kathleen: stocks are set for a weaker opening asia. fresh data supports the fed tightening stance while commodity sinks. china -- goldman sachs orders a return to the office five days a week. haidi: we have korean industrial production numbers. the contraction is worse than expected. 1.3%. the gain of 1.9% was revised down. on a year-over-year basis, the numbers missing expectations, the june number is revised and the cyclical index change for july, contraction of 3/10 of a percent versus no change. we have been expecting more of an improvement when it comes to industrial production numbers, better vehicle indicators, exports, perhaps asking some gains what we continue to see kind of korea. watching for more signs of the recovery, the pmi for south korea. kathleen: let's take a look at the futures market. we see is a little bit of a bounceback on the nasdaq, 1.1%. fractional gains here. at least the rest of sentiment has been generated by hawkish comments from three fed bank presidents today echoing from jackson hole. we can see that p

now, not so long ago on this show, we had dr kathleen stock on the show.hese issues. she says she was hounded out of her academic post by the trans activist community and supporters of that community. she says, and i'm going to quote you now, that actually she's not anti—tra ns. she's just trying to ensure that women's rights are not undermined. she says, "genuine female—only services and spaces "aren't a character slur upon all men, "nor are they a character slui’ on trans women. "they are simply safeguarding measures "designed to protect women and girls." do you understand where she and many other self—styled feminists are coming from? i understand where they're coming from. because, i mean, i've read professor stock�*s book. i mean, she describes trans people's lives as an immersive fiction. stephen, even if i said to you, "your life is an immersive fiction" — it's exactly what i said before, isn't it? it's abstraction and a theoretical discussion about real people that exist. and when we look at trans women's experiences of gender—based violence — of m

stocks is going to be tested. we are on another drop on a weekly basis near the levels we last saw during the period. not a lot there for the optimist. kathleene stocks, what is going on there? economically, how about in terms of equities? annabelle: it has been a diversification play over the last few months. the open today, there are a few positive catalysts. the chefs one province had -- a province had major factories who had power outages, the most manufacturers there. it does other big catalysts with the u.s. and china's agreement that could mean that chinese companies listed in the u.s. could stay on the american exchanges. we have earnings results from more than half of chinese companies have beat their forecasted earnings. it is he not -- it is not enough, we are seeing our paste headwinds coming through from traders here and what is driving that could also be what traders are doing as well. a bit of an opportunity, we have makers, posted more than 80% jump in profit. the stock was down around 6%. a lot of investors saying that there is not enough reasons to stay here. paul: let us take a look at how the bond markets are reacting. we

kathleen: good evening. stocks fall for a third straight day. commodities from oil to copper sinking, as the dollar rises. haidi: china sets the date for its leadership congress. he kathleen: goldman sachs looks covid requirements as it pushes for staff to return. that's get a quick check on wall street. another down day, thursday and aro where stocks close lower. we had three fed presidents putting their two cents in, to stronger-than-expected economic reports from the consumer and economy suggesting there is plenty of room. the s&p 500 and nasdaq closing 1.1% lower. you can see on the futures market, the nasdaq is steadying. it had been down 1%. they all go negative. the 10-year note traded around 3.1, the two-year trading at 2%. upper pressure on bond yields. in the crude oil market, enclosed around $97 per barrel with concerns around conflict in baghdad. oil close down -- closed down. the risk off move -- in terms of the move, the 75 point rate hike. in december, this is what we will see filtering. annabelle: that chart is the main front and

versus some of these meme stock traits, but they are fun to watch. heidi: kathleenouched on what you are doing, on how you are positioning around chips, given we had a string of mostly pretty terrible guidance out of these chipmakers. the design of the chips, domestic investment into getting a more u.s. manufacturing. do you invest around the theme for the longer-term? >> this is one of the catalysts that will move things forward in the future. it is not something i am investing on on its own. i think it is a positive catalyst. the reason i like chips is i like the theme of innovation technology and the future of technology lies in things like 5g and automation and changing the way we live, work, learn and play. if there is a slowdown in gaming, there is so much beyond all of that that leads us to an essential growth story for chips. ev is interesting for chips in the near term, you need chips too out enough disclose -- to bang out enough teslas. heidi: it is great to have you with us. more to come on daybreak australia, this is bloomberg. ♪ heidi: micron has become

kathleen: now for the top stories this hour. asian stocks slipped out for a full on wall street, a key u.s. inflation reading. heidi: revenue will not beat projections as rates evolve quickly. kathleen: the japanese prime minister is set to announce a new lineup of ministers in the coming hours. heidi: we do have breaking news, july adjusted jobless rate is staying on expectations of 3.9 percent and unchanged from the previous month of june. that is adjusted for the month of july. we start to get more wage data given the korean pay rises or at 819 year high --aare at a 19 year high. central banks are trying to adjust to the high inflation and higher rate environment. let us get you straight to the market set up. annabelle: all of these fears around inflation and what the fed will do to rein it in, there is a fear that the fed could be mispricing the extent they need to go to to really diminish of those price pressures that are building in markets. we are seeing the in the new zealand bond space. and burning for the first time since 2016. cen

kathleen: after jay powell's speech friday, we did see some big moves down in stocks.hat was a number of fed officials talking about rate hikes, inflation, in jackson hole. about 15 minutes into the trading day in asia, we are going to look at how these markets are doing. looks like the nikkei is down 2.4%. that is no small move. kospi also about the same amount, 2.3%. we have the s&p asx 200, almost 1.2%. then we see the new zealand stocks, not quite the same. this jay powell speech, this sense that the federal reserve, one of the world's biggest and most powerful economies, is moving into higher rates. this is definitely feeding over into asia. it will be interesting to see how far goes. now, let's look more on the back of korea governor, he's keeping the door open for another outsized interest rate hike. he told me at jackson hole he would join fed chair jerome powell if prices remain out of control. >> we're not exactly targeting the exchange rate itself or the interest rate gap itself is not our prime objective. but the higher interest rate in the united states wi

kathleen: neel kashkari, president of minneapolis, is now saying he is happy to see the stock marketoute after jay powell's hawkish. speech. . he said they will not quit the inflation fight until the job is done. neel said i was happy to see the stock market rallying because i know how committed they are to getting inflation down. i think the markets are misunderstanding. you think? it is not surprising to me neel kashkari is saying he is happy. it also shows they have been trying to get a strong message across. this is not an accident. this is what they want the markets to hear clearly. haidi: is he liking the markets are starting to reel from a reality check? he will might like we will see tightening. some looking to offload treasury yields. look at the chart. typically when the tightening happens and the fed pulls liquidity, stocks will struggle. this is part of the broader plan to reduce the chilean dollar portfolio. -- the trillion dollar portfolio. the t-bills will be used as coupons below the monthly level. september will be the first month the coupons will fall below the new

we will hear more from esther george and kathleen hays from jackson hole in just a moment. a quick snapshot of risk. stocks are facing the prospect of 4%. reasons to be bullish. higher wages is not good news for the equities story and we are leaning far too much on cpi. the reasons to be bullish are than a bit thin. dax gone with a rally of .4%. have a look at the bond markets. we are focused on 50, 75 basis points, but you have a yield curve which has bounced from the -50 to 73 and this is significant. this suggests that perhaps the worst has passed in the bond market. the dollar remains resilient. 18% overvalued on a relative basis, relative effective exchange basis. the past 10 years. is the dollar exhausted and something that may come into play? what will jay powell communicate to the market? we are going to the higher ground and we are going to hang out there for a while. kathleen hays is with me from jackson hole. i love that line. steve stitching ski is tracking the energy story. talking through the good news on the u.s. listed chinese stocks. as ever, it threads the needle of the markets from singa

as kathleen mentioned, we are getting the preview ahead of the boe. european stockswe had not just a rate pass, but earnings expectations. futures looking positive, a little bit of a pop, germany up by .3%. a little bit of a pullback when it comes to trading in euro-dollar. second quarter earnings season has been ok in europe. we also have gotten the better expected data from the u.s., passing the fed commentary that is ongoing, said testing a pivot would likely be fading. geopolitics particularly for markets, house speaker nancy pelosi has moved to the relationship with south korea. but the repercussions and the reaction still being felt. for more, let's bring our chief north asia correspondent, stephen engle, in. what do we know about the military drills circling the island? >> there is a lot of wake following this. nancy pelosi's visit to taiwan, which has moved on to south korea. political wake as well as military. starting with the military. china is coming through with its promise of military drills as a show of force. in the island with six inclusion zones. ca

. >> i am kathleen hayes in jackson hole, wyoming for the fed annual policy retreat. now let's take a look at the top stories this error. stocks rising, investors shrugged off the hawkish talk. >> we speak live to adrian or who was among the first to tighten policy. >> plus, progress in talks between beijing and washington to avoid the delisting in chinese firms from new york. click let's get you a quick check on this as we continue that drumbeat awakening for the child. futures are pretty tepid at the moment. all of this as we saw bond yields falling and investors waiting for that speech and just how hawkish will fed sharp -- fed chair powell be? volumes are seen very much below average in all major industry groups. we did see that higher training particularly when it came to material communications as well as tech. the dow added just about 1% there. watching new york crude as well. we are sitting at about $93. much uncertainty continues to way for both supply and demand when it comes to energy. let's look at how all this is setting up for this final friday session of the week. cracks yes. but another sector and focus. that i

kathleen hays. let's take a look at how european futures are opening given we are seeing asian stocks holding up prettyn we see that rising geopolitical risk, stocks slipping given mixed earnings results as these concerns, growing tensions between china and the u.s.. futures are off by half a percent. we are seeing softness when it comes to german-backed futures. much more to come on daybreak asia. this is bloomberg. ♪ shery: we are getting more reaction from beijing on nancy pelosi's visit to taiwan. china is going to punish taiwan independence diehards, bowing criminal punishments on taiwan independence diehards, they will adopt criminal penalties over separatists. it follows commentary from the foreign minister saying some politicians are troublemakers and the u.s. should stop playing the card. we had commentary from the people's daily that the pelosi visit has hit at the political foundation, this as we heard that joint, naval and air force exercises had begun by china. coming up next, we will discuss the covid zero policy in china. millions have made the switch from the big three to xfinity mobile

kathleen has come down. it's hard to complain even as people always complain. the price at the pump has fallen for seven straight weeks and every oil stock is rolling over. one more thing, i told you this earlier, it shows you what is going to happen. i talked about how the summit new jersey oaks leadership had decided on its own to raise the price of domestic. to three dollars. a 50% boost. the trustees voted to keep prices unchanged. there was a charge for credit card use and they bumped imported beer. that's much easier to swallow. right before most of these rolled over i said i thought inflation peaked. i was mocked on the board. every single commodity is lower since i made that call. everyone. it's kind of insane to be trashed for being wrong. bottom line, that officials and hedge fund managers are crying about how the federal reserve doubled the rate to stop runaway in inflation. i don't know how far prices have to fall before people notice. maybe they just don't want to know. ignorance in the stock business is not good. let's go to josh in georgia. >> good morning. what's up? thank him good. have a question about norwegian cruise

kathleen: i think the transitory statement will go down in the history of the central banking. that is bloomberg's chief rate correspondence for asia garfield reynolds. next, chinese stocks in the u.s. surge to the most in two months. our chief north asian correspondent now stephen engle is joining us from hong kong. what do we know and what does this mean? stephen: this is a major development, obviously. i have been telling bloomberg news that chinese regulators instructed major audit firms to bring audit papers to hong kong. these are many u.s. listed chinese companies under scrutiny. there is a list compiled by the securities and exchange commission for potential delisting over 200. the clock is ticking. the development of confirmed would alleviate a lot of fears that have gripped the market about chinese adr entity u.s. of a potential mass delisting of many of these companies. already, alibaba established a second primary listing in hong kong. other companies such as estate owned enterprises like china life, petrochina, sinopec, they are likely to delist from the u.s.. again, these stocks have been under pressure for the better part of a year if not more because of t

stock market rebound, that would be crucial going forward. haidi: our technology reporter in tokyo. tech remains in focus after the sector drove the losses. u.s. inflation expectations also dropping. that's get more from kathleenet's get to you, simon with the fallout over nvidia. what do we hear from some of the big investment houses on the outlook? >> generally speaking, people are pretty negative. there is also a significant shift away from chips and other types of goods. and the real hope lies in services. for the markets overall, they need to see either the fed lunching on its fight against inflation or they need to see the economic cycle droppin -- troughing and neither of those seem imminent. shery: and tech being pressured by rates trajectories as well. inflation expectations dropping perhaps in the u.s. issei overly for the fed? >> i would say a little sigh of relief but there is a lot further to go and the big inflation report on wednesday is probably going to give them more relief. if it gets a little weaker or not as strong -- let's look at the numbers. this is the new york fed inflation outlook survey. the outlook for the year went down to 6.2% from 6.8%. your outlook always is stronger than when