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Good morning. India studies possible Taiwan war scenarios, retail workers are fed up of getting caught in the culture war crossfire, and Gol [View in browser]( [Bloomberg]( Good morning. India studies possible Taiwan war scenarios, retail workers are fed up of getting caught in the culture war crossfire, and Goldman will cut underperformers next month. Here’s what’s moving markets. Taiwan Scenarios India is studying possible responses to a potential [Chinese invasion of Taiwan]( after the US made discreet inquiries on how the nation could contribute in the event of a war, according to senior Indian government officials. The study, commissioned by India’s top military commander, will assess various war scenarios and provide options for the giant Asian country in case a conflict breaks out. Some Indian military commanders believe that strong statements may suffice as a response in case the war is short, but ultimately that will not be enough if the conflict drags on like Russia’s war in Ukraine, the officials said. Under Prime Minister Narendra Modi, India has developed a policy of “multi-alignment,” effectively hedging its bets by fostering close ties to the US while refusing to join international sanctions on Russia. That policy will be tested in the event of a drastic deterioration of US-China ties. Retail Workers To be a US retail worker in 2023 means fielding an onslaught of growing American anxieties about everything from high prices to politics. Earlier this year, Target employees were subjected to what CEO Brian Cornell described as “gut-wrenching” threats. Nearly four out of five companies have seen a rise in “guest-on-associate violence.” Increasingly, the job requires training in de-escalation, but one study found that less than two thirds of lower-level-employees have received such instruction. Today’s [Big Take feature looks at]( how these issues, plus low pay, erratic schedules and monotonous tasks are challenging the 8 million Americans working in retail, some of whom say the job isn’t worth the wages. Goldman Cuts Goldman Sachs plans to [dismiss “underperformers”]( as soon as October as part of the firm’s annual evaluation of staff, the Financial Times reported. Reductions will be at the lower end of 1% to 5% of its workforce, the newspaper said. Chief Executive Officer David Solomon reminded investors on an earnings call in July that the bank had resumed its regular performance-based process, which was paused during the pandemic. The news comes as [Solomon’s decision-making is under intense scrutiny]( with internal criticism surfacing in outlets including New York Magazine and the Wall Street Journal. Those stories reported that his curt leadership style, coupled with his less-than-successful forays into retail banking and use of the corporate jet, has sowed dissent among the firm’s ranks. Solomon told CNBC in an interview on Thurday “it’s not fun watching some of the personal attacks in the press,” and, “I don’t recognize the caricature that’s been painted of me.” Futures Down S&P 500 futures and Nasdaq 100 contracts both fell nearly 0.3% as of 5:34 a.m. in New York. European stocks are down and Hong Kong scrapped trading for the day because of heavy rainfall. Oil fell, gold advanced and Treasuries were little changed. The dollar’s rally stalled, but the Bloomberg Dollar Spot Index is still set for its longest streak of weekly gains since 2005. The offshore yuan headed for a record low after the PBOC set the fixing at a two-month low. Coming Up… Federal Reserve Vice Chairman of Supervision Michael Barr speaks at 3:00 p.m. New York time. Wholesale inventories data for July is out at 4:00 p.m. followed by consumer credit at 9:00 p.m. Kroger and Rent the Runway report results. Next week, look out for the August CPI report and mortgage applications data on Wednesday. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - Sliding Apple shares [wipe out nearly $200 billion]( of market value - Hong Kong [keeps city closed]( after heaviest rainfall since 1884 - Biden won’t meet Chinese Premier Li during [weekend’s G20 summit]( - [Bogus jet engine parts supplier]( for 737s may have faked LinkedIn profiles - US government investigates [advanced 7nm made-in-China chip]( - [Gas futures jump]( as Chevron LNG workers in Australia begin strike - Failed crypto firm boss gets [11,196 year prison sentence]( Bloomberg macro strategist Marcus Wong on dollar momentum It looks like there’s no stopping the bullet train otherwise known as the King Dollar — at least for now. The Bloomberg dollar index is heading into the eighth straight week of gains — the longest stretch since 2005. The greenback continues to ride on what’s seen to be superior US growth, especially relative to peers in the European Union, Japan and China. This week’s unexpected improvement in US initial jobless claims data shows an economy which isn’t quite slowing down just yet. It’s always chancy to run against momentum, and this rally is no exception. “It does look too risky to short the dollar,” said George Boubouras, head of research at hedge fund K2 Asset Management. “The higher-for-longer Fed funds rate theme will dominate and markets will start pricing in rate cuts in 2024 a number of times, we believe, unsuccessfully.” Others in the market are also getting out of the way. "We are changing our view on the broad USD; we now see it strengthening through end-2024," HSBC strategists including Paul Mackel wrote in a note on Thursday. They reckon as the Fed's tightening stance transmits into the economy, a faltering global growth outlook will be dollar supportive. For those on the receiving end of dollar strength, the surge has rung alarm bells with a number of countries stepping-up efforts to defend their currencies. Japan on Wednesday issued its [strongest warning in weeks]( against rapid depreciation in the yen, with Masato Kanda, the top currency official, saying the nation is ready to take action amid speculative market moves. On the same day, the People’s Bank of China similarly sought to defend the yuan with the most [forceful guidance on record]( with its daily reference rate, as the managed currency weakened to a level unseen since 2007. Read more of [Marcus Wong’s stories]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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