debt flow? david: not so much the bond markets and we will see that. we are waiting on data out of the philippines. yvonne: hs tech having a bit of a rebound. david: up over 1%. we talked about that last hour, up about 8%. we are holding steady, mixed across the region, a big earnings day in japan. you have some names in thailand, to keep your eye on that. seven bond markets, yields pushing higher, u.s. 10 year, coming off 1.3% roughly. the chinese bond markets after the pop in 10 year yields yesterday, dollar largely bid, south korean won, kiwi dollar,

zero point 3%. i believe it was citi and their technical's -- their technical team saying they have exited their short kiwi dollar trade. they had a little profit, 0.3%. iron ore, this wasn't an obvious narrative yesterday, but when you look at metals prices, i get the slowdown in china and the other things. 9% ppi number, some of these analysts have indicated we might need to see a little more, or we could see a little more out of chinese authorities in terms of them being able to control costs , which has been a priority for them. that is across assets moving forward. yvonne: you saw the commodities really get hit. you are still seeing some of these commodities facing

headwinds on the back of what we have been hearing from the fed. they seem to be the hawks aligning themselves, saying we could be seeing tapering sooner than expected. the likes of raphael bostic was the latest to chime in. he said on the back of the strong u.s. jobs approach on friday, they may need more job prints to sustain the progress and the gold the fed wanted to achieve and they should think about what a new policy position should be. you hear similar comments. the market seems to be trying to adjust and buying into this hawkish narrative from the fed. david: they are talking about it clearly. approaching jackson hole, that was a comment, someone said about two months back, the cio, he basically said at least they are talking about it because it

did seem like companies were saying the job openings, wage growth or wage pressures in some parts of the market, the fed, there is a risk they might be behind the curve. how does this dovetail into the asia-pacific? several economies have seen upgrades but that is a handful. we talked about china, 8.5% of that is the green line on your screen. hong kong, taiwan and new zealand are some of the economies that have seen some revisions up in terms of the full year targets. the rest of the region, let's change this and look at southeast asia, that is where you are starting to see the downdraft come through, especially in thailand. down to 2% on the full year growth target on that economy. the reason we have this up, we are waiting for the philippines, which should be out any time now, not just yet but 10.9% is the forecast for the second quarter coming off what really

is a flattering basis. we will get you that when it comes out. a softening growth picture. the pboc came out with a report, it is not inflation, it is growth. yvonne: they are saying there are ways to stabilize it because on one hand you have the asian population, you have commodity prices, and you have this tilt into green energy. he says, the pboc says that will keep inflation prices in check. they are more concerned about growth. you hear that more from state any of this morning talking about fine tuning policy, how triple our cuts are needed to boost growth -- triple r cuts are needed to boost growth. what this means for the dollar moving forward as we look into this -- david: here we go. 11.8% for the second quarter, beating estimates of 10.5

percent. let me give you context. that is the year on year, coming off -4.2 last year. the estimate, 10 point 9%. the range of estimates, to put that into context, this is a wide range of forecasts, from 7.4 all the way up to 14%. it is above the median. it is at about the mode because a lot of those forecasts were about 11.5%. you could say it is good, but roughly in line with market thinking. yvonne: the quarter on quarter numbers, 1.1% negative print for that way of looking at growth. -1.3% is lower than expected. let's bring in paul, a head of research to joins us out of hong kong. we were talking about the dollar

move we have seen. you have talked about the dollar and trade, how it is going to strong. the chart shows when it comes to positioning, these dollar bears are drying up. they are net longs now. after the strong jobs report, are you rethinking your short dollar goal? paul: we said a few weeks ago that there was a sense of dominance playing out in the dollar's favor. if we can seen that in terms -- see that in terms of the price, it is grinding higher. i think a lot of people have realized it is not just a function of an initial positioning squeeze in the aftermath of the june fed meeting. there are other forces at play. the theme of diversion to monetary policy is just being more emphasized, whether we are thinking about the pboc, etc. and that has played into the dollar. david: the big one, emerging

markets. there is a strong correlation between china, the economy flows. your latest forecasts? paul: we haven't changed our view and that is and of the year, six .6 a lot of sense to us. we have had this view for a long time. i think this is where the exchange rate is headed. it is divergent monetary policy. you have a cyclical slowdown in china and the u.s. is seeing upward momentum so that place to the extra into rate -- the exchange rate going up, not down. david: what does it mean for exchange rates of the likes of taiwan and korea? paul: that is a good question and something we have been exploring for a long time. this is going to be sensitivity in terms of how the renminbi performs. there could be modest weakness. there will be collateral impact for other asian currencies. you pointed out, the ones that

can be sensitive, the korean won and others, we are looking for those to be weakening. we are looking for dollar asia to be drifting higher over the next couple orders. -- couple quarters. yvonne: out of those renminbi proxies, you like this one the most. why? paul: it is well recognized in terms of where singapore is, the economic cycle, going through the herd immunity, that is within reach. could this play to the advantage of the currency in terms of reopening and growth? there is a semblance of truth to that but we have to be careful. is it enough to outperform the dollar in the current environment? probably not. i liken it to other asian currencies, like some in the asea regionn which is still struggling. yvonne: everyone is looking at

key data and events to get the timing of the fed tapering right. what do you look for? do you need more jobs reports to solidify the view that the fed is probably on that path? is it all about jackson hole? paul: i think it is a foregone conclusion. people keep debating when tapering is going to happen, but it is done as far as i'm concerned. it will happen in september. maybe they communicated at jackson hole or at the september meeting, but the main message now, all of us have to think of the pace. is it going to happen faster or slower and measured? i think that is where the policy language from the fed is becoming increasingly influential. david: as always, paul, great insights. thank you for your time. paul, global head of fx research. more of these numbers coming

through out of the philippines. you're on year, quarter on quarter numbers out and we are down about 1.3 percent so sequential here. that one, contracting more than forecast given what i would imagine our lockdowns put in place or some of the slack before the lockdowns put back in place in certain parts of the country. yvonne: we continue to see, to sustain any kind of recovery, you need to bring those vaccination rates higher and averting further disruptions. we are seeing a pretty, a little bit of reaction but not a lot on the back of these numbers. vonnie quinn is in new york with the first word news. vonnie: 70% of the population in singapore has been fully vaccinated and 79% have received at least one dose. that gives the city state one of the best vaccination rates in the world as it begins easing social distancing restrictions and restarting the economy.

in an effort to vaccinate the rest of the citizens and long-term residents, they can walk into any clinic offering pfizer and modernity shot without an appointment. world leaders headed to glasgow for climate talks face pressure to end the use of polluting fossil fuels. this after a u.n. backed climate change report warns time is running out to stop global warning. -- global warming. coal is a sticking point. g20 ministers failed to reach agreements on phasing out its use. india was a key holdout. samsung's vice chairman will be released from prison friday after a justice ministry committee recommended he received for -- parole. they reached the decision after considering his behavior while incarcerated. the 53-year-old was jailed for a second time in january after being convicted of bribery.

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. i'm vonnie quinn. this is bloomberg. david: on bloomberg markets: asia, human rights watch china researcher joins us to talk about alibaba's sexual assault scandal. also, the countries need to move. yvonne: evergrande may be selling stakes in its assets. more on that. this is bloomberg. ♪

yvonne: breaking news happening in china, a court upholding the death ruling on the canadian's case. back in 2019, the canadian

appeal the verdict which we got, he got 15 years but his sentencing was increased to life on appeal after the huawei cfo's arrest. there are political tensions between china and canada, but china today, upholding the death ruling for schellenberg. still waiting for the verdict for the two canadians. we should be expecting those verdicts happening in the next couple days or so. we are checking evergrande right now. the stock, as well as their assets and subsidiaries, are rallying on the back of news and reports they might be selling stakes in assets. whether this helps solve their liquidity issues is going to be a key focus.

and what are they going to sell and at what price? david: and who is going to buy them? are you going to get more pressure -- it is the universe of choices of people and parties that might be able to buy some of these risky assets. also closing on the back of policy tightness. putting it into context, total debt to total assets, this is three hk. we have come down from the 40% level, down to 31% in terms of ratios but the debt burden is a little lighter, not that it has completely gone away. in terms of what the pop in equity prices does today, look at price and how far we have come down from 4.5, trading at halftime's liquidation value for the share. it is a big jump, but as long as we stay below one, it doesn't give a good signal. of what the market actually

thinks, whether it is solvency or liquidity. it is maybe the start of a bottom. we will see. let's bring in david, senior editor of asia finance. we were bantering during the break how complicated this story is. get us up to speed. what is the latest and the angle? >> you were getting a bit of a pop today in the stocks and the bonds. there are reports they are getting closer to selling assets, particularly on the electric vehicle side and property services businesses. these are robust equities on -- and on the property services cited is a healthy business. there is more cash in the door. electric vehicles, they are not selling lots of cars but the market value of the stock is twice as high as it has ever been. there is currency they can use to bring more cash, and this is

increasingly a liquidity question. can they pay the bills? not so much a solvency question now. we will get there i think in the next couple years, but they are facing a cash crunch. if they can get these assets nailed down, that will help them. yvonne: do you think, there is a note that there is contagion risks if they get these asset sales done. they say the listed subsidiaries are about $20 billion, about the same amount they have in terms of outstanding bonds in the offshore market. does that avoid the worst case scenario? >> i think it is an open question. they have about $80 billion in assets to sell. there are lots of levers they could pull to bring in money at the bond market is setting interesting -- sending interesting signals today. if you look at the 2022 bond, it is over $.50, it is $.53, still at the stress level but not

disastrous. when you look at the 2025 bond my going out three or four years, that is trading around $.40 so that is showing the stress. maybe they get past the next big maturity in march 2020 two. beyond that, it is an open question as to whether they can pay those off or looking at a restructuring. yvonne: david, our senior editor. coming up, we talk about chinese airlines taking a hit with covid cases on the rise. air travel dropped the most on the mainland since the start of the crisis. more on that. this is bloomberg. ♪

yvonne: live pictures out of hong kong, carrie lam having her weekly press briefing. she mentioned the anti-sanction law -- she is saying hong kong is to add the china

anti-sanction law through local legislation and they support adding the law hong kong's basic law. we have heard chatter and reports talking about how hong kong needs some time to assess the impact during the local legislative process of the antiforeign sanctions law after china approved adoption in august. it will take time, they said, according to people, to reassure investors and people looking at this, and stakeholders, before they do an enactment of the law. but this has been a key concern in the city. david: some clarity for the investor base. and why it might be a little more time -- might need a little more time. the s&p, as you point out, already floated the idea. the press conference is ongoing and we will get you more details if we get more from what is happening.

let's turn to what is happening or not happening, as far as air travel and capacity, the seats being offered on the chinese mainland. data suggests there has been a dramatic drop in seat capacity across the chinese air travel industry amid what is happening with the outbreaks in various parts of the country. katrina is leading our coverage. walk us through these numbers. >> that is right. the number of seats being offered by airline carriers in china has dropped by the most since early in the pandemic. this, as the delta variant spreads across the country and spurs fresh restrictions on movement. seat capacity plunged 32% in one week, based on data from oag. at tumble has sent waves throughout global capacity

around the world. that is now down weekly 6.5% as comebacks stagnate in europe and north america. it has been far-reaching. yvonne: how do you see the impact, what impact could this have internally and china? -- in china? >> even in china, it is having a widespread affect. the most obvious blow is to domestic tourism, which had been picking up. china is a fast domestic market, lots of places to go and places to fly, and that was experiencing a peak during the summer holiday. that has come right back. there is a broader impact within china of the economic impact. we have seen ripple effects of that. goldman sachs and jp morgan the other day, downgrading their growth forecasts for the third quarter. from the company's point of

view, beijing capital international airport paired back their outlook, saying they expect their nestled -- net loss to widen to 860 million you want -- 860 million yuan. david: what does it mean for the rest of the world? people talk about china itself until recently as its own travel bubble. the rest of the world, there are some good and bad parts. >> yes, there are. but i would say with the delta variant creating more and more negative headlines by the day, that sort of optimism we saw in europe and parts of europe are a couple short -- couple weeks ago have been fast fading. global airline capacity stands at 64% of pre-pandemic levels. transatlantic travel doesn't look like it will be bouncing back anytime soon.

looks like it could be further restricted. the eu is weighing reintroducing travel restrictions for visitors from the u.s. next week as these coronavirus case numbers rise again. the chief analyst was saying the other day that all this data, negative data we have seen really makes winter 2021 look pretty bleak. david: le sigh. yvonne: we are here again. katrina nicholas with the latest on air tribal. we are watching the market, it is mixed. everyone looking at the whole fed tapering discussion but also looking at a big debut, not looking too good for grafton. david: 10.5, should be session lows in south korea. softbank is coming out with earnings later today. briefly as we head into the

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yvonne: 10:29 p.m. in new york. watching stocks in the region. a little bit of a rebound when it comes to tech stocks in hong kong. we are still dealing with the whiplash we saw when it comes to the precious metals. what happened there? david: takes a while to recover from something like that. 7397. that is the chart you want to watch. let's check price first. we had a floor during the flash

crash. 1% is the upside. being extremely generous how i am describing the move today. this dovetails into the broader commodity selloff we saw yesterday with the biggest drop in weeks including other metals. to the point we were making earlier. there is the flash crash yesterday. below 1700. we should be a retracement. i will add that later. this is where we are. 1728 a pop. let's bring in the executive director of precious metals research. what do you make? your initial thoughts when things could not seem to find a floor. >> extreme pressure the gold came under was more exaggerated in the move we saw in the markets compared to the move in real yields and across the metal

complex as a whole. what was gold telling us? gold was reading into stronger-than-expected payrolls data. we have seen gold coming under pressure after the june fomc meeting. gold is concerned the fed could start tapering. that might lead to rate hikes coming sooner than the market was expecting. there has been light positioning in the gold market, which has meant we have not seem the same liquidity would normally -- we have not seen the same liquidity we normally would. the move has been restrained when we compare it to other markets. yvonne: we have seen some of these correlations break down as well. we look at real yields and gold, which does move negatively. we have actually seen things have more of a positive relationship in the last month or so. we'll yields are hitting they could've territory and gold not benefiting from it.

what forces this correlation to break down and do you think it is a good indicator of where gold prices are going to go? >> the broader macro backdrop remains supportive for gold. it motivates investors to continue allocating to gold. we have the risks around inflation. gold has not been catching a safe haven bid. for much of this year, we have been seeing much later investor interest whether we're looking at etf flows. speculative interest has been as well. it is later than where we were at the start of the year but also where we are compared to the five year average. when we look at the change in positioning over the past week, we sell investor slowly coming into the market after the july fomc meeting. looking at interest data over the last couple of days, you can see initially there was an increase in short positions and we started seeing longer implications. old seems to be a trading day --

seems to be tracking the dollar closely. real yields remains a key driver in the longer term but in the near term, it is taking its cue. the downside is it is being driven by the physical market. david: to mention one of the other traditional sort of factors, that tends to be in the same narrative as gold is inflation. people have been talking about inflation. we are going to get inflation out of the u.s. tomorrow. if people are screaming inflation might be getting out of hand, why is gold trading at these levels? >> when we look at gold as an inflation hedge, it tends to perform well when we see periods of high inflation. are looking at risk of inflation being transitory and not a significant shift hire for the longer term. gold is sending us mixed messages in terms of what the inflation outlook might look like.

we are still seeing allocation into gold. all of this being used as an inflation hedge. we're not seeing the same safe haven demand materializing in gold. gold at the moment does not have the same standing in the investor space as it did through 2020. there is lots of mixed signal at the moment. the upside is struggling to gain momentum. it is important to note that gold has fallen below the 10 day moving average. it is up to the physical market where receive see the support coming in. yvonne: 1800, that has been their resistance and support for a long time when it comes to gold. what levels are you watching now? is 1700 the number two watch? >> from a psychological standpoint, 1700 is key especially where it is being leveled where we saw good buying at dips below the level.

that is going to be a critical level to watch. we have seen support materializing. that sort of level is important on the downside. on the upside, we are looking at strong resistance around 1765 to be able to regain the upward pimento him. need to see prizes trading back above 1765 before we can look at the 1800 level again. the next couple weeks are likely to be choppy for gold. we have jackson hole coming up and the fomc meeting will be key. for a lot of pressure for gold next couple of weeks but we would expect more upside risk. david: gold silver ratio, we have come from the last 12 months over 80. we dip by 65 or even 60. i'm checking. 73 on the ratio. gold or silver? >> depends on our horizon. if we're looking at 2022 and beyond, silver is more likely to outperform. gold is likely to face a turning

point when we start to see the fed tapering and market start to price in fed rate hikes. silver has a larger component being driven by the industrial sector. given the focus on renewable energy and silver is used for solar panels, we think the industrial use is likely to lifted the floor for solar markets and see prices benefiting from both retail investor demand and consumption starting to improve as well. opportunities for silver supply growth the next couple of years. for gold, the floor starts to come back. we see the upward momentum is likely to be capped. we think it is important to note where gold prices are at the moment, it is not over invested. we are not looking at gold prices struggling where there is weak positioning at the moment. position is relatively light in gold appeared yvonne: thanks for joining us. let's get to the first word news. we have funny quinn in new york.

-- we have bonnie quit in new york. bill hwang bloomberg has learned the european union will not reimpose restrictions on the united states. in this display cases exceeding the threshold. no infections have risen to 270 per 100,000 in america. the people limit is 75. the e.u. guidance as a recommendation. whether to admit u.s. travelers rest with each member state. the number of airline seats being offered in china has dropped the most since the beginning of the pandemic. rising cases of the delta variant have spurred fresh travel restrictions and dampen tourism on the mainland. aviation data shows peak complexity plunged 32% in one week. the latest outbreak has impacted more than half of china's provinces. china has punished dozens of local officials for failing to curb an outbreak of covid infections.

authorities in wuhan found nine cases after mass testing more than 11 million people in the original epicenter of the pandemic. china's former health chief says the idea of living with the virus is unacceptable. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm funny quinn -- i'm vonnie quinn. >> india's revenue secretary says the government is in talks with vodafone and current energy to settle tax disputes. discussions come after india abolished a rule on retrospective taxation to attract investors. >> we have not been influenced by the arbitration matters which are going on in the various courts. it has taken about six years for the arbitration matter to reach

its logical conclusion. one can imagine how much more time it would have taken if we had followed the process of judicial courts. one does not even know what the decision would have been in the courts if the matter had gone. it could have gone in our favor. we have taken this view that it is a sovereign right. it is not a matter of arbitration. i think it is our own decision we have taken where we want to give stability and certainty to taxation rates. and for foreign investors who are now looking at diversifying their supplies all over the world. india has one of the major candidates. we have a lot of candidates who are coming here. it will provide them that initial comfort that if they

come here, there is the government. >> the scrapping of the law, have you heard from photo phone? have you gotten in touch? is there a sense they are willing to drop the cases in the international tribunal? ? the fact there are some informal discussions going on, i would not like to discuss them in the public domain. the answer to the question is yes. >> do you think there is a need for a relief package? >> it would make no sense for the government of india to say it is not enough. it needs a session within the two parties. i'm sure the government will find a solution. we have also said we started with a very large number of telephone operators in this country but now there are only three major players left. it is important these three

major players in the private sector, there is one in the public sector too. what is suitable for the country and for everyone. >> it is a long pending issue. with that being resolved, do you see investor confidence in india being boosted in a significant way? do you see investments pouring into the country now? >> this will definitely have that effect. i say this because of my interactions with investors, especially foreign and u.s. investors. it continues to be one of the sore points they had in their conversations with me. i am sure they are happy. the solution also that has been found by the government is not a

solution which is giving a solution only to the companies for arbitration. this is a solution even for companies for whom we have raised demands and the sword was hanging on their head. >> at this juncture, are there more measures that can be taken to make india a more friendly destination? >> if there are more proposals, it would be looked at very positively. let me say this very clearly. the general impression only interested in variables. i'm interested in the economy. if the economy does well, the revenues will do well. it is not something i want to give up. it helps the economy, i will -- new >> that was the indian revenue secretary speaking with has. we will take a look at the main stories we are watching out of southeast asia.

there are significant covid-19 updates. 70% of singapore's population is vaccinated. it is way above any other country in the region. it is preparing to ease restrictions on other countries are feeling the impact of slow vaccine rollouts. thailand has recorded its highest daily death toll. jakarta as it prepares to live with the virus as it spreads. major cities will only let vaccinated people visiting -- to visit shopping centers and places of worship. only 9% of the population has had both shots. david: the philippine growth numbers we got 30 minutes back, i'm sure you guys get this analogy. how many ladies, you know what your angle is. it depends on the angle. if you look at your on year, you're looking really good. 12% beating estimates. sequential growth, that is the next chart you see. that is going to shop right here

on the top. you're going to see quarter and quarter come down. that is the angle. that is the bad ankle. that is the good ankle. -- the bad angle. that is the good angle. this will percept into the third quarter. yvonne: it is all how you look at appeared at a bubble finds itself at the center of a public debate about women's rights after being accused of trying to sweep rape allegations under the rug. we will discuss china's #metoo movement. this is bloomberg. ♪

david: welcome back to the show. let's talk about the story surrounding allie bubba this week. -- surrounding alibaba this week. the accounts and it has taken public consciousness by storm. yvonne: state media commented. employees are likely to have long-term value and of the utmost crisis for a company. let's get more insight into china's #metoo movement. a china researcher at the human rights watch including women's watch. -- women's rights. way to have you on the program.

i am looking at the social media response. it is remarkable, this hashtag going around. this account from this female employee on her experiences and what she is alleging happened to her. why do you think this case has resonated so well among the public? ? thank you so much for having me again. the victim wrote a long post about what she experienced. for any woman in china who ever worked, who had certain experiences identified in the woman's letter like being called a beauty or being presented by your boss as a gift to the client. even if you have not suffered a kind of sexual assault as she

experienced, there are micro aggressions everyone has experienced. that is why everyone is angry. they are speaking out. david: the quick response -- not so quick response from alibaba, they needed to come out anyway. that was fairly expected. what does this mean for other companies? >> i definitely don't think this kind of sexist culture is unique to alibaba. i have spoken to women in the tech industry. discrimination, harassment is rampant. it hits alibaba by accident this woman who was so courageous decided to take it public. other companies need to think about it as well. to establish anti-sexual

harassment measures. yvonne: we talked to you last month about gender discrimination in the work place and the #metoo movement in china overall has been slow to take off on the mainland compared to other parts of the world. we have a high profile case like the one at alibaba. last week, we had the arrest of the singer actor chris wu on allegations of what he has done two young teenage girls. do you think these cases are leading to a new reckoning in china? >> i absolutely hope so. i think the biggest achievement of the #metoo movement in china is more women are waiting to speak out about their own experiences. women are saying this is happened to us as a whole. there is a lot of solidarity you can see on the internet. this kind of pressure people coming together is having an

effect. china is a politically repressive country. there is a lot of internet censorship. women's rights, activists have been retained by the government. they experience daily harassment by authorities. those are the things hampering the development of the #metoo movement or women's rights movement broadly. yvonne: you mentioned about the censorship. tell us more about how some of these posts or what we hear on the social media waves, how much of that censorship is happening when it comes to anyone who brings about these types of issues. what are you seeing? >> i think if you criticize the company, there is the sexual harassment culture, this drinking culture is fine because vonnie: is it -- because

alibaba is a private company. if you speak against the government saying the government is not enforcing gender discrimination laws, is not the attention to sexual harassment, that can get you in trouble because you are directly criticizing the government. that is the red line. yvonne: even now we are seeing some progress, it seems the odds are stacked against women who do speak up. some women have been sued for defamation by some of their perpetrators. what else needs to happen for the #metoo movement in china to move forward? >> there are two aspects. one is still cultural. i am glad to see women are coming together to speak up in such a courageous fashion. i also observed this prize of

misogyny, sexism on the internet . -- this rise of misogyny, sexism on the internet. they are saying the women who came forward just want to get attention. they consented to encounters. just regular shaming or victim blaming. there is this -- new i think the culture needs -- i think the culture needs to change. the government needs to establish specific laws and needs to enforce those laws. currently, there are things companies need to be be held responsible for in the work place. there is no specific guidelines as to what the punishments are. yvonne: thank you so much for

joining us. human rights watch china researcher. we have plenty more ahead. this is bloomberg. ♪

yvonne: you are watching bloomberg markets asia. jill had, wicket exclusive interviews with india's third largest lender.

discussing earnings outlook and growth strategy overall. also talking about a potential third wave in india. also looking at earnings as well. softbank is going to be the big one. china investments will be in focus today when the company reports results. earlier, we did speak with asymmetric advisors on what else investors are watching. >> what people want to see is by bank to push the share price up like we saw last year. given what has been going on in the ipo market and how strong that has been and how strong technology has been, the asset value is not closing. it is widening. we consider softbank as not being investable. david: encouraging for the bowls. where's our indices some of the likert getting bought out. we will see whether this lasts.

across these markets, it is risk on. we are waiting to see. inflation is a big theme. yvonne: that is going to be the key one here. are we going to support what the hawks are saying that the tapering could happen soon? this is bloomberg. ♪

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>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. the senate moving closer to passing the $550 billion infrastructure plan. but crypto