company south32. we will speak to the ceo. david: it will be interesting because the miners have had a banner year. as it pertains today and also with the cyclical space, copper is under pressure. yvonne: gold as well under pressure on the back of these fed minutes. we are starting to see that tapering in the cards. and today a bit of reprieve for the tech stocks in hong kong. dave -- for once. cyclicals are on offer. an undercurrent of the strong dollar, really pushing down some of the commodity markets. join me later -- in fact, there are the commodity -- dollar index is up a fifth straight day. equity markets doing this, apart from new zealand which has it had a topsy-turvy week. the rbnz did not do it.

the rest of the region is down again after the relief yesterday. the story continues to be, at least at this point in time, the dollar story, and the cyclical story. you are getting a lot of movement in the chinese markets. talking property, a potential property tax, and speculation around bringing prices down, cost of living down. we are starting to get this movement across the property names in related things like copper. we have breaking news. yvonne: yes, sri lanka. look at the central bank. their standing rate was raised six percent from 5.5%. you are seeing more of these p.m. central banks when it comes to inflation, joining the likes of other em central banks. the aussie bank, why it decided to blink? will have to ask them on friday

in the interview. but more of these emerging market central banks are dealing with the inflation issue and going ahead with it. david: i think we were talking with a guest yesterday and he said, russia is done. they are done with their hiking cycle. brazil, we know where they have taken rates up. this divergence is starting to converge with the fed, which takes us to the fed minutes out overnight and what they want and what they are planning. a bit of market clarity in terms of the taper. it might begin this year. that is the tone when you look at that. you look back at history, the latest time that they tapered show you the timeline, it took about two years, from late 2017 to late 2019, and then the pandemic happened and they started dying again. that is more a sort of isolated factor. but just to give me an

indication, it is about a three-year process based on what happened last time. that takes us to the dollar, and what they are saying about the chinese currency. 6.6 is what they are thinking -- wells fargo. yvonne: yeah, 2% is not out of the question here because if you look at what has been going on whether it is equity market risks as well as the growth slowdown. they are saying that the actual may be could weaken substantially. . not like what we saw in 2015, they say when it come to the outflows. on the back of the fed, it is just the split among the federal reserve on the size and the timing of taper. . you look at the likes of neel kashkari, minneapolis fed president, he is saying, i want to see a couple more job prints first. then you have bullard saying, first quarter of 2020 two, that is when i want to see tapering done. it is so divided.

it has brought the market to a division. where these yields are going to go. it is turning into a very bifurcated market. let's get our question of the day, i will ask mliv about this -- -- how will the taper affect assets? what do you think? >> i think you can start with the u.s. equity market. finally starting to show some weakness. it has been a market which has ignored the needs for quite some time. several fed members have been talking about possible tapering for a while. but the fact that it is in a statement and maybe equity traders who have been willing to ignore quite a few hawkish signals in the past, maybe they are realizing that tapering is really coming. what that often means in the early stages is u.s. equities lose momentum.

my colleague will write on mliv. what it means in practice is usually the short-term rates will get pushed up faster than long-term rates. that is certainly a negative for u.s. stocks. when you see the curve flattening with a bearish point of view from around the two-year sector, in the past that has been associated with underperformance of stocks. so they are starting to prepare for that. there is also a bit of seasonality about it. we're in the middle of august when nobody will get too excited about markets. give them a reason and they will take that route. david: mark, almost a two-part question because i think they are related, once we begin taper , are we on autopilot? does that continue regardless of what is happening with the underlying economy? timing wise, at least two things could collide, just looking at the next eight or nine months.

mark: i think you got a good lesson yesterday from new zealand. thinking of autopilot in the day of the pandemic. nobody can take anything for granted. the bank of new zealand at the last minute had to switch -- everybody was ready for a rate hike -- but they had to switch at the last minute because new zealand has gone into lockdown. that could easily happen in the united states if they don't get the virus under control. it could start to affect fed policy later in the year. there are fewer flights taking off, fewer people boarding flights around the u.s. there is an impact on the economy already. who is to say how far that will go if people don't get vaccinated quickly enough? so certainly, you can't rule anything out in terms of monetary policy, as well as the delta variant is going around. yvonne: can i ask you about commodities? what is the readthrough for what has been going on? with china trying to tame the

property market there? mark: certainly, china probably got the ball rolling by giving their warnings that they see a slowdown they are trying to cap prices. you feed that into the fact that asia especially is pretty slow to reopen up. even australia is struggling, still large parts of australia in lockdown. all of that is telling you that growth for the rest of this year is not going to be anything like what was originally expected. it is having to be factored back into commodities. . as david was saying, you have the strong dollar. that is a negative for commodities. for the u.s. market in particular, being a little bit less certain, that is a big dollar used. people want to go to the biggest of all the haven currencies. as long as the dollar stays strong, it will be a headwind for commodities. people are just going to have to -- commodities as a warning signal that growth is going to slow down.

yvonne: mark rant--filled from our mliv login singapore. -- mark cranfield from our mliv blog in singapore. plenty to talk about, commodities, the fed and what it means for the dollar as well. let's get to the first word news with vonnie quinn in new york. vonnie: the extradition hearing for the huawei ceo is over, ending more than two years of proceedings that triggered unprecedented geopolitical tussle among the u.s., china, and canada. a decision from the canadian judge on whether to send her to the u.s. to face charges is --. china says the case is politically motivated. the united arab emirates says it is hosting exiled afghan president ashraf ghani after he fled afghanistan. speaking on facebook, ghani said

he fled to prevent that should, and he is in talks to return to afghanistan, and that he did not flee with any money. meanwhile, the taliban has set up check points that cabell international airport. the imf says the taliban led afghanistan cannot access special -- rights ahead of an allocation next week. the company was supposed to receive $455 million. 18 republican lawmakers as of the previous day urged the u.s. treasury secretary to intervene at the imf to prevent access to the money. that biden administration will start offering booster shots on september 22 all vaccinated u.s. adults. the move is a massive expansion to a program --

previously limited to those with weakened immune systems. biden says the u.s. is prepared to deal with the doctor threat, and that vaccinations are the best protection, along with masks. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne. yvonne: vonnie, still ahead, the u.s. is set to deliver booster shots as the delta variant continues its spread. we get to that. coming up next, wiring investors can take a breather as the company gets a bailout, in a sign that the government is unwilling to allow a default for now. this is bloomberg. ♪

the riskiest parsed of the high-yield market on the back of huarong. high yield is higher. let me focus in on that bid. as it pertains to the huarong story, asset managers, we were talking about this earlier. that spreads have started to come in tighter. there is your april story, huarong saying we cannot release earnings. that is the sort of uncertainty we have had the last couple of months. a little more uncertainty. spreads starting to tighten a little bit for other asset managers in china. yvonne: is it time with this resolution of huarong that they will start looking at the high-yield market once again? our china credit editor, rebecca wilkins, on huarong right now.

rebecca: i think when it comes to a kind of firm like huarong, where the investor base is investment grade investors, institutional investors who have looked at china as still relatively safe and stable returns, it seems regime is playing out some middle path, trying to clampdown on the moral hazard and at the same team coming in to ensure there wasn't any kind of disorderly default. david: the message that is sent to offshore investors is what? rebecca: huarong is saying they will continue to repay all of their offshore and onshore runs on time, which of course, they have already been doing. that will not be related to the recap plan, that will come down to huarong's success in its asset sales as it tries to return to its core business.

and the other question on whether the broader sector of asset managers here, you saw that spreads tightening, if they are able to return to the primary market. they have been effectively cut out along with huarong for some time now. yvonne: what are we -- where are we on asset sales right now? rebecca: we have had quite a number of potential sales. it looks like laurel is making relatively good progress on that. we hope by the end of the month there will be a way to see how much is being raised. but the messaging is very clear, huarong will return to its focus of managing bad debt. it will be a much smaller and much more streamlined institution on the other side of this. david: and the sort of broader campaign to remove the moral hazard, is this a step forward today? rebecca: fascinating question. the question of, ultimately where do we stand now as a moral

hazard? this has been a period we have not seen in china before, contemplating the potential restructuring for a firm like huarong is in many ways the credit market. progress already has been made. . investors are having to reassess . the question is not ultimately will they step in, but for investors, it is also the fundamental question of, can i withstand the level of volatility or risk that might be involved in a invest -- if i invest? it is one thing if you are investing in a high-yield firm, a property firm like ever grand. but this is closely linked to the central government. yvonne: rebecca choong wilkins, china credit editor. we are watching one stock right

now here in hong kong, alibaba. this stock has reached a record low. falling as much as 3% here in hong kong. i don't really see a reason behind it today, but we did see yesterday, u.s. shares fell 80 yards on this crackdown story. a little bit more pain for alibaba today. david: also when you look at the current streak of losses, seven straight days, also the longest streak of losses for alibaba as it hong kong-listed company. yvonne: we were thinking that perhaps with tencent, that would have been a better indication that tech stocks could recover, but it is not quite the case. tencent is up. let's get to the headlines, tencent warns investors to brace for more -- from the tech sector

in china. china's largest company reported the slowest pace of revenue growth since early 2019, underscoring the impact of regulations on the tech sector, a major source of ad revenue and gaming. the crackdown has seen tencent lose more than 40% since its january peak. >> there will be in the short-term, a lot of new regulations. this should be expected, because the regulation has been quite loose over an industry, considering its size and importance. yvonne: bloomberg has learned that this company sold $1 billion worth of bonds in a sustainable deal, marking the first major global debt offering by a chinese tech firm since beijing escalated a crackdown on private enterprise. it sold 5.5 year and 10 year notes at 83 basis points and 100

15 basis points above comparable treasury. china mobile plans to invest $8.5 billion of a share listing proceeds into projects including a 5g network, cloud service and broadband construction. . the combined investment totals $24 billion. the company will sell as many as 964 million a-shares on the shanghai stock exchange, representing 4.5% of outstanding shares. robinhood slumped in after hours trading after warnings that seasonal headwinds would result in lower revenue. crypto trading revenue sword, more than 4005 hundred percent -- soared more than 4500%. yvonne: dooley get more special dividends? we will ask that person in charge, graham kerr to discuss

the results and whether or not we can expect more goodies from the company. this is bloomberg. ♪

david: let's look at the markets. quite painful, to be honest, when you look at everything from oil, for example. iron ore is going through a rough patch, down about 6%, both singapore. futures a bit higher, really on the back of a troubling last week or so. a look at other things, from precious metals -- copper, there we go, this is on the back of the markets rethinking growth,

including things a little bit in the property sector. yvonne: let's talk about earnings. annual net loss deepened. they declared a special dividend. losses of $195 million due to write-downs on the call assets it divested. joining us from perth to discuss the results for south32's ceo, graham kerr. across metals, are you concerned? graham: there is a lot of volatility in the marketplace. in the last 6-12 months, our business has performed very well. we have had trade production records. the team have done a great job controlling costs, and we have seen an average big increases in commodities over the last 12 months.

i think the number was up 32%. [indiscernible] we are seeing fluctuations in the short-term market. i do believe that supply and demand for nickel, copper and zinc in the short-term --. david: graham, david here. can you continue the momentum? you had a really good first half. graham: i think absolutely we can. in fact, we have been investing in the nikol business -- the nickel business and aluminum business. we will see production growth in the next few months.

we continue to reap the benefits of that. if you look at commodity classes in the second half, they have all increased dramatically. david: speaking of excess cash, special dividend out. not that we are sporting investors, would you be poised to give the same thing out? graham: you look at our distribution totals, dividend payouts, first half it was 73. last half it was 49. refer that it was 78. we are talking about a consistent approach to capital management and an approach to reward our shareholders as cash flow increases. we are positive around that. we would expect more excess cash to be returned to our

shareholders, not only dividends, but also by market --. yvonne: we are talking about china here the property market has been in focus. regulators trying to team prices, speculation. they are also curbing output for steel. graham: what we are seeing, we would expect in the second half of the year, challenges in terms of the bulk, particularly on steel production. we would expect to see that come off a little bit. i think you will see a slight dip. [indiscernible]

there will be a little bit of ups and downs. but i think it is really positive. david: graham kerr, south32 ceo. thank you so much. talk to you next time. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic efficiency,

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david: bad news if you own shares of alibaba. down 6% from 2019. the point is, i guess, we reached this low point we had a 2020. that takes us to a record low for the hong kong listing, down 3%. at the bottom your screen, hang seng index down 3%. the nasdaq: dragon index, we have looked at data, at this chart takes you back 20 years. it is a buying/trading signal,

if you will. only eight times, 14-week relative index, we are at that point. whether or not that is a different signal this time given regulatory scrutiny and what you value these chairs, take out of course face value in terms objectively --that is where we are. each time that happened, this thing has happened. when you look at these returns, the next 100 weeks from these times, each and every time, stocks will eventually go up, but to varying degrees. but we have seen positive returns in each of those eight times over 20 years. and i promise, it is going to come here. we are calling it the return of the dragon. all the way to 20%, that is a 100-week return. yvonne: having said that, dave, look at the buyers of etf's. they are shying away right now. we saw five weeks of inflows and

upper one was hoping to buy this dip and hoping to see a rebound right now. but this has gone down 50% already today, so many buyers are saying i think it is time to abandon their you have big fund managers like cathie wood selling their tech shares and hurting sentiment with etm investors and they are following what cathie david: wood is doing now. david:that takes us to the tencent conversation, telling investors to brace for more regulation in the sector. yvonne: let's cross to bloomberg intelligent research analyst for technology. matthew, your takeaway on these earnings? matthew: if you are an investor in tencent or alibaba, yes, regulations are concerning but on the positive side, it is

harder for smaller place to compete with them. we have seen the smaller companies come up in china, they burn through cash and that is becoming is incentivized. -- disincentivize. -- disincentivized. so the monopoly of these two platforms is going to be more insulated than it would have been without the regulatory crackdown. the negative is that it is going to be more costly for them to operate. their margins are going to be structurally lower. we don't know how much yet. but when you look at facebook 2018 when they had to hire content moderators, that tank their margin and hurt their stock price and it is not out of the question that large platforms and china are going to have to do something similar with all the restrictions on content, video, livestreaming, etc.. yvonne: what are we looking for next in terms of earnings from china tech? is tencent a good bellwether?

matthew: tencent is a good bellwether. the cloud business isn't generating a ton of revenue yet, but that is the future that is why they spent so much time talking about out of the call. going forward, alibaba has 40% clock chair in china, tencent is number two -- cloud share in china, tencent's number two. i think they are going to be talking up that with their people because that will be minimal to regulators on a huge opportunity for them. david: willy willy out with earnings, what are we expecting? matthew: more of the same, concern about livestreaming, content restriction at they publish one of the biggest games in china. so more of the same. numbers don't matter. it is all about regulation could sad to say that, but that is the state we are in. even with tencent, the numbers were online with consensus. it wasn't even that they missed. it is all about regulation right now. and that his neck went to change for six months, maybe. yvonne: maybe. matthew counterman, bloomberg

intelligent equity search analyst on a wrap up on tencent. and that shows when xi jinping is pursuing, common prosperity. and increasingly, you are starting to hear, we heard from goldman sachs that it is not just about the tech sector. this goes beyond tech, to the more social aspects of narrowing wealth gaps, trying to make equality for all. and that means you are switching to more of a manufacturing model versus what we saw, transition to services. david: interesting because we had someone on earlier from goldman sachs and the framework that they are now using to figure out which sectors our next, it sounds complicated, but it was fairly simple the way he explained it you look at the cpi basket in china. you look at the big components of that. you look at price punctures -- price pressures going up because

one side of the equation is the profit of the company on the other side is public good. that might be the target. yvonne: health care and housing, he said. david: and we are talking about profit today. i think he gave a $6 trillion market cap within the $15 trillion market cap china might be at risk of. he is calling it a private social enterprise, if i am not mistaken. yvonne: yeah, you need a way to explain all these things speed let's bring in vonnie quinn, first word news in new york. vonnie: minutes from the july fmo see meeting show wider agreement among admiral reserve officials that they attained their inflation goals but still need to make progress on their employment mandate. on the timeline on when to reduce bond buying, most participants judged it could be appropriate this year. singapore will offer vaccinations to short-term visa

passholders. the ministry of health announced the decision saying eligibility for expansion includes special passholders such as those on work permits. vaccinations will be made available to eligible, short-term visit passholders who have been in singapore for at least 60 days continuously. two u.s. senators want the federal trade commission to launch an investigation into whether a company uses deceptive marketing practices by labeling systems full self-driving. in a letter, regulators said tesla's could lead to dangerous consequences. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ yvonne: the biden administration will start offering booster shots september 20 to all

vaccinated u.s. adults as the coronavirus and delta variant continued to spread. it has led to controversy in the u.s. because i a lot of questions on whether all adults need a booster shot. a lot of people in the medical field see there is not enough evidence to suggest everyone needs one. potentially, you just need it for people of the vulnerable side like the elderly, front-line workers, whatnot. is the u.s. jumping the gun is the key question. david: immunocompromised is the fda term. four syllables. first of all, there is not enough data and it brings to mind when you think of asia subsist -- asia-pacific that there is not enough to supply. people talk about three vaccines in some places don't even have one. most places that are taking a

backseat to where you are with wealthier countries, it is not really a question of efficacy anymore, or the efficiency of the rollout or logistics. it is about supply and whether they are getting that. yvonne: let's bring our next guest talk more about that. she has done more when it comes to addressing the anti-the sentiment, including vaccine mandates, nancy baxter. what is the solution to supply issues many countries here in asia are facing right now? nancy: the data that is emerging with the new delta strain, the mrna vaccines don't seem to be as effective in stopping transmissions. so people can still get the virus. they don't get us severely ill or die. there have been some cases of deaths and severe list for vaccinated patients, but when you look at data from the united

states, it is overwhelmingly the unvaccinated that are getting serious consequences from covid-19. but the problem is, if vaccinated people can get and transmit the disease, they can help drive an outbreak in the unvaccinated. that is why they are strongly thinking about the third dose. in terms of evidence behind the third dose, that is emerging from israel where pfizer was used on a broad scale the earliest. and they have shown both decreased effectiveness for the delta strain, but also evidence of waning immunity. i don't think we know enough about it yet. so i think it is interesting the u.s. has made the signal that they are going to plan for a booster for all adults. obviously, they have access to data that we don't have. [no audio] -- so that people who were most at risk of developing covid, the

elderly etc., so it is difficult to tease out whether it is waning immunity or you give the vaccine first people who just didn't have a great immune system. david: do we give up at least at this point on the global race to achieve herd immunity? some places are talking about a third vaccine in some places, maybe not even a first. there is also vaccine hesitancy. in the delta variant, most vaccines out there might be as effective against the delta. . nancy -- the delta variant. nancy: i think there is a lot of desperation out there right now. people want to be vaccinated and want a sufficient vaccination rate in their countries of the covid isn't running wild and overwhelming their health care system. that is understandable. that is what we are feeling in australia. but this is a war that is going to be fought with a number of battles. so, we are at the first stage

where we are fighting back against covid. we have these new vaccines, but we are going to be developing more vaccines, vaccines that are more effective against the variants, and also potentially vaccines that don't rely on attacking the parts of covid that change. there are parts of the virus that don't change as much, so potentially getting those parts of the virus with a vaccine might avoid us having to keep re-vaccinating. there is a lot happening in the vaccine world right now, trying to make it so we can reduce death and illness from the virus in as many places as possible, obviously critical. and then, developing better vaccines that would allow us to eliminate transmission, and that is what we would need to actually have herd immunity throughout the world. david: i would like to get your expertise on this -- the debate between the covid zero strategy

and the non-covid zero strategy, is there a threshold at which you reach a certain constant region where it doesn't make sense for covid zero? nancy: the challenge right now with the delta strain is, covid will find the unvaccinated. and they will have severe disease, a portion of them. before when the previous variant of covid, you stopped most transmission happening among the vaccinated, that was enough to get to herd immunity. you had 70% of the population vaccinated, the vaccinated people would not get the virus, would not be able to transmit it. so you would be able to protect anybody -- everybody. the problem now is that people can catch covid even if they have been vaccinated, with the delta strain. they can still pass it on. so you can't reject the unvaccinated i having the part

-- by having the protected vaccinated. it creates a state where, unless we get to extremely high vaccine numbers, having any covid in the population will spread it. so, although it is challenging reducing the number of people circulating with covid-19, it is going to protect those unvaccinated people. that is what we need. yvonne: nancy, is the ultimate response a vaccine mandate? it is controversial, but is it something governments need to look into now? nancy: more and more governments are thinking about what occupations you need to be vaccinated for, and having a more open approach to that than they may have in the past in terms of not requiring safe for people. -- safe flu vaccines for people. but there have been many mandates in many countries for

children going to school. we are going to see more of that. we will see businesses say it is bad for business to have vaccinated people potentially exposed to unvaccinated people, so we are going to say, bruce springsteen did this, if you want to come to my concerts, you have to be vaccinated. businesses in the united states have said you have to do a negative test or proof of vaccination. so, i think we are going to see more and more of that, a carrot and stick approach to getting more people vaccinated. but we also need to focus on the politics of the vaccination in some countries and dealing with misinformation that gets spread, particularly in social media with respect to these very safe vaccines. david: nancy baxter out of the melbourne school of population in global health, thank you. yvonne: let's switch back to southeast asia, key stories we are watching. watching political developments in malaysia, where the national alliance has chosen the former deputy prime minister as their candidate for prime minister.

the lawmakers are said to have an audience with the king. thailand is launching a pilot program to test vaccinated and isolated factory workers to limit covid disruptions to manufacturing. in the indonesian central bank as extended lockdown measures. david: here it is, record lows, to keep in mind when you look at this chart, there was rethinking a couple years back on the rate. but it is the seventh straight meeting, i believe, let me double check. it would be the sixth straight meeting the central bank has had , and all 28 think they will stay at these levels for now. yvonne: up next, a bloomberg scoop -- the imf blocking a taliban-led taliban from assessing -- from accessing funds worth hundreds of billions of dollars.

this is bloomberg. ♪

♪ yvonne: president biden says u.s. troops will remain in afghanistan until are all americans are able to leave, even if it takes longer than tickets -- longer than his august 31 deadline. in an exclusive interview with

abc news, the president was asked if u.s. exit could be handled better. here's what i do and said -- here is what biden said. president biden: the idea somehow there was a way out without chaos ensuing, i don't know how that happens. david: a bloomberg scoop now -- the imf will block the taliban in afghanistan from accessing special funds ahead of an allocation set for next week. the country was set to receive next week $450 million worth of fcr's. our senior government reporter is in studio to talk about what the international community is doing as it pertains to afghanistan. >> we have seen biden freezing $9 billion worth of gas the taliban might have had access to. have seen this imf. this is the international community trying to starve the taliban of cash and force them to negotiate some political

settlement to have some kind of inclusive government that brings in ethnic minorities, women, and tries to shape a more moderate version of the group we have watched launch terror attack's for the past 20 years in afghanistan. that is what they are hoping to achieve. they pressure the taliban by starving them of cash and get them to play nice. avon: will it work? -- yvonne: will it work? >> people are watching and seeing there is desperate need for gas to get things moving again, but the taliban also control a vast, informal economy in afghanistan, drugs, fuel struggling, -- feel smugly, all sorts of illicit activities. there have been studies showing that in some remote areas of afghanistan, that is worth 10 times more than money they get. it is not clear international

presser -- pressure of this kind will force the taliban to change. david: it brings the question, does this it regular people more than the new taliban government? >> this is been played out time and time again, iraq, myanmar, a lot of desperately poor people in the government the international community doesn't want to touch. afghanistan finds themselves in exactly that situation after 20 years of having porches of their budget funded by international donors and the u.s., they are now fending for themselves. and you see the scenes of people clinging to planes trying to leave afghanistan. it is a desperate situation. there is a strong chance that the afghan people get squeezed between the taliban and international community. david: iain marlow on the latest bloomberg scoop. read about it on the terminal

and the website. commodities now, a dollar store. -- a dollars story. -- a dollar story. emerging markets are being hit, down 1% on the emerging market index. yvonne: the dixie has been highest since november 2020. it seems you have more of these concerns on growth and the delta variant. people are highlighting the dollar as a safe haven bit. use of the hang seng is down 1.4%. alibaba, talking about the stock in hong kong reaching at record -- reaching that record low in ipo's. more coming up. this is bloomberg. ♪

♪ yvonne: key events and date that we are watching. the decision that is going to be happening later this afternoon, july cpi figures coming out hong kong, expecting five-your eyes when it comes to prices in the city. it goes to show the domestic recovery we are seeing here, unemployment. 5%. u.s. jobless claims be key to watch, whether the whole tapering debate is going to come to fruition for the federal reserve. we have a big interview as well

talking about afghanistan, a look at the impacts of the taliban victory on india's strategic interests. we speak to a fence analyst, retired indian army colonel and also a defense analyst. and another interview to tell you about, the creator of ethereum on bloomberg studio 1.0, talking about creating the most valuable cryptocurrency after bitcoin and whether crypto will replace the dollar. >> replacing the dollar is unlikely because there are things the dollar provides, like price stability for example, that bitcoin is not going to provide even in a theoretical world where the u.s. dollar collapses. even then, i think bitcoin is not going to be able to provide the level of stability users and businesses expect to set prices and in that kind of world, we would need something else. it could be decentralized stable

points, could be something else. but at the same time, i think cryptocurrency can have a very powerful and important role alongside existing currencies. david: just a pulse check where we are marketwis -- marketwise, messy, dislocation and pricing. iron ore should be down 35% from the peak. pain in equity markets with a exception of the few. in this story is the next chart, the opposite of the dollar trade. the dollar index all the way back to the highest level since november of last year. we just topped the recent peak we had in march and yeah, that's it. it is everything from this conversation around taper and slowing in many parts of the world except the u.s., i guess. yvonne: perfect storm, taper,

the story in china, all wrapped up in one. plenty more to come. this is bloomberg. ♪

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