that was enda on the latest situation.have seen downgrade after downgrade and we have heard them from goldman sachs and others. but as it was pointed out, still looking for a handle on growth in china this year. that is not bad. lisa: not at all, on the flipside this increased the prices that was manufactured in the u.s. and how much do they have to pay to get goods. if you look at the shipping costs, they have risen dramatically, and you do wonder what he was saying, people have not shifted their supply chains away from china that much, even with all of former president trump's rhetoric. jonathan: will this trigger a second wave of supply tensions for the months to come? tom: i will go to supply chain -- tensions, but it is more tangible to me if the inflation worry, but you have to believe that the price will fix that, it has got to go on later than you think, but you have to believe that the supply tension gets off. jonathan: i think the real change we are grappling with, china has been exporting distillation, and this

enda is far better place than i to go through that.p paribas was pathbreaking on this, and a major shout out to what ubs did with the wonderful job of the anderson years ago on this. -- the wonderful jonathan anderson years ago on this. i'm not sure anything has changed in china. jonathan: so much growth comes from property, property investment. i think that is probably the broader macro risk story. you have an administration, the chinese communist party, starting to make some noise about wealth is to be should. you don't want to be going out buying and loading up with louis vuitton bags, did you? that his optics. let's talk substance. a broader macro risk is that they do something on tax. lisa: how much tolerance do they have in the economic fallout in order to reach more socially equitable rules? this to me has been the big surprise this year. the idea that alibaba and tencent, two tech companies that were the pride of this country, are falling, and that the government does not seem to care to step in -- in fact, they are going to do

enda: indeed, haidi.oke to a lot of manufacturers in recent weeks and asked them what is their outlook now as we head towards the end of the year and as dr. spreads like you mentioned? and the answer from all of these manufacturers is that they are preparing for the long-haul. they don't see these problems with shipping containers being resolved anytime soon and they continue to complain about shortages of key input materials for their products and there's ongoing disruption as they try and get their products around the world. we are going into the all important holidays for christmas shopping season so this is bumper time for consumers, manufacturers, and shippers. both of them are saying that there is a long jam and that will continue to have an upward pressure affect on inflation and it will have a downward effect on the global gross recovery. shery: i was going to say, this inflation surge was supposed to be transitory so what are the implications for global prices? enda: i spoke to several manufactur

enda: exactly right, manus.u mentioned, most analysts are saying it won't be an outright interest rate. it might frighten the horses. it's more likely they will do targeted measures through to money markets, trying to put money into those sectors of the economy that needed the most, not the particularly small and medium-sized. and that's usually done through bank lending. what they may do is lower the reserve rates requirements again. there could be another one on the cards. i think the broad story is certainly a case that the pboc is on the sidelines, more action and support from them will be needed. the only debate is over what levers they will pull. the expectations are less that interest rates and more that it will be through. money markets. manus: ok, thank you very much, our chief asia correspondent on the data. ellen higgins, as we look at the data, he's the cio it could to cope. 48 hours, that gave us a bit of a shock. something doesn't joint up for me. consumer is under pressure. this data from china is

enda curran wrapping up the very latest moves from capitol hill. first word news with annabelle droulers from hong kong. annabelle: thanks, mama spirit world leaders face mounting pressure to end the use of fossil fuels after a you and backed climate change report warned time is running out to stop global warming from exceeding 1.5 degrees from preindustrial levels. coal is a major sticking point with india facing out of use of the u.k. says it will ease quarantine and travel rules to allow tens of thousands of officials to attend october's top 26 summit in glasgow. in the u.s., the delta waves that started in low vaccination dates in the south have engulfed the country with cases and hospitalizations at their highest since february. 38 states have transmission levels considered higher by the cdc, meaning they are posting at least 100 cases per 100,000 residents. we will have positivity rates of at least 10%. 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

enda: you have to say, wouldn't there be a rebound when they lift restrictions? but it underscores how fragile things are. if there had been a different order of magnitude, suggesting if there's another outbreak in china, they will clampdown hard and then there's a cycle of more shutdowns a lockdowns and the impact. there is a way out, but there are still a lot of unknowns. yvonne: not just on the fact that they are living with covid, a zero covid strategy, that will weigh on growth, you also have the regulatory crackdown. can china still be a big driver of global growth regionally or do you think it is limited? feon: -- enda: since early stages of the regulatory crackdowns, we've been trying to figure it out, but there is no doubt you can forget about watching the data activity, there is a bigger picture, the whole idea about spreading equality and better income distribution, taking the burden off of families, bringing down the cost-of-living, tackling higher earners. this is big structural language and changes that you would say in the near term is surely negat

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haidi: enda curran, our bloomberg chief asian correspondent.have the division director of macquarie health management, martin lockers. a lot of headwinds when it comes to china. how attractive is this market to you? martin: certainly, looking at the market, on the tech side we have regulatory issues. for investors it will be very much trying to gauge how long these changes are going to take place. that impacts sentiment, in terms of investors jumping in. . but valuations are starting to look more attractive now. don't forget also through july, not only do we have the additional flareups of the delta variant within china, but we have also had the 100th anniversary of the communist party, and the typhoon. that may have some disruptive impact on manufacturing, albeit short-lived. so those numbers will probably be mixed. it is much likely that the pboc will take action more through the money markets, providing additional liquidity, against moving the interest rate at this point in time. haidi: on the policy front the resulting drop we have seen in

enda: i think it takes some near-term pressure off. the narrative had been at the u.s. economy was strong and the u.s. might start removing some report. when you listen to the speech, not only is he conscious on the tapering, but there is no hint of an interest rate hike anytime soon. if you are an emerging market central banker, you have time underside. you know there is not a deep fed tightening coming up that would take pressure off her own currency and investor flow. near-term, there will be a breathing, a sigh of relief at the fed's message. haidi: let's get you to vonnie quinn with the first word headlines. vonnie: anthony fauci says the door is open to administering booster shots in the united states sooner than the eight months after a completed covid-19 vaccination. the nation's top infectious disease expert says he is open to a variation on the timeline based on data. the u.s. has outlined a plan to start administering booster shots on september 20 as vaccine efficacy has shown to weaken over time. the by set up china's national health information has rejected

enda: that is a fair question, one of the key talking points.he view among analysts is that there is a role for the central bank to play here in that they will need to support the economy. the question is how they do that. there are some economists with links to the official sector who talked about the need or interest-rate cuts but most people don't expect interest rate cuts. the pboc would interviewing -- intervened to get money into the economy and businesses that need cash and it is probably through the banking system and their or another reduction of the reserve rate requirement. the bigger picture is certainly there is an expectation that the pboc should have to intervene to support the economy. the only question is how they choose to do so. francine: thank you so much. our bloomberg chief asia correspondent. when you look at china and the negative sentiment putting on the markets today, will it be short-lived or is this something that can drag onto the winter? >> high suspected is probably a couple of months. it is a tough fiscal one but

mark: enda, it is very clear the market impact, but how much of an economic impact will there be?us for chinese growth is still 8.5% on bloomberg and 5.6% for next year. do those levels still need to be revised lower, or is it to do with covid and nothing to do with regulations? enda: there is a bit of eight emergence going on. on one hand, -- a bit of a divergence going on. on one hand, you have regulatory changes, people asking how far this is going to go. let's not forget the chinese government is saying these changes will be good for the economy in the long haul. we are putting our economy on a more sustainable keel, getting a more productive workforce, ensuring population growth, and ensuring the driver for long-term growth is put in place. i think there is a divergence happening. economists say there is a bigger picture at play. in terms of the near term growth story, the indications are that the delta cases seem to be coming under control, according to data being released. that might suggest restrictions could be released over the coming weeks. that bodes well for a consume

i feel that the yuan has not started to reflect the concern around growth that were mentioned by endaand also not the investor confidence with what happens by cracking down on tech and although social welfare industries as well. -- and all the social welfare industries as well. you cannot expect any aggressive moves, but a downwards trajectory for the forecast. dani: if i could zero in on this idea of foreign investor aversion, where does that stand at the moment? not only are you coupling regulatory concerns, but a stronger dollar on the assets. have negative and how permanent or temporary is that attitude towards china and financial markets? guest: it is something that is building. we have been talking about one side of the equation, which is china. beforehand, we mentioned how the picture potentially shifts with surprising inflation numbers and a change in tact from the meeting. this is only building up and it can amplify over time. it is already something that should remain on the renminbi. manus: you have used the world building twice now, building of dollar strength. if you have

yet officials in the country have flagged attractive recoveries looking likely enda curran gap -- and the current gap looks to weigh on currency. flipping the board, a boj official warned of a longer than expected delay in japan due to the delta spread, which is more than 70% of the population under a state of emergency. the boj is maintaining stimulus it optimism over the pace of vaccinations. trading at around 110 pro this morning. -- early this morning. financials weighed the most in asia. tech bounced. shares sinking on the back of reporting its annual net income fell by 79%. flipping the board, australia earnings, some names, including qantas, which joined the rally we saw on wednesday on the back of the pfizer biontech vaccine getting the nod from u.s. regulators. shery: soph, u.s. companies following through on president biden's push for vaccine mandates. some of the biggest institutions have already announced tougher rules within the day of the fda's approval. let's bring in carol wes are -- could these be the game changer in bringing all these unvaccinated people in the u.s.

enda: there is at least one trillion million dollars -- $1 trillion and reserves in copper and coal.nese companies could get in there and build some partnerships. we have over the weekend an opinion piece by a former colonel who made a link between china developing those resources in afghanistan. we had some commentary in the media making some simmler points. the world economy is different today then when the taliban last ruled the afghanistan. that is why there is a premium now in getting lithium and that is why there is a focus on what will happen to these resources. will it -- it will all go back to what kind of administration comes out of couple and what kind of respect comes to human rights. anna: we will look to see what kind of interest china expresses. they keep joining us. speaking of afghan's economy, joining us now is guillaume pitron, journalist and author of "the rare metals more -- war." thank you very much for joining us. how much of the essentials, the green metals, cobalt and lithium and the like, how much can they be found in afghanistan? guillaume: the united state

haidi: our chief asia economics correspondent, enda curran.e regulatory risks in china. investors searching for clues about which industries might be next in president xi shipping's crackdown -- xi jinping's crackdowns. another question, why now? here to help us answer the question is john new. what exactly is driving the crackdown now instead of five or 10 years ago? >> there's a number of factors. one, the tension between the u.s. and china. there's much more divergence between ideologies. the democratic ideals, capitalism that we see in the u.s.. and here in china, which is run by a government that is communist by name, but very marxist in its beliefs. i think that is part of it. the other part is xi jinping has consolidated his grasp on power. we are headed toward a party congress, where we think it is very likely xi jinping will get another tenure as president. so we think he has an ability to move forward this agenda. in the last couple of years, beijing has been busy. a trade war with the trump administration, then the pandemic. they ma

yvonne: enda curran with a wrap up of our data. let's bring in our guest.ke on these numbers so far? haslinda: go ahead, hans. yvonne: go ahead, your take on these numbers. guest: it is not a surprise. we know the covid situation. china obviously is slowing. i think there is no room on policy easing, especially in light of the fact that the deleveraging cycle in china has improved stability. especially for small businesses. yvonne: you continue to see a u.s. 10 year yield that looks closer to getting to 1% than 2%. what do you think markets are pricing in and what do we need for things to reverse now? guest: we have been bullish for u.s. treasuries, and we remain bullish. we look at the interest rate differential between the u.s. and the rest of the world, i think there is more room for u.s. rates to rebound, especially in the fact that the economy in the u.s. is slow into the fourth quarter. we have personal incomes down, exports down. i think also the rise in dollar will lead to a bit of headwind. i think come november, we will see that the fed's tapering

i think we are now sort of going to really push this agenda. sort of going to really push this a . endalism with the liuuhtin agenda. huge symbolism with the liaahtin u- agenda. huge symbolism with the lighting up of _ agenda. huge symbolism with the lighting up of these _ agenda. huge symbolism with the lighting up of these landmarks - agenda. huge symbolism with the| lighting up of these landmarks like the empire state building, the london according to the international paralympic committee, 85% of people with disabilities around the world live in poverty, about 50% unemployed, 75% of countries have no laws protecting them. you are talking about degrees, some countries clearly doing a much betterjob than others. a huge platform using the paralympics to get this message across, how do you think that is going to translate beyond the games into real—life? that's a very important question. let's step back. who are these athletes who will be flying the flag of their nations? these are people with disabilities and these are people who are possiblyjust only getting recognition or getting a p