tv Bloomberg Markets Asia Bloomberg August 22, 2021 10:00pm-12:00am EDT
travel lane program with this free opening push. rishaad: we are looking at these markets. equities are very much in focus. i've been away for a couple of weeks. yvonne: you missed a lot. rishaad: what was happening then is happening now. covid, the delta variant causing havoc as well. it still looked -- yvonne: so is quite divided. these current evaluations on one side, not reflective what is going on and what is to come. there also people at jb morning and -- morgan saying this is business as usual. rishaad: goldman and the others as well. let's have a look at what is going on. here we go. taiwan market up over 2.3% at the moment. looking at also a broad-based move to the upside.
reflective of what is going on in the greater region here as well. elsewhere, the dollar is pretty much stable. just looking at these yields. not moving that much over. looking at all this and seeing haps what happened on friday. we got jerome powell who got a bit of a thumbs up who's predecessor at the fed, janet yellen gave him the thumbs up and was in favor or is seemingly in favor of keeping him on for another four-year term. that four-year term ending in february. we got that debate taking place. what do we have with regards to that? yvonne: one story we have been tracking is this a share that was announced or launching for the hong kong exchange. this is what we are seeing with that stock gaining as much as 6%
here in hong kong. goldman upgrade the stock to a buy as well. we talk about singapore futures, this is another product here that if you want to short those chinese tech stocks, you have another option now. rishaad: if we're looking at what is happening here, one the things i mentioned earlier is this debate to the fake bond program in the u.s. not is how they get out of it but being stuck in a rock and a hard place. yvonne: if you look at with been going on this week, jackson hole, everyone is waiting for what kind of announcement that it will not shop the market. of course, there is still so much divide on where treasuries will go because it has been
directionless for some time. rishaad: they've been telling us about these 10 year bond yield forecasts. just have a quick look at what going on here. there ago. we got bank of america saying one thing. it is a bifurcated market here. that is the debate over there in the u.s. and globally speaking as well. the debate in china it seems to be one of getting back to basics. it is the phrase the chinese president has been using more and more often here. so what this john berry -- cognizant party was founded out and that is communism. yvonne: we of course the numbers and we have looked at these speeches and how many mentions
common prosperity has had. it has surged year to date this year. it has doubled in terms of the number of mentions we have seen. for investors, that is a key mentioned of what will happen anytime soon. this cross cyclical is something they need to wrap their heads around. they will take more preemptive action and will be much sooner than expected. rishaad: they are saying they really want to have an ability to reasonably adjust high incomes so do they bring them down? let's find out what is on the minds of investors. on top of that, we got this delta variant blend across the world. paul, give us a sense of this playing out right now. it was on friday for european
and u.s. markets. it is the same story here no doubt? >> i guess that is what people are interpreting as a follow through with the u.s. markets. i am not so sure how durable it needs to be given the way markets performed in our projections. it didn't help asian markets all that much. my nagging doubt is what is going on here are these stories, these comments we are saying about china's market being really on investable now. they're dripping into the psyche of american investors so pulling up their money from china's markets overall on the whole. if you have nowhere else to put it in your looking around, this might be the only place you can go right now.
we got treasury yields so depressed, still safe but if you're looking for that continuing upside, take it out of china and put it into the stoxx market. that looks to be what is driving markets last week. we can see the rebounds can stick. yvonne: when it comes to china tech, paul, do we see inflection points on the horizon or is more pain to come? >> that is kind of where we are going with that narrative. it depends on who you believe. if you look at the goldman sachs commentary we had over the weekend and how u.s. hedge funds could find themselves long and wrong, it will get more exposed than they have been historically. while there has been some retrenchment since then, have eight high up concentration of usual. there is the risk that the sales
continue and the cash flows out as well. when you are thinking about the long-term gain here and they are talking about this cross cyclical strategy of getting ahead of the next risks and everything, that is what we have been seeing with those tech names and other companies like tencent saying there are more coming down the pipeline. this will ultimately put us in a better shape but in the meantime, it will be pretty damaging perhaps in this investment case. rishaad: quickly, that has gone virtual now. getting a thumbs up from his predecessor? reporter: i thought it was interesting that the comments we had over the weekend or on friday, talking about yeah, if
delton -- delta has an impact on the u.s. economy over the coming months and will slow down my view on how we should taper and we should raise interest rates. that is something investors are more keyed into now more than what powell will toss on jackson hole. how about the impacts of be and how that might change the dynamics of their future moves. yvonne: that is a question of the day here today. how will jackson hole matter? thank you from our editor on how we should kick off this week. it seems like this bounceback in equities is looking pretty good so far. reporter: u.s. vice president kamala harris has arrived in singapore and is there under the in the station. she is scheduled to meet with the prime minister and holy news conference of them on monday. it will be in a roundtable about supply chain resilience. as well as the pandemic and
digital economy piacenza vietnam on tuesday. president biden says he will extend the deadline for full withdrawal from afghanistan. is also promising efforts for americans who struggle to reach the airport. caroline: he says 7800 people were lifted out of afghanistan over the weekend bringing the total to 25,000 this comes two days before a virtual meeting with g7 leaders. malaysia's new prime minister has set a tone of reconciliation in his address. he ought -- invited opposition latest be part of the pandemic recovery council and is calling for cooperation. he is the third part minister in 18 months. his predecessor withdrew after his handling of the pandemic. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.
rishaad: having a look at the story concerning what is going on with the chip unit. an affectation has been quite of a boon for their equity since they made that announcement. it does bring up questions that even though the company itself is not under question. it is an advisor at the law firm which is being and less good as it were here. yvonne: dan, thank you so much
for joining us. this whole news of this advisor being probed now at pyd and this whole chip unit ipo getting installed there and i think it raises more worries that people thought the ev scepter -- sector could be more safed -- safer over this regulatory overhang in china? they're facing indirectly, some of the impact of this regime shift. what do you make of this right now and is it something that is a big risk of those who invest in auto stocks? >> i don't think so. as you said, it is always the government's priority to develop the economy. i think that is related to the law firm. this is not the first case and that is a compliance into -- issue.
that is a very normal process that they deal with with these kinds of ipo's. i don't think that has to the chips. rishaad: i guess the thing is and if you get something out of this, this shows you the jitters which is the moment prevalent investing in china. questioning whether they should be or not. the chip side you mentioned is certainly a priority for the government is it not? is it an industry group we should be finding, i suppose a haven given these things outside of it? >> i agree. for chips, that is more related to the -- to the national security.
the production and also the sales. it is related to the economy growth. the government will always prioritize the chip growth. and also i think due to the previous issue, the government will always put the chip first. yvonne: this is coming at a time when there is a chip price going on and with news of ted at slashing their production for cash, how do you think that will impact chinese automakers coming at a time when the recovery of the sector is still quite this at best? >> it's not just chip shortage.
chips that are related to the pandemic in malaysia. that is the kind of chip related to the european. that is 70% of the supply in chinese auto factor -- auto manufacturing. toyota has had to cut their production or other problems. it depends on if that is the only one chip that they need. i think it also depends on the market stock. there are some markets that have different stock. if they have enough stock that could last a couple months. rishaad: thing is, do we see a lot at the end of the tunnel. -- tunnel? is this improving or is it time to go because there is a lot of
uncertainty. >> there is still a lot of uncertainty. for example, we kept changing the expectations like previously, we expected july to be better but for the time, malaysia shutdown their office. there is a chip shortage. if the pandemic keeps going on in different areas globally, that probably will still be pressures. something like auto parts. other auto parts are replaceable unlike chips which is not replaceable. only one company can control a lot of that chip section. if that is the case, we still see a lot of these going on. yvonne: thank you so much for joining us. we are checking one stock here right now.
china resources power doubled its gains -- double digits gains. 19%. the biggest we have seen since 2008. they just came out with earnings. saying that the first half earning speed due to growth in renewables and cheap evaluation. doubling the price target at $20. rishaad: perhaps, will have other news out there we got a filter through as wellwill sin'- continental travel late pay the way for the rest of asia? you will hear from their travel minister up next. this is bloomberg. ♪
must keep covid at bay before we can talk about and an open border and economy. we are also anxiously seeing reopening with the mainland. >> opened the borders with the mainland over a priority over international travel? >> that remains one of our target areas. yvonne: that was the hong kong travel secretary discussing the hong kong policy. rishaad: the government is seeking to add more countries to its vaccinated traveling program. it looks to ramp up its reopening push. yvonne: we spoke to the minister. >> you cannot rely on any one factor. it is a composite assessment. comprising for example, just to give you a few considerations,
instant rates in those countries . and then the vaccination rates. if operational assessments as well. when you establish some the letter travel lane, it is not just about the travel, it is about supporting the infrastructure and protocols ago with it. such as pre-departure testing. how we can verify vaccination and on arrival testing and then the tracing protocols in the country and the response if cases are detected etc. there is a multiplicity of the factors we have to account. anchor: assuming everything goes as planned, houston before other countries are added set list of quarantine free travel? assuming everything goes well >> is ending we have learned from
our experience with covid, it is a highly endemic. we cannot expect a plan to be static. from that point of view, i would say our expectation is we want to implement this. we would start effective travel from the eighth of september. we want a. of time -- a period of time and how to enhance it. we will have an ongoing dialogue with a range of countries on how we can open up. i think it is going to be in iterative process if you like. learning by doing. and working with a few more partners and iterating again. anchor: you said it was to prevent damage. can you quantify the kind of recovery you are anticipating
for the economy with this recovery? >> i think moving forward, reestablishing the passage or. international power -- travel will be key. it is key for economic reasons. it is key for other reasons. for singapore, we have a keen interest in that. it will not be in easy path. the impact of the pandemic is uneven across the world, resulting in different types of border measures and other responses. the ability to establish connectivity across countries, across borders, is contingent on how the situation evolves. we imagine is over the next 12-18 months, there'll be some level of recovery.
will find paths to suit -- facilitate that. including our new announcements which you can go into few wish. if you take a longer term view, once safe travel can be reestablished, and there's confidence, it will recover. what we need to do is find ways to make it easier for travelers to move across borders and also for airlines, airports, and all the other stakeholders to facilitate safe travel. yvonne: that was the transport minister in singapore. rishaad, this goes how these international hubs are diverging so much in their strategy where singapore is going on the reopening route and hong kong continues to add more stringent quarantine rules here.
we talked to the eu chamber saying look, this is making us all feel trapped. rishaad: they are saying that we will never get that herd immunity as well. is that the holy grail that people are looking for? same with the delta variant upending many of the rules out there it lets have a look at some of the stocks that will be entering the hang seng index. we will also have a look at these other ones as well. these holdings are -- let's have a look at those tech names. alibaba. they're coming with earnings
coming on it or today. quick look at japanese markets. biggest supplier to toyota, they are saying that toyota will recover quickly. there up 7.9%. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
yvonne: live pictures and sam farr. the vice president of the u.s. participating in an arrival ceremony with the prime minister of singapore. this kicks off her southeast asian trip. a lot of talk about the chip shortage, geopolitics in the south china sea. rish, this is coming after the chaotic withdrawal of the u.s. in afghanistan. u.s. are looking for some wins in the foreign -- foreign policy
department. rishaad: u.s. is rushing to evacuated citizens and whatever trips they have. you mentioned the chip shortage, as well. we talked about this earlier. , harris -- kamala harris will be posting a joint news conference about the supply chain. thanks for joining us, frank. what is the deal here? guest: pardon? yvonne: -- rishaad: i said, what's the deal? guest: i think it's good news. big part of diplomacy is simply showing up. so it's very useful for both the u.s. and singapore.
it's fundamentally good news. how far the visit will go beyond that into substance, will there be cooperation on covid issues? on climate change? on trade issues? on some of the geopolitical concerns? that's very much an open question. but the starting point is a positive one. yvonne: i think for the last decade southeast asia has been waiting for the u.s. to at least put their rhetoric into action when it comes to putting a time -- it's time and resources into the region. do you think this is the time the u.s. will re-exert itself in southeast asia? guest: i ticket bit -- make it much more with president biden's approach to diplomacy. i think he is more of the traditional vein of u.s. outreach, which is to say the great strength of the u.s. was always to lead his -- lead a consultant of process in engaging with allies.
he comes from that tradition and, harris, we will see better attendance at these meetings, at the asean meeting. there has been an uptick in activity. i think that will continue. i think that is good news. but i would also advise friends in washington, you better put some cards on the table, you better raise some initiatives that people in southeast asia can respond to. visits and collegiality is a great opener but only gets you so far. rishaad: it's a difficult position for many southeast asian companies -- countries, is it not? dependent on china for trade on the one hand and then disputed territory with beijing, and the u.s. ultimately seen as the guarantor, an ally easier to work with. do they have to make a choice, ultimately? guest: i think you put your
finger on it. i would tell anyone in washington, do not try to force a decision because you might not be happy with the outcome. what you need to do is put forward initiatives that allow southeast asian countries to warm to you and work more with you but are not part of an anti-chinese coalition. i think the nations of southeast asia would be very uncomfortable if what they do is being positioned as hostile to china or adversarial to china. they do not have an appetite for that. so the requirement is for the u.s. to articulate some policy initiatives that are win-win. that allow southeast asia to benefit, allow the u.s. to benefit, but are not intrinsically hostile or adversarial to china's interests. yvonne: when it comes to this chip shortage, is there anything that can come out tangible in this trip? what kind of deliverable can the u.s. actually bring the echo can we see -- bring?
can we see any sort of economic outcomes? guest: perhaps a digital free-trade agreement. it is hard sometimes to liberalize trade on legacy industries you have incumbent legacy companies and people are naturally concerned about jobs. but it is much easier to liberalize future industries, because the jobs do not exist yet or are growing in all markets. the more we can liberalize digital trade and services, and so forth, between the nations of this -- the nations of southeast asia and the u.s., that something of a win-win. if there's something on trade, it will be in the area. rishaad: what other things can possibly be agreed in this part of the world between the u.s. and, indeed, the countries of the region? she is the vice president. not quite the clout of joe biden. ultimately, what are you looking for? what would really represent the success? guest: make no mistake, the
first person she sees when she gets back to washington to see as the president. he will say, how is the visit? what do we have to do? this is a fantastic opportunity for southeast asia to improve its connectivity. i would say the second big get, the second big feasible outcome for this trip besides a digital trade agreement would be some thing on vaccine distribution, that we see this delta variant bubbling up, flanking every country in the world. u.s. has production at full tilt. we do have surplus and we need to come up with the right kind of mechanism to help southeast asia get additional donations. supply from the u.s. would be a very welcome outcome for the visit. ? --yvonne: how does afghanistan and what we have seen in kabul here -- the u.s. is trying to do damage control. do you think that is going to overshadow what we have been
discussing? guest: unfortunately for the visit, it does play into -- i would say that beijing narrative, two things you hear a lot from china is that america is not a reliable partner, so be careful about working with the u.s., because the u.s. will turn, and secondly, the u.s. is in long-term decline, anyhow. so unfortunately, the dramatic events of the last days in kabul play into that narrative and i would say they alter perceptions on the visit. i think the wiser people in the region, including the leadership in singapore and vietnam, where the vice president is visiting -- i think they know full well the u.s. will not be defined by the turmoil in kabul. the u.s. relationships are broader and deeper and the u.s. has been in southeast asia extensively for the past 70 years, contrived and, sharing,
growing with nations in the region. yvonne: frank, thank you so much for joining us. frank leven there, former u.s. ambassador to singapore. rishaad: latest trade numbers from china. july exports rising 20.3%, basically. better-than-expected. we were looking at 19.7%. against the backdrop of a three week low and a number of covid cases being reported in the country. yvonne: still looking pretty bouncy, or robust, i guess i should say. korea still looking pretty positive as we saw the export numbers coming out for the first 20 days of this month. let's go to malaysia now where the new prime minister is calling for cooperation across parties in the hopes of bringing stability to a nation that is seen three premiers in 18 months. rishaad: let's get to bloomberg
opinion columnist daniel moss. where the chances this leader has any more durability than those of been in power as of late? -- those who have been in power as of late echo -- as of late? reporter: the numbers on the floor in parliament is not encouraging. when the king decided to appoint the prime minister friday evening, the palace noted that 114 lawmakers supported the nomination. that is out of a chamber of 220. to that you had the speaker and you have got a pretty thin margin. the parties backing the new prime minister are the same parties that backed his predecessor. that government dissolved amid
infighting, recriminations, economic -- very very hard times, and record covid cases. this is not a great picture. if anything, reaching out to the opposition is all about survival. malaysia cannot have another 18 months of -- is this a government? is it not? will there be a confidence motion? maybe, maybe not. this place used to be a bastion of stability in southeast asia. that is not the narrative the past two years. yvonne: dan, as you mentioned, the old guard's back. what has changed? reporter: this is not quite the same man that was all supreme from 1957 to 2018. let's not forget he was part of the coalition. it's of the old guard is back
narrative was as potent then as it is of now. only differences he has the prime minister's chair. the former prayer bayer who led -- the former premier who led them to defeat in 2018 has been convicted. a number of top officials are still facing charges before the courts, so we will see how it plays out. he is to be able to say, we have the ethnic malay vote lock stock and almost barrel. none of the parties in malaysia can say that right now. and that is what is driving the fractured nature of the country's politics. there is no one dominant party. rishaad: dan, thank you for that. now we have the probe of a top government official in regards to an ipo.
of course, earlier this year, and here is annabelle. annabelle: china is investigating a top official casting light on alibaba group. he is under investigation for what officials call serious violations of chinese discipline and state law. earlier, ant group nine rumors of illicit purchases of stakes in its -- in the company ahead of its ipo. xi jinping may be sending a warning to the countries rich by stepping up rhetoric about common prosperity. the term was used only sporadically in his first years in power but last year he began to write -- begin to reference it -- began to reference it more often. so far this year is appeared 65 times in meetings, up from 30 mentions in all of 2020.
the hong kong commerce secretary has defended the cities to fit -- city's decision to reimpose quarantine requirements to travelers. he told us the policy is needed because reopening the border with the mainland remains a major priority. >> we are anxiously seeing progress. that is our priority. opening the borders of the mainland is a priority over international travel. that remains one of the major areas. annabelle: australia and new zealand are reviewing their strategies of eliminating covid-19 as the delta variant spreads in both countries read after a weekend of record new infections, yes really prime minister said it is unlikely the country will return to zero cases -- the australian prime minister said it is unlikely the country will return to zero cases, while new zealand reported 72 axes -- 72 active
cases. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: annabelle, thank you. tracking bitcoin now. take a look at it, for the first time at that 50,000 level since may. after broke through some technical -- technicals here, and people are saying this means we are heading into a new trading range. we are looking at 100,000 now. rishaad: somebody reckoned a half-million. there we go. who knows. did you think 50,004 years ago? right now bitcoin is up $50,000 before coming down. yvonne: coming up, with assets frozen and a plummeting currency, and economic crisis is looming for the taliban in
bank chief warming they are facing economic crisis. yvonne: he says most of the central banks $9 billion in assets are frozen and the fiscal challenges big >> they'll have to find additional revenue resources, wherever that may be. they will probably try to go to other countries to replace the u.s. and maybe china or pakistan or the regional countries to find some sources of finance. yvonne: he was speaking on the podcast hosted by tracy who joins us now. key takeaways from this conversation? reporter: there is a lot to go through. we spoke about his very dramatic escape from kabul. he had been upfront about how he had been effectively pushed onto a military transport plane by his contacts in order to get out of the city, but he was describing what is a very dire economic situation now facing the afghani's. he is talking about the potential for capital control. there are limits on dollar
withdrawals on the baking system already but he thinks those will have to be increased and the currency, it will fall even further. he was also talking with the wider challenges facing afghanistan. take a listen. >> we have internally displaced people just because of the drought. then we of the conflict and the fighting. and now onto -- now add on top of it, what could potentially be an economic crisis. so it is a really challenging situation. we are trying to manage three shocks and now i think they will have to deal with a fourth, which is challenging. reporter: so for shocks facing an economy that is still very reliant on external funding. very very dollarized, something like 70%, 65% of afghan deposits held in dollars. so clearly that funding will have to come from somewhere. rishaad: you alluded to that, that is the informal economy, the black economy.
it has to be bigger than the real economy. this is the elephant in the room, really, isn't it? reporter: one thing i learned that i was surprised to hear is that opium receipts actually show up in afghanistan's current account. yvonne: rishaad: -- not all of that -- rishaad: not all of them, i'm sure. reporter: the taliban hasn't said very much on their macroeconomic policies but we know they get some opium related revenue and have been raising effective taxes, charging people for mining rights and in order to go through the provinces, transportation taxes. the big question is whether they will get external support. it is very unlikely the imf will resume dollar shipments to afghanistan given that the taliban remains on sanctions lists, but there is the possibility of support from pakistan, a long-term player in that region, and china, as well.
we know china has interest in afghanistan's resources, as well as the actual geographic location as a transport and cork. -- a transport network. he did say that he thought china would not step into the extent of the u.s. and international partners had previously. it might be that china strike specific resource deals and transport deals, but we are very unlikely to see them sending direct aid. rishaad: you can hear more from that interview on her podcast. find it on apple podcasts or spotify. yvonne: blustery quick check of the business headlines. the shenzhen stock exchange has done extended review on the semiconductors unit. that is as chinese regulators investigate a law firm. it is not immediately clear if the move is linked to china's broader crackdown on businesses. qantas is launching a rewards campaign for fully vaccinated australian-based frequent fliers
aged 18 and above. reward options include frequent flyer points, status credits, and travel vouchers. you'll also be able to enter into a prize draw to win a years worth of flights. india's finance ministry has summoned its chief -- the chief financial officer of infosys to slain wyatt's tax filing portal has not been fixed. -- to explain why it's tax filing portal has not been fixed. disney has said it has taken in hundred $5 million in online revenue from the movie black widow, a movie that has warranted a lawsuit from scarlett johansson who says she was cheated. disney paid or $20 million for her work. the pay includes online sales. yvonne: -- rishaad: we provide you with all the in-depth
back with -- you are back with " bloomberg markets. " we are looking at india. how a week of monsoon will be affecting economic statistics there, as well. also talking about the economy, we have data out today, the inflation rate out about singapore, taiwan industrial production, as well. and do not forget some of the data out of the eurozone. don't forget, it is our weekly big event. special coverage of the jackson hole symposium. jerome powell will face a growing vote -- a growing chorus of hawkish choices. -- hawkish voices. most officials think the bond buying program that they have should start tapering off.
through the course of later this year. >> the time is come to dial back. >> i think we are in a situation where we can taper. >> i think if we see a few more jobs reports like the one we just got. >> of an employment is at 4.5% at the end of the year and are progressing the way i'm expecting -- >> the transition from that extraordinary of monetary policy accommodation to more neutral settings, must follow. >> some adjustment will be in order. >> i would be supportive of digesting these purchases soon. >> we do not want to jar markets entered anything -- jar markets or anything but i think it is time to end emergency matters. >> their the ace card. if i saw that the delta variant was going to be persistent enough. >> whether there is now a change in dynamics again. it >> i have to take that into account. and will adjust my views accordingly.
yvonne: still a lot of questions on what this means for the direction of treasury yields. rishaad mentioned earlier, bank of america sinking below 1% or 2%. -- thinking below 1% or 2%. people are so divided about where the next move or treasuries will be. the same goes for the s&p. we continue to see the tip on the friday session. tested the depth on the friday session. the kospi, the nikkei, new zealand, hong kong, all seeing gains of more than 1%. hsi bouncing back 2% after entering into that bear market. rishaad: it's not if anything has changed all that much from friday. the asia-pacific index went down 4% last week.
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the biden administration struggles to manage the crisis in afghanistan. rishaad: india said to do to -- detailed infrastructure asset selloff plan looking to rein in a wider budget deficit. >> a positive start to the trading week. the msci asia index of 1.6%. its first gain in three sessions as buyers get in on the step -- on this dip. the symposium will be virtual -- what does this mean for central banks thinking about the spread of the delta variant? u.s. futures are taking higher and i'm watching the korean won rebound from an 11 month low. pretty positive signs on export data from south korea, showing strong resilience there for the global economic recovery story despite all these concerns. we are watching bitcoin shopping about $50,000 for the first time since may 15, starting to see a lot more interest and volatility come back into the crypto markets. rishaad: let's have a look at
the open in bangkok, 40 seconds and and we are moving to the outside as we are with the regional equities. just about 1% at the moment. we've had the lowest daily covid 19 cases in three weeks and also some better than expected export numbers as well, up 23.3% there. let's i commerce minister was saying they will not -- the thai commerce minister was saying they will not update their estimates and they are likely to see an impact on august september imports, as well. indian officials are said to detail a plan later on today to raise more money and will do said through the state of estate infrastructure assets over four years, the prime minister
seeking to bolster the government's finances. >> the road to a more normal monetary policy runs this week through jackson hole wyoming. topping the to do list for jerome powell will be clarifying when and how they will phase down the assets purchase program. let's bring in the head of asian market strategy and research at national australia bank -- bank, chrissy tan. great to have you with us. now that we see them moving to a virtual format, we are seeing how central bankers are worried about the global economic recovery, the spread of delta. jay powell has said the path to the recovery depends on the path of the virus itself. what are you expecting out of jackson hole? how worried we -- how worried are you about the hit here to the global economy? guest: i was if you look at the price action in the financial markets, it shows that everyone
in every asset space is pretty sensitive and very, very reactive to what is upcoming and at jackson hole, it being a virtual event, i think that actually raises the anticipation that chairman powell basically has to really put across the context to the tapering expectations very very clearly. that is a big challenge. we also have to take into account that he might not have a very different kind of tone as to what he has been betraying towards tapering, because there's also the fomc meeting on september 22, another official platform for the fed to actually communicate the tapering announcement. i think the market is very mixed at this point. your guess is as good as mine. we have over the weekend fed
chairman caplan's comments that he is the most bullish, as a nonvoting member. but he is also shifted his town to a less hawkish -- his tone to a less hawkish stance. >> it plays into the other central banks as well. we saw the rbn hold. we have the bank of korea this week. there are some pretty good early export data there. where you expecting from the bank of korea? guest: we are among growing minority and expecting to start hiking the policy rate by 25 basis points. it would be the first rate hike since november 2018. we have the export data. we have the growth numbers, which will be quite strong at 4%, as well as the bank of korea taking the opportunity to revise upward inflation numbers. so i think, of course, what we saw, rbn clinking last week was
primarily because of tuition. which also korea's facing to a certain extent. but i think it is a matter of timing and redo think that the bank of korea is set for that move coming this thursday. it's when he five basis point hike is what we are expecting there. rishaad: lesser to china and have a look at what we are seeing at the beginning of the session. many roots -- many people are talking about a strong yuan, but we have seen a lot of forecasts being scattered. what is your take? guest: there is domestically, china is also facing the outbreak of the delta variant within the country. so i think all these are translating into downside risks to growth. i think that is primarily the reason why the pboc switched
from a prudent and conscious cyclical policy to now mentioning cross cyclical and a normal monetary policy. to us that means that basically the pboc is heading onto what is a more aggressive supportive and at the same time -- growth supportive, and at the same time the cross cyclical component will mean the pboc is quite committed to prevent risk. it is in risk prevention mode that we think the dollar facing the cross hairs and crosswinds and we will potentially see it move stronger against the dollar towards the end of the year. rishaad: give us a sense -- we have been talked about this -- we have been talking about this cross cyclical idea floating around as of late. we have that in mind but then we have dual circulation. what do these things add up to
as an investor? i know you are not actually going to be an investor there, more of a strategist. guest: that's a really good question, and i think it all comes under the whole umbrella of what president xi has increasingly said at an increasing pace -- pace, this common prosperity concept. the chinese government has this commitment going forward, a commitment going into 2022 and beyond that basically the redistribution of income and the narrowing of the wealth income disparity gap. i think that is basically what translates into all the other policies, be at fiscal or monetary policy, that will have to strike a balance between risk prevention and state regulation, and at the same time ensuring the economy does not fall into a hard landing. juliette: thank you for your
insights. u.s. vice president kamala harris has touched down in singapore to begin her first trip to southeast asia as part of the biden administration. she is meeting with the singapore prime minister later today. derek wallbank joins us now from singapore. you have joined -- io been following this trip very closely. -- you have been following this trip very closely, he very important moment for relations in southeast asia. reporter:, harris just arrived at the presidential palace. she got an orchid named after her. singapore really rolled out the red carpet for her. she and the prima star now having a meeting. that meeting is just starting as we are talking now. they are expected to discuss a wide range of issues. overhanging this entire trip is the issue of how the u.s. looks at southeast asia and really how southeast asia looks at the u.s.
, especially now in light of the fall of kabul in afghanistan. the questions that are in many cases coming from china, being imposed by china and chinese allies, saying, what does a u.s. commitment really mean? what is an american guarantee worth? rishaad: derek, also, what would constitute a success in this meeting? or is this meeting in itself, or should i say this tour, in itself, actually perhaps that in itself is a success? reporter: i think that is a good question. honestly, this was going to be a much easier trip before the afghanistan issue. singapore and vietnam are not really geopolitical trip hazards for an american vice president by any stretch. i think with singapore, it is sort of a touch base, shake hands, friendly relations, wave the flag sort of deal. vietnam has some real issues
with covid that have impacted supply chains, and rbc supply chain has been a massive thing -- i know that is a thing harris wants to talk about. covid there is the critical grip on supply chain, so you have to solve one to solve the other. figuring out to bend that curve and away the u.s. could be helpful, would be a successful thing. i think with singapore, this is a place that has said repeatedly, they do not want to choose between the u.s. and china. both the u.s. and china are both very popular in singapore. demanding choices not going to be something that works. indeed, we are not expecting here is to make any such demand. i think it is, though, important, broadly speaking, to show that the u.s. does have a commitment to southeast asia, as it winds down its middle eastern commitment. rishaad: thanks a lot for that.
beijing is kicking off this graph probe into ashcraft to probe into this alibaba bus -- craft probe into this alibaba boss. >> they are investigating this top official, casting a light on ants and alibaba groups. the secretaries under investigation for serious violations of state laws. earlier ants group denied rumors of illicit purchases of stakes in its current -- in its company ahead of the ipo. india aims to raise money by the sale of state infrastructure assets as the governor -- government looks to rein in its deficit. they are aiming to raise as much as $23 billion in the year through march 22. this includes an ipo by life
insurance corporation of india and the sale of air india. afghanistan's exiles at central bank chief has warned that the new taliban led government is facing a potential economic crisis. he told bloomberg that the afghani macy renew -- renewed weakness as the currency reached record lows last week. $9 billion have been frozen by the u.s. and the imf and the new government could turn to other countries for financing. >> they will have to find additional revenue resources, where that may be. they will probably try to go to other countries to replace the u.s., maybe china, pakistan, other regional countries, to find some sources of finance. >> you can hear more from that interview on tracy alloway's podcasts. you can listen on apple podcasts or spotify. global news 24 hours a day, on air and on quicktake by
bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: let's have a quick look at what is going on with bitcoin. is getting over 50,000 for the first time since may. this is the first time in 100 days, to put it more context. currently looking at these gains, but it has been vacillating and fluctuating around this level. we have xi jinping's warning to the rich, the chinese leaders references to common prosperity, shooting up this year. what does that say about the communist party's plan to reform ? we will look at that next. juliette: plus we are coming down to the open of equities trade in mumbai and considering the impacts of the country's monsoon rain falls, currently around 8% lower than usual.
rishaad: your back with bloomberg. analysis shows that president xi jinping's rhetoric about common prosperity search this year. it is being seen as a signal to the commitment to close the wealth gap and tackling what is called unreasonable incomes. the china government reporter is in beijing. what did we glean from this data, lucille? reporter: we looked at president xi's speeches as well as his meetings from 2012 fully first came to power. we saw that his mentions of common prosperity were quite sporadic during his first eight years of power and then we saw an uptick last year and this year there is really been a surge, certainly signaling a
change in priority. and we also saw that when china talks about this shape as income distribution, use to really talk about the lower end and middle end and middle and and now it is really hitting on the high income bracket. juliette: stay with us, we just want to get some breaking news we're hearing from the chinese commerce minister at a briefing, saying china will make cross cyclical adjustment to stabilize trade and that china is facing severe foreign trade situations in the second half and early into 2022. we have been seeing a lot of movement into the overall equity markets, but also focusing very much on what is happening with the potential stabilization and slowdown of the economy. saying they will make cross cyclical adjustment to stabilize trade. lucille, tell us a little bit about the history and why these catchphrases and slogans are so important. reporter: now that you have
mentioned this cross cyclical approach, it is another catchphrase, or something we have been seeing a lot, especially in economic documents. people really pay attention to these. their intent is really to signal what the policy direction is and to mobilize lower-level officials. that is why we have been paying so much attention to things like countercyclical, or rather, common prosperity. rishaad: thank you. now we have another chinese initial public offering under threat, the automaker byd's chipmaker has been suspended. we are having a look at that story and more, next. this is bloomberg. ♪
juliette: the shenzhen stock exchange is suspending the review of a sale application. our asian transport coverage joins us from singapore. the planned ipo of byd's chip unit has hit a roadblock. but as been behind its suspension. >> i think there is uncertainty as to what is exactly causing the delay here. we have had a report that the beijing based law firm is being investigated by the china security regulatory commission. that is according to an updated company filing on august 18. this is also coming is a bit of a blow to byd, because semiconductors or something in -- something that are in short supply at the moment. the timing is also quite serious, because we are going to have this big crackdown by the
chinese government over a whole range of industries from education to online insurance and the chip industry has been new to that. a couple of weeks ago we had a probe that was launched due to profitable price in appalachian. so if you see something that is caught up byd's chip unit as well, that is not clear, but is certainly something investors are trying to get answers to. rishaad: in other parts of the world we have the automotive side pretty much in focus. gm last year recalling a -- the bolt ev. south korea's lg energy is involved here. it could set up a showdown between them and gm. guest: that is certainly the big story people are talking about here.
the of lg, one of the world's biggest battery makers and gm one of the world's biggest automakers. they have been in partnership for 14 years. mary barra, the chief executive at gm, is betting on gm going all electric. lg is pursuing an ip for -- an ipo of its own and can really ill afford to use -- lose such a big customer. the big question everyone is trying to get an answer to is -- who is going to pay for this recall? it is said to cost around $1 billion. that is something both companies are -- gm wants lg to pay, lg has said the extent -- the expense has to be divvied up depending on the results of the joint investigation. meanwhile, customers cars are parked in their driveways. they do not really know what to
do with them or what is happening to them, so it is a bit of ap artist -- a pr disaster as well for gm. juliette: a quick check now of the latest business/headlines. aunt group has denied rumors of -- rumors of illicit stakes of its company purchased ahead of the ipo last year. they say it is not true. the statement did not ask point to which people it was referring to. they said it complies with the law and the ipo process was transparent. india's finance ministry has some in the chief executive officer of infosys asking to explain why glitches in the new electronic tax filing portal have not been fixed. it is not been available at all since saturday. rishaad: it's time of day, morning calls. sophie kamaruddin here. some are calling it a lost
decade we are having, what is the strategist take? >> follmann is saying the last decade might be in the rearview mirror. noting that a return to normalcy is not yet priced into markets and over at standard chargers, eric robertson is looking at that deep discount in ems and saying they are looking very attractive, given the growth pessimism in the spaces overdone. he also does not expect a fed taper tantrum to happen and i will be a limit -- that will be a limit for ems. standard chartered insisting that investors will push closer to trading commodity linked markets but he is saying just wait for the jackson hole symposium before you rush back into ems. juliette: speaking of jackson hole and korea, it points down to what the po cable do with their decision this week, as
well. market styling back a bit for rate hikes this year. reporter: odds we're looking at a 50-50 chance for a rate hike from the be ok this is day. we are seeing the covid case count rise in south korea, even as the central bank wraps up its hawkish commentary. morgan stanley, along with forecasters, are not expecting a move from be ok. there saying the absence of the central bank so dissenting voter on the policy board is one of those factors, along with the fact that historically there has been a pretty big lead time from when the be ok does change its guidance to win it actually executes on a policy move as we saw back in 2010. morgan stanley not seeing popular lift off or the bank of korea until october. rishaad: let's get to these chinese markets before we go to lunch in shanghai and shenzhen. looking at these comments is coming through from the chinese
rishaad: this is bloomberg markets. one of our top stories, president xi jinping doubling down on inegalitarian language. let's find out what that language pertains to an gets to the first word news. annabelle: president teaching paying a be sending a message to the country's rich by sending a message about common prosperity. last year, he began to reference common prosperity more often.
this time it has appear to 65 times as opposed to 30 in all of 2020. president biden may extend the august 31 deadline for full withdrawal from afghanistan, and has pledged extended efforts to help americans trying to reach the airport. 5000 800 people were airlifted out of the weekend, bringing the total to more than 25,000. his remarks come two days before a meeting with g7 leaders. malaysia's new prime minister has struck a tone of reconciliation in his first public address. he has invited opposition leaders to be part of the pandemic recovery council and called for cross body art. he is -- cross body participation. widespread power outages and floods have been reported across
the northeast u.s. after tropical storm henri made landfall in rhode island. the storm was weaker than expected but still brought winds up to 100 kilometers and rain. train services were disrupted and some new york city tunnels flooded. 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 annabelle droulers. this is bloomberg. juliette: we are seeing the biggest one-day intraday spike on regional indexes today since mid day. the msa i asia pacific index has been up -- the msci asia pacific index has been up. really showing the rally coming back through in chinese tech stocks. a lot of bargain hunters pouncing in the worst rout we had seen for the sector in months.
also good moves in korean assets today after we saw the early export data signaling resilient global demand despite concerns and headwinds we are seeing. in terms of whether or not should stay pose ha been watching the rout in chinese stocks. jp morgan says the china stock selloff you have been seeing is business as usual. they are staying positive on china shares and is saying equities tended to rebound up to 20% when you look at historical data after six months from the rout. even with the 1.5 trillion dollar outcome of the equities team at j.p. morgan still positive, and this rout is just part of the cycle. rishaad: all right, let's have a look at a tale of two cities that are dealing at the moment with the pandemic. hong kong's decision to reverse its seven-day quarantine policy
amid an outcry from businesses, and many other countries are gradually opening up. >> we are playing a safe strategy that we must keep covid at bay before we can talk about an open border or economy. >> let me read, this new quarantine regime could lead many in the international community to question whether they want to remain indefinitely trapped in hong kong when the rest of the world is moving on. concern among the international business community could pose a growing threat to hong kong's status as an international business center. how much of a threat is that? >> frankly, it is a good trend. also i meet with the leaders very frequently. >> what you tell them?
>> it is the channel we maintain. on the one hand, i fully appreciate the difficulties, particularly using hong kong as a base for the entire region. senior officials need to travel and need to be in and out. it is no secret that there was a stringent requirement on them and it is quite stressful. that's why think there needs to be constant adjustment when circumstances allow. i am repeating myself -- the country's risk assessment is training. -- is changing. >> it does seem ad hoc. >> not at all. >> i need to bring it up, obviously a lightning rod of criticism. i was at a dinner yesterday and everyone was talking about this, and i was the only foreigner at the table and these were locals,
upset by what they see as a double standard. i know you justify it. i want to review you, this is what the government put out a statement saying people who are granted exemptions specifically for the purpose of designated professional work, which is conducive to maintaining the necessary operation and development of hong kong's economy. how is a tv show produced by a foreign platform about ex-pat privilege conducive to economic development in hong kong? >> if you try to portray it that way, it would be a worry. as the commerce secretary, i look at a wide portfolio. part of my team would look after the local and foreign producers looking at hong kong for production and sometimes postproduction. these are one of the teams coming in with particular people.
the power under the law allows exceptions to be made for people who might have an impact or interest in economic development, including every day we try to maintain food supply, we need such exceptions. the same exceptions allow aircrew people to bring food into town. in a scientific world. we did grant exceptions to personnel. in my small area of facilitating production, we are making a small exception to a handful of people. >> wasn't there someone at the executive council table pounding the fist and saying this doesn't look good for hong kong? the hong kong government might be a little tone deaf to the
criticisms in society. >> our job is to make sure we have good connections within the wider world in every aspect. provided such exceptions are being made, that they are safe. juliette: that was an exclusive interview with the hong kong commerce and economic development secretary. singapore is seeking to add more countries to its vaccinated traveling program as it looks to ramp up its reopening push. visitors from germany and brunei will be able to travel quarantine free from next month. >> you can't rely on anyone factor, i think it is a composite assessment comprising, for example, just to give you a few considerations, certainly the incidence rates in those countries and the vaccination
rate. there will be operational assessment as well. when you establish and thing like a vaccinated traveling, it's not just about -- travel lane, it's not just about the vaccine, it's about the protocols that go with it. starting with predeparture testing, how we can verify or validate vaccination, and testing and tracing protocols in country, and the response in case of detected, etc. there are multiple factors we take into account. >> you talk about scaling up, and assuming everything goes as planned, how soon do you think before other countries are added to the list of quarantine free travel? assuming everything goes well. >> if there is one thing we have learned from our experience with covid, it is a highly dynamic -- it is highly dynamic. we cannot assume a plan can be
static with the way it is conceived and executed. from that point of view, i would say our expectation is we want to implement this, we said it would start effective travel from the eighth of september. we wanted to give time to assess efficacy and efficiency and how we can enhance it. at the same time, we have ongoing dialogue with a range of countries who are also interested to see how they can open up. i think it is going to be an interactive process -- iterative process. >> the reopening of singapore's borders is to peruse -- prevent lasting damage. what kind of recovery are you anticipating with this economy? >> moving forward, establishing
the passenger flows and international travel will be key. it is key for economic reasons, it is key for people and personal reasons, and in general for the restoration of the aviation industry as a whole. certainly for singapore, we have a keen interest in that. the trajectory going forward, it is not going to be an easy task, because the impact of the pandemic is uneven across the world, resulting in different types of measures and other responses. the ability to establish conductivity across countries, across borders, is contributing into how the situation evolves. what we imagine is over the next 12-18 months, there will be some level of recovery, and what we are trying to do is find paths to facilitate that, including some of our recent
announcements, which we can go into if you wish. at the same time, we also think if you take a longer term view, of course once safe travel can be reestablished and there is confidence, i think it will recover. but between now and then, what we really need to do is find ways to make it easier for travelers to move across borders, and also for airlines, airports and all the other stakeholders to facilitate safe travel by working out protocols that can do that. rishaad: singapore's transport minister speaking to haslinda amin. we are about 3.5 minutes away from the start of the trading day. let's look at the key stories investors are watching for. a four-year plan unveiled to sell state assets, to reign in about -- a ballooning deficit.
also, the central bank easy money stance. on top of that, india approving its first dna-based covid shot. nifty futures moving to the upside. here is a look at some of the events we are watching for in india. coming up, the impact of india's monsoonal rainfall, it is 8% lower than usual. what is the impact? we'll talk about that and other issues facing the country. this is bloomberg. ♪
rishaad: just a couple of minutes away, about a minute away from the start of trade in mumbai. 28 degrees celsius there and the possibility we will see some strong gains at the start of the session. no rain is an of the problems, we will discuss that. or, less than usual. we also have the country set to detail a four-year plan aimed at raising money from the cell of state infrastructure assets as the government looks to reign in a rising deficit, more than $23 billion through march 2022. let's get more on this with our guest. thanks for joining us.
what will be up for grabs and will they be able to get these sails off, because they have had problems before? raul: this is one of the more exciting announcements about the discussion this year. i think what we have to look out for is what is the number of projects they are looking to monetize, what projects will be prioritized in this particular pipeline. this is critical because -- effectively they are trying to manage the sale of mature assets and trying to retake that financing into new projects. this is a well-thought-out strategy. what is needed from the government is basically the process to execute on some of these objectives. rishaad: is there any particular products or indeed state owned
assets that would really surprise you, or others you expect and what actually really embrace? rahul: the government has had some success in looking at assets. they've also been doing a little bit of monetization in other sectors. they start looking at more aggressive monetization of some of the port projects. but at the same time, there is the larger marquis privatization projects -- marquee privatization projects. some of the smaller projects will show intent, where the government is trying to push capital from a sector
standpoint. juliette: let's talk about the rainfall deficit and the fact the monsoon season is looking grim, not great when you're trying to boost growth and control inflation. what he -- what are you expecting to see in terms of the impact, especially in rural areas? rahul: it has been a volatile season. we had a good month of june, but july, it's been fairly volatile. right now we have a small deficit of about 8% overall. i think the key is the impact it has in a few drops. it also may mean the future, it might impact because of the moisture content in the soil. i think the government will have
to think about mitigating steps. they tend to rely on farming activity quite a bit. it is really all in on combating impact from inflation and growth standpat -- standpoint. juliette: we see the economy still trying to recover from the latest covid wave, and projections india could face another one. you have a bit of a double whammy to the economy. rahul: absolutely. in the last covid wave, the impact was obviously greater then the first wave itself. the government have been taking mitigating steps. they've also been doing small cash transfers that it been going on the last couple of years, so maybe some scaling up of measures would be required, and we might also have to think
from a geographical standpoint what is getting more impacted, and trying to contain inflation. there is a risk. that is the kind of steps i would look for in terms of the impact of the monsoon is concerned. juliette: i also want to get your take on what you think we could see from the are b.i., given the mending -- the are b.i. -- rbi, given the minutes were kind of hawkish. rahul: they will still try to see whether the uncertainty and growth forecast has accelerated her not. inflation has been part of the calculation from a policy standpoint it has not been enough to trickle -- trigger normalizations.
the securing of the growth outlook may or may not come depending on the intensity. every two weeks you will have some big festival in some part of the country and there will be national festivals coming around, so i think they will play a fairly cautious as far as normalization is turned. -- is concerned. rishaad: very quickly, 10 seconds, is india in danger of stag-flation. rahul: we had the conditions but we are emerging out of it, so hopefully growth picks up more strongly. rishaad: always good to see you. coming up, china's second guest retailers set to report results
call. our guest joins us for a preview. expecting second quarter profit to fall substantially, but it really will be looking ahead to the impact of the crackdown. >> right, i guess if you look at jd.com's different business segment, i think retail will be the key highlight from this result. it should be a good quarter for them, given the wreckage sales they have -- given the retail sales they have garnered. the biggest drag will come from jd logistics and new ventures. some have been reporting that these internet e-commerce companies continue to invest in new aspects of the e-commerce channel. but that's what we are expecting from tonight's results.
as you mentored, we are looking at the impact of the regulatory crackdown, and not the spending. i expect the company to also embrace what has been rolled out by the chinese government. rishaad: we are looking out for anything which might indeed propose an increase, or benefits from the livery workers, removal of tax breaks for internet companies. addressing those issues, i am guessing, as well. >> yes, these are the two areas i think the market will be watching out for. any indication about whether the increased rights for delivery workers, mainland employment as the chinese authority calls it, how that will impact some of these businesses, jd.com and
rivals going forward. and as you mentioned, it is about the tax breaks some of these companies have been enjoying the last couple of years and whether we get an indication there may be a change to that as we step into the rest of 2021 and 2022. juliette: what are the other key points you will be looking out for on the earnings call? catherine: there have been recent writings about data privacy issues that the mainland china authorities have also highlighted. that's another issue we are watching out for, purchase early some of these e-commerce retail companies. they have a substantial bit of data, personal data information on hand. and really how companies like jd.com will be doing forward to address and follow what the new regulations require them to do.
rishaad: thank you so much for joining us. just having a look and looking forward to the jd.com earnings out later. let's have a look at the markets, as hong kong goes to the lunch break, looking at asian benchmarks. hang seng up 1.8%, nikkei similar gains. we have a lockdown in sydney right now, which is closing part of the nation. good export data out of south korea helping that particular index as well. let's have a look at that coin, it went over the 50,000 level, $1 trillion rocket valuation for the cryptocurrency. 3.9% to the upside. brent crude, and indeed the oil market being supported today as the u.s. dollar down.
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