let's bring back enda curran. what do we know today? are markets looking at this compared to 24 hours ago? enda: rates have not been taken off the table. the risk we were talking about for asia and emerging markets yesterday are still there. there is market volatility may be triggered by a rate hike could happen later this year. janet yellen has not said she is not going to hike. rishaad: does this push it out, though? expectations now into 2016? enda: at the least, it is being read as a dovish statement. sure, it does push it back. it could still be this year. that will hang over asia for some time. a sign of relief or currencies in the near term, but longer, the threat of capital outflow, the threat of the stronger dollar and more pressure on the our work will remain. rishaad: is that why there was one person in the fomc looking at this and saying that we should have negative rates? enda: that is all part of the consideration. for the first time we have seen inbal markets but events china and asia being a significant factor in their th

enda curran joins us from hong kong. where wew with china were two years ago with europe? ews because it means intervention? enda: the problem with china is they cannot break the circuit right now. it is a never ending cycle of bad news on the economy. the data yesterday reinforced the point that after all the policy efforts they have made, cutting interest rates and pumping money into the economy, it is not getting traction. there is a feeling that china's economy is far from turning a corner and would require much more stimulus from the fiscal and monetary policy side of things before it starts gaining ground. brendan: is there a feeling the chinese economy is far from the officially stated growth rate of 7%? enda: a growing sense among the private sector. we saw one of the investment banks downgrading their growth forecasts and moving away from the 7% target that the chinese government -- all bloomberg intelligence analysts say growth is well below 7%, the magic number that turned up. increasingly it will be more difficult for them to hit the september target given how t

enda curran joins us live from hong kong. any plans to jumpstart the economy? t of people talking about some of the weak days. enda: he talked of the economy and its fundamentals. no chance of a hard landing, whether or not that would convince the markets remains to be seen. he made direct commentary on the yuan. he said china is not interested in the currency war. market will not weaken much further from here. he said that china is rolling out stimulus. they are cutting interest rates here it there -- rates. though he is talking up the economies fundamentals, at the same time, they are putting a lot of money into it. " the figure between china's consumer prices and factory gate prices is at the widest in 20 years. what needs to be addressed here? eden: it is a pretty nasty split . the deflation that the factory gave. even while consumer prices are going up, that means the real cost of borrowing is going higher. expand.t to invest and this is something that they would have to look through. they will need to do something -- it willalleviate mean more interest rat

enda curran's -- india cuts benchmark rate. global economy is weakening. in a bloomberg exclusive, matteo renzi talks china, exports and why the west these to bring russia back. >> russia is a great country with a great history and future. a future without russia is a mistake. ♪

enda curran: they have been intervening to keep it.rices have yet to find a natural flow. the government does not want to keep up the policy. they don't have the confidence to step away. according to goldman sachs, they have spent $200 billion in supporting stocks. they have a $400 billion fund to do so. michael mckee: they have been intervening in the currency market. how long are they going to keep that up? do they have a target? enda curran: they are burning reserves. it adds to the fragile sentiment on china. when they have to intervene to shore up the currency, there must be a temp tatian among policymakers -- temptation among policymakers. the problem is they contradict their message about market reform. washingtonnt goes to later this month. i doubt he wants to arrive with the backdrop of boosting exports. tom keene: thank you so much. he is briefing us from hong kong. hour, we havetire richard haas. we have time left over. withhould washington deal chinese leadership? richard haass: china is going through structural problems th

but first we go to enda curran in hong kong. is there a wise to the list in japan in the recovery in china? enda: it all goes back to china. it was feeling in japan that there were fears of a hard landing in china. people say if china continues to remain calm, japan's rally will remain sustainable. it is not that china's economy has turned a corner here. overnightthe report of a 55% chance of a global recession in the coming years main in china -- made in china. tom: how was that received in hong kong? enda: some people say it is doom and gloom, that china is headed for a hard landing. as the economy transformed from an old growth model to a new growth model, what cities have shown a spotlight on is a reminder that china is clearly the world's -- it is a key importer of goods all around the world. other economies around the world from brazil to australia will pose a real and present danger to global growth. michael: the real question is are we going to see more stimulus from the chinese? there were hints overnight of that, also h

enda curran's -- india cuts benchmark rate. global economy is weakening. francine: in a bloomberg exclusive, matteo renzi talks china, exports and why the west these to bring russia back. >> russia is a great country with a great history and future. a future without russia is a mistake. ♪ francine: welcome to "the pulse ." i am francine lacqua. manus: i am manus cranny. with a globalay commodity crisis which is dragging marcus later across the globe. -- markets later across the globe. we will talk about the struggles of glencore. francine: we are looking at it from all angles and also a qatar wealth fund which launched $6 billion in three days. first, how the markets are affected with mark barton. mark: let's start with the epicenter of the global selloff, glencore. shares catching up with what happened and london shrinking by 20%. in hong kong. after london fell 29% on monday. the biggest decline ever. the intraday, weapon open for one hour in shares are up by 7% and has been as high as 10%. today, 74 white stuff the value of the share price. off of the s

rishaad: all right, thank you very much indeed, enda curran, there.aussie dollar. it is strengthening, but it does remain at that all-important level.70 it is almost step-by-step on this downward path. about this correlation. i think 3, 6 months out, it has been pretty much lockstep, as you would say. reporter: yes, this sort of thing that mathematicians get very excited about. if you look at the australian dollar side-by-side, that is up 10% as well and they do match each other very tightly. 9.1, whichtion is would mean, as you said, they are moving in lockstep. depended is china on exports? it's a very important matter. it also makes for rather exciting headlines. there has been a lot of hysteria and hyperbole about the aussie dollar feeling pain. but you have to remember that the bank of australia has desperately wanted this for so long, they are trying to job own -- jawbone the australian dollar down. >> exporters are in trouble when the australian dollar was that it parity with the united states dollar. we can cope with the currency having contin

as usual, when it happens, we are joined by enda curran from hong kong. let's look at today. this new bad news or no new good news? enda: may be no new good news. it all comes back to the economy. there is a growing sense among china watchers that we have five interest rate cuts since november plus a slew of measures going,to get the economy especially at the state and provincial level. but the economy is not showing traction yet. not starting new feedback. there is a separate debate that isnese stock market affecting the economy. brendan: is there a sense that the people's bank of china actually has a tool left that they are waiting to employ? is happening right now is very complicated in china. they are trying to stimulate growth through the people's bank of china, and they can cut rates if they need to. they are trying stimulus on a similar thing, but they are also trying to shore up the yuan, intervene with the stock market, and push through reforms to try to get the economy going. it is a much bigger picture than just interest rate cuts in china right now. froman: we hav