♪ haidi: a very good morning in sydney. asia'scounting down to major market opens. shery: i'm shery ahn in new york. welcome to "daybreak asia." stoxx touch records for second day amid optimism on the stimulus. investors also welcome positive

vaccine news as the u.k. becomes the first to approve the pfizer-biontech shot ahead of the u.s.. pressure rises on companies listed in new york as the house approves a bill demanding tighter audit restrictions that could see big names forced off wall street. and former bloomberg president gary cohn is the loan hold out goldman sachs seeks to recoup money from the mb one scandal. haidi: sophie kamaruddin is looking at hong kong. sophie: up one third of 1% while the aussie 10 year yield has climbed above 1% for the first time since september. the aussie dollar is holding onto gains we saw overnight, trading at its highest level since 28 dean august, this is the greenback falls.

reflectingstrength, outlook for the australian recovery that we saw in gdp data yesterday. we have trade numbers from ostrow you coming out later today. jeffrey's saying the prefer australia and aussie on over china -- australia and asean over china in 2021. elsewhere, a muted start, s and p nudging slightly this morning, nikkei futures in the green. oil slightly under pressure, $45 per barrel as we way opec -- [nowotny yo]

haidi: the u.s. approved legislation that could lead to chinese companies off u.s. exchanges. reuters is reporting president trump is expected to sign the bill. tom mackenzie joined this from beijing. tom, last-minute push to keep the pressure on beijing? [no audio] back: we will try to get to tom mackenzie, talking about tensions between china and the u.s.. we will have more of that and hear exclusively from the chinaan of the u.s. economic review commission, robin cleveland. first, vaccine news, the u.k. is the first western country to

approve a covid-19 vaccine. it has approved the pfizer and aheadch shot i hear that of decisions in the u.s.. we got an idea of when to expect the first doses. >> including the 50 million from this year, we anticipate 1.3 billion in total. i don't think we can disclose what we will be providing in the first half, but i can say we are ramping up production extremely quickly so we can get the vaccine to everyone as quickly as possible. care: bloomberg health reporter michelle cortez is on

the line. michelle, how does the fact that the u.k. has approved the shot owed for other governments and regulators approving other for other bode governments and regulators approving other vaccines? michelle: u.k. regulators are already in the process of approving the vaccines, so the u.k. won't have much impact on them. they are redoing all the math, making sure everything is adding up they are digging in quite deeply. in the u.k., they will have access to the vaccines earlier, but they are starting the rollout process where they will distribute them across the country and get it ready for when immunizations become available, and actually go into people's arms. by the time that is set up and people will have access to the vaccines come at that point we expect the fda and european regulators will have made a decision on these same vaccines.

they are basically jumping ahead a little bit in terms of getting everything lined up when it comes to access. we also expect shots being rolled out potentially within weeks in the u.s. in nursing homes. how critical is it, particularly since we heard this morning from president-elect joe biden saying he potentially foresees another 250,000 deaths in the u.s. between now and january. how critical is it that the shots get rolled out to high risk populations like care homes? michelle: absolutely critical. these other people who are most likely going to benefit from being vaccinated. they are the ones most likely to die. we have seen about 40% of deaths in the u.s. have occurred in people living in nursing homes. they account for a tiny fraction of the population. these are the people that are going to reap the most benefit. there is tension in the country in terms of who should be

getting access, because those folks, while they will get the most benefit, they actually don't provide as much assistance when you talk about people working in a nursing home, for example, much less likely to die of coronavirus but could potentially be infecting other people in the nursing home, keeping the virus circulating. so those groups, health care workers and nursing home patients, are at the very top of the list. we expect all of them to be vaccinated before the end of january. haidi: we had a report the white 25se plans to hold at least parties and celebrations for christmas and hanukkah. we heard president trump's spokeswoman defending that, saying if it is safe for americans to lose businesses, it is safe -- americans to loot businesses, it is safe for holiday gatherings. is that ok? absolutely not.

public health officials have said over and over again that they should not be gatherings with people living outside your home in many areas. and in other places, if you have more than 10 people, those should not be done. certainly anything that has 50, 100, up to 500 guests, is for bid and. -- is forbidden. public health officials are not in favor of that at all. we have already seen two super spreader events come out of this white house, so i would not be surprised to see a third. haidi: michelle cortez, bloomberg health care reporter. let's return to tom mackenzie in beijing, discussing the u.s. house approving legislation that could lead to chinese companies including alibaba being kicked off u.s. exchanges. pressureect -- continuing to be mounted on chinese tech. tom: that is right. we saw this was coming down a pipeline back in may. the senate passed the bill very easily.

it went to the house. the house has now signed off on this legislation, which lined up on the desk of president trump. reuters is reporting the president is likely to sign the legislation into law. what does the builder? -- what does the bill do? it requires companies listed in the u.s. to allow u.s. inspectors to inspect their audits. china is opposed. china says there are concerns of round -- concerns around security and confidentiality issues. that is why they pushed back against this. the bill requires companies to open the books to inspectors and also requires lowe's companies to say whether they are controlled by the government as well. president trump is likely to sign this into law, according to reuters. we are watching for that. in terms of what this means, there has been concerned in the u.s. that without this kind of legislation, this oversight, that u.s. investors are opposed risks if they are investing in chinese listed companies, or

chinese companies listed in the u.s.. that is why they are pushing for this. companies in0 foreign jurisdictions allow u.s. companies to look into their books. so this is also about leveling the playing field. shery: i wonder what happens next, because as you said, beijing does not want the u.s. to look at their companies' books, but if you have this legislation becoming law, will you have these companies delisted? and what happens to the markets, and where did they go? tom: very good questions. we heard from the second in command of the regulator here in china. he spoke to bloomberg a few weeks ago and suggested there was room for negotiation, potentially when the biden administration takes over. maybe they can negotiate some sort of agreement on this. but already, chinese companies have been putting plans into action. we have seen a number of secondary listings in hong kong and on the mainland, from the likes of alibaba, essentially a

hedging strategy as they see momentum building washington to put pressure on china to ensure these inspections can go ahead. of course, many in the u.s. profit from these listings, the exchanges, asset managers, investment banks, they have pointed out that u.s. investors may still be exposed to some of these risks, because now they will be investing in companies listed in hong kong, but they would argue there is as much transparency as there is in the u.s.. but in terms of political pressure, there is a bipartisan push and we have seen it now, the bill passed by congress, it will go to the president that he is likely to sign off on it read terms of the impact, ipo's, there have been a number in the u.s. from chinese companies that have been very successful, the likes of lee auto, and you have $1.2 trillion collectively worth of chinese equities listed in the u.s..

we may see more do you will listings -- dual listings. shery: markets anchor tom mackenzie in beijing with the latest. let's turn to karina mitchell. fed chief jay powell said there is no split when it comes to spending programs. stephen mnuchin demanded stimulus money be returned to the government, but powell told the financial services community is a response was not intended to show divisions within treasury. voted to in iran have end international nuclear inspections unless the u.s. lifts sanctions by february. the legislation also says to will start reducing 20% enriched isnium for what it insists for peaceful purposes. the guardian council rectified the bill but expended the deadline -- extended the deadline for sanctions relief i two months. and australia says it will not

back down on its list of grievances with china. beijing has given canberra a list of issues, including australia meddling in hong kong on the morrison government's call for an investigation into the origins of covid-19. however, the treasurer told sky news australia will not give way on its stance. global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪ at movers inlook the mining sector in sydney. we are seeing materials see the strongest gains out of any sector, up well over 2%. metals is up 7.5%, the most in six months. , alsooup and rio tinto up, rio tinto climbing above the 12-month price target for the first time in a few weeks. we are seeing broad strength

when it comes to trading and australia. $130 ae surging above ton on the chinese demand story. up next, late to the rotation party, age's small caps. we talk about that with ceo eva adosoglou. progress on output strategy. we get analysis on the oil patch,. this is bloomberg. ♪ patch, next. this is bloomberg. ♪

♪ we talked about the small-cap rally in the u.s., but small caps in asia are winning fans after lagging larger peers for eight weeks. the asia small-cap pacific index has turned things around, outpacing their bigger peers for

two weeks in a row. investors including our latest guest have turned bullish, saying vaccine news could be positive for the sector. ,oining us is eva adosoglou capital impact advisors, thanks for joining us. what do you like within the small-cap space in asia? eva: the vaccine coupled with consumer optimism will carry the markets for the remainder of 2020 and q1 in 2021. we expect the biggest beneficiaries will include small caps.international small november -- and the data for november including vaccine news spurred the equities to their biggest month ever. think many of the benefits associated with reallocation

trade value has already been priced in, although many technology stocks suffered a few days following the vaccine news early to mid november. but they recently returned to their glory days, generating 3% last week with u.s. small value increasingly half as much. poor timing with a portfolio 34%lance and gaps soared following vaccine news, only to plummet 19% a few days later. for that news desk for that reason, we see health care and technology sectors rising for the remainder of 2020 and q1 of 2021, along with u.s. small caps and international small caps. haidi: talking international equities, we have seen emerging markets return to favor with the weak dollar story. is that going to continue to be a driving theme next year? what are your picks in the em asia space?

eva: we are encouraged by growth opportunities in china. their economy is free of covid worries and they are operating at near capacity. chana -- china has lagged behind the u.s. over the past decade andis now well positioned that will benefit asian markets over europe and north america. 50-nation trade pact that includes china, japan, south korea and other countries in the asia-pacific region will only further support china's regional dominance. china has strategic growth sectors that should perform well in the months and years ahead, especially smaller entrepreneurial companies. and larger entrepreneurial

companies have performed well in 2020, but we are concerned with recent watershed events that disrupted trade. governmental regulations with anticompetitive trends against entrepreneurs like jack ma, for example. we see no reason at this time not to pursue smaller, pure play entrepreneurial initiatives that are also being funded by jack ma over the mega-giant parent companies that may suffer from governmental distraction and tightening of regulations. you arehis tells me focusing on the tech sector, even when it comes to asia em stocks. is that the play? >> correct. we are very bullish when it comes to asia. we support entrepreneurs regardless of where they are, regardless of market cap, geography. entrepreneurs year to date have done extraordinary. they have led all categories. whether they are in asia or the

u.s., and that is because entrepreneurs know how to maneuver in uncertain and firemen's -- uncertain environments. they are disruptors and leaders and know how to capitalize on opportunities when they arise. we have known this tense the early covid days. in march when the markets were negative, entrepreneurial numbers were slightly positive. of entrepreneurs shares. coming up, gary cohn playing hardball with goldman sachs, it wants him to return millions of dollars over the malaysian one case. hear what our sources -- one mbd case. here what our sources are saying. this is bloomberg. ♪

♪ news on theing

bloomberg. we are hearing france is telling the brexit negotiator that the deal on brexit risks a veto if he caves to the u.k. ofording to a meeting diplomatic ambassadors report seen by bloomberg, france could veto the deal. eu leaders must approve a deal unanimously for it to take effect. the negotiator has to keep members states on board. after nine months of negotiations, france is telling the negotiator the brexit deal risks a veto if he caves to the u.k. we have seen reaction when it comes to currency markets. the euro was also under pressure after rising to a two-year high, same for the british pound which is falling against the u.s. dollar. we hear from former

goldman sachs president gary cohn that he is refusing to return funds related to the malaysia one mbd scandal. the bank is trying to secure $65 million from former executives. our bloomberg reporter has the scoop. this is an interesting development. the ongoing drama of one mbd. >> absolutely, heidi. when the announcement came out in october that goldman is finally settling all the probes tied to its dealing with 1mdb. one had thought the scandal that has dogged the bank for much of the last five years would finally be put arrest. the goldman board went over and abide and said, we want to hold our executives accountable even if they weren't responsible for some criminal acts. but we want to show the world that we are here to repair reputational damage. but when you are former president of goldman sachs it went on to become economic chief , hase trump white house

not yet been persuaded to part with gas that could be in excess of $10 million that they want back, the question arises, are you willing to repent for your actions? shery: you said it right there. you have to persuade him? are there legal means goldman can take at this point to recoup the money? >> there seems to be a little bit of a technical difference in the case. clawbacks going for in the case of executives that were criminally liable and who have been charged, but in the case of gary cohn and other former executives like him, goldman has called it forfeitures. don'tost seems like they necessarily have great legal recourse. they could create a fuss, but the question is, would they really want to take on the

former president of the bank publicly? both sides have been hoping this quietly goes away. but we still have to ask, what is the point of going out there in publicly saying that these people will be held accountable, when they don't feel that inclined? our bloomberg finance reporter with the latest on goldman sachs. here is a check of business flash headlines. waddell and reed are up after hours after an agreement about the u.s. asset manager for $1.7 billion. the deal at $25 a share represents a 47% premium to wednesday's close in new york. the deal will lift macquarrie asset under management. the vastans to fly majority of its pre-covid domestic schedule by early next year and says it is on beat

about the recovery. the airline expects capacity on domestic routes to reach more than two thirds of normal levels , in december increasing to 80% and in the first three months of next year there will be no international flights until at least july. trade officials from the u.s. and european union are said to be pushing to settle a long-running dispute over aircraft subsidies before president trump leaves the white house next month. we are told washington and brussels are in regular contact. plenty more to come. this is bloomberg. ♪ wanna lose weight and be healthier?

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it'll work. i didn't know you were listening. ♪ karina: this "daybreak asia." is i'm -- this is "daybreak asia." i'm karina mitchell. hospitalizations in the u.s. rose by 1000 per day last month. the uk's the first western country to approve a corona

vaccine, clearing the pfizer-biontech shot before america and the eu. reported deaths in germany are at their highest since april in berlin is extending a partial nationwide lockdown to january. u.s. lawmakers approved legislation that could see chinese companies banned from listing in new york if they continued to block official audit reviews. the house passed a bill that cleared the senate in may and has bipartisan support presidents of -- support. president trump is expected to sign it. the legislation also requires company to -- companies to disclose if they are under government control. a court in thailand has clear the prime minister, saying he didn't violate ethics rules after milk -- after living military housing after leaving the army. critics say it proves double standards. global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and

analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪ we get to our bloomberg scoop now. france warns it could veto a deal between the u.k. and the european union if it doesn't like the terms. this puts pressure on the new negotiating team. fromeporter joins us brussels. when we say bill to a climax, it seems like we have been building to this for some time. we are at crunch time. how would this attention move from france complicate the notion we could get a deal soon. people onl sorry for the outside trying to figure what is going on, because we have had climax after climax. well, we are getting into the final few days. people who are negotiating on theysides say they think

will be in a position to say whether they is a deal probably on friday, there is only a few days left. there is a lot of pressure on the e.u. negotiating team not to give any more concessions to the u.k. in order to get the deal. what we have heard tonight as you said, is that france has said if it looks like the e.u. is giving anymore away, then it will veto the deal. the way it works is that all 27 countries in the eu have to give approval to allow a deal to go through. it is a really delicate balancing act between, on the one hand giving the u.k. enough so the u.k. says, we like this deal and will go for it, but also satisfying the rest of the eu so that the e.u. is satisfied. shery: where does it go from here? approved, do they go back to the drawing room? an how does it complicate

already complicated situation in the e.u. where you have the e.u. summit december 10, and the e.u. budget to pass? alsothat is why it is quite frightening, because there is no time, so it is basically deal or no deal. if negotiators strike a deal and then leaders, one leader of the 27 and the usace, we don't like it, then it is off. there is no time for anything more because negotiating ends at the end of december and the u.k. has to have a deal. it is such a fragile, delicate balancing act the eu is trying to do, because france is striking a really hard line. they don't want to give anything away on what they see as strong e.u. principles. toy don't want to cave in the u.k., so they could say no deal. it as -- it is as simple as that. bloomberg wishart,

european policy reporter joining us from brussels. on u.s.-china tensions, president trump is said to sign a bill that could lead to u.s. companies been kicked off gas to chinese companies being kicked off u.s. exchanges. they could affect alibaba. there is now a report the u.s. chinese economic insecurity commission urging lawmakers to take a tougher stance against beijing. joining us is commission chair robin cleveland. you have a set of recommendations, but first, i want to get to the heart of this report, because you have called china a unique and immediate threat to the economic and security interests of the united states. what makes you say this? robin: legislation congress

passed today's an indication of challenges we face. small investors, large institutional investors, deserve transparency and accountability when it comes to chinese investment in the united states. the commission was convened 20 years ago, chartered by congress to assess on an ongoing basis the trade, economic, security and political relationship. there has been a sick if it can ccpt in how china and the cp under jie zheng peng has operated, they have become more aggressive and, no accountability. there have to be standards of accountability. that is why our key recommendation is that there should be reciprocity when it comes to u.s.-china relations. by that, we mean journalists should have access, diplomats should have access to china, companies should have access in china, the same way companies

from china and journalists and not-for-profit organizations and china have access in the united states. shery: and this is based on public hearings you have had, expert witnesses from the public and private sector, and what made you focus heavily on technology? report, the main rule seems to be about the establishment of technical standards being pushed by beijing. why is that important? robin: what we have seen over the past couple years is china's increasing influence in international organizations shape norms so that chinese companies benefit. that is an unfair standard. what we are interested in seeing open,evenhanded, fair, transparent process in international organizations and institutions. one thing we were most concerned about and suggested to congress

that they direct the state department new a comprehensive assessment of international -- chinese influence in international organizations, whether it is subverting peacekeeping operations in countries so that they are protecting chinese economic interests, whether it is standards at the itu when it comes to 5g, china has been much more aggressive under xi jinping in asserting its prerogatives and manipulate the standard-setting process. that: the problem is that global normalization of chinese governance norms is already underway. because we know china has lent one hundred billion dollars to developing nations, on par or perhaps more than what the world bank lends these developing nations. you can't really turn back time. what is the best way in a multilateral sense to deal with

beijing, because the rise of china and the threat of china is a reality we all have to deal with over the next 10, 20, however many years? robin: you have pointed to something critical. 24 of the 50 countries china lends to is -- are in africa, china has refused to comply with world bank recommendations on on transparent and accountable turns. so china uses its lending to coerce political and economic, itsursue and coerce economic and political interests. you are right, we can't turn back the clock, but we can collaborate with friends and allies around the world in an effort to make sure that standards, whether at the united nations or telecom institutions, andfair, transparent,

countries are held fully accountable. that is going to take collaboration over the next couple of years, but there is emerging consensus that this is whether youreat, look at chinese interference in elections in australia, or their export of technology to suppress dissent in uganda, there is emerging consensus that china presents a serious threat to norms of individual freedom and free-market principles. president trump' is way of dealing with china has been unorthodox. president-elect biden, we don't know what his approach is going to be, but we have seen him build a panel of experts when it comes to pandemic handling. to important is it for him build out a task force who can understand china, come up with a cohesive strategy on how to best deal with beijing? robin: the relationship with china is the most important

issue the new administration will face. i think that whether it is forming a task force, as he did with covid, or relying on experts at the department of defense and state department, china is going to be the central issue in coming months and years for the next administration. and i think that it is possible to work on a bipartisan basis, just as we have done on the commission. shery: you mentioned free-market principles. i wonder how that stacks up with going against beijing when beijing has all these strategies, geopolitical, economic strategies dictated by the state. if you had something similar in the u.s., wouldn't that go against free-market policies the nation is based on? and how would this affect the role of the government taking more charge of free economy? robin: it is a good question, don't think the commission

has proposed any shift away from pre-market principles. but keep in mind, china is in a very precarious situation. they are aggressive abroad in part because they have a very difficult situation at home. from $6 trillion trillion in debt in their financial institutions over the last decade. they have an increase in nonperforming loans. there is real concern about loan loss reserves in chinese banking institutions. so fundamentally, they need capital. they need to raise capital on american markets and on european markets, so that is the leverage and will have to ensure accountability. inthey are going to invest the united states, raise money on stock exchanges or if institutional investors are going to track global indices that include china in their

there are places where china's pursuit of capital should be held accountable and be transparent. the leverage we have is the real need for capital. have seen thise week the charging and jailing of activists in hong kong, joshua what happens if this becomes a normalized view by beijing to impose this kind of governance and make this a normal state of affairs? robin: it is tragic, what has happened in hong kong. we have reported on that for several years. all of usk what should be thinking about is the risk not just hong kong citizens and their desire for liberty, but risks to americans, american businesses, anybody transiting hong kong and most importantly, people who may be traveling to

countries that have extradition treaties with china are at risk of detention and arrest. it is precisely that we can organize coalition and partners to begin to push back. because i think hong kong is an intendsr of how the ccp to continue to operate. one of our other recommendations in the report is to elevate the standing of our representative in taiwan. we feel that congress should be more involved in oversight of our relationship with taiwan, and we want to elevate the standing and make our representative to taiwan president-nominated and senate-confirmed, because we think that signals the importance of our interests in asia relative to china. to have you, great with us, we appreciate your time. robin leave and, chair of the

u.s.-china economic security and review commission. surprise faller a in u.s. inventories, we have details next. this is bloomberg. ♪

shery: 14 minutes from the open of trade in japan. south korea opens one hour later because of college entrance

examinations per let's go to sophie for what to watch. early in the asian session, neither here nor there with kiwi stocks under pressure, sliding a third straight day while nikkei futures are hinting at declines for the benchmark, trading on 1991 highs. u.s. futures are mixed, nasdaq futures modestly higher. point 5% for asx 200, rising a third consecutive day with iron ore providing a boost after raw material prices in singapore jumped above one have a $30 per ton, highest level since 2013 and fortescue shares rallying more than 9% today, hitting all-time highs. check currency markets. we are keeping an eye on the brexit deal and they veto risk ahead of the december 31 deadline. you have cable holding above 133 this morning, holding losses after the worst decline in three

weeks. the euro, holding at 121, trading at april 2018 highs amid signs investors are potentially taking more risks on common currency. the aussie yen above 77 and this morning as the australian outlook is seen as improving, the aussie is about 74, trading around august 2018 highs while aussie bonds are under pressure. tesla shares in after-hours trading in new york, a jump of more than 3% for the stock after grading --ed it, up upgrading tesla to buy from neutral. ondi: oil is moving higher signs opec-plus members are making progress on a deal. the group is to me again thursday after a delayed meeting, after earlier talks this week ended with the visions on whether to relax production cuts into next month. our bloomberg editor joins us now.

other proposals being discussed and are we seeing a coming together after the split that was apparent over the weekend? land: -- lynn: thank you for having me. the tone of the talks has shifted. gradually easing cuts is a proposal now. it is not clear when that could start, maybe january, maybe later next year, but if a deal is done, it seems it will the new one,ange which had billion barrels of new supply coming out of the market in january. the proposal on the table now is different from what opec members were initially discussing when they talked about delaying the january production hike altogether by three months. we always see some sort of infighting within opec. is this any different, or is it more fundamental?

know, it does feel different. these talks have definitely shown a rift that hadn't been exposed before between saudi arabia and united arab emirates. the reason it is different is that these are two traditionally strong allies. the break between these parties show a real virgins in their oil policies -- show a real divergence in their oil policies. raises questions about the resilience of this group. if they reach a deal tomorrow, it will be scrutinized to see if they can keep it together and be disciplined. even then, tensions could play out again next year between the two. see that price action at the moment, it is not just about opec. a had u.s. inventories deal surprise to the markets on the

upside. forgetes, and let's not about shale. the pandemic may have broken shale, but it is still a big deal in the market. the government showed a surprising drop of 679 thousand barrels in one week of stockpiles, and that combined with the fact u.s. oil exports have topped 3 million barrels a day is bullish on the oil markets, and that combined with the potential for an opec-plus deal, the prospect for a stronger deal overall is giving prices some support. shery: lynn, thank you, the bloomberg commodities editor. if you are away from the screen, you can find big newsmakers on bloomberg radio, broadcasting live from our studio in hong kong, listen on the bloomberg radio app or bloombergradio.com. plenty more to calm, stay with

us. come, stay with us. this is bloomberg. ♪

♪ check ofre is a quick business flash headlines. surged as much as 10% in new york despite lowering its growth outlook for the fourth quarter. write for demands increased in the fourth quarter as coronavirus surged. it expects to be on the low end of the 11%-15% at forecast last month and its adjusted loss will be for hundred 85 million dollars, slightly better than predict it. e-commercesia startups grab and go jet are said to be looking into a merger. have narrowthe two

differences in negotiations continue at the senior level. with the help of softbank, sources say the plan is for the combination to become a listed company. a record afterto making a popular podcast music of listing top the year. the joe rogan experience is now being marketed on spotify only after being named the most listened to podcast of 2020. spotify breaks down listening history and allows users to share top songs and artists. amazon is said to be in exclusive talks to acquire podcaster wondery. bloomberg first reported exploring a sale in september.

produces shows such as dirty jon and dr. death. wondery-- amazon and have refused to comment. haidi: here is sophie with a look at what we are watching at the open. sophie: when it comes to stocks to watch, we are watching nomura, the japanese brokerage, after a slew of aggressive cuts when it comes to headcount and costs. that has allowed it to rebuild it wealth and fixed income businesses in asia as the region becomes more important. they are looking to add 100 jobs, with private bankers primarily, to be hired in china and asean. china is set to launch an early retirement program in april that will offer buyouts for an as yet unspecified number of jobs for workers age 55 and above. withhas reportedly agreed

honda's labor union. and looking at the board, keeping our eye on the owner of the unique low franchise. domestic numbers from november are coming through from the japanese retailer, a point 5% rise in november sales for easy numbers. it comes to haidi: we are hearing from australian health minister great content have also heard from the prime minister, saying the australian covert situation right now is very stable. they plan to stick with a march vaccine rollout plan with no change. we are continuing to watch that as australia is pretty much, on the whole had a good handling of the pandemic, after a strict lockdown in melbourne, australia -- melbourne and victoria and that has recently been lifted with very low case numbers around.

but borders remain very much closed, they are talking about travel bubble with new zealand, but that hasn't happened yet. you can continue watching that on live go. plenty more to come on asia in the next hour. this is bloomberg. ♪

>> welcome to "daybreak: asia." i'm shery ahn. >> and i am haidi stroud-watts in sydney. markets in japan have opened. walter reed touches a record -- wall street touches a record on optimism about stimulus, the s&p 500 at an all-time high. oil is snapping a three-day slide on signs that opec and allies are making progress on

supply strategy. investors are welcoming positive vaccine news. the u.k. becomes the first nation to approve the pfizer/biontech shot. let's get straight to the market action with sophie. tokyo on its own for the open today with korea delayed another hour. sophie: we are seeing divergence across japanese stocks, the nikkei 225 under pressure. the topix gained at the start of trade. overall looking like a cautious start in asia as we weigh vaccine progress. reportingorea, media the government has completed a deal with astrazeneca to buy vaccines. the australian prime minister saying they are sticking to the march rollout for vaccines. in japan, parliament passed a

bill to provide vaccines free of charge. let's check the mood in sydney. the asx 200 higher for a third straight day, along with the boost with iron ore minors. abovecue metals trailing $20 australian this morning. we see iron ore prices picked up in singapore above $130 a ton. the aussie dollar holding about 74 while the aussie 10 year yield is eyeing the 1% level. checking u.s. futures, we are seeing some divergence when it comes to nasdaq futures and are keeping a close eye on the u.s. 10 year yield after the spike overnight. also watching cable this morning above 143 as the brexit deadline looms at the end of the month. oil prices back under pressure, below $45 a barrel. when it comes to treasuries, i

want to highlight something, flipping the board to check out this commentary. he does the u.s. yield potentially climbing higher with 2% on the benchmark yield looking like a possibility. that would have implications across everything, emerging currencies, commodities sharing. shery: for more, we have mark cranfield. let's start with the vaccine news because there has been a lot of optimism. how much of that is priced into stocks? mark: quite a bit. from the move in november, global equities had such an amazing month on expectations the vaccine would be coming fairly soon and we are now seeing that rollout. in america two drugs are going to be rolled out before the end of the year and we have approval in the u.k. for distribution as well.

people could already be positioned, because they expected the vaccine. we are unlikely to see the same kind of gains in stocks we saw in november because of that. at the same time, people will be encouraged as more places get the vaccine that we will return to some growth for the world in 2021. people will be happy to see that situation play out. we are getting optimism there is a last-minute possibility of a stimulus deal in the united states, even though congress does not have much time before the christmas season. they still think there is a possibility of may be $900 million deal at the last minute, so that is also a positive for u.s. stocks and global equities. plus, a weakening u.s. dollar. we had another shift a year ago. we see the aussie reaching above the 74 level as well.

as you mentioned, iron ore is extremely strong. all of those things feeding together and keeping a general level of the feel-good factor in risk assets and that could probably run for a while. shery: treasury yields close to 1%, the highest we have seen in three weeks. is this risk off for risk assets or is there the feeling the fed will put a cap on that? mark: a bit of both. it is about the pace of the rising yields, which is the issue on a broader basis. doesn'tlute level of 1% trigger great concern in markets. it is how quickly yields rise to that point. it has not been a dramatic spike in yields. we did see one in march, an incredible turnaround. treasury yields were down to 0.31% and quickly up more than

1% in a couple of weeks. that kind of move is concerning her risk assets, but this is a gradual climb. we will probably see the 10 year go above 1%. the highest in march was about 1.27%. we will probably see it drift toward that. as long as it is a moderate pace, that is not going to worry other markets too much. federal reserve officials are likely to be checking -- likely to be stepping up checks in the markets to say they are on top of the situation, so they are not concerned about a slight uptick in treasury yields. haidi: mark cranfield there. you can take a look at our mliv question of the day, which asks, do 1% treasury yields affect risk assets? we are seeing u.s. treasury yields testing the highs of the pre-election period.

you can follow the story on our markets live well -- markets live blog as well. let's get to karina mitchell. karina: u.s. lawmakers have approved legislation that could see chinese companies band of listing in new york if they pass u.s. audit reviews. the house passed a bill that cleared the senate and president trump is expected to sign it. the legislation would require companies to disclose whether they are under chinese government control. australia says it will not back down on its list of grievances with china as their diplomatic row threatens trade. they have given a list of issues, including australia meddling in hong kong and calling for an investigation into the origins of covid-19. the treasury told sky news australia won't give way. france is warning it will veto any potential brexit deal if it gives too much to the u.k. and

the terms are not acceptable. the chief negotiator has briefed the 27 ambassadors and a french envoy says it would look bad if he agrees to deal that is rejected by national leaders. any agreement must win the approval of all eu members. to be near two key milestones in the 737 max saga, the plane's returned to service and its first delivery in's grounding was lifted. united expects -- expects to receive the first max. a brazilian airline says it will resume max flights on december 10, two weeks before u.s. carriers reintroduce the plane. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. haidi: still -- shery: still ahead, as the u.k.

becomes the first western nation to approve the covid vaccine, where does this leave countries in asia? we discuss and hear from biontech later this hour. next, the ipo pipeline in hong kong and other investment opportunities in the region with christina bao. this is bloomberg. ♪

shery: the hong kong stock exchange kicks off at southeast asia forum get -- today to discuss opportunities in this part of the region. our next guest is one of the speakers. joining us from hong kong is the exchange's head of global issuer services, christina bao. why this part of the world? what opportunities do you see in

southeast asia? christina: good morning. it is great opportunities in the southeast asian region. we are looking at the fourth-largest economy of the globe. observeingly, we can that in the past few years the internet literacy and usage has been booming. there are already over 400 million internet users in this region and the growth rates will continue. the percentage of penetration of internet users is skyrocketing. the people spend online in this part of the world is already the highest across the globe. are a lot of technology applications that are suitable for this marketplace.

the techbelieve uprising and the young population with an average age below 40 is very promising in terms of production, consumption , and cooperation opportunities with other parts of the world. hong kong exchange has been positioned to serve this market as a total solution. on a day talked to you when we see increasing pressure from chinese tech giants -- being kicked off u.s. listings because of little pressure from washington. does that invite opportunities when it comes to hkex? are there better homes in hong kong rather than the u.s.? christina: i believe a lot of the tech companies that originated in china are

experiencing a challenging time. they have to face regulatory challenges in the u.s. but i am confident hong kong is the ideal venue for them, both in terms of the listing environment because we offer a very transparent and globalized center, but we also offer very deep liquidity with participants from all across the globe in terms of investors. have 50% of the trading volume from international investors in this part of the market. a lot of chinese tech companies can find a home in hong kong. the past year and a half, we have seen 10 chinese tech companies coming back to hong kong for listing. with the passing and potential signing of the bill, we believe that will continue.

,n terms of the listing format these companies do have options. they could list as a secondary another alternative is a primary listing in hong kong as long as they keep the listing centered in hong kong. delistmpanies may opt to from the u.s. and come back to hong kong more this part of the world -- hong kong or this part of the world. , wesuccess of the listings sharesing the volume of stirred in hong kong have also been increasing. and theoes hong kong hong kong exchange have the capacity to host all of these tech giants or does that cause

market imbalances? we have already seen moves on the hong kong dollar. christina: we believe hong kong offers liquidity, not just international investors in terms of hedge funds, etc., but we are too providing connectivity china through osaka net -- through a stockinette. that contributes 30% of the trading volume in hong kong. the hong kong ipo showingwe could be -- the biggest number of ipos in the past 11 years. we believe this market is not

just deep, but offers a variety of investors and offers access to investors to meet their needs. haidi: there is a -- shery: there is a reason markets in the u.s. are trying to delist chinese companies, the lack of transparency. is that not a concern for hkex, if these companies don't allow the level of transparency other companies are required on other international exchanges? christina: hong kong upholds a very high standard of a regulatory regime ever since we have been put into place. the particular issue all these chinese tech companies are facing in the u.s. has a lot to do with collaborations between the u.s. and chinese authorities. that question has been resolved in hong kong a long time ago

because there is very good mutual understanding and mo use between in existence chinese and hong kong authorities for exchange of information. that part is not really an issue in hong kong. theseieve a lot of chinese tech companies meet regulatory standards in hong kong. theseoesn't mean all of 190 chinese companies currently listed on the u.s. stock exchanges will be eligible for hong kong listings. as a matter of fact, probably a number of them won't be. how much has the delay of affectedinancial ipo

this? is that a cautionary tale of the action regulators can take when they set their minds to it? christina: the ant financial case, we are not going to comment on particular cases. in terms of what they can list and what is the right time window come to the market, we understand the issuers are obliged to comply with regulations, local needs. we believe they can figure out how to meet the standards and will be eligible to apply for a listing again. shery: christina bao from hkex, great having your thoughts. we will have more from the hkex southeast asia forum later.

don't miss our interview with alan hellawell later this hour. plus, helen wong on bloomberg markets. court rejects a petition to remove the prime minister as protesters continue to call for him to go. this is bloomberg. ♪

shery: a thai court has rejected impeachon seeking to the prime minister for breaking ethics rules. demonstrators are targeting the royal family and its property investments. our asia government managing editor, daniel, joins us now. give us the background and

context of why the protesters want changes to the current system. daniel: the whole thrust of what the protesters are asking for is to make the monarchy in thailand more transparent and accountable. the key part of that is articulated in the demands when they started in august is on the finances of the monarchy. discussionse budget opposition politicians were questioning taxpayer money that was going to the royal family. beyond that, there is also this investment portfolio run by the crown property portfolio that includes some of the best real estate in bangkok. it is not disclosed how much those properties earn and where the money goes. ultimately, protesters want more accountability, a system more similar to the u.k., for instance. haidi: what does that translate

to in terms of the legal changes they are pushing for? daniel: shortly after the king took the throne, the military signed off on the first legal changes in about 40 years -- about 70 years. these allowed the king to put his name on the assets of the crown property bureaus. he did that directly with a stake inside commercial bank, one of the main listed companies in that portfolio. the changes also eliminated the finance minister's role as an ex officio chairman of the crown property bureau. this gave some appearance of government oversight. the protesters want to roll back these changes and want a clear division between the king's personal assets and those under control of the ministry of finance, which would be us tentatively more accountable to voters. shery: how likely are the

protesters to succeed? daniel: not likely in the short term. so far lawmakers that have considered changes to the constitution have said they are not going to touch the monarchy. at the end of the day, the king would need to sign off on changes, so there is inherent tension. they have achieved putting this topic front and center of the political agenda, and that is a major shift in thailand, where there are still jail sentences potentially for insults to the royal family. before this was rarely talk about and now they are protesting outside the bank and the crown property bureau. down the road, that's raising more awareness and risk for businesses. shery: that was our asia government managing editor. here is a check of the latest

headlines. shares were on a tear after hours, up by around 50% after australia's mccoury bank agreed to buy the u.s. asset manager for $1.7 billion. the deal represents a 47% premium. the deal will lift the quarry's billion. around $465 unicredit has begun the formal process of finding a new ceo after the ceo confirmed he will be leaving next year. we are told the bank has appointed an executive recruiter and drawn up a profile for the role. specific names have not been discussed about a short list is being prepared. he has been under growing board pressure. off 100% of its logistics segment as a separate

public company. existingwould see shareholders take ownership in both companies as part of a transaction that will be tax-free. xpo has operations in 17 countries and employs 38,000 people. the deal is expected to be completed the second half of next year. let's take a look at trading on this thursday session. ithave a delayed start when comes to trade in south korea. one hour later, the kospi will start trading due to college entrance exams. a pretty flat session when it comes to trading in japan. australia led by a rally in the big iron ore providers. .2%.stocks off by about u.s. futures looking more muted

as we continue to make progress towards that stimulus package. lots more to come. this is bloomberg. . ♪

shery: we are just getting some numbers when it comes to the trade situation in australia. we are getting the month on month export number for october coming on at 5%. 1%, muchoming in at less than expected. that domestic demand story, clearly affected, but still bouncing back when it comes to that contraction of 6% we saw in the previous month. that leaves the trade balance at 7.5 billion aussie dollars. that is a bit more than expectations.

we will continue to watch that given the increasingly strict trade restrictions from china on to start, expecting impacting those numbers. atry: we are taking a look pmi numbers out of hong kong, and we are now seeing finally hong kong pmi going into expansionary territory, coming up to 50.1. we have not seen the hong kong pmi go into expansion territory since march of 2018. it's been in contraction since then. we are talking about not only the pandemic, but the protests, the pro-democracy protests in hong kong hurting the economy. finally, it's an expansionary territory, but this coming at a time when we are seeing asian factories booming. singapore though, disappointing. take a look at that, coming down to 46.7 from the previous

months. when it comes to those pmi numbers across asia, we have seen the rebound in china helping the numbers across the board, hong kong finally entering expansionary territory. haidi: let's turn to the markets and get back to sophie kamaruddin in hong kong. somee: stocks are mixed, cautious sentiment coming through this thursday. in japan, little change, holding a two-day gain. a domestic sales update for uniqulo. we are seeing stocks under pressure, but the asx 200, being pushed higher by iron or minors, rallying more than 9%, climbing to a fresh all-time high. we are seeing some pressure

coming through in the commodities complex, perhaps seeing more bets on whether u.s. yields will climb higher, watching for that 1% higher on the benchmark yield for treasuries. this morning, we are seeing new york crude hover around $45 per barrel, and gold under pressure, trading near a one-week high. iron or, trading above $131 a ton. isdi: biontech says it ramping up production of its vaccine with pfizer with the first shots set out to be rolled out in the u.k. next week after winning emergency authorization. chief marketing officer sean merritt talked with bloomberg about production targets. we have publicly disclosed that for all countries, we are producing and we will have ready up to 50 million doses this year, and we will be sticking to that target and should be able

to provide up to 50 million this year. going into next year, including the 50 million from this year, we anticipate 1.3 billion in total. i don't think we disclosed what we will be providing in the first half, but what i can say is we are of course ramping up production extremely quickly so we can get the vaccine to everyone as quickly as possible. yourself ase bringing in more capacity? are you negotiating for more capacity with others? can you give us an idea of how those conversations are going if they are taking place? sean: what do you might have noticed is from the biontech network, we've added a factory, which we bought from novartis, and we are bringing that up to speed. once that gets into a steady state, we expected that to produce 750 million doses per year.

pfizer at the same time, bringing up their manufacturing as quickly as possible both in the united states and of course here in europe where we will be serving the u.k. very, very shortly, and we anticipate adding capacity, further capacity next year as needed. supplying in china. they have plans for manufacturing, too. is othereemed out european countries, like germany for example. are you negotiating with any other european countries? : we've done negotiating with the european commission representing all of the states in europe. separatelye where we negotiated was the united kingdom. >> talking of the united kingdom, can you walk me through what your expectations are for

the u.k. to be able to deliver a seamless distribution? where do you worry? where do you see the challenges? you guys have put in a lot of work to get this ready quickly. the u.k. has now cleared it. can you give us your visibility on the challenge of getting it into people's arms? sean: there's a national distribution plan, and i think that is really for the government to comment on. from our perspective, what we are doing together in the united , our marketing and distribution partner pfizer is making sure we get the vaccine to everyone quickly, and in terms of distribution, when you youive this vaccine, roll up your sleeve, you get an injection in your arm, and then you wait a few minutes.

this is customary to make sure there are no side effects that wouldn't be expected, and then you go home. it's pretty much like getting a flu vaccine. chief commercial officer sean marett. it's not clear how quickly a vaccine will be rolled out across asia. india and japan are among countries that have preordered developingot, but in countries, the lack of cold storage facilities could be major hurdles. the astrazeneca vaccine is the only one being offered at a nonprofit price. ryanore on this, emma joins us. where are we when it comes to vaccine breakthroughs in asia? is already in a more favorable position because most of the developed countries in the region have eliminated the virus or have it under control

compared with the u.s. and europe, so the pressure and need for a vaccine right now as a panacea is not as intense. that said, countries have been making deals for vaccines and making their own. that is particularly the case in china. for a handful of countries in asia that already have vaccine deals with pfizer itself, they still will require their own regulators to vet the shot. some are running their own trials to make sure it works on their populations, so we are talking quite a long time, certainly not u.k. style timeline before that vaccine is available in the places that have ordered it in asia. which countries in the region have deals with the pfizer vaccine?

when could we see the shots being rolled out? it move are seeing pretty quickly in the u.k., but don't forget most places still want their own vaccine drug regulators to look at this. the u.k. brought a pretty unusual process to bear on this one. they were looking at the pfizer data alongside the company. that is not what the fda does, for example. it does their own separate review, and that is why they have not endorsed this yet either. hong kong has a deal for this one and could conceivably be the first place in asia to start providing this one. they said they will follow the u.s. fda, which could rubberstamp as soon this year. that will likely be released to some of them there as there is concern in the city that they would only have access to the chinese vaccine, which there is some distrust over given the political situation.

linedand china both are up for the pfizer vaccine, but they are places where trials are being done. these are trials where they want to see that this is safe and actually works on their particular populations. australia, it has granted provisional determination to pfizer's shot, but it's regulator is doing review. that could take a couple of months. it probably could be more like next year for these places, particularly for the pfizer shot. haidi: how about china? emma: china has been inoculated under its emergency use program for months. hundreds of thousands of people, from port workers, health workers, people who work at esso oe's, have been getting the vaccination. it has not regulated any vaccine for public use or public rollout across the world's biggest

population this year, so that means we haven't really seen any of the countries that have deals for china's vaccines endorsing and starting to roll out to the chinese vaccine, but we do expect that sometime soon. comparatively less transparency from the chinese vaccine makers so far. they haven't provided phase 3 data as of yet. haidi: our global business asia managing editor emma o'brien. we will discuss the focus on indonesian startups next. this is bloomberg. ♪

this is "daybreak asia." fed president jay powell has indicated there's no split with the treasury over the future of emergency lending programs. after stevenarisen mnuchin demanded unspent money he returned to the government. told the house financial services committee his response was not intended to show divisions within treasury. lawmakers in iran have voted to end international nuclear inspections unless the u.s. lifts sanctions by february. willegislation says tehran

start producing 20% enriched uranium for what it insists is peaceful purposes. council ratified the bill but extended the deadline for sanctions relief by two months. president hash died. he led france from 1974 to 1981 and was a key architect of european integration and set the single market monetary union in motion. he is credited with helping to modernize french society. he was 94 years old. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am karina mitchell. this is bloomberg. the hong kong exchange south east asia forum is underway, and among the speakers, alan hellawell, a partner at alpha jwc ventures, a

firm focused on indonesian startups. he has over $90 million under management and over 40 active portfolio companies. pray to have you on. what does the vcc look like in the middle of a pandemic? back in did take a step shock at the beginning of the year, and every single vc portfolio had casualties, but i would describe almost all of us to the extent that i know my peers as once again going up into the ready. technology has that secular feature to it, but right now, it's also formfitting to the needs of the pandemic era. we have new companies that actually address all the elements we are having to deal with behaviorally. it has been going from growth to growth since august. haidi:haidi: i was going to say going through this health

crisis, how has that affected your investment mentality? has it changed the way you view companies and balance sheets and what you want to see from these companies in the future? alan: absolutely. we've had a time-tested preference for business models that make money from as close to day one as possible, so we have not been at the end of the dragon's tail. everyoneclearly for tightened the focus on the economics of any business model. we have also really increased our focus on impact, and if we revisit a fintech investment opportunity, we are hopeful there is an element that benefits the longtail, the under banked, so those are the major changes that have happened not just in our calculus but across the industry. what sort of distortions

or clarity do you get from the pandemic and the way it has affected consumer trends, the way the lockdown has impacted companies from web md to uber, and how does that affect the way you try to predict what the future is going to look like and what resilient investments are going to look like? technologych of the world is completely fungible. it is one of the beauties of it. we talk about ridesharing company's taking a hit as people stopped going to work earlier this year. now they are behind unprecedented growth. to fit is clearly the game here. there are some behaviors that have just gone bonkers. inyou think about indonesia the fintech space, the country as a whole has had a relatively low personal investment rate. the overall investment rate

might be 30%. china is at 45%. that has been growing in a personal fashion. stock investment, money market investment has been a small slice of that, but you are seeing a lineup of a number of growth factors producing a huge number on the others of the equals sign. that last factor is the pandemic, which has forced people out of their smartphones. increasingly, they are doing more and more trades through their smartphone. in the case of our portfolio company, which we like to -- during the pandemic, it has grown by 50 times. linings a clear silver to a lot of internet investing in the pandemic age. haidi: i hope it doesn't turn out for indonesia the way we've seen the past couple months, but

i'm wondering if that regulatory dressing down is a bit of a cautionary tale. to think regulations in these emerging markets are keeping up? -- do you think regulations in these emerging markets are keeping up? alan: in the market i know best, indonesia, i would say yes. the indonesian authorities have been watching vigilantly what has transpired in china from the p2p air out to the crash and burn that happened . they are sensitive to elements like monopolistic behaviors. i believe that they are actually quite informed. e-money licensing regime has been measured. i think they want to see the participation of nonbanks and at the same time don't want to put the financial system at risk. thumbs up from my perspective.

shery: great to have you with us. this is bloomberg. ♪

shery: disney executive chairman and former ceo bob iger says he has been busier than expected. he discussed the impact of covid-19 in the latest episode of "the david rubenstein show."

you announced you were going to step down finally at the end of 2019, become executive chair, and then covid comes along. did covid make it possible for you to leave in the same way you thought you were going to be able to leave, or did you have to spend more time at disney? happened was i stepped down from the ceo position to become executive chairman, and i focused all of my time and energy on our creative process. i thought obviously what we create is the most valuable product that we have, and i thought the best thing i could do in terms of enabling my successor to succeed at the job was to hand him a pipeline of great creativity. in fact, i have spent almost all of my time since i stepped into this role doing just that. wanted to make sure he was successful in other

respects, as well, and he did -- aandle the crisis anything like this. neither did i, so i wanted to make sure i was there for him and what was a particularly challenging time for the world and specifically our company. he's been ceo. he's been running the company since the day he stepped into that role. i feel confident he is doing a good job and will do a good job into the future, and i probably have been there for him more than expected. one of the hardest things in passing the baton on, you expect you're going to spend -- in a situation where i was an employee and executive, i expected i would spend more time with him, being more physically present as in advisor -- an advisor. an outsidere was

and said, covid is hitting the united states, other places. the companies that aren't going to do well are the companies in the theme park business, the live business, the cruise ship business, and those are all the businesses you are in. yet your stock has really rallied and done reasonably well. why do you think you haven't been as hardhead financially as you might think from the outside? our i think the reason stock has been resilient and the company has been resilient is we were on an extremely solid footing as a company going into this, meaning our businesses were all doing very well and their prospects for the future were quite bright. i think the street has looked at beennowing that we have affected in dramatic fashion, but also realizing that when it ends, we will have the ability to rebound in a significant way. in addition to that, we had pivoted in a significant way in

the direct to consumer digital entertainment direction, meaning espn+, sod disney+, we moved into a space that is not only very exciting and in many respects the future of entertainment, but one that the investment community is looking at very positively. haidi: that was bob iger speaking with carlisle group chairman dave rubenstein. sophie, let's take a look at a preview of what to watch this morning, including that delayed open in south korea. korean when south markets, online, watching the korean won which closed above 1100 on wednesday. watchingeoul, we are

carriers, this after korean air said it is set to carry out due diligence on xian airlines to see what fat can be trimmed. watching in we are seoul. we are keeping an eye on chinese u.s.shares, as the house approved restrictions on investments in chinese firms. we are waiting for president trump designed that legislation. leslie, switching up the board, we are keeping an eye on hsbc shares in hong kong. after a midweek rally, the stock rallied from a 25-year low it hit in september. that shift towards banks amid this reopening rotation, but most analysts remain pessimistic about this stock. shery: that's it from "daybreak asia."

our markets coverage continues as we look ahead to the start of trade in hong kong. this is bloomberg. ♪

>> it is 9:00 in beijing and shanghai, welcome to "bloomberg markets: china open" i'm tom mackenzie. >> we are counting down to the opening of trade, our talk story today stocks paused throughout these global highs, consumer talks in washington and of course product on the vaccine front. fragile -- treasury yields slept in t