tv Bloomberg Markets Asia Bloomberg July 28, 2021 10:00pm-11:00pm EDT
0.4% down on the sand sung. -- on samsung. largely good so far, asia better by 0.9%, the tech rally continues. >> you have this meeting, reportedly, they are having with anchors trying to restore some calm into the markets. you have the pboc with an injection and the fed seems to be dovish. >> you could take back risk and some valuations, i will join you later. here we go. across these markets, little more green on your screens, equity markets, looking at currency, dollar on offer today. bond markets doing this. your 10 year 1.2 2, 1 .2 3%. the real yields story is worrying when you look at the growth outlook. that is lower. futures market, 2% and what you
don't see are these measures of risk appetite, whether that is aussie, yen, volatility, risk reversals pointing to risk appetite coming back. how long it lasts will depend on a lot of things. we are looking at volumes and turnover to get a sense how strong this rally is in terms of i guess the amount of money coming through, especially the stock across the mainland. yvonne: we saw that the southbound flows have started to dry up. a sense of a different trend that perhaps this is just starting. when it comes to the broad indices on the mainland, david mentioned it is a sign, green, tech names certainly catching a lift on the back of this reported meeting with regulators and the banks to try to soothe investor concerns that perhaps
the crackdown is not going to be as sweeping or uncertain as is priced in. tencent, you are seeing tech names come back. mate one -- meituan up 6%. you are watching the education stocks, new oriental, cooling technology up 10%. citi says there may be market overreaction when it comes to how far the -- beijing will ban these structures. it might be a little more focused on the education sector but for the tech sector, that could be a bigger risk for the economy. david: while they remain a dominant part of the economy, and have the rules changed enough for us to look at the
valuations, changed the way we approach it. tencent is a good example, trading at 40 times, six months ago, trading at 25 now. it is hard when madge and the business model changing by half. in comparison to what we had during the market meltdown in march 2020, hsi and enterprise index, the massive pop. here is july, coming off that, we are still elevated and that doesn't mean we are out of the woods but we are seeing a little more. day two on the mainland, encouraging message. yvonne: this is what we have heard from the likes of media in china. ching wah saying the fundamentals are there when it comes to the solid economy, guarantees market. tech education policies, not aimed at suppressing development because that is the key issue, whether they can make this
balancing act of trying to rein in private businesses but not stifling creativity. dominating assets, the yuan denominated assets becoming more attractive. a ceo joins us in the studio. is the worst over? >> there is a lot going on. what a couple months. we are buying today. we have been putting capital to work. we have had a war chest before this happened and we are buying into some of those names, tencent, alibaba, baidu. i think it is important to go to the documents the government has released. on asc education, the document came out around april and specifically mentioned key things. one is the social thing. young students between kindergarten and older, too much
testing and schooling so there is an important social aspect the government is trying to improve on. also the curriculum, and looking at the structure. it is focused around compulsory education. you move into the gig economy, and you have those companies, there is another social aspect. they are trying to protect those workers, make sure they have insurance and welfare. i think it is a good thing because i want to look at these companies it -- we are investing in with confidence, that the corporations are doing the right things for society. it has been a little too much, too soon. the administration cracked on -- down on national security and more. from an outsider looking in, it looks like a black box.
what is going on? will the crackdown in compulsory education in terms of the structure in place, will they go across into other sectors and industries? that is a key question. david: just to unpack some of those things, the afterschool education, the tutorial part, kids afterschool go home and play and do other things. do you have enough information, do we have enough public information for you to take advantage of that? i can understand tencent, you can make the case things haven't changed substantially but for that sector, when they say you can't raise foreign capital, can't profits in a certain part of your business, how much of the price dislocation has already priced enough for you to take advantage of the uncertainty? sam: the government actually released, three or four years ago, a draft documentation in
regard to the private education promotion law that -- and then in april in document came out with 68 articles that talks about the things you are referring to. i'm really surprised that a lot of hedge funds didn't pick up on some of those key things that were specifically written through those articles. you have had months to review that. if you go through it, the intent of the document is clear. they talk about the compulsory education between kindergarten and nine. they refer only briefly, i think article 25, to higher education. look what happened to higher education stocks in hong kong. they have been sold off aggressively. i think it is one of those things where it is tough work to go through these documents. you have to read it meticulously and understand the true intent of the government. i think what we have seen come through overnight and today the
government putting a front page add-on newspapers, our intent is not to destroy big tech. if that is the case, great buying opportunity. if the structures are under review and it will go on to these other sectors, then we are in trouble. yvonne: i want to cross over to some of these lines we are seeing. almost daily, we see kathy offloading -- cathay unloading. she is not buying these moves are seeing from regulators. what do you say to those institutional buyers? and the foreign capital, that the people are so alarmed that this is the start of these outflows and may not come back. sam: capital only goes where there is confidence. i think the chinese government hasn't done a great job instilling confidence because you saw what happened with the
stock connect volumes, massive amounts. the domestic funds in china, selling as well. people are caught in a dark cloud, trying to interpret it is happening. -- what is happening. i come back to the valuations. we saw tencent, 4.20, 4.30, stocks more than 15% down and i think it is fundamental in terms of the business model, it changed by half. jd.com is another one. they raised capital by doing logistics. these are good companies. i suspect they will comply with the rules and the laws. that is important because if you don't, you see what happens in terms of the adi listing. you have to comply and make sure you follow the regulations. if they do, this will be a wonderful opportunity to take that long term view. we are fortunate that we have
very patient long-term capital and we are putting that to work. david: and you have the long cash, which is useful to have at this point. sam is staying with us to talk about the fed and other things. let's take you to tokyo, where we are getting an update in terms of virus cases. these are live pictures out of tokyo. 24 cases, and among those, based on this headline, three are athletes. that is just coming out. this is a daily update coming out of tokyo. yvonne: as much as we monitor the covid cases, we have to monitor what is going on with the medal counts. for all things olympics, go to our medals tracker on the bloomberg to see who is leading the race. it is the japanese, 13 gold, the u.s. 12, china pretty close with
12 gold. that is the latest. here is vonnie quinn with first word news. >> the senate voted to move ahead on an infrastructure package. president biden and a group of senators reached agreements on a $550 billion plan but it is unclear if enough senators will support it. the outcome sets the stage for the next phase of biden ambitious spending plan. that includes childcare tax breaks and health care. u.s. lawmakers are backing a bill to help taiwan regain observer status at the world health organization, citing public health concerns during the pandemic. the island has been locked out of the who annual assembly since 2000. beijing says it represents taiwan at international conferences. china has a veteran diplomat
known for pushing back against criticism serving as the ambassador to the u.s. he arrives wednesday at a time when the world's two largest economies are locking horns on issues ranging from trade to tech knology, human rights and the china sea. global news 24 hours per day, on-air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. on vonnie quinn. this is bloomberg. yvonne: still ahead, with covid-19 infections rising, companies are delaying plans to get staff back to office. -- offices. what that means for commercial properties. ♪
purchase guidance last december. we reviewed considerations around how our asset purchases might be adjusted, including pace and composition, once economic conditions warrant a change. the labor market has a ways to go. we have seven or 8 million fewer people at work than were at work before the pandemic, with successive waves of co-bit over the past year and some months now. there has tended to be last in the way of economic implications from each wave. we are looking at tapering asset purchases. we are a ways away from considering raising interest rates. there is little support for the idea of tapering mbs earlier than treasuries. david: that is the chair of the fed, jay powell, speaking about the decision overnight. sam is the ceo of a company.
at the very least, rates will remain where they are for two years. that is the fed. that is great for you equity guys. sam: keep the liquidity in, keep it as it is and i don't think we have problems. his comments were clear. they won't do tapering. they will keep security purchases, keep putting liquidity in the market and keep interest rates where they are. i don't think that is a surprise. overnight, in the u.s., folks were pleased with that. it is just when that two your figure, -- that to your figure, when it will stop and that is when the market will try to predict. yvonne: real yields are in negative territory. bond yields are heading lower. seems like it is more than a technical move. there is a growth concern and the credibility of the fed is on the line. sam: it is hard.
i'm not sure about the credibility of the fed being on the line but the situation in the labor market is tough. you have seen inflation fears come in and bond portfolio managers have a tough job because predicting the yield curve is difficult. i'm looking at it, i'm not making investment decisions based on it, but if it does go up too much or the liquidity comes out of the market, it is a risk in terms of the equity markets. david: this will be a rough pivot. speaking of shape. your fund is in korea. the botox company. yvonne: we didn't get to into this. sam: i may need to top off on botox because of all of the stress. david: you are fine, sam.
sam: there is a company that is a great little business that is expanding to a chinese distributor, into the big chinese vanity market of botox. i think we got lucky for the time being, that, it is majority owned by private equity and private equity wants to sell out so there are people who may take the company out, which would give it more share price appreciation. we think it is an undervalued this mess -- business. the margins and the price they can charge overseas, that is interesting. that report i think, second week of august, margins looked great. in the long term within hopefully positive regulations in the country, they will hit the u.s. market. could be a full-fledged level company in terms of botox. interesting. yvonne: botox tourism. sam,
yvonne: samsung second quarter profits beat estimates. the company said it felt the impact of the chip shortage but they are riding on stronger chip prices to deliver a beat when it came to the earnings. the stock, not going anywhere. david: at least for today, it didn't get a good earnings bump which we were hoping. hopes are the biggest stock. where it is in a buying signal that you are not seeing in terms
of the specific metric, the support level closed, the 200 day moving average, first time we are testing that in 16 months. it is a smaller waiting -- weighting relative to last year but it is seven times bigger than the second-biggest stock. yvonne: we have heard from another chipmaker. amd gave a bullish third-quarter forecast, suggesting it is gaining market share from intel. the ceo spoke to emily chang on whether she sees a supply bottleneck using. >> it was a very strong second quarter for us. we were excited with the momentum we saw. we are in an environment where demand is high for the products we are building and customers prefer our product. we have worked hard on the supply chain. there is no question there is lots of work to do on semiconductors and we are happy we were able to succeed second-quarter guidance as well
as guide for the rest of the year. we expect to be up 60% year on year, so it is a very strong business environment across our businesses. >> you are getting stronger at a time when people say demand will peter out. what is your take on how much fundamental demand there is and how long this surge lasts? >> great question. the way i like to say it, there are two components. one is, we need more computing. whether you are talking the pc market or the data center or the cloud market, we need more computing. that is an overarching principle. on top of that, i think we currently have very competitive products. we are showing leadership in a number of market segments and that means customers are really demanding our products, and that is great for overall business. i would say the market continues
to be strong and we continue to believe the demand environment is strong. on top of that, we have very strong customer preference for our products. we are excited about the environment and we work closely with customers to keep tabs on the demand environment. >> you have found it more conservative than others on outlook for pcs, which is one of your key markets. i talked to the intel ceo and he is bullish. what do you see when it comes to pc's? >> i think the pc market has had a tremendous last four or five quarters. 2020, it was strong for the pc market. 2021 is very strong for the pc market. i think that is good. that is the work from home, school from home, now we have returned to office come a people are looking for more pc's. we see that as we go into the second half of the year, we do see that there are constraints in the overall supply chain. not necessarily amd processors,
but the other components you need in the pc market, so we want to make sure we take that into account as we forecast the second half of the year. we see growth as we go into the third quarter and the fourth quarter. we are growing overall 60% year on year and that is even with, let's call it perhaps a bit of a conservative look at pc's going from the first of the second half. that means lots of pieces, the other pieces of our business are growing. our datacenter and gaming business are growing. that is the nice thing about having a portfolio like we do. yvonne: that was amd's ceo. qualcomm delivered a bullish quarterly forecast helped by the growth of 5g and consumer demand for new devices. the chipmaker forecast earnings-per-share well above estimates. supply constraints are expected
to ease by the end of the year. facebook beat second-quarter sales in profit estimates but warned of headwinds in ad revenue. growth could stall as pandemic field advertising gains its stride. ad sales will be hit by apple's new rules, which will require user consent to track data. david: in the asia-pacific, rio tinto out with results. they hit a record high, missing estimates. we are looking at the names and japan, we were talking about the olympics and what has happened has boosted an unusual group of stocks over the last week. park 24 essentially runs parking lots around japan and some of its employees were also part of the judo team and they won gold. i think that is why they were
going long on the stock. yvonne: that is amazing. you have to do so much due diligence to find olympics related stocks. shout out to my girl getting into the 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: 10:29 a.m. in hong kong and shanghai. we see asian stocks -- what a relief rally today. we are seeing most of the region looking pretty good. china and hong kong in particular is where you will see most of the gains, especially th e tech route seems to be reversing. we are seeing a rally when it comes to equities in southeast asia. indonesia, outperforming regional peers. they are not tracking big foreign inflows as covid
infections surge. when it comes to thailand and cambodia, the u.s. sending vaccines to the region. 1.5 pfizer doses should arrive in thailand friday. 1 million doses of johnson & johnson are headed. to cambodia singapore's economic outlook improves. david: we are much higher at the yield. we are up a fraction of 1%. look at the other big names. 1% up within that index itself. some of the benchmarks we are tracking
yvonne: that was before this covid resurgence. now economists are fearing the country is headed for a double-dip recession. david: let's bring in our bangkok reporter to talk us through what likely will be some pressure on the economy. what are the key problems right now crowding what authorities are able to see as far as the outlook is concerned? >> there are several headwinds facing the tyee economy. the biggest one -- thai economy. the biggest one is a surge in covid-19 infections due to the more infectious delta variant. fatalities hit new records today. with hopes of a reopening fading, on the political front the government is facing pressure from protesters on the
streets demanding the resignation. yvonne: now there is reports of perhaps thailand could be the worst performer in southeast asia this year. is this more of a thailand story or something different than the rest of the region? randy: a few months ago, thailand was relatively successful in containing the outbreak, but with this delta variant, which a lot of southeast asia nations are also facing at the moment, has widened the spread of infections in the country that has a very low vaccination rate. at the moment, only about 5% of the back elation are fully inoculated -- of the population are fully inoculated. that led to more hospitalizations and deaths. the government had to reimpose some of the strictest measures. some say the government waited too long to act and was slow in
administering the vaccine. david: a lot of bad news, but this is what the data is telling us. we are showing pictures of a beach, which shows it is a very tourism dependent economy. there is a separate initiative they are trying to do. how likely is it, when you consider things like exports, tourism drying up -- this is a graphic we are showing on the screen -- how likely is it that 2021 will also be a write-off? randy: if the outbreak prolongs for the next several months and the lockdown measures are expanded further and there are issues with export, which is currently the only bright spot for thailand, the economy will be strained for the second straight year. currently no economists have predicted that yet because the economy contracted last year, quite a low base.
they are also waiting to see whether the outbreak can be contained and whether vaccinations can be ramped up. some economists have noted that the possibility of a technical recession this year. the key thing to watch going forward is how quickly this outbreak can be contained. david: great work, randy. let's stay in southeast asia. we are talking vietnam. consumers are seeking more supplies to fill this void in the weather disruptions we are seeing in brazil. it won't get far as much as vietnam is concerned. yvonne: it's a bit covid related as well. you have covid restrictions in the country, and exports are continuing to drop because it is getting so expensive to ship these beans to the rest of the world. farmers have run out of beans. a surge in prices as well.
sending a container from vietnam to europe cost as much as $10,000, six to seven times more than a year ago. david: how much are you willing to pay for a cup of coffee? and the volatility on this one as well is on the way up. i think we have a bloomberg chart that shows you this. when prices are up over 100% in the last few months, this is what they will also get with traders in brazil because of the things under threat there. 86% now, 10 day volatility on this market. it has become a trader's market in more ways than one. yvonne: lumber prices, you don't really feel it. david: unless it hits you in the head. [laughter] yvonne: but for us, coffee prices will give you sticker shock. you start to see the inflationary story play into your daily life. let's get to your first word news with vonnie quinn in new york. vonnie: thank you.
a benchmark interest rate kept unchanged, but officials signal they are closer to tapering their support. the fomc says the current rate of asset purchases will continue until further progress has been made, but noted the economy has made progress. the fed also said inflation risks are to the upside, but remain transitory. china's securities regulator convened a virtual meeting with investment bank executives, trying to ease market fears about a crack down the private education industry. sources tell bloomberg the call was led by a chairman. we are told the takeaways by some bankers was the policy was a targeted one not meant to hurt other industries. iran's supreme leader called the u.s. stubborn for discussing to run's missiles -- tehran's
missiles. it could signal trouble ahead for negotiations. a new prime minister sworn in next week says he looks forward to returning to the deal. norway usurping the u.s.'s perch as the best place to ride out the pandemic. norway vaccinated half of its population. the u.s. dropped to 50 place as cases -- fifth place as cases surge. u.s. gymnast simone biles will not defend her title. she fell out of the final. according to usa gymnastics, she will focus on her mental health and be evaluated daily to see if she will take part in next week's individual event. global news 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries.
i'm vonnie quinn. this is bloomberg. david: some breaking news being a trip it'd to cnbc -- being attributed to cnbc that china will allow chinese companies to raise money in the equity markets in the united states. yvonne: that certainly will be an added boost, or at least a catalyst to what we are seeing on the back of this relief rally. that will be an interesting move, that potential china is getting -- that potentially china is easing concerns, that things will not be as bad as people are pricing in. david: it is back to office trends, the delta variant, let's put those things together and look at the residential real estate market facing policies post-beijing. our next guest comes on in a
those in their second year will make $105,000. the hike brings morgan stanley in line with rivals. disney is requiring masks be worn again at its theme parks in florida and california amid a surge in new covid cases. disney lifted mask requirements for customers at the start of the summer as inoculations rose across the u.s.. the cdc updated its guidance this week to recommend even unvaccinated -- even vaccinated people wear masks indoors where cases are rising. apple will again require staff and customers to wear masks at most of its retail stores in the u.s. the change takes effect thursday and will apply even to those who are vaccinated. apple is responding to a resurgence in covid cases. the company started mandating masks for employees at select stores earlier this month. apple also pushed back a return to office deadline for corporate workers.
a surge in covid-19 infections forced google to delay its office return day from september to mid october. the company will also require workers coming back to show proof of vaccination. in its note to employees, the ceo said google will extend paid leave for parents and caregivers through the end of the year. david: here we are again, right? as recently as two or three weeks ago we were talking about how many parts of the world, including the u.s., u.k., the euros opening up, things going back to normal, a bit more accepting of a covid reality. the headline i woke up with on google, 10,000 cases in texas. we are not trying to scare anyone, but we are going back to it to some extent. yvonne: the delta variant is the big uncertainty, so people are still quite cautious about whether to actually encourage
more people to come back to the workforce. we certainly have seen people in hong kong, given how the situation in terms of covid is, relatively speaking, a lot better these days. in the renminbi, we are seeing dollar china extending that loss. gains in the renminbi on the back of this report about how china will allow their companies to ipo in the u.s.. 648.16 for your offshore rate. david: it is exacerbating the dollar story we woke up to this morning. i am looking at any reaction in shares of hkx. 2.8% still to the upside. the story attributed to cnbc that china will be allowing more equity listings still in the united states. yvonne: you are seeing a reversal still when it comes to u.s. futures, although we are lower today, so not exactly joining in on this party when it
comes to equities in the region. let's bring it back to commercial properties. our next guest says a willingness to return to offices is much higher than anticipated in asia. let's bring in elysia tse at lasalle investment management. the firm is out with their midyear outlook this morning. we were talking about google, apple, still hesitant to implement these returned to work policies in their respective offices. you are seeing a lot more optimism in asia. tell us more about that. elysia: thank you for having me. in many asia-pacific office markets, what we are seeing is there has been a much higher return to office ratio as compared to office markets in the u.s. or europe. that is primarily because of a few reasons, in our view. one is, for example, t he social distancing measures are very well implemented. people feel comfortable. that in turn has led to people
willing to come back to the office. there is also a relatively small size of people working from home as a permanent option. last but not least, there is also the cultural importance of meeting in person. all these set the asia-pacific office market apart. david: i was just going through your report. we were just talking about how this is a stop and go story of people returning to the office. to a larger percent -- larger extent it is better in the asia-pacific. based on your research, when do we actually start seeing some growth compared to our baseline at the start of 2020? elysia: in some commercial real estate markets, we are already seeing increase of net absorption rates, office demand
in particular, also in the multifamily and logistics sector. it has been outperforming the overall commercial real estate market. to some extent, the endemic has accelerated the demand for essential multifamily just because people are ordering things online, people are staying home more. from that perspective, we are back to normal for those two sectors. yvonne: are you seeing more companies at least reevaluating their office plans right now? there is talk about hybrid working models, going to working spaces as well. is there a big change you are seeing in asia in terms of maybe not shrinking your office footprint, but more so reevaluating and realigning a bit more? elysia: absolutely. we believe in a hybrid model, some combination of a few days working at home and a few days working from office.
what we are seeing from a lot of industries in the asia-pacific is that most employees most likely ended up working from office more days than working from home. what that means is for a lot of office owners, the key is to create a collaborative space for people when they need to go back to office for collaboration. and providing tenants with a lot of flexibility. those are key for successful office demand going forward. david: we talked about the sectors that are doing well. what are the places that are leading this recovery? the other side, to be fair, what are the places and countries where we are not seeing even the slightest recovery just yet? elysia: as i mentioned earlier, the logistics sector has been one of the few sectors that outperformed in addition to the multifamily sector.
retail and hotels are sectors hit the hardest. in general, across major sectors in japan, it has been performing extremely well and outperforming many markets in the region. that is partly because the labor market in japan is extremely resilient, even though the overall economic recovery has not been as strong as we anticipated. for the commercial sector, the labor market is one of the most important sectors we look at in terms of driving multimarket demand. david: always a pleasure to have you on the show. we look forward to having you back here in person. elysia tse of lasalle investment management. tech is leading this rally in msci china pretty much across the board. yvonne: the latest line from cnbc saying china will allow companies to ipo in the u.s.. that is helping to lift this sector.
also when it comes to the pboc injection we saw, one company turning around fortunes after three or four days of brutal losses. a bit of a reprieve finally. a stock trading app with big plans to democratize the market is set for its breakthrough in new york. we break down robinhood's ipo next. this is bloomberg. ♪
yvonne: it is earnings season underway in asia. we have about 80 companies in the region reporting today. it looks like things are better. if you look at earnings projections, we are seeing them topping levels we saw in 2018. actually beating what we are seeing in actual aps. it seems like analysts are optimistic. on the next hour of bloomberg markets, we have an exclusive interview with india's leading kitchen and home appliance company to discuss earnings and his outlook for india's consumer sector. plus, we were just talking about robinhood going public, the trading app that fueled the rise of meme stocks. it is set to debut in new york thursday. the company has price shares at the low end of the expected range. the firm revealed a fresh round of regulatory scrutiny tied to
the gamestop craze. su keenan joining us with more. let's start with the pricing. su: by normal standards, this was a muted response to what is viewed as one of the most anticipated ipo offerings of the year. clearly robinhood wanted to generate a lot of excitement, but their strategy a bit different. they wanted to generate excitement on the trading day, which is later thursday, when the u.s. market opens. part of its strategy is to reserve 35% of the shares for its own platform users and traders. that, again, is what may be a little different there. if you leave money on the table, as appeared to have happened here, there is a possibility that the stock will pop during regular trading. that is what they want to happen. that will really be the test of their strategy. as you may know, robinhood's
mission is to democratize from the financial system. that is why they want to have so many shares going to the retail investors. it's also why they put a warning in their ipo filing that there could be a lot of volatility in early trading because such an unusually large amount of shares was set aside for the retailing community. 55 million shares have been offered. it will trade under the ticker hood on the nasdaq. we do know from sources that some of the private trading leading up to the ipo, we have seen shares get as much as $55, that according to sources. it is not clear how this session is going to go on thursday, but it will be widely watched, that is for sure. yvonne: tell us how the setting aside one third of the shares for its users and regulatory issues may complicate things on thursday. su: there is a possibility
robinhood becomes its own meme by its users. there is a lot of enthusiasm for the robinhood platform, but you go back to the gamestop trading frenzy, a lot of traders could not sell their shares because robinhood restricted them for a period. there is some anger there. some traders said on message boards, i can't wait for robinhood to be an ipo because i would like to short its shares. interesting dynamics here. secondarily, there has been a lot of regulatory scrutiny for robinhood because of what happened with the gamestop frenzy. robinhood did disclose it is under new inquiries from the fcc regarding the registration of its founders and possible questions about the trading of emem stocks -- of meme stocks by its staff. some say that will give traders pause to buy the shares, given
there could be ongoing legal issues ahead. yvonne: su keenan joining us from new york. got to watch tencent. what a bounce back it comes to the shares, extending gains as much as 8% this morning. that is the most we have seen since january. this was the world's worst stock bet just yesterday. they are still on track for the worst month ever for the stock. we will see if this changes things. a little bit better in terms of sentiment. david: you will still need to see the support coming out of the mainland buyer. you are still not seeing southbound flows. negative for the latter part of july, nessa's of this market. -- net sellers of this market. prices on the way up. in terms of top and bottom 10 on the csi 300, tencent should actually be here. alibaba, may 20, -- meituan, and
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emily: a debate in the business world is what benefits to give your employees. microsoft is asking employees to be back in the office 51% of the time, but you are flexible about the rest of the time. is that a permanent policy? and for those companies that are saying you have to be back in the office 100% of the time, are they on the wrong side of history? >> we at microsoft want to be much more data-driven. i also think that in time, a year from now, we will have more sense of what the real structural change and needs and expectations of both our employees and customers are.
we will really think about long-term policies based on having all that data behind us. otherwise i think we are trying to be too overly dogmatic when i think we need to be more experimental in our approach to return to work. i fundamentally believe the world has changed. >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.
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