manus: thank, juliette saly. let's get to saed abukarsh, chief portfolio manager / co-founder, ark capital management. this is a continuation of regulatory constrictions, another punch. there was a sense of panic in the equity markets, but in the midst of that, what does it say to you? saed: i think we are making a storm in a teapot. china has been on and off for the past two years. i think what we are seeing is another step of the authorities stipulating their attitude toward bigger firms. i think what we are seeing is a moderate check from the chinese authorities. i do not think it will go away. it will be in and out, something the market will pay attention to long-term when basically china is still trying to find his policy with the u.s. administration. that overshadows everything else medium-term. rishaad: they just essentially eviscerated an entire sector. this makes it more or less, as one trader was saying, on investable. -- univestible. it almost seems to be a grab for power, and more control. we know chi

let's get more with juliette saly in singapore. he asian indexes it looked like are on the verge of correction. how ugly is it getting out there? juliette: yes, we have seen a bit of a reversal coming through in the hang seng china enterprises index, which briefly entered bear market territory in early trade after we've been seeing this big sell down coming through on china tech stocks. it has been down some 20% off its peak, but now seeing that index trying to reverse losses. there is this concern about covid variants and the impact of the overall global recovery wing into asian equities, which continue to underperform what you are seeing in the u.s. and europe. the msci asia pacific index on track for an eighth loss in nine sessions. we are seeing the nikkei amid correction territory, so off some of the lows of the day. we are seeing more concerns about not only a crackdown from beijing, but what you are seeing on the u.s. side as well. reuters reporting that the u.s. could add at least 10 chinese entities to its economic like lis

meantime, let's get over to juliette saly who has our first word headlines. liette: tokyo olympics organizers are reported to be leaning towards borrowing spectators from events held in large pennies such as soccer and baseball. they will consider the plan to contain covid-19. the report says families may also be barred from the opening and closing ceremonies. 49 philippine soldiers survived a crash of a plane. it was carrying 96 people when it exploded after crashing. 42 army soldiers and three civilians on the ground were killed. it was one of two aircraft handed to the philippines where the u.s. as part of military assistance this year. cybersecurity researchers say the hackers find the latest ransomware attack exploited software made by kaseya. russia-linked riv-ill has been accused of the attack. they were also accused of being behind may's jbs attack. global news, 24 hours a day, on air and on bloomberg quicktake, powered by over 2700 journalists and analysts in more than 120 countries. i am juliette saly. this is bloomberg. sophie: a slump in chinese st

keeping an eye on this is juliette saly in singapore. comes as the economy in australia is often recovery faster than expected. were we expecting something more hawkish from the rba, or does it fit the script? juliette: it fits the script, but the key point is that three year old target pegged to the april 2024 bound and not pushing it out in november as some in the market had thought. that would have been a dovish signal from the rba as they deal with the delta variant which has australia causing a lot of lockdowns. the fact they are sticking to april of 2024 is being seen more as a hawkish signal coming from the roof from the rba. also confidence, reducing the amount of bonds from 5 billion to 4 billion. they say they will continue to keep this going until mid-november at the earliest. so he will not see a rate hike until 2024. had they pushed it back to november of 2024, you would not see a rate hike until 2025. the aussie dollar is up 0.5% over the greenback. . the aussie dollar is at a one-month low against the q. kiwi. the rbnz cou

standing by with market reaction is juliette saly.ecutive editor for greater china, who joins us in beijing. you had another day to look at this, i suppose. i was reading plenty of analysis by our colleagues on the subject, one of our opinion, miss writing that capitalism is no longer welcomed. i suppose many investors are asking where money from foreign investors is no longer welcome. ari any further to understanding how far this crackdown will be? >> i think there crackdown is going to be very far-reaching. in hindsight, obviously looking back in december of last year as the communist party was planning out what they would do economically in 2021, they highlighted the need to control what they said was the expansion of capital. now that that seems to make sense with what we see today. the investigation. there crackdown against education. i think anything where the government things that business has taken a turn for the worse has made it become a blight for society and they will take action, and may be extreme action as the educatio

let's get a little bit more with juliette saly in singapore.uliette: certainly those soothing words coming through from authorities and we've seen that yielded through into state media in the week. there's a report that china will allow companies to list in the u.s. if they meet certain regulations. all of that helping to boost these markets. the hang seng index jumping the most since november but it's all about the tech players. tencent jumping the most since january, but remember this is a stock that has been heavily sold off this week. it's lost $170 billion in value in the course of july. it was down 20 people -- 23% in the month of july. is it going to last? that is the big question. j.p. morgan says you have to look at what they are seeing in inflow. they say there are other indicators they're looking at that could signal the massive outflows you've seen from foreign investors could just be the beginning rather than the end of the outflow phase. manus: $2 billion investment on monday. did he yank any money out of china? a continuation the

let's bring in juliette saly in singapore reacting to all these news. s it really going to happen? juliette: as you say, it is interesting, that we heard from the finance minister who we know on this program is also the virus co-chair speaking in parliament about the reopening of borders but it is linked to vaccination targets. we're currently back in face ii, restrictions -- phase ii restrictions, there are no gyms open. looking to september is a border reopen does kind of seem a little confusing when you are in these researches, but wha -- these restrictions. but it is tied to vaccinations were singapore is doin very wellg. they're hoping to have 80% fully vaccinated by september and then they will start to relook at opening borders and reducing quarantine restrictions for those who are vaccinated. it doesn't mean that those who are not vaccinate would not be able to travel -- and they are looking at travel bubbles but they may be facing some of the restrictions that are in place now such as 14 day pointing. lawrence -- 14 day quarantine. so, they're l

let's bring in juliette saly, who has been all over the data. the nice beat in retail sales. liette: this was a surprise with retail sales rising 12.1% year on year from june with estimates of 10.8%. getting back to those levels of the pre-pandemic, 2019. we know that consumption has been where the overall economic recovery in china has been lagging. we heard from alan from bank of america -- from helen from bank of america earlier, she said the shows people were spending from that june 10 promotion. when we look at that v-shaped recovery, gdp coming in at 7.9% in the quarter. we knew this would come down substantially from the 18.3% in the first quarter. the economy did grow 5.5% in the last quarter when you strip out the effects of the pandemic. that is stronger than the two previous quarters, showing beijing is probably on track for the yearly growth target of 6%. they are seeing this potential shift we saw coming through from policymakers could signal a little more weakness in the second half. they are saying the pboc appears to be preparing for the worst. they are expecti

let's get over to julia sally -- two juliette saly. perhaps they are adding a little drag up with the move? reporter: you took the words out of my mouth. that move you're seeing in u.s. futures and helping out asian equities, although we are lower for a third session today as we continue to see the concerns about the delta variant way. we're seeing financials under pressure which is what we saw in the u.s. session two, but the regional benchmark index is coming off the lows after dipping below its 200 moving day . we are seeing the nikkei and hong kong among some of the worst performing equity markets today and i would also like to look at what we see in the u.s. bond market. you mention the move into treasury there. we saw that big flight to safety with the u.s. ten-year actually hitting its lowest level since february. td securities still saying you can see 2% within five years. we have been watching the offshore yuan. china's leaving the loan prime rate unchanged for a 15 straight mom -- 15 straight month. new zealand is seeing a 4%

juliette saly is there. there is a call from the broadsheets and tabloids. it will not be that bad. we will not take all of your money. jules. juliette: indeed. it does not seem investors are listening because we had quite a number of calls from chinese state media. fundamentals remain solid. you are seeing selling coming through in tencent shares which have been plunging once again. down by 4.7% after the lunch rate. it is likely to be the biggest monthly outflow in at least a year, weighing into the hang seng tech index and the overall hang seng which is extending losses and the csi 300 approaching a bear market. let's look at how this has all played out over the course of july. it has been an incredibly bad month. combined market cap falling by $1 trillion this month so the question is which sector is next, how long is this contagion and do you buy the dip? jeffries is saying not yet hunt for alternative growth sectors. in said -- anz saying all of this could lead to slower growth for china so a lot of concerns in the overall regional bench mark. manus: juliette saly with the cont

juliette saly joins us in singapore with more. very big beat here, what are we seeing in the data? juliette: exactly, and this came even though we saw a surgeon coronavirus cases that delayed shipments at some ports in june, particularly in the southern part of china. when we look in dollar terms, export growth accelerated to 32 point 2 -- 32.2% in june, they were expecting a slowdown to 23%. imports also climbing 7%, beating the overall forecast. all of that leaving a trade surplus of 51.5 billion dollars for the month, the highest since january. a lot of analysts are saying you could see a slowdown in export numbers in the second half. an economist at commerzbank saying it was a surprise we saw the exports in june, it also had to do with the surgeon commodity -- the surgeon commodity prices. manus: we got a little bit of export data today that i suppose gave heart to the market ahead of the gdp numbers. there is a much water consensus about the china growth story, isn't there? juliette: there certainly is and we saw that reflecte

i am juliette saly. this is bloomberg. haidi: coming up next. freedom day in the u.k.. boris johnson's health secretary is infected. days away from the opening ceremony in tokyo, athletes have tested positive inside the olympic village. our guest calls it a present challenge for japan. he joins us later this hour. this is bloomberg. ♪ >> we looked briefly at the idea of us taking part in the pilot scheme which allows people to -- important everyone sits to the same rules. that is why i'm going to be self-isolating until the 26th of july. haidi: that was boris johnson changing course after facing public backlash when he initially said he and the chancellor would continue working even after being exposed to covid. this comes as new delhi cases reach a six-month high just as the government lifted restrictions. it looks like another setback for johnson. in addition to the cases we are seeing just ahead of freedom day, there was controversy that he and his cabinet members are playing by their own rules when it comes to self-iso

we are joined by juliette saly in singapore, digging through the data. what is it telling you? , certainly the gauge for services showing a deeper downturn than we saw in the official gauge last week, with that the reading at 50.3 for june, well below estimates of 50.9, showing the weakest amount of new orders and business activity since april 2020. soft jen calling the survey a negative surprise with smaller businesses lagging the bigger ones in recovery. we are seeing this flow-through into weakness in equity markets as well, we know that is also due to the beijing crackdown on tax. goldman sachs overweight, sing an upside of 90% -- 19% on the msci china index. manus: a short, sharp shock on the markets, regulation and compliance will get us all. that is it from the european show. anna and market take you through the next couple of hours. -- and mark take you through the next couple of hours. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the erg

dani: that was juliette saly with the recap of what it took to get the olympics to the starting line.o bloomberg quicktake's -- who is outside the elliptic stadium in tokyo. obviously a very strange olympics this year. what is the mood like? >> yeah. tokyo is under a state of a virus emergency. no bars or restaurants can serve alcohol. people can't root for their team or their country at bars and restaurants. that means that people are probably at home, rooting on their teams. on the ground here, we saw the streets starting to fill up because there were five fighter jets flying across the side to mark the opening ceremony. the crowd has died down now. it has been swamped with some of the protesters of tokyo 2020. the mood is mixed. it's a muted sort of excitement. i think we are getting there. -- team japan won a game last night and it boosted the mood here. it's really unfortunate that there are no spectators at all. dani: really interesting, that tension between the protests and the excitement around the games. you get to go see the opening ceremonies because journalists are allowed

and juliette saly and singapore.et a first word news update. >> japan plans to expand its state of emergency to areas around oh and extent the and of august read that in the east of a record surge of virus cases. the country has suffered fewer covid deaths than any other g7 nation, but only about a border of the elation is vaccinated. officials overseeing the transition away from -- have endorsed a series of forward-looking benchmarks. it should pave the way to pave the way for the interest rates which are secured to secured overnight financing rates. it comes ahead of the deal to ditch libor. this is bloomberg. anna: thank you very much. coming up on this program, back to the earnings story. we will speak to the cfo of bristow group -- the austrian bank. we will get more next. this is bloomberg. ♪ anna: this is "bloomberg daybreak: europe." erste group has announced a dividend of one euro per share. that is after revenue for the fourth quarter came in above analyst estimates. it also cut its cost of risk for the yea

juliette saly is a recap of what it took to get the olympics to the starting line. liette: a global sporting specular in the -- cloak sporting spectacle in the middle of the worst health crisis in a century. even fears a global gathering of 90,000 athletes, officials and volunteers could become a cauldron of covid, measures are in place aimed at spreading a super-spreader event. most athletes are vaccinated but they will have to test daily. socializing and group meals are banned. win or lose, athletes must leave japan within 48 hours after their last event should japan want to deal a fix to mark a turning point for humidity. a light at the end of the tunnel for a world stumbling through a second year of the pandemic. tokyo is under a state of emergency through the entire game is. thousands of athletes are set to compete in empty stadiums with no fans, families to offer support. the prime minister's little fortunes are tied to a successful games, which was supposed to symbolize japan's recovery from the 2011 earthquake, tsunami and nuclear disaster. officials have had

joining us this juliette saly. good to speak to you again.t did look as if things were a little calmer. today, you look nervous again. >> we do look nervous. it is friday. perhaps people are just getting out of these positions. what a volatile week. you have bnp paribas saying they are downgrading chinese stocks. goldman sacs saying they have gone market weight, saying it is to pull early to show it is over. the number of money coming out of mainland chinese stocks on track for the worst month in five years. you look at the price action, weakness coming back in. despite the rebound yesterday. the csa 300 on track for a monthly loss of 8%. it has been teetering on a bear market, which did not even happen during the pandemic. meanwhile, the hang seng tech index, very volatile permit down 3.8% rate there has been the safety of bonds. the next chart shows the 10 year futures, at a one year high. the yuan being volatile. anna: thank you very much talking us through the numbers. now to robinhood, following more than 8% below the initial price. we s

juliette saly joining us with the latest on china themes.e a look at things that are on our radar today. the group of 20 finance ministers and central bankers will be meeting in venice. this will be the g20's latest attempt to wrap up tax talks following the endorsement by 30 nations of setting a minimum tax rate. janet yellen is there. she will be in attendance at that meeting. afterward she will make her way to brussels for a meeting with the euro group. at 11:00 am u.k. time, christine lagarde along with andrew bailey may appear on a panel discussion about digitalization and intangibles as part of the annual conference of the global forum on productivity. at 3:00 p.m. u.k. time, u.s. wholesale inventories data will be released. coming up on this program, the stocks we are watching, including the luxury space. more m&a. ♪ anna: welcome back to the european market open. eight minutes onto the start of friday's cash equity session and futures point to the upside. now let's get stocks to watch. let's get to the story, what can you tell us abo

let's get a check of the market action with juliette saly. seng poised to enter a bear market. will it stay this way by the close? juliette: yeah, but we have seen a turnaround in the last couple of minutes or so. we had those words coming through from chinese state media, indicating they do want support. with the losses we saw earlier, let's look at where things are on the hang seng trading. it is up by 0.5 percent. the hong kong hang seng index also staging a rebound. this is what we were expecting earlier in the session. there has been a big selloff. the offshore yuan also coming back as was tencent, which has been down by as much as 4%. the narrative is changing, but it does not change the fact that it has been a terrible july for mainland and hong kong investors. finite and hong kong combined market cap falling by nearly $1 trillion over the course of the month. anna: we focused on the bear market but also the much more recent pickup in activity or turnaround that we have seen in hong kong assets and yuan and tencent. back to their earni

that's crossover to juliette saly with our next guest. disappointed in these latest developments. jessica: you cannot --julia: -- juliette: let's get to will hodgman, also impacted by this. commissioner, do you think it is likely that we will see some kind of travel bubble between singapore and australia by the end of the year given the spread of the delta variant, given the slow vaccination rollout in australia and the fact that singapore is moving away from a covid zero strategy, which australia does not seem to want to indulge? will: it is a firm commitment that was reinforced with a visit of australia's trade minister to singapore, but also our prime ministers met just one month ago. there is a very strong commitment for officials of governments in australia and here in singapore to progress the system, the operational capabilities, the requirements that will be necessary. given the outbreak in australia, the unpredictability of this virus, it is more likely that travel will be possible towards the end of this calendar year. >> we have