tencent is said to mordred than double its stake in ubisoft. -- more than double its stake in ubisoftft will remain unchanged and tencent will not have any operational bodies. paul: still to come, weakening weighing on china. this is bloomberg. ♪ shery: awakening you on may be -- a weakening yuan -- this chart showing when it is weak, chinese stocks are weak as well. let's get more from our senior equities reporter. this sounds like it is counterintuitive. we know china has a huge exporter. you would think, you have a week chinese currency, that is going to be a competitive edge for these exporters, why is this happening in the stock market? >> a weaker yuan is a burden for the chinese economy. it is counterintuitive considering china is the world's largest exporter. if you look at the stock market, the biggest companies in the chinese stock market are demand oriented companies, such as tech companies, e-commerce or financial like insurance companies. within the top 20 companies in msci china, as far as stock markets are concerned, a weaker yuan is not helpful for the market. it's dif

two key names, ubisoft. surging as much as 17%, paring gains. tencent will double its stake in that company. altria, closing down 1%. it spiked higher on headlines that juul has reached a settlement with 33 different states. emily: absolutely. we will talk to later. juul agreed to pay $438.5 million to 33 states, this resolves a two year bipartisan pro into the manufacturing practices claiming it marketed addictive nicotine to children. telus has significant this settlement is -- tell us how significant the settlement is. reporter: it is significant. the largest they have had to pay to date. the company has settled a few state lawsuits in washington state and north carolina, this huge investigation was hanging over it. clearly, they decided to be done with this, though clearly there are lawsuits still pending. it does away with lawsuits that could have been filed by 33 states and puerto rico. emily: how much does this resolve the hundreds of other lawsuits? how much of juul's legal troubles go away? erik: it is significant that states have settl

. >> tencent is set to more than double its stake in ubisoft by nearly 50%. move is set to get the company back on track while retaining control. governance will remain unchanged and tencent will not have veto rights. the abu dhabi sovereign wealth fund is nearing a deal to buy fortress investment from softbank. it could value the u.s. asset manager at or than $2 billion. in 2017, it was one of the anchor investors in the first vision funds. aman is mowing the sale of new york city's most expensive hotel. the property could fetch $600 million in ace traction -- in a transaction. it could be the largest sale of any hotel in new york since the pandemic. bank of america is planning new return to office policies. the plan will be based on feedback from staff surveys and will be specific to each business unit. francine: i am starstruck, they are getting the big guns to read first word news. coming up, the uk's new prime minister selects her cabinet and promises major support to tackle soaring energy bills. this is bloomberg. ♪ an xfinity rewards special offer. xfi

tencent is said to more than double at stake in ubisoft buying 30.9% of the gmo's money. move gives the brothers time to get the company back on track and retain control, as governments will remain unchanged and tencent will not have any operational rights. paul: let's take a look at the day ahead for australia and new zealand. second quarter gdp in june, few hours in australia. bloomberg economics sees growth expanding at a rapid pace. heavy rains may have crimped activities in a number of sectors. we are keeping an eye on mining shares, following a bhp statement that a looming surplus in copper and nickel, will give markets a bumpy couple of years ahead. shares of australia and new zealand banking group, after macquarie raised its position from neutral to outperforming. shery: take a look at the aussie dollar, holding steady, this of course after a plunge, after a boost, after we saw the rba raising rates, by 50 basis points. the japanese yen not doing much but i have to say i'm still amazed by the 143 level we are the japanese yen against the u.s. dollar. it continues