let's get to the first word news with juliette saly. juliette: the chair of the u.s. security commission has issued his most direct warning yet on the risks of investing in chinese companies listed in the u.s. he says he ordered the sec to pause green lighting ipos and shell companies that chinese firms use to list shares. the agency wants to improve the disclosure, including warnings that beijing's may change rules unexpectedly. malaysia is reported to have called the latest of four political parties for a meeting, following the resignation of the prime minister. they will stay on as caretaker prime minister until a successor is named. the investor made famous by big short film has taken aims at kathy woods already investment management. according to filings, is asset management again shares of the ark innovation etf in a position valued at almost $31 million. it is also banking heavily against tesla as a topic. u.k. business secretary wants to unlock 4 billion pounds of investment in hydrogen production by 2030. a strategy being launched today will aim to use simila

juliette saly is with me from singapore. pes are fitting that the world will ever reach herd immunity for covid-19. the original thinking is the pandemic would fade after 50% of the global population was vaccinated, but the delta variant is moving the goal posts. even the vaccination rate of 95% would not be enough, reportedly. china's economic recovery is weakening. retail sales, industrial and -- missing forecast. they are facing their most widespread virus outbreak since last year. goldman and j.p. morgan have already cut their growth forecasts for the country. the canadian prime minister has called an election for next month. polls show his liberal polity -- party has enough support to take the lead. half of canadians believe he has done a good job of managing the pandemic. nearly 1300 people have now died as a result of a massive earthquake off the coast of haiti on saturday. the u.s. has deployed search and rescue teams to help find survivors among the debris of collapsed homes, churches and hospitals. tropical storm gr

tom: let's bring in juliette saly. surprising, but really coming as they tried to balance domestic concerns, front of mind for me, the house prices against the virus. juliette: absolutely. the house prices, mounting household debt, it would go one of two ways, if they would focus on that, which they did, or the effects of the coronavirus pandemic. governor lee said they are not seeing much of an impact so far from the pandemic, so they have to focus on tamping down the mounting debt. they still see the economy expanding by 4% over the course of the year. the bank of korea also forecasting their cpi target will rise to 2.1% in 2021. you see it reflected by the green line on our chart. governor lee saying inflation can be above target for a while. when it comes to assets, you were mentioning the won. it got whiplash. . ed -- whiplash ed. it did rise on that. but now down a quarter of 1% against the dollar. korean stocks falling. futures reversed a decline after governor lee said the policy would remain accommodative. the

juliette saly had three days to read all of it. give us the context. liette: and i have read absolutely everything, manus. we had good turnaround, because chinese stocks started in the red, but these thoughts that you could see more targeted easing coming through from the pboc has turn things around, and the csi 300 jumping, biggest jump since may, also seeing this bond rally accelerate, as well, on the back of the thought you could see policy easing with yields at their lowest since june last year. watching the a share market because last week, mainland chinese stocks in hong kong actually had their worst month in five years. you are seeing a slight rebound and weakness in the offshore u.n., which hit those -- yuan, which last week hit those april lows. there has been a pause in the regulatory storm, but they don't see a rainbow yet because you did see them talk to other reforms on friday, in terms of real estate, commodities, overseas listings. they're saying there could be more headwinds ahead and more volatility in the earnings season. manus? manus:

let's get more with juliette saly in singapore. up this morning and it was like, they could not come up with a profit or a loss actually because so much of what they own as private. but what we know now is they saw a big drop at softbank. >> we saw this come down so it was quite a drop from vision fund which is highly leveraged to a lot of these china tech companies. at will be more reflected in the next quarter. the losses they sell come through from uber as well as a south korean company. not listing facebook, microsoft, netflix or alphabet as among their liquid stocks. we did have the ipo of didi which came through this quarter. bloomberg intelligence says that ipo could have helped to alleviate losses for softbank elsewhere. as you mentioned, we did see first quarter net sales beat estimates. that fall coming through in the first quarter vision fund profit is the worst we have seen since the first order of 2020 when softbank was reeling with the effects of the pandemic. mark: good afternoon. the situation is really evolving rap

joining us is juliette saly. set the scene for us, what did the rbnz zoo -- do and how much of an about-face was it for the central bank? juliette: i'm going to say, what's delta got to do with it? leading into that nationwide lockdown, and then use all the rbnz which was widely expected to hike today become among the first central banks to do an about-face. as you mentioned we did see the kiwi initially drop but it has paired those losses, coming through in the overall equity market on a broad-based positive session today. so the rbnz did indicate they do have a clear tightening bias and you can see that reflected in this chart, though we have paired how many potential rate hikes we are expecting to get over the course of this year, down from where we were seeing three yesterday, now only one by the end of 2021. it will rise to 2% by the end of 2023 but it's important to know that the governor said the decision was made in light of the lockdown and the policy is on hold for now. manus: we will have that conversat

juliette saly joins us now in singapore to give us a breakdown of how that is going down. swer is it is going down well. juliette: it is going down well. but just showing the volatility that is still here after that turbulent week. we had stocks start the day in red before the remarkable turnaround where you're seeing the csi 300 have its best day since may as traders assess what we heard from the politburo, and it does this mean more targeted easing, particularly in the wake of some signs of stabilization in the chinese economy? you had the weaker pmi number coming through as well. it is reflected in the bond market. there is acceleration coming through on the bond rally with the yield and the 10 year heading its lowest level since june 2020. elsewhere, the index of chinese stocks in hong kong, which had its worst month in five years after the month of july, starting on a flatly positive note. how long does this last? bloomberg intelligence says you may have seen a pausing the regulatory storm, but they are not seeing rainbows ahead because you did have some kind of commen

i am now joined by juliette saly. juliet, there in singapore, that is where she is talking as well. bit of a broadside to beijing. juliet fish absolutely, really interesting comments from the vice president on her first trip to singapore, the biden administration saying the united states is not asking countries in asia to choose sides. and that their engagement in the region is not against anyone country. we just heard, harris wrapping up those comments. michelle, your thoughts? michelle: as you mentioned, afghanistan has been a distraction all trip, something she needed to address. more importantly, the vp had been at pains not to engage on the china subject directly but she did get into that here, she mentioned the south china sea, she mentioned beijing undermining the rules-based order. she did reaffirm that the u.s. does not want any country in the region to have to choose, so they are really reaffirming their commitment to being present in the region and the indo-pacific, it term that predates the current administration, but continues the u.s. policy of trying to get more invol

juliette saly is going to cover all of these charts for us because this selloff is the focus. a lot of these gaming companies. can you get into how much damage we are seeing in these videogame stocks and what exactly is driving them? juliette: absolutely. right on the get go of the open in hong kong when you saw tencent plunge the most in 10 years. 20 day volatility reaching the highest in 10 years, valuations here at any year low as he started to see some pretty strong words coming through from chinese state media. spiritual opium and electronic drugs, leading investors to think, after that crackdown last week, his online gaming going to be the next in the crossfire? it has blown through into other gaming stocks as well. it has been down significantly in the hong kong center as well. flowing through to the weakness in the hang seng tech index just when we started to we were getting a little bit of calm. it has been faring better. another erratic move that mark cranfield pointed to. you start to have -- a lot of houses scramble how they are going to deal with these regulatory

i am now joined by juliette saly. juliet, there in singapore, that is where she is talking as well.broadside to beijing. juliet fish absolutely, really interesting comments from the vice president on her first trip to singapore, the biden administration saying the united states is not asking countries in asia to choose sides. and that their engagement in the region is not against anyone country. we just heard, harris wrapping up those comments. michelle, your thoughts? michelle: as you mentioned, afghanistan has been a distraction all trip, something she needed to address. more importantly, the vp had been at pains

let's get straight to juliette saly in singapore. kly could we see theme raise rates at this point? juliette: that is the key question, isn't it? we did see the governor indicate this was due to the lockdown they did remain on hold but when you look at the pricing action of the remainder of the year, it changed substantially from where we were yesterday suggesting that there could be three rate hikes by the end of the year. now the market only pricing in one. it shows that the official cash rate in new zealand could rise to 2% at the end of 2023. they i don't expects this prolonged covid outbreak and the economy is still in a strong position. the governor said the decision to hold was made in light to have lockdown. this is a hawkish hold for now. mark: absolutely. there is still quite a bit priced in. which meeting are analysts saying it could finally start lifting rates? have they identified which meeting? are they still pricing in rate hikes? juliette: this has delayed rather than derailed. remember if they hike today, it would be

let's get market reaction to all this with our juliette saly in singapore. you have, and good morning. juliette: good morning, francine. it really has been this question of which sector is going to be next. we have seen a number of new targets caught in the crossfire's of this regulatory crackdown from china. you are seeing the likes of online pharmacies, liquor makers, and also cosmetic giants caught up in this, all leading to a huge selloff. we are also watching what has been happening with these huge tech behemoths, the likes of alibaba, which continues to trade at records. global institutions dumped a billion dollars worth of mainland shares via trading links today. it is coming out the selloff we have seen in chinese stocks listed in the u.s. it points to the question of, what do you do now? sean taylor of dws was saying the pivot ford sharing prosperity in society translates deliver earnings and higher risk demands, and you do not know where the bottom is. in terms of looking at a bottom, we have seen all this wade through into the key indexes in china.

i am juliette saly. rishaad: and i am rishaad salamat.e mulling the said's signals. >> the timing and pace of the asset purchases will not be intended to be a direct signal with regard of interest rate hikes. juliette: china continues its crackdown. rishaad: and the clampdown in china stoking a boom in ipos in india, korea, and across southeast asia. juliette: we are seeing a second session of gains to kickstart the for asian equities. traders really viewed jay powell's comments as dovish. larry summers saying that inflation is misleading the risk. pretty flat on s&p futures today on the back of the dovish comments from powell. oil and natural gas futures. hurricane ida really, louisiana. in singapore, slightly weaker dollar, but we did see the city state reached 80% vaccination rate. what does that mean for the overall reopening of singapore? as the city looks to open borders more broadly and said number? rishaad: china at the country is trying to normalize. it is set to reopen malls, restaurants. and looking at the bao. it is steady. it

i am juliette saly. rishaad: i'm rishaad salamat. asian equities gaining.way, potential clues on a timeline for tapering in jackson hole. >> the u.s. vice president begins or southeast asia torres the biden administration struggles to manage the crisis in afghanistan. rishaad: india said to do to -- detailed infrastructure asset selloff plan looking to rein in a wider budget deficit. >> a positive start to the trading week. the msci asia index of 1.6%. its first gain in three sessions as buyers get in on the step -- on this dip. the symposium will be virtual -- what does this mean for central banks thinking about the spread of the delta variant? u.s. futures are taking higher and i'm watching the korean won rebound from an 11 month low. pretty positive signs on export data from south korea, showing strong resilience there for the global economic recovery story despite all these concerns. we are watching bitcoin shopping about $50,000 for the first time since may 15, starting to see a lot more interest and volatility come back into the crypto markets. rishaa