♪ shery: welcome to "daybreak asia," i'm shery ahn in new york. haidi: i'm haidi stroud-watts in sydney. top stories, asia set for an uncertain start about doubts about the rollout of the pfizer covid-19 vaccine. deliveries may be cut in half for shots this year. oil prices rise on a deal on output strategy, giving the week

energy market time to resolve extra supply. the list of expands chinese companies it says are owned or controlled by the chinese military. shery: we have an alert on the bloomberg, we are getting south korean account numbers, widening to 11.6 $6 billion from the previous month when it came it at $10.1 billion. that was slightly revised downwards from original numbers. to 10.1s plus narrowing billion dollars in october from the previous month. all in all, the export-import makes her looks pretty strong in south korea, we are seeing a recovery, exports rising in november. we are also seeing strong demand for tech devices and gains in key markets and the current

account surplus widening to $11.66 billion. let's see how markets are looking, australian online, sophie kamaruddin is in hong kong. saw a knee-jerk reaction to the news on pfizer's a more hick up, and measured reaction here in asia, the asx 200 coming online little changed. group a big drag on the benchmark, but we are seeing aussie bonds fairly steady come of the 10-year yield holding 1% level after a three-year gain after rba produced bond information. broader,g -- becoming dollar-yen trading below one o4, the yen trading near a two-week

i. spot gold in focus after capping a three day gain, the longest running a month for gold, but congress warns gold is on thin ice unless etf infect -- etf investors come back into the needs to some say gold survive the u.s. jobs report in order to break the $1850 level. the opec-plush on compromise, which falls short of expectations going into those talks. little changed but treasury futures edging higher on the vaccine pickup. vaccine news,of both optimistic and not so positive. therna says it shot has potential for durable immunity. pfizer meanwhile is scaling back

production targets. bloomberg health care reporter michelle cortez is tracking these developments. let's start with moderna, giving more details on some results we had already known about immunity . immunity is still found after about four months. what more do you want to see? tohelle: clearly, we need see longer study results. that is great news. we know that after about 113 days, 90 days after the dose, that people who were enrolled in the first moderna trial, they still had neutralizing antibodies that were above the level they would expect to keep people protected against the virus. not only that, that group of people also had higher levels of those same antibodies than people who had been infected the virus. that is really great news. but again, it is only a you months -- a few months after the vaccine.

three monthsis not of safety, but at least three years, and it would be better if this was durable and persistent and easy to booster in 10 or 15 years. clearly, we are not going to know that until further down the line. at this point, it is all good news. we have good news from moderna, not so great news from pfizer. it has been a very emotional day. you have been keeping track of vaccine news that they are having supply chain issues. jimmy: you know what -- michelle: you know what? you are absolutely right, this stuff is changing as we speak. on the bloomberg terminal right now we are reporting exclusively the pfizer made this change on the down low. they didn't tell anybody. they changed reporting on this when they were putting out press releases and whatnot a couple of weeks ago, but they just didn't call it to anyone's attention.

in september and october they were saying 100 million doses, november they changed it to 50 million doses and didn't call that to anyone's attention. and when they were working with operation work and others, they did tell them that. this is a situation where these kinds of changes happen all the time and normally, we never see that, we never see what is behind the scenes because it is not relevant to people when you are lining up to get your annual flu shot or whatever. there is just so much interest in this that every beat is important. so you get this headline from dow jones that looks like it is catastrophic and in all honesty, who knows? in 10 minutes, we might be hearing something else. but if you look at the news pfizer was reporting a couple weeks ago, they were saying that 50 million figure at that point, so there might be some slowdown in terms of what some people, some states, some health officials were expecting, if they aren't up-to-date on what

is happening that is not being seemsly discussed, but it like the people really involved in the distribution and --istics did no about this did know about this. haidi: and to rub salt in the wound, the highest authority on the vaccine in the u.s., dr. anthony fauci criticizing british regulators for what he says is a rush of the vaccine and says potentially regulators there cut the final corner of the marathon and joined the final mile. is there a point to his criticism? there is absolutely point to his criticism. the issue is that regular tears like the fda and the european union agency as well, they do a detailed dive into the science of every single filing they get. data has been of

absolutely tremendous and what they do at the fda and ema is checked the numbers, look at the calculations, they make sure that there is not anything that has gone awry. we all heard stories that the shuttle blew up because they couldn't convert from centimeters to inches when they were creating a screw. that is not quick to happen on the fda's watch. so they check every item. what it looks like they did in the u.k. is that they excepted the analysis that pfizer did. and you know what? pfizer has been an amazing company. their researchers and scientists were working on this day and night, they put everything they had into it. but it is like a reporter who is really dedicated to working without an editor, you don't know what you got wrong until you have somebody objective looking at it. fingers crossed, we are all praying pfizer is accurate, but in the u.s. and europe, our regulators are going to check their numbers and hopefully it will hold up for the u.k. as well.

we shall see. shery: hopefully it will be fast as well. cortez,sides, michelle bloomberg health care reporter. read more but the market reaction to pfizer with the terminals and also available to go on the bloomberg gap. let's turn to karina mitchell for headlines. in the u.s., republican leader mitch mcconnell is calling for a smaller and more focused stimulus package for the u.s. economy is democrats scaled-back demands to find a route forward. the baseline is now a 900 million dollar proposal, far 900 than the two point -- billion dollars proposal, far less than the two point $2 trillion democratic proposal before the election. a deal is reached between opec and allies on output strategy, members giving the week energy market time to absorb extra

supply. output increases were expected in january but have not been delayed for three months. the compromise six to avoid a damaging split within opec, with the uae unhappy with production levels. iran is ruling out any nuclearions on the 2015 deal with world powers at of the u.s. administration in january. iran says the decision to abandon the agreement means washington has no right to impose conditions on the bus to stop violating international law. the foreign minister says a deal is not about one side demanding on the other side giving in. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪ rockefeller ahead, asset management says investors aren't paying enough attention to what it calls the dark winter ahead. we discuss that with chief

strategist jimmy chang. rate cuts after almost a week of negotiation. this is bloomberg. ♪

♪ stocks retreated from records before the close after a report on that pfizer vaccine situation. it created confusion over the covid vaccine rollout and how much could be taken to market. let's discuss the potential impact with rockefeller investment chief strategist jimmy chang. great to have you with us. this underscores the uncertainty of the vaccine, because there is a great deal we don't know in terms of durability, efficacy, safety, and as we learned this morning, distribution. jimmy: the market has been bullish looking at past what we

call the dark winter ahead, to a stream of light. we anticipate vaccination will make a huge difference. we are very focused on the supply side of the vaccine. there is also a question about the acceptance of vaccination. after the initial surge of pent-up demand from people who want it, there may be a good-sized portion of the population that wants to take a wait and see attitude. so the uptake of vaccine may be disappointing and that will slow the process of recovery. but we believe that by this time next year, we should be well into the recovery. haidi: i noticed senior notes that you say at the moment, there are no compelling investment opportunities. what does your portfolio balance look like at the moment? jimmy: we are staying fully invested fired -- fully invested. while we don't see compelling

opportunities, there are opportunities out there. in late spring, it was all about stay-at-home at work at home ideas, big tech buying indiscriminately. and now, it is all about spotsry, with the weaker airlines and hotels and cruise operators. the pace of the recovery will be somewhat stressed, it will take a wild to come back, and we should provide middle-of-the-road companies that still have attractive valuations that will participate in recovery. those are areas we will focus on. classes,look at asset recently gold, precious metals have pulled back a lot. we are of the view that the fed will continue to generate a lot of asset purchases, perhaps even qe,ome point up the size of and that should be positive for metals. shery: the chart on the

bloomberg shows outflows we have seen on those etf's. when you mention gold, are we seeing any other opportunities like gold, where people have fled recently with this rotation we are seeing take place, and then you could actually see a good entry point? has been akly, it rising tide that has lifted so many boats, it is hard to find compelling opportunities. it is more of a tactical approach in terms of specific opportunities. there are certainly stocks, stocks, thatvices are up materially from where they were pre-pandemic. i believe that as recovery takes place going into late 2021 and early 2022, the yield curve looks steeper. financialt case, many

services including banks and insurance companies will do very well. life insurance could be interesting to because they have to be worried about rising mortality, but with -- but if the vaccines and therapeutics turn out as good as we expect come of those could be interesting opportunities. shery: what about geographically, because every analyst we speak to, most of them seem to like what emerging markets present as opportunities? especially those areas that really haven't benefited that much from covid recovery as of yet. jimmy: a lot of the optimism with emerging markets is based on the thesis that the u.s. dollar is likely to weaken further. and historically, a weak dollar environment tends to be reflationary to the rest of the world and emerging markets. seen asiano countries have done a better job in containing the pandemic, so apparently they are already

showing economic growth. secular appeal, big population, young population, and as they come out of this pandemic, there is a lot of growth potential. shows hows chart also asset managers have built record short bet. going into next year, is that your calculation as well, that the dollar will be sold? jimmy: the dollar in the near term is always difficult to make a call. we are seeing a material drop-off in u.s. dollar value, but i believe that in spite of the volatility where it could stabilize at some level, the longer-term picture is troubling given that the u.s. has the best gdp, up 136 percent, and will continue to build. that will force the fed to continue to do qe at a faster pace versus many other central

banks. on that basis, i believe the u.s. dollar is more likely to weaken in coming years than to strengthen. , great tomy chang have your thoughts, rockefeller asset management. coming up, president trump isn't giving up his china offensive, unveiling fresh criticisms against beijing. the latest is coming up. this is bloomberg. ♪

♪ are counting down to asia's first major market opens, a beautiful day in seoul, kospi futures closed like this after we saw record highs again for the kospi, third session of gains in the quarter. we have the korean you want wonking the key -- korean breaking the 100 risk level, but geopolitical tensions could cloud the mood.

the pentagon has expanded a list of chinese companies it says is controlled -- it says are controlled or owned by the chinese military. bloomberg markets coanchor tom mackenzie joins us from beijing. which companies have been added, and how significant is the list? tom: two of the most prominent names of these companies added to the list include china national offshore oil corporation, and smic. third-largest oil and gas player in china and has partnerships with exxon mobil and other oil majors. is meant to be one of china' as hopes to develop its own semiconductor industry to become less reliant on u.s. chips. companiesle of

involved in the belt and road initiative. this builds on the initial 31 on this list published by the pentagon. the u.s. says these companies have links to the people's liberation army, the chinese military and security apparatus. other names on the list include huawei, a total of 35 companies now linked to this list, on this list published i the pentagon that they say have links to the pla here. as you say, it likely puts more focus on these companies by officials and lawmakers in the united states, potentially exposing them to sanctions. meantime, this is quite bizarre, wall street money keeps pushing into china despite the higher risk. tom: wall street money, foreign capital, a record 212 billion dollars this year in terms of increased exposure to chinese bonds and equities, so there is

a huge appetite here. you talk about wall street, you have the likes of goldman sachs, j.p. morgan and others who are aggressively adding hedge accounting china, particularly shanghai, expanding their operations, pushing to get majority control of their businesses. you also have asset managers and fund managers, the likes of vanguard, all these financial institutions are having their exposure to china, simply because the profits are so significant. by one estimate in just the investment banking sectors you are looking at potential profits of 40 billion dollars by 2026. i chinese regulators are helping. he heard the head of the banking regulator here say he wants further groups to open up capital markets here. strong an important and financial system is important for a powerful nation, and that is something lawmakers in washington are paying attention

to, using a flurry of actions on a number of fronts, human rights, technology, geopolitics and trade, pushing back on china on a bipartisan effort. that is expected to continue. and comments add to that concern to chinese the challenge economy challenge to the u.s.. there is not an expectation things are going to rapidly change under biden, but hsbc did a survey of global institutional investors and two thirds of them say they expect to increase their exposure to china and chinese markets by 25% in the next year. haidi: markets coanchor tom mackenzie in beijing. let's check the latest business flash headlines. tesla pushed higher after winning support from the market, goldman sachs bullish, raising the price target to $780, highest on wall street.

when investor has been short on tesla for five years but now says elon musk has done a good job. say thefrom japan countries banning sales of new gasoline powered vehicles by 2030 the goal of becoming carbon neutral. broadcaster nhk says the target is 100% electrification or hybrid to move the internal combustion engine out of the market. ev and electric cars make up 29 percent of japan's new vehicle registrations. things are looking up for boeing after a crucial deal for the 737 max for myers carrier ryanair -- carrierfrom irish ryanair in a deal listed at $9 billion. the first passenger, a journalist, took a 737 max

publicity flight from dallas. warns cash boxes for the current quarter could be deeper than expected as coronavirus impacts air travel. delta expects to burn $14 million per day after the earlier forecast of 12 billion dollars and the airline expects revenues to be 30% less than last year, in line with earlier estimates. shery: up next, after almost a week of negotiations, opec and its allies reach a deal on output cuts. and we are seeing the a6 200 gaining ground with real estate and financial leading those gains, it is at a one-week high. kiwi stocks recouping losses we saw yesterday. futures and south korea and japan looking positive, the kospi just saw another record high, the nikkei holding out

around the 1991 high. plenty more to come. this is bloomberg. ♪ it's down to the wire,

the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work.

it'll work. i didn't know you were listening. >> this is the first word headlines. reported they may only ship half of the vaccine this year. supply chain issues will cut doses from 100 million to 50 million. is attacking the u.k. for rushing to clear the vaccine without proper scrutiny. moderna says it's vaccine shows durable immunity, with antibodies lasting 120 days. the reserve bank of india is expected to keep rates on hold.

at repurchase rate will stay 4%, according to all economists we surveyed. rates earlier this year. they see the indian economy shrinking by more than 9% this year. the philippines is lowering its growth outlook for the year. now expecting a contraction of 9.5% after the coronavirus fallout. the new forecast is significantly worse than the production given back in july. the government sees a improvement in the final weeks of the year. the former prime minister of japan is reported to be wanted for questioning over election campaign spending. prosecutors are looking at publicly financed cherry blossom parties and whether they broke financing laws. been questioned about party organization over

the last 10 years. abe stepped down in december. 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 am karina mitchell. this is bloomberg. haidi: we have some breaking news. the u.s. justice department is reportedly disgusting a deal technology's chief that would allow her to return home from china from where she has remained in canada for admitting wrongdoing in a criminal case. this has played out in a very big way in the relationship between washington and beijing. this is according to people familiar with the report. these lawyers saying there is a

prosecutorsof requiring her to admit to some of the allegations. we will continue to watch this breaking news. the u.s. is in talks with her to resolve the charges. let's get your check of the markets. >> taking this in stride. banks are gaining ground. these are temporary. having lower in sydney. boolean holding on to its lead.

we are seeing a little in the way of current action. check out cable, holding study after reaching 135 overnight. u.n. could be heading to that. keep an eye on the aussie dollar. it is near a 2.5 year high. strength coming through for the currency. oil continues to gain

ground. above $45 a barrel. outputs will be eased more gradually than earlier planned. it falls short of the full three month delay that was expected. it will exceed supply pressure on the market. this avoids a breakdown of opec-plus unity. let's get more from our deputy foreign editor. it was short of expectations. they will continue to assess where they are at. >> that is right. it is not a complete rollover. it is a gradual tapering. the nightmare scenario would be if there was no agreement. barrels per day came

back on in january, which would've crashed prices. haidi: where do we go from here? i'm curious about the levels in the market. is u.s. shale still a relevant threat? >> it is much less of a threat than it was. it has higher costs overall. producers in the u.s. don't make money at these levels. they have seen massive bankruptcies. they have had to curtail production. production in the u.s. is much lower. 2021 wherets .2

shale production will be flat at best. unless we see some kind of unforeseen run-up in oil prices. a black swan event. we will see shale producers continuing to do what they are doing now. focusing on their investments. trying to improve cash flow and returns. trying to address some of the corporate governance concerns that have been raised. really not looking as outward as they used to. they didn't feature so much in this last meeting. they were much more concerned about members themselves and how they are managing production. haidi: our deputy managing editor for energy. a little bit of a break for the oil market with that deal finally reached. let's get you the latest news on huawei.

that thearing reports u.s. is in talks with her to resolve these charges of bank fraud in relation to alleged violations on sanctions with around. -- iran. this would allow her to return home from china -- to china from canada. that would mean that later on some of these charges would be deferred or later dropped altogether. we have heard that the talks have been ongoing. but they have resisted the possessed -- proposed deal. plenty more to come. this is bloomberg.

shery: we are shining the spotlight on stepping up diversity in silicon valley. joining us is the founder and ceo of girls who code. they work to close the gender gap in tech. it is very widely known that there has been a huge gender gap when it comes to tech. especially in leadership roles. how has covid-19 affected the landscape? >> it has exacerbated it.

almost 1.6 million mothers have left the labor force. eight out of 10 of them say they are homeschooling at home. what i've heard from company after company is there most senior women are leaving. enter the women technology workforce and they do not see themselves in the leadership at the top, they do not think there is a place for them. it is having a huge effect. about 30% of our alumni told me that they got injured ships or full-time offers reneged. companies are making cuts. a lot of them are happening to internship programs. those are a huge source of the pipeline. haidi: how do we overcome that? especially at a time when firms need to tighten their belts? >> i think you prioritize diversity and inclusion.

there has been companies that are saying we are cutting our internship program. but we are peeping -- keeping people of color and women. you know you are cutting today but you will have opportunities six or eight months from now. make a list. identified talented women of color. so you're actually ready to hire them. the last thing we have been doing is, if you cannot make full-term internship possibilities, create places and spaces for those young women who are majoring in computer science. i was the daughter of refugees. to me, these internship programs and workforce experience programs are so important because for me it was an insight into what my career could look. you have to keep those opportunities open and the for young women and people of color.

cultural and economic oflities and the cost childcare prevent women from being able to move up the ranks. they do not feel like they can have it all if they want to have a family. is that still contribute into the pipeline problem? or is it being used as a crutch? choosing women for those higher rankings? girls who code tops 300,000 young women. when ceos tell me they cannot find them, i say that is not true. if you look at the top 10 universities and the gender ratio of their computer science department, many times many of these companies were at 50%. carnegie mellon was sitting in the mid 30's. when we look at google or

microsoft or ibm, why is the technology workforce still less than 18%? the challenges out there. sexism, microism, aggressions, women are not getting through the pipeline. they're not getting these opportunities. there is a meritocracy in silicon valley. that is not true. outeed to root discrimination. to make sure those qualified women are getting to the door. about 50% of women in tech will lead to jobs by the time they turn 35. all this work we do to get women hired and get them there, because we have not changed the culture, we do not keep them. we need to do that.

i say this is a working mom. we do not have affordable daycare. childcare. many clients have shut down. resting on women. we need a cultural revolution. this will take account for women's labor. haidi: there is a long conversation we could have. i want to get to one of your other points. you say every little girl needs to know how to code. why? >> because coding is power. if you think about covid, cancer, climate change, we are not solving those problems without technology and a diverse workforce. you cannot have white and asian men solving all of our problems.

you need women, women of color, people from all walks around -- backgrounds of life. too much we are dealing with. we need every single innovator sitting at the table. you get the girls through coding, get them through the door. how do you make sure they achieve leadership roles? >> the sisterhood. community. womanou are the only sitting in your computer science class or the only engineer on your team, you think, am i crazy? you often need to turn to another woman and say, did you see that? that sense of community. sharing knowledge and information with one another is so critical. building ally ships.

40% of our teachers are men. they want to make sure that everyone of their students as every opportunity in the world. they are with us, side-by-side, in solidarity. making sure we fight for a better world. community is critical. haidi: thank you so much for joining us. we really appreciate your time. let's get to one of the best performers on japan's index. helps setcompany that up online stores. the founder and ceo is a 30-year-old who decided to develop software to help his mother. about howo bloomberg the pandemic has driven demand for his company and his vision for global expansion. helps people set

up online stores. we focus on individuals and small groups. i started the surface back in 2012. are many people out there similar to my mom who want to start their business online but do not know how. i was an engineer so i wrote a code to help someone set up an online business. >> how is your service different from others available? >> we focus on what we call longtail customers. individuals or very small gives of people who want to start their business online. all they need is a smart phone and they can start a business easily. >> demand for your service has surged. please tell us, what are your growth expectations? serviced for our

started to grow significantly from late march of this year, gaining momentum after the announcement of the emergency virus measures in may. the growth is due to the current circumstances for people who have searched new way to do business. it is unknown how long this trend will last. we are still seeing high demand. what are any headwinds you can see going forward? our focus will be setting up online shops. we are not changing. we are not replacing existing markets. futureeve it -- and a where small-group so people will play a more prominent role on the internet. our biggest challenges to be able to focus on these small retail owners. we are currently well received in the domestic market. but it will be important to maintain that position.

big do you want your company to be in the long term? and how will you achieve it? >> i believe there will be more online shops built by individuals. it will grow to something unimaginable. entering a new e-commerce age where individuals will run their own shop and rely less on large internet portals. i hope to serve users over time. >> you have any companies in mind when it comes to size? >> it is hard to say, but i hope to aim for a gross merchandise volume of about ¥1 trillion. even more when we get overseas markets. >> you have any plans to extend overseas? >> we are in a world where providing services globally is

possible using the same source code. it is important for internet-based firms to create this. for the time being, i want to focus on domestics. there is a high possibility we will have some kind of presence in overseas markets. you have any markets in mind? deny thed not possibility of any potential markets. but it will likely be in asia. purchasing patterns and habits are similar to how they are in japan. i would like to keep monitoring the business style for future reference. >> are there any entrepreneurs

you look up to? if so, who and why? he is one of the entrepreneurs i look up to. we started businesses around the same time. how they are expanding is something i watching closely. i have a lot of respect for jack dorsey of twitter. they believe in providing services to individuals and small groups. here's a quick check of the latest headlines. morgan stanley is doling out a special one-time bonus for its lower compensated workers as the firm had stored a record year. the bank will give around half of its 30,000 global employees a one-off payment of $1000. the benefit adds to their comments made earlier this year that it would not cut the size

of its workforce despite the fallout covid. being ordereda is to halt internet operations and payments over glitches. the rba has asked the bank to stop new activity while it investigates these lapses. this ordereen told may be lifted after satisfactory compliance. the bank said it will work with regulators. to band newbe set sales of gasoline powered cars five 2030. the target is 100% electrification or hybrid and to move the internal combustion engine out of the market. about hybrid cars make up 29% of new vehicle registrations. demands for plug-ins have fell. haidi: let's take a look at

asian markets in this final trade session of the week. up by aan stocks quarter of 1%. respite whensome it comes to wine supporters. the tariff could be over by next year. .e restocks up a pretty tepid session. some downside pressure for tokyo stocks. kospi futures are looking modestly higher. let's take a look at some stocks we are watching the next hour. we are looking at asian pharmaceuticals given the news that pfizer has scaled back its vaccine target output.

we are also watching the south korean company. it plans to extend its battery raw material business. and diversifying graphite sources, turning to africa and australia to reduce its reliance on china. are keeping an eye on this company. the former ceo was arrested on charges of insider trading. shares up more than 39% year to date. haidi: let's take a look at some of the movers here in sydney. we are continuing to watch some of the big ones. torrid gains. a little bit of profit taking pullback at this point. metals down by about 1%. picture still

looking very resilient given the chinese recovery story. take a look at the currency space. we have seen the japanese yen holding steady today. after a significant weakness this past week. helped preparely the nikkei higher. it is trading around the 1991 hi. when it comes to the aussie dollar, we have continued to see strength. $.74 u.s.past that level. we are continuing to see weakness in the u.s. dollar affecting the whole currency space. coming up, why the u.s.-china delisting deal has more bark than bite. betting that a compromise will be reached. will talk to the executive

director of jp morgan australia about where she sees this in 202 1. andmarket opens in seoul tokyo are. this is bloomberg. ♪ are you frustrated with your weight and health?

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now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. shery: talking to daybreak australia. i am shery ahn. haidi: i am haidi stroud-watts in sydney. asia's major markets are just open for trade. asian markets looks at for an uncertain start after new doubts pfizer's rollout of covid-19 vaccine. oil rises as opec and its allies reach a deal on output strategy.

the week energy market time to absorb extra supply. insight between the u.s., canada, and huawei. said to be resisting such a deal. shery: japan and south korea coming online. action with sophie kamaruddin in hong kong. sophie: tokyo stocks opening to the downside. the nikkei 225 opening at .3%. osaka raising its virus alert to the highest level which may add impetus for the boj to extend support. we are seeing the yen stay near a two-week high, holding below 1.04. fresh incentives ahead of the

u.s. jobs report. flipping the board to check in on south korea this morning, let's see what is going on. we did get current account data this morning. check in on tourism revenue which did fall 74%. backward looking numbers. the korean won falling below $1100 for the first time since 2018 which could be a double-edged sword for exporters so more intervention is expected . do weakness. that will be challenging to overcome indeed. the kospi gaining ground, cracking the 2700 level this morning. support coming through as it clocks another fresh record high. let's check in on how aussie shares are faring this morning. we are seeing them gain ground. that is the longest winning streak since early june. aussie bonds slightly higher with the 10 year yield holding around the 1% level and we are seeing cash treasuries opening to the downside. the 10 year yield finally nudging higher this morning at your what we saw overnight and

the bloomberg gauge of the dollar little changed but holding a two-year low as the in of the week will vindicate dollar bears. we are watching for the dollar spot index and we will see if that will break low 90 this friday. ing forecasting another 5% to 10% decline for the greenback, haidi. haidi: we are seeing that negativity that came through from the u.s. close set to play out through the start of trading in major asian markets. i want to bring in laura fitzsimmons, the executive director of macro sales at j.p. morgan. just before the u.s. close, we had that negative headline about pfizer's potential stumbling block when it comes to the availability of these vaccines. does this underscore the fragility of this vaccine reopening, 2021, everything will get back to normal trade? >> there will be fragility

around that story going forward. we will have to become prone to headlines like these whether it's delays, whether it's in terms of the quantity that will get out, in terms of where it is needed. i think we will hear that on all fronts, but right now, what i'm sensing is that the markets resolve is still underlying really very strong. there will be a bit of noise but overall, the backdrop of central-bank accommodation, the fact that we are going to get a recovery through next year, whether it is strong or not, the market knows it is heading in one direction and for that reason, it will be pretty robust heading into 2021. weakness in terms of the bigger dollar move continuing lower, that's probably something that will be with us for some time now. the bond market is a bit more of an interesting one, more of this end of year dynamic.

haidi: let's talk about the fixed income market. 10 year yields roughly at a three week high as we continue to get optimism on vaccines and encouraging science from jay powell this week as well. is there a concern that this is kind of a false hope for is the fact that we may get economic stimulus going to drive this price action further? laura: matt has all been in the background. the stimulus talks have been doing for months now. there is more noise that something could be happening finally but we are running out of time so that does need to happen. things will be falling off at the end of december and the u.s. will be facing an extremely bleak start in terms of the real economy as we begin 2021 so if congress does not do something now, there will be underlying problems, particularly when we look at the case of spikes in record deaths. it is a terrible picture. know, i think that is where the pressure will be to finally

get something done. markets are hopeful of course. the vaccine does help. it is a story that has been with us for a while now so everyone has become experts around it. what people are forgetting about is that the fed might still deliver for the remainder of this month. central-bank accommodation is a key feature of these markets. for bond investors, it's what part of the curve you are playing in because we will see steeper curves heading into next year. that is certainly our expectation at j.p. morgan and we are starting to see that play out again. investors want to keep closer to the belly of the curve or even the front of the curve where they know the accommodation is there, particularly in the case of australia, for example. the back end of the curve could be more dangerous as we head into 2021. shery: when do you get to that point in australia where you should or worrying that the rba need to keep the yields low at a time when global yields are rising? laura: that's right.

they have only just begun their program and they are only one month into this official kiwi program. we have five more months before -- we expect they will do another one. that is quite likely from my perspective and that does feel like a bit of a consensus formed in the market but we are still a long way from this program. there could be this period where, yes, central banks are there, but is it enough to deflect some of the pressure coming from rising bond yields, offshore, particularly the u.s., fees?flation that is something that has become more important this week. we are starting to see more and more hedges being put on around inflation rising. that is the thing that will continue has well and certainly, that does not bode well for the back end of the nominal bond curve. shery: you mentioned the continued weakness on the dollar thewe are seeing continued positioning on record short bets, and asset managers

building that trade there. that takes me to my question of the day on mliv's, which is how well the dollar weakness hit other assets? where are you going to see the effects first and more lasting? laura: for us at the moment, one thing we are thinking a lot about is what it means for emerging markets. that is a play that clearly, it would have been risky to enter into earlier this year but i think investors are starting to see that this dollar weakness can continue and it became -- can become much more broad-based overall and the rangers can be further than we expected. for that reason, we are seeing people chase the dollar lower. they were hoping for a but rightels, now, we are seeing them having to catch up to some of the moves occurring. what will benefit is some of the reserve currencies. we are seeing a bit of a shift for those who generally would hold u.s. dollars to move more into the euro and yen as well

out there. on the others out of the coin is emerging markets which can offer some attractive yields and i a long-termnow, strategist wrote that in terms in termsallocation, -- of emerging market bonds, looking at the 60-40 allocation between equities and fixed income. where can you find yield in this new world at least in terms of g10? haidi: it sounds like 2021, you expect to be more of the same. laura: it does feel like a lot of these things will be continuing through that. it would be great to see a very different year next year and that is what most people are hoping for at this stage. shery: what would be an unusual investing idea going into next year given that it feels like we are going to be some time away

from a truly resilient rotation trade or opening up trade when things get back to normal? what do you do in this awkward interim where you want to stay fully invested, you don't want to miss out on the opportunities, but it does not seem -- it seems foolhardy to go to heavily into the world -- too heavily into the world go back to normal sort of portfolio? laura: that is difficult. the next six months can be quite treacherous. people will try to put on positions that may be will not work for the first few months so it could be a difficult to one again next year, but overall, people are trying to focus more on the back half where they think the vaccine will be readily available, where they do think emerging economies will start to do better again and travel will start to may be reopened amongst international borders so people have focused mostly on the back half of next year which as i mentioned can be dangerous to start so if i was beginning as an investor in

2021, what i would be thinking about is the hedges for q1 because you are going to get some bad economic data, you are going to get potentially some delays and noise like what we talked about with the vaccine, and i think for that reason, whether it is equity downside, whether it is downside hedges on the aussie dollar, these are trades that can perform really well where suddenly, the scripts get ripped up in the first quarter. that is where, with volatility looking quite low, those are attractive opportunities come and again, if i think about the rate market, we still like to be received in markets where you think there is a risk that central banks could still be quite dovish into 2021 and that could include new zealand which has not been an easy trade to hold, but certainly, one where we think it could surprise the market again so that is where we are doing that. also australia where we think the rba has the willingness to continue with this. it will prevail. it's just a bit of short-term

noise. , alwaysaura fitzsimmons great having you on, joining us from jp morgan. we do have a couple of stock movers right now in japan and south korea. take a look at record time because it's really under pressure -- rocco tom -- r akutan, because it's really under pressure. -cuttinger rivals, coming at a time when prime minister suga is pushing to lower phone tariffs. threeix jumping more than .5 percent. this as the kospi is rallying above the 2700 and the chipmakers have really seen huge demand. the electronics industry getting a boost in northeast asia. south korea semiconductor 16% ints surging november so they are releasing the tailwinds from that trade.

let's turn to karina mitchell for the first word headlines. karina: we start with some positive news. oil prices rose as opec and its allies reached a deal on output strategy. members agreed to ease production curves more slowly than initially planned, giving the energy market time to absorb extra supply. output increases work started in january but will be delayed for three months. ae compromise is to avoid damaging split within opec with the uae unhappy at production levels. iran is ruling out any negotiations on a nuclear deal ahead of the new u.s. administration stepping in in january. tehran says the decision to abandon the agreement means washington has no right to impose conditions and must not violate international law. the foreign minister says the deal is not about one side demanding and the other side giving in. hopes of a brexit deal have slumped yet again with the u.k. officials say last-minute e.u. demands are putting any

agreement on hold. michel barnier is to return to brussels later friday with a deal potentially within reach. the u.k. officials as a tougher stance from the e.u. makes a breakthrough less likely. sources say the change in the e.u. position comes after france vowed to veto any agreement it does not like. shinzo abe is reported to be wanted for questioning over election campaign spending. nhk says prosecutors are looking at probably financed terry bason parties and whether they broke financing laws. said some of his aides have been questioned. abe steps down in september and denies any wrongdoing. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. haidi. thei: karina, still ahead, latest on the race towards a vaccine. the outlook for supply next year given this recent -- this is bloomberg.

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shery: the dow jones is discussing a deal with the finance chief that would allow her to return home to china from the in canada. bloomberg executive editor joins us from beijing. it is our understanding that she is resisting the proposed deal. what do we know? john: we don't know a great deal at the moment. dow jones is reporting those conversations are ongoing. so far, according to the report, to has resisted an agreement admit to wrongdoing because she believes she did nothing wrong. according to dow jones, there was an earlier draft of an agreement that she rejected because she did not like the way that her dealings with the banks -- she is being accused of lying

to banks about why ways business in iran. -- refused to haidi: this comes at a time when we are getting increasing pressure between -- from washington, i should say come onto beijing's big companies. what other implications are there depending on how this plays out for the broader relationship and some of these other companies? john: miss has been a major sticking point in the relationship, and partly why things have gotten so tense. two years ago, when she was arrested, it was in the middle of these trade talks. there was some discussion that it could derail these talks. if this is resolved, it could potentially sort of open up a pathway for an improvement in the relationship. shery: talking about that relationship, the pentagon

adding four more chinese companies to a list of firms that it says are owned or controlled by china's military. so that would help. john: we have seen a number of moves by the trump administration in its waning days, this being the latest. of course, the administered and added about 30 companies earlier to this list of companies that are associated with the people's liberation army. position to be a sanctioned. it limits what interaction american businesses can have with those companies. obviously, trump has tightened be sarah restrictions on communist party members recently visall as sanctions -- restrictions on coming as party members recently as well as sanctions. it has not improved after the election. that was bloomberg's executive editor john liu in beijing with the latest. we will watch for further developments as this report about the u.s. justice department having these talks about potentially a deferred

situation to allow the huawei cfo to return home. we will be discussing the risks of chinese companies being delisted from u.s. exchanges as pressure mounts. brendan joins us later this this hour. is bloomberg. ♪

haidi: the latest on the pandemic. moderna says it's shot has the potential for durable immunity and pfizer has scaled back production targets towards those. show cortez is tracking -- michelle cortez is tracking the developments. walk us through what is happening with moderna. michelle: we are starting to see some longer-term data from moderna's very first advance human trials of the coronavirus vaccine. we are seeing even longer results than what the fda and other regulators have been asking for and they are showing that people who got the vaccine,

three months after they got their second dose, they had higher levels of neutralizing antibodies to fight off the virus than people who had been infected naturally and were recovering from the coronavirus. so that is great news. not only the fact that they had more antibodies, but that they lasted for that long. we want to know that antibodies last more than a handful of months. we want them to last for a handful of years or even better, forever, but it will take a little bit of time for us to follow that and know for sure how it will hold up. haidi: in the meantime, we are hearing that pfizer is scaling back their production. -- production targets for this year. this underscores the difficulties of being able to get this rolled out in large scale. they cited the difficulties in securing all the materials they need to be able to produce that much. what are the implications for vaccine availability and rollout? michelle: that is absolutely the

issue. when we are talking about vaccinating an entire population, and we have never done anything like that before, so the number of ingredients, supplies, chemicals that we need , it's absolutely overwhelming, and that process is not going to ease any time soon. we are going to need more and more of these. that is what pfizer ran into. some of the early supply chain broke down a little bit. they were not getting the quality ingredients they needed that they thought was acceptable for their vaccine, so they scaled back the number of doses that they are going to be able to make available. 100 million. that is what they were hoping for, to 50 million for the whole globe. they have been disclosing some of their changes to public health officials around the world. there was a little bit of an upset earlier today when dow jones reported that they were cutting their supply and half, but in terms of what we are

actually assessing when we are talking about the numbers, hopefully, it will be pretty close to what we have been planning. shery: hospitalizations continue to surge across the u.s. here in new york, we are seeing multi-month highs when it comes to infection rates, and now we are hearing from president-elect joe biden that perhaps he could put a mask mandate. is this a feasible idea here in the united states? well, it is absolutely something that the president can do. the question becomes how you would enforce something like that. we have seen many people, many governors, other state leaders, local health -- local mayors and others trying to get these mask mandates going. it makes sense. the problem is that we have this virus that does not care about things like what city you live in or what state you live in. what we really need is the entire world to lock down, the entire country to do the things that are actually pretty simple,

to just wear oua mask. you need to do this for the next three or four months until we get these vaccines out there. if we are hearing that message from the president of the united states, maybe more people will embrace it. there will be a segment of the population that does not. there is this whole individual freedoms in the united states, so we will see how that plays out but it would not surprise me if president biden did go for a national mask mandate and that would help out. haidi: michelle cortez with the latest. you can read more about the market reaction to that pfizer scale back of their production targets in today's edition of "daybreak." bloomberg subscribers can go to dayb on their terminals and it's also available on mobile in the bloomberg anywhere app. let's get you a quick check of the latest business flash headlines this hour. things are looking up for boeing after a crucial deal for its 737 max from ryanair. it will add 75 737s to an

existing order in a deal listed at $9 billion. the news comes as the first journalists,ll took a publicity flight from dallas. american airlines organized the event. commercial flights will resume. delta airlines is warning cash losses for the current quarter could be deeper than expected as the coronavirus resurgence continues to undermine air travel. deltek expects to burn up to $14 million a day, up from an earlier forecast of $12 million. the revenue will be 30% less than the same period last year, in line with earlier estimates. tesla pushed higher after winning support from the market. goldman sachs is bullish, upgrading the company. goldman raised its price target to $780 at the highest on wall street. there is support of a kind from the famed short seller. tessa forn short on

five years but he reduced the size of that trade and now says elon musk is doing a good job. coming up next, after almost a week of fraught talks, opec and france finally reach a deal on output cuts. we will have that next. this is bloomberg. ♪

haidi: we are just getting the latest retail sales numbers out of australia. month-to-month number for retail sales in october is a gain of 1.4%. a contraction of 1.1 percent. we will continue to see the recovery in the retail sector as greater melbourne and parts of victoria came out from that prolonged covid related lockdown. shops were about to reopen. we are heading into that critical retail sales season just before christmas as well. toump of 1.4% on it comes the retail sales number for the month of october. let's take a look at how markets are faring on this friday's

session. sophie. on aussieecking in numbers, the aussie dollar holding steady at 74 point 41 this morning. the aussie dollar and the asx 200 headed for a fifth straight weekly gain. stocks being led higher by banks this morning and we are getting more positive indicators. ups pointing out that australia new vehicle sales, 12% year on year. last month, the first positive printed since march of 2018. tech gaining ground along with real estate and energy sales. checking in on the mood in tokyo this morning, we are seeing some modest stock declines in tokyo while the yen is holding below the 104 handle and the dollar trading at a 2018 low. with the nikkei snapping a three-day gain, rocket -- k rakuten among the biggest gainers. we are seeing moves higher.

you minis outpacing in the asia session. another day, another record for the kospi and chipmaker, samsung hynexonics and hynek's -- getting in on the action. the current account surplus providing a boost to the currency. shery. shery: oil also rising. it is close to the $46 a barrel level after opec and its allies agreed on a compromise deal for out book. the cartel plans to ease current curbs. su keenan has the latest on this and they are agreeing to meet monthly now. su: first, the oil ministers overcame a rocky start. they revealed a big rift among opec leaders. it resulted in a rally.

west texas intermediate and brent crude. oil is set for a fifth weekly advance. in terms of the takeaway, the idea of keeping a firm lid on output curves was actually ditched in favor of this compromise accord. it is a plan for modest increases, up .5 million barrels a day beginning in january. the idea of delaying or tapering the return of supply is having the goal of having less oil on the market by that first quarter. the most significant -- the ministers decided to meet and review output levels monthly and that is a big change that's going to have implications for the relationship between opec-plus and the oil market. we also know that the market widely expected those production flat outbe extended into the first quarter. that did not happen. some members saw a fragile market and did not want more oil on the market. .thers wanted to open up

keeping everyone together was a goal. it saudi oil minister called a very excruciating and tiring meeting. the saudi's have been driving a lot of the opec-plus policy this year but they had to accept an agreement they really did not want at the onset. haidi. haidi: what happens now as we get this monthly monitoring situation? su: the oil futures curve is signaling tighter supply and a brighter long-term outlook so that is a positive. as you know, royal has been rallying on optimism that fuel demand will rebound, particularly once the vaccines are widely distributed. so the monitoring will be significant and, as many point out, the producers will be able to adjust the production or tapering of the oil production in either direction, both positive and negative, so -- and

the pace of the tapering will be based on an analysis of the market. there is a view that the oil markets full recovery could happen by early next year. the deal again is achieving the main goal of returning supply to the market in such a gradual way that the oil stockpiles fall in the first quarter of next year. there is the concern, as oil supplies fall, and prices rise, some members will be encouraged to cheat or produce more. there is hope that the monitoring will prevent that. back to you. york: su keenan in new with the latest on oil. turning to copper, is trading around a seven-year high on optimism surrounding vaccines and strong economic growth signals from china. in the largest copper producing , industry margins or swelling. one of the world's biggest copper miners has seen its shares climb 45% this year.

we spoke exclusively to its ceo a little bit earlier. i think -- sanitary conditions, and although those may orroved in chile -- early june, they still have a risk out there to watch for. sanitary conditions of our workplace and communities. from the point of view of the -- especially in china. there is also an impact on production earlier in the year. we have seen a favorable market. we are keeping our production in line with our plans and we also have an expansion we have been working on for a year and it will continue. conditions.anitary

we had to stop those projects. we have started to get them back. therefore, our expansions -- -- very important. outlook for the market looks stable. shery: the mind has been a source of labor conflict as well -- mine has been a source of labor conflict as well. our their labor strikes hitting output guidance that you have in place? year potentially. we will continue to work with our workforce. haidi: china takes the lion's share when it comes to copper demand. how are you gauging demand, the health of the market, particularly as we see accelerated economic recovery in infrastructure investment going into next year? ivan: we are looking at --

favorable in the sense that we have seen china come back from -- drop in the first quarter of this year. net recovery has been sustained quite strongly -- that recovery has been sustained quite strongly. that is there in terms of basic of the structure and also exports, which are on the back of what we have seen in terms of property demand in china. ---- the ex-d -- copper demand in china. what we are witnessing in the china market, it bodes well for the copper price in the market generally. he has seen some recovery in the rest of the world. atna is a bit more risk. we have seen that sustained in the infrastructure side and the export side. will that demand from china be able to sustain prices? lmeust saw the chart and

copper passing that level. where do you see prices towards year-end? ivan: i think prices have certainly moved. it's a combination of demand in china -- it's part of the story, no question. the other one is what is happening in supply. this year, we did see some impact in supply and some countries stopped production like brazil, mexico, and panama. those countries did not operate for a while. we have seen a reduction in the scrap coming to market. ability impacted the for scrap production. all those factors on the supply side, those are helping. shery: ivan arriagada speaking to us a little earlier. still to come, our next guest says washington's delisting threat against chinese firms has more bark than bite and investors are betting a

compromise will be reached. brendan joins us next. this is bloomberg. ♪

>> mitch mcconnell is calling for a smaller, more focused stimulus package for the u.s. economy as democrats scale back demands to find out rude forward. baseline is a nine hundred billion dollar proposal, far less than the two point $4

trillion plan the democrats pushed before the election. mcconnell wants the bill that targets small businesses and vaccine distribution. the reserve bank of india is expected to keep rate policy on hold for a third straight meeting amid high inflation and signs of growth in the economy. the repurchase rate will stay at 4% according to all 30 economists we surveyed. spiking prices for say because after the rbi cuts rates. it sees the indian economy shrinking by 9% later this year. china-australia tensions may be set to ease after beijing said tariffs on wine are only temporary and should end in the new year. duties normally last for months although can be extended further. china continues its investigation into dumping. the ministry is defending tariffs on australian barley after relations between beijing and canberra hit a new low. reports from washington say the justice department is in talks with huawei cfo meng wanzhou to

strike a deal that would allow her to return to china from detention in canada. the dow jones says her freedom would be in exchange for admitting violating iranian sanctions on behalf of huawei. she was arrested two years ago in vancouver. she is resisting any admission. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. shery. shery: president trump is expected to sign a bill into law that could limit new york share sales by chinese firms, a threat to what has been a significant source of fees for bankers. the u.s. house sent the beltre trump's desk this week after it cleared the u.s. senate back in may. our next guest says the third is more bark than bite. brendan ahern's cio at a-shares company.

thank you for joining us. this chart on the bloomberg showing how the golden dragon in that is tracking chinese firms listed in the u.s. barely saw a blip. are you shrugging it off? definitely.t we believe that there has been some progress made from the president's white house working group on financial markets. it provides an opportunity for companies like the u.s. listed chinese companies here in the as. to participate in co-audit signed by their audit group, auditor, the big four here in the united states, and that will make them compliant with this new legislation. been workingc has in parallel. what sort of progress have you seen on this side and what could we see eventually that could lead to some sort of resolution here? tondan: i think it takes two tango and most certainly, we are

seeing on november 20, the csrc spokesperson said they were very much willing to engage and find a solution. at the same time, enforcement of this bill which will likely be well received by president tom, it puts enforcement at the fcc. the fcc has said if the u.s. listed chinese companies, their u.s. auditor validates the mainland subsidiary, they are in compliance with the law. we think that is part of the reason we are seeing u.s. listed chinese companies that were heavily invested in actually rise today. haidi: we are also looking at a situation where all of this friction is happening. we are expecting it to continue into a biden administration because the issue of china is pretty much a bipartisan one when it comes to gathering that political support. at the same time, you have wall street continuing to push into china with their presence at a

record high. you're seeing 33 or so chinese companies listing in the u.s. this year, which is the highest in about 10 years as well, so why the kind of, i guess, bifurcation that you are seeing in these two narratives? haidi, it's ank, great point you make, where we see that the bark, that the headlines can seem very scary, but the reality is, these two economies are highly intertwined . our financial markets are intertwined. and no one wants to see that disrupted. there's a lot of people making money. u.s. multinationals generate 370 $6 billion of revenue in china. no one wants to see that go away. i think it goes back to. there's a lot of bark but we don't see him -- it goes back to there's a lot of bark, but we don't see a lot of bite behind this political rhetoric. haidi: are there still opportunities to be had given the rally we have seen in chinese assets, as we continue

to see the strength of that economic recovery and that story to hold going into next year? one of theidi, things that bloomberg does such a great job is around their em research team showed that the 20 largest u.s. emerging-market actively managed mutual's are all underweight china, and this is despite china outperforming in 2019 and again here in 2020, 2021,believe going into you are going to have a rebating. even investment professionals, because of this political rhetoric overhang, have been underweight the best-performing upwardswithin em, now of two years. wee at kraneshares, celebrated our 7.5 year anniversary, and lo and behold, we have beaten the s&p 500 by being geared to the growth element of china's economy. shery: do the regulatory changes that are happening in china give

you some pause? we are of course waiting for that huge ant ipo that did not happen and we are seeing that perhaps there would be more regulatory changes in the chinese market. i think what many of us were very excited for the ant ipo -- at the same time, the i think the regulator took a pragmatic view that ant regulated as a bank as opposed to a simtech company and was changing the company's financials. at the same time, we do see a robust pipeline. we have j.d. health on the docket for listing next week. there is a multitude of opportunities. and again, you see this growth geared market. it's not just shanghai versus shenzhen or the dow 30 versus the nasdaq 100. these growth geared companies, fullhibited by china for

two quarters outside of its quarantine, these growth geared companies have earnings momentum, and that's why what we have seen in china is apt to play out globally. haidi: where does that leave hong kong with all these competing new economy boards coming online? hong kong in the grips of its own political or exit then show crisis with -- existential crisis with beijing. brendan: i think today is an example where -- is going to be added to the very prestigious hang seng index. and again, an element of why investors are focused on growth companies like we are with our strategy is because you are seeing indices like the hang seng adding these more growth geared companies, so as investors, you are very much focused on where the growth is were seeing a strong rebound in the consumer and that has to flow through to

the balance sheet of these more internet and e-commerce companies. shery: great to have you on, thank you. brendan ahern from kraneshares, and he is the cio and the company. take a look at the korean won. it continues to reach new highs that we have not seen since at least june 2018. we have seen this risk sensitive korean won continuing to dan against the u.s. dollar, not only because of u.s. dollar weakness, but because of improving risk sentiment, but of course, we will be watching out a policy makers say. every time we see the korean won at that some of strength, we see some sort of verbal intervention so let's see what happens from here. the kospi rallying to record highs again. this is bloomberg. ♪

>> the fourth annual bloomberg -- takes a look at politics and science and technology. his accomplishments merits recognition and 2020. we spoke with anthony fauci covid-19 fight against and the accomplishments he is most proud of this year. dr. fauci: my name is dr. anthony fauci.

i am the director at the national institutes of health. the accomplishment this year, which has been an extraordinarily challenging year by any stretch of the imagination, was the work that my institute did in the contribution to the development of a successful vaccine, actually, more than one vaccine for covid-19. the original component of the vaccine that is being used by virtually all the companies despite proteins of the novel coronavirus -- the configuration in which it is used in the vaccine was developed by scientists in my institute that i direct. so we feel very good about that. how mean, there's still a lot more challenges, but that is something that i think is a very important contribution that everyone worked together. it was a team that did it. it was not any individual person. but it has been a very important

contribution. the optimism for 2021 is based on the fact that we will have and do have vaccines that are highly effective against sars cov 2. and although we are in the depths of a challenging period right now with cases soaring, we feel that as we go into 2021, a combination of the vaccine itself as well as the implementation of public health measures is something that we feel ultimately and hopefully quickly will put an end to this pandemic. the thing i am most pessimistic about, and i am not naturally a pessimistic person, i am usually a cautiously optimistic person, but the thing i would say, rather than pessimistic, is more concerned about, is the fact that we are having a major surging of cases in the united states and even globally of

covid-19 to levels that we have not had before. and as we enter the colder months of the late fall and winter, this could get much worse. year has not necessarily taught me something but confirm something that i have known for a long time, and that has been integral to my job as an infectious disease expert and someone involved in global health, is that pandemics have occurred in the past. they are occurring now. and they will continue to occur. and that is the reason why we have to prepare for the next outbreak, which inevitably will occur. and hopefully, the lessons learned from this terrible expanse we have gone through will help us to be much better prepared for the next challenge of an emerging infectious disease. dr. anthony fauci from

the u.s. national institute of allergy and infections, speaking to us as part of the fourth annual bloomberg 50. we are looking ahead to the open in hong kong in mainland china. that's turned to sophie with a preview. -- let's turn to sophie with a preview. sophie: toshiba gaining ground on a report that -- has got the nod. that is on the u.s. blacklist for being military controlled and that list has been expanded to 35 including other companies. cnooc may be moved along with other oil producers on the opec plus deal. slipping the board, we are watching chinese insurers after morgan stanley raised its view on the sector to -- last thing i want to flag is a note out from -- saying em's are set to shine here, propelled by a weaker u.s. dollar. our coverage continues as we look ahead to the start of trade

in hong kong, shanghai, and shenzhen. markets:,r "bloomberg bloombergopen" -- markets: the china open," coming up next. this is bloomberg. ♪ in a land not so far away, people are saving hundreds

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>> it is 9:00 a.m. in beijing, shanghai, and hong kong. welcome to "bloomberg markets: china open." the u.s. steps up pressure on china, expanding a list of chinese companies it says are owned or controlled by the military. energy giant cnooc and chipmakers smith are on the list. asian markets head to the weekend in