dani burger alongside. manager accused of rape, after the employee ordeal went viral on social media. it exposes problems in the culture of the e-commerce giant. our reporter is in beijing tracking this story. lucille, first of all, the timeline, walk us through it. reporter: that's right. the public basically came to learn about this incident over the weekend. the female employee involved alleges this is something that happened almost two. weeks ago she was unsatisfied with how executives handled the situation and took to the company internet to publish an 8000 page long account of everything that happened to her including allegations of going on this work tricked then being pressured to drink than being sexually assaulted by a client as well as her boss. -- then being sexually assaulted by a client as well as her boss. dani: what happens next? reporter: we are watching to see what -- if there will be a criminal conviction in this case. we have a lot of awareness raising. for example, lawyers going on the

dani burger is alongside me.s delivered their earnings, giving an upbeat outlook for the year. a rebound in equity trading fuels the beat. the man with the numbers, the societe generale cfo. great to have you with us. the market has your numbers. the net income are very strong. doing well and equities. you beat the americans. there is the moniker. you cut the cost of risk for the rest of this year by 10 basis points. is this as good as it gets? where was the most material improvement in the loan-loss provisioning? >> good morning. thank you very much for having me this morning. in fact, as you pointed out, we have very strong numbers. when we look at the numbers over a long period of time, there is the case that this is the best quarter ever for societe generale. the question on the cost of risk. what we see now is a very low level of defaults across the board and across sectors. and that is quite striking. despite the fact that we did not do any buybacks, so we keep a hefty level of provisions pertaining to stag

dani burger alongside me in london. sses are reopening and workers are returning to the office. dani? dani: at the same time power prices in the german market are heading for the highest average summer level in about 20 years. let's get more from bloomberg's editor for gas, power and renewables in europe. why are energy prices so high this summer? >> we're coming back, you know the worlded is coming back. people are returning to the offices. really we are seeing the return of energy demand that we haven't seen since the pandemic. we're seeing a shortage of natural gas used to produce electricity. as a result it is a real knock huffoff effect that you see in the -- knockoff effect that you see in the power markets all over europe. manus: if this is the state of play in the summer, it is a very warm summer. very hot. people returning to offices. what does that do to winter? they are mean winters in europe, aren't they? >> yeah, if we are at this level in the summer, what is the winter going to look leek? when you look at p

i'm dani burger alongside manus cranny live in dubai.is bloomberg daybreak: europe. >> i stand squarely behind my decision. after 20 years, i've learned the hard way that there was never a good time to withdraw u.s. forces. manus: president biden strikes a defiant tone defending his policy on afghanistan. the u.s. is in talks with the taliban to end the chaos at kabul airport. another record for u.s. stocks. the s&p 500 doubled from its lows last march. futures and asian stocks fall. the sec chair warns there is a lot europe investors don't know about chinese companies and says beijing could change the rules in the middle of the game. a lot of the action happening over in new zealand so far this morning. kiwi dollar dropping with one case of covid in the region. now, nearly one rate hike getting priced out of the market. manus: absolutely. this is when you begin to see the unease over delta. i would encourage everybody to go and read james mcintyre, his new zealand preview piece. the assumption is that you still get this hike. could they

dani burger is in london.however it's is known for making some of the most impressive bets in the tech world, an early backer of twitter, linkedin come on -- linkedin, and facebook. now he is setting his sights on crypto. the latest episode of "bloomberg wealth." >> cryptocurrency is like the parable of the blind man and the elephant. people touch it from different sides and get carried away and energized on these different topics. we view it as a fundamental technological transformation, a fundamental technological breakthrough that has happened. it is called distributive consensus, the ability of people and software on the internet to be able to form trust relationships in a trusted environment. money is one application, but it is only one of those. there are many other applications, many other things people are going to be able to do with this technology, and many of the smartest people in computer science are coming in this field and pushing it forward at a rapid rate. to us, it looks like the eighth or ni

i'm manus cranny, dani burger alongside me. the fed have a decision on bond buying could come this year with a rate hike in 2023. we hear from the bank of england later today. the u.k. is as -- issues quarantine, it opens up to travel from france and lowers restrictions for visitors from india. the united arab emirates. china follows the opposite path. imposing widespread travel curbs. the delta variant reaches nearly half the nation. keeping that troubled theme in -- that travel theme in mind, we have lufthansa coming across and delivering a $1.1 billion loss. long haul flights returning. this is of course as flights to asia we expect to drop by 6%. the numbers, second quarter revenue, $3.21 billion, below the estimate of $3.67. on a net basis losing three quarters of a billion euros, a net loss of 756. the estimated loss 738. free cash flow, that comes in at 340 million from a negative. a negative 1.13 billion. that was a year ago. we're on the beginning of the evolution of reopening and turning it around. hopefully, dani. go

with me, dani burger at london hq.jp morgan, they are raising the stakes on wall street's intensifying battle for talent, expanding a previously announced pay increase to a broader range of staff. rivals across the industry are paying up to hold onto junior staff. nabila ahmed is with us. it is one of these moments where you say, maybe i should just off my cv. it is time for me to come back into the city paid last week my wanted to be a junior banker. now, i want to be just any banker. nabila: so many options. i'm not sure you want to put in those hours. they are pretty brutal. another bank raising pay. a red hot talent were going on. we are in a record year for dealmaking and somebody needs to do that, the number crunching and the analysis. this is why junior bankers are in such hot demand for jp morgan, which had already given a pay rise to junior bankers, extending that rise to its junior sales trading and research analysts. the baseline now for first year analysts is $100,000 which is up from $85,000 and then the p

i am dani burger in london with manus cranny in dubai.e teams over the past week has been the strength in the greenback and that of was has been consequential the euro and for the pound. leading up to the cpi data, i was taken aback by how weak cable was looking more so than the euro. maybe thoughts that the fed would move sooner that the pound, for some reason, yesterday, seems to be more of a place that would feel the pressure than the euro. manus: i think cable often does reflect a much stronger dollar trade in isolation. perhaps a much better story about what the resilience of sterling has been. what is it that brings sterling to the next level up? i am grateful. i will take that. the data we are looking for, gdp data today. i love what dan hanson has written. he talks about a scorching level of growth but that does not compute with me. if i said only 16% of companies are able to bring their staff back into city centers, i wonder what kind of a scorcher gdpr be going to get? manus: -- dani: it is just not as many people. let's begin t

i'm dani burger alongside manus cranny live from dubai.berg daybreak: europe, and here are today's top story. hsbc resumes dividends. the lender announces a payout of $.70 a share after quarterly profits doubled from a year earlier. more communication, beijing's regulator seek -- after tightened rules for ipo. stocks opened the week higher. there are reports the u.k. could offer 32 million booster shots. that's starting next month. anthony fauci says vaccines are working and a return to lockdowns is unlikely. now, axa has rebounded to costly claims tied to last year's covid outbreak. first-half net income at the company more than doubled to 4 million euros, topping the 3.4 million analysts were expecting. joining us now is thomas, the axa ceo. thank you for joining us. congratulations on the strong numbers. a very difficult period from covid last year. what really drove the outperformance in the quarter that just past? thomas: good morning, dani and manus. yes, clearly we are rebounding very good exults, exceeding -- results, exceeding pre

let's get the latest with dani burger. how long for where these hedge funds into the crackdown? oted. a lot of hedge funds have been investing in chinese adr's listed in the u.s. for decades, but delving into the most recent crackdown from the government, alibaba, for example, some as high as $10 billion. that hedge fund held in market value as of june 30. viking and melvin capital had added up on the most recent filing. you might think this is june 30, the end of the last quarter, how much do we care? they could change their position heading into the regulatory crackdowns in order to avoid the worst problems. if that is the positioning from june 30, two days after they have their filings, you have china issuing a warning, then we get a 38% decline in u.s. listed chinese companies. they would have had to change positioning within two days to avoid the worst of the selloff. it is inevitable that hedge funds took a large hit on the shares that they have been loading up on. francine: where are we now? it is an incredible chart looking at it like that. it is likely they sold off thei

francine: thank you so much, dani burger with some of the stocks to watch.tock we are watching is bhp. the one thing we have been trying to figure out is exactly how much demand because of lockdowns we just saw a new zealand, we just such china going into partial lockdowns the last couple of days, and i think it has been six or seven days. the impact this has on commodities. together story with bhp is that it is changing and structure in australia, mark. mark: look, on the first point about what this means for global trade in terms of commodities and the lockdowns we are seeing in new zealand australia, i think people are getting much more negative about growth. we have to remember we are in the height of the summer. we are missing a large chunk. we don't have all the different views and angles fighting arguments out. therefore, it is easy for narratives to get a little bit run away with themselves. i think we might see more risk aversion in the next couple of weeks. we get some scares during these months, but by september we would probably be back to a bett

i'm dani burger alongside manus cranny who is alongside in dubai. bloomberg daybreak europe. cautiously hawkish. the central bank signaling tightening to come. traders await minutes from the fed for clues on tapering. the taliban pledge afghanistan won't be a haven for terrorists. you might have seen u.s. equities take a dip yesterday but otherwise it is all about risk. the question today posed by p.j. manus: there is no alternative. if you look at what they are saying, dani, it is very, very clear. it could be a fed error. it could be -- the credit impulse rolled over in china. there is a lot to go wrong really to switch the equity investors. a lot of people have bought hedges into this meni dip. you have yet to reach an extreme positioning in equities. dani: certainly. in equities as the bank of america has opponented out, you have healthcare as the most crowded sector. it is the first time in about a year. kind of a twinge of defenseness underneath the surface there. manus: a big drop in terms of growth, profit and expectation. let's show you the

i'm dani burger fair daybreak europe. it's jobs day.all street closes at a record as traders await u.s. payrolls data. the return to office in disarray. blackrock and amazon delayed getting staffers back as the delta variant spreads. and as earnings season winds down, don't miss our conversations with the cfos of allianz and ing. a quick look at where your data sets as we await payrolls coming in 7.5 hours from now. but who's counting? until then, we're getting a firmer dollar, 10 year, and s&p futures weaker after records. but we're waiting patiently for jobs data, expected to come in at 860,000 jobs. let's bring you earnings across the wire, allianz reporting earnings, seeing bowl year at the high end of their range, sitting at 11 billion euros to 13 billion euros. the fact that it's at the high end of the range is significant. allianz announcing a probe from the doj and the u.s. over some of their investor funds, also saying they're seeing second quarter eps at 2.2 billion euros, as well. so again, it's the operating profit they're s

i am dani burger in london.ew zealand extended its locked down by four days, trying to stop the latest outbreak of coronavirus. this week, the central bank delayed and expected rate hike which adrian orr says may now happen in october. >> we have to focus very much on our purpose, which is of course the inflation and employment mandate which we have and, you know, absolutely this week was not the best of timing to be looking to reduce interest rates given reducing monetary stimulus, i should say, given the situation, but you know, times on hand, we can observe what is going on and the underlying economics remains the same. we have significant capacity constraints. we have one-off spikes. we have rolling supply disruption. we are above maximum sustainable employment. so the underlying situation remains the same, but we thought let's just observe over the next few days and we need to be true to our mandate, which is to say are inflation pressures rising? should we be back more at a mutual interest rate? what would

i'm dani burger.

. >> good morning and welcome, i'm dani burger in london. here is what is coming