paul: that was steven mnuchin speaking with david westin. let's stick with the u.s. and talk more about jobs data. a senior economist joins us now. a huge range of estimates for the jobs data due out. what are you expecting in terms of a surprise in either direction? kim: i think there's still a great amount of uncertainty around where this number could land. we think we are likely to see a down -- a downward surprise tomorrow. that's because of the fact that we are likely to still have seen some destruction to the labor market because of elevated covid cases and high death rates. if you look at one covid cases and death rates started to, it wasn't until later in september and it was passed the reference time for the payroll survey. we think that fear of catching the virus may have held a few people back from returning to the workforce especially in the close contact roles like hospitality. that's where there are high vacancies. from our point of view, even though we are expecting a downside surprise, we are not expecting it to be enough of a downside surprise to cha

people from around the world to come out here to riyadh and one of them of course is steven mnuchin, the founder of liberty strategic capital. thank you so much for joining us , mr. secretary. give me an overview on the meetings that you have been having. >> first of all it's great to be with you in great to be back in the region. my focus here is to be supportive to the economic transformation of the region. it's very important i think for economic stability that all these countries transform their economies and expand them away from just energy. >> you raised 2.5 billion dollars in private equity investments. some of it come from the likes of the public investment on? >> i can't comment on that but i can comment on what we are focused on, cybersecurity with national security david of privacy, an area i focused on when i was treasury secretary, i was responsible for cyber for all the financial services and it's a big risk, so we want to make sure that companies and governments are taken care of and protected. >> getting to that macro story for a moment, more data has come through. h

dani: former treasury secretary steven mnuchin on the possibility of a 3.5%.epartment of energy saying they do not have plans to release those reserves yet. we also have the jobs report that will be key for investors to assess whether the abrupt decline in hiring in august was a blip or something with staying power. joining us is kiran ganesh, global head of investment communications, ubs wealth management. thank you for joining us this morning. all eyes on the jobs report later today. how would you characterize the risks going into the numbers? kiran: as i was with jobs reports, it is whether it is too hot or cold. investors will look at it on the risk side. a relatively weak month last month. if below expectations this month,, that could lead to concerns that the effect of the delta variant and weaker consumer confidence is weighing on the jobs market. if it comes in too hot, people may shift their focus away from tapering and maybe toward rate hikes. if it comes in line with consensus, then tapering likely to be starting to be announced in november this yea

treasury secretary steven mnuchin says he is opposed to the introduction of new taxes and warning aboutquences of a billionaires tax. on the sidelines of saudi arabia's flagship investment. >> now is the wrong time to raise taxes on anybody whether it is billionaires or average consumers. the problem is it probably won't raise much money since a lot of this money will be given away to foundations. it's probably unconstitutional. the third issue is it creates very bad incentives. mark: secretary mnuchin added the levy probably wouldn't rake in as much cast as its proponents expect. russian president vladimir putin has told the company to focus on refilling the european gas storage facilities. that is when they will have finished the campaign. the move is expected to ease europe's supply crunch. global news 24 hours a day on gloom -- bloomberg quicktake. i'm mark crumpton, this is bloomberg. ♪ amanda: welcome to bloomberg markets. we welcome both our bloomberg audiences. here are the top stories we are following from all around the world. bank of canada accelerates a potential climbing of

anna: that was steven mnuchin, the former u.s.ury secretary, speaking to david westin at the bloomberg global invest conference. the u.s. senate has approved a short-term debt ceiling increase , breaking it weeks long standoff that rattled financial markets. while it grants the u.s. a temporary reprieve, investors are now on watch for the september jobs report. there will be assessing whether the decline in hiring in august was a blip or something with some staying power. joining us now is jeremy stretch , canadian imperial bank of commerce head of g10 fx strategy. let's deal with the debt ceiling. we were talking about what it means. is it that we can now focus on the fiscal over the next couple of months? because nothing materials changes -- materially changes i suppose if you just take that can. it means the government and markets have time to focus on something else. jeremy: that's true. it is inevitably just a case of kicking the can down the road. we have seen that in many jurisdictions were tough decisions are often delayed

su: former treasury secretary steven mnuchin is warning about the risks of breaching the debt ceilingerspending by the biden administration, and concerns that it could further fuel inflation. he told bloomberg today that the u.s. needs a discussion around an appropriate level of national debt and spending. >> the good news is the economy is rebounding very strong. labor prices are up. so i do worry that this will be ongoing inflation and we could easily end up with 3.5% 10-year treasuries, which, again, increases the cost of the national debt and creates budget issues. su: imf managing director kristalina georgieva is preparing to fight claims about tampering with the world bank report she has hired white-collar defense attorney lenny brower to defend her. she is accused of pressuring staff to refresh data in china's favor. her attorney says there are, quote, "substance of errors in the allegations." and on the topic of covid-related travel, the u.k. has eased entry rules for 47 countries and territories that were previously subject to the tightest of covid rules. visitors from south

i think it will be interesting to hear what cathie wood has to say, but also howard marks and steven mnuchin. tom, after the market, we get netflix third quarter earnings. the expectation is for it to be great. it better be, since the shares have gone up basically 100% year-to-date. people will be looking at what is next after we just saw their blockbuster that has gotten all of our children very interested. jonathan: not just all our children, is it? lisa: have you watched it? jonathan: i will not watch any of that. tom: they are watching "surveillance." jonathan: should we do that shout out now? tom: this is lovely, folks. this is why we do this. ring in the child. the offspring. jonathan: here's the tweet. "got to start them off young. also won't know how to provide proper condolences to a top supporter." thank you, sir. congratulations to your first child, sir. tom: for maternity advice, why don't you bring in our next guest? [laughter] jonathan: maybe don't come to me or tom or any -- tom on anything. gina joins us now, chief equity strategist at bloomberg intelligence. i want to start

i also think he may have oversold the extent to which policies that steven mnuchin and pompeo implemented some enter the alliance view on china. i think using some of the tools, tariffs, that sort of thing on china certainly got the attention of beijing, but the fact that trump administration also use similar tools on canada and japan and the eu undermined the extent to which the trump administration was able to rally allies and partners. i think you're seeing a little bit of an effort now to take a more allied-centric approach to trade issues and i think it is bringing up the challenges that that will bring along. i mean, tpc i think is encouraging. one thing, and not become in different languages, you know, that trade and technology council, if i got that right, u.s.-eu meeting that took place in pittsburgh, the first of many, i hope is more than a long , drawn-out talk shop that a -- that quickly goes from discussion of issues to implementation of the joint approaches. the challenge is, and remco, maybe you can talk about this better than i can, is that on a lot of things, the u.s. and

. >> we should point out this the trap of initiation was making moves to that, steven mnuchin decidedourt battle which allowed biden to pick the head of the f hfa, is a presidential appointee so he takes out who wanted to prioritize, the theory was that mr. calhoun with the limited privatization making it utilities but getting them out of government control, with him out of the way or looking like he's not going to get the job in sandra thompson, that is why the shares are trading off. what's going to happen is status quo and i could tell you one thing amc shareholders are nuts they go crazy on twitter, the crypto people go nuts they go crazy, fannie and freddie traders are crazy to its known as fannie gate. cheryl: thank you very much, a huge story and thank you for bringing that to the show. facebook mark zuckerberg responding to what frances haugen slams what the social network ceo had to say and what that means for the stock taking a look at the big board the dow is up 69 points. we'll be right back. ♪ i promise - as an independent advisor - to put the financial well-being of you

former treasury secretary steven mnuchin is warning about the risk of breaching the debt ceiling and concerns it could further fuel inflation. >> the good news is the economy is rebounding very strong. labor prices are up, so i do worry this will be ongoing inflation, and we could easily end up with 3.5 percent 10-year treasuries, which again just increases the cost of the national debt and creates budget issues. su: to japan now, a magnitude 6.1 quake struck near turkey. it was the most powerful to be felt japan's capital since march 2011. train services were disrupted and power was briefly knocked out into parts of the city. some injuries were reported and while earthquakes are frequent in japan, those of this magnitude are rare. paul: still to come, a japanese drugmaker says the covid pill is developing to be a $2 billion drug. up next, discussing the virus situation in south east asia and where to put cash. this is bloomberg. ♪ paul: chinese markets are set to open in 24 hours after the golden week holiday. for more analysis, let's bring in the director of investments group at gr

i also think he may have oversold the extent to which policies that steven mnuchin and pompeo implemented some enter the alliance view on china. i think using some of the tools, tariffs, that sort of thing on china certainly got the attention of beijing, but the fact that trump administration also use similar tools on canada and japan and the eu undermined the extent to which the trump administration was able to rally allies and partners. i think you're seeing a little bit of an effort now to take a more allied-centric approach to trade issues and i think it is bringing up the challenges that that will bring along. i mean, tpc i think is encouraging. one thing, and not become in different languages, you know, that trade and technology council, if i got that right, u.s.-eu meeting that took place in pittsburgh, the first of many, i hope is more than a long , drawn-out talk shop that a -- that quickly goes from discussion of issues to implementation of the joint approaches. the challenge is, and remco, maybe you can talk about this better than i can, is that on a lot of things, the u.s. and

i also think he may have oversold the extent to which policies that steven mnuchin and pompeo implemented some enter the alliance view on china. i think using some of the tools, tariffs, that sort of thing on china certainly got the attention of beijing, but the fact that trump administration also use similar tools on canada and japan and the eu undermined the extent to which the trump administration was able to rally allies and partners. i think you're seeing a little bit of an effort now to take a more allied-centric approach to trade issues and i think it is bringing up the challenges that that will bring along. i mean, tpc i think is encouraging. one thing, and not become in different languages, you know, that trade and technology council, if i got that right, u.s.-eu meeting that took place in pittsburgh, the first of many, i hope is more than a long , drawn-out talk shop that a -- that quickly goes from discussion of issues to implementation of the joint approaches. the challenge is, and remco, maybe you can talk about this better than i can, is that on a lot of things, the u.s. and