the japanese brokerage firm nomura last week hours, even when they are working from home.ll close all smoking rooms by december—end. nomura says staff will be expected to follow the rules but there won't be formal monitoring. other workplaces like softbank have banned smoking on company time. joining me now is professor sir cary cooper, professor of organizational psychology & health at manchester business school, university of manchester. 0f of course employers have a duty of care to staff, no matter where they are, the home or the office or somewhere else but to what extent does it go that far that they can say you cannot have time out to smoke when you are working from home? if have time out to smoke when you are working from home?- are working from home? if you think about _ are working from home? if you think about it, _ are working from home? if you think about it, in _ are working from home? if you think about it, in an _ are working from home? if you think about it, in an office - think about it, in an office environment, you can do that because there is something

on the s -- of new mora -- of nomura. on this be, up 0.4%. i know recency bias is a real thing, but it doesn't feel like that. it feels like something much bigger than that. euro-dollar, $1.1572. crude, $74.64 on wti. lisa: 7:00 a.m., we are lucky to have the assistance bigger of the house of representatives joining us on bloomberg. the question i have, will there be a vote today on the bipartisan bill? can there be some sort of coming to mind of the democrats, giving the sense that there will be another plan that can be passed? if they don't vote on this, it seems those divisions are that much deeper. 8:00 a.m., u.s. initial jobless claims. the expectation is for 330,000. also getting the third quarter quinn -- the third print for the second quarter gdp. what i am watching is for any sign of the participation rate. i find this so interesting. if you look at the participation rate of people 55 in order, it -- 55 and older, it has not rebounded. people have been retiring early, and part because they have more savings. how much can this continu

interesting thing is you could smoke at nomura in the office. this is a new story from today.es will be based on mutual trust and do not include a punitive cause. but the idea is that people who work at nomura, who previously could walk into dedicated smoking rooms in the office, will not be able to do that from october. they're going to give them a couple of months, apparently, to clear out in terms of the putrid smell, clean them and repurpose them. in terms of working home, you have to promise you will not smoke while working from home. about 20% of its staff smokes. they want to get that down. still ahead. we speak to the ceo of ford motors. it will now build harley davidson's in india. this is bloomberg. ♪ matt: this is bloomberg markets. motorcycle and scooter manufacturer has linked up with harley davidson to develop, build, sell a range of premium motorcycles in india under the harley brand name. joining us now is the chairman and ceo. i am a huge motorcycle fan. it is great to have you on the program. talk to me about the harley deal. how popular are harleys in your m

we have seen some banks, notably nomura's chief operating office,, out with lower growth forecasts, nomurarhaps deepening supply chain problems for the rest of the world, so it is turning out to be something to watch very closely. haslinda: how will this feed into the rest of the world? why should the rest of the world care? martin: some of the power crunch is already hitting manufacturing. you look at xinjiang pregnancy, north and south of shanghai, these are big manufacturing powerhouses, they supply a lot of goods to the rest of the world -- textiles, machine parts, toys. if there is a prolonged shutdown, that is going to cause some difficulties for the rest of the world, and as rishaad mentioned, you have the winter coming up, when perhaps coal prices will come under more pressure. you have seen the government try and tell coal suppliers that they have to sort this out. so they are trying to manage supply ahead of the winter when it might be more difficult. rishaad: martin ritchie, thank you. let's get to the morning because. potential gdp impacting china from these power cuts that wer

and up in smoke —japanese bank nomura tells its staff even when working from home cigarette breaks are

and nomura says exports are sensitive.- [indiscernible] concerns over slowing growth in china. the offshore you want holding above -- the offshore yuan holding above 6.48. the drag from evergrande, you have s&p global credit analyst saying there is no direct support from the government unless there is a risk of more developers failing. asia was flat amid these concerns but developers said there was a delay. a quick breakdown of how the topix. carmakers are falling amid the chip shortage. gas and electric stocks are higher. shery: markets are digesting -- the be og starts a two day meeting as well. let's start with bank indonesia. not much change expected there. why? >> what central bank would like to make a move ahead of a fed meeting? you can make an argument that they could consider cutting their key right now. inflation is below target. take a look at this bloomberg chart. it is been downgraded. not much of a bounce back from negative growth last year and below the rate that indonesia is used to when it comes to growth.

drilling getting entered by this concern around inflation and that is a view around nomura.is reacting to this inflationary shock. let's talk a little bit more about the oil market because -- withstand the pressure of the equity market selloff. was it demand destruction? i don't know. oil demand is continuing to grow through the middle of the next decade. the global fuel consumption fully recovering from its pandemic slumped in 2020 three. i spoke to the secretary general. let's take a listen. >> the worst is over for this pandemic. the recovery will continue. it may be slow. it may be bumpy, but we are on the path of this positive trajectory. manus: we will not need as much oil from opec as we did in 2019 until 2026. is it correct to assume that between now and 2026, gore still going to have to have restrained and cuts? mohammed -- you are still going to have to have restraints and cuts? >> the first outlook released by any repeatable institution. and we are positive in this outlook in terms of demand. demand will continue to grow. this will ease the consumption of energy.

they will announce the tepera by november but number a -- nomura has an answer to that.see the pace of taper being faster than that seen at the end of qe three and will be consistent with its comments on ending net purchases by 2020. shery: that more hawkish sending fed, it's not surprising that they are pulling the taper call forward to november but i'm watching their dollar call because they are saying that that the dollars moment in the spotlight will be over pretty soon, and noting that tapering is part of the normalization process. also see the canadian dollar and yen pair among the chief gtech process. paul: -- g 10. paul: steep deficit. $2.1 billion trade deficit compared to just a 400 million dollar deficit the month prior. exports really sinking down to $4.35 billion, down from $5.7 billion the month prior. imports increasing modestly. the largest city under restrictions at the moment. the system outbreak of the delta variant of covid, not a lot of reaction to the kiwi dollar. holding steady at $.70 against the greenback. rising modestly as well as that get more

nomura said you could see $40 billion enforced deleveraging by volatility linked funds as volatility shoots higher on the vix. money coming into the bond market. it seems somewhat calm given the selloff in the equity market. nevertheless, a solid bid on the back end of the market. all commodities getting hit with the exception of gold, impressive considering the dollar is also rallying. metals and materials in the u.s. some of the worst performers on the s&p. guy: gold is worth keeping an eye on. when you see gold turning, that is when the fear starts kicking in. commodities broadly taking a hit. iron ore extending his slump, sub $100. you have the evergrande story on the construction site. let's talk about all of this. what do you make of the price action? what comes next? >> there are different drivers in commodities at the moment. we have iron ore very weak at the moment on the idea that china wants to cut back on fuel production which limits the demand for iron or. you have natural gas doing real well on the back of energy prices pushing high. there are two different stories. to

there was a newsful note from nomura revealing what all of these slogans mean.is the kind of investment environment we are in now. if you looking at the credit market, anything with a huge amount of leverage, you're looking at evergrande rmt we were talking about earlier, this is a very dangerous space for investors. that implied government support is no longer there. beijing will not bail out these companies at any cost. that is a very big shift in the credit market. tom: indeed. study the slogans. thank you very much indeed. let's get the first word news now with simone. >> thanks, tom. boris johnson's government will hold a house of commons vote on its new tax package today. the u.k.'s prime minister appeared to be -- the conservative party rebellion over the tax hike after announcing pensioners and shareholders would pay more. it is expected to generate 36 billion pounds to fund the covid hit national health service and soarnl care for older people. mexico's top court has decriminalized abortion. in a region where few countries limit access. criminal liesing

lisa: .2 how this story carries out the idea of long dollar, if you have jordan rochester of nomura seeing gaining strength because the mobility numbers are up there. the vaccination numbers are up there. inflation numbers are up. this will all pressure long-term inflation forecasts and the forecast for the ecb. geoffrey: those factors are all true, but i cannot see why the u.s. can have those factors either. no reason to think that won't happen in europe either. the ecb link which has started to shift, coming off of such a below base. we are nowhere near there yet, so may be in a quarter or two. six or nine months down the line , we may be able to have some upward nudging and the projections, and they can start to change their view. but i think when they finished the ppp programs, they are not going to be in the mood to change anytime soon. so euro-dollar bias may be around these levels. but the dollar and the fed, they are still going to be the dominant drivers. lisa: where the dollar is the dominant driver, that doesn't always mean good things for the rest of the world, and certainly ri

we were talking to our guest from nomura earlier, we have commodity prices elevated, we have supply-chainons, on top of that, commodities and where they are. yvonne: yeah, and then you have evergrande right now, bad news upon bad news. they have financial advisors at least, to help them navigate what looks like it could be a debt restructuring of some sort. though there are protests among buyers as well as employees. that is happening across china, they are talking about how they are forecasting lower property sales. no progress on hong kong's residential unit. the bad news just keeps piling up. rishaad: and then they brought in a couple of financial advisors in order to try and ease this crisis. the bond is trading at $.30 on the dollar, $.28. at the moment, unable to guarantee that they are going to be meeting any of their financial obligations. yvonne: plenty more ahead. this is bloomberg. ♪ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets

there is one from nomura from 2023 i think corporations will fix this faster.ntel for example, is reportedly in discussions with manufacturers to produce car chips. ford can't turn out a 70,000-dollar truck if it is missing 50-cent chip that drives seatbelt reaction. private corporations will save the day. they will redefine the relationship. i don't know why the biden administration is dealing with this. not like supply chain problems are unknown. they have a problem prioritizing information. i submit the markets will sort it out but not to my liking. lauren: is that the cost of 50-cent seatbelt championship on0,000-dollar truck? >> i heard some of those figures, that they're that inexpensive and holding up production on 50, 70,000-dollar cars. lauren: that is amazing. private sector is getting aggressive. walmart is looking to hire 20,000 workers full time, permanent positions for their distribution in the fulfillment centers. the reason is this is an issue. we want to fix it. we don't want to mess up your christmas. but i think the business question comes in

nomura expecting more for aussie bonds, you have the aussie 10 year knocking at the 150 level.g, we are expecting more upside pressure for bond yields given the inflation debate is back in the mix. checking in on oil prices, checking in on friends, falling below $79 a barrel as we saw a rebound in u.s. inventory. the currency markets are in focus with an anticipation of dollar strength. the korean won hitting the 1188 handle, jv financial saying we could see more by the end of this year. the dot is expected to hold rates. we are seeing -- the offshore yuan is under pressure. commodity risks as well as a narrowing yields gap for china adding to that pressure. haidi: china ever grande facing another deadline on wednesday work $45 million. i would next guest says it will lead to more stress. let's bring in the head of china microstrategy. great to have you with us. bloomberg reporting a 216 million dollar bond paper due on sunday. that is what we understand guaranteed by another entity and issued by jv, part owned by evergrande mainland entity. there are lots of implications. how

nomura will tell its employees not to smoke during office hours next month.working at home. the roles will be based on mutual trust and won't include a punitive clause. it's a latest japanese firm to take action against smoking. google has delayed its return to office until next year. setting pandemic uncertainty amid a pickup in global covid cases. a memo from the ceo says work on campus will remain optional until january 10 but it did not specify a mandatory return date. mcafee woods new etf will follow an index that excludes industries including alcohol, banking, gambling, or gas. is largely tech and consumer firms. if approved, it would be the second etf that would -- that they launch this year. anna: thanks very much. coming up, 84% of companies have told us that they plan to spend less on post-pandemic transport. we bring you our survey on the future of business travel, next. this is bloomberg. ♪ ♪ tom: -- anna: anna: welcome back to the european market open. european equity markets made gains, recovering lost ground of yesterday. let's discuss today's

but as these protests mount and the financial risks also escalate, at nomura, this analyst, her best-case scenario for all these circumstances playing out, she says the best-case scenario is a government-supervised deal that ensures evergrande delivers homes and pays their suppliers. that keeps the suppliers and some people happy. but at the same time, where the dollar bondholders, they would get a big haircut, about 75% haircut. 25% of their money back. that risk already being priced in with many of the dollar bounce trading at $.30 to the dollar. shery: our chief north asia correspondent stephen engle with the latest on evergrande. we have a big update in japan leadership race. is reported that the former defense minister will not run in the race to succeed yoshihide suga as prime minister. joining us is our tokyo deputy bureau chief, sophie jackman. what does this mean for the leadership race? sophie: with the defense minister out of the race, we have three main candidates. his endorsement will benefit from his popularity among the liberal democratic party's rank and file nationwide, a