. >> i'm romaine bostick in for matt miller. let's get right to the top stories we are following from around the world. el salvador starting an independent currency as legal tender. we will update you on the currencies movement throughout the hour. the man who was in the room just a few months ago. wall street back at the office. what the return to the office looks like for corporate america as the delta variant upends plans to safely return to work. speaking of the delta variant, we will talk about the latest, from rolling out booster shots with an associate professor at the department of epidemiology at the johns hopkins school of public health. let's check out what's happening in the markets. a shortened week because of the labor day holiday. down about .2% on the s&p 500. a modest bid coming in for some discretionary names, but that's largely casino stocks and big cap tech stocks. you are seeing persistent dollar strength for one single day and a lot of it seems to be tied in with some of the movements we see on the yield cu

romaine: i am romaine bostick. sonali: caroline hyde is off. romaine: she missed a big selloff into the close. s&p hitting the worst month since the pandemic first. investors assessing current risk -- future risk by tapering supply chain bottlenecks. we take a look at the next big risk. we heard from folks out there on wall street, kathy wouldn't scott minerd, big names giving their take on what they see ahead. we will dissect the reviews today on inflation. you were one of the ones who talked to these people. sonali: kathy wood and her view on deflation is controversial at a time we are seeing inflation but she is talking about big technologies that are going to drive up the prices of many things from artificial intelligence to electric vehicles down over time and ultimately have effects on productivity on the job market. mohammed -- worried about inequality and the impact that will have on global gdp. political economies and what he calls the potential for a lost generation. a very scary thought when you think of people entering the job market

romaine bostick, good morning. romaine: i like the teamwork this morning.a look at some of those chinese adrs, moving once again to the downside. a lot of concern about that "financial times" report saying the government is looking to break up ali pay into a separate lender. that is hurting alibaba, down just 1% or so. you are seeing some of the other adrs listed in the united states moving lower as well. also keep an eye on airbnb. an interesting downgrade this morning over at goldman sachs, with the third sell rating on airbnb, citing pressures in the travel space. those shares moving slightly lower. amc is your biggest volume move or on the day, coming off the back of the announcement by disney on friday saying that its slate of six films left for 20 pony one will -- for 2021 will get exclusive theatrical release of about 30 days. that is a big shift from that hybrid approach, where it was releasing in theater and on the streaming platform at the same time. that could be a big lifeline to amc. apple shares coming off three days of declines ahead of that

my colleague romaine bostick will be joined by former u.s. carlyle group cofounder and chair david rubenstein and a portfolio manager. we are off for labor day on monday and we will see you tuesday, i am emily chang and san francisco. this is bloomberg. ♪ and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. >> august ended -- and with school stumbling reopening's, companies struggling to get numbers back to the office. investors expecting worries about a reversal and a positive economic momentum, this is bloomberg wall street week, i am romaine bostick. romaine: this week the

. >> i am romaine bostick. >> i am taylor riggs. >> the cowboys are taking on the brady bucaneers. major sporting events are drawing more viewers, ratings are still down significantly from pre-pandemic times. nba playoff viewership is down 18%. the tv viewership down. there is a re-think of advertising. the espn chairman was on bloomberg earlier today and he made it clear that it is less about attracting fans in the traditional sense and more about the leap to broadcast networks following the fans to where they want to be. >> hourly partners are really embracing sports betting. more and more americans are able to participate now and from our perspective, it is really natural for espn to do the same. our mission is to serve the sports fan anytime, anywhere. that includes the sports betting fan. sports betting has been a strong and vibrant part of our offering for a while now. we had sportscenter themed segments. we had dedicated areas within our website. podcasts, regular and recurring shows like daily wage or, we have -- they have a better studio in las vegas. we struck a partnersh

romaine: from bloomberg's world headquarters in new york, i am romaine bostick. sonali: caroline hyde is off today. romaine: a lot of major volatility across markets. equity seeking yields, driving investors. they are worried about a lot of factors including global energy crisis. european energy markets, natural gas, carbon permits, record highs. the rally, fueled by a supply shortage just as the winter season starts. stockpiles from everything from gas to coal dwindling and there are few signs that the situation will improve anytime soon. we will take a look at how ua shale is in no position to bail your about. americans now, we are staring down our own supply chains. taylor: you want to talk about a supply squeeze. our chart nails it every time. you are up 100% on power and carbon. 250% gains when it comes to that gas. this is all throughout 2021. it is unbelievable to think about the width of demand, the shift in supplies. let's do this all with nicole, bloomberg nes, nat gas, and leg analyst. when you look at that chart, what changed. what is the catalyst for

romaine: i'm romaine bostick. taylor: i'm taylor riggs. romaine: same supply chain issues, conveys around the world turned to fight bottlenecks we have been talking about in the supply chain globally, in the u.s. rising backlogs, europe rising to unprecedented levels. in asia, being compounded by one of the world's worst covid outbreaks. we are going to dig into those disruptions and in particular how the trucking industry is handling them we want to start with the new round of data which painted a picture. taylor: we have broken out by some individual countries because it is telling us a very interesting story. all below 50 which we know is the dividing line between expansion and contraction. vietnam, malaysia, thailand, philippines. south korea and taiwan, those pmi's remain over, watch production in semis and autos so we did get the china that sector and manufacturing dipped below 50 to 42. you are seeing some effects of the slowdown. all of this and more with our economy reporter olivia roffman. what can you drop -- gleaned from the dat

romaine: from bloomberg headquarters, i'm romaine bostick. we are going to talk about what happened with the fed this week. a lot of headlines out of the fed this week. it wasn't just about tapering and inflation and the recovery, but also on trading. two presidents, rosengren and kaplan resigning. following criticism over their investing activities last year when the fed was actively buying assets. today we are going to put a spotlight on insider trading of the corporate kind. new research showing this trend is growing everywhere. it is seeing regulators and the department of justice and companies not doing anything to stop it. a big take on an article today that really delve into this. taylor: it will be out on newsstands shortly for bloomberg businessweek. liam takes a lot of these big stories and digests it for us. what does your research show you when it comes to insider trading? >> it has to do with how well corporate insiders do, executives, board members. people with 10% or more shareholding. the research is becoming more clear that i

romaine: bloomberg world headquarters in new york, i romaine bostick. taylor: i'm taylor riggs. joe: and i'm sonali basak. caroline hyde is off today. romaine: since the first electronic goods have emerged in the 1950's, buyers kept them going by repairing them, certain parts themselves. there was a whole subset of an economy centered around this idea. remember radioshack? nowadays, try to repair these things on your own, it is now a costly and cumbersome, if not a completely impossible endeavor. it avoids warranties, violates user agreements, and may even land you in court. the hurdles that manufacturers have set up has stoped a lot of frustration and now, there is demand from consumers for the right to repair what they bought and supposedly what they own. companies argue allowing anyone unfettered access to the innards of their machine and the computer code would expose industry siege ritz and put the safety and security and security of customers themselves at risk. two accountants turned entrepreneurs, one at mcdonald's and thousands of ice cream machines that always seem to b

romaine: i'm romaine bostick. sonali: i'm sonali basak taylor riggs is off today. romaine: we are getting inflation reads from the world's biggest economies, france, germany, the u.k., and the u.s. rising prices it has been a concern not for policymakers and investors, but parts of the population affected by it most. gas and groceries and supplies. these are inflation issues. they are more than just transitory. they are getting people when they are least able to withstand the impact. we will take a closer look at this issue and some of the issues of growing inequality in our economy. and how some of the financial crises and the solutions to the financial crises exasperates wealth cap. there was an interesting report out the san francisco president mary daly going back to 1990 to see what it tells us about inequality. they were able to pin a number on it. caroline a survivor joins us now, bloomberg economic reporter. what were they able to quantify? >> $23 trillion, which obviously is a huge number, about the size of the u.s. economy every year. caroline: $23 trillio

romaine: from bloomberg world headquarters in new york, i am romaine bostick. taylor: i am taylor riggs. sonali: i am sonali basak. romaine: china banning all cryptocurrency transactions, making them illegal. the toughest blow we have heard out of china for the industry. kind of expanding some of the language we have heard before but a lot tougher. the move is to wipe out as much as billions in the market with digital assets out there, and, today we are going to focus on the crackdown that shook up certain assets. it may not have been a massive deviation, but it raises questions about what china's role is going to be in the crypto space. taylor: i think this is a really good graphic that breaks down everything that we learned. we have china banning the crypto related transactions. they cannot circulate on the market, and then offshore exchanges will be banned from some crypto services, so you also saw this in the price action stalling this with bitcoin, ethereum, the galaxy index, you name it. what was interesting, we have been talking about volatility. it was l

♪ romaine: from bloomberg world headquarters in new york, i'm romaine bostick. ylor: i'm taylor riggs. caroline is off today. romaine: a new report causing uncertainty over the fed timeline for tapering. all the sectors, restaurants, health care, government workers. >> this was a lower number. >> weaker report. >> this has delta variant on it, coming out of a worldwide pandemic. >> one huge red flag for me. >> the hospitality number in the restaurant number. >> almost zero gain this month in that area. >> you will get bounced back in september. the market is looking through this in saying this is temporary. >> the fed is going to taper. >> the market pushing back to any taper announcement until december. >> and the emphasis that tapering is not tightening. taylor: what a world of voices we have had pretty much all day long. we continue with another great voice. joining us with her reaction, economic policy institute senior economist elise gould. i am stunned by what everyone was highlighting their about leisure and hospitality, really no movement. is this a one-t

♪ ritika: --romaine: from bloomberg world headquarters in new york, i'm romaine bostick.aroline will be back, but she's missing her favorite topic, bitcoin. australia rolled out the coin is legal tender here. a little bit of a rocky start. a lot of public skepticism here about using this. of course, a lot of bulls out there who say they prefer to use u.s. dollars. the big concern about how you get people to adopt. is it transactional, is it an asset class? who knows? let's talk more about this and get some reaction. >> el salvador, let's face it, it is on its back. it's got real problems. it is a bankrupt country. i don't think it is going to spread to other countries. >> it is a little bit surprising that the administration has pushed bitcoin as a medium exchange so firmly when at the sovereign level it seems like the most obvious thing to do would to adopt it in their foreign exchange reserves. >> whenever you are doing a new technology rollout, i guess the real question is, back in six weeks or 12 weeks and let's talk about how it is working. doing things to scale is n

romaine: from bloomberg world headquarters in new york, i am romaine bostick. getting some breaking news on jay powell, scheduled to testify on capitol hill tomorrow. relief -- we are getting embargoed release of some of what he plans to talk about. he basically said inflation remains elevated, it is to remain so. he also says bottleneck affects are larger than expected. he also says the economy's path, the risks to the outlook remain. he also said the fed will do all it can to support economic recovery. these are the prepared remarks that he plans to deliver tomorrow when he goes on the hill and i believe treasury secretary janet yellen will be there as well. taylor: i think what is interesting is we have been hearing this from the markets. a little bit less transitory than we thought. i know our conversations in the coming and it's will be about some of the bottlenecks and supply chain issues but because they are larger and more persistent than expected indeed is a big deal. let's do this all with bloomberg's mike mckee. are you surprised that they continue t

romaine: i'm romaine bostick. it is all we talk about here. fed chair jay powell in the fed, that is what they talked about. the central bank could scale back as seen as november and complete the process mid next year. we are going to focus on that in the various risk of their facing the taper timeline from the u.s. political deadlock, to china, to covid, all of the things that may disrupt the timeline. we are also going to talk about the relationship between the fed, rates, and inequality. is inequality pushing the fed to do what it does, or is the fed fomenting that inequality? let's hear what fed chair has to say himself. >> i continue to expect that it will be appropriate to remain the percent target range for the federal funds rate until labor market conditions have reached levels consistent with the maximum employment and inflation has risen to 2% is -- and is on track to exceed 2%. if progress continues as expected, the committee judges a moderation may soon be warranted. while no decisions were made, participants to generally view that

morning movers with romaine bostick. romain: stocks are moving on the china announcement.s primarily to domestic residents and cross -- cross-border transactions. you are seeing that on some of the u.s. listed stocks. lower in the premarket, as well as marathon digital. we had seen some -- we had seen this crackdown earlier. the crackdown on mining had taken the wind out of marathon. it kept financial groups from transacting. other restrictions placed on financial institutions in july, so the rhetoric they are getting out of china and beijing seems to fit. it is not clear how much is new or whether it is a ramping up of rhetoric. microstrategy's -- a defect a hedge fund for cryptocurrencies, moving up in the premarket. overnight, nike earnings were relatively good with regard to sales. the problem is that demand is there and supply isn't. the big number in transit, the inventory number, $6.7 billion. that is a flat number normally. you want to see flat inventory levels but nike is flat because everything is still out in see. footlocker, under armour, lululemon, this is hav

we can do that is always with romaine bostick. you are looking at novavax, it is down significantly, 4%. they are saying it will delay once again the covid-19 applications with u.k. and u.s. regulators. it delayed the timeline. it said it was going to get this done in the third quarter. that is going to pushed back by a few months. those shares are down 4%. madura is going to the upside. it was up 9% last week. it is on pace for a 10% gain this week. there is a lot of optimism about how it goes into the latest booster shots and interesting data about the covid-19 vaccine technology behind what modernity used and its applications for other products. we are awaiting the earnings this morning. it's up 48% on a yearly basis, when the best performers in the s&p furred -- s&p. it's going to be interesting those results this morning. shares are up by 2%. last night, we got the earnings for a firm. they knocked it out of the park. the shares are up 21%. they are guiding on growth merchandise. that would be massive growth should they hit t

here's romaine bostick. romaine: yesterday's individual movers were all about that story.uber, the unprofitable rideshare company, saying it could reach profitability by the current quarter. it previously said it could do that by the end of the year. it is giving a pretty wide swath for profitability, saying it's adjusted ebitda could be a loss of $25 million or profitability of 20 $5 million. -- of $25 million. j&j shares up fractionally on the day, releasing some of that phase 3 data on the efficacy of its booster shot. lennar provided third-quarter deliveries that came in less than what the street was looking for, and provided fourth-quarter guidance that was also a little weak. but the demand pipeline still seems to be pretty robust, so maybe this will work itself out in the end. it yesterday, we did get news out of conocophillips that the u.s. oil companies agreed to by the u.s.-based permian assets from royal dutch shell in a $9.5 billion deal. most of that money, about $7 billion going right back to investors through a special dividend. american airlines up for a se

let's get you some movers this morning and check in with romaine bostick. e: rosenblatt downgrading this one, interesting note about ad spending on the shift away from platforms like facebook and the competitive position with apps like roku and apple offering to these digital ad buyers. tiktok stealing a bit of the thunder from facebook, shares down 4/10 of 1% with zoom shares slightly higher on 4/10 of 1%. cassie it investment funds purchasing 200,000 shares, we will see if that will be enough to lure investors back to the stock after the big selloff in the biggest mover on the upside on a percentage basis belongs to a software company that came out with earnings that had so script -- subscriber numbers that looked pretty good here with guidance on the year-over-year in revenue that seemed to buoy the infection -- the biggest percentage movers on the upside and the downside with long motives that were down 15% and remember, they went public back in july. the lockup for big investors inspired it -- expired at midnight. 13 of the past 14 sessions here, a 16%

we do that is always with romaine bostick. romaine: good morning. take a look at some of the movers today. oracle reported earnings last night. this is a company that is really about transition here. it is still the second largest soft company in the world, but it has been losing a lot of ground to amazon, microsoft, a lot of these crowd can -- these cloud competitors. it was trying to transition customers to those cloud-based servers. they are now trying to do that, but unfortunately, growth coming in at about 3.8% in the latest quarter, little light compared to what the street was looking for. they are guiding to 3% to 5% for the upcoming quarter. those shares down about 2% in the premarket. keep in i. a big grade over at susquehanna, saying the days of eat and raise orders are behind them as a rightsizing now starts to take ice for some of these chip equipment makers. keep an eye on smile direct club. shares rallied 16% yesterday, but the volume was through the roog, the second-biggest all you day for the company -- through the roof, the second-b

this is romaine bostick. romaine: a lot moving this morning, particularly in the airline space. of the major airlines out with periodic updates. it is pretty much a story about deceleration in bookings and elevation in cancellations. not looking good here. american airlines, united airlines. american saying they expect total revenue to be down more than 30% in q3 compared to 2019, the two years -- that most of these airlines are comparing themselves to. american airlines looking for about a 24% to 28% decline quarter over quarter. southwest airlines looking at about 18% to 20%. all of the airlines looking for a drop in revenue based on that 2019 comparable quarter. then you look ahead into q4, jetblue saying not only is q3 going to be bad, but q4 looks like there's going to be trouble ahead, so it does expect some of the leisure travel around the holiday season to hold up slightly. all of the major airlines here, united, southwest, jetblue, frontier all lower in the premarket. keep an eye on ford, that company abandoning operations in india. it is going to take a 2 billion-dolla

tom: romaine bostick, thank you so much.g "the close" for the full cross asset update as well. right now, francisco blanch, bank of america. at $100 a barrel, i want to channel the research of the fed and their landmark peace five years ago on the elasticities of oil. how tight is the oil market so that when demand shifts, the price explodes? francisco: there's different ways to look at this, but generally for every million barrel a day swing in supply and demand unexpected, we look at typically a $20 move in prices. there's many ways you can run this calculation. buddy 1% move in demand -- but a 1% move in demand leads to a $20 correction. we have probably seen more extreme moves in natural gas because of the reduction of that price facility, the link between gas and coal, is now leading to even sharper moves on that front. so clearly, hydrocarbons are in a tight spot from a supply and demand elasticity point two tighten prices. tom: it is the ugly mass of elasticity, and we are seeing it through $100. jonathan: let's not b

tom: thank you so much, romaine bostick.prime minister of latvia and a physicist with electrical engineering from the university of maryland, valdis dombrovskis. european commission executive price -- executive vice president and commissioner for trade and what you needed to know eight months ago, 10 months ago, he was in the timeout chair over vaccination. he and others in europe have had the great success story of the turnaround of europe in vaccination. i, thank you so much for joining us. how did you and brussels turnaround vaccination in europe to 70%? valdis: good morning. indeed, regards to the vaccination campaign, more than 70% of the adult population in europe are vaccinated. what was important in this is the european union was acting on this as a whole so on behalf of the 27 member states who are securing vaccines, and that's what helps to secure this availability. because it is clear that the biggest and richest e.u. countries will secure vaccines on their own, but not the smallest and less developed countries. w

tom: romaine bostick, thank you so much. close -- on "the close" today, the vix -- robert hormats is with tiedeman advisors, their managing director. we are thrilled ambassador hormats could join us this morning on the new unexpected of china. with president xi, what should we expect? richard: i think we can expect a strongly nationalistic china. xi wants to have china come back from two centuries where he considered the west had taken advantage of china. china was fragmented internally. now he is trying to pull it together under very strong party leadership and exercise enormous international influence. he sees that the u.s. is tentative in some areas and has raised a lot of doubts among allies, although it has tried to put those doubts to the side at the moment and strengthen itself , but he sees this as a chance for china to strengthen its position in east asia and other parts of the world, and the party is having its anniversary coming up, and he wants china to be world leader. tom: with a new leader in japan today, the