloomberg. ♪ president biden: the u.s. will double our financing to help developing nations tackle the climate crisis. i am proud to announce that we will work with congress to double that number again. >> the president of the united states at the you general assembly. alongside tom keene, i am jonathan ferro together with kailey leinz. s&p futures up 26. yields higher by about a basis point. as can he and i have talked about this morning, where you were on the last friday of august when you heard from chairman powell at that jackson hole meeting, we have not moved since then. tom: i use as a proxy to fix. rounded up to 23. getting over 20 is a big deal, but we are nowhere near 20 five fourth 30. jonathan: looking forward to talking about airlines this morning after the decision to reopen travel you wonder if we can get -- if we can actually refuel. tom: the guidance on airlines is a m

global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> >> matt miller. welcome to bloomberg markets. markets are looking for direction. the new york fed president is set to speak in a few minutes. investors waiting to hear what policymakers think after the soft jobs report for the month of august. plus the state of the economic recovery through the lens of the restaurant industry. i will speak with the cofounder of major food group. he is reopening the girl inside the seagram's building. and the trial of a one-time darling of silicon valley. we will get the latest with a lab report from the courthouse. first, let's take a look at what is going on in the markets. the s&p 500 is now down more than 12 points. it was a soft open. we climbed to positive territory, now we have fallen back down with investors buying bonds. the bloomberg u.s. dollar index is up. we're also getting headlines across on the 10 year. that was before the a

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analystscountries. this is bloomberg. ♪ haidi: pressure continues to mount in australia's covid zero policy with the premier laying out a severe opening. the two large estates are increasingly getting to the same page when it comes to reopening australia to the world. paul allen joins us now. this is quite divergent and striking compared to how new south wales acted at the start of the pandemic. >> the two states coming much closer together in their view of what the future holds. they are saying that victoria can get to 70% vaccination and you will see restrictions start to ease. those lockdowns remain in place for now. the easing of measures yesterday, there weren't many in the end. you have to keep lockdowns in place to suppress numbers while the vaccine rollout is given a chance to catch up. he acknowledges that the experience of new south wales was proving how hard it was to keep the delta variant under control. to that end, we had 1100 new cases in new south wales yesterday. the hospitali

local news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ >> it is 1:00 p.m. in new york, 1:00 a.m. in hong kong. i am matt miller. welcome to bloomberg markets. here are the top stories we are following for you from around the world. oil hitting its biggest tie in six weeks. tropical storm nicholas threatens to further disrupt the industry. plus, the crisis in china over mounting protests raising the stakes for authorities in beijing. we will bring you the latest. and the debate over boosters as the u.s. prepares to roll them out next week. some scientists are saying people may not even need them. we will discuss with the executive director of the international vaccine access center at johns hopkins. first, let's take a quick check on the market. we don't see many gains in terms of stocks on the broader indices. the s&p 500 up only .1%. it had been down. the nasdaq up 0.5 percent. it has been much deeper in the red today. meanwhile, the dow jones adding 236 points. the

[indiscernible] 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. ♪ haidi: we get more on the -- we are discussing the implications at this hour. coming up next, we get the market outlook for maine state capitals. he tells us why he is -- has been saying risk-off. this is bloomberg. [speaking foreign language] -- ♪ >> [indiscernible] >> we have seen a big pickup in uncertainty. >> [indiscernible] >> we are in a decelerating growth environment globally. >> supply chains remain disrupted. >> earnings peak, monetary policy. >> pile on top valuation concerns. >> margin discussions are starting to heat up again. >> the new ring opening trade will face headwinds. >> strategists over the past week articulating pullback concerns. >> this looks like bounces in a downtrend. >> the short-term impact is clearly interest sentiment. >> market equities -- haidi: weighing in on uncertainties for the market. our next guest is fullest on large growth -- -- bullish on the large growth companie

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. shery: the bureau j is expected to stand pat on its stimulus to close on wednesday. we will get a preview of the decision later this hour with the fujitsu chief policy economist. up next, your head of global strategy sees four so-called bogeyman on the horizon for markets. this is bloomberg. ♪ . >> crack -- the selloff yesterday was a clear crack. when you look at the technicals, you look at the charts, you look at the prospects that were going to disappoint on the earnings front because of the covid slowdown, we are ripe for a correction. shery: scott minerd warning of a 10% to 20% correction for u.s. stocks. our next guest sees consolidation in the short-term but believes the fed and the government will continue to support the economy and markets. let's bring in the head of global strategy at riverfront investment group. great to have you with us. how challenging will it be for chair powell tomorrow to try to explain to the

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. tom? tom: ok. coming up on the show, lots more to focus on, including the inflation debate and commodities, what is happening in that space. we will break it down for you and bring you discussion and analysis from martin malone. this is bloomberg. ♪ manus: it is "daybreak: europe." tom mackenzie is alongside me. japan's nikkei 225 on track for its highest level since 1990. hong kong and china have wavered as traders evaluated the troubles of the ever grand group. -- ever grand -- evergrande group. we are joined by martin malone. there are protesters outside the institution. good morning. martin: i think basically this will be a social issue. xi has been very vocal backing the social agenda. literally the politics, the social side, the sort of ideology of president xi will basically come to the forefront and way behind that is the market, investors, companies and some of the protests we are seeing. tom: what does it tell us about

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists d analysts in more than 120 countries. this is bloomberg. ♪ >> we have seen large numbers of individuals and counter -- encountered at our border making a claim for asylum for humanitarian relief, which is a law. this is nothing new. it spans many years. it spans different administrations of both parties, and it speaks to the need for legislative reform. jonathan: that was al hundred mayorkas -- alejandro mayorkas. i'm jonathan ferro. this is bloomberg. here is your equity market price action. we are done by 0.06%. there is something happening in the bond market, yields up by three or four basis points here in kenya line that up with what is happening in the nasdaq? futures down half of 1%. euro-dollar, earlier at $1.17. if you're wondering what happened in europe over the weekend, it is down about .1%. the stp is going to -- sdp is going to spend a long time trying to put a coalition together. it is as you were in germany for the time being. tom: the coalition focuses on the developme

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts120 countries. this is bloomberg. tom: thank you very much. let's take a look at the other key events that matter to markets today. we get a decision from the norwegian central bank, expected to be the first central bank presiding over a deed -- g10 country the height rakes. we will get the euro zone pmi as we continue to track the state of the recovery in europe amid the delta variant. the bank of england decision comes at midday u.k. time. markets pricing in the third boe rate hike in may of next year. we will get initial jobless claims out of the united states. that's a data point that jay powell and team are watching. coming up, jay powell signals the fed could start tapering in november. he also says rate hikes might not be that far behind. we discussed the latest. later on in the show, we speak to the finance professor at peking university and senior fellow at carnegie. we get his fuse on ever grand and its broader impact on the chinese economy. this is bloomberg. ♪ >> we continu

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analystsn 120 countries. this is bloomberg. tom? tom: we are keeping you busy. coming up, we discussed the slew of china data and the impact of the chinese economy. what investors make out of all of this. this is bloomberg. ♪ ♪ tom: welcome back to bloomberg daybreak: europe. the extremely fraught activity data out of china is fueling concerns that the nation's troubles may impede the global recovery. retail sales came in three standard deviations below the bloomberg survey. manus: i think you will crack on with this conversation with yves. i leave it to you. tom: thank you very much for joining us this morning. yves bonzon. you have interesting views on china. i want to talk about how you are changing your start. if china is becoming a headwind for the global recovery? yves: absolutely. in today's world, is not just the u.s. economy. as well on the chinese side. china has tightened policy from the end of 2020 onwards. we initially thought the drawdown and underperformance of chinese assets in

global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. paul: still to come, investors watching a responsible wrist -- list of funds. we will ask a representative why it is not naming any utilities in the asset mix. but first, we will speak with a est who sees em volatility ahead. this is bloomberg. ♪ >> there are a lot of value traps populating traditional benchmarks today and the value traps, they are going to be significant downside surprises because of all the disruption and disintermediation we see taking place in the world today thanks to technologically enabled innovation. this is a combination of innovation but also a call on the corporate bond market. watch out. >> that was cathie wood speaking about what she sees as the biggest risk in the coming years. our next guest says she is moving to defensive stocks with volatility likely indicated. always great having you with us. you talk about defensive, but at the same time we

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. i am mark crumpton. this is bloomberg. ♪ >> 1:00 a.m. in hong kong, welcome to bloomberg markets. top stories we are following from all around the world. the world's top central bank chiefs meet to discuss the state of global recovery. we dig into comments from jay powell, andrew bailey and -- hundreds of united airlines workers face discrimination after declining to get vaccinated. discuss the decision to let the employees go. shares of lucid motors soaring. the debut of its electric sedan nears. delivery expected to begin at the end of next month. where watching warby parker. we are looking around 54.25 -- $52.75. it was bad yesterday, today i am going to save head cap balance and people say, you can't have a debt cap balance unless you had a drawdown. one could argue a 2% drawdown for the yes and he -- s&p is a big deal. the s&p managing to eat out again, up by three tents of -- .3%. flipped into negative tory and now sitting right at flat.

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. let's take a little bit of a look at the events that will drive the narrative for the day, 8:00 a.m., the ecb, that is u.k. time, they will speak about financial stability and has recently said inflation could be higher than anticipated. we will talk about the gas prices in europe at record highs. 10:00 a.m., the interim economic outlook. we will speak to an economist shortly after that. labor shortages and numbers, and policymakers gather today. ray dalio set to speak at 2:00 p.m. u.k. time. tom: coming up, is china un- investable. the global stock route continues in asia over evergrande angst. we will look at the story next. this is bloomberg. ♪ >> there has been a lot of discussion about whether china is un-investable. i am one who believes it isn't. the property rights are not there. it has gotten worse over the past year, as we have seen. evergrande is just the latest negative for investing in chi

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. i'm vonnie quinn. this is bloomberg. haidi: still ahead, more on china's crypt though crackdown. the latest news will have a per found impact. coming up, the market outlook and we look at investor concerns. this is bloomberg. ♪ haidi: time for the week ahead -- with a number of events coming up in the next few days, u.s. secretary janet yellen and jerome powell visiting capitol hill to testify before to key congressional panel. other central banks take the stage. we will be hearing from the likes of christine lagarde and jay powell himself. moving onto wednesday, japan's ruling coalition will be choosing their new leader who will almost certainly going to become the new prime minister after much speculation. also the latest chinese pmi with an official gauge is expected to come in stronger. >> the ever grand prices extend into a new week with another $45 million payment due wednesday when offshore investors are still in limbo after several said the

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. i'm mark crumpton. this is bloomberg. >> i'm romaine bostick in for matt miller. let's get right to the top stories we are following from around the world. el salvador starting an independent currency as legal tender. we will update you on the currencies movement throughout the hour. the man who was in the room just a few months ago. wall street back at the office. what the return to the office looks like for corporate america as the delta variant upends plans to safely return to work. speaking of the delta variant, we will talk about the latest, from rolling out booster shots with an associate professor at the department of epidemiology at the johns hopkins school of public health. let's check out what's happening in the markets. a shortened week because of the labor day holiday. down about .2% on the s&p 500. a modest bid coming in for some discretionary names, but that's largely casino stocks and big cap tech stocks. you are seeing persistent do

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists d analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> the federal reserve certainly understands that china is an important player in the global economy. if it has a hard landing, that would have very serious consequences for the united states. i think it is mature to reach that conclusion -- it is premature to reach that conclusion. jonathan: here's the price action in this important moment. we bounce back in the equity market, up 34 on the s&p, bouncing back 0.8%. yields higher by a basis point. on the hard landing, we have spent some time discussing that. far less constructive on years gdp. for anyone in this market cross asset, worldwide, you've got to start plugging that in. what does lower growth for china mean for your investments? tom: this goes back to the landmark work of jonathan anderson at ubs 15 years ago. there is something about moving below 15% gdp in china where everyone assumes that the calculus changes. that is the tension right now away fr

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. i am vonnie quinn. this is bloomberg. haslinda: still ahead, a look at the impact of ford's decision to shut its factories in india. we speak to the automobile dealers association. rishaad: indonesia says risks for casino operators in macau -- moves to tighten its grip on the gaming industry. we are looking at that next. this is bloomberg. ♪ rishaad: just taking a look at these macau gaming stocks. stabilizing but still seeing weakness overall. you can see on the bloomberg intelligence, macau gaming index, 3.8% down, but nothing compared to the devastating day yesterday. our guest joins us now she's looking at these proposed changes to the laws around gaming. what is the deal here? we have some idea but we have to fit in the gaps. we have the industry trying to do that. >> based from what we heard from the industry, operators, some of them are pretty concerned about this proposal because these operators provide services to high rolling vip clie

global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> it is 1:00 p.m. in new york, 7:00 p.m. in berlin, and 1:00 a.m. in hong kong. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. stocks deeply in the red as yields surge. investors digest just a steady menu of news from consumer confidence following, home prices surging, and nervousness about what is coming out of d.c. janet yellen sends a warning to congress the fed gets ready to unwind its stimulus, and elizabeth warren says she will not support powell for a second term as the head of the central bank. let's show you what is happening in the markets. the s&p off by over two percentage points. all the individual sectors are in the red with the exception of energy. the damage that has been done, the nasdaq 100 up by three full percentage points. if you have higher yields, that long-duration trade will be taken to the woodshed. you can also see i

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. i'm vonnie quinn. this is bloomberg. shery: another big vaccine develop it, the fda plans to authorized a third dose of the pfizer biontech vaccine in the official announcement could come in the next few hours. ahead, our interview with panama's commerce and industries minister about supply chain concerns, the economy and the vaccine rollout. but another day, another ever grand drama. on edge with a vaguely worded statement, bond interest payment ahead. this is bloomberg. ♪ shery: a question many investors are grappling with as china's ever grand faces interest payments. it has rippled across international markets, the travel developer did not help matters with a vague statement trying to clarify its coupon payment timeline. let's cross over to hong kong and stephen, what is ever saying? >> this is a day we have circled on the calendar for some time, whether ever grand will default. they have a 30 day grace. -- grace period. we are focusing on t

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists d analysts in more than 120 countries. i ritika gupta. this is bloomberg. ♪ es. i ritika gupta. this is bloomberg. ♪ >> i think it is clear we made substantial further progress on achieving our inflation goal. this also been good progress towards maximum employment. we continued to improve moderation in the pace of asset purchases. jonathan: boilerplate stuff from john williams, the new york fed president. good morning. tom keene, lisa abramowicz, jonathan ferro. equity futures down 37. yields are higher by five basis points to 1.54%. crude is positive, stronger to $76.26. euro-dollar -0.1%. a cyclical twist to this market in the last several days. tom: i like that phrase. i think that is very accurate. nasdaq 1.54% of the negative as well. you wonder where it will settle. jon, 1.5 4% is unimaginable months ago. the bulls are sort of like, whatever. jonathan: i think price sets narrative. last monday, what were we talking about? we are staring down the barrel of $76 crude. tom: for all

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists d analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ >> i am humbled and grateful to the millions and millions of californians that exercised their fundamental right to vote and express themselves so overwhelmingly by rejecting the division. jonathan: governor gavin newsom of california, from new york city, alongside tom and lisa abramowicz, i am jon ferro. it is a brief mild bounce up, four or five points and we faded as the session has grown older 1/10 of 1%. a 1.26 handle on the 10, 1.27 68, and the 30 year yield keeps coming in. better news out of the u.k.. the bbc, a tweet from laura kunz berg of the bbc -- from a number tends saws, the governor will reshuffle to put together a united team to build back better from the pandemic, a cabinet shuffle. interesting to see if the chancellor -- that would be real news, let's be clear about that. i've got no information. a reshuffle from the cabinet for the prime minister at some point today. tom: we reshuffle d

global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists andnalysts in more than 120 countries. this is bloomberg. ♪ >> it is about having a real conversation about fairness and equity in our system, as we debate the budget reconciliation bill. we are talking about providing working families with childcare and health care, fighting the climate crisis. jonathan: congresswoman alexandria ocasio-cortez yesterday at the man gala, of all places. tom keene, do you want to comment on this one. the irony? tom: the mayor was there as well and carol maroney. she wore a fire department coat a few years ago and came out last night with a statement on e.r.a.. to me it was an important celebration given the pandemic. it was trying to get out, trying to get back to normal. i drove by the tents coming down this morning. i ran into ben platt at duane reade on madison avenue. jonathan: in all denim? tom: yes, he was all in life blue. jonathan: you're being very diplomatic this morning. tom: i set i love your shoes, they are like what jonathan ferro wears. jonath

global news 24 hours a day on air and bloomberg quicktake powered by more than 2700 journalists and analystsmore than 100 20 countries. tom: china's ever grand bonds remain on edge after it made no announcement on if it will meet a deadline for a coupon payment. the latest. this is bloomberg. ♪ >> the ever grand -- evergrande situation is seen as particular to china. >> direct effect and direct towards evergrande is immaterial. >> at this point, i don't see this developing into a global crisis. >> i don't see this as something that should bring the whole system down. >> increasingly, china's problem is domestic. tom: edward park is still with us. does your team have any exposure to evergrande or the chinese property market? >> it is difficult to avoid that, and that is why contagion is what markets are critically concerned about. the reality is it does not look like kind -- like china is going to allow heavy contagion into the property market over the water equity market before a bit of liquidity after china came back from holiday on wednesday, and again, the rhetoric so far from china has b

global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists analysts in more than 120 countries. profit. . i'm ritika gupta. this is bloomberg. ♪ this is bloomberg. ♪ >> the huge source of uncertainty is obviously inflation expectations, and we need both central bankers and fiscal policy makers to give clear trajectory on their tools on the budget and monetary policy to make sure that those inflation expectations actually remain anchored. jonathan: the oecd chief economist. good morning. alongside tom keene and kailey leinz, i'm jonathan ferro. the s&p up 0.7%. in the bond market, yields higher by a basis point to 1.32 26%. it's the headline we have been waiting for and largely expecting. ever grand did miss payments monday to at least two banks. it is on thursday and through the end of this week, whether the solution was the plan. kailey: thursday is really going to be key, and if we get any beijing action, do they take any steps to directly intervene? it will be very interesting to see what we see from the policy response over the next 48 ho

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. juliette: -- this is bloomberg. manus: thank you very much. a snapshot of u.s. equity market risk. the evergrande implosion on the equity price bearing fruit on risk of sentiments. u.s. futures down three quarters of 1%. the tail is wagging the dog. also, you got to contend with a debt ceiling as well, and rate decisions go lower this week, many closely watched. risk banking kicks off on tuesday and wednesday, the bank of japan, and then we turn to the fed which might if clues on tapering. would it be brave to taper on an evergrande? dani: thursday, attention on the bank of england. on the same day, decisions from switzerland and norway. a lot for markets to digest this week. but coming up, speaking of markets, we will discuss what is moving them and we stick with evergrande the evergrande theme. the moment of truth coming up this week. this is bloomberg. ♪ manus: it is "daybreak: europe." stocks in the u.s., equity futures ripping through the 4400

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analystsn 120 countries. this is bloomberg. manus: thank you. this is what we are keeping our eyes on. inflation nuances. cpi from france. germany at 1:00. how entrenched is your inflation strike? dani: we will talk to the cbr management director economist coming up later to discuss those points. coming up, european equities bounce back from their two month low. we discussed the latest rest of the global market, next. manus: later in the show, we focus on the warnings from kathy woods and scott minerd. what are the next big risks? ♪ ♪ dani: welcome back. investors are finishing the third quarter concerned about global growth and inflationary pressures. a looming energy crisis and fears of a 20% pullback in stocks, according to a survey by city which we were discussing earlier this morning. it's not just the bond market fears. it's those equities. let's dig further into this. joining us now is nick nielsen. thank you so much for joining us this morning. the calls stacking up on wall street of t

global news, -- 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. ♪ shery-ahn: a move by the u.s. and the u.k. to help australia big -- build nuclear submarines has stirred up geopolitical tensions. up next, market insight from northern trust chief investment strategist the fed investors may need to lower their price. this is bloomberg. ♪ ♪ paul: u.s. stocks close lower after swaying between gains and losses. at that added to the longest streak on the s&p without a 1% rally since covid became a pandemic. investors need to lower from the outside gains seen during the recovery our next guest said. jia joins us from chicago. is this the idea that we have seen growth in peak earnings? jim: it is more of an intermediate term view. if you look at what is happened in the last five years, we have had a 15% annual return in global equities. your today, 16% return so we think if you look at the next three to five years, it will be toward the 5% level. to be clear, over the next we are

global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ matt: and is 1:00 in new york 7:00 p.m. in berlin, and 1:00 , a.m. in hong kong. i'm matt miller. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. the fomc kicks off its two-day meeting today. we will discuss with scott minerd. mna and the state of the banking industry when bruce van saun, citizens financial group ceo. and we will go to the greenwich economic forum to speak with ares capital ceo kipp de veer on the state of the credit market. let's get a check on the markets right now. we have had the s&p 500 balance this morning and then drop into losses, now back to a gain, .3%. 4370. the u.s. 10-year yield doing a whole lot of nothing right now, although earlier we did see investors comfortable enough to sell this debt, pushing the yield higher. the bloomberg dollar index coming down a little bit 1 to153. nymex crude also little changed at 7

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. tom. tom: simone foxman, thank you. coming up, the rba sticks with its tapering plan. we will get market reaction and discuss the risks for central banks. this is bloomberg. ♪ tom: welcome back. we have had a decision from the rba in the past hour, keeping rates unchanged and taking what their plan to taper bond purchases. let's get the market reaction from juliette saly in singapore. what have we been seeing? juliette: really interesting here, tom. we did see this cautious winding back coming through from the rba but i was just speaking to james mcintyre, getting his take. he was saying less is more because the rba committed to this bond buying program. 4 billion aussie dollars a month but they pushed it out until mid february they reassess this. they will reassess in mid-november. it is seeing it as the same, that this is the a little bit more stimulus to the economy. you did see the aussie have a little reaction but it is

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. i am vonnie quinn. this is bloomberg. rishaad: let's have a look at what we still have to come. we have the jeffries asia forum. we will be talking with one of our guests, discussing china's regulations on fintech, banking, and also and t's recently slashed valuation and. david: we will hear from a former australian minister at the bloomberg new economy forum. this is bloomberg. ♪ rishaad: chinese tech stocks falling after videogame makers were touched to by regulators. stephen engle, our chief north asia correspondent or to give us a sense of what is going on. stephen: how are you doing? [laughter] the department of the central committee and also the publication regulators summoning these executives from netease and tencent and other videogame companies. never a good sign. you are usually given a tongue lashing on how to clean up your behaviors, and that is exactly what happened. according to xinhua, they told the videogame companies that they

global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists andnalysts in more than 120 countries. this is bloomberg. ♪ ♪ >> markets are in a tough place. i think you have a period we think the growth data in the u.s. will look week in september. a lot of weakness might be in the rearview mirror but the week data will be reported in september. jonathan: still liking what he sees in japan and europe. alongside lisa abramowicz and kailey leinz, i'm jonathan ferro. a bit of price action creeping downward in the equity market. done more than a 10th of 1% on the s&p. the same move on euro-dollar. down a little bit more, a 10th of 1%. a weaker euro. yields come in three basis points. erasing some of the move sprayed the move higher over the last couple of days. let's talk about the china story. mr. dalio in a bloomberg radar event saying it's a part of the world will neglect not only because of the opportunity provides but you lose the excitement if you're not there. damien, there's been some excitement in china that's for sure. let's talk about with ha

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. manus: angel, thank you very much. i survived all of one day on an open drive market. that was 1989. i have come a long way. let's look ahead to the ecb rate decision on friday. tom and i will discuss that. is it time for a hawkish tilt? this is bloomberg. ♪ >> i don't think it should come as any surprise that there is a spike in inflation right now. >> we are not concerned by the current level of inflation in the e.u. or everywhere in the world. >> inflation is very much influenced by energy prices and crude prices. >> all institutions consider it will be a transitory future. we have to avoid it becoming structural. crimes we think this increase is a temporary one. >> we are monitoring it. we should monitor it very accurately, but without going to a conclusion too soon. clients we remain vigilant but we are not concerned. >> it is a natural feature of a strong recovery that we are witnessing. tom: finance and economy

global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than one hundred 20 countries. i'm vonnie quinn. this is bloomberg. david: bonds like evergrounde -- evergrande continue to head south amid questions about its ability to meet obligations. yvonne: up next, jeff brown thinks 2021 prices are looking good. he joins us next. this is bloomberg. ♪ david: welcome back. the big event in the ministries the opec-plus ministers meeting, and the expectation is more production and more output coming through in october. we have seen a pickup from the bottom. do we get a little more? in the question is if the bond markets can absorb that. yvonne: let's bring back jeff brown, the president of general connection fte, also worked in paris as well. do you think that if we do see that output has been raised, it looks like they are not willing to deviate the company's plans right now. can the market absorb it? >> we think they can. around this meeting, they will probably talk about supplies, talk about worry over delta variant, but ultima

global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalistsd analysts in more than 120 countries. this is bloomberg. >> still ahead, hsbc's decision to stick to tapering. up next, market outlooks. stay with us. this is bloomberg. ♪ ♪ >> payback came early. >> q3 was weaker. >> september is critical. >> labor day was the game plan. >> delta variant. >> new school year. >> companies are starting to push back. >> major corporations have pushed off their full return. >> you have given some ammunition to not taper. >> there was clearly slowdown. >> downgrade more. >> so much talk of a we can market. >> payback has been fast and furious. >> some guest on bloomberg tv talking about global growth concerns. our next guest says u.s. mobility and confidence indicators have begun to lag. that paints a path to assets outside the u.s. in the fourth quarter. max gokham joins us. it is great to have you back. we have seen this week, goldman sachs downgrading forecasts. the economic outlook diverges from the market outlook especially as you have a less aggress