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tv   Bloomberg Daybreak Australia  Bloomberg  August 30, 2021 6:00pm-7:00pm EDT

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♪ >> very good morning. welcome to daybreak australia. >> we are counting down to asia's major market open. >> good evening, i am casing haze. the top story. big tech leads the s&p 500 to its wealth record high this month. the longest winning streak since
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january of 2018. >> the u.s. officially ends its military presence in afghanistan after two decades but was several hundred americans who wanted to leave still there. kathleen: private equity funds and gaming companies may be the latest targets. let's take another look at that stockmarket rally. 12th record in a month. what kind of rally is that? on fire. jay powell pouring on the fuel with that dovish jackson hole speech on friday. it wasn't the magnitude of the game. how long it has been going. and today, big tech back into that tried and true play. and how about apple? it market value topping$2.5 trillion, reason why the nasdaq hit a fresh record today. the 10-year treasury ahead of a big jobs report on friday. a move lower today on the yield,
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1.2785. people are watching high-frequency data that is showing the delta variant must be taking a little bit of a bite out of restaurant dining, airline tickets, etc. astor oil closing above $69 a barrel for the first time in two weeks. the explore in the gulf are trying to figure how much damage they have been at the same time traders are looking forward to opec-plus meeting later this month. >> speaking of ida, one of the themes coming out of hurricane ida, 150 mile winds. people calling 91 want to say the water is up to my chest. people in the top of their houses. it could have been so much worse. certainly for human lives but definitely for insurance. people were singer could be $40 billion, way less than katrina -- people are saying it could
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be $40 billion. less than katrina, 75 billion dollars. estimates are running from $10 billion, people say $15 billion to $30 billion. that is a lot less than people are worried about. >> we'll continue to watch that other big major story. taking a look at how these gaming giants like tencent react. we had these new gaming codes from the chinese government limiting for teenager to be able to play games for three hours a week. they can only offer them between the hours of 8:00 and 9:00 on fridays and weekends and holidays. i'm not sure a lot of people knew this, there were restrictions in place previously but they were 1.5 hours a day. this is good news for some parents, who are looking for an excuse to get their kids off those games. kathleen: i should give some kid my identity. i watch no gaming at all.
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nobody is going to make it out like a bandit if you are member of the e.u. making new restrictions on the travel industry. expecting to hit international travelers to the united states but limits for new covid cases is 75 per 100,000. in -- the airline lobby groups say it is a problem for the airline industry. haidi: speaking of vaccine mandates and getting that level up, we're hearing from bhc they are considering offering jobs on site to get much of their workforce back there. i spoke with the fortescue ceo. they are not doing a mandate just yet. they want to see how far they can get the vaccinations going now that supply is becoming less of an issue in australia. kathleen: the big news this afternoon in the u.s. and around
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the world. u.s. finally out of afghanistan after 20 years. kicked off by the september 11 attacks. since august 14, there has been a removal of 123,000 people after the taliban advanced on kabul. we can only remember with sadness, -- killed suicide bombers a couple of days ago. and the many afghans have died as this occurred. haidi: let's get more on that. the dagon has officially announced the u.s. has completely - the dagon announced the u.s. has completed its withdrawal -- the gone announced -- the pentagon announced. >> if we waited another 10 days we would not be able to get the people out we wanted to get out. it is a tough situation. haidi: our deputy managing editor is in washington. this rushed exit comes at a
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conclusion, as the final military plane left kabul there are still americans in the ground to want to leave. >> the general said this afternoon there are several hundred people at the airport. then there may be more around the country who still want to get out and still figuring out how to get to the airport which i guess is no longer available to the other than commercial flights. the u.s. military is out, the war is over. it is a huge moment in history, but it is certainly an inconclusive end. kathleen: of course, what will be done to make sure that people who want to get out can get out? what kind of leverage does the u.s., what kind of leverage does the global community have towards making that happen? >> leverage with the taliban? i don't know that they really have any. i think this is an effort to
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hope for goodwill on their part, to live up to their end of the bargain. but there's not much historical evidence that will happen. the state department and the pentagon, no longer the pentagon, the state department telling us that they will try their best to get everybody out. of course, there are some americans who consider afghanistan their home. they have family or jobs there and might not want to leave, but we're not getting everyone out who wants to, as the general said. haidi: wendy benjamin with the latest. china imposing the strictest rules yet on online gaming limiting miners to three hours a week of play. stocks sinking in new york trading on the news. let's bring in stephen engle for more. we are watching how the stocks
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traded in hong kong and china session but you have a teenager. how is that been?-- has -- has that been? stephen: yes, i do. she plays a lot of video games as i did. this is another regulatory crackdown in china led by xi jinping. this is the second major crackdown on video gaming minors in the last month. already companies like tencent have been self checking and self restrict minors playing on the internet. they see these restrictions coming down the pike and now it is probably, it is the top is crackdown we have seen. you mentioned this earlier, haidi. three hours a week, on fridays and saturdays and sundays and public holidays of one hour a day. that is down from previous restrictions in 2019 1.5 hours a day. they will be monitored on a
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state anti-addiction system. i'm not sure how that works. but there will be a lot of checks and balances and checking on whether the companies are keeping up their end of the bargain in this escalating crackdown. the stocks overnight, they were down as much as 9%. they pared some losses in the latest session but still as we open up, tencent the biggest stock is going to be in direct focus of investors. kathleen: if i were a -- parent in china, i would like these rules. stephen: all of this platform companies are finding ways around the regulatory issues. keep in mind, this food delivery scientist -- giant is facing a $1 billion fine from anti-monopoly, anti-competitive
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regulators. so they do have that threat. and this is a company that has lost about $160 billion u.s. and market value since february. like all the other big platforms like tencent and alibaba. meituan has not been spared to whoever, revenue did beat estimates are people got to eat. this is a food delivery giant. i might add, net loss widened for the third consecutive quarter. there are some headwinds but in the short-term the stock has a big bounce overnight, 7% on the avr's. kathleen: the deming forced so many people to stay inside so well that is why these delivery giants are doing so well -- the dem ex forced people to stay inside so long -- the pandemic force people to stay inside so long. haidi: we have more on the bloomberg technology channel on
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youtube. looking at hong kong ahead of the asian trading day. are you bracing for the reaction we are going to see as well as more chinese earnings and focus as well? >> yeah. this tuesday morning, and speaking of red lines, ever brands results will be in focus this tuesday. today, we will watch for any plans to manage a liquidity crunch. that will be keenly watched. to curtail debt risks. we will watch for details on potential asset sales from the property conglomerate. as well as real estate. we are also waiting on china's pmi data for august manufacturing may soften. signs of stabilization given a strong demand has held out. as for the services sector, we will get an insight as to the delta hit on consumptions.
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and, switching out the chart once more as we wrap up august, here is a snapshot of market performance for d.m. asian markets. kiwi stocks up 5%, trading at january's high with gains etc. rating after the rbz delayed its rate hike. the best winning streak ever. and the material sector, growth stalls with the belief -- visibly down by pressure on iron ore. as they say there is a growing gulf between the micro and the macro when it comes to commodity markets. kathleen: whatever it is, stock markets like it around the world. vonnie: kathleen, thank you. president biden has vowed to
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provide federal support for those impacted by hurricane ida which made landfall south of new orleans as a category 4 storm. it has left one million homes and businesses without power. biden met virtually with fema and the governors of louisiana and mississippi -- pres. biden: we will get you what you need if we can. the people of mississippi and louisiana resilient. in moments like these we can see the power of government in meeting the needs of the people of government is prepared and if they respond. that is our job, if we work together, that folks get knocked down, we are there to help you get back on your feet. vonnie: the european union has voted to impose fresh travel resources on the united states amid a surge u.s. covid cases. the changes likely to affect unvaccinated americans the most. governments of each member state
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has the final say. canada's prime minister justin trudeau's reelection campaign may be struggling with polls suggesting that conservatives are edging ahead. canada also reported its sharpest one-week decline. polls average give the liberal's 32% of the vote compared to 33% for conservatives. 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. haidi: ahead, we get more on the impact of hurricane ida. six weeks of down time. coming up next, the market look from -- stocks. this is bloomberg. ♪
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>> market reaction was positive to the speech, basically -- inflation is not going to be a problem. with the fed not ignoring that, either. kathleen: that was t he president of the federal reserve bank of new york. our next guest thinks markets are price for tapering to start in december. joining us for more analysis is priya misra, head of rate strategy at td securities. yields staying low, in a pretty un-legal range, considering how hot the economy is. stocks railing, too -- ral lying, too.
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everybody's looking at the fed and drawing the same conclusion. priya: there is a dovish fed narrative that can square thata double edge fed -- -- a dovish fed can allow rates to stay low and that is accommodative financial conditions and therefore equities stay well beat as well. i think if you just look at the fed reaction function the two markets can be consistent but i think making the assumption that inflation is transitory and the fed will not see that urgency. but i think the bond market is getting morbid about the economic outlook. i think it is much less about the fed reaction function then economic outlook. markets are getting nervous if the growth is decelerating at exactly the same point as the fed is exiting. extremely shallow hiking cycle is priced in. and that is a bit of concern for me. it istoo messy mystic -- too
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mystic. kathleen: you were forecasting the 10-year 7.5% by the end of the year. is that because you think the bond market is wrong? priya: i think the market has too low of hiking priced in. i think the economy is fundamentally stronger if we realize that fed can can keep on, they have done a great job setting the market up with tapering, very different from 2013. the market should then start to reprice the endpoint of the hiking cycle. if that starts getting the price to 2.5, it's the end of the last hiking cycle, that puts upward pressure on -- also, we are looking for more fiscal stimulus and as the fed talks about tapering that supply and demand can put pressures on rates. by year end, if the economy
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holds up, which we forecast it will, that is when we expect -- them to start to edge higher. haidi: what is the one piece of data that could be a game changer year end? priya: i have lot more confidence that u.s. economy has got good growth. the one information is the slowing a global growth is crating demand for treasuries. we have seen very solid options through august. if global growth continues to decelerate, and we are seeing the delta variant having an impact, that can prevent or slow the fed down, but certainly have an impact on the rates market. that would be the one data point on tracking, just global growth, demand for treasuries outside of the u.s.
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haidi: always great to have you with us. coming up, we will get the latest when it comes to hurricane ida's path of destruction. the follow-up for the gulf coast. this is bloomberg. ♪
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kathleen: new orleans, they are still sorting out just how much destruction hurricane ida wrought. 911 emergency services -- according to the city's mayor. earlier president biden vowed continued federal support. pres. biden: the people of louisiana and mississippi are resilient but it is in moments like these that we can see the u power of government to respond to the needs of people
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if the government is prepared and if they respond. that is our job, that folks get knocked down, we are there to help you get back on your feet. kathleen: joining us as brian sullivan. on sunday, u.s., when the hurricane hit, people were calling 911. nobody could go out. where are they now, when it comes to assessing the damage? >> so, the jury is still out on some of the bigger damages. it'll take probably a few days to get an assessment of what was going on, at the refineries in particular. that will be key determining energy prices going forward. there's been some good news in that there will not be a major flood on the mississippi river. that'll cut down on damage is to the infrastructure on either side of it. and the levees in new orleans held up pretty well. that's also good news.
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haidi: we heard from president biden earlier saying that the full support of the federal government would be there to rebuild and recover. how quick could this aid come? >> um, you know, usually takes weeks, months, sometimes for individuals to get checks on this. if there is major infrastructure problems, i think it would be something where the legislature would get involved. there doesn't seem to be a major infrastructure issue at this point. again, you know, it does take a while to shake out just how much damage has been done. kathleen: all right, thank you so much. the bloomberg weather reporter showing us pictures of the live shots from new orleans. nippon steel says it is on track to exceed its profits record.
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japan's biggest steel producer says it is seeing wider margins, thanks to elevated steel prices. beijing's curbs on steel production which account for 50% of china's carbon emissions push down the price of iron ore by 30%. both reported massive first-half profits as the country's mega lenders extended the recovers. mega china jumped to $17.4 billion while the other profit climbed 2% to 18.9 billion dollars. as firms struggle with massive debt loads and surging defaults. meikuan's second-quarter quarter revenue beat expectations, meaning that the antitrust allegations have yet to weigh on shares. while net losses amounted to
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$525 million. it is under investigation for antitrust violations including forced exclusivity arrangements. bhp is thinking about making covid-19 vaccinations mandatory in its australian mines. the company will start offering on-site shots in new south wales. the city at the epicenter of australia's worst outbreak yet. bhp said as it is likely to start enforcing this policy in early 2022. haidi: take a hood it had -- a look ahead, when it comes to australia new zealand. as lockdown continues. australia will quote july building approvals. the last pieces of data that will factor into gdp number set to be released on september 1st. investors will be watching out for earnings from mseblast and harvey norman.
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a lot more ahead on daybreak australia. this is bloomberg. ♪ 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.
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haidi: key u.s. health advisors have backed pfizer's covid shot. this comes as a surge in new american covid cases, prompts the e.u. to impose new travel restrictions. what is the backing from the cdc mean towards acceptance of the vaccine? is this really going to make such a difference? >> well, that remains to be
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seen. the biden administration is hoping so, as a look towards bringing a booster shot, but yeah, there is still about 38% of americans who are unvaccinated according to the cdc. and 20% say they will not of the vaccine unless they are mandated to. so, you know, there is probably some -- as you get growing more acceptance from the government in terms of touting their competence in the vaccine -- their confidence in the vaccine and gaining support but there will be a segment of the population that might have a hard time getting it across. it's really just a matter of getting out these education campaigns and getting also getting the private sector to get on board with perhaps mandating these as well. haidi: how can the booster shot potentially be the missing puzzle piece here? kara: the administration is plowing had to try to get booster shots out. and that is going to be the next step for the cdc advisory panel to start a turning their
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attention to, as to when to get booster because there is early data showing the waning efficacy of the vaccine against the delta variant and as time goes on to the booster, they're looking to roll that art starting september 20th. and for people who got their shots eight months ago, but biden has floated that the timeline might be shorter, less than eight months. anthony found she was opening the door to the same thing. kathleen:i told the story about the e.u. travel restrictions from the u.s. it will be tougher for u.s. people to go go. -- go there. is this a valid reason or is turnabout fair play after the u.s. walked europeans from coming to united states? kara: well, the e.u. guidance is for restrictions in places where there are cases of 75 per 100,000. and the u.s. is at 588 per
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100,00 that 0. that does fall into the e.u. guidelines. the airlines are not too happy. what you've seen with delta as you seem plans upended. the tourism industry had been on the cusp of the t urnaround, but now they are back again. haidi: in new south wales, the covid outbreak keeps getting worse. we have had weeks of lockdown conditions. recording a new record of 1290 cases on monday. total cases more than 20,000 in the current outbreak. paul allen is here with more. i'm starting to lose count of these lockdowns. it seems that there were some new people out in the community. paul: week ten for greater sydney and week 12 for the city of sydney. pretty clear that the lockdown
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certainly isn't bringing case numbers down. the best we can say is it obviously appears to stop the delta variant from spreading faster. other states are having better luck. we had 73 cases in melbourne yesterday but the state of victoria, where melbourne is look at it, looks to extend his lockdown conditions today. that will mean the much cherished grand final four football will go elsewhere for a second year in the row. a few bright sides from all of this. straley's carbon emissions dropped 5% -- australia's carbon emissions dropped 5%, the lowest from 1990's. but the spread of delta has really lit a fire under the vaccination rate. now i 36% in new southwest. 34% and the rest of the country, and that is going to be the path out of the lockdown. to answer the question the federal treasurer making it very clear yesterday that once vaccination rates are 70% and 80% he wants to see the country
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open up its internal borders and that is a matter of some debates among the states that have zero covid now. haidi: a critical part of that could be workplaces mandating vaccinations. nwa, they have been living in relatively normality with very low if not no cases at all. take a listen to what she had to say. >> we are not at the point of mandating vaccinations. we have got a lot of -- we do rapid antigen testing before anyone traveled to the site. we have actually seen quite a slow roll out a vaccinations and the ability to get vaccinated. we need to find out what that vaccine hesitancy rate is before we can ever view around mandatory vaccinations. haidi: other miners weighed this question, too. paul: bhp considering making vaccinations mandatory for staff.
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also saying, we respect individual choice but at the same time the company has an obligation to make sure people are safe on the worksite. they will run a trial starting this week at a coal mine in new south wales and see how that goes with a view to rolling things out making vaccinations mandatory in 2022. those big iron ore mines, yes western australia has pretty much zero covid now, but also some of the lowest vaccination rates. that is something that bhp will be looking to address. bhp would not be alone in making vaccines mandatory if they did go that path, but the big cannery hsbc has done this and qantas has done this as well. and bhp had some sense -- some success with the workplace in chile, that got the rate above 90%. haidi: causing disruptions when there is a break in these mining communities. paul allen in sydney.
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and we will continue to track the biggest vaccination campaign in history. we have now seen more than 5 billion doses given across 183 country so far. still a long way to go. check out the vaccine tracker at the global search for the origins of the covid outbreak began. that led to australia researching. experts now say beijing's retaliation is a clear example of what can happen, even for the wealthiest nations, if -- let's get over to our security reporter. course, still is not the only country that has been the victim of cyberattacks, but what is the difference about this campaign? >> what's different about this campaign really is that we were able to understand from intelligence officials and c
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ertain analysts to track this kind of behavior that there was a correlation that they saw that whenever there were political developments between the australia- china relationship that that was, was parallel activated in the cyber domain as well. we saw a lot of cyber activity, not just in government networks, but across academia, universities. it actually also impacted critical infrastructure as well. and it was not something that was very loud. and it was something that people really only found out once they were informed. so, it was very difficult still to understand whether they were compromised or not, which is different to what we saw last year with a lot of ransomware attack's that were loud and very noisy. even from what we understand from the people tracking this, in many cases, they are told that they left enough breadcrumbs for everyone to know who they were.
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and what they were doing there. kathleen: china is not the only country doing cyber espionage, correct? >> that's correct. even in our story we have the head of the australian spy agency said if i were to point the figure you for espionage, they could pointed back at me and accusing me of the same thing. which is why a lot of countries do not like that attribute when they discover other activities by a state nation. it is something that nationstates do all the time, by and large espionage is tolerated. it is when it becomes a little bit more active, when it is more interfering with critical infrastructure that governments and up speaking out to each other. kathleen: thank you so much. great story. let's get to first word news with vonnie quinn. . vonnie: the u.s. has officially ended its military presence in afghanistan, concluding two
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decades of involvement started by the september 11 terror attacks. 173,000 people have been evacuated since august 14, following the taliban's rapid advance. in kabul. the u.s. military says that isis-k was working until the final hours to launch further attacks. >> >> we did not get everybody out that we wanted to get out but i think if we set another 10 days we would not have been able to get anybody out that we wanted to get out. it's a tough situation. vonnie: chinese regulators are escalating their crackdown on videogames. children will now be limited to just three hours a week of online gaming including fridays, weekends and public holidays. the new worlds are aimed at curbing excessive involvements of games and protecting minors from physical and mental health. beijing says it will continue efforts to rein in big tech. bloomberg has learned alibaba has sacked ten staff are publicizing the account of
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employee who made sexual assault aggregations -- allegations. the e-commerce giant announced internally they were fired for sharing a herring account by the accuser. another three people have been reprimanded for making inappropriate comments on public fora. 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. kathleen: thank you so very much for the next, the u.s. gulf coast council cost of hurricane ida. the refiners in the region may see six weeks of downtime. this is bloomberg. ♪
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>> checking in how metals are trading on china's mar kets. the top steel producer delivered a cautious outlook. that is nothing to sneeze at. meanwhile, other prices rising and steel bar futures up over 1% now. labor tensions persist at a mine in chile. industrial metals up a third a
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percent and copper up .6%. we turn to energy. hurricane ida the main driver of prices. gas lease that to be the most expensive since 2014 at $231. the crude price down a little bit now, closing above 69 bucks a barrel. earlier today, natural gas futures. a lot of refinery shutdowns is a problem for them. and then gasoline futures high, up 0..8%, a lot having to do with that. ida, that is. of course, we are waiting for the opec plus meeting. that could see more supply added to the markets. that could take pressure off prices. haidi: yep. looking like an expensive day when it comes to gasoline supplies. let's bring in our next guest, that says hurricane ida could lead to four to six weeks of
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downtime. joining some houston is andrew lipo, the president of lipo oil associates -- lipow oil associates. now that we know the extent of the damage roughly of ida, give us your damage assessment. >> well, what we know right now is about eight refineries in the baton rouge-new orleans area, representing 12.5% of the nation's capacity have been shut down and he shuts down -- these shutdowns are due to problems the electric grid as well as wind damage at the refinery itself. what we've saw in august of 2020 one category 4 storm hit the gulf coast, those refineries were down to six to eight weeks, due to wind damage and the inability of the local utility to get power restored for several weeks. as a result, i am estimated for most of these refineries, we are looking at normal operations about four weeks down the road,
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and for a couple of them, down towards the coast, it could be longer if they sustained significant wind damage. haidi: it comes at a time when east coast inventory stockpiles are close to a decade low. are there structural issues within this market that is not just weather related? >> of course, the pandemic has resulted in less demand in the united states as well as a number of refinery shutdowns. so, what we have seen over the last couple months is refining margins have not really been that good. the world as a full has been with story -- drawing inventories down. that is why we see opec-plus restoring production over the next couple months. but the bottom line is that inventories have been drawing 6% than this time last year for gasoline. as a result, when you get a
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major supply destruction then tightness will development the mid-atlantic and southeastern markets. kathleen: how will that spread across the entire country? are oil and gas as fungible as, say, money? >> well, generally speaking we could say that oil and gas is fungible. there are some local differences on regions, especially in california. but for the most part we use shuffle around the supplies from various regions of the country. that is why we see in texas we are long on refinery supply, we are shipping it into the midwest as well as the east coast. the east coast has now become a major importer of gasoline supplies from europe and elsewhere with the shutdown of the east coast refineries. and it's really a matter of timing. getting the supply in the right placein a very quick manner as the refineries in the new orleans area have shutdown. kathleen: step back, big picture
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we do not know exactly how the delta variant is affecting concerned about things slowing down. china's economy, how strong is it,is the fed going to -- etc? long-term outlook for oil? where will we be in a year? >> i think we're going to remain at this kind of level for right crude oil, i think the range remain $68 to $72 a barrel. for wti, it is between $65 and $75 a barrel because the world and the big picture is wrestling with what's going to happen without covid demanded how quickly are vaccines going to get rolled out in order to restore that demand? and, on the other hand we know that opec-plus is restoring production but these lower crude oil prices have resulted in less capital spending. kathleen: seems like covid enters into just about every equation these days. thanks so much. let's get to sophie cameroon
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tracking commodity markets as well. the hurricanes -- the energy markets are being assessed. the opec meeting, what is the outlet from the people you're talking to? stephanie: he still expects the cartel to add oil to the market as they attend -- they intend to preserve six to five dollars for crude. he is bearish on crude markets for 2022 and 23 with u.s. oil production seen coming back. 600,000 barrels per day next year from the u.s. plus, there is a wildcard for an iran return that that could put 1.8 million barrels back into the market a day. goldman analysts have researched 12 months targets for aluminum, nickel and zinc by 10%. while reiterating the call for copper at $1,500 per ton.
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goldman has seen an increase metals market that's mispriced grabbing the attention away from the bullish micro data like tightening, fundamentally. haidi: china has pushed to reduce carbon emissions is providing a tailwind for their iron ore miner's amid surging demands and elevated prices. earlier, the fortescue ceo told me that strong chinese demand and supply constraint will continue to boost markets. >> we're stillseeing strong demand. supply is still relatively constraint. they are facing challenges, and despite the calling in steel production it is up 8% to the end of july. this last year, we do expect to see some rebound in construction activity and therefore demand in the fourth quarter of this year which is the usual. we're continue to see strong demand.w we're seeing constraints on supply so we still see a very
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strong market and demand for iron ore. >> how much are you saying impact of delta as being a threat to global production as well as demand? >> well, global, steel production is actually up compared to last year by 21%. china was saying the rest of steel production up 21%. so, the market conditions currently indicate very strong recovery from last year's covi d-impacted levels. the impact of delta is difficult to see at the moment in terms of what we might see come through in the numbers but certainly up until the end of july we continue to see very strong conditions, whether that is rest of world or even with chian. -- with china. we are not seeing any significant impact in terms of demand for iron ore and steel production but it is something we continue to monitor. >> have you seen any disruption yet from the impact of delta and the covid lockdowns we have seen in parts of australia? >> it has proven some
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challenges. so, we deal still have -- actually, the majority of our work first, 90% reside in western australia. we have been a little bit queer and teamed --- quarantine compared to others. we rely 10% on having the ability of labor is important to us. what we have actually seen is that the number of her team members have either permit lee relocated to western australia or they have decided temporarily to relocate and we continue to support them with facilities that when they are not on-site they have got some where they can stay. there is no doubt that these ongoing border restrictions and some of the impact on the impact of neighbor -- labor is challenging. we have been managing for a long time but that has been a real challenge. >> you will be tackling -- missions next month. you have previously restrained from setting a target has been a change of heart? >> actually, we have been doing
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a lot of practical additions to address mobility. we've been working on gentrifying and looking at centering and the research and development around the production of grain iron -- green iron. we're really committed to reducing emissions we have not set targets in the past we do not want to set targets without a credible pathway. we are now at a point where the development of our futures in the work that we can do that we feel confident that we can set those targets and important they have a credible pathway to achieve those targets. kathleen: that is the fortescue elizabeth gaines. terrific interview. more analysis ahead. when gordon joins us in the next hour. -- wayne gordon joins us in the next hour. this is bloomberg. ♪
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haidi: a quick check of the latest headlines. shares of virtue slid after the sec chairman told barons that a full human is now on the table. he says it is a conflict of interest. policymakers are scrutinizing complex wall street practices that contributed to the frenzy.
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sources say the india's ride-hailing startup ola has listed banks for a mumbai ipo. it is backed by softbank. the list include arrays of $1 billion and evaluation of $8 billion. ola could file as soon as october. billionaire john paulson - -who bet against the u.s. harking housing market is turning against crypto. in an exclusive interview, the hedge fund manager said why he thinks digital currencies are worthless. >> i would say that cryptocurrencies are a bubble. i would describe cryptocurrencies as a limited supply of nothing. haidi: he is increasing the concern about rising prices. we did not quiet get what his next -- quite get what his next big bet could be, matching his
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latest success. it does not seem to be on crypto. kathleen: it could be generational. mary merry soccer, tennis open gym said she got interested in come to currency because of her twitter feed. daybreak asia is next. this is bloomberg. ♪
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haidi: welcome to daybreak asia. sophie: we are counting down to asia's market open. kathleen: i'm kathleen hays. now for a look at our top stories this hour -- asian traders await the august pmi numbers after wall street hit its 12th record close of the month thanks to big tech rally.
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china's whitening crackdowns also in focus


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