your way to stay closer together this holiday season. switch and save up to $400 a year on your wireless bill. and get $300 off when you buy the samsung galaxy note20 ultra 5g. learn more at xfinitymobile.com. haidi:

in sydney and we are counting down to the major market open. kathleen: i'm kathleen hays in new york and welcome to daybreak asia. asian markets -- investors factor in the profits of fresh stimulus. the total value is above $100 trillion. brexit talks may not reach a deal head of the eu summit. u.k. officials dampen claims. president trump says that yuli judea -- rudy giuliani has tested positive for covid-19 as the u.s. faces new infection records. the u.k. is expected to start vaccine shots this week. kamaruddin is in hong kong. -- providing a boost through that rally given the uptick we have seen in iron ore prices. bhp shares are rising more than 2%. check out the aussie 10 year yield.

u.s. futures opening with little change in the asia session. slightly under pressure this morning. testing this amid uncertainty over brexit talks. kathleen: let's get right back to the brexit talks. last ditch negotiations have resumed in brussels. officials say that the next 48 hours are crucial. >> we welcome the fact that progress has been achieved in many areas but significant on thesees remain three critical issues. both sides underline that no agreement is feasible if these issues are not discussed.

>> joining us now to sort this out, where are we? arelicting talk on whether not there has been a breakthrough on fishing. ready tois apparently put out that internal bill that some of thes previous agreements. where is the heading? britishinly what the seem to want us to believe is that we are in a game of chicken and that they are prepared to drive their car over the cliff. plainly in the weaker negotiating position in that both sides have an interest , but britain depends

more on those exports than the rest of the eu. britain has more to lose. it makes sense that britain is trying to talk tough because it needs to. it surprises me that they are trying to talk down fisheries as a possibility. it has always been clear that these are many issues are the difficult ones. has bignaturally territorial fishing waters and that was bound to be an issue. there -- it was thought that would be a tough issue, and the issue of maintaining fair trade as time goes by. i assumed that the fishing deal would be met on terms more

favorable to britain been to europe and that the fair trade deal would be settled on terms more favorable to the eu. i think that is unbalanced the .ost likely outcome haidi: this has been such a long game of chicken. it still feels like critical deadline after critical deadline. incrementally, this is the least of the u.k.'s problems. the wouldn't say it was least. if we have a no deal exit, that is bad. the governor said in as many words that it would be worse

than covid for the economy. even if that isn't strictly accurate it would be a very major hit. just paying travis -- tariffs on a trading partner. the scale of disruption at the border could be very damaging indeed, almost in the same kind of way that the immediate lockdown was for covid in march. britain does have other major problems as well in dealing with covid. issuek that the critical that we need to work out is how strong boris johnson's position is within his own party and -- whether he can get enough conservatives to swallow a deal that they are not going to love. it is probably more of a

political obstacle than an economic one. haidi: we do have some breaking news when it comes to that j.d. health. we had this earlier at the bloomberg. they agreed to offer the for 22 times. subscribe saying they will be billion.ong kong $26.5 it is the biggest health care for public offering. this is a unit of jd.com, the e-commerce giant in china. that is due to start trading in hong kong december 8.

to becomees that asia's biggest listing in the health care sector. we have seen a record wave of listings this year. overall strong investor demand and liquidity commissions. let's get to karina mitchell. karina: president trump revealing that his lawyer has now tested positive. the administration says that all americans who want the vaccine should be able to get one by the middle of next year. startere, the u.k. will rolling out shots starting tuesday with queen elizabeth and prince philip high on the list. alarmlia is sounding the on trade. the morrison government says

that the value of agricultural shipments will fall to the lowest in five years. that's a slight improvement from the 10% slump in september but may undermine a period of solid domestic growth. iran is preparing to raise oil production in a sign it expects them to ease sanctions. joe biden has signaled he wants to revise the nuclear record. tehran says it is ready to raise output within three months. higher.markets global news 24 hours a day on air and on bloombergquint take powered by more than 2700 journalists and analysts in more than 120 countries. kathleen: the u.s. health secretary alex azar says that all americans who want a covid vaccine should be able to have one by the middle of next year. we will have the very latest on the pandemic later.

we will speak to the chief fintech officer about the future of digital banking as singapor fintechal si conference gets underway. he thinks it is important bouncing back from the covid damage to have private companies involved. we will find out what he thinks coming up.

festivale fintech kicks off virtually today. 60,000 participants represent 7000 companies from 130 countries. we are joined by the chief fintech officer at the monetary

authority of singapore. tell us about the environments that fintech and the digital space is upgrading. it is such an unusual year and at the same time the monetary conditions are very supportive of new endeavors. what do you make of where we are heading as we have the backdrop of some of the regulatory challenges in china? >> good morning and good to talk to you. this is a great time to understand the impact of 2020 on it when he won. i think this is the best opportunity during the crisis. fore is a huge demand technology and options. investment at the numbers, almost half of the

money went to the fintech helping the banks to it. this was a great time for fintech. we are looking to 2021 with a lot of optimism, and various ecosystems. haidi: we had the first licenses granted last week to the first digital bank. -- i'm these entities interested in why giving the license to aunt particularly -- license to ant particularly with the regulatory hurdles they are trying to work through? >> we are looking very closely at them.

ant is a good example. they have financing. china did notin have much of a bearing on the business we made on whom to give a license. job inve done a fabulous driving a real end to end business. we look forward to them being successful in singapore. kathleen: financial regulators around the world are going to continue to look closely at fintech company's because they are a slightly different entity. they are not as well tested. you guided this process into singapore? that havehe potholes been tripped on and how have you got through them? concern -- aeen a

confusing year. , they are following the regulations that every institution has today in singapore. that is something that you must make. tech, thatn on big was the big concern. there are entities -- that have met expectations as we have for the bank. kathleen: singapore is getting it right. where does this go next? what is this infusion of new models, or is it more a case of

ultimately everybody is in tech? >> absolutely. there is a huge surge. it gets faster absolution to this new model. it has become much wider and much more available. the expansion of financial services and the new ways of how to provide finance. these business models will have a lot of growth in this sector. kathleen: have a great time at the fintech event into singapore. i wasn't signed on until i got

in for this interview. it looks amazing. more interviews later today including the international finance corporation plus air asia group ceo tony fernandez. .his is bloomberg ♪

kathleen: the fda sent to vote on emergency use authorization. the u.k. expected to administer its first jab on tuesday. infections continue to tick higher with president trump saying that rudy giuliani has tested positive.

let's watch all the latest news. you? does it look to it is so incredible. it happenedple, if early in 2021, they would have been thrilled, and this seems even better. >> that is true. ,here has been a lot of buildup a steady drumbeat of build up to this crucial week we are just starting today. food and drug administration will be on the spot later in the week. there were optimistic comments today from the health and human services secretary alex azar and the former drug who is theecutive

head of what the trump administration is calling operation warp speed. looks that the vaccine should be good to go. the highempered by number of cases and deaths that have been overshadowing a lot of the optimism at the same time. heard in the last few hours that rudy giuliani has tested positive as well. he went to the thanksgiving celebration and has not been wearing a mask the past few days. what do we know about this and that we are not seeing -- the fact that we are seeing these cases can the president's circle

? fair to say it is not surprising but there have been a series of cases within the administration. at one point there was concern that the white house was being decimated. trump got the virus before the election. has been center stage in trump's legal orb. theseu've seen him at various events with no mask. been asame time, it's key feature of trump's postelection fights to demonstrate, which he has not been able to do, that there was

election fraud and fat joe biden should not be the president -- and that joe biden should not be the president. which is something that mr. giuliani has been stalwart in advancing for several weeks. >> thank you for joining us. our washington week and editor. now for a quick check on the business flash headlines. in florida andn the latest blow to the financial industry. we're told they have been scouting locations in the south of the state. homeuccessful working from has persuaded the bank that they can move out of new york and save money. bank of china says it has implemented all measures demanded by regulators reviewing potential threats and improving internal risk control. -- fined almost a billion

dollars for a billion-dollar loss for clients. become china's first mall to use the digital yuan backed by the pboc. a pilots aims to launch program before the end of the year. 100,000 digital cash vouchers that will be issued this week in the eastern city. bigger version a of its dragon capsule to the international space station. the first time the company has had two spacecraft in orbit. at the same time dragon is carrying this mist presents and other supplies and should reach the space station

monday. it will be the first time it has docked with the iss itself. previous missions used the robotic arm. haidi: let's look at the markets. we continue to see the rally take hold when it comes to trading in sydney. over 2%.st gain by we are seeing gains of just over 1%. we have iron ore continuing to work higher. since that as the highest 2013. new zealand more modest at 0.5%. tokyo trading in the next half an hour or so. that is also a session high -- off the session high. pretty flat at the moment. at major indices closed record highs with these expectations growing of

more federal stimulus. tiktokmp deadline for has come and gone. we will talk about the latest. this is bloomberg. ♪ - [narrator] this is kate.

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i didn't know you were listening. karina: sterling fell in early asia trading amid growing fears that brexit and the eu will not reach a deal. touted as is being the effective end of the road. the next 48 hours are crucial. fishing rates remain a key sticking point. the bank of japan has become the biggest owner of the nation's stocks with the total value climbing above $400 billion.

combined gains have pushed the equity portfolio to $434 billion. -- reportsrst time from hong kong say prominent chinese born executives have formed a new political party. twoparty was founded by executives and a chairman. mass -- enuit and masse last month. i'm karina mitchell. this is bloomberg. of tiktok'sull sail u.s. assets remain in limbo as the friday deadline came and went and we have no deal. steve, where do we stand right now?

>> friday was another deadline. it had been pushed back several times. sources say that there will not be another extension of the deadline. mode while theax sides are negotiating. mid-september, the trump administration gave their initial blessing to a deal that would bypass tiktok u.s. operations by a group led by kkr, and general atlantic and they would create a new entity called tiktok global. the election took precedent. is an immediate impetus to do this before another looming deadline. the jetliners -- the deadline is january 20 when the biden

administration will take over in the white house. we are not sure what stance the biden administration will take on this deal and the various legal challenges. whether these will lapse as well and whether they will take new importance. the deadline has been extended multiple times before and is unlikely to be moved again. to wait and see between now and january 20 whether the trump administration has the political will to get a deal done. kathleen: you will perhaps just have to wait a couple of hours. what are the chinese trade figures going to tell us about the recovery? >> the export and import situation has solidified. uncertainties on the exports in the united states with the covid cases as well as in europe.

we get trade figures in dollar yuan and you on -- and figures. it would be the fastest pace since march 2019. imports also getting momentum. a 7% estimate building on september's 13.2% rise. a bit of a dip in october. these are good numbers given the external situation. bloomberg intelligences that while the recovery is on track for exports, they expect demand from europe to weaken because of the delays in fresh stimulus. it may have kept consumption in check which would hurt exports of chinese goods to the united states. we will have to see later this morning when we get those bank figures. kathleen: thank you very much.

coming up, more insight on the latest developments in brexit negotiations with jason kierkegaard. he joins us next. this is bloomberg. ♪

figure let's get back to the brexit talks. last ditch negotiations have

resumed in brussels. the two signs are pushing for a deal ahead of monday evening but success remains in the balance. isning us from brussels jason kierkegaard. recently that the odds of no deal are above 15% over the last couple of days it has gotten murky over how much the u.k. is willing to give up on fishing rights. the question is if a level playing field is there. u.k. sending a signal that they are ready to go down with the brexit ship? >> that is very clear. the boris johnson government is putting a lot of emphasis on sovereignty ehrehere.

who gets access to the territorial waters. will there be binding arbitration by a third party? ofre has been a lot speculation rumors in the last couple of days but i haven't seen any solid evidence that there has been any real concrete forward movement on this. it is five minutes to midnight now, and we are going to have this reintroduction of the internal market build and the british parliament tomorrow in london which is a breach of eu.h in the eyes of the you can come up with a

complicated story that this is all choreography, but fundamentally you're trying to strike a new deal with a negotiating partner while you are busy undermining the one you already have, which makes your partner want to take extra an evenons and want more watertight agreement which makes it harder to reach. amt is why at this stage i pessimistic. kathleen: so many people see the u.k. as the weaker actor with more to lose. johnsonhink that boris -- what is your sense of his support to take that kind of a position, don't give an inch, our bottom line is what we need, and if we don't we are willing to take the hard road of no deal

? >> obviously this is the kind of deal that requires some political drama. we are really late into the process here. the reality is that because of boris johnsonthat taken earlier, we have a decision between a very skinny, limited free trade agreement that isn't going to be popular in many places and isn't going to be a big boost to the u.k. economy. it will be difficult for boris johnson to claim that as a great theory for him, and on other hand, you have a no deal where he has the opportunity to blame it all on the eu and to say that the french were

intransigent and wanted to trample on you to -- u.k. sovereignty. for boris johnson that may be the most politically helpful long-term strategy. the politics might in the short run work out better for boris johnson. haidi: how deep does the distrust run? into thethat feed level of negotiation required to get to a point where you are comfortable knowing what could happen in the future if a dispute arises? >> it is absolutely critical. this issue of the level playing field. the eu is asking for independent

binding arbitration, to decide social or not some environmental or labor market standard has the verge enough --divergedas d verge enough. they are insisting on that being codified in the agreement. we say that we and trust that the british government is telling the truth, that we have no plans to cut our level playing field standards. that we wanting binding external arbitration which won't be acceptable to the british government. you are trying to negotiate a skinny deal is absolutely critical, and in my opinion the

biggest reason for this potential failing is that lack of trust which makes everything so much more difficult to reach. haidi: i think a lot of people have brexit negotiation fatigue. the u.k. economy has its own problems even if you take brexit out of the equation. how much debt does the u.k. look to suffer? markets are pricing in the longer-term implications of the no-deal? >> in my opinion, absolutely not. i think you will find again the most up-to-date economic forecasting models will tell you that the long-term effect -- even if there is a deal, because

it is such a limited one that only focuses on most parts of the goods sector but there are to bevices -- it's going more harmful to the british economy in the long run than the pandemic. deal, it willno be more damaging. ofmy opinion, it is a lack focus on the fact that you are looking at two scenarios, both amec. -- than the and pandemic. that does not appear to be priced in fully. kathleen: i don't know if you know the specifics this much, but i'm curious, if there is no deal, does that mean that the u.k. leaves and takes all of its fish with it? they're not the only country

that is dependent on fishing. fishing is politically very and so many france countries. what happens to that if the u.k. says we will take the no deal? >> the british government will have the opportunity to deny all access to british territorial waters which will hurt in many coastal communities, but on the other hand, the eu will turn around and say we won't accept any british export of the fish that the brits can catch in their own territorial waters which highlights that even if the british government takes full control over the fish in its territorial waters, 80% of fish from the u.k. is exported through the eu.

they will have to find new markets for the fish claiming that they want to assert sovereignty. sobe they will be able to do in time, but fish isn't something that you can sell on the other of the planet. you have to sell it to your neighbors and that will be even if they claim sovereignty and catch the fish. i never thought i would live through a year when brexit was the most boring part of the news flow. we are getting to the end of the year, what are you watching is the biggest risk? riskthink that the biggest is the pandemic. we are very lucky that it seems that we have vaccines coming inine that should be kicking

across europe by the middle of the year at the latest, but at the same time, there is the potential that everybody will say we will have a no deal but that won't last for very long because the british government will have to come back and have some sort of deal because of the severing of the supply lines and supply chains. there is a risk that the hardship of the pandemic, combined with additional hardship and chaos on the borders, is going to create a toxic political cocktail that makes it politically impossible for both sides to restart negotiations which means that the relationship between the u.k. and the eu is going to be poison for many years into the future, which will be, of

course, very bad for both sides. haidi: we always appreciate your time with us. more on brexit. you can get more on that and the other stories you need to know to get your day going. it is on your terminals and avail on mobile and the bloomberg anywhere app. this is bloomberg. ♪ bloomberg. ♪

communicationse app slack has seen a surge in popularity as employees worker -- work from home around the world. they have an opportunity to shift away from physical offices. he spoke to bloomberg about the buyout. >> there is an opportunity for something nonlinear. it's not just, we have software and they have salespeople, t hough we will also do that. they're incredibly strong in the crm. that's usually the core of any company's operations. when you put them together, there is an opportunity to create workflows.

i think that there is a really unique synergy. me that it is up to brett to decide. >> it is up to brett. the important thing from our ndrspective is that i am a will remain the ceo of slack. >> will you become one of salesforce's presidents? >> i believe so. >> slack is a beloved product. you and i have had many conversations since every buddy started working from home. everybody started working from home. since the announcement, the stock has languished. you're telling me you don't think about that but i'm curious how much that wait on you and if that played into this? >> i know this.

i don't think that it played into this deal at all. the one thing that might have been lost is we announced our earnings at opposite times. that is a lot of information and we just came out of an incredible quarter. that is the heart of the business. we are pleased with the growth. part of that is an increase in awareness as a digital hq in a ared where physical hqs more used. a lot of this is just improvement to our various experience to helping people understand, helping them get started. usingig force of that is -- them to communicate across organizational boundaries. the last four quarters of

growth, 140%, 160% of scaling up to more than 500,000 connected endpoints. growth is increasing. it is an incredible opportunity to work on the next generation when you can work across organizational boundaries. >> what do you make of the narrative that this deal was done because of increasing competition from microsoft? that they were starting to beat you in customers and that the smartest way forward was to tie up with another giant? >> i think that narrative will eventually be dispelled. i will take it from a different angle. japan ist the u.s., our number two market. the u.k. and europe are very strong. just in the u.s., biggest telco -- in stock. creditors, issuer of

wall-to-wall, slack. if you zoom out, it is two thirds of the fortune 100, the biggest companies. the largest into graded health care system. we could go on this list forever. i've given up trying to point people to the empirical facts. there's an article of faith about competition that i am unable to overcome. was stewart butterfield speaking to emily chang. the latest financial firm to consider transferring to florida. a stringman be joining of prominent financial names going south? >> it looks like they are exploring the possibility. the sunshine state has a lot to like. the warm weather, lower tax and

living costs and it is a big difference from the heavily covid-impacted city of new york. bloomberg has learned that goldman's success in operating remotely as persuaded its leadership team that they can move more roles out of the new york city area to save money. goldman set the aggressive goal of saving over $1 billion this year. they have started moving some to dallas. they may continue to do that and designed to keep their asset management division in new york. we are told by sources that they are scouting office space north of miami for the asset management division which brings in $8 billion per year. , often aions trendsetter for the industry, adds to the cloud for new york's

future. haidi: japan and south korea open at the top of the hour. we had to sophia for a review. to see if theyng will dampen the stock rally. valuations up $100 billion, these futures edging higher. we are keeping an eye on japanese telcos. rapid 10 considering a low data mobile plan less than $19 per month. in south korea, detailing the u.s. national defense bill and tightening restrictions on huawei. they say that could benefit is the but as for lg, it only south korean telecom operator that uses huawei's 5g equipment. that is what we are watching in the start of trade in tokyo. more ahead on daybreak: asia.

level.g the 1% this is bloomberg. ♪ s bloomberg. ♪

>> welcome from bloomberg world had hair -- headquarters in new york on kathleen hays. >> asian markets have just open for trade, our top stories this our, asian markets are set to extend, wall street rallies as investors weigh the prospects of stimulus and the vaccine rollouts. the total value of global stocks now above $100 trillion. as a straight numbers rise, they show continued export resilience

despite weakness in the global economy, and president trump says rudy giuliani has tested positive for covid-19, a report says he's being taken to the hospital as several u.s. states set new infection records. witho the market action sophie in hong kong. we have seen even more record highs for global stocks in the asian shares. the nikkei 225 adding 4/10 of 1% this morning as the yen holds a steady -- we see yields push higher. the 10 year yield on the jgb just slightly higher this morning and keep an eye on telcos as well, it is reportedly set to announce a new mobile plan. let's check in on the mood in south korea, we have seen gains for the kospi climb above the 2700 level, it looks like buyers

and south korea are not deterring the risk that has helped push chipmakers to the high. the korean won under pressure 1083.g at let's check in where is going on elsewhere, we are seeing u.s. futures slightly low when it comes to s&p, minis holding steady. we have the u.s. 10 year yield still stable at -- light focus, we areh in seeing a steady somewhat -- it steady somewhat after uncertainty over brexit talks. over in sydney we are seeing gains for the asx 200 with energy players gaining ground. ,ron ore continuing to rally futures have jumped to fresh records. the aussie tenure yield adding about 78 basis points. when it comes to the outlook for

bonds i want to highlight something from the head of rate strategy saying that democrats -- should democrats and republicans reach a deal on fiscal stimulus on this side of biden's, that could see a higher rate pack. there projecting u.s. 10 year yields to end at 90 basis points. thank you so very much for joining us, let's get more on the day market action with strategist mark cranfield in singapore. let's focus on china's trade data, how far do you think it is going to move beyond 6.5? it is hard to imagine we would be here if you go back a few months. >> it has been an incredible ride in the last half year. 720 andhinking about here we are approaching 650, an

incredible turnaround. that is probably -- partly because the fundamentals of china have stood up much better than many other countries in the world and they have had a relatively tight policy compared to the loose ologies we have seen and the rest of the g10 world. that is one of the main reasons the yuan has recovered so well. it is a very big carry trade, it is a stable currency with relatively high yields, a tighter central bank, and a good fundamental story on economics, so all of those things together mean that people can get a pretty good relative return for holding the one. -- yuan. 6.44, thatg level is is where we have seen major changes in the you one -- yuan both on the dollar was falling and rebounding. people will be looking the on

650 26.4 four which is where we still people start to reduce risk. haidi: i want to get you to the question of the day which is the impact on risk assets for a brexit deal or potentially not a brexit deal, we are expecting negotiators will probably call it a night soon in this current round of talks. what is the expectation? there does seem to be a complete lack of pricing over a new deal scenario -- no deal scenario. mark: we saw such big swings around the various assets in 2016 when the original shock happened of a no brexit deal, this time around we have got a much bigger story going on. we have the pandemic and whether there will be more stimulus in the united states, more rate cutting from the federal reserve. these are probably much bigger factors than anything to do with

brexit. at the same time, people are looking at a localized basis, what does it mean for the u.k. and u.k. assets? in the brand can't -- broad context, this is a smaller story than anything to do with the united date or europe or china. we get to the situation where whatever happens in the u.k. is probably more of a story just for u.k. assets than it is for the wider context. the up -- people are getting more comfortable with the idea that we could see the pound rise or fall sharply and it does not have a very big impact on the global situation. highay well see volatility, but the chances of it disrupting the global situation have become less considering the fact that all major countries are trying to battle the economic effects of the pandemic. haidi: mark cranfield there in singapore, let's get you to new

york with karina mitchell with the first word headlines. karina: australia is sounding the alarm on trade saying souring ties with china will hurt the values of exports, they say the value of agricultural shipments will fall by 7% this year and next to the lowest in at least five years, that is an improvement from the 10% forecast back in september, but it may still undermine a period of solid domestic growth. virus numbers continue to rise with president trump revealing now that his lawyer rudy giuliani has tested positive. they say all americans who want a vaccine should be able to get one by the middle of next year as infection records are set in several states. ruling --s to start rolling out shots tuesday with the royals high on the list as copenhagen goes into partial lockdown. iran is preparing to raise oil production and assign -- in a sign it expect to ease sanctions. joe biden has signaled he wants

to revive the 2015 nuclear accord dropped by president trump and tehran says it is ready to raise output within two months. global news 24 hours a day on air and on quicktake powered by more than 24 -- 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. ahead, we are joined -- this is bloomberg. ♪

is one of next guest the speakers of the singapore festival which goes underway today, he runs the asia-pacific corporations at the international finance corporation and says the private sector will play key role in

rebuilding the region after covid-19. to have you with us, tell us about the way given where you are at the moment and the topic of the day, how some tech and technology can play a role in this post-covid world. this is aood morning, great question and a very important one. -- to the into quality inequality characteristic of this pandemic, this is the pandemic that has raised some of the tolerance we have in the economy and different groups and society. i think digital will play a significant role in the recovery phase. are ay because there billion people in the world that do not have access to any digital device, so these people are left behind. it is very important to continue the digitalization to provide

digital means to people that cannot get into the economy and benefit from externalities. it can play a significant role because we know it allows people to have access to financial services without the need to go to specific branches or locations. haidi: how does the role of the private sector, has it changed in the post-covid world in terms of the usefulness of a public-private relationship and arrangements for example? it is already changing and basically as we know the fiscal space will be very limited, in the world, many countries have increased their fiscal deficits up to 10% of gdp on average in asia pacific it is 5% of gdp which means that governments will have limited

capacity to use public resources to support recovery. what we will need is to crowd in the private sector, we will need to create conditions for the private sector to come back to shape and help in the recovery. the role of the private sector is stronger more than ever due to the significance of this pandemic and the way economies can respond. what specifically are you looking for the private sector to do? many companies have financial stresses of their own particularly banks, i think about tosome question what extent banks are asked to loan to less credit companies that could hurt them in the long run. what is your idea for private sector companies to do to help

rebuild where the government can't? this crisishink brings a huge opportunity for the private sector. what i would see as -- of the recovery. one of them could be disruption on supply chains. this crisis has changed many of the paradigms we had before and it is changing the way that many supply chains are being sectors like many tourism, textiles, business and etc.. it is taking place in the new shaping of the volume change, the second one could be digitalization. there is a great opportunity with digital financial services soh trade platforms etc., they need to advance on the digitalization of everything, it is a clear consequence of this

crisis. the third one which is, in my opinion, the future to really achieve a resilient cover is climate related businesses. we know there is a huge opportunity for the private sector to transform any of the business models we have had and benefited from the cleaning of the economy in the next years. what role does this private sector need to play? i think it needs to build back better and the public sector, which a -- what they should do is crowd in the private select -- sector by crating smart solutions. kathleen: so, if the private sector is needed and has so many opportunities, are there any regulatory changes needed? do governments have to offer tax credits, other kinds of support incentives for them to take these big steps in these very important places? alfonso: i think at least we could look at these in different

areas. of what wee in terms call a risk and hostilities. basically trying to cover or help in the private sector by covering part of the risk that a specificnto session -- sector or economy. we need to avoid the public sector to play a 100% role in any of these sectors and really to incentivize the public sector , the private sector to come in and take part. the second area are the reforms and there is one area that is particularly relevant in my opinion. firms that ared viable, but not liquid. credit -- something this crisis can generate. some firms remain forever, so resilienttrong and

framework for the structure will be good. the third is to create conditions for the climate related business. to create conditions for the private sector to start anducing differently servicing different a to minimize the transition risk that the climate change affecting the economies. kathleen: thank you so much, obviously we will -- you have some very clear ideas, thank you for sharing with us. from the international finance forum. stay tuned for another big interview at the singapore festival. ony fernandez will be bloomberg markets later. turning now to the big vaccine developed, the ceo of biotechnology says it will be a long time before we have heard immunity. we spoke about the antibody

treatment which it hopes to roll out next year and why drugs like it will remain crucial going forward. >> the efficacy of the vaccines is somewhat surprising, they work incredibly well and i think that is great news for everybody. if you think about bringing the enoughc to an end where people are protected so the virus does not spread anymore, you probably need at least 70% of the people who are immune. that means probably 75% of the population has to get immunized. i do not see that happening anytime soon unfortunately so my view is going to be there will continue to be covid cases into the future and of those people will need therapies. developingies we are , others are developing seem to work in the early stages of the disease.

they may or may not work in hospitalized patients, but i think as the vaccines get spread, the incidence of infection will get down, the risk of getting it will go down. there will still be millions of cases and those people now will have access to drugs that can prevent -- hopefully prevent or reduce the most severe consequences. upyou are working on setting antibody treatment, how effective is it, what does it do, and when can people get it? >> antibodies are molecules your body produces and responds to an infection, they are one of the print spillways the immune system can fight an infection -- principal ways the immune system can fight an infection. to have isolated antibodies from patient to recover from the disease, identify the most effective, produce them and reintroduce them back into patients to provide protection. they seem to work, i think there

is good data to show that. we will have our data on the first part of next year as early as january. will of they work, we course move them forward as rapidly as we can. now inies are available limited supplies, ours will probably be available at the end of the first quarter next year. the antibodies will be in limited supply and we and others are just manufacturing as fast as we can. should they prove effective we will have as much supply as we can. >> should we take a step back and think about the advances being made during this coronavirus period? what is your assessment? i am thinking about how many of the advances are going to be applicable elsewhere, i am wondering where this leads broadly in the health care sector.

you have worked in many areas of the industry, i am just wondering, how much has it changed? >> so much has changed because of the urgency. makers haveaccine convinced what is -- condensed a multiyear process into one year, to do that requires changes in business relationships, collaborating with other changing, it required how we interact with the regulatory authorities, how we think about manufacturing. all of that has changed in a way that -- much of which i think will be maintained after this. not all that, because part of the speed has been putting aside everything else and focusing solely on this. once we get back to a nor -- more normal mode of operations i think we will be collaborating the interactions -- many of

those changes will stay in place. ofdi: that was the ceo biotechnology george scangos. coming up the last attempt at a brexit deal, but changes remain. the latest ahead, this is bloomberg. ♪

-- last-ditch negotiations have resumed in brussels. level playing fields remain a very big sticking point. the next 48 hours are crucial ahead of thursday's leaders come in. our senior international editor jodi schneider joins us now, so how do you handicap where things stand between the eu and u.k. you asked a person on friday it is one answer, heading into

monday, where is it? jodi: the problem is they have to come up with this deal pretty quickly now to get it through before the u.k. will have to leave that european single market and customs union on december 31. i know we have been talking about this for more than four years, but that is happening. both the european and u.k. parliaments need to ratify an accord, so they have to reach this with enough time to implement it and that is what is complicated. they have resumed negotiations which you noted in brussels, one of the biggest obstacles to their trade deal is -- they still have sticking points and they have to do this quickly. they are speculating a could happen, but it is going to be difficult. we heard from the irish prime minister the other day that things are on a knife's edge.

that is what it seems to be to get all these issues resolved in this amount of time, by monday evening essentially they need some kind of deal. haidi: what are the main sticking points still? the issue remains that they have to have a compromise which has been this doubling block of access to british fishing waters. it looks like a consensus there, but there is another issue of a competitive playing field and that is a really difficult issue if they are going to resolve. there is some other complications, there is another issue that is probably getting things further. u.k.'s internal market bill goes to the house of commons on monday and the government intends to reinstate controversial clauses that would diminish parts of the original exit deal -- brexit deal.

the eu has threatened legal action over this saying if that happens, that is a nonstarter. if they get a deal on the other parts, that could complicate things. much,en: thank you so senior international editor jodi schneider. for a quick check of the latest business flash headlines. the upcoming ipo in hong kong is 400 times oversubscribed and retail investors will nearly double to 42 million. j.d. health is pricing the sale kong dollars and expects to raise 3.5 billion u.s. dollars before allotment. an index provider is set to remove chinese companies following president trump's executive order. they say market be removed if the administration publishes an official list. up next the vaccine rollout is

in high gear as they prepare inoculations, we will have the latest on this, what it means for investors and more, so keep it right here. this is bloomberg. ♪

i'm karina mitchell with the first would headlines, the bank of japan has become the biggest owner of the nations stocks with a total value of holdings climbing more than $400 million, etf packages during the pandemic combines the valuations pushing it equity portfolio to 430 billion. it is the first time the doj is -- from the government pension investment fund. prominent chinese born executives have formed a new pro establishment political party, this shows the --

along with the head of cmmd vision.irm new -- has entered entered a new bigger version of its capital to the international space station, the first time the company has had two spacecraft in orbit at the same time. the larger dragon is carrying christmas presents and along with other supplies, they should reach the space in later monday. it marked the first time they have dr. themselves. 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. news on abreaking very important story for japan's two leading airlines. their stocks already down as they watch these headlines from bloomberg. the democratic

party's special committee on airline policy, in an interview with bloomberg said it is premature to do a government directed restriction of japan's struggling airlines, the pandemic has crushed air travel. they are going to take about 83 $.6 million write-down through the air of march of next year. response to remarks by a former minister advisor and an advisor on the prime minister's growth strategy council. he told bloomberg news that the companies will need more support and they should become one. now, he is begging to differ. premature tois talk about government funding even though the prime minister last thursday said he wanted to make a special funding for the airlines part of the next budget. ya that riskstsu

from this funding debate and he says again it is premature contrary to calls for funding and a revamp of the airlines. a big story in japan right now. sophie let's get back to you and take a look at the markets. asian stocks writing for a sixth straight day, another record for the kospi pushing higher above 2700 with chipmakers providing a booth -- boost. more superlatives for you, we are seeing gains in australia 200ing the charge, the asx being led higher. mccoury boosting its price forecast for iron ore on the scoreboard recovery. checking in on what is going on in the bond states, very much in focus as the 10 year yield

pushing up above 1%. no dice for the u.s. 10 year watching that very closely to see whether it can top that this week and in the currency space we are keeping an eye on the pow which -- this as we assess exit risks given talks continuing and the offshore u.n. heidi, it is worth noting that the u.s. is under pressure when it comes to other major currencies. numbers continuing to rise as president trump reveals that his lawyer rudy giuliani has tested positive. the americans who want a vaccine should be able to have one by the middle of next year the administration says. >> we will focus those most vulnerable and on the front lines with the initial 40 million doses in the next month and then we will progressively keep adding more and more people. thehinking in

february-march timeframe that you will see more general vaccination and i the second order we will have enough acting for every american that wants it. haidi: meanwhile the u.k. will become the first western country to begin vaccinations on tuesday, a global business -- our global business editor joins us on the line. where are we in terms of these rollouts? said that u.k. the first in the western world to ok the vaccine says it will start vaccinating health-care care workers, those on the frontline and the more vulnerable starting this week. it is a quite political decision, a bit of a victory for the ruling party there. it will be interesting to see how that distribution goes. lots of eyes on whether it is thath or it is something is plagued with issues.

to the u.s., a very different situation in terms of reviewing the vaccines. they have a public advisory committee of experts there reviewing the pfizer shot this there were public concerns about how fast the u.s. was moving in terms of its vaccines. we will take a look at it this week and submit their advisory to the fda. the first sign we will get of how they are looking at the pfizer vaccine will be the briefing documents to the committee that will be released early this week, that will give us a hint as to how they are viewing this vaccine which the company says is 95% effective. advisoryhis public committee has done its review, it could be anything from a few days to a few weeks until the fda makes its decision on

authorization. cusp for these two places. watching closely in asia having a winter wave of errors increases. increasesng -- seeing in deaths. where are you watching, what is most important in terms of the virus and what is going on in asia? emma: as you said the main hotspots is obviously the u.s. which never really exited in the first wave. to second is the u.k. trying beat the second and third wave area we are seeing a resurgence in asia, nothing like the likes of elsewhere. it is serious nonetheless, we have got some of the places that

have dealt with the virus, most successfully korea, japan, neither of those places ever went for a limitation, so what is being challenged is their ability to keep control over their outbreaks. we saw korea see the highest numbers in cases just over 630 on sunday, the highest number of new cases in nine months. only five new deaths. they are seeing more serious cases in both korea and japan, something we are watching quite closely. casescritical i see you in these places that are taking higher because we are seeing the virus take root in a different group of the population than it was in summer. we are seeing older people going out to social events or group exercise activities in the virus writing in that way -- spreading in that way.

the korean cdc striking a quite confident tone that it will be over the next couple of days whether they can exercise that control that the campaign is for. of padding ont the back gets upended. emma you so much to o'brien. key chinese trade data in the next couple of hours are expected to show continuing resilience for all important exports, we will preview the numbers with the jp morgan -- this is bloomberg. ♪

kathleen: important news on the brexit negotiations underway, angela merkel of germany, manuel macron of france are going to soften the level playing field demands according to the times of london newspaper. they describe it as closing ranks now and they are going to confront orest johnson with their final offer on the brexit trade talks. they have agreed to weaken union demands for a level playing field, this had to do with the achievede the exit is and they have some kind of deal, they have been asked or forced to accept some kind of demand

around the idea they will alter their labor laws, environmental center business laws to keep the field level between european companies and u.k. companies as time goes on. the other issue they have to hammer out is fishing, we will see now perhaps giving some ground on the eu side, it will be perhaps the u.k. to give some ground on the other sides. important news as we wait for those negotiations to continue. let's move onto china because very important data coming out, november trade numbers later on monday with economists expecting a 12% jump in experts from a year ago, very healthy and even a slight increase in october's expansion. i want to get a preview with jp morgan's senior china economist who joins us from hong kong. what kind of numbers are you looking for and how important of a signal will this be to you that china's recovery continues?

grace: we are looking for some pretty decent numbers here, so 47 -- talking about a 13 13.7% year on year increase. you have already got a sense of that from the latest pmi numbers. if you look at the pmi that went up to the highest level in 10 years. term, we areear still seeing strong trade numbers expected, consistent with numbers from south korea and so on. i think the concern going ahead with that outlook, we are expecting on the political front. the second wave of covid to drag in europe especially in the u.s. and europe in the fourth quarter of this year. it could be a drag with regard to asian exports in china, recordh, it is useful to

that this kind of drag on the end growth typically forces -- focuses on the surface sector. the destruction on production chains and some other parts of the world because of covid could in the short-term raise china's export share as we saw this year because of the normal production chain in china. how much of an offset will stronger economies in the asian region where there is so much trade with china offset any slowdown we see overseas? japan's outlook is looking better, we have seen some of the pmi's around the region getting better, how much can that offset any -- particularly from europe, they are a very big purchaser of chinese goods. grace: the demand from europe is

important, almost as important as demand from u.s. for this part of the world. in that regard, meaningful will have a negative impact on asian exports overall. , typically you see the covid related slowdown more focused on the service sector. asian exporters see these as less significant and the other thing is the tech cycle where in the very short term, the tech cycle remains pretty solid especially with regard to the new smartphone cycles and so on. in that regard, i think you do have some impact, together we see reshuffling on supply orders with some of the countries with destruction on their supply chains because of covid. in that regard they are often

offsetting factors here. having said that, if you do see more -- a stronger side of slowing including the amounts of goods from europe and then from the u.s. in the next quarter, then you could have multiple drags on the amount on this part of the world, but we have not seen any of that yet. haidi: how long is the road to policy normalization? grace: that is a very interesting and important point the market has focused on. recovery has been going very well, it has been a leader in the world in terms of coming out from covid. by now we see the chinese fully completing its recovery phase, so the next as economies continue

the recoveries, policy will likely be on the path to normalization. what does that mean? from the monetary policy side we -- to guide credit growth in we estimate 30.8% of this year, we think that will slow somewhat to about 12% in 2021. that is basically to ensure that spacs we have seen this year to stabilize somewhat and we see -- economy tofor the shift somewhat from the investment side and export side. that, we do see the pboc on the path to meaningful tightening yet, on the inflation

side we are seeing a forest pbi to beas well as stuck in inflation territory. a highlyme time, with leveraged economy, you can't afford to have much of an uptick in interest rates. in that regard, we don't see anything, with the decline in inflation, we think there is a decent chance that there may be room for more policy rate cuts area haidi: in terms of the currency, it is the dollar story driving that u.n. strength -- yuan strength. is that a bit of a sweet spot that policymakers would be in trouble with -- would be comfortable with? grace: so far this year we have

seen it going pretty strong against the u.s. dollar. with china's ahead growth recovery going on nicely through the next year and with the interest rates being very much favorable for china as well with the external side accounts increasing from a one , aboutf gdp last year one point this year. you have ongoing portfolio inflow into china as china opens investmentto foreign on its domestic financial markets. in addition to that is the u.s.-china relationship where with a biden administration

quite likely coming into place, the market generally looks for more consistency and transparency. we see a gooddrop environment going into 2021 and to end 2021 atng about 6.25 against the u.s. dollar. youi: always great to have with us, j.p. morgan senior china economist they're dumping a little bit -- dumping a little bit later on. we have much -- more on the airbnb ipo sting the price range --ween 56-50 dollars a share 56-60 dollars a share according to dow jones. we have had a lot of interest when it comes to airbnb's ipo string a pandemic to of it given that was a company so badly hurt by the lockdown and the travel restrictions.

this also goes into one of our other top stories this morning, the outperform is when it comes to the funds, airbnb as well as doordash took the builders -- biggest holdings in their portfolio. we hearing now that airbnb has boosted its ipo price range between $56-$60 a share. we will get more details on that story, but in the meantime, this is bloomberg. ♪

japanese companies are planning to -- transporter energy is going for the use of gas sector technology to bury gathered emissions under the seabed. we have been taking a look at this story and this technology, so what is by shall about this project? what is the timeline for this? this is arning, project being proposed would be the largest anywhere in the southern hemisphere, they are one of two and develop it in the northern devout -- hemisphere. ambitions,ot broader there are a number of heavyweight japanese companies including tokyo gas.

what is new about this is that we have onshore project in australia, but this is the first that explore the potential to inject co2 under the sea. huge gas is known as a exporter, one of those is off the coast. there is a lot of really good seismic geological data available to people to find the best possible areas to store the co2 under the sea. they're hoping to use that data to find the most operable places to put it. timeline, it has not been too clear. i think will take a while to get this together, probably 4-5 years. you would hope they would get some traction with it read they are in competition with another project called carbon net based on the southeast coast planning to store 5 million tons of carbon dioxide off the country's southeast coast.

i think we are talking within the next decade, this -- there should be an offshore co2 project in australia. kathleen: what are the advantages of storing co2 under the sea as opposed to storing it underground? james: it is based on the fact it can be expensive to find the land needed and you have to have the right geological composition. that has not been such a huge problem in australia, obviously there is a huge landmass available. as i mentioned, a lot of australian gas explosion has been based offshore, so we have that rich data to find the optimal areas for what makes the most sense geologically. that is why i think these developers are focusing on that and certainly that is the main reason.

is it is aproblem little bit more expensive to do anything offshore compared to onshore, that is one issue these developers will get around. it willthey are hoping be cost-effective. kathleen: our energy reporter joining us from sydney. biden,g news from joe the president-elect as he puts together his team. he selected the chief infectious diseases -- chief of infectious diseases at massachusetts hospital, she will be running the cdc centers for control and prevention, this is according to two people familiar with the decision. she is a professor of medicine, this comes on the same day he announced his new health and human services director to replace alex azar. haidi: let's take a look at how markets are faring, another

update when it comes to trading here in the asia-pacific as of course we continue to follow on the back of those record closes for u.s. stocks. we have the china open almost upon us as well as the china trade data. this is bloomberg. ♪ in a land not so far away, people are saving hundreds

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>> it is not :00 a.m. in beijing, shanghai and hong kong. welcome to bloomberg markets china open. we are counting down to the first session of the week. our top stories this monday morning, markets across the region pushing higher as investors weigh the prospects of fresh stimulus and the vaccine rollout. total value of global stocks above $100 trillion.