Revenue still going. We will see how this develops. The Second Quarter sees europe shine with the sector moving 2 . Premiums will stay elevated to combat inflation. There is inflation pressure, but we have rate increases and those are we have the ben pefit from investmt income. And we await the latest inflation print with the Federal Reserve possibly looking to the end of the hiking cycle. And disney revealed a larger than expected subscriber loss. Bob iger pledging to sharpen focus. We are prioritizing our brands and franchises and rationalizing the volume of content we make and what we spend and what markets we invest in good morning. Welcome to street signs. Lets kick off with data from italy. These are the fresh numbers in july the final cpi for the month has come in down 1. 6 month on month against the preliminary estimate we have inflation up 6. 3 . That is a touch lighter than the 6. 4 forecast. In terms of the final july cpi index, that was flat month on month. Key inflation was a touch lower than expected 6. 4 julianna, that is not the only inflation print people are watching out for today the biggest is the u. S. Cpi numbers. It was a big catalyst for the print last month we saw a rally on the back of that today, i expect leaning 2. 6 a lot of focus on the core number and whether the Services Component will stay sticky yesterday, wall street had a dip. Overnight, asia sentiment was negative on the news that the Biden Administration signed executive order limiting investment into technologies we managed to recover off the lows what we see in europe is actually steady positivity on the board. A lot of green on the heat map the stoxx 600 is up just a touch this morning we continue to see the recovery in the ftse mib up. 80 . Shaking off the concerns of the impact of the banking pact a lot of focus on germany. Up. 60 for the index as a whole. We had a number of companies reporting. We will get into that shortly into detail. To show you the dax is trading positively cac 40 is up 1. 1 . We are seeing a bounce in the luxury names this is a bounceback from the price action we had the last couple weeks with the weaker chinese data the ftse 100 is trading flat underperformer today still up 7 points. A couple of names reporting today. Burberry reporting after earnings with stock up 1. 1 . In terms of sectors, this is what we have at the top which is insurance. A number of insurers have come out with results all of them showing a positive momentum today as karen was speaking earlier on squawk box, premiums continue to rise. That is why the sector is doing quite well real estate is showing a bit a lift today 1. 7 higher. That basket is shrugging off concerns of higher Interest Rates. As we get to a point where it looks like Interest Rates are stab stabilizing, that is getting a boost. The tech sector is up 1. 2 this is a contrast from the u. S. Session yesterday with the nasdaq showing losses. European tech sector is strong we have basic resources down. 50 . Lets talk more about those german report cards coming through which is a mixed bag siemens bag down 4. 4 . Lets me tell you more what is going on with siemens today. It reported a fall in the Third Quarter. The firm flagged weakness in the Industries Unit lowering the fullyear Sales Outlook for the segment. C Ceo Roland Busch spoke out. This was our assumption last time in the last quarter it did not happen with the Chinese Markets being down the domestic consumption and pri private consumption did not pick up it is low, indeed. This is impacting our Industry Business we had a strong order intake last quarter this is the reason why we have a slowdown faster than expected order intake revenue is still going we will see how this develops in the next few months. Other companies that have reported today are rwe with the fullyear outlook after the net income more than double compared to a year earlier. The Company Expects to report 3. 3 and 3. 8 billion euro thyssenkrupp is reporting better than expected Quarterly Earnings with the steel unit. Overall, the industrial giant reported a 12 decline in Third Quarter sales. And recently spunup Hydrogen Unit remains on the growth path. Switching to insurers. Allianz with the Second Quarter operating profit beat at 3. 8 billion euro the german insurer cited life, health and property and casualty business increases and zurch has better profits in the first half over 7 billion this is after the operating profit lastly, munich re has a 27 drop in the Second Quarter profit to 1. 15 billion euro. It has missed forecast listen to the three companies and what they had to say about the economic conditions. We see very Strong Performance in the commercial lines where the rate is below 90 . We see a lot of resilience in retail there is pressure coming from inflation, but we are reacting with rate increases. Rate increases are accelerating. We have the benefit from higher Investment Income. At the end of the day, you have performance for the quarter and Strong Performance for the six months of the year. We have property and casualty growing 10 . We have life growing 18 retail and commercial insurance grew this is in the market which hasnt been growing this month this would give us a lot of headwind in the second half aof the year. We had the back drop to dampen our investment as we could afford and it would mean the earnings power of the future and investment in the future lets talk about the Second Largest Company now by market cap. Novo nordisk raised outlook for the second time amid surging demand for the drug wegovy the giant reported 150 jump in sales of the weight loss product. The Company Expects growth between 31 and 37 . The stock is down 2. 3 , but it will shift to the left here and you see how much it did jump this week. 17 pike on tuesdays session after the select study as we talked about on the show it is a major mover for the stock. A bit of position trimming in the session today. Julianna joumanna, as it was clear, it has been a busy earnings season european earnings cdominated by disappointing beats. The head of the class asset strategy is joining us maxim max, thank you for joining us. One of the disappointing beats we have seen a number of european earners or corporates deliver better than expected results. Why are you calling them disappointing beats . First of all, good morning. Thank you for having me. It is interesting. What is happening is q2 earnings were stronger than expected. You would expect the positive market reaction. This time around, positively surprised on q2, but guidance for the second half of the year has come down. You heard the interviews in the industrials with the outlook gets more and more difficult what the market trades on is not q2 earnings, but outlook and guidance that looks worse than before if you look at the price reaction, you know, if the company beat estimates, the markets traded flat on the day and if they missed guidance, it was down 1. 8 on average it is very asymmetrical guidance t and a disappointing beat if you look at sales growth, sales growth has negative q2 for the first time in 2020 if you see the space coming down and it is tough for companies to cut costs to keep margins stable we think over the course of the year, margins were compressed and that puts pressure on earnings max, let me ask about one sector which is disappointing with the evolution of numbers, but not so much in the share perfo performance. That is the chemical sector. It has been abysmal for the chemicals name the stocks have held up well in the face of the really downbeat earnings performance what do you pin that down to and is there any sign we have seen the bottom when it comes to the chemicals performance . That is a very interesting thing. Chemicals is very interesting to watch right now. Earnings growth and chemicals have been minus 70 . Really bad surprises were worse than expected nonetheless, as you said, Price Performance was flat that was different from what was discussed a minute ago i think that is because it is a short cycle industry it is not an industry with a huge backlog and you can see where orders will go in six months it is what you get right now it is a good replication of the difficulties we have in some of the regions of chemicals what the market now thinks is by now variations are representing a lot of the groups. It is very different to industrials. We had a different reaction function chemicals are trading at cheap multiples. Industrials are expensive. Average pe for industrial is 17. 5 thats not cheap they had better than expected q2 earnings positive bheeteat there. They had to cut guidance this part of the sector is less short cycle. You need new orders to come in for visibility in h2 h2 is more as risk the market reacted rational despite the positive beat. Max, one of the things that stood out from the report and thank you for sharing it with us, is that energy and banking stocks are taking up a good chunk of the earnings season they will shift the overall composite results in either direction. I thought it was interesting as of now about three quarters of the stoxx 600 have reported. We have seen Earnings Growth of minus 16 . If you adjust for banks, it is minus 28 year on year are stock Market Indices priced in for the Earnings Growth recession . To be fair, you mentioned the earnings contribution of energy. If we take that out, again, the picture normalizes when you get closer to the number of minus 8 at the end of the earnings season what is interesting is that those companies tend to report at the beginning of the earning season and those numbers are not reflecting the positive beat we have seenfrom Insurance Companies today. The average number should move up you are right. Banks make up a huge chunk if you take those earnings out, it is flat if you also take out the energy part, energy makes up 20 of Quarterly Earnings, earnings were down 50 this quarter versus q2 last year. You have to adjust for both sides. I think minus 8, including the positive numbers today from Insurance Companies, will be the entry level. We spoke to several analysts the last couple weeks. Many companies are sitting on high levels of margins what are those look like going into the second half of the year now we have actually started to enter disinflationary environment . Absolutely. That is the key message here last year, we had inflation and that balance between supply and demand very little supply and demand increasing and that is turning around with the normalizing on inflation, it is likely we will see a normalizing in growth as we have seen in q2 it will be basically very tough on the short term to adjust cost basis to keep your margins at last years levels to give you a few numbers, last year, the average profit margin in europe was 10 . The 10to15 year margin is 10 . We are moving closer to 7 and our forecast is we move toward 9 that is still pretty good earnings however, lower than last year. Very unlikely you will sustain 10 level we have seen in the high inflation situation last year max, thank you so much for joining us this morning. Fascinating to get more detail on your latest reporting head of European Equity at deutsche bank. In deal news, tapestry is nearing a deal to buy versace Parent Company capri holdings. This acquisition could happen soon it cone owns coach and has a mat number near 10 million. You can see the luxury sector is trading well this morning. Perhaps on this expectation of more m a down the tracks we are active on x and formerly known on twitter. If you want to get involved, im joumanna. Coming up p oon the show, te Biden Administration issues an executive order regarding the chinese tech sector. Shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and its ready to go our cost for shipping, were cut in half just like that go to shipstation tv and get 2 months free nice footwork. Man, youre lucky, just lwatching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes thats what im talking about. [ cheers ] running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes thats what im talking about. [ cheers ] running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Welcome back to street signs. The Biden Administration detailed new rules in the chinese tech firms it requires businesses to notify the government before quantum computing and a. I. And will only impact future investment in chinese tech sam filed this report. Reporter President Biden signed executive order to curb tech investment in china it regulates u. S. Expertise and capital in the country with chips and a. I. And quantum computing. This aims to give the government better visibility too where the money and technical know how is going. The Foreign Ministry today accusing the u. S. As using National Security as a guise and weapon wizing trade. It is making representations to the u. S. Side and urged it to revoke the decision. The Commerce Ministry said it was gravely concerned about the move and reserves the right to take measures, but stopped short of announcing concrete steps there are expectations that china could retaliate further after moving on micron and key metal exports. The curb came up in yellens visit to beijing where she assured chinese officials they will be in scope and targeted and transparent. The proposal is a watered down version than first anticipated some of the criticisms have been it narrowly targets u. S. Private equity and vc investments in china and covers tech investments and not sectors like energy im sam baddas in singapore with cnbc Business News you see the shanghai up. 30 . Hang seng is flat on the session. Nikkei is trading higher 0. 8 . Joumanna, we were discussing this yesterday and the day before this was rumored to be a move from the Biden Administration and sam detailed what this means in practice in that report there. I think the key take here is the Biden Administration is committed to the narrative that they need to restrict the export of the key technologies on National Security concerns. That is the operative issue here it is on National Security grounds. Chinese response is really National Security interests or economics . They see china as a great economic competitor. You cant look at this in isolation. You have to look at this with the actions from the Biden Administration and other administrations. It wasnt just biden they are trying to curb the trading flows. The actions taken last year which was introducing the export restrictions on high tech chips. All essentials in technology would be used for hightech components that the Chinese Companies need have been restricted in response to that, chinese came back and restricted two very important components that the western Companies Use with gallium and germanium. Now the executive order reducing the amount of investment there is a titfortat going on here that was a long way to explain. It is the thing that stuck out is the one our colleague put together looking at how china has been supplying russia with the lower technology and less advanced chips and they have been used by russias military. It was an interesting report because it shows how difficult it is to control the field of semiconductor and technologies how do you create these restrictions in a way that achieves what you are looking to achieve . Some could have dual uses . Do you restrict everything or are you more targeted . Will you get the chips falling through the cracks and what is the Economic Impact on the u. S. And china one final bit of data that i think is important is Foreign Direct Investment in china has jumped 887 from a year ago. That tells you international appetite to inn pvest in china s started to fall with the Macro Economic situation or the political situation back home. Also coming up on the show, will todays u. S. Inflation print cause a soft landing or cause more pain . Well discuss in a few moments when we started selling my Health Products online our shipping process was painfully slow. Then we found shipstation. Now were shipping out orders 5 times faster and were saving a ton. Go to shipstation. Com tv and get 2 months free. Welcome back to street signs. Im Julianna Tatelbaum and im Joumanna Bercetche and these are your headlines sdp a bumper day in germany siemens shares pull back as they miss Third Quarter forecast on falling chinese demand. This is ahead of the strong order intake in the previous quarter. This is the reason why we have a slowdown faster than expected. Revenue is still going we will see how this develops. The Second Quarter sees europe insurers shine with the sector pops 2 the cfo of allianz tell us it will keep premiums high to combat inflation we have rate increases. Rate increases are accelerating and we have the benefit from higher Investment Income futures point to rebound on wall street as investors wait for the latest inflation print where hopes the Federal Reserve may have reached the end of the hike hiking cycle. And disney reveals a larger than expected subscriber loss with bob iger looking to sharpen the focus. We are rationalizing the volume of the content we make and what we spend and what markets we invest in European Equity markets are off to a strong start. Green across the board the greens are broad based here. Cac 40 up 1 spanish market trading higher by 1 the ftse 100 is lagging a bit above the flat line here this is after equities moved higher in yesterdays session as well following tuesdays slump a lot of the reversal in the italian banks. Now in terms of forex markets, the picture here with the dollar trading weaker against the euro. Euro is up. 40 against the greenback. Back above the 110 level dollar is holding against the yen. We have weakness in sterling gdp up. 40 to 127. 64. Coming into the session, dollar index is up 0. 4 on the week. Lets look at the picture for wall street. Green across the board Dow Jones Industrial average is up 175 points. That is implied. Nasdaq looking to open 11 points higher this is after riskoff dominated yesterday with the nasdaq pulling back 1 with the losses by nvidia. 7 of 11 sectors were negative attention turning to inflation with the core inflation print expected to come in 0. 2 this afternoon in the smallest backtoback increase in two and a half years. The core cpi is expected at 4. 8 which is unchanged from the month before the Federal Reserve used core inflation which excludes food and energy lower inflation print would underscore the expectation that the fed would keep rates on hold in the september meeting and potential ly cut rates by the en of the year. Lets bring in our guest this morning. Good morning, filipe let me ask about the numbers that are coming up this afternoon. It feels as though the trend of the last few months crystalizes the view not the case for Services Inflation. What is the outlook for what is happening and what is going to happen in Services Inflation in the coming months . Most of the pandemicrelated effects on goods have come our way. You will still see disinflation and a lot of it is already engrained or realized. Services is the key. There is the shelter component we should see that stretch with more materially in the months ahead just because it lags behind observed rents. Observed rents had deceleration. We have seen it start to pick up that will be an issue down the road we should see disinflation coming forward the real key here is the Core Services it is a big component for the pc basket that is sticky the underlining trend is correlating with wage gains. Without recession and the data is not looking that way, in fact, we are not in that camp, but it should suggest recession is not happening without it, we will see stickiness there we will see weaker inflation in the months ahead that component is critical to whether we are really heading to the 2 target. To get a consensus, the fed is likely to pause come september. What would it take for the fed to want to hike on todays numbers . It is the window to open for one more hike before year end. Ongoing resilience in the u unemployment sector. The broader message is the fed wants to go on hold in the waitandsee approach. It will provide that for the fed. We will continue to see it work out in the pandemicrelated distortion we will see dampening on inflation and housing coming off. We will get that window for the fed to go on hiatus or break or pause. The mistake gets priced in is expecting rate cuts. Still significant rate cuts. They have been pushed out for two years and back half of next year now if the economy is firming and f inflation is not hitting to the fed target, that may be a tough call it is hard to build the case for rate cuts. Phillip, you mentioned you dont see inflation coming down to the 2 target any time soon what with is the time horizon we should think about first of all, the fed gave itself a lot of flexibility by pushing it to 2025 that allows it to go on hold you raised a good point. Inflation, first of all, without pointing to recession, that weakens the Core Services and you will not get down to 2 . The bigger issue is 2 a great target or is it steady pace for the economy . You could argue it is not. We had 2 last decadade becausee had ongoing globalization on inflation and technology impacted all together, it coulincided wih the 2 inflation it steps up the slack after the Great Recession and we started to see core inflation trend higher than 2 going into the pandemic the real case is then it could be 3 . The argument comes if the fed is determined to hit 2 , what does that mean . It means we have to be in subdued growth or recession more often than not politically that is unappealing. That will come up as an issue. That target will have to live with higher inflation is the fed committed to the 2 target . It doesnt seem like there is any appetite to revise higher. Are they committed to seeing that come down to 2 before cutting rates or are they more concerned about the downward trajectory of inflation . I dont think there is any appetite to revisit 2 there is not an appetite to send us into recession to get it, necessarily. Especially with the appetite will dwindle coming into the election year. Both sides of that aisle have threatened the fed independence in the past. The fed has given up 2025 in its forecast to get there. There is a lot of runway past the election it will live with higher inflation as long as the trend is heading down. The issue becomes, as we go into year end, headline inflation is likely to see base effects come through and stabilize and core inflation may drift down it may become evident by early next year. Then it starts to get dicey for the fed. You will not hit 2 and the market willquestions the fed doesnt want to throw the economy over a cliff the window may narrow next year. A lot of strategists have come on cnbc the last couple weeks and i get the sense the narrative is becoming more bearish the second half of the year what is your outlook for how markets treat from this point on there are a number of catalysts that could be bearish ones, but stock markets have been resilient time after time and keep climbing despite the worry. There have been significant worries. We have had entrenched views the markets embraced the recession view despite everybody being bearish. They have run up a lot valuations are stretched you have to pick the target. The key is heading forward is we are in a sweet spot where we unwound the recession camp Growth Continues to move the key is the bond market the y the yields need to remain capped we pulled back from last week with that is key. If we break through the october highs going into unchartered territory, you get a lot of volatility in equities much like the repeat in 2022 people worry about the valuations being stretched, particularly for the high flying equities techrelated names that ran up so much. I suggest our clients in the scenario with decent growth and focus on things with better valuation and cushion support and earnings support that tends to lend itself outside of the United States especially if the semiconductor cycle picks back up. In the United States, the diversified financials sit well in that camp oil services sit well in that pop. And then there is the Airline Industry as well somewhere you get relative earnings support heading forward and away from the high flyers. This gives you a better cushion on the environment and you should start to see if that sweet spot lasts with the broadening of the rally. Certainly, to your point, watch the 10year treasury as it breaks to new highs. Thank you so much for joining us early in the morning. Phillip colmar at mrb partners. All eyes on todays u. S. Cpi print as traders look for signals of the feds future path look how Jpmorgan Chase is looking for the quarter as yyou can scan the qr rcode to learn more something we have been watching closely the last 24 hours. European gas prices spiked as they enter talks with workers as they try to avoid stindustrial action a vote on a potential strike could come next week according to the Financial Times i think the reaction yesterday as we have not spoken about european gas for a long time here we are. Futures jumped 30 it tells you these potential strikes, we dont know if they will go ahead, but if they do in australia, they will have quite a Significant Impact on the market because this note from Goldman Sachs shows the area counts for 10 of lng exports of the y exports you are potentially talking about a damaging psupply if this happens. To your point, this demonstrates the fragility of the situation in europe specifically we are well stocked ahead of the winter and we did weather last winter and it is all thanks to lng. This is crucial to the lng story. And we are still well below the peak in august of 2022 a near 30 jump in a single quarter is notable. We had the conversation to weather the storm this coming winter and if they were out of the woods. Analysts said china was not online and now are back online not back to the big spend people were hoping for, but there will be competition with asian buyers it is a key source of gas which has been cutoff, they will all bid over the same lng supply that is available. Critical. That is a key point. We will take a quick break when we come back, we talk disney they hike prices for the sc streaming products and vows to crackdown on password sharing. We wl vehasty xtilha tt orne uche es it really easy and seamless pick an order print everything you need slap the label on ito the box and its ready to go our cost for shipping, were cut in half just like that go to shipstation tv and get 2 months free nice footwork. Man, youre lucky, just lwatching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes thats what im talking about. [ cheers ] running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Welcome back disney shares are higher in the premarket trade after the company planned to raise prices for streaming services and crackdown on password sharing. It showed 9 growth which was outweighed by tv business. The price hikes are not good for consumers, arabile, but they are cheering with the strategy on streaming. They are as well as the password crackdown taking on the netflix lead they are saying that is bound to help with the number of subscribers. It missed estimates. Above 150 million is where they hoped to be. It dropped off to 141. 6. They lost a large number of subscribers in the india market on the back of the lot of the indian premier league. The biggest cricketing league in the world. They lost the rights to the streaming service. It is hurting numbers. This was bound to hurt the revenue, of course it came in below the 22. 5 billion which was anticipated and then managing to gain on the bottom line. The mixed numbers come into play and they are trying to boost revenue more how to do that subscriber prices, should i say, are bound to go higher you are asking if you arent necessarily getting the money out of the subscribers, you want to get that from ad revenue. That is why there is a change in the price for disney or hulu or espn plus. This is what bob iger had to say with regards to the streaming and how the pricing is going to help the business. The advertising marketplace for streaming is picking up. It is healthy than the advertising marketplace for lineal television. We believe in the future of television on the streaming platforms on disney plus and hulu we are trying without Pricing Strategy to migrate more to the advertising supported tier this is the change in pricing. You look at hulu, the business they will innvest more in they will purchase 33 which is owned by cnbcs Parent Company comcast. Then it comes more into play they are raising that 25 to 17. 99 disney plus going up to 13. 99 that increase could begin to hurt consumers it is because of this streaming losses which were anticipated to be 660 million. You will see it was less than anticipated at 680 million, bu it is a lot in the streaming business and they are hoping to turn that around significantly over the next few years. The price hikes is key here as they are telling consumers to take a price hike. Arabile, when i was reading about disney earnings earlier today, one thing stood out to me and i tweeted it since the launch of disney plus in 2019, the streaming services lost 13 billion it is a lot of money that disney had to deal with and factor in now you just put up a chart showing the losses are smaller and smaller quarter by quarter, but what is the trajectory Going Forward and have they given guidance to profitability . Because they are focusing on it where they are adding revenue to get subscribers to pay further and adding hulu significantly and greater i investment in that play is hopes to get better. It is a loss with revenue as you noted because the creativity plus content base hasnt been as predicted as the others. With the increase in price, they say they can compete with amazon prime and netflix with content and on the other side with the consumers wanting to see the content on disney plus it is going to be a very an deg aggressive strategy bob iger wants to put in. I meant 11 billion in losses since 2019 arabile, thank you for the report shifting gears to wework a name back in focus this week after sinking 40 after flagging substantial doubts over the ability to continue as a going concern. With three members of the firm resigning on governance and strategy the firm replaced them as the stock wallows around the 13 cents mark stunning reversal for the firm valued at 47 billion. Stunning, joumanna the stock valued at less than 300 million what a massive fall from grace there are so many elements to this from the height of 2019 valued at 47 billion. Of course, a lot of corporate world taken up with the added elements and they got close to the discussed ipo that did not take place there were Corporate Governance issues that was the beginning of the downfall you had a new ceo come on and try to turn things around and covid hit. That, obviously, will impact the model where you are taking on longterm leases and extending out shortterm rent contracts of the t contracts a combination for wework. I think what is not what it means for wework as the stock which everybody was expecting a lot for the company, but what it means for the broader Office Market in the u. S. They have Massive Real Estate Holdings wework occupies 6 million square feet in manhattan alone. If they are struggling and not renew leases, how will that impact an Office Market which is already struggling the implications for the big cities stateside is an interesting component. When we speak to the analysts in the u. S. , they always point to the fact that office is the area of most concern we have seen with San Francisco and new york and wework is a good example of how things go wrong. On the programming note, we have the interview with linda yaccarino. Dont miss that at 4 00 p. M. U. S. Futures here is the picture of wall street and how it is poised to open green across the board Dow Jones Industrial average at 200point rebound. Nasdaq is looking to regain ground all of this ahead of the cpi print. That is it for street signs. Im Julianna Tatelbaum. Im Joumanna Bercetche. Worldwide exchange is coming up next. When we started selling my Health Products online our shipping process was painfully slow. Then we found shipstation. Now were shipping out orders 5 times faster and were saving a ton. Go to shipstation. Com tv and get 2 months free. It is 5 00 a. M. At cnbc global headquarters. Here is the five 5. Wall street trying for a comeback futures are moving higher right now. Investors gearing up for the latest read on inflation a data point that could indicate the markets next move we will see what that one is here. Streaming struggles and price hikes. Mixed report from disney has that stock popping in premarket. Plus, beijing responds to President Bidens latest executive order targeting ke