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tv   Bloomberg Markets Asia  Bloomberg  September 13, 2021 10:00pm-11:00pm EDT

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sentiment in tokyo. rishaad: we've got important data as well. a whole plethora of things like retail sales, industrial production, but later on tuesday, those numbers will be anticipated. whether this holds, chant -- temporary or transitory will actually be in place still. yvonne: we will see those input costs that make these pressures a bit more persistent and will it wake up these bond markets? rishaad: let's have a look. ppi, globally speaking, is going one way. it is up. how does that then feed into consumer prices as well? at the moment we have japan here, nikkei 225 up .9%. this is dragging things down a bit.
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we got the hong kong market down a fraction currently. just coming off these highs we have seen low that 3000 level. that is a current contract. when that gets going, certainly, it is a commodity complex which is elevated in a second. let us get to one of those big, big stories. yvonne, let's look at those movers. yvonne: ever grand is at center today. a whole bunch of news came crashing on the terminals here when it comes today's -- these financial advisor they hired. they warned that they are having lower property sales. i cannot make much progress on these residential sales as well. it's not like they could lay out all the risks involved when it comes to the quiddity side of things. you're seeing these assets lower here today. 14.5% for an ev.
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that is the lowest for the stock since june, 2018. rishaad: some of these moves to reduce that debt, it is movie a glacial speed. we're looking at the sale of the building here in hong kong. it is not being sold in the timetable they are anticipating. we got to financial advisors bought into sort this mess out. as it does to vacancy. wants trading on $28 -- $.28 on the dollar. some of the other ones, the bonds and 2025. a slightly high because there is anticipation that mike at compensation by that time as well. it is something like getting 140 $7 billion in a relatively short timeframe. it is not the only thing we are watching. yvonne: you talk about that note from citigroup. there are these global debt stress funds that are eyeing
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these assets when it comes to ever grand. there is that risky proposition. the dollar bonds may not be more safe than what we are seeing in local markets. commodities though, we are focusing on that. aluminum, we are talking about 13 year highs. we briefly touched 3008 on in london yesterday. iron ore is going in a different direction given the out put curves. we do see wti above 700 points. brent is continuing on this rally here. goldman with his call saying yeah, we could see these oil prices explode if we don't get any news from iran. they are maintaining $80 for the call of oil. the bloomberg spot commodity at 10 year highs right now. whether it is speculation or fundamentals are the key question here. we will bring it to the inflation debate here. while that spur foster -- faster
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inflation? the u.s. could be pretty telling here and that view that a spike in u.s. inflation is temporary. let us bring in kathleen hays with the preview. kathleen, jay powell betting on transitory inflation. what will prove him wrong? kathleen: there are couple things that will prove him wrong. this view of temporary inflation is the big reason for the fed to go through -- not go towards tapering or rate hikes too quickly. it is an important issue. the start with a terminal chart looking at the monthly inflation numbers and the year-over-year numbers. those yellow gold bars on the bottom showed that last month, the monthly number was only 0.5% in july. both bars don't look quite as big. look at that turquoise blue line at the top. 5.4% year-over-year in july.
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the forecast is for a small decrease. if that's where it comes, that will be the third month in a row or the year-over-year cpi has been over 5%. point number one would be the fed sank those are base effects. they will start to fade. those reopening prices will jump like airline tickets yet out those will come down. the first answer is that those temporary reopening things are getting more permanent. how about chip shortages and supply constraints. here is something else they have to look at your that is inflation expectations. the new york fed survey. the turquoise line measures what consumers see as inflation one year out. it jump through the highest since the survey began in 2014. 4% the next year. the higher line is what they expect from inflation three years out. that is something they worry about.
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if people expect higher prices, they could get embedded. the third thing they have to think about is fiscal stimulus. that is the whole point. we are having record peacetime stimulus from the u.s. government. there is another big package in the works. i think the point is with so much fiscal stimulus, former treasury secretary are saying this is a concern. this is the kind of thing spurring demand and will spur more demand. that is an issue. rishaad: there is more data on consumption. industrial output, investment is all due in 24 hours. let us have a picture at retail sales. these sales have been flat for 2021 as that chart shows us here. although the outbreak has largely been under control and a lot of restrictions are relaxed,
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consumer spending will linger and the incomes of consumer providers will take longer to recover. soaring property prices. there we go. that is one quarter, roughly. one quarter gdp emanates from property. we got some of the largest property developers suggesting that things are cooling here. every go. we see home sales declining 16%. yvonne: and if investments will decline as well. infrastructure in focus. we are not seeing china rely on this debt field construction to boost growth anymore. this infrastructure investment disappointing this year. 10% from a year earlier. we are also looking at the employment numbers which have stabilized. yvonne: they will have to make
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million -- rishaad: the have to make millions of jobs. that is a challenge here it this is our guest. it is a bleak picture that we are at the moment, painting but if you're looking at some of the data like the trade numbers which were a big, big blowout. could this surprise the upside? gareth: i think you highlighted the economic surprise numbers and other numbers that have come out have been really negative. if we are looking to raise this fund, i think social spending was slightly up. you have government issuance also up. we suggest that the government will step into help push on this growth. beijing came out and they are still focusing on 6% growth this year. while that is not very aggressive, i think they can achieve it. for us, they are headwinds that the change in regime, properties will struggle, but they are
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sectors that are interesting in china. yvonne: are the growth concerns at bigger worried than the taper talks coming out of the fed? gareth: i think currently, yes. policy out of china will be much more important than policy out of the u.s.. we need to see how the pboc will react. that's why these numbers are so important. it will give real clarity to what covid has done and what needs to be done if they maintain this stable growth. yvonne: i am looking at this one it remains with treasuries. is a strong print from the u.s. enough to wake up this market right now? what do you think? yvonne: gareth: you are right. they are very low they are crossing a little bit of this. i think the biggest risk here is the idea that inflation remains
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above target and we get economic recession. that is the big long-term risk that people are worrying about. we think inflation is lucky to moderate slightly. it's coming from the job markets and it is more these supply issues that is the problem. you have commodities and we got supply lines. we heard recently that they are up a lot from china to europe. i think they are struggling. rishaad: exactly what i was going to come to. you got what you alluded to. got these high commodity prices on top of that, those ppi numbers would suggest would see them exporting rather than
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deflating in the past. gareth: that would add to the problem. we are conscious and quite positive about how the central bank has been around. they have been very proactive in their engagements of monetary policy. the biggest risk is a fall behind the curve. i think the composition of the board is very important. people's experience through inflation will govern their votes. we are seeing how that plays out. how the new governance plays in. although, we don't think they will announce anything. rishaad: the other question is about stagflation. are we really at the moment where investors are on the plane the risk of that? -- playing -- underplaying. gareth: if i had to say, 25% of
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ability of that happening. i think if that even starts showing more son, inflation still remains high, it will be felt first in the emerging markets. they are opposing a lot more woes than they did in the past. they don't have the same sort of growth. i think the risk is playing out. yvonne: i want to get your call on that. most people are thinking we will not get a 2013 light taper tantrum. what sort of thing you seeing and what kind of taper tantrum will you see and get hit the most. ? yvonne: gareth: i think it is clear over the last 12 months that low rates for them to issue huge
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amounts of debts that use this and arguably, the growth because of supply constraints, covid. i think arguably, they are not that strong of a position as some people, with think there is a trouble path. with think there are as many as 10 economies that are facing serious headwinds. against taper tantrum or lease the rates, fed normalization occurs. yvonne: from the fragile fives to the troubled tents. thank you. first word news, we got vonnie quinn. vonnie: house democrats have released a package of tax increases that fall short of resident buttons and missions -- ambitions. this would raise the corporate tax rate to 26%. capital gains tax to 25%. that would raise governor -- government revenue by trillions
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of dollars over 10 years. democratic lawmakers will undo a $10,000 cap on federal deductions for state and local taxes. india's headlight inflation rate eased in all of this. it will boost the case for the central bank to keep interest rates lower for longer. consumer prices crept up from a year earlier. the slowest rate since april's rise. opec is predicting stronger demand for its crude this year and the next. the world will continue to face and oil deficit over the coming months, even as the members provide idle productions. level oil consumption will reach 100 lun barrels a day in 2022 which would exceed pre-pandemic
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levels. -- 100 million. the per -- by the administration will have new investigations against china. they were uphold the spirit of last holds conversation seeing president biden. the u.s. is wagon inquiry into chinese subsidies as a way to pressure beijing on trade. a global scientific panel says covid-19 vaccines work so well that most people do not yet need a booster. a report published said that governments should focus on immunizing the unvaccinated and wait until more data on which boosters will be more effective after these doses. this is based on a wide range of real-world operational studies and clinical trials. "bloomberg markets asia." i am vonnie quinn. this is bloomberg.
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yvonne? yvonne: still ahead, new iphone drops this week but supply chain issues in a cheap -- chip shortage could affect its rollout. rishaad: the ever-growing selloff is continuing this morning after they hired financial advisors to solve its cash crisis. details are up next. this is bloomberg. ♪
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yvonne: china ever grant says they have hired financial advisors to assess the capital structure and address the liquidity problem. rishaad: this comes amid protests at the chin zhang headquarters over their products. we will discuss all of these wells at ever grant with stephen engle.
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steve, i'll kick off with you. where are we with all this. stephen: feels like the endgame, doesn't it? we don't know what the end result will be but it feels like we are in the throes of sub kind of death if you will? we will have to see. the bonds are trading at $.30 to the dollar. we have protests corrupting in at least three cities we know of across china, wanted to get their returns on wealth management products. at the headquarters yesterday were police were called and came in up in shenyang. there were employees who were protesting about their wealth management problems. there were protests from homeowners who were not necessarily getting the downpayments they got. ever-growinsaying we hard to sit
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financial advisors who most noticeably handled the lehman brothers issues. they are a massive company. they will explore all feasible solutions to ease the cash crunch. what can you do? your prospects for property sales, they have acknowledged our pretty much dwindling. they haven't been able to sell their hong kong property. they haven't done these asset sales. the need some sort of capital restructuring. it is a long road ahead. yvonne: what will this look like for ever grant at this point? >> i think it depends on your vantage point if you are macro
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weighing it, you might say, this one down, probably not. china already has some experience like basically winning down financial companies. if you are asking can i get some money back from ever grant, the picture is not looking good. this is not orderly. china is no longer going by the significant seniority. how much claim you have. right now, we are seeing those wealth management products sold by ever grant wealth are all off balance sheets bouncing products. investors are getting it back. i would say in that sense, it's not going to be orderly at all.
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rishaad: when you are trading at $.30 to the dollar, are you in effect, done? >> this pricing level is lower than some bonds that have not defaulted. it is not just that a default is in order but the fact that the investors are not expecting much recovery. it is almost inevitable at this point. stephen: i think some of the protest, the wealth management products have been given unpalatable options. take cash but staggered over every month with some interest in lieu of cash, maybe a property or here? no prognosis to be built. again, they need cash. they have not been able to dispose of their key assets here
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and they have a sizable land bank. they should be able to raise some immediate cash. yvonne: you can see this often the bonds here this morning and this'll got 670 million that they had the payback this year. thank you so much for joining us with the latest on ever grant. we will tell you what to expect one they unveiled a new product lineup today. she will join us to discuss the offering and what this means given the supply chain issues. this is bloomberg. ♪
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rishaad: a bit of recovery happening with the h s -- hang seng index. it is turning positive. we are looking at the likes of lenovo drying things up.
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tencent moving to the upside as well. some of the stocks which is helping to lift us back into positive as this overhang remains. yvonne, we are heading towards the japanese lunchtime break and the play for the political stakes are high. yvonne: foreign investors are trying to snatch up equities as we await this leadership change. we are hearing for lines. they -- he will back him if he is not running for prime minister. it is interesting to see how much optimism will continue on. we have reached the highs. we broke above the highs this year. we are inching closer towards that 1990 level when it comes to the nikkei 225. rishaad: nothing with the 40,000 levels we saw in the 80's.
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there will be some shenanigans, as it were. we look at their odds and he is seemingly the favorite. let us see how his policies could affect the economy. we will talking about this in the future. (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of anything. (announcer) if what you're currently doing to lose weight isn't working,
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rishaad: 10:29 a.m. here in hong kong as well as shanghai, turn tournament in new york, making it 7:29 him in long beach, california where we are at the moment, that is joe biden, railing voters to vote for california governor gavin newsom on the eve of the recall election, in early test perhaps of the vulnerability of the democrats. california is a staunchly democrat state.
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but there has been a resurgence among republicans there, and he has got to get the vote out, in essence. yvonne:. yvonne: it seems according to some surveys that newsom appears in position to keep his job, but in other states replicate what they seen here and democrats can keep that hold? that will be the key question. the president in california this evening. rishaad: will stay in california and have a look at apple. yvonne:. yvonne: yes, they will be launching these new gadgets. there are a lot of questions about, a, whether they're going to look like. rishaad: how do they kick it out of the park like before? everything seems to be inside processors. that is the challenge. we will be talking about this in a while. we were talking about it quite a lot as well tomorrow, no doubt. let's check with what is going on with east asian markets, we have jakarta coming on stream at the top of the hour, thailand
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coming on stream in about half an hour, and that is a look at what is going on in vietnam, to the upside. malaysia struggling just a little bit. yvonne: singapore's parliament has introduced a bill empowering the government to investigate and stop foreign actors from influencing national politics. and indonesia is aiming to raise 21 billion rupiah government bond auction on tuesday. in the philippines will impose small and targeted lockdowns from this week, even as covid infections continue to rise there. david: looking at the leadership race in japan, looking a little different this morning. it is reported that the former defense minister ishiba will not run in the race to succeed yoshihide suga as the head of the liberal democratic party, the ldp. yvonne: joining us is our tokyo
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deputy bureau chief, sophie jackman. what does this mean for the leadership race now? sophie: with the former defense minister, issued by, out of the race, we have three candidates, the vaccine minister, cardinal, former foreign minister kishida, and the former internal affairs minister ,takaichi. reports say that ishiba is willing to throw his weight behind cardinal, responsible for the vaccine rollout that has stepped up a lot in recent months -- cono. he is the most popular candidate. he ran to replace shinzo abe last year, it has just one year since we had suga in power. he lost at the time. ishiba is not a popular guy within the senior leadership of the party, but very popular with the rank-and-file party members and the public as well. so that is a big boost to kono.
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but he needs to make sure to take that endorsement carefully because of the potential of him being poisoned among some excellence of the senior leadership of the ldp. rishaad: some people have likened this is a race between who is the blandest, if you like. [laughter] that's to be differences between the candidates. what are they? sophie: absolutely. so, suga, the man who will step down, sort of inherited and policies from shinzo abe. whoever comes next will have to differentiate whether there will be an abe part three, or something different. the foreign affairs minister is apology of abe, possibly a part three.
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she is big on abenomics, aggressive monetary easing and big stimulus. the other candidate also raises that flag of ethanol mix, saying that we need to stick to the 2% inflation target, when japan has been in deflation for many months. the minister for administrative reform, he says growth drives inflation and that is how it should be, not the other way around. so he may decide that this is no longer something we need to wave a flag about. with economic and fiscal policy being the difference, that's our of inheriting abenomics but may be trying something different. yvonne: sophie jackman, thank you. let's get to the first word news, vonnie quinn in new york. vonnie: thank you. china evergrande group says it has engaged joint financial advisors to find a way out of its debt crisis. in a stock exchange filing, developer says it wants to reach
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a solution for all stakeholders as soon as possible. earlier police were called to its shenzhen headquarters, where protesters were demanding repayment on overdue wealth management products. australia is developing a digital vaccination pass in a step towards further ripping its borders. accenture won the tender to deliver the past, that the government says will help increasing numbers of australians return home, along with travelers, international students, and skilled workers. australians vaccination rates turns at 34%. president biden will host the leaders of india, japan, and australia next week for discussions that will include countering china's expanding influence over the asia-pacific. the first in person submit for the group known as the quad, will help biden's goal of making the region it top priority for foreign policy. the agenda will also include the pandemic, climate change, and emerging technologies.
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singapore's parliament is considering a bill that would allow the government to investigate and stop foreign actors from influencing national politics and inflaming social issues, the latest move to exert control over online content that the government deems threatening. a two year old law against so-called fake news has been used by singapore a number of times in order to have social media sites like certain posts. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne: apple says it has patched a security flaw after cybersecurity researchers determined it could in fact phones with spyware. this comes a day before a highly anticipated product launch event on tuesday. rishaad: we have the senior research manager for devices at idc asia-pacific.
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it quite often turns into an advert for apple, but let's be more critical here, what are they likely to come up with tomorrow, and how will it change the game, if at all? guest: so there will be the usual new iphones, most likely upgrades. if you look at it, the increments may not be significant, but i think if they make camera improvements and maybe bring fresh displays, that will trigger a lot of upgrades, especially for the older iphone users, and apple has a database of that. yvonne: what would warrant an upgrade, at least at this point? you talked about how it doesn't look very different. do you think racing could be an issue as well, given the inflationary environment? -- do you think pricing could be
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an issue as well could that impact demand if apple has to raise the price of iphones? kiranjeet: i think if apples sticks to the pricing from last year, that is the sweet spot for the lower-priced iphone models. otherwise, apple has a lot of stickiness. its customer voice is one of the most loyal. anyone who wants to use an iphone upgrades to an iphone. that every year creates an upgrade cycle for iphone users. rishaad: we have been talking a lot about supply lines and bottlenecks, and we saw in july that there were problems at apple. have they been resolved? will this phone be available in the numbers that people expect time for christmas? kiranjeet: we are at the point
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where almost everyone in the industry has been impacted by supply shortages. i think it comes down to what kind of relationship you have with suppliers and how you do your demand planning, to secure those orders in time for others to i think apple is in a fairly strong position that way. while we do see tightness, even if apple has to cut down on its supply for the older iphones, who have supply for the new phones. yvonne: when do you expect this cheap crunch to be over. you mentioned that apple might fare better than other companies out there. when do you think these issues might be resolved? kiranjeet: because of the very huge demand, we should expect to see the pandemic induced spike
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which we have seen in the last couple of quarters start to wane. the supply situation should improve. on the other hand, earlier this year, we saw a lot of device makers overbooking for the components. next year we might see the carmakers doing the same. if that doesn't happen, hopefully by the end of this year or early next year, we should start to see the situation stabilize. if overbooking starts, then we are in for another roll. rishaad: how does the iphone and some of the other products associated with it stack up next to the offerings of other smartphone makers such as samsung, on top of that we have show me -- xiaomi and the likes? kiranjeet: while we been -- well
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we had really started to expand. the only big competitor for apple in the premium space is samsung, with huawei gone. that is a good spot for apple to be in. we do see a lot of growth from xiaomi and some of the other chinese players, but it is more towards the entry-level segments or the midrange. the point where apple is at, they face a lot less competition there. yvonne: the app store is very much a part of apple iphones. i wanted to get your opinion about this apple versus epic ruling. epic is appealing, but who do you think won in this case? kiranjeet: it is kind of a mixed bag for both parties. it is not really going to turn
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things upside down for apple. apple will have to likely open up more payment options for the developers. it had already started to do that, it was looking at more payment options outside the app store. but i think the bigger question here is, in the bigger scheme of things, how do these digital gatekeepers like apple, or do we think companies like spotify and epic are altruistic? ultimately i think it will end up with more regulations in the digital space. rishaad: thank you so much, kiranjeet kaur. coming up, we are looking at crypto market ms. chief. [laughter] walmart denying a partnership with litecoin, but the cryptos getting a jolt. that discussion is next. this is bloomberg. ♪
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erg. ♪
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rishaad: er back with "bloomberg markets." walmart and a press release global news wired say they are investigating after a quickly discredited fake statement claimed that walmart was going to start letting customers pay with litecoin. i think it is something like 15
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to in the realms of digital currencies, lesser-known, at least. yvonne: let's bring in su keenan, joining us with more. both walmart and litecoin quickly denied such a deal. what happened? su: both backed away and discredited the system. in fact, the litecoin creator who spoke bloomberg, admitted the foundation screwed up a bit in retreating a fabricated announcement -- retweeting a fabricated announcement. he woke up in the morning and saw the news animatedly thought, that's awesome. the discredited announcement was put out there, all the parties involved are trying to find out what is behind it. and charlie lee, litecoin's creator and managing director of the foundation, denying that it had anything to do with it. he told us about his reaction.
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take a listen. >> the thing is, with litecoin, anyone can start supporting it and accepting it without talking to me or going to the foundation. so what happened business news got released by global newswire and reuters and one of our social media guys saw it and actually thought it was true. su: so he said an employee had retreated the fabricated announcement, not realizing it was true -- had retweet he said they will make efforts to make sureed. . that -- he said an employee had retweeted the fabricated announcement, not realizing it was true. despite that, litecoin spiked 30% higher before the denials brought it down to earth.
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rishaad: in a week of crypto regulatory scrutiny, how does this factor into the bigger picture, i suppose? su: well, if you think about the reaction of some of these cryptocurrencies, it was positive news. now it looks like it is a bit of a blackeye. litecoin issuing a statement that they are going forward in all due diligence to find out where this may have originated. walmart also trying to find this out but tracking down the perpetrator could prove difficult. many are arguing that this is just another concern for cryptocurrencies. back to you. yvonne: su keenan joining us with the latest out of new york. this line crossing the bloomberg, this startup, they are a battery swapping technology, they have those electric powered scooters. they are said to be in talks for a one million-dollar spac merger. those talks are underway through
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a public merger with a global holdings corps which is a blank check firm. evaluation of $1 billion or more, we could be seeing the announcement as early as this week. . the deal is not finalized at this point. rishaad: yes, a deal that could value this at more than a billion dollars? there we go. let's move along and have a look at the latest headlines. grab lowering its full-year sales outlook of southeast asia battles what are the worst covid-19 outbreaks. the ride-hailing and food-delivery giant expecting net sales of 2.2 billion dollars. they were looking at $2.3 billion before. the company says pandemic restrictions are creating an uncertain operating environment. their revenue doubled in the third quarter to $180 million. stellantis is set to take control of its jeep joint venture in china.
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the company is an advanced talks with state owned partner gac on raising its stake in its overseas jeep operations. stellantis shares are up 1%. of course the company was known as fear before. qualcomm has made a formal bid of more than $4 billion for an automotive tech company, an offer of $37 a share, beating a rival bid from magma international. it is interested in the company's software division, which helps the cars perceive and make driving decisions. staying with things automotive, toyota is objecting to proposed tax credits for electric vehicles in the u.s., claiming that the plan includes exorbitant tax breaks for the wealthy. the automaker complained. the tax break would let anyone
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who earns over $400,000 a year eligible for the tax credit. taylor says electric cars shouldn't be just for rich people -- toyota says electric cars shouldn't just be for rich people. yvonne: asian stocks are slightly higher on the back of what we were expecting around this day. u.s. inflation numbers. treasuries dipping. fx-wise, mixed when it comes to the dollar, looking softer and against some em currencies. the commodity space -- shanghai futures, of by 2.5%. we have seen these 13-year highs for metal, aluminum, copper has been seeing that reflation trade kick in. so a lot of questions about what this means. oil extending that six-week rally as well. the u.s. gulf also bracing for another storm just weeks after
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hurricane ida so we are seeing, gas prices shoot up and crude, wti up about $70. rishaad:. rishaad: the commodities complex up to levels. levels not seen since july 16, 2015. this is bloomberg. ♪
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rishaad: this is "bloomberg markets." coming up on the show, and exclusive with the chief executive of the indian property developer prestige group. we will be discussing the real estate sector's recovery prospects, in a country ravaged by coronavirus. more on the markets with our next guest, michael every. he saw the call between u.s. president joe biden and xi jinping on friday as, he said, what does it mean for everybody? that means free, that means good markets. he says, no. we will find out why. and tuesday's key data point will be u.s. inflation. just seeing perhaps a 5.4% handle year. here are some of our guests who have been weighing in on the great inflation debate. >> that uscp i print.
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>> that is a key point for tomorrow. >> that leads to when we feel you may start to see the taper. >> the fed will make up stories to fit their story, which is inflation is transitory. >> a lot of uncertainty about inflation. >> any upside surprises. >> particularly surprises to the upside. we have to think about what higher prices do. >> the persistency of inflation. >> to what extent there is a negative feedback. >> a lot of that coming to play at the next fed meeting. >> it is a bit of a dangerous game. yvonne: some of our earlier guests, and what they expect on the uscp i print. how strong of a print do we need to see to wake up these bond markets? that will be the key focus. it seems we need other things to shake things up, because treasuries aren't doing much. rishaad: 10 year yield at 1.33%.
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we are looking as to where we go in the future. will it be temporary, given the factors we have been talking about? we were talking to our guest from nomura earlier, we have commodity prices elevated, we have supply-chain restrictions, on top of that, commodities and where they are. yvonne: yeah, and then you have evergrande right now, bad news upon bad news. they have financial advisors at least, to help them navigate what looks like it could be a debt restructuring of some sort. though there are protests among buyers as well as employees. that is happening across china, they are talking about how they are forecasting lower property sales. no progress on hong kong's residential unit. the bad news just keeps piling up. rishaad: and then they brought in a couple of financial advisors in order to try and ease this crisis. the bond is trading at $.30 on
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the dollar, $.28. at the moment, unable to guarantee that they are going to be meeting any of their financial obligations. yvonne: plenty more ahead. 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 am emily chang in san francisco, and this is "bloomberg technology." coming up, walmart roped into a a crypto hoax. a release claims the massive retailer will start accepting litecoin as a form of payment. only


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