shenzhen is on edge.earing a full lockdown after authorities started to impose more covid curbs the restrictions have expanded there to dine-in and entertainment and public venues and work from home orders imposed for the city factories and offices have not been closed. that is one bright spot, for now. shenzhen's 18 million people have reason to be nervous. the city had gone into lockdown in mid march over 29 cases today, it reported 87. shenzhen is home to huawei and foxconn has a facility there where it assembles iphone. the shenzhen plant is operating normally shenzhen officials are trying to dispel rumors, they say, or speculation that shenzhen could be going into lockdown for three days they have been squashing those saying people are misreading what they are saying about the restrictions it is unclear whether or not their comments are able to placate the residents there because similar speculation, wilfred, was heard before we saw chengdu go into lockdown and shanghai go into lockdown several month

shenzhen lasted just a week. chengdu is highly populated, 21 million's of the second largest city after shanghai to have a mega-city lockdown. we had shenzhen lockdown, we had sian lockdown. economically speaking, it contributes 1.7% to national gdp. as we saw on that chart, it is home to a lot of manufacturing. we hear that toyota is restarting their factory today and tomorrow, they were closed because of the drought and subsequent power outages. this is a double or triple blow to the city of chengdu. david: that is where the droughts were taking place. you've done some initial economic analysis, what is your latest report here? david: we think that we have testified is not as big a city in china as shanghai, we do not expect such an impact on the chinese economy. it is another impact to the economy, people were expecting a recovery. now, it seems that we should be -- we may see chengdu and other cities going to lockdown. the impact is something we can deal with more. yvonne: is there a sort of offset to this in

shenzhen, 36, and guiyang, three.with a 6.8 magnitude earthquake which shook the region the health authorities have had to contend with reports that building managers have been blocking people from running out of the buildings beijing also has tightened travel restrictions. as of this week there are to be no departures, and no returns to the capital from any district or county that has had one positive case in the past seven days. so no surprise that the authorities would be discouraging people from traveling over the midautumn festival holiday which is coming up this weekend. it is usually a big family time for a lot of people. guys >> eunice, we got about a minute you know, why is china persisting in its zero covid policy when so much of the rest of the world has essentially moved on >> reporter: well, i think that beijing has been selling this covid policy as a big winner for china in the very beginning china saw it as something that made it look as though it's much better in the way it manages its lockdowns. its c

shenzhen's 18 million residents have reason to be nervous. march, they did already go through a lockdown. a week long one. all over 29 cases. the latest number is a reported 87 shenzhen is home to huawei and byd and foxconn. that facility assembles iphones. the plant operations are normal. chengdu is now in the second day of its lockdown. toyota as well as foxconn and other factories are operating in a closed loop. volvo extended the chengdu facility everyone else not in a closed loop have to make sure they are working from home. especially if it is not essential staff. unless you go out of your home to get a covid test, only one person can leave for up to two hours to shop for groceries. guys >> eunice, if tens of millions of people in the cities are locked down based on a few cases, what is the standard for removing the lockdowns does it have to be zero for a number of days it seems there is not a path out of this protocol if that's the threshold of 80 cases or something. >> reporter: i mean, it is really hard to know just because it all de

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will it be shanghai-like or shenzhen-like? that lasted a week.g kong -- for hong kong, there is a quarantine scheme for arrivals. we know businesses are dying to get things up and running again. what is the biggest risk to this not happening? do you get a sense there is nothing that stops it now, or is there some chance this could be blocked again? stephen: it is not just businesses who want the quarantine, it is individuals as well. just about everybody. we have had friends and family leave because it has been going on too long while regional competitors to hong kong like singapore and japan, which is fairly conservative on the covid front, is relaxing rules. john lee, the chief executive, understands that hong kong is losing its competitive advantage in the region, if it has not already. and there is a debate according to sources in the government between health officials want further restrictions and john lee and his elk, who are saying we need to open up. he is the one who produced the hotel quarantine from seven days to three days and now, w

news coming through that they are going to start off a ferry service was shenzhen.opening up story generally speaking for macau and for these casinos and after being flogged, death by 1000 cuts, they are just recovering. but whoa, what a time to have had. yvonne: at least some upside today. other sectors we are watching, the ev space has been interesting. we did hear from a ministers meeting last night. david: the ministry of information. yvonne: they were talking about all this money piling into the ev space. blind investment, was the quote. they are going to try and resolve this gradually. we did not get details jan that you are seeing downside when it comes to ev makers. then again, you have stocks like nio that was on a tear this week. david: speaking of briefings, the data coming throughout of china better-than-expected. plenty more ahead. rishaad: bg cabinet secretary of japan speaking in the house -- the chief cabinet secretary japan speaking in the house and also the finance minister. economic measures as necessary because the measures on rising prices are a

major cities and lockdowns including the manufacturing hub of schenn knew and the tech center of shenzhenthey have so many people they would be in the top five here. >> it was bigger by the way, it's an outdated statistic. it's probably more than that. >>> recession in germany is inevitable that's according to the ceo speaking at a summit in frankfort. they have that crappy euro sign that's all battered and falling apart, which is perfect, actually, as an al fwoir they said they would act quickly to tame price gains. the longer it remains high, the greater the potential for social conflict in his words. i heard yesterday that someone called nord stream nordstrom. >> i saw that on twitter, yeah. >> that nordstrom -- >> nordstrom is going to get a bad name. >> putin is shutting down nordstrom. if that's next, if he does that -- >> that's a step too far for you? >> yes if he shuts down nordstrom, i don't know just keep his hands off our upscale retailers, right >> i think europe would probably prefer it because if you look at the upday date of want ads, russian president vladimir putin actua

restrictions are tightening in the cities of shenzhen and chengdu. this is causing a growth outbreak concern growth will slow to 2.7% this year from the previous estimate of 2.8%. >>> futures pointing to a higher opening bell extending gains from last week ahead of the august consumer price index inflation report tomorrow this is the next report ahead of the policy decision at the end of the month joining me is ben emos who watches all things macro ben, we have action on both sides of the atlantic with interest rates take us through the thought process as to whether or not the rate hikes will, in fact,ing trigger a slowdown economically big enough to cause a global recession. >> good morning, dom it is a process on each side of the pond that central banks are front loading rate hike cycles ecb will do it now and the bank of england will follow the dollar may start to slowdown in appreciation. at the same time, you get somewhat more traction in the stock market that is the market reaction to the tightening against the back drop issue you described of

the shanghai composite and the shenzhen holding up a little bit better. >>> now, on the topic of china, chinese president xi jinping and russian president vladimir putin are expected to discuss closer economic ties when they meade at the shanghai cooperation summit in uzbekistan this week. it's xi's first overseas trip since the outbreak of the pandemic. >> i want to point out with the comment wes just had very important from the oil standpoint because a lot of oil is being directed at china now there's an economic imperative to go ahead, closer ties between russia and china. >>> also ursula von der leyen discusses the energy price cap we'll discuss more after the break. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and we're saving a ton. go to shipstation.com /tv and get 2 months free. is . >>> welcome back to "street signs," everybody. i'm julianna tatelbaum. >> and these are your headlines. >>> u.s. futures push higher after wall street plunges to its heaviest losses

in shenzhen that is happening in a city of more than 18 million people for just ten local cases on tuesday chinese vaccines and antivirals are not as effective as alternatives in the western world that were developed but china refuses to buy refusing to admit that their domestic vaccines are not working well enough to protect the 1.4 billion people. >>> i'm nina dos santos in london. shakira is one step closer to facing tax fraud charges. they say she failed to pay over $15 million in income and wealth taxes between 2012 and 2014. these are charges that she denies. a judge has said the case now can proceed to trial but a start date hasn't yet been set. >>> we have some breaking news this morning. several european countries are investigating unexplained leaks in two russian gas pipe lines that run under the baltic sea. here moments ago nato secretary general called the leaks acts of sabotage. claire sebastian is joining us now because, claire, you have multiple leaks in multiple locations. it is extremely suspicious. >> reporter: yeah. brianna, you have three weeks in two neighboring natura

it was more like shenzhen than shanghai, which the market is a little optimistic about, just given theact we have seen these growth forecasts continue to be slashed. maybe that tapers a bit more now that we have seen chengdu lifting that lockdown. rishaad: it is partly why we have seen an acceleration in the we can end chinese currency. it's still a dollars story, but there is a fundamental weakness story on the other side of that with the forecast being revised. all that to my camera now. rishaad: let's have a look at this in a bit more detail. we can get back to our guest, taimur baig, dbs's chief economist. ok, with what's going on in china, and also why perhaps a few wobbles to the global economy, how are you ratcheting your growth projections? have you been slashing them, and what's next? taimur: i think the growth risk is substantial, as we talked in the earlier segment, whether it is the u.s. looking at one or someone for next year, or europe looking at sub one to perhaps negative growth quarters here and there. all of that seems on the plausible side of the agenda, especially i

, market coverage continues as we look ahead to the start of trading for hong kong, shanghai and shenzhenberg markets: china open." this is bloomberg. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. millions have made the switch from the big three that's decision tech. to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. ♪

shenzhen, people there are getting antsy, seven of 10 districts are seeing a bit of restriction curvesen told to avoid gatherings and stay home as much as possible. the engine -- tianjian has new cases there. we have to watch this. kathleen: hong kong, it looks like the government is upset with reports that officials might be divided on quarantine policies. there are many businesses with trade associations, etc. that are looking forward to saying we are open again, we are open for business. >> visited a response to a bloomberg story most likely that came out on thursday. the health secretary in a blog post yesterday essentially blamed for in media -- foreign media for stirring things up. the story was there should be debaternment about policy, and the chief executive is in more favor of lifting a hotel quarantines completely for arrivals ahead of this big financial forum sponsored by the government on november 1 and second -- 2 followed by the sporting event both of these events attracting foreigners from outside to come to hong kong, and the hotel quarantines of three days is inhibiti

our markets coverage continues as we look ahead to the start of trade and hong kong, shanghai and shenzhenerg markets china open. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ >> somebody says i want to have an impact on society, what would you suggest somebody do to work their way up? >> you have got to believe in something you really care about. david: this is my kitchen table. it is also my filing system.

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port city shenzhen has gone through four testing rounds this weekend.ue this is all coming at a sensitive time for beijing when the leadership is expected to gather here in the capital about six weeks from now they will be deciding who is going to be in power expectation, of course, is president xi jinping is taking the precedent setting third term for another five years the authorities are prioritizing stability. they do not want anything, including outbreaks to become a disruption for the political gathering. the lockdowns are coming at a time when the economy is in a tough spot not only because of the struggling property sector and because of the poor consumption, but factory activity the pmi from the private survey shows manufacturing shrunk in august at 49.5%. that is sysimilar to the officil pmi as well. we did have some good news on the covid front. i don't want to be totally down all the time hong kong has said that they are going to now play with the idea of a reverse coring team they got early support to allow anybody who is interested in comi

entry to the city aimed at limiting transmission outside of beijing, restrictions in port cities of shenzhenand chengdu. this is a big story in the energy markets oil prices are up slightly, but still below $90. joining us now is amrita sen founder of research. amrita, you made it clear, you think prices are moving higher by the end of the year what factors will push that? amrita, we are having trouble with your audio or -- okay >> our audio >> we are having trouble hearing. if we will take a minute, we will get it fixed. we have it fixed now go ahead and start over. >> i was essentially saying all of the responses that should or drivers that should get prices higher are on the supply side. we have the eu embargo on russia oil starting in december the spr slowly winds down. there is no new spr on the cards despite headlines recently from the u.s. of course, the iran deal doesn't look like ly right now all they although a few days ago. the market will be tighter come year end as you mentioned, whichina is te wild card to keep downward prices much like june. the single biggest reason our balan