manus: absolutely. when you look at the consensus for bond yields, where does -- where was 30 year paper at the start of the year? you are now looking at 164 to 208. at what stage do people jump in and say actually this yield is appealing? but there is no doubt about it. the energy complex is absolutely shredding the idea we are going to have inflation in the medium term. dani: we are unsure what inflation is going to look at -- look like, we are unsure if the u.s. is going to reach the debt ceiling. investors are demanding more compensation for holding a 10 year. let's get into the models, let's get into the federal reserve of new york model. the term premium creeping back up. let's go to the charts for this. the first time in a few months, this tells me investors see a lot of risk and they want to be compensated for it. manus: take it away. you have the markets. dani: asia catching up to the u.s. equity trade. the u.s. and europe. we are seeing debt buying. the u.s. 10 year, 15322. brent oil, a little

manus? manus: thank you very much.ng up, a london-based glencore trader funneling millions of dollars to african officials. we discussed next. this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe," i am manus cranny in dubai, tom mackenzie in london. -- says the foundation will be more careful in what they tweet after an announcement about a partnership with walmart. >> in terms of our foundation, there is not much we can do. people can release fake news on cryptocurrencies. this is a traditional problem. >> global newswire came out with a statement saying they are enhancing authentic pain -- authenticating steps. they said the incident is isolated and never happened before. as you said, the release was fake, said the quotes were fabricated and somebody on the social media team a little too eager when they retreated this. -- retweeted this. to those who might suspect someone on your end is responsible, what would you say? >> definitely it is not anyone on our end. being a decentralized cryptocurrency, pretty

manus. manus: low rates forever, juliette, thank you very much.ivot to france and the government there. gather going to present the 2022 budget later this morning, the last that president macron did before election in seven months time, we have been following the geopolitical story today, caroline what are the highlights of the french budget, does he have room for a little bit of a giveaway, good morning. caroline: good morning, back to square one for president emanuel macron, it is the end of whatever was in place since the beginning of the pandemic. for this 2022 budget, the goal is really to reduce the deficit, curb public spending, very few sectors will actually have their budget increased such as the army or education, but the goal for 2022 is to bring the deficit back below 5% compared to 8% this year. the problem is that the debt level in france remains at historical highs. you see the latest reading, 118% for the french debt, to see who is controlling the budget and the proposals for emanuel macron said we cannot put the dust under the car

manus: angel, think -- manus. manus: angel, thank you.'s election is on the horizon and drawing closer. environmental issues, the key battleground for the party. we will discuss the latest. this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak: europe." i am tom mackenzie in london with manus cranny in dubai. i want to draw your attention to the markets in china. the csi 300 is gaining more than 2% in today's session. you are getting back to those march levels where you saw the sharp selloff, making up for some of the correction. valuations seem to be key. that has been flagged by marc tran. on the tech side, some relief for chinese technology companies. maybe the payments they have been making around charitable donations is something of a circuit breaker for chinese tech, manus. manus: it's about resetting the mindset, isn't it? you found that headline before we came on which is a rare moment of unity. i said is there really an overflow? we are both tracking japan. the burst from japan on the possibility of new economics. that ha

manus: absolutely. the new bond market tantrum. yes, the fed must tighten first, that's what you are used to happening, that's what every model has -- no. the bank of england, two year yields, bang. a new bond market tantrum, but not in treasury. a big move but nothing compared to both of the long end of the u.k. curve and the short end. bank of america, deutsche bank both calling rate hikes in the u.k. by february of next year. dani: it is so wild. if i were to ask you a couple of weeks ago when do we see this big move in bonds kick off, i don't think you or i would have said the day after the fed decision. it is significant you have central banks on the periphery really leading the charge and having an impact, moving rates higher from here. manus: absolutely. i leave you with this -- yes, we work on a sunday -- a guest said i will put in context, you're talking about $10 billion per month. the bond market is have a trillion a day in terms of turnover. i put it to you, it is not the size of the number,

manus. manus: people should read the line this morning about the services export agenda on china trapping them in the middle class level. despite all the drama, take a look at this. down 16% from the highs but the money floods in, the worst-performing index. see money flood in every single month and it doubled in the past 12 days, looking at this flood in of money to the mainland. but what about george soros? if anybody is going to take a swipe at blackrock, this encapsulates the warning, doesn't it? tom: i remember when george soros was in beijing, he was mad as a hero at a university to give a. very different now area george soros telling blackrock that they are making a tragic mistake in assaying will lose money and they will end up losing investors money with their push into china and maine the push into china is a national security risk as well may tragic mistake. that is the line from george soros. manus: i know he has warned about china. japan about 30,000 on the nikkei. it will be in

manus. manus: thank you very much. let's set up the events for the day. the key event is going to be the congressional testimony from fed chair jay powell and treasury secretary janet yellen. i think where he reset and recast the die yesterday was about inflation. it will be greater and enduring and an upside risk. dani: the disappearance of the transitory word. will we see selling pressure resume? we also have the ecb forum that will kick off today. we will hear from christine lagarde. the key policy panel to watch for is tomorrow afternoon, christine lagarde, powell, bailey, and kuroda. coming up, we will stick with the central bank theme. we will discuss more about the resignation of these two fed chiefs. we had the stock trading scandal. we have questions around health as well. what does this all mean for u.s. monetary policy? we will discuss that next. this is bloomberg. ♪ >> employment is still a bit short of the mark on what i consider to be substantial further progress, but progress continues and i hope it may

this is bloomberg. ♪ manus: it is daybreak europe. i am manus cranny in dubai.ouse democrats are said to put forward a top tax proposal. [indiscernible] it all comes as we await the u.s. cpi tomorrow sure to feed into the debate about whether we have inflation which is transitory or structurally becoming embedded. lucy macdonald is with us. i want to get a sense of where you are with risk at the moment. everyone back from the hamptons and fireeye play. the barbecues are finishing. physical stimulus, 20% of gdp coming down the pike. and a taper delay. how does it look for you for risk? lucy: when in doubt, you look at the seasons ended in september, it is more likely to be down on average. it always is. you start from there. we are in a time where you are likely to have more choppiness. we have got goods, liquidity, we know that. that is the biggest support to market. this is not going to go away. we are going to be in a -- territory. however, we have risk around growth. we also have risks to inflation which is the biggest change this year. and that is not going

manus: thank you very much, michelle. let's get the first word news with juliette saly in singapore. juliette: australia is joining a new indo pacific security pack to pave the way to apply nuclear power sub means. leaders of the three nations had a virtual meeting. the asian nation will build the equipment itself. prime minister boris johnson is promoting woman as the first conservative female secretary. he was criticized for his handling of the afghanistan withdrawal. north korea says to ballistic missiles it test far this week suggest kim jong-un has added a new option. telling bloomberg that north korea is being reckless with its diplomacy. >> america thinks in such a naive way. i thought north korea was like europe, like a monarchy from a futile area. juliette: global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: juliette saly with the latest first word news headlines. monetary policy and the interna

go ahead, manus. manus: we are back. a moment of technological glitches.ce what it is. we have this split within the democrats. [no audio] >> i lost you again. i can assume that you are asking about explaining -- manus: forgive us this morning. we have a little bit of technical problems here, bruce. we are going to pause for a moment. i'm going to bring our viewers a quick view of what is going on with the markets. we have this bounce back in the equity story this morning. it looks like pavlov's dogs were back in buying. a line has been drawn under that . it is don in london. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. baaam. internet that doesn't miss a beat. that's cute, but m

manus: good morning.ddle in a group of executives around the world weathering for gas tech, no irony lost on this. one thing that will be pushed more and more is nord stream 2 is now no longer a lecturing button absolute necessity. does this -- no longer a luxury and absolute necessity. does this squeeze more pressure along nord stream 2? will: that is a really good question. it depends on what happens this winter. if there is not enough gas, if people end up -- if we see blackouts or eat turning off, that will be -- or heat turning off, that will be a serious political question. a lot of times people don't think about power and gas because it just works and the price is not that noticeable, that if there are major disruptions like that, it will become a really big political issue for everyone that relies on that gas. tom: will, thank you for the latest on how those gas price pressures are playing into the renewable space. let's get the first word news with juliette saly. juliette: the canadian prime mini

manus: good morning to you.he miss, this is a three standard aviation miss on the retail sales. in your mind, what is the near term policy response to that scale of miss? is it on the rrr to the banks to drive the credit impulse? is it to reconsider the zero-tolerance policy? which road will be travel? robin: yes. more policy easing is definitely warranted given the policy risks. local government bond issues students -- issuance grows. that's an over arcing indicator for financial conditions. that will likely bottom in september. rebound in the fourth quarter on the back of the fiscal years and. about $550 billion of government bonds sitting there to be issued from september to december. that's a level much higher than the last four or five months. also much higher than the same time last year. that kind of fiscal year and could arrest the downside risks to growth. we think gdp growth will likely improve modestly in the fourth quarter and as mobility improves. consumer activity will likely remain below the pre-c

manus: good morning from our middle east headquarters in dubai, i am manus and dani burger alongside me at london hq. hunks -- hong kong shares a sink and investors weigh ever grants. and janet yellen renews a call to raise or suspend the u.s. debt ceiling. she says it needs -- it is needed to avoid widespread economic catastrophe. and it is election week in germany, the cdu on the defensive as angela merkel set to head onto the campaign trail. there's only one word you need to understand, it is ever grande . this is about an equity in the lowest value in history and it is bleeding across the credit default swaps, but if you can't get a cds on ever grand, where do you go? this is vicarious hedging, not on the sovereigns but in case of ever grande. dani: that black box means a three standard or more deviation, you can see the risk, the fear emanating through the markets. it is all about the contagion risks this morning and without any response from the government because of the holiday, it is allowing investors to imagine the worst. it is a mark twain moment. i have known many great t

manus: this is a minister ready for anything.working in response to a big report talking about debt servicing and international investor confidence. the minister said inflation is transitory, and he is preparing for the long haul. >> not permanent. why? with low inflation, low interest rates environment, so with covid-19, you spend the money with this stimulus package. after that, it should be high and also distraction and supply, with demand starting to pick up. the imbalance caused the inflation that we are witnessing now. once the current imbalance is back to balance, i'm expecting inflation to start coming down and things will move to normal. manus: no material costs for you in the budget in the bread subsidies? >> currently, yes, some of the goods which are mostly imported. we are one of the biggest importers of wheat, so we are affected by higher increases in prices. also, oil prices went up. inessential goods and materials are causing inflation and disruption. manus: your base case is that it is temporary. you are not worr

from there manus cranny joins us there. our colleague. manus, good morning.: anna, a good day to you. day two of the conference on multilateralism. the finance ministers in town. we're grateful. we have the egyptian finance minister. good to have you with me this morning. >> good morning. manus: inflation, you would ponder there is a great deal. it is down four months in a row. six month low. simple question. is inflation in your view transitory and have you passed the worst over the spike? >> we certainly feel and we have passed the worst of it. our projection is inflation will continue to go down downward throughout 2021 and 2022. in 2023, we will be moving to single digit inflation. manus: is the change impacted in nigeria or do you see relief there? >> we see a turn. it is moving upwards. still not in the positive territory but it has moved up very substantiately and that is a strong end indication. it has to do with the coming onstream or more -- provided much needed relief in terms of transportation of good and people. manus: do global supply chain, the

anna: thank, manus. manus getting a free fashion restyle as well.ranny brings us that exclusive conversation around nigerian oil. coming up, we will be back to the stocks we are watching this morning, including european minors on surging aluminum prices. those stocks and more coming up next. this is bloomberg. ♪ anna: welcome back to the european market open. 6:53 in london. equity market futures point higher this morning after a selloff from friday. let's get the stocks we are watching. one eye on the mining sector today. joe: we are keeping an eye on that sector following this jewel impact. the military coup in guinea which has been mentioned on the program, that is seeing aluminum prices spiking up to around a decade high. in terms of stocks that will be affected by this, they are mainly away from the core companies we normally look at. we are looking at norsk hydro in scandinavia. also albert's in the netherlands. those are not big names we tend to look at, but those are the big core companies like rio tinto that will be affected more by the fut

manus cranny charting all of that for us live on the ground.more coming up from manus us in in the hours and days ahead. manus is going to be speaking to egypt's finance minterster. do not miss that one. comments come as video faces scrutiny from the u.k. and regulators over the $40 billion deal. >> we're very excited in general. it is not just because of the importance of chips and the current situation. companies are becoming technology companies. autmotive is one of the fastest growing businesses for us. we just announced it, we have over $10 billion of autmotive dead nateed revenues. the backlog is over $1 billion in revenue in the fiscal year. we're partnering with the auto motive companies. very exciting time. >> your chips are being used in motorcycles. i have been able to experience as well as autmated cruise control. that is quite cool. in terms of the broader industry, this slowdown seems to be lasting longer than has been expected. c.e.o.s are telling us 6-12 months. how is it can with qualcomm? >> let's talk about this. there is a n

let's get over to manus cranny, joined by a guest. manus: good morning to you.reat to see you to get your opinion. you told me, don't get excited about an ipo that is years away. what is top of your agenda? you have just been confirmed as the acting ceo. >> we are going to lead a company that will become the biggest company in africa. a company that will lead the transition to renewables. what you have to do is focus on gas development as everybody else is doing. you need to -- make this company completely commercial and profitable. it will lead a very big transformation. manus: keep me abreast of when the assets get readjusted. are we in crisis in the gas market at the moment? >> in the sense that last year, a number of things happened. underinvestment in the oil and gas industry. that will hurt gas supply all over the globe. that is going to show up in a number of gas rich countries. the number of purchases has been stalled or delayed. >> they are going to push you on the prices. i'm looking at asia over 25%. do you think prices squeeze higher? >> we clearly h

again, it's clear, manu, that that's the top line.s begrudging, that he didn't want to do that and agreed to go to $1.5 thrill crop. you asked him repeated if that's it and asked about the conversations with the president. he said the president wants him to go a lot higher. he did not say he would fall on his sword over 1.5 trillion. is that the message you received? >> reporter: you know, it sounded pretty firm. it did sound, john, that he did leave the door a little bit open. i did try to press him and get him to say not a dollar over 1.5 trillion, but he couldn't quite say that because this is classic joe manchin. he tries to give himself room. he's been very vague about his positions for some time other than wanting to take a pause,ration concerns about the price tag overall and suggesting that it should be less and saying that social programs should be pared back and saying that the concerns about inflation are real and that they shouldn't be spending this much money, but this is first time we've heard real specificity in terms h

i am manus cranny. it is "daybreak: europe." ever crisis escalates, and the developer -- evergrande's crisis escalates. treasuries steady ahead of u.s. inflation data. investors look for any clues on the fed's taper timeline. plus, a boost for the u.k. prime minister, set to confirm third round vaccinations for the most honorable -- most vulnerable. this as the u.k. faces a perfect storm in the labor market. good morning. tom, i think i have peak growth, peak recovery, but jp morgan going for peak delta with a big impact on markets. good morning. tom: good morning. this is the quote from that call by jp morgan and the team, as delta subsides, and inflation

manu talked about this.use democrats way too long to get into courts and these disputes have dragged on for months and years to the point where nobody even cared. the committee has to be ready to act quickly and demand expedited, sped up review from the courts here. >> that's how it starts and goes to the courts. that's part of the reason they didn't proceed with subpoenas during impeachment because they knew it would take too long. obviously at the time john bolton was one of the people we're talk about. what do these tell you about where this investigation is headed? there's a whole lot of reasons why you may have started here but these are four people that are starting with. >> this shows me they are looking at 1600 pennsylvania avenue. these are people who we know and letter confirms they were this direct communication with donald trump or having key conversations in days, hours leading up to january 6th and during january 6th. the questions for mark meadows and the other folks is you walk me through jan

cnn chief congressional correspondent manu raju on capitol hill. john harwood also with us. first, we know the senate could vote on a short-term government funding bill today to avert a shutdown. when could that vote take place? >> we do expect it could happen as soon as today. they do need an agreement from both sides in the senate, all hundred senators need to grow to allow for a vote to avoid a government shutdown. we do expect that to happen probably today. democrats have removed the most controversial thing in there, which is to raise the national debt ceiling. initially the democrats wanted to avoid a shutdown. that deadline is thursday, 11:59 p.m. is when the money runs out for the federal government. republicans have refused to give any votes to raise the national debt ceiling. as a result it's unclear how they'll resolve that. essentially what democrats have agreed to do is punt that issue and deal with it at a later date, moving closer and closer to that potentially catastrophic deadline by mid october. almost there certainly will not be a government shutdown. how

let's go to manu raju on capitol hill. manu, this is a huge day of consequence for the president and his party. >> reporter: yeah, and the question is what happens from here and up till tomorrow, and we just don't have clearances as of yet. there is still a major dilemma facing speaker nancy pelosi as well as joe biden on how exactly to assuage progressives who are threatening to sink that infrastructure tomorrow. if they don't have assurances or see the larger bill to expand the social safety net moving along in the legislative process. there are still negotiations ongoing, including at this moment, negotiations with kyrsten sinema and joe manchin trying to get them to see a way forward. nancy pelosi thinks there needs to be more language in that larger bill to sign off by the president on thursday. but as you can see here, that's an incredibly high hurdle as key senators like joe manchin hold out. >> i think if we come to a place where we have agreement in legislative language, not just principle, in legislative language

. >> i want to bring in manu raju as well. manu, as we look at all of this, as chris said, you really can't overstate the importance of the moment that we're in and what it means for any future potential legislative moves. i wonder with so much finger-pointing, is there a sense there's an end game here? especially as we heard from congressman jie poll this morning on "new day" saying it's other people pointing at moderates holding this up, they're the ones that wanted you to end up with nothing it's not us. >> reporter: yeah. at some point one side or the other is going to have to give on this negotiation. the progressives are not going to be able to get what they want. their demand is they want to see larger bill to expand the social safety net pass both chambers of congress by monday, the same day the infrastructure package, the $1.2 trillion plan is expected to get a vote in the house, that day. that's not going to happen. there's no way the larger package can pass congress. they still have no agreement among themselves as

good to see you, manu. we'll see what happens. >>> coming up for us, police and fbi are now back at a nature reserve in the hunt for petit-troupgabby petito. we'll have the latest next. or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything. [slow electronic notes fade in] [fast upbeat music begins] [music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops] (vo) how do you know when you've found your team? whether you're winning, or just doing your best. when you're on the lanes, they're right behind you. reunite with your team. go bowling. >>> new developments in the gabby petito investigation. an autopsy being conducted today should confirm if human remainings found in wyoming are the missing 22-year-old girl, and police and fbi are back at a local nature reserve in florida, still searching for her fiance, brian laundrie. he has not been seen now in a week. cnn's leyla santiago is live in venice, florida, with the latest. leyla, what is

i mean, so, kaitlan, you heard manu say, right? i mean, president biden's agenda could completely collapse. i mean, that is what's at risk here. what is the thinking there? given this situation. >> yeah. the agenda is basically hanging in the balance at this point because you are seeing these progressives warring with the more moderate members of their party over what the next path here is going to look like. and so, the white house has been deferring to the house speaker when it comes to the process but i do think that they realize the very real consequences here. and of course, they are hoping that it works out. they are having these constant phone calls between staffers and lawmakers and lawmakers and their staff. and of course, even the president, himself, meeting with these lawmakers. he was supposed to speak to senator manchin today. we know, of course, that the white house staff went up to capitol hill to speak with senator sinema and her staff. and there is even a chance the president, himself, could go to capitol hill tomo

my friend manus cranny is standing by in cairo. look at that chair.ly they could see this on radio, the palatial manus cranny this morning. >> we are --thank you for having us into your office. it is an interesting time in our region. within the context of the outer region. that issue will be a focus of the session. the transformation of this nature will have interesting repercussions and we will wait to see what those repercussions are in terms of how the government will operate and the commitments we have made and how we can have the security and stability of the region. >> do you see this as a disengagement by the biden administration making this region more unstable? >> i do not think the u.s. is a superpower. or can disengage. i think we will continue to rely on its traditional relationships and partnerships as a strategic ally and will continue to extract its interest and provide the security and stability of the region. >> there is a tectonic shift in discussions between the nations here in the middle east. would you describe that between yours

let's begin with manu raju there. it is interesting, you looked at the infrastructure plan and there was tax raises and those were striped out in the negotiations but as a starting point, there are some real significant pay-fors here. >> reporter: there are. this is one of the largest tax increases in sometime, potentially decades. taxes that would go on corporates, mainly as well as high income earners to pay for the democrats plan of a $3.5 trillion, paid for most of it to expand the safety net, a dramatic overhaul of a whole wide range of health care and environmental, education, childcare and a number of initiatives that are central to the democratic agenda. this plan to pay for it coming out of the house ways and means committee this morning. they are talking about a wide range of tax increases mostly on high earning individuals, 39.6 would be the new rate for going up from the kucurrent rate of 3, that for people that make more than $400,000. married couples jointly would be taxed who make more than $450,000 a y

manu raju is out front on capitol hill. look, manu, there is a lot here, right? just even substantively, there is so much talk about process when really there is a lot of substance here that should -- the american people should be given a lot of detail on they haven't been given yet. is there any clarity tonight, though, on how pelosi is going to pull this off in terms of getting the bipartisan deal over the finish line? >> well, the bipartisan deal is still moving forward for that thursday vote. democrats just wrapped up a caucus meeting on the house side discussing their path forward. what's clear is they plan to have that vote on thursday still on that bill that passed the senate along bipartisan lines last month. what's less clear is whether there will be votes to actually approve it out of the house. also, what's unclear, what will happen to that larger plan to expand the social-safety yet. that price tag, initially, was $3.5 trillion but behind closed doors, pelosi had told her members today that that number has not yet been agreed to as joe biden is negoti

. >> manu raju is on capitol hill with the very latest. manu, the white house pointing out with the advantages of supporting both infrastructure and reconciliation. what is the latest for members on the hill this morning? >> reporter: they're expecting a real sales push, a very strong push by the democratic leaders and the white house to get all members in line behind these two packages. now, that first bill, an infrastructure bill, which was expected initially to have a vote today, now is going to happen on thursday. all it needs is a majority passage in the house. that becomes law. but the democrats simply do not have the votes at the moment because those progressives are holding out, saying they will not support that plan until that larger plan to expand the social safety net can move forward. now, that bill, that larger plan, is not even close to getting an agreement yet between the moderates and progressives in the democratic caucus. i'm told by a source familiar with the matter, the goal is to try to reach an outline of a deal, a fra

cnn chief congressional correspondent manu raju is on the hill.re do things stand right now, manu? are the votes there? >> it's still there. just now on a private call with the congress a.m. progressive caucus, the main progressive members in the house of representatives, they are speaking up in favor of the party -- of the caucus' strategy to block that infrastructure bill on thursday unless that larger bill, that larger social safety net package is much further along in the legislative process. some actually want to have actual bill text draft signed off on by some of the key moderates holding out like joe manchin and kirsten sinema and others want the house vote to occur on the safety net package and have that advance to the senate before they agree to the infrastructure bill on thursday, and there's virtually no chance of that happening on thursday. it's also very unlikely to see an agreement, a general agreement between those moderates like manchin and sinema and those progressives by the time of the vote that nancy pelosi has scheduled to ad

that remains to be seen. >> manu raju, thank you so much. let's bring in cnn economics and political commentator cat ran rampell and senior political analyst and former adviser to four presidents david gergen. let's try to simplify this all and why it matters for our viewers. everyday americans are worrying about going to work. they are worried about making rent and paying the bills and now they are supposed to worry about congress paying its bills. what is at stake for viewers at home here? >> there is never a convenient time i would say to have a financial crisis and another recession, but probably now is the least convenient time precisely because of all of the other crises you just mentioned that america is going through. if the united states government cannot pay its bills and, again, these are bills that have already been committed to not new spending. this is about base paying off your u.s. credit card bill. if the u.s. government can't pay its bills a few things happen, up, social security checks can't get paid, military service memb

manu, thank you. want to bring in someone who knows the president well, biden's biographer, the author of "joe biden, the life, the run "and what happens now" and he's also a contributing a for the "new yorker." the problem now lies within the president's own party, right? he needs every one of them essentially on board with this plan, and he has spent hours in meetings with both progressives and moderates. it seemed to lower the temperature, maybe some progress but no overarching deal so what's biden's next move? >> you know. he is trying in his own way, anna, to figure out how to show respect to both sides of this very diverse party, recognize that they have real issues, some of them are fundamental to their districts and some of them also get to the larger question of what does the democrat inparty stand for, and he's trying to do it without making it feel as if he's -- this is not easy stuff. after all, this is what he has always sold as his skill. this is the thing he worked on for decades in the

cnn chief congressional correspondent manu raju is also with us. what do we know about what is going on with these meetings? >> we know there's going to be a series of meetings. president biden will be spending the rest of the afternoon, perhaps into the early evening hours, holding three separate meetings. as you said, he's nemeeting wit speaker nancy pelosi, and senate majority leader chuck schumer, and going to be holding a meeting with senate and house progressives, as well as moderates, meeting three separate times, and you may wonder why have three separate meetings if he's trying to bring people together, and it's a good question but a sign that these certainly are not the last meetings. these are the meetings that the president is trying to get then bottom line from the progressives and moderates. you know, he's not necessarily in the twisting arm phase. he's in the emboldening and listening phase. there's no question. we can no overstate the po importance of this next week, maybe two weeks on the president's agenda. how they have chosen to

cnn's manu raju is live on capitol hill.on he has of taking the majority in 2022. is that running afoul of ethics rules? >> it could potentially be cause for an ethics investigation according to experts i spoke to. one rule in particular is house rule 23. that is a general rule saying members should not act in ways that could discredit the house. one democratic expert i spoke to moments ago said what could be more discreditable than the leader of house minority openly shaking down companies and threatening them not to comply with an investigation that could impact some republican members of his own conference. he's asking for 35 letters that the committee -- the members, seven democrats, two republicans, they sent the letter to 35 companies asking them to preserve records involving communications with certain individuals. they didn't say who those certain individuals are. but from our own reporting we learned some of those individuals are republican members of the house conference. those people are people who participated in

. >> cnn's chief congressional correspondent manu raju joins us from capitol hill. i always ask you to handicap these things because you've seen drama there and last-minute deals or failure to reach deals. where to democrats stand right now? is it your sense that they'll find some sort of compromise here to move forward? >> reporter: it's just retailer rh -- really unclear at the moment, jim. the big question is will nancy pelosi go forward with that monday vote on this infrastructure package. that package, of course, $i1.2 trillion. 19 republicans joining 50 democrats, significant investment in roads and bridges, waterways and the like that has not gone to a final vote in the house because liberals have demanded the larger democratic only package move forward at the same time. roughly $3.5 trillion to expand the social safety net, using a different process to approve that. that needs to be approved by straight party lines both in the house and also in the senate. with 50 democrats in the senate, they that means they can't lose one. negotiations are still going on f

cnn congressional correspondent manu raju is on capitol hill. explain this, and what's the plausibility that this actually gets through the house and the senate? >> very little, in fact, there's virtually no chance it gets through both chambers. the house is scheduled to take a vote in just about an hour and a half or so, in order to raise the national debt limit and avoid a government shut down. that deadline to avoid a government shut down is september 30th, the end of the fiscal year. the deadline to avoid a first time ever default on the nation's debt is mid october. and there is no resolution to get out of either. democrats are trying to pair up those two issues. they will pass it out of the democratic controlled house today and then it will move to the senate where they need 60 votes to achieve that. democrats are insisting republicans must join them to raise the debt limit, given the debt that was accrued during the trump era. republicans say given the spending that occurred under the first nine months of the biden administration that it'

manu raju joins us now on capitol hill. the big question is are they going to find some way to meet in the middle. is there a point in the middle that meets the demands of sinema and progressives. >> reporter: yesterday joe biden addressed the senate democratic caucus, we're not all on the same page, we need to find a resolution. but certainly no deal yet. this meeting today a key moment because there is simply not much time for the democrats to get everybody on board behind this massive package. you mentioned $3.5 billion, both joe manchin and kyrsten sinema said they will not accept that. joe manchin attempting to pear back this bill substantially. they've had a number of discussions with the key committee chairmen on the senate side. today was a deadline that democratic leaders hoped they could put aside their differences and get behind one proposal. they'll blow past the deadline and not reach an agreement on the senate side. on the house side, they're still drafting the bill and could get the bill through key aspects o

on capitol hill, cnn's manu raju pressed speaker pelosi on the plan cost. have you settled on a price tag >> no, we didn't talk about that. this is not about price tag. this is what is in the bill. >> reporter: it is of course about both but pelosi remained optimistic democrats would find consensus to pass legislation that would touch the lives of nearly all americans. >> the president put us on a course. we intend to stay the course and pass both of these bills as soon as possible. >> reporter: a separate challenge comes one week from tonight when the government runs out of funding at midnight unless congress acts. the office of management and budget began issuing agency contingency plans, detailed instructions to prepare for a government shutdown. the white house said it was hopeful such a scenario could be avoided. >> the fact is shutdowns are incredibly costly, disruptive, and damaging. >> reporter: as for a potential shutdown president biden has instructed his advisers to do whatever they can to avoid that because they believe democrats would indeed be

manu raju is outfront from capitol hill. this is a pretty incredible moment, right? are crucial. you just spoke to her. what did she say? >> reporter: she told me now it's just a question of finalizing some of the key final details here. yeah, you mentioned it. behind closed doors, i am told she told her leadership team the next 48 hours are critical here. big decisions need to be made about health care, about taxes, about the scope of the bill, major issues that have divided the senate and house, democratic caucuses for weeks and raised questions about whether they can pass this massive $3.5 trillion plan. this is so critical, erin, because not just is this riding on it, but also that acseparate $1.2 trillion infrastructure plan. that was passed by the senate last month. pelosi has set a september 27 date to have a vote on that because moderates in her caucus demanded that. but if they don't have a deal on the larger package, if it's not passes and the house and senate by next week, that separate infrastructure bill could be sunk by those same liberals who are deman

manu raju is outfront. and, manu, look.blow to president biden and his agenda. how much is this in danger? >> significant amount of danger. it's still uncertain how much -- how this will end. nancy pelosi has been having a flurry of meetings all day long with moderate members. members of her leadership team. members of who are progressives. all trying to see if she can cobble together a coalition to get the first, that $1.2 trillion infrastructure plan out of the house on monday. she told me they still plan to bring this up on monday. and then, she also wants to try to move forward on that larger $3.5 trillion plan, the price tag ultimately may be different. but the larger plan to expand the social-safety net. but that bill still needs to be negotiated. there's still significant divisions between moderates and progressives. but pelosi still wants to have a vote on that measure in the house next week. now, the progressives are warning that that bigger plan needs to be done before they move forward on that infrastructure vote

as manu said they are pointing to the white house to a vote happening today. that is what house speaker pelosi has said is the path she's pursuing. we should note no vote time has been put into the schedule so far and the facts on the ground are they don't have the votes and pelosi has said she won't bring a bill to the floor if it doesn't have the votes. so the the prpresident's strate been to focus on two people, two moderates, senator manchin and senator sinema. he has spoken to them at length this week. he has met with both of them in person. he talked to senator manchin on the phone yesterday. his aides went to capitol hill yesterday to meet with senator sinema in her office. there has been a lot of back and forth on this. the white house has been very hesitant to say what are the outlines they have heard so far from senator manchin and senator sinema. we heard from senator manchin himself and he said he did inform the president about that $1.5 trillion top line. and so you're seeing the progressives say that is simply not enough for them. they still want

and manu goes down to what is for the most part, fairly rare defeat.to believe because to me, it seems like the nba season just ended, but they're almost ready for training camp at one sharpshooter in particular seems to be getting ready in a hurry. that would be atlanta hawks star trae young. now look at it, let loose for three quarters corp but you know what's cool about this? this is his house. what house? good morning, jim connected to his house, said trae young, apparently around in mid season form. that's not the atlanta hawks training camp. i love this thank you, frank. this is a six year old welsh corgi by the name of li la, and from houston, texas, practicing, uh, his own three pointers right there. basketball season nearly upon us guys, that's the sporty life. yeah thank you, frank. alright see you later, everyone alright see you later, everyone by mark. good night, everybody. hey, gentlemen. hey. hey. if any of you are looking for something to do on valentine's day, amy and i'll be streaming our first-ever live episode of fun with flags. you

manu raju is outfront on capitol hill. so, manu, we saw both joe manchin and kyrsten sinema at the white house today. are we any closer to knowing when a deal on the spending plan might be done? and i -- and i suppose i must predicate that upon with -- you know, there can be a deal between those two senators and the white house. that isn't a deal at all because progressives don't like it. >> yeah. and we don't really know if that deal is even close at that point. joe manchin told reporters they are still not talking about a specific price tag. after his meeting with joe biden, that did not come up. even though he and kyrsten sinema both have said the $3.5 trillion plan to expand the social-safety net. they both have demanded that come down. now, sinema came back from the white house. she would not respond to my questions and others' questions about exactly what happened. but conversations between the two sides are ongoing. but concern is growing within the ranks. democrats in both the house and the senate want sinema and m

manu raju, happen ate the hustle on capitol hill. with us in studio to share their reporting, cnn's kasie hunt, jeff mace op of reuters and claudia grisales and melanie zanones and i'm going back to a question asked of gary hart years ago, where's the beef? all the democrats come out happy that the president is now taking the point on this. yes, a lot to be resolved. somehow the democrats feel the need to claim momentum today so they say they have this framework but you rip back the curtain, what? >> is it -- i don't know if the wizard is in there or not. no. it's remarkable to me that schumer went in this. how he walked up to this podium, delivers what is clearly designed to be a headline indicating they are making some sort of progress and nancy pelosi has to step in there and essentially say just try us, there's some there there but i'm not going to give you any further details and she was pretty close to flashing some frustration there but did manage to rein it in. big picture it really struck me that they were trying to project

what's on his wish list, manu?st the price tag, which he has raised concerns about that $3.5 trillion price tag the democrats, joe biden wants to get through. manchin proposed something around 1 to 1.5 trillion potentially even a little higher but also the long list of demands including some of the key items that democrats particularly progressives have been pushing. whether it's things like the child tax credit, something that the democrats wanted to make permanent, potentially or at least extend it, expand it. he raised concerns about that. limit the child tax credit, universal pre-k, the means testing to ensure that the limit the eligibility of people who could be -- who could get universal pre-k an issue he raised. tuition free community college another major issue for joe biden. he suggested potentially accountability measures, ways to measure student's performance. he wants some changes to that language as well as corporate tax hikes. those are things that he and senator ron wine, the chairman of the finance

m manu raju is on capitol hill. separate even from this whole debt ceiling potential fiasco, he's got a crisis in his own party. >> yeah. and the question is whether he can get these major legislative bills done in the next several days. it's very possible we could see the entire effort collapse because of a lack of agreement between the wings of the party. progressives who are pushing for a very expansive role for government, the $3.5 trillion package. moderates want to pare that back. and also, timing. this is essential to almost everything here because there is not just the larger democratic only approach but also that narrow instructure shuck bill that passed the senate last month. that $1.2 trillion plan nancy pelosi has given assurances to her moderate members there will be a vote on september 27th on that bill. that bill to -- that was supported by 19 republicans in the united states senate. but the question is will progressives be there at the end of the day? progressives, including pramila jayapal met with

. ♪ manus: your top stars is morning. chain reaction from the debt crisis, the s&p is warning a default is likely. manus: justin trudeau is poised to win a third term in canada's election. but falls short of regaining the parliamentary majority he was seeking. yousef:

my colleague manu raju asked for her thoughts on krysten sinema and joe mansion. here is what she said. >> it is saddening to see them use republican talking points. we obviously didn't envision having republicans as part of our party and i hope that they will understand that democrats need to be united behind the president's agenda and we need to have urgent conversations on how to get this agenda done. your smile will always be brilliant. crest 3d white brilliance. 100% stain removal, 24 hour stain resistance to lock in your whitest smile. crest. the #1 toothpaste brand in america. when you really need to sleep you reach for the really good stuff. new zzzquil ultra helps you sleep better and longer when you need it most. it's non habit forming and powered by the makers of nyquil. new zzzquil ultra. when you really really need to sleep. >>> so a glimmer of hope for the progressive caucus chair saying democrats are getting really close on getting to a final deal on the broad economic spending bill. the progressive wing of the party has been in a standoff with sena

manus: are you ready for that kind of the nexus of capital again? are taking into consideration our experience with such a situation. it will not be the first time. it happened with us over the last three years twice. david: that was a finance minister of egypt speaking with manus cranny. rishaad: i did like him saying "blah blah." david: we're speaking with jeffrey, the head of china research. we are talking valuations, fintech. joining us from the asia bank. to discuss the outlook for the second -- that is all coming up. this is bloomberg. ♪ david: welcome back. let's talk about china financials. fidelity investments cutting the valuation for assets the second time this year. the move highlighting this worsening of the fintech in china as chinese regulators crackdown on the industry. rishaad: let's look at the outlook for the banking industry. we're joined by jeffrey's research analyst shuijin chen. let's start looking at ant here. we're talking about a valuation of over $200 billion. two thirds of that off now. we can remove two thirds of that. t