haidi: also ahead, evergrande reveals losses top $80 billion. shery: ceo's of the biggest chipmakers visit the white house to raise restrictions on dealings with china. take a look at how u.s. futures are coming online. downside pressure as we saw stocks gained ground in the regular session after we saw some renewed speculation that a fed rate hike this month might have to be the last one in this tightening cycle given the disappointing economic data we got from china. secretary yellen talked about the spillovers from the weak chinese economy but she also does not believe there will be a recession in the u.s. we have more calls about a potential soft landing being possible from the likes of goldman sachs and others. renewed optimism. treasuries in ground with a 10 year yield falling to the 380 level. we saw global bonds rallying today and adding to the gains we saw last week. best week when it comes to global bonds this year already. oil prices holding steady. downside pressure because we heard of libyan supplies being restarted and a weak econo

for many, many months since late 2021, we kept talking about evergrande, didn't we?to the spotlight as the world's most indebted property developer at the heart of a housing crisis in china. now, at one point, we know that the company had more than $300 billion in liabilities and it defaulted on its debts in late 2021. now, other developers, smaller one, also defaulted and there were real fears of contagion in china's property sector which, of course, was once a major driver for economic growth. evergrande then announced its restructuring plans back in march and we've been waiting for the company to announce its earnings for the last two years. it was delayed, delayed, delayed, but finally we got to see those numbers. as you mentioned, the loss of more than $80 billion over that two years. an eye—watering figure, but i guess not too surprising either. ishould mention, though, that this is the first time that the company reports a loss since it went public back in 2009. its shares, of course, have been suspended since march last year. now, the release of these results

evergrande reporting losses of $80 billion for the last two years.makers could see a move, we saw the global peers, particularly lvmh and others sliding on these concerns about the chinese economy and the disappointing data that we had yesterday. that is just about it for "daybreak: asia." we are looking to the start of trading in hong kong, shanghai and shenzhen. this is bloomberg. ♪ it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. ♪ yvonne: 9:00 a.m. in hong kong and beijing.

evergrande is back in the spotlight — remind our viewers why this company is so significant?t talking about evergrande didn't we which came into the spotlight as the world's most indebted property developer at the heart of the housing crisis in china. at one point we know the company had more than $300 billion in liabilities, and it defaulted on its debts in late 2021. other developers smaller ones defaulted in there were real fears of ones defaulted in there were realfears of contagion ones defaulted in there were real fears of contagion in the chinese property sector which was once a major driver for economic growth. evergrande then announcing its restructuring plans in march and we have been waiting for the company to announce earnings for the last two years, delayed, delayed but finally we got to see those numbers and as you mention the loss of more than $80 billion over that two years and i watering figure but not too surprising either. i should mention this is the first time the company reports a loss, since it went public back in 2009, and shares have been suspended si

one company that has been at the centre of chinese's economic problems is evergrande.he world's most indebted property developer has finally released financial results. the company posted a combined loss of more than $80 billion in 2021 and 2022. it also saw a rise in total liabilities with one of the largest debt piles in china, evergrande prolems has rippled through the country's property sector. you have heard the record high temperatures that have been recorded in china and elsewhere. the united states climate envoy, john kerry, is visiting beijing to press for more progress on tackling climate change. beijing and washington have great commercial hopes spent on the transition to renewables in the next few decades. but even though they are competing to supply the new technology, that will make the transition possible, they also agree on new causes of global warming. earlier i spoke to climate change and environmental economics expert, frankjotzo, and he told me both sides seek technology as a key to tackling climate change. how to achieve continued economic growth a

also we have evergrande. hearings in hong kong and the cayman islands today and tomorrow to kick off their debt restructuring voting. have been some creditors who have already shown their support for the plan, but this is to get the court approval to get the formal vote process underway, which will then take several months, so it will not be until september before we get a final word as to where the creditors support is for the construction plan for evergrande. yvonne: thank you and great work as always. kevin kingsbury, our editor who watches all things china credits. let's bring in lillian li, vice president and senior credit officer at moody's. talk to us about what you are seeing in the developers space. our developers going to continue to limp payment after payment? how do you expect this to play out? lillian: that is a great question. take a step back and from the macro perspective, we think that the overall sector will still get a stable outlook. on the backlog of expectations of the national sales and

finally, evergrande finally might be here. what are we looking for? is expected for them to report earnings today, and that is as china expands further measures to support the housing industry, but it has nothing to do with evergrande because they will have 2021 numbers next. instead of the earnings, we are focused on the balance sheet as well as the restructuring because they are what -- working with creditors. the announcement is a key step to repaying its listings in hong kong because the trading shares have been suspended since mid-march last year. so they are facing delisting rates. anything about the trading assumption is something we will anticipate. david: let's pivot down to property tech, down for the last quarter. what are we expecting this quarter? felix: they reported the worst decline in the quarters since 2009. it might be a little optimistic if we say that the tech center -- sector is rebounding in asia. we are watching the tsmc dispute, which might offer more guidance. despite the fact they have lots of ai chips orders from customers

evergrande new energy vehicle group had a loss for 2021 and 2022. its ability to continue as a growing concern. the ev unit of evergrande reported financial results for the first time in two years. the company says it is negotiating with banks and other parties about renewing existing borrowings and corporate bonds. a striata and new zealand are warning that china's new policing agreement with the islands undermine security in the pacific. these comments were included in a joint statement from the prime minister's of both countries as they wrapped up annual talks. paul allen joins us with more. this deal has been ongoing, we have been mulling it for a while. is anything practical that austria and new zealand can do? ask you can say these things, you can apply mimetic pressure but the solomon islands is a sovereign country and the prime minister has not been shy about making his feelings clear. just last week he accused austria of being on neighborly and delaying financial assistance. china is helping them out. these are all points that australia rej

there is the evergrande group story.lso announcements coming through and i will leave you with this look at the code -- discretionary index -- consumer discretionary index. announcements that are meant to boost household consumption. haslinda: the outlook for china's economy has been a key aim here at the g20. even as we talk about big issues, there is one issue that is bothering the g20 summit. that has to do with the use of words that have to do with the ukraine war. if you do not have any agreement, you run the risk of not having [indiscernible] since 2008. that is it from bloomberg markets: asia. do keep it here with us. this is bloomberg. ♪ stening more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ i need it cool at night. you trying to ice me out of the bed? to guide you through a changing world. baby, only on game nights. you know you are retired right? am i? ya! save $1200 on our most popular sleep number 360 smart bed. plus save up to an additional $500 when you add select adju

evergrande a different story, slumping more than .73%.f the largest debt restructurings in china. the start of a broader crisis in the property sector. hstech back in bull market territory. rishaad: the bank of japan here, looking at currencies. looking at yen, which came back from the report, not really going to do anything about yield curve control. we had gains of about 2% at one stage against the euro. we are looking at the dollar at the moment, also declining. but not much has happened in the last hour and a half as we wait what happens. the boj is expected [indiscernible] the bank of japan may let long-term rates raise. so there we go. bond markets in focus. yen is in focus. all because of the bank of japan. let's leave you with these images of tokyo as we wait what the governor has to back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best pr

china's evergrande reveals $80 billion in losses since 2021 and last year. and sticking with china.ising risk of deflation in the country. the chief economists say now is the time to act to ease inflation pressure after the strength of bad reports. the people's bank of china is pushing back on the deflation risk. >>> ahead on "worldwide exchange," one word that every investor needs to know with jenny h je jenny harrington and if you haven't already, check us out on apple or spotify on your podcast apps much more after this break 3... 2... 1... >>> welcome back to "worldwide exchange." looking at live shots from around the world london and hong kong new york and washington, d.c a lot of action in d.c. when it comes to unions and also chips ceo. let's introduce you to the wex wrap-up. microsoft in talks to close the deal with activision-blizzard. shir shares are down in the pre-market >>> and berkshire cut its stake in activision by 2%. >>> and chip ceo met with top white house officials. >>> for the first time since the 2020 debut, nbc's peacock is hiking monthly prices. changes take

shares of evergrande has taken a hit since march. let's look at the overnight session.he spot of green in the nikkei up .30%. big moves in the hang seng it was closed for trade yesterday with the typhoon we are seeing a strong selling session down 2% for the hang seng led by property and tech. shanghai composite down as well. as for global fixed income, you can see the 10-year treasury is trading at 3.75. four basis points lower on the session today. we have the 10-year bund trading at 2.39. 6 points lower as we review the next ecb meeting next week 10-year gilt in the uk at 4.36 the number one focus is on the inflation data that comes out tomorrow which will be key for the bank of england. >>> goldman sachs has cut the probability of u.s. recession from 20% to 25%. the bank has been more confident that inflation will fall to an acceptable level without recession. it warned it still sees slowing in the coming quarters as reduced bank lending has had an impact happy to say the chief credit strategist from goldman sachs is joining me on set. wonderful to have you with us.

that is not looking good, especially after evergrande reported more than 18 billion dollars of losses for the past two years. the korean benchmark index also slipped. in australia as well. japan remains narrowly in the green thanks to ev supply chain stocks that gained after byd reported a three fold increase in earnings yesterday. dani: thank you very much, that is bloomberg's charlotte y ang. let's get to top stories this morning. with our roundtable is lizzy burden and valerie tytel. lizzy, we have all been waiting for what basil iii regulations would look like. lizzy: the new rules for capital requirements that u.s. bank regulators will announce next week will be stricter than the international standard. it is part of the u.s. version of basel three, the post-financial crisis agreement. dani: the risk weightings will be changing, not necessarily capital requirements. we look at balance sheet and design risk to everything. regulators are saying for residential mortgages you will not get higher risk assigned to them. valerie: then new information was this focus on residential capita

and nor would any judge that i practiced in front of evergrande. are legitimate concerns with the classified documents case because there are procedures that both parties need to go through to deal with classified materials. these materials though that are relevant to this case are not so burdensome as to require months and months of review. but it does take a little bit longer than most cases. so, if they were to make an argument that it should stretch into next year before the trial begins, that would be a much more reasonable argument. this is not a reasonable argument. >> i understand the argument you make, that any other citizen would, this would go to trial at a certain date. there are those who argue though, that look, donald trump is not any other citizen. he is the leading candidate for the republican party, a major candidate who could become the next president. during a heated presidential campaign, is it good for the country, and right, that one of the main candidates would be on trial? >> well, i think the question of whether it's good

the china evergrande energy group announce the loss of $11.7 billion, warning of its ability to keep as a going concern. it reported financial results for the first time in two years on the company says it is negotiating with banks and other parties about renewing existing borrowings and corporate bonds. haidi: we will head to south korea for earnings from samsung expected to read portray more than 90% decline in quarterly net income. this is bloomberg. so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-ce

government, it will continue to prioritize the completion of a lot of the incomplete home projects of evergrandeot of it will be prioritized for that, and it is unclear whether any assets could be effectively reinvested for the dollar bondholders. shery: very good to have her with us. haidi: china's really -- pledge when it comes to this without getting -- let's move onto some of the stories that we are watching today. washington and beijing breaking new ground and there is a three-day visit ended with the world's two biggest carbon polluters. he says talks will continue ahead are critical u.n. climate summer this november in dubai. >> came here to break new ground and it is clear that we are going to need. it will need both of us. >> china's envoy to the u.s. says beijing will retaliate the biden administration imposes limits on capital that come close to the nation. the country doesn't want to trade. they won't beyond the actions. u.s. officials are seeking to wrap up a proposal by the end of august that would restrict american tech investments in china. we are getting some breaking news, some

evergrande 14% to the upside. -- 41% to the upside.e on the way according to securities times. we have beijing suggesting they are going to support first-time buyers and those looking to upgrade local housing very much to the four here. the authority sing late saturday in a statement that they are going to be doing all they can. jen jen is promising measures as well. overall, that is asia-pacific markets. it is up to third the 1%. we are looking also -- it is up - japanese shares 1.5%. hong kong off the highs today but in the black. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com back in the day, sneaker drops meant getting online to wait in line. (we did it) now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile,

after the evergrande collapse and nothing happened.till seeing are not going to exist in two or three years. and i'm not even convinced country guarding can survive. the reason is that all these chinese developers have gone building project across the country. and what will happen is there will be very few national developers left and instead, we will see regional developers. when things go tough, if you are a national developer from the province, you are building things in shanghai. the government is not going to come to your house when things go bad. i think what will happen is you will have shanghai developers but you will not have china developers. and a lot of them will not survive. haidi: a significant amount of household and personal wealth has been built over the past couple of decades on investments into asset classes like the property sector. without that, what is the outlook. it comes to household wealth, the consumer. b had a story where we heard her ordinary chinese people are feeling poor these days and so much of that ha

electrification program in requirements director tumlin is w working on waiting on a raise grand evergrand everguarantee that will allow you to complete all environmental requirements for that site. we received a 2 million dollars earmark to condition work at cable car barn and got our request for proposals drafted for the second face of condition assessments for subway stations the modernization program includes 4 large projects. did include muni east i will talk about that potrero after this. the kirkland and presidio yard the focus at the time of the program was service requirements. the fleet requirements, storage, maintenance and electrification you will see the regular component and funding availability. we are using muni message to get this done. this is the big state of repair need it statute hardest piece the mta owns to funds t. is difficult to funds this program. again, the upon original upon facility framework set the over all requirements. we are working on something 5 years old but med it flexible. we knew funding motive not always show up but we have the the float requiremen