jonathan: geoff yu joining us from bny mellon. as always, you are going to be super helpful working the -- working your way through this issue for us all. tell us what is worth ignoring. geoff: firstly, pay attention to differentiation. what you are seeing with individual companies in china, individual sectors, the eglin tory crackdowns, some have to do with international capital involvement, especially in the education sector, for example. there is so much money pouring into chinese families to get there kids ahead, it is -- into these from chinese families trying to get their kids ahead, so they are trying to treat this on an individual basis. the second part of it is this framework of international investors investing in china. how should it be done? should it be in the u.s.? should it be closer to china? here's where geopolitics could come into the fray. we are talking too much about the equity market right now, talking too much about individual companies. what about the growth environment? no one has talked about more that ma

a couple steps left to go but we really are excited about what we're doing with bny mellon and makingoduct to regulators. >> michael smerconish, thank you very much. please come back and update you on traffic at your end of things we appreciate it guy, i'll go to you on thi because honestly, i'm trying to figure out if this is any kind of hiccup for the overall crypto industry does the fact that bitcoin is not doing anything right now really take away some of the shine? >> it feels that way an naysayers will say it's trading too long, but i can make a pretty cogent argument, i think, that the best thing that happened to the gold market was the gold etf, and the worst thing that happened to the gold market was the gold etf. my sense is you might see similar in bitcoin again the scarcity value is something bitcoin fanatics really get around it will be interesting to see how this trades over the next couple weeks >> guys, coming up on the show, starbuck's with more gains brewing. "fast money" is back after this. or fedora shopping. talk to your broker. ten-x does the same thing, - but wi

alicia levine, bny mellon chief investment strategist. that's a big effort. how many people did she that how many pieces did she say -- how many pieces did she say? kailey:kailey: thousands. tom: lego, you step on them all day. jonathan: you've never been to tom's house, have you? there's just guitars lying around on the floor, open bottles and bowties. [laughter] priya misra joining us shortly from td. full coverage of blue origin's launch taking place in about 50 minutes. this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. senate majority leader chuck schumer has locked up plans for a cliffhanger vote today on whether to begin debate on the $579 billion infrastructure bill. senators in both parties have not agreed on the measure yet. the vote puts pressure on the bipartisan group negotiating the measure, but schumer also runs the risk of an embarrassing defeat. the u.s. government is warning americans to avoid traveling to the u.k. because of a surge in coronavirus cases involving the highly contagious delta variant. the warning

bny mellon saying there is regulatory uncertainty. i want to focus on the commodity spaces. heading toward the 200 bucks. -- iron ore futures heading toward $200. his help with profits for white -- minors. pinto has shopped n-- jumped to highs. price target getting raised by goldens facts --goldman sachs while jp morgan is trended feel on chairs get high-risk is dropping as much as 50% this morning in sydney after the data from a 2.2 billion dollar over. in tokyo, nissan jumping as much as may 2020. profit forecast is raised. rolling on its profit. pulling up for a look how we are seeing. etf flows for china, internet stocks, etf in the u.s. were seeing net inflows gaining ground in july despite snake -- shakiness around the regulatory outlook. we have the internet etf adding $1.4 billion as of two-state when it comes to that. sheri: let's turn to the regulatory outlook in the education south are -- sector. private firms are moving swiftly to a harsh new reality after beijing launched a new crackdown on the sector focusing two of the biggest players. let's go to the asia tec

bny mellon developed decades ago indexes to track adrs.about the china adr index, down 46% relative to the s&p since february. lisa: this to me actually made me think of you over the weekend because the issue was a lot of the chinese officials were concerned about how much parents were spending on their children as they -- as a deterrent to having more of them because of the population. the pressures were too high on the kids and the bills were too high, and for some reason, tom, that may be think of you. the tutoring bills you talk about sometimes. tom: i believe below five dollars or four dollars a share, institutional managers get a phone call from the general counsel, you must sell. is that happening? dave: no doubt it is at this point. tense and entertainment, a unit of tencent, a much bigger company. the government told them your exclusive deals with labels for songs, you can't have them anymore. so they've got 30 days to rewrite those. tencent music taking a hit in response. we are seeing declines across the board in this group, so

bancorp and bny mellon earning and revenue coming in stronger than expected you heard jeff talk aboutalyst expectations let's talk more about the group and bring in r.j. grant at kbw r.j., good to have you back on wells fargo stock rose because they announced they will add to an $18 billion stock buyback overall, you guys dig into the numbers better than anybody. how have, under the hood, how have the numbers looked? >> good morning, brian thanks for having me on this morning. i do think the narrative coming into earnings is largely playing out with fees strong and positive trading results which we have seen from the bigger banks. the challenge remains on growth. i think bank of america did a good job of talking up positive outlook for the second half. i have to say i think investors feel like the group has had a really big one and they are very happy now to take some profits and see how things develop in the second half of the year. >> what are they waiting for is it really just an interest rate story everybody thought, r.j., rates would end at 2%. whoops >> credit to you i remember

i thought it was really interesting, bny mellon's ceo, over the last conference call, started off byant to be an employer of choice, and they want to have work from home as a key offering. so i think there is the underlying question that is what is your goal, and what do you need to do to succeed in that role. guy: i think as long as you haven't been out for lunch, you are probably good. betsy graseck, morgan stanley, thank you very much, indeed. this is bloomberg. ♪ ♪ >> i'm quite confident. i think a lot of work has been put into these negotiations. they will break through with a new administer asian on the others of the atlantic. i am confident that we will have a deal that sets the basis for appropriate legislation from the world. >> when you look at this deal, there's two sides to it. on the one hand, we are looking at the tax rate, the effective tax rate, at least 15%. but there's also what countries would argue is equally important , that you would have the ability to tax for the services -- tax where the services are made. the irish could work with that, but not the 15%. you

geoffrey yu, strategist at bny mellon, joining me now. did we just do a 180 from may be the boe should hike to not at all? geoffrey: well, since the original hiking, i think a bit of a roback was always expect -- a bit of a row back was always expected. but i think the bottom line is heading into august, heading into the autumn months, there's going to be a lot of uncertain, so fragile is probably the right word for it. everything goes back to the labor market as furlough drops off. we will have a better view of what the labor market looks like, and they will have a stronger determination. alix: $1.36 for the cable rate, what is that pricing and right now? geoff: i actually think value may be emerging. it is somewhat strange to say things like this with any risk off environment, but markets have started to rotate out of u.k. equities. they had a strong month until recently,'s market is pricing in uncertainty, and not just domestic uncertainty. the ftse 100 has strong exposure to international earnings as well, pricing in a global slowdown

looking -- with alicia levine of bny mellon wealth management. looking forward to that. heard on radio, seen on tv, this is "bloomberg surveillance." ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. senate majority leader chuck schumer has planned a vote today on whether to begin debate on the $759 billion infrastructure bill. senators in both parties have not agreed on the measure yet. the vote puts pressure on the bipartisan group negotiating the measure, but also runs the risk of an embarrassing defeat. the u.s. government is warning americans to avoid traveling to the u.k. because of a surge in coronavirus cases involving the highly contagious delta variant. the warning came on the u.k.'s so-called freedom day, when pandemic related restrictions were lifted. ubs posted better-than-expected earnings in the second quarter. the largest bank in switzerland benefited from a jump in new assets and income. still, ubs warned it expects a slow down during the third quarter. the bank has pivoted away from volatile investment banking, now focusing on helping the ri

jonathan: geoffrey yu, bny mellon strategist, joining us shortly. little more than 0.1%. 1.26% on tens. heard on radio, seen on tv, for our audience worldwide, this is "bloomberg surveillance." ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotraine

we announced our partnership with bny mellon.e are 100% committed to converting our flagship products gdtc into the etf when regulatory approvals are ready for that type of product in our view of the world, they are looking for a couple of different points of maturation in the market. that is what they need to approve the products and give the protections the consumers are looking for. >> michael, two questions. one is on the fees of the funds and the other is the discount that sometimes appears that the fund effectively trades out relative to the assets themselves how investors are supposed to think about that the fees are 2% or more. in a world where you can actually buy the underlying assets relatively easily, arguably, how should they think about that >> i think many investors are interested in adding to digital exposure with the 401(k) or more of the traditional means through investing with stocks or bonds or etf the ability to do so through grayscale product that has fees that are certainly competitive with the market reall