coupons to help you save up to 80% on your prescriptions. - wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. haidi: we are counting down to asia's major market open. markets lookian for a cautious start to the week and global equities remain close to the record set earlier this month. the head of operation warp speed

says the first rollout could happen by mid december. the g20 discusses the virus and the potential remedies. shotspledges to make available to all and president trump won't say if the u.s. will join a global effort. haidi: we are setting up for a cautious start to trading. the aussie dollar holding pretty steady. kiwi stocks are up by half a percent. we are seeing the kiwi dollar trading just flat. u.s. officials say the first vaccinations could be administered in just three weeks if given the green light for emergency use by the fda. aboutare still concerns

how poorer countries will be given access to any vaccine. the vaccineke development team has an aggressive timeline. be do we expected to achieved and a lot of people are concerned about equitable access . of movingre a lot parts here. a lot of movement around the world. drug administration has an advisory meeting that day about the vaccine. health officials really seem to think that approval could be forthcoming at that meeting or soon after. for.is something to look

-- basically said there could be a vaccine to be administered. these are the timelines today the dr. fauci talking about immunization rate by may. starting to talk about herd immunity again. with operation warp speed we did hear about the head of the -- giving vaccines to tens of thousands or millions of elderly people in care homes. place.d a big plan in getting vaccines to

less affluent countries that is a big talking point. a larger focus on the astrazeneca vaccine. it is less expensive and more durable in terms of being able to move from around the world. that is when that little income countries are getting behind. we are seeing more drugs getting emergency u.s. clearance. have seen last week the who say not to use remdesivir for covid. >> the one thing that we can say

-- so much about covid. a lot of treatments have come up . in general the curve is moving upward. about this very complex disease and how to treat it. ride iths down the could be prudent. it just shows the complexity we are dealing with. stopped in its tracks. the world ask about

richest country promising to ensure equality in the deployment of the vaccine. president trump declined to join g20 allies in sharing information. much of g20 was devoted to sharing the vaccine with poor countries. what have we learned? >> we have learned that they have not just an altruistic motive, help the world's poorest , i think there is a pragmatic issue, the g20 saying they will spare no effort to ensure affordable and equitable vaccine access and also saying that they will spare no effort to ensure looking immunization is to stop the virus as a public good. this makes a lot of sense unless he will completely close your own borders to the rest of the

world. you can wipe out every virus case in front of you. said nothing about granting access to the rest of the world. putin and russia offering to vaccine evenntry's though they don't have enough of their own. angela merkel worried about countries like germany being called on to keep this together. she wants to hear more commitment it sounds like to me. tide when iterall comes to climate change, another stark contrast. >> indeed. president trump did not only not

mention climate change but he slammed it. he has taken the u.s. out of the paris accord. this contrasted to the chinese president saying that g20 should continue to fight. let's listen to some of his remarks. g20 members should strengthen the fight against i'm a and continue to play a leading role -- and continue to play a leading role. >> president trump said he walked away from the paris accord. the paris accord was not designed to save the environment, it was designed to kill the american economy. trillions of american dollars sent and that is what would have happened. he has criticized china as one of the world ask about worst polluters not having to pay as

much as the united states would have. this is where the president stands. a lot of people figure they will have the u.s. back into paris accords. a big issue like this together again. haidi: iag sink several brokerages cutting their stocks. it doesn't seem overly compelling. the bank seems wrist with premium multiple. we had iag continuing their placement. cuttingthe equal weight iag hold. sinceggest full day loss july 24. we are seeing a broader and

modest upside for the overall market volumes. let's take a look at the first word headlines with karina mitchell. market demands and to create more jobs. domestic and international conditions are complicated and grim. he says more effort is needed to met sure -- targets are with greater emphasis on international cooperation. and to buy more american products to avoid the imposition of u.s. sanctions. robert o'brien told hanoi that tackling vietnam's undervalued currency could be the basis for reversing u.s. plans for a new term. that vietnam will

want to maintain good relations with china. and prominent activist say they are willing to admit to all charges. joshua wong wrote that he expects to be jailed immediately. wong, along with agnes chow and others, are accused of organizing an unlawful assembly of the height of anti-china protests in hong kong. the former french president nicolas sarkozy goes on trial for charges of nepotism. he is expected to answer questions on so-called burner phones with his been lawyer and using judicial connections to influence the outcome of another legal case against him. he is only the second french leader to go on trial in modern times. global news 24 hours a day by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: we will be live from

singapore after hopes of the travel bubble are burst by rising virus cases in hong kong. market, jp morgan global strategist carrie craig joins us -- weighingwearin vaccine optimism. this is bloomberg. ♪ is bloomberg. ♪

shery: asian stocks look to start the week with little changes. investors concerned about the uneven spread of the virus. strategist atket the j.p. morgan asset management. great to have you with us. you get day-to-day positive headlines and new setbacks. what does it mean for the

rotation trade and this uncertain period between when we start seeing the benefit to the economy? time.s going to be some it still seems like a fractured economy. european situation is on the mend. robust,ks relatively even though there are some cases in hong kong at the moment. as far as the rotation goes, bullishd to be strongly without thinking about a globalized, synchronized economic recovery. we have it in some parts of the world and it will become more synchronized. for now, there are a few hurdles to overcome. that rotation will meet some resistance. i think the rotation will

continue as the vaccine does get rolled out. it's those reasons that keep us cautious on the full move into us thinkingand has about a stagnant rotation into the equity market, and how likely those things are to impact things like the service industry and tourism and allows those liking economies to catch up. haidi: is this part of the world where -- really where you find opportunities? there has been a general shift away from the u.s. being the leader in this. economies have done the best job in dealing with the corona crisis, largely the asian markets.

we are seeing the markets start to catch up more and more. we do see the greatest returns. well to antinue to do certain extent. as you get that recovery happening more in europe and the those markets see as well. there is sufficient demand to see those economies recover. we expect that to play out. there will be markets throughout asia. markets like asia, china, korea, taiwan. shery: it helps that you continue to see this downtrend in the u.s. dollar. our chart shows our viewers. what does that bode for emerging markets currencies and asia compared to other regions? we've seen significant strength but how do they prepare relatively to other parts of the

world? sticks out as the largest in there. we do see that economy start to look better. in terms of asian currencies there has been some strength in some markets. across the board, things have been quite stable. in from bit more coming those trading countries. as we see that recovery into seurism, a lot of the southeast asia nations will start to see currencies depreciate. we've seen banks easing their rates to make sure that we have that stability in these markets levels acrossial the board. when it comes to the outlook, the more that central banks are doing to keep rates down, that currency strength will become

more rewarded. is likely asapital the u.s. dollar weakens and as the growth looks stronger, it will increase those currencies and put upward pressure on them. most are at a point where there will not be significant strength. it will be more of a focal point when think about fiscal policies. shery: at what point does it become a worry, especially for expert economies like korea and taiwan? demand,ng as there is that will be the bigger lift. you have to think about the corporate level and the weakness level. the netit'll bee -- benefit will be from the recovery in the markets around the world which will see -- numbers rise. come of the strength may

through in terms of the currency toward the dollar. as long as there is a global recovery going on, fueling those exports, the currency will be offset by that. haidi: i want to bring up this chart. looking at the stymied travel bubble between hong kong and singapore. we did see that upside reaction terms of cartier and singapore air. every going to continue to see this every time that there is a new cluster or outbreak? does that tell you it is too early to start going back to these travel and leisure stocks? me isn it illustrates to that there is a high -- between governments -- without leaving it back in. you will see this play out in australia.

that bubble would be very much limited. if you're thinking of planning a holiday or business trip it will eventually weigh in on when you do that. hilee things show you that w sentiment can be driven by the announcement, it is going to take some time for things to be materially affected, see how these economies start to operate. we do get excited about the distribution of it, but it will be the tipping point in terms of what it means for travel companies had tourism and business operators. shery: always great having your thoughts. market strategist at j.p. morgan asset management. blackstone is said to be planning a second fund focused on investment in asia. it could be double the size of

the sports one. this is bloomberg. ♪ mberg. ♪

shery: the blackstone group appears to be doubling down on asia. plan to raisem's $5 billion for the second fund focused on investments in asia. clearly assigned that blackstone has been betting that there is big interest right now. they are seeking to raise more than double the size of that 2018 found where they raised 2.3 billion in the prior buyouts. amounts of capital having a lot to do with dislocations

and other side effects of the covid-19 pandemic. out that point blackstone is coming on the heels of many of the big players . theoins kk off which is in process of raising $4.5 billion for its next asia fund. and tpb, moran pincus, baron private equity. they have all been raising large amounts of money in recent years. according to people close to the matter, blackstone could increase the size of its latest investment vehicle, depending on the level of demand that they need in the coming months. is the swifter recovery rate that we are seeing really encouraging this deal flow? >> there has already been a

pickup in the deal flow. that appears to be part of the marketing pitch. on buyout firm is betting continuingut firms thesia as the pace of recovery is faster than the rest of the world, particularly in the u.s., where cases are rising as fast as 110,000 per day. there is some data that shows the deal flow has been picking up in asia and that it could continue to pick up into 2021 as a lot of transactions that were halted previously come back online. back to you. haidi: let's get you a quick check on the latest business flash headlines. firms --- chinese after a key investor demanded an

exit. they are backed by the city government and others will buy equity worth $4.5 billion that hold property assets in china. every grand is looking to list it's property management in hong kong to pay down debt. the wealth management and retail lending services completed -- before new chinese regulations. against chinese companies. --joining retailer the rush of consumer tech companies. the san francisco-based parent company -- j.p. morgan and bank of america are leading the offering whic was initially

filed in august. this is the first time investors have been able to check out the paperwork. we will look at the asia eco-week ahead. this is bloomberg. ♪ ♪ businesses today are looking to tomorrow.

adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. - any idea how much it will cost? - you have a choice. insurance or goodrx. - i have insurance. - insurance is not what it used to be. people struggle to get their prescription covered and prices keep rising. i recommend goodrx. you get free coupons to save on your prescriptions.

- [narrator] compare prices to get the best discounts. - goodrx, smart. - [narrator] stop paying too much for your prescriptions. download the free app today. karina: this is daybreak: asia and i'm karina mitchell. mobile coronavirus infections are approaching 60 million with the u.s. reporting 100,000 new cases each day since october. the drugmaker regeneron -- as governments are weighing easing restrictions for the holiday season. the australian state hardest hit by the coronavirus infections is ready to ease restrictions after no new cases for three

consecutive's days. announced the opening of borders two weeks after lifting the streak -- strict lockdown. chinese leader xi jinping address the virtual g20 telling leaders he is ready to work in cooperation with other leaders with virus research and a vaccine and to make any potential treatment affordable and accessible. supportlined china's for the world health organization and its efforts to coordinate resources at a fair distribution of medicine. to is urging members not lose sight of climate change goals hoping that a new administration in washington will rejoin the group. china says the g20 should raise its game encouraging saudi arabia to go carbon neutral. president trump uses virtual address to criticize the paris deal saying that his decision to pull america out was to protect workers.

than 2700 more journalists and analysts in more than 120 countries. i'm karina mitchell and this is bloomberg. shery:. as a quick check and how markets are training at the moment. we are seeing the asx 200 futures up 0.4% while other stocks are gaining ground. the qe currency was the biggest in an imam -- in and among g10 currencies. we are getting a boost from those commodity prices rising not to mention the firming of the chinese u.n.. u.s. futures holding steady at the moment as we head toward a holiday shortened week. we saw u.s. stocks slipping on friday, holding steady but past that 104 level. we have seen the strengthening all of last week. counting down to new economic singapore third

quarter gdp in the next hour. more global policy makers warn the recovery may be fading. joining us now is the scotia bank head of economics. morning of af fading recovery. let me get started with a broad picture. there were such high hopes for the g20. they paid such a key role. what are they doing now given that we have this global health crisis? >> there are such massive downside risks to the global outlook in the asia-pacific outlook. the covid-19 pandemic is not under control yet, and even though we have seen a robust recovery, we are seeing increasing signs of renewed

softness, and this is something that needs to be taken seriously , and for the global economy to get back onto its feet, we need to see confidence recovering, and that doesn't happen until the viruses under control. a lot of uncertainty. shery: what is that mean for policymakers and countries like the bank of korea? they had said they would hold steady enter at a record low headed into the meeting. what are your expectations? >> i think that korea will stay on hold for now, allowing fiscal stimulus to work on the economy and leaders will want to see how strong and sustainable the economic recovery is him a but my conviction is softening. seen some banks -- in

australia and and in asia, adding further monetary stimulus. simply because they consider this is the fragile point of the recovery than additional -- is needed. haidi: this shouldn't be much of a surprise. is it more meaningful to take a look at the breadth of the recovery that you are seeing in china? >> absolutely. the chinese recovery is coming along. -- has first reflected been quite strong in recent weeks i think it will continue. we have seen a slight softening. ,ooking at the bigger picture

the industrial sector has been the driver of chinese economy in recent months we have seen our strengthening activity in the services sector and on the consumer side of the economy. this is something -- i think this direction is a good one. haidi: we are giving third quarter gdp. india has done worse compared to some of their peers. is there a concern that this may not mean the bottoming of particularly as the are b.i. does not have that much space to move? >> the indian economy has passed the worst of it. ats is clear when you look data confidence and industrial output.

covid-19 is not under control yet in india. this limits the government's ability to stimulate the economy. have not is quite high been able to stimulate the economy enough. last,k the economy will but we will see a rebound in the third quarter data. activities will still say yearficantly below the low. coming up next, the uptick in -- the highly anticipated

quarantine slides. we have the latest. this is bloomberg. ♪

advances we are witnessing in the covid-19 vaccine development, our top priority is toensure affordable and equable access to the

vaccine and diagnostic tools for all. befinancial --need to addressed. it will require financial tools and active involvement of the private sector. if we stand together across the globe, we can control and overcome the virus. it is worth redoubling our efforts to achieve this. >> we can reasonably expect that before the end of the year, a vaccine will be available, but another battle, a harder one, needs to be thought. universal access. >> the u.k. is committed to equitable global access for any vaccine. i would like to see the g20 nations will actively step up and support that effort. >> korea will work in partnership with the international community to put a complete end to the covid-19 pandemic. we will marshal the forces to develop and distribute vaccines.

haidi: the leaders of the world's biggest economies pledging to assure. scrutinizing safety and efficacy data. andrew told us what to expect over the next few weeks. >> this will be important because we will see some of the additional data that has been .eleased .e completely expect it we want to make sure there are no signatures there are anything that could be of concern. everything that has been talked about from the pfizer and moderna vaccine up-to-date has been very positive and leaves me optimistic about this vaccine coming down the pipeline.

francine: you can see part of the most vulnerable population in the u.s. being administered this vaccine by mid to end december. how many would not take it because it is too soon? >> many of our colleagues have been using the phrase vaccines don't save lives, vaccinations save lives. the important thing is to make sure that there is public confidence. it needs to be safe and efficacious. there has been an effort to move this vaccine from an idea into something that is ready to be rolled out into the population shortcutsof the court -- -- production shortcuts. they are shortcuts that have allowed the companies to make large amounts of vaccines while they are testing. the safety and efficacy have not

been shortcut in any way. francine: is there any debate about whether these new vaccines could alter your dna longer-term? >> there have been no reports of anything like that in terms of long-term effects, but it has only been tested for a few months in humans. we have a wealth of data from animal studies which suggests that those types of things are not occurring in the animal models. as the vaccine gets rolled out to this first group of individuals, it is most likely to be frontline health care workers and other medical staff, elderly residents of long-term care facilities and residencies, highly vulnerable populations. that first round of vaccinations will come with it.

additional monitoring. monitoring for safety and efficacy that will keep going during this first round of vaccinations where we will try to target the most at risk people. the other good news is that both moderna and pfizer have data that suggests the vaccines are working well in the elderly. good signals from the per limitary data. it is now about an effective vaccination campaign. >> because you can keep it refrigerated for 30 days? >> they are the same type of vaccine. moderna that madura --

is three weeks behind pfizer in terms of the clinical trial. i expect similar results from moderna. important. issue is though they are the same type of vaccine, moderna appears to have the vaccine at different temperatures. i'm sure that pfizer is testing other storage capabilities for the vaccine. they have set up freezer banks haves the country and many set up freezer banks to try to aid in the distributional of pfizer vaccine. the moderna will be easier. pekoszthat is andrew speaking with francine lacqua and tom keene. more on vaccines ahead --

previously assistant for bio defense. a reporter was meant to be on the first flight from singapore to hong kong. i'm really sorry that trip was cancelled. this shows how tenuous these relationships are. this involves a lot of testing. you are supposed to be tested on arrival again. announced that coming back, you would be tested again, but that was called off at 5:00 p.m. local time on saturday as we continue to see the spike in hong kong.

now involved which means it will be a big deterrent for a number of people that will be hoping this would start to get normal travel. this is a huge blow to businesses. i have a chat showing how much we have seen optimism in the lives of café specific -- cathay pacific and singapore air. there seeing reaction in share price after the travel bubble had been announced. cathay and singapore were sent to do three or four per week. now we have learned it will be delayed for two weeks. at the moment it is below five presidio. -- five per city.

hong kong had 68 on sunday, the most in three months. we are hearing that hong kong is -- haidi: we are hearing that hong kong is offering payments to those affected by the coronavirus to get testing? >> absolutely. in hong kong and singapore, there is now a financial incentive to try to help people who do get coronavirus in hong kong. with 645 u.s. dollars. the hong kong health secretary announced this and will give more details. they are trying to say that this would hopefully encourage more people to come forward to get testing. we know there has been a -- and hong kong specifically linked to centers.nse anybody who went there needs to get tested.

the businesses have been linked to these fresh cases and will be shut for five days through november 28. a bit more perspective on the travel bubble delay, our special asia consultant will be joining us in the next hour for his thoughts on the prospect. we will be also hearing from -- international communication. , women have to ask for a promotion and male colleagues are likely to be given the job. on these gender differences in the workplace. this is bloomberg. ♪

shery: breaking news out of south korea. we are getting the trade numbers for the first 20 days of november. exports rising 11.1%. the daily average export number is a gain of 1.6% year on year. when it comes to where the exports went, china with a 7.2% year on year rise. the first 20 days of november. what category? rising much smaller, 1.3% year on year. perhaps expecting slower

domestic demand. we have seen a recovery in external demand. half a working day. the daily average exports for south korea in the first 20 days of this month rising 7.6% year on year. --ry: haidi: women working in the finance industry have to ask for promotions if they want to get ahead. compared to men who are more likely to be given the job. a survey shows 76% of men were offered a promotion without requesting one. 67% of women. tell us about the report's key findings. this line i found particularly compelling. the findings provide evidence of a culture that things come to men without them asking, essentially. >> yeah, this was an incredibly interesting survey. it was done by our dare

investment management at australia's national university. they sent for survey out to finance professionals in australia. one of the most interesting things that they found is that are askingand men at the same rate for a pay rise or promotion, there is no difference. , seven years after sheryl sandberg told women to take charge of their career, women are doing that. a huge, where they found difference is where women are not asking. that's when they found they are still falling behind men in terms of promotion and a pay ga p. but butliminary data, they have highlighted portfolio managers getting 150% more than

women, compliance, a pay gap. let me say that the numbers are really appalling, especially in a time when you think you are making progress, especially in australia. you get these numbers. what is the reason that we continue to see these gaps? >> that is true and that is something they wanted to look at. the unconscious bias training. if you have it, there has to be bias that translates to paid discrepancies. there is no clear answer in terms of why they are so huge. one reason it could be that there is a lack of transparency is --ms of how they data

the equality agency collects raw data. companies are required to report the pay gap. we know the u.k. has been doing this now for about three years. you don't have the same sort of pay scale that you have in places like academia. i did ask theing researchers. perhaps this could go some way to explain it. haidi: what are they hoping to achieve with the report? >> ideally what they want to achieve is a change in corporate culture. when you control for these functions like time out of the etc.,rce, education,

there is still a pay gap. it comes down to gender. is forey want to achieve record --e a recognition that there is an ongoing issue. the narrative has changed to this idea that the pay gap does not really exist but when you drill down further, it does exist. it is a work in progress. another thing that researchers want to look at is how ethnicity is impacting the pay gap. haidi: andreea papuc joining us from sydney. the hongming up with kong-singapore travel bubble on ice, how will the airlines react? will be here for a look at the markets at the start of a new week. the opening in seoul is next.

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adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business.

♪ shery: welcome to daybreak: asia. i'm shery ahn. haidi: i'm howdy stroud-watts in sydney. markets in seoul have opened for trade. asian markets look for a cautious start to the week. global equities remain close to their records set earlier this month. u.s.ne hopes rise as the is aiming for mass shots within weeks. first travel bubble

burst as infections arise in hong kong. shery: we have breaking news out of singapore. we are getting the third quarter growth ors, contraction rather by 5.8% year on year. the numbers have improved from the advanced estimate. they have missed expectations slightly. we are talking about a year on year contraction of 5.8% for the third quarter. it was an exponential growth of 9.2%, which is better than the advanced estimate but still missing expectations of the economists. signals in the final months of the quarter. a little weaker on those retail sales and bank loans i think -- loans in september. we had seen a huge jump in the

construction sector. in effect during growth of more than 12%. singapore expecting 2020 gdp to contract 6%, which is better than the previous expectation of a contraction of 6.5%. they are expecting gdp to expand in 2021 by four to 6%. year on year, third quarter gdp contraction of 5.8%. much better than the advanced estimate but missing analysts' expectations. japan is away on holiday. south korea has come online. you're seeing gains of 3/10 of 1%. this would be around the highest level of february 2018. we have seen investors pouring money into the south korean economy. the korean you want holdings -- the korean yuan holding steady.

those capital flows are also coming in. we have seen exports for the first 20 days of november rising more than 7%. big week when a it comes to eco-data. a mixed bag when it comes to india. third quarter gdp and industrial profit numbers out of china. take a look at how we are setting up as we get the holiday in session. we are seeing sydney up six tens of 1%. the aussie dollar making incremental gains. kiwi, alongside the dollar. we are also looking at futures in the u.s. up by -- i should say kiwi trading at the moment up by four times of 1%. of asiaus is the head equity strategy at societe generale. i want to start off taking a

look at what we mentioned at the top of the hour. despite this caution, the tension between vaccine optimism and virus cases rising, we are seeing global equities pretty high. pretty close to those record highs. i am wondering how much more upside is there to come to push this really high even if we do get the successful rollout of a vaccine? potentially more progress being made on the stimulus front as well. >> what we are seeing at the moment is the vaccine on the one hand. thatave some expectations [indiscernible] see thether hand, we pandemic continuing and the market, which is at a high. remains ratherew , on asia, onuity

asia equity because we think we further pickupe in earnings, which i have not going to be -- which are not going to be driven only by the technology sector. that is going to be something that will support the markets in the next 12 months in our view. haidi: talk to me about the rotation trade. you talk about the distinguishing differences between structural value and pure value where you look at industries that may have seen disruption even pre-covid. in terms of the stocks and the sectors you still see as having further room to run? >> yes because when we are talking to rotation and rotation to value, we need to distinguish in our view the structural value

on which wesector had some long-term issue before the covid-19. about some part of the banking sector. -- that is where valuation has been hit by the covid-19. room to recover. we haveance, in europe, stocks that we have defined, which are good quality stock in leisure and tourism, which are yet to recover but the quality is strong. there is the potential to recover. in asia, what has been interesting is the divide between east and south asia with the east being a kind of

different market with a lot of technology and the south being hit further by the pandemic and a lot of cyclical. when it comes to rotation in asia, this is where we could see the return being less dispersed between china, asia and the rest of asia. the market like indonesia for instance having some room to recover. shery: what do you think of japan because when we are talking about the search for value, perhaps that market could offer opportunities. ,howing how the japanese nikkei which is closed today on holiday, but really we saw that attract the growth we saw in the u.s. small caps sector with the russell 2000. is japan of interest to you? time that japan

has been of interest to me. it is an undervalued market and it remains so. it is very much on their own market. also an undelivered market with a lot of cash and a strong balance sheet. has has been interesting been the correlation between the nikkei and the currency, which had been on a downward trend. agenda, whichform has been supportive for the domestic sector. the growth outgroup is actually ok. so that is very interesting. what we have seen. there is something that we were not -- that we were noticing recently is that when we look at the recovery in equity, it has

been under pressure and has fallen below the cost of equity. what you need now is just some even modern recovery in earnings would be enough to boost the price of the nikkei further. when it comes to china, where do you find value in market that has attracted so much attention in the past few months already? >> what china -- china has been a very strong market. it has been decorrelated from global market. today, you can see some headwind on the chinese market whether it is on the economic side with some tightening of policy and housing market for instance, whether it is on the market side. regulation on

internet platform. and we see the geopolitics is still an issue and we see this over the last [indiscernible] probably you are going to see a little bit more headwind cared strategically very interesting -- more headwind. strategically very interesting because of the growth benefits. someill find more value on cyclical. china, especially on the offshore market, remaining quite low valued compared to the mainland peers. quite a different feel. this is one part of the market where you could see the cyclical rotation continuing. shery: thank you very much. the head of asia equity strategy

at societe general row. let's turn to karina mitchell. karina: the u.s. says it hopes to start mass vaccination within head ofeks with the operation warp speed saying the first shots could happen by mid december. a nationwide vaccine is not expected before next year with testing and approval still required. infectiousent's top diseases expert does not see herd immunity happening before may. president xi jinping has addressed the virtual community saying he is ready to cooperate with other nations on a vaccine and make potential treatment affordable and accessible. he also underlined china's support for the world health organization. the australian state hardest hit by coronavirus infections is ready to ease restrictions after no new cases for 23 consecutive days.

it will no longer be compulsory for residents of victoria to wear a mask in public. premier announced the opening of borders two weeks after lifting the lockdown in melbourne. singapore travel bubble has been postponed for two weeks as cases surge in hong kong. the delay as a blow for struggling airlines and tourism related businesses. the arrangement is suspended as casesving average of rises in each city. 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. this is bloomberg. we get more on the travel bubble delay ahead. a consultant will be joining us later to get his view on the hopes of her seeing a recovery

later this year. this is bloomberg. ♪

♪ haidi: u.s. officials say the first vaccinations could be administered in just three weeks if given the green light for emergency use by the fda. the vaccine development team says it has aspirations for herd immunity across the country by may of next year. it sounds like the team has a pretty aggressive timeline. how is it seeing that to be achieved? >> absolutely. we have been waiting for this for so many months. it seems like it is all happening. we know the food and drug administration in the u.s. had an advisory -- have an advisory committee in december to talk about the vaccine. the pfizer one will be

approved. we did here today [indiscernible] who talked about getting the vaccine out to people as soon december 11 or 12th. it is an aggressive timeline. we did here also from the fda chief who said they will take all precautions. the ball is really rolling quite quickly now. shery: does that mean there are plans for second distribution as well? >> absolutely. a lot of this has been going on behind the scenes. we have heard about operation warp speed to develop the vaccine. they have all been working very extensively on how to get the vaccines out to different groups. and then more broadly to the u.s. population. that is a huge thing. they have been working with state health departments. bigeard from cvs, the

pharmacy chain, about their plans to get vaccines to thousands of care homes. this before with seasonal flu vaccines. could --they could they could put into place. they said they could have them into the arms of elderly and vulnerable americans. health workers come next and then a broad rollout. you have top health officials round about may that they think it's 70% of the population could be immunized. that is a big thing for herd immunity. a lot of uncertainties. we'll all americans want to have the vaccine, but that is the situation at the moment. shery: we are focusing on pfizer, moderna. what about developing economies, poorer nations? what are they looking at? >> it is a very interesting

question. we did hear a lot at the g20 meeting about how do you help developing countries get these vaccines. there is a lot of hope riding on -- onterisk been big a the astrazeneca vaccine. we are just awaiting to see some of the phase three trial data to see if that vaccine is as successful as the others. some things we know about the vaccine, it is a lot less expensive. it is more durable. it does not have to be stored in such pressured conditions. it can be made across the world. it is the big hope for the lower and middle income countries. for news on that on a day-to-day basis.

that is the biggest question. recovery,a global which countries -- rich countries doing well and poor countries not. the astrazeneca vaccine is a big thing. g20g20 vaccine -- the countries talked about giving help to other countries. that is some of the big talking points coming out of the g20 meeting. bloomberg magazine deputy editor. this is bloomberg. ♪

♪ with the advances we are

witnessing in the covid-19 vaccine development, our top priority is to ensure affordable and equity access to the vaccine and diagnostic tools to all. they will require financial tools and pathways and an active involvement in the private sector. >> if we stand together across the globe, we can control and overcome a virus. it is worth redoubling our efforts to achieve this. we can reasonably expect that before the end of the year, a vaccine will be available. another harder one needs to be fought. universal access. >> the u.k. is committed to equitable, global access for any vaccine and i would like to see the g20 nations step up and support that effort. >> korea will work in

partnership with the korea -- with the national community to put an end to the covid-19 pandemic. will marshal the forces to distribute vaccines and treatments. shery: those were leaders of some of the biggest economies pledging to ensure fair distribution of the covid-19 vaccine. president trump stayed quiet on the issue. jodi schneider joined us with more. -- give us tk boys your key takeaways. >> they were saying they are going to dedicate themselves to financing this equal access to not only testing and treatment for covid but for vaccines. they are going to encourage bondholders to provide relief to countries. getting the distribution of the vaccine would be very tricky with poorer countries the concern and until many countries have it, you're not going to get

the protection you need from a vaccine. having it available is one thing. distribution is another. to counter the pandemic really dominated the first day of the virtual summit of gt client -- of gt -- of g20 countries. said americans would be able to get it. any american who wanted it could get it but he did not talk about the sharing that much. leaders we of the heard from praised the paris climate accord. take a listen to what president xi jinping had to say. g20 members should strengthen the fight against climate change and continue to play a leading role to achieve full, effective implementation of the paris agreement. say most war leaders

because we know president trump took the opportunity to continue to rail against the paris agreement and justify his decision to retract the u.s. from it. >> that is right. president trump was one of the few who did not support the agreement, did not talk about ways to move forward on it kid he used it -- on it. toused it to criticize and say his decision to walk away from at was protecting american workers. others did talk about what is next and said it is important not to forget about the climate goals even as they are dealing with the pandemic to -- the pandemic. haidi: let's get you a quick check of the headlines. a key investor demanded an exit. the companies which are owned by the city government will buy equity worth more than $4.5 million to hold ever grand's

main property asset. it is also looking to list its property management firm in hong kong to pay down debt. wealth managing and lending services arm completed days before new chinese regulations. the stock has given up against. fromare facing threats u.s. companies. online retailer wish has filed for an ipo in new york, during the rush of consumer tech companies listing this year. it aims to trade on the nasdaq global direct market. initially filed in august but this is the first time investors have been able to check out the paperwork. a picture across

markets in asia. australian stock scanning 6/10 of 1%. sector inmost every the green with the energy sector leading the gains cared not surprising given that we have seen considerable strength when it comes to the oil prices. gains inue to see the oil. kospi up a tenths of 1%. sinceghest levels february 2018. japan is closed on holiday. the japanese yen holding steady. little bit of strength against the u.s. dollar while kiwi stocks are getting for tens of 1%. isnext, a hong kong activist to plead guilty to charges linked to a siege of police headquarters last year. we have the details next. this is bloomberg. ♪ businesses today are looking to tomorrow.

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♪ karina: this is daybreak: asia. china is calling on local authorities to meet market demands and create more jobs for consumer demand and boost investment. the premierio says told local officials domestic and international connections are complicated and grim. he says more effort is needed to ensure government targets are met this year with greater emphasis on international cooperation. vietnam is being warned to halt illegal rerouting and to buy more american products. the national security advisor

hanoi -- he accepted vietnam once to maintain good relations with china. early trade data shows exports extending their earlier recovery. exports for the first 20 days of the month rose 11%, compared to a year earlier. south korea shipments received a boost from improving conditions in china and the united states where they rose by 15%. almost 22%. were up singapore sees its economy expanding by between four and 6%. as global growth continues to recover, the city state cell gdp decline by 5.8% and revised its contraction to between six and 6.5%.

fall in theto a 13% previous three months. 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 karina mitchell. this is bloomberg. prominent democracy activist in hong kong say they are ready to plead guilty to all charges related to last year's siege of police headquarters. ng wrote he expects to be jailed. what are wenow and expected from -- what are we expecting from the proceedings? wong do know that joshua according to his twitter post will appear in the court later this morning, within the hour i believe. according to his twitter feed which i saw last night, he and democracy activists

do plan to plead guilty to the charges that stem from allegations he organized and participated in an illegal theering that led to storming of police headquarters in june of last year. here is the tweet you are seeing. after consulting with lawyers, we will plead guilty, which implies today's hearing will skip trials and go straight into sentencing. he added the charges are minimal compared to the 12 other democracy protesters who were detained on the ship in chinese waters and are being held in china. he goes on to say never have i underestimated the chance of imprisonment at the hearing time, especially at the when lawmakers were expelled, fornalists were sued

mentioning police brutality and universities were probed in the pretext of national security claims. septembert arrested 24 for allegedly artistic painting in another unauthorized assembly on october 25 of 2019. you are seeing video of agnes chow. she was arrested in august of last year. these charges against joshua wong and the others in today's hearing are not under the national security law. the june 30 mandate coming down from beijing has cast a pall across the pro-democracy movement in hong kong. shery: it has taken quite a few hits. law snuffed out the last remnants of dissent at this point? >> if you are talking to them individually and if you monitor joshua wong's twitter feed, they remain defiant. there is no doubt that the

mandates coming down from the national people's congress standing committee have snuffed up at least the public face of the protest. there have been few protests on the street. there was some unrest and police are investigating the chanting of slogans they say were pro-independence slogans and some graffiti that was written on the campus of the chinese university of hong kong last thursday. police say they are investigating potential charges under the potential -- under the national security law. have been other arrests made under the security law. there is not a defeatist attitude but obviously what came down from beijing has limited the public scope of protests against beijing and the cramping down on civil liberties that are alleged by the pro-democracy camp. pandemicve the

lawmakers resenting and mass from the council. shery: coming up, singapore and hong kong delaying their much anticipated travel bubble. we will discuss the implications with brandon so be next. this is bloomberg. ♪

♪

shery: uncertainty around the pandemic has shown there is still an uphill battle for the travel industry. the delay of the hong kong singapore travel bubble shows how delicate the recovery of the tourism industry will be. great to have you with us. what does this mean? is it still better having tried to have this bubble than not having the bubble at all? better.utely it is the important thing is the concept works. there was always a chance this bubble would be suspended if you had more than 500 cases on average over the previous seven days. what would have happened here -- they -- had they gone forward with the flight yesterday, it probably would have been suspended tomorrow or the next day. that is not a good thing because then passengers get stranded and you have a situation where some people might come back and end up in quarantine. this shows the concept works.

obviously it is disappointing but hopefully the bubble can go forward in a few weeks or singapore can find some other countries to go forward with the bubble that perhaps is more ready than hong kong. dent will much of a this have on the airlines' r expected return? >> this was more symbolic than anything else. we are talking about a small amount of passengers. this was more symbolic and also communication that there are better times to come as more bubbles get and permitted. until there are several bubbles in place and there are several flights per day, there is not a significant impact to the airlines. haidi: it really is more symbolism and crushing for those hanging their hopes on the symbolic first flight between hong kong and singapore. positiveof the vaccine

developments, does this change your timeline and forecast for when the iraq -- for when the airlines could get back on their feet? >> the vaccine news is positive. some indication the pandemic might end sooner rather than later, which is what the airlines and the travel industry need. additional provide incremental traffic before the pandemic ends. it is very small and incremental added assumes these things can go off successfully. the vaccine news is more positive news. if we can get to the end of the pandemic, we can have traffic recovered. it is still going to be a few years after the vaccine because it is going to take so long for the market to recover it and for the vaccine to be distributed. the more we can get to the start of that phase, the better it is

for the airlines. they can only last so long. we really need to get to the end of this pandemic as soon as possible. hopefully the bubbles get a little more traffic in the interim phase. haidi: where do you think we comes toe when it cases for the singapore and hong kong authorities? do you see any other regional bubbles happening before the end of this year? >> the hong kong question is hard to say because nobody knows how big this wave is going to be in hong kong. that is what it will depend on. it could be a couple of weeks or months. the framework is in place so that one hong kong conditions improve, the bubbles automatically go back and we will have the first flight. up above -- other bubbles with other countries, i hope they see this as the concept of working. i hope that singapore does not wait for hong kong necessarily.

it will happen when it's ready. but to also move forward with other proposals on the table and there are several. there is a possibility singapore could move forward with another country and maybe even before the end of the year. and also other examples not involving hong kong but singapore originally because we need a lot of these bubbles. the symbolism is significant. set backpe it does not all of the other ones out there that were ready to go, may be looking to see how this one would go. the concept is that if there is a spike in cases, you suspend the bubble or you do not have the bubble. always appreciate your time with us. we will have more on the implications of the delay to the hong kong singapore travel bubble. even with the vaccine optimism

building over the past few days and weeks, adding new and effective treatments are still key. been givenant has approval for its antibody cocktail, regeneron. to ceo spoke exclusively bloomberg about its plans. believe that antibody cocktail's will play a major role in the fight against covid-19. bottleneck of the cocktails is the scale up. it is manufacturing. antibodies are complicated to produce. it is not so easy to scale them up. that will be the real bottleneck. upare working hard to ramp

production as fast as we can. >> does the latest news on remdesivir change the outlook for regeneron? what,hink no matter irrespective of other potential therapeutics, the demand for antibody cocktail's will by far outstripped the potential supply. target to make sure we the right patient groups with that kind of medicine. health careple in sector but we cannot provide such a medicine broadly for broad parts of the population. >> you have always said that treatments are essential even while we are looking for a vaccine. we are so close to having something workable in terms of a vaccine with moderna and pfizer. does it change your calculus on treatment for covid? >> it is really good news that

these newly developed vaccines seem to be very effective. so they will no doubt play a major role to get this pandemic under control. be 100%ines will never solution. we know that from other infectious diseases. we know that from the flu for example. therefore, there will be a continued need for other therapeutics, antivirals and also testing. shery: we will have more on the fight to beat the pandemic coming up later. ask about prospects for a mass-market shock. let's turn to the ongoing saga of the world's most indebted developer. keyof ever grant's investors insists on having its money back. from get to the latest

china. what exactly do we know at this point? >> two things really broke this weekend regarding ever grant. the first is that firms owned by the city governments are going to buy equity worth about $4.6 billion from existing investors. that is a unit that holds the main property assets in china. essentially, that shifting of ownership more toward firms that are linked to the state. in some ways, it is positive news. it may be a sign of the lamest to support evergrande. a keys also the result of strategic investor demanding an exit. arm alsorty management its ipo.d it is looking to raise about 2

billion for a listing planned in december. >> what are the implications for investors? pointng back to the first , we are seeing statement firms stepping in to buy equity. 4.6 billion. a hefty amount. fromsign of willingness state linked to firms, that could be good for investors, particularly for bond investors and onshore. we get a clear sense of how bonds are trading at market open. may take a few hours to settle. that should be positive for bond investors. a statement from the firm says investor,he strategic the agreement has not been struck that evergrande -- fairly positive news. ispled with the ipo news, it

a potential indicator. investors are looking closely at precisely how much it raises and whether it meets the $2 billion mark. and investors will be watching out for in terms of the next saga of milestones? evergrandething with is how it continues to manage its debts. -- isrst thing is gerling dealing with a maturity. the second will be the capacity to reduce that load. we have seen chinese authorities looking to curb accepted barring by property -- by property firms. i think it will be interesting to see if evergrande are able to meet any of the so-called three redline requirements or that manages to cut its debt to asset ratio.

authorities are going to be looking at how evergrande is dealing with this mammoth debt load. our credit reporter in china.hould -- in promotionsto ask for in finance. this is bloomberg. ♪

♪ shery: we have breaking news. bloomberg has learned president-elect joe biden intends to name his long-time advisor anthony blink and as secretary of state according to sources speaking to bloomberg. jake sullivan, formally one of hillary clinton's closest aides is likely to be named the national security advisor. this coming from sources speaking to bloomberg. this coming at a time on president trump has not conceded as of yet but we know the president-elect has started building his government before this concession and his chief of staff said this weekend president-elect will be waking -- will be making his initial cabinet selections. anthony blanck and as secretary of state and jake sullivan as

national security advisor. those are president-elect joe biden's likely picks according to sources speaking to bloomberg. a new study says women working in australia's finance industry have to ask for a promotion if they want to get ahead, whereas men are likely to be given seniority without requesting it . tell us a little more about these findings. we continue to talk about progress made in these gender gaps but at the same time when it comes to what is below or underneath the hood, it may not be so. >> that is right. very interesting study by investment management in australia and the australian national university that went out to about 2000 finance industry professionals. that is probably the most startling finding of this study, is what they found as that women

are now leaning in. they are asking for promotions and pay rises at the same rate as men. when that happens, there is no difference. where there is a difference is when women are not asking. that is when we are seeing more men than women getting a promotion and getting a pay increase. it is also highlighting this pay -- double for portfolio managers. 76% for compliance officers. is thet striking finding ask,that if women do not they really do not get the same promotions or pay rises at the same rate as men. haidi: so the pay gap is pretty astounding. wire we seeing this? is this down to behavior of women being told they should be

assertive to a certain extent but not aggressive and therefore these negotiations are not turning out the may they would -- the way they would with a male counterpart? >> it is really interesting and this is something i did ask the researchers. there is no clear answer. reasons could be the lack of transparency. how data is collected and reported does vary from country to country. here in australia, workplace gender equality agency looks at raw data. in the u.k., which has been at the forefront of highlighting the pay gap, they look at companies to report the actual pay gap and that has been going for about three years. that could be one of the reasons. the other one could be you do not have a pay scale in the finance industry like you have in places like academia and teaching.

that perhaps could be another reason. shery: how important is it to bring awareness to this issue, especially through these sort of reports? that thes something researchers really want to do. they want an acknowledgment that we still have this corporate things when men get without asking. as long as you do have unconscious eyes training, you have to realize that bias probably translates into a pay gap. they do want this acknowledgment that while the narrative is that the pay gap does not exist, when you look at the hood, it does exist and it is something we do not want to acknowledge just once a year on international women's day. drowning us from cindy with that interesting -- joining us from sydney with that interesting report. blackstone is said to be seeking

-- bloomberg understands it has already started marketing the plan to invent -- to potential investors. it would be twice the size of its predecessor. blackstone has been raising coronavirushe offers new opportunities. an italian bank is said to be close to a takeover. the government in rome is looking at how to meet the calls for a buyout. largest u.s. retailer of usable instruments and equipment has filed for bankruptcy after the coronavirus cap people at home and job losses among core customers stable demand. qatar center has 300 stores across the united states and mostly closed amid the pandemic. coming up, we get the latest on the vaccine race.

as the hang seng tech index trading, will be hearing from the head of orchids. this is bloomberg. -- the head of markets. this is bloomberg. ♪ - i'm doug hirsch.

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♪ tom: it is 9:00 a.m. in beijing and shanghai. welcome to "bloomberg markets: china open." i am tom mackenzie. david: i am david ingles. these are our top stories. investors are weighing some vaccine headlines, global markets remain close to the record set earli