vonnie: thanks for that.ducers, traders, and analysts are starting to talk about when, not if, prices will return to $100 a barrel. su keenan joins us now. physical barrels are surging. su: that appears to be the key driver as we have seen oil run close to $100 after being mired in a slump earlier in the year. first it was the oil curves imposed by saudi arabia and russia as part of the opec cartel. then being extended to the end of the year. now it is the physical market-leading the strike. across the world we are seeing premium for physical barrels, surging with surprise -- supplies from saudi arabia and even russia commanding huge premiums as providers are scrambling to make as much diesel, which is also soared. drop into the lumber again you will see bullish analysts argue that even with crude now in the mid 90's, bullish positions are rising and many funds are still under invested in oil. so as those funds jump in, many say oil could go higher. chevron ceo mike wirth told bloomberg he now sees $100 oil a

vonnie: good evening from bloomberg's world headquarters in new york, i am vonnie quinn.he top stories haidi: this-hour period president biden says china's economic downturn may reduce the risk of ai one as india's g20 submits its status as a rising power that can blunt beijing's influence. vonnie: plus, alibaba's former chief leaving the company just months after taking charge of its cloud division. haidi: we do have breaking news when it comes to this highly anticipated arm initial public offering, arm reportedly pricing its ipo width and a tradition of the top or above of the 150 dollars a share range, according to reuters. there are also discussing raising the initial public offering range. this is the chip designer owned by softbank group. it is closer to securing enough investor support to attain the valuation of 54 point $5 billion that it was seeking. that would be at the top of its indicated range. it is considering asking investors to value it even higher, according to people familiar with the matter. following strong demand from investors, arm will be able to p

vonnie: u.s.fter we had a down week last week for the major indices but they were ending the week with very small moves. not much conviction it seems except in the mega tax so we did have a three day drop for nvidia for example. it tesla did not have a great week. apple did bounceback but it erased almost $200 billion in value a few days before it unveiled some new products like the iphone 15. we will be watching the tech space particularly when you get the arm ipo pricing as well and later in the week's cpi which is going to be very important for the fomc decision the following week. in the press conference after. coming up high records of youth unemployment in china has not stopped gen z from shelling out for travel in measure. we will have more on that next, this is bloomberg. ♪ wake up, achievers. you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table? this is a next level bed, for a next level you. m

vonnie: good evening from new york. the top stories, u.s. stocks slide as china's plans to expand bans on iphones hit big tech. apple's two day slide wiping out $190 billion in value. . haidi: chevron strikes continue as a deal to avert strikes is unlikely. vonnie: justin trudeau tells us exclusively relations with china has stabilized but there is no immediate sign of improvement. let's get a quick check on wall street as futures opened following another down session for stocks. that is four out of five down sessions, five out of five for the nasdaq. we might be getting a bit of relief tomorrow but we will have to see. it is very early going. the two-year yield backed off its highs as well. we had fed speakers during the week and john williams today seemingly pretty upbeat about the economy and where we are at and where the federal reserve is at in terms of being data dependent. the two-year yield. cruse off about $.13 but close to seven dollars a barrel. definitely studying -- stea dying. the sec is investigating ryan cohen's trades around

vonnie: will it be a vicious cycle? mortgage rates, it looks like the appetite picks up among homebuyers but if that does not continue, surely they will be a quick turnaround in sentiment. >> i think investors need to be aware that the aim of a lot of government support measures is to contain the risk in the economy and systematic ripped -- risk to the banking sector but that does not mean government is tolerating property speculation or supporting the bondholders of property bonds so i do not think the conditions for privately owned developers will improve in the next six months because contracted sales in the physical property market is still weak so investors need to be aware of the ongoing font default and not be too confident on other effects of government support measures. haidi: selena, always great to chat with you. some alerts regarding the situation in texas, declaring a great emergency for power. this is the first power emergencies since the deadly winter storm there two years ago . the soaring temperatures p

vonnie: speaking with bloomberg news.going rba governor is said to give his final public speech soon. reflecting on his seven years in charge. or on the central bank's leadership change next. this is bloomberg. ♪ how can you sleep on such a firm setting? gab, mine is almost the same as yours. almost is just another word for not as good as mine. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number. was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com 76% of 23andme health customers surveyed reported taking healthier actions. with a partner that always puts you first. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. haidi: australia's trade balan

vonnie: how do we read the ism data? we saw strength in unemployment and prices paid, but we are still in contraction territory. guest: what's clear when you read some of the comments that come from the respondents to the survey is that there's limited standoff between producers and consumers about who will run down their inventories first. consumers are trying to hold steady if not run them down so they don't have to pass along any additional rice cuts down the supply chain. producers are doing the same thing. they don't want to end up with excess stock on their shelves when they see demand falling off deeper into the second half of the year. based on factors that tiffany was just describing. vonnie: thank you for all of the context. let's bring in our next guest. we are about to head into the fourth quarter, we have a full month more before we hit q4 but september begins the process. what stocks do for the rest of the year? we've had a lot of data since jackson hole. guest: i think the best read of the market is that w

vonnie: lori logan has been speaking as well. i want to mention the fed bank of dallas president saying skipping an interest rate hike at the september meeting may be appropriate, but also signaling rates may have to rise further to get inflation back to 2%. this is definitely a message being put out by many fed speakers. my base case, said logan, is there is work left to do. that is what we heard from john williams earlier today as well, from mike mckee's interview at bloomberg world headquarters. after a down session it looks like there may perhaps be some relief in store but it is too early to say. unchanged on s&p and nasdaq futures. similarly unchanged on bonds. we saw yields come in edit today. crude oil has been rising and still sticking around $87 a barrel so we will see where that goes tomorrow. annabelle: just keeping an eye on what is happening in the asian outlook today because broadly when you take a look at futures we are pointing ahead to a weaker start for most of the region. otherwise some markets looking for som

vonnie: let's get a quick check on fx.start with the aussie dollar after the rba left rates unchanged. it has been weakening because the u.s. dollar has been strengthening. the new zealand dollar the same, weakening by about 1% in the last few sessions. the bank of japan will be concerned about a i may be known for my legendary football career, but truth is, i love a bunch of sports. the only trouble is knowing where to find them. that's why i got xfinity. so, i can easily find and watch whatever sport i'm into all in one place without missing a thing. even if it's football, australian football, or football football. in a word—it's fitz-credible. i got to trademark that one. this season, eligible xfinity rewards members can get up to $100 off nfl sunday ticket from youtube. sign up for xfinity rewards now. so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bat

vonnie: we will get a lot of tea leaves in the next week. it is a holiday shortened weekend with no monday session, but it is the week before the fed's lockout period. we will get seven fed speakers, was event residence at the governor. we have john williams, susan collins, austin from chicago, raphael bostic and under the governor will all be giving their impressions of where the economy is at right now. we have an advantage gdp number that is really hot, but we also have some calls for a recession still including bloomberg economics. we will get a lot of fed speak and get key data including things like consumer credit. that is one of the questions, will the consumer remain resilient? are those excess savings dwindling to the point where we need to get worried again? haidi: vonnie quinn with the latest on the fed drumbeat, and that will be key for asian markets. it is also a big week when it comes to central-bank policy in his part of the world. the rba meeting, and we are not expecting any surprises there. we are expecting broadly it will

haidi: vonnie quinn with a preview.says it is pulling some diplomats out of india over security concerns as their government moves to suspend visas for canadians. for more, let's get to randy who joins us from auto op-ed what has -- from ottawa. what has been the impact of these moves? >> the suspension of the -- the suspension of visas means that most canadians won't be able to travel to india if they don't already have a visa. that is sending canadian travelers to change flights and postpone trips. i spoke with a travel agent today who said they have been receiving calls all day from clients inquiring about the situation. at this point, it looks like many of them won't be able to make the trips this month or next month if visa services do not return. the -- a processes visa requests says this will go on until further notice. i want to note that this came just one day after the indian government issued an advisory to its citizens in canada suggesting their safety is threatened. haidi: canada is taking action at this po

vonnie: thank you so much for your perspective.selling its ipo price in what could be korea's biggest listing this year -- doosan robotics. this is bloomberg. ♪ yvonne: -- vonnie: korea economic daily has reported that doosan has a set its ipo price at the top of the market range. let's bring in our equity capital markets reporter. it seems to be a theme, but tell us the latest about this particular ipo. >> good morning. there's a lot of expectation about this ipo in south korea. as you mentioned, there are reports within the korean media this morning that the ipo was priced at the top of the range. this is very significant. this is very important news because the offering itself was already impacting the korean market over the past few weeks because there was a lot of speculation that shares were being sold at the top of the range. there were even reports saying the range itself could be raised because demand was so high. we saw a bunch of other companies already listed and somehow being impacted by the fact that there is, like, t

vonnie: i'm vonnie quinn. at the closing bell in the united states the nasdaq 100 is down.t has been a volatile day. a trillion dollar event happening today. all week volume,

vonnie: and i'm vonnie quinn., the s&p does not have an arm and it but the nasdaq does. there are other things going on as well, economic data for example showing the consumer is remaining resilient with retail

vonnie: these are coming back right now. she was talking about the ministry of finance in japan jawboning. fx moves should reflect fundamentals, but the ministry is watching for a high sense of urgency and will not rule out any options if these moves continue. the ministry of finance in japan will not rule out any options if fx moves continue. >> there is nothing really different in what he is saying. traders will not be surprised. it may not the dollar yen down a little bit. they would probably be more interested if he said it becomes more one-sided. it typically means japanese authorities have run out of patience. as for intervention, there has been research on the timing of intervention from japanese authorities and they often go for the weak spot in the market, which is after tokyo markets have closed. if they are going to intervene, we could expect it to come during london or new york trading hours when liquidity is thinner and they get a bigger reaction from the market when they go in heavy-handed. whether they wait, f

vonnie quinn has more on this. wealth teams were supposed to be free from cuts paired what happened? funny: this would happen when the merger -- vonnie: this is what happen when the merger finalized in june. that it is not where the bulk of the cuts was going to come. as we know these things don't always pan out the way they are initially planned. particularly given the slowing economy in china which is a little bit of a surprise post-covid it did not bounce back to the extent we were expecting. and muted client activity. it seems like the wealth management jobs are getting hit. better news is it is not hundreds and hundreds. the source we are talking to are telling us it could be as low as the low 100s. it will happen between now and the end of november it will be mostly concentrated in an area with the two banks have created a behemoth with more than 1400 of the wealth management and client relationship jobs. more together than both rivals combined. it sort of makes sense for ubs now to cut some of the jobs and l

bloomberg's vonnie quinn has more on this.a wealth teams were supposed to be sort of safe from these cuts, what happened? >> that was the initial stated plan. we you were going to be job cuts when the merger occurred and ubs targeted as much as 3000 domestically, we didn't know how many globally ubs would be targeting, at the asia wealth management part of thing was supposed to be a little bit safer. now we are hearing from sources that there will be job cuts. however it will be fairly low, in terms of the numbers, the low hundreds, perhaps even around 100, though the number has not been finalized. it will all likely be done by november. bear in mind, ubs did have about 850 private bankers in the region it your end. credit suisse had 580. if you put those two together, it is a behemoth of more than 1400 people at the same area, more than their rivals combined. they were going all out in the region but of course with slowing china growth and muted activity as we have seen over the last several months, those plans have clearly c

mentioned in or taking site and lived in my life uh, being a part of the civil guy from d, several vonny in the subs and 5 from jessica in baton. just couldn't reach me because i have some visuals to accomplish um, getting started and designs and for an email, giving you a bunch of items either on getting that for you on here. good now and this is an focus as an aside to learn a for bias on here. um yeah, but these are phonics aren't kind of things. so ms. jessica shouldn't limestone snack. mine is a. i'm flushed english kind of stuff here. even if you come from this morning and it's mission one, where am i inclined? if somebody to them, let me say about a little cry as an advice. that's what it's kind of just yeah. does that mean yourself to also question good shape the, the. ringback the raining the see, the once over thousands of items. this was kind of spice viewed us just the most mission. well kinds let me just come in time cost most lives on on douglas comes with some of the key fob i to me or less. i'm cuz they shouldn't keep left. let's put it in the bathroom. i'm assuming you w

mentioned in or taking site and lived in my life the thing and put it to civil class in the civil vonny in the publishing 5 francesca in the time you can reach me because i have some visuals to come in um, getting started and designs and for an email, giving you a bunch of items either on getting that for you on here. no one does unfocused as an aside designer for bias on here. um yeah, but, but these are phonics are and kind of thing. as soon as jessica sean and limestone snack mine is a. i'm flushed english kind of stuff here. even if you come from this morning and it's just the one where am i inclined as somebody to them? let me say about let me cry as an advice and that's what it's kind of just yeah. doesn't mean to shift also question good. check the of the reigning machine, the once over, thousands of items. this was kind of spice to be a desk just the modification. well, kind of let me just come in time customer lives on, on the which comes with some of the key fob i to me or less. i'm cuz they shouldn't keep left. let's put it in the bathroom. i'm assuming you wouldn't think it

if i'm not, i think that who am i see david vonny table there at the corporate law? franchise can fee want us to prove that a lot for the gap? sometimes the thought of the see not celia for the down is what what yeah, pretty good. seen your ad, your funding the have a need to southern to the you said the audi, say not that insightful. that needs any be, you know, and she may need a part, and it's still any micro scott shortly before this denunciation by italian prime minister, georgia maloney, the french president accused of russia of exactly the same colonialism. russia is one of the last imperial colonial powers. emanuel not krohn french presidents for them. it was a, with the city and surfaced initiative with the most to put it as the bullets just um, looking the quote you can use. i use the photo model uh for on this was a pretty canyon, but still does the vehicle in the at least the need and yes, to have it done with that. let me solutions to 60 a month. yes. but the deal is doing it through the system when you split it into the water is doing a good bit of it.

he said movies no democrat, he also said that mr movie and this uh, vonny are allies and also the he's in the room for mr. moore. he needs to do some answering his statements, who are the purchases amount objections from the leadership of india. i remember george soules used to be the fees behind you see, to change that as in india and yet, and you can see, let's see. so when you see the connection, you all have joining the door and solve a cl 15. solve the allegations off to allegations, forced teams and board. and now this is really narrow. dani is basically his business is spread across countries across sectors, mining, shipping for a no g, transmission, green and no. g demands receipts to name a few because this particular default is uh, a dummy share your be a market value. the rest of it will further cost it's oil production in a month. this an agreement with its effect plus partners according to the russian deputy prime minister. so the new measures follow the previous significant oil cut made by russia and saudi arabia, the biggest opec plus oil ex borders. the decision was tak

with any of my colleagues here with vonny, i spoke to funding for the city and who lives in mara, cash, and she should have experience with us. this has been a very, very stressful day. most of morocco hasn't left yet since yesterday. since last night, we are in a state of shock, and most of us in a state of panic. words can describe what we're actually doing right now. we're. we've been caught off guard by this a catastrophe. we were not prepared. most of us never have experienced an earthquake before let alone of this magnitude. what have the last 24 hours been like for you? they have been stressful. scary. we have have to leave our homes, so i don't think anybody has slept in their house. last nights. everybody has been industries or in the residential area. sleeping on the grounds. are you going to sleep in your house tonight? then? do you feel comfortable being your house now? i mean safe. i do not feel comfortable being in my house, but i do believe that i will sleep in my house, hoping that nothing will happen because that is also something we're all hearing. we're all scared th

he also said that mr. movie and this uh, vonnie, our allies and also the he's in the room for mr. moore. he needs to do some answering his statement to purchase ism and objections from the leadership of india. and then the jobs tools used to be the phase behind you see to change the dentist and india and in depth. and you can see, let's see. so we need to see the connection. you all have joining the door. and so let's see off the, can solve the allegations off to allegations forced hindenberg. and now this is really narrow. dani is basically his business is spread across countries across the us, mining shipping for a know the fonts, mission, green analogy demands. real estate needs to be called this particular report. the a donnie cher you'll be news, a market value the russia will further car is oil production in a month. there's an agreement with his opec plus partners according to the russian deputy prime minister. so the new measures follow the previous significant oil cut made by russia and saudi arabia, the biggest opec plus oil exporters. the decision was taken in response

he also said that mr. movie and this uh, vonnie, our allies and also the he was mr. moore, he needs to do some answering his statements to purchase ism and objections from the top leadership of india. remember, george soules is that to be the fees behind you see to change a dentist and india, and it is due for next year. so when you see the connection, you all have joining in don't control the cl 15. solve the allegations off to allegations forced hindenburg. and now this indian really narrow dani is basically his business is spread across countries across sectors, mining, shipping for a no g, transmission, green and no g demands. you real estate to name a few because this particular default is a, a dummy share you off the news in market value. the meanwhile, u. s. president joe biden is set to visit florida to survey the damage from a major hurricane that's after florida. senators demanded the white house, prioritized disaster relief over ukraine aid. no matter how anybody feels about ukraine funding. those 2 things should never be one for the other. when it comes t

he also said that mr. movie and this uh, vonnie, our allies and also the he was in the room for mr. moore. he needs to do some answering his statements to purchase ism and objections from the leadership of india. don't remember, george soules is that to be the fees behind the change of debt, as in india, and it is due for a general election next year. so when you see the connection, you all have joining in doors. and so let's see off the can solve the allegations off to allegations forced hindenberg. and now this is really narrow. dani is basically his business is spread across countries across that to us mining shipping for a no g transmission green and no g demands real estate to name of you because of this particular report, the donnie share your be used in market value. the russell will further cut it's oil production in a month. this an agreement with its opac plus partners, according to the russian deputy prime minister, to the new measures follow the previous significant oil cut made by russia and saudi arabia, the biggest opec plus oil ex porters. the decision was taken in r

i'm us or bars. vonny has slammed the ruling as a farce. here's what's the locals have to say about the price is going to be sought i have just a week ago. and 1st thing was relatively peaceful with as of yesterday regrettable incidents have transponent looming for it has given royce to retaliate the reactions. we were of the opinion that if this matter was addressed for legal channels in baghdad and results promptly, he could help of, of the escalation of tensions. potentially preventing a civil conflict within the city of cal cook promo idea to the wrong decision to hunting all of the head, the cluster of the military because it is governmental building. this is mean that the government give something to some parties on not to give it to another on this . make this competition in the city and make uh the problem and make it easy to every thing is having to our programs. it will, uh, if i have to out and kind of make because we have a team providence, if everything happens or a new problem happens, it will impact over to our own clinic. i'

he also said that mr. movie and this uh, vonnie, our allies and also that he was in the room for mr. moore. he needs to do some answering his statements to purchase ism and objections from the leadership of india. don't remember, george soules used to be the face behind you see, to change the dentist and india and yet, and you can see, let's see. so when you see the connection, you all have joining in don't control the see. all the can solve the allegations off to allegations forced hindenberg. and now this is really narrow. dani is basically his business is spread across countries across sectors, mining, shipping, for a long submission green and no g savanski real estate to name of you being called this particular default. a donnie share. your really is a market value. the is coming from to please the way the wedding party, a georgia dream has initiated in page for procedures for the incumbent president in states. a serious violations of the country's constitution. as according to the policy chapman, a dimension of the political console of the policy with the decision to initiate an

picture from the fed including resilience and moderation in the labor market, let's get more from vonnieome people have called this a controlled cooling of the labor market. quite's that's what the fed is looking for, that's what they hope is happening, but there is a question over long and variable lags, and some of the fed would have a different opinion on what variable lag is, and that's the bifurcation, and also the fact that we are waiting on more data. that job support did show a good picture, depending on who you are and who is looking at it. more jobs greater than expected. some other little tiny cracks, which may also be good news for the fed in terms of the fact that the participation rate was up, which meant more people were looking for jobs, and we had hourly wage growth slowing. and that was a notable slowing in that growth. we also had revision to past prints, revised down once again. and you have the bond market, which reacted, and we are actually down about 20 basis points, even more in some cases, but across the curve it's been a 20 point move, but they think that this i

haidi: bloomberg's vonnie quinn. this represents a career defining moment.tc chair told us more about the allegations against amazon. >> this is unlawful tactics amazon uses to maintain monopolies. in the complaint a set of anti-discounting tactics that amazon uses to punish any seller or retailer that dares to discount and these tactics deter sellers and retailers from lowering prices and closes off an entire dimension of price competition. the other tactics are a coercive scheme amazon uses to require sellers to use fulfillment service. this ends up stunting the development of independent fulfillment providers and deprives actual and potential rivals. that is the core theme here. these are tactics but ultimately amazon has pursued them to deprive potential competitors of the ability to gain the scale and momentum needed to compete online. having achieved and protected its monopoly power, the complete details how amazon is exploiting the monopoly power in ways that harm customers. both sellers, tens of millions of american families that use amazon to do sho

. -- vonnie: welcome to the close!s is the line the fact we are seeing some regional banks lower

any of my colleagues, so vonny as opposed to a disease. gosh, in a reset. you on saw the foreign policy and he explains why peace negotiations are still in the early phases. i think if one has to be very eager to find a conclusion immediately, i think that will be disappointed. i think that the whole us, you know, this is, this is going to be a long process. and because the, the aspects that enabled this conflict to happen in the 1st place wasn't just happened, didn't just happen in the day and night visit. this is something that's going to require a long process of really talking at the foundations of the conflict, what facilitates the conflict and what does the conflict result and there's a lot of legit but also a lot of lack of governance. so these things need to be ironed out, but nevertheless, i think, you know, one step at a time is to be healthy way forward. there was a pretty notable, visible confidence building measure a few months ago, which was the release of prisoners from both sides, almost $900.00 prisoners that were released. is there enough

vonnie: take a look at how u.s. futures are trading.eally small moves in the session after we saw a smaller picture in the regular session. it was a mixed finish on the s&p 500 seeing a slight pain, but the dow underperforming. china flagging concerns over the iphone. really, reaction to what happened to the u.s. epa. , where we saw a bit of a mixed picture. we had court cpi accelerating the first time in six months, which puts into question what happens with the tightening move later in the year. perhaps not much of a change for next week when the fed decides . investors are concerned about more rate hikes to come. wish i treasury yields falling across the board, the 2-year yield falling below the 5% level. . also watching oil prices rebranding. we have seen a bit of pressure during the new york session, but we have been following the supply picture for oil. because we got iaea data saying perhaps we are going to see supply shortages later in the year, after the opec report showed we might see the tightest marketing over a decade. and