haidi: a very good morning. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories this hour. asia looks set for another cautious day as traders assess the chance of new stimulus in washington. the s&p 500 saw back to back losses. dow jones underperformed. woner's covid-19 has

initial backing in the u.s. it now awaits full authorization. warning a no deal brexit is more than likely as top level negotiations stall in brussels he says the e.u.'s current conditions are unacceptable. haidi: let's take a look at how we are shaping up in this friday's session of the week. endingpulling back and mixed to mostly lower. airbnb debut.he we saw broad weakness given we are still waiting for some tangible outcome out of the washington stimulus talks as well as u.s. jobs numbers disappointing and we are counting down to the new brexit deadline this weekend. seeing a little bit of a positive open when it comes to trading in sydney. that market is the longest

winning streak in six weeks. new zealand in the positive. chicago futures has flipped to negative territory, potentially setting up some profit taking. depends sets for -- set for its longest streak in over two and a half years. shery: a panel of fda advisers has just voted for the benefits of the pfizer covid-19 vaccine outweighing the rest. closer toa major step winning the go-ahead in the u.s. the food and drug administration will decide whether to approve the shot for emergency use authorization. our health recorder joins us online from new york. we know this vote is a nonbinding recommendation. what does the timeline of events look like from this point on, especially when it comes to americans getting the shot? >> it looks like this moves the vaccine one step closer to a mass rollout in the united

states. 17-4 that the benefits outweigh the risk. they're only a couple of minor food and drug. administration has to settle on be giving -- before giving the final clearance. there was some concern. they were asked to vote whether they would authorize it to people 16 years and over. there was some concern about 16 and 17-year-olds. there have been a couple severe allergic reactions to the vaccine in england. there are a couple minor issues that need to be settled. then i think it is a most certain to get an emergency clearance sometime probably early next week if not earlier. speaking -- we were speaking to robert in the last hour. he was saying he does not expect

a herd immunity to be reached in the u.s. tell us how the vaccine plays into the broader protection of the population and what other pandemic measures will need to stay in place even if we need to start getting people vaccinated? >> this is going to take quite some time to get a large segment of the population vaccinated. with this pfizer vaccine likely to get emergency authorization in a few days in a week or something behind that, likely vaccine, the supplies are going to be limited. these are only going to go initially assuming they both get authorized and it seems likely, to health care workers and nursing home residents. segment of people disproportionately impacted by this. it is going to take quite a few months to get a large segment of the population vaccinated. to get herd immunity, health experts think you need 60, 70%

that either have been vaccinated or immune because they got sick. we are a long way from that. in the meantime, people are going to need to take precautions. continue wearing masks, continue social distancing. should be full social distancing in the u.s. because the virus is going crazy in the u.s. bloomberg health care reporter in new york with the latest on the fda panel decision. let's take a look at another virus -- vaccine related stock. this is the largest weighted stock in australia this year largely on account of the pandemic. we are seeing downside at 2.5%. perhaps not the outsized reaction you might expect. this on the news that the australian government has canceled its order for 51 million doses of the csl vaccine they were developing with the university of queensland after

clinical trials ran into difficulties including and because of the vaccine being partially derived from a small component of the hiv virus. they sell trial participants coming up with false positives when being tested for hiv. csl staying in a statement after discussions with the government, they would not progress to phase two or three trials of the vaccine. it is unclear where it goes from here. they have said they cannot reengineer the vaccine. that would take a further 12 months and further consultation. the question of more stimulus in the meantime continues to be front and center from the u.s. where currently democrats and republicans are battling over a new stimulus package. kathleen hays. the democrats and republicans say are there -- saying they're closer to agreeing on a package. this is the most intense discussion we have had since pre-election. i'll close are they?

kathleen: as you say that, it is making me think sometimes in relationships, the last little bit you have to work out is the hardest and the easy compromises you make are first. we heard from secretary steven mnuchin, house speaker nancy pelosi. both of them say progress is being made but there are two big issues left. liability protection. protect universities and corporations. do not want to be sued later. aid to states and cities. if you do not want people to lose jobs, look at all the policemen getting laid off. that is the democrat, they cannot give up. told hisonnell colleagues privately had this bipartisan plan that has not resolved to this is not going to get gop support. the number two republican in the senate says the two sides will not be able to thread the needle on the question of liability

protection and the congressional aid said to bloomberg news the bipartisan group they came up with this 900 a billion-dollar dollar package is talking about something that strikes me as potentially an important compromise. $160 billion for aid to states and cities is what they are talking about. they are talking about making a needs-based formula. republicans say they will use it funds.out pension the bipartisan groups looking at taking a pause in covid lawsuits for now, putting some kind of liability standard in place and say we are going to develop a longer term standard. lawmakers are saying december 18, i think that is next week, as the deadline to get a deal in place. nancy pelosi on bloomberg television reminded everybody congress has stayed through christmas and after sometimes to work on unfinished spending bills. we will see if she can get it to

happen. you talked about jobless claims. that jump in jobless claims, the highest level since september. shery: the europeans have made it happen. kathleen: we were pretty much signaled in december they would be adding some more bond buying to their program when christine lagarde gave her policy statement explanation when she talked to reporters after the meeting. she underscored they have boosted the virus relief program. the caveat is they may not use it all up. billion euros, the $607 billion in nine months to the bond buying program, taking that the 2022. she said it may not last. it depends on the virus and vaccine. let's listen to what she said. >> if favorable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon, the

envelope need not be used in full. equally, the envelope can be recalibrated if required to maintain favorable financing conditions to help counter the negative pandemic shock up to the path of inflation. two quick important points. bloomberg news learned the extension in the bond buying program is a compromise. some policymakers say we only need six month. others said it has to be a year. great economics says the point is to let the distribution happen, allow things to get back to normal. if that happens, they say this extension may be the last. haidi: when you were talking about the last bit in the relationship that takes the most work, that brings me to brexit. we are hearing on the e.u. side, they have mentally moved on from the idea of getting a deal done. kathleen: maybe the analogy is

sometimes you need an outside voice to get together. boris johnson did say basically, let's get ready for no trade deal after brexit. he is speaking one day after the big dinner in brussels with the president of the e.u. commission. this is significant that they ended without a breakthrough. johnson said the brexit solution may look like the australian relationship to the e.u.. would fallthe u.k. back on wto rules. face new tariffs potentially after the transition ends on december 31. the pessimism here in these talks, people are saying it may mean there has to be outside intervention. angela merkel, president of france, that is something to maybe watch for in the next couple of days. day two is tomorrow. they were able to resolve their dispute over 1.8 trillion euro

joint physical package. that is supposed to get the european economy back on its feet by 2021. they have been busy but maybe they can get this on the table tomorrow. they have managed to get a compromise. maybe they can put something in the works among their e.u. colleagues that they can get this compromise with boris johnson in time should shery: kathleen hays with all of those important economic negotiations around the world. valuationd, airbnb's tops 100 billion dollars after its trading debut. one of the biggest first-day rallies ever. our interview with the airbnb see a yellow coming up. plus, we speak with a senior market strategist about her yens and what sectors she is watching heading into next year. this is bloomberg. ♪

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karina: china is heading back at u.s. sanctions over hong kong imposing measures against more american officials including curbs on travel. beijing has not identified the target but says they include executive and legislative members in washington and their immediate families. the foreign ministry is revoking reason of -- revoking visa free entry from hong kong and macau. citizenss two canadian detained for two years have been and dated and put on trial. detention ofto the the huawei cfo. beijing says the two are accused of spying for foreign entities to china -- foreign entities. antigovernment protesters in thailand are calling on the u.n. to help repeal of the country's strict loyal defamation laws

which have been used to prosecute 20 people recently. they intend to make their case further in geneva next may. the former goldman sachs president has sidestepped the man's he repay millions in compensation by giving the money to charity. the board watered him to return $10 million as part of the broader penalty. he refused. goldman has paid $5 billion for its role. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. msci gauge of emerging market stocks nabbed a seven session rally. while uncertainties remain on for the stimulus from u.s. lawmakers, analysts say the outlook for emerging markets remains bright. our next guest is buying into that optimism. is ang us from london

senior market strategist. always great having you with others. we have seen five straight weeks of gains for those developing stocks. how much longer can we continue on this rally and what about the intensity of the gains? >> thank you very much for having me here today. 2021 will believe a very strong year for emerging market assets in general and for emerging market equities in particular. we always say that selective exposure is very important in emerging markets. class. big asset it makes a lot of sense for emerging markets. [indiscernible] thet of all, we do expect

u.s. dollar to remain weak on its continuing depreciated trend. also, the global economic recovery to accelerate into 2021, which will be very , which will benefit the emerging markets in general. reallywe have seen overwhelming -- analysts being overwhelmingly favorable when it comes to the chinese stocks. are lagging they behind their e.m. peers. this chart showing the outlook for corporate profits has been lacking in traders considering perhaps most of the economic upside for china already priced in and we are seeing earnings estimates being raised faster for other ems. what do you like? equities willna continue to do well further into

2021. i do believe fundamentals are very strong in china. presidency is starting their term in 2021, listing of the -- will be positive for chinese equities. i do agree with analysts who not asia strength led by china will spill over to risks of the region, particularly to some southeast asian countries. [indiscernible] china is not one of them. haidi: let me talk to you about sectors. in particular, cyclical sectors like materials. this is the bloomberg commodities index rallying to its sixth year high.

we have multiple components of that. i need to mention iron ore. it has been pushed past when uttered 60 bucks a ton. commodityyear's best name. how do you feel about commodity stocks in which market do you think they will outperform? >> i think materials are very much helped by the cyclical recovery we are seeing in several economies. the only materials but also industrials and other consumer related stocks are very much the covid we are seeing in many countries. that performance to go further into 2021. shery: always great to have you with us. staying up late for us in london. $100b's valuation topping

billion after shares doubled in is trading debut. it has been a bump in december. it was one of the biggest rallies on record. bloomberg was speaking to the airbnb ceo when the stock opened at 146 box. that is way above the $68 initial price. >> that is the first time i have heard that number. we -- in april, we have raised money with debt financing. that price will have price does around 30 bucks. so, i do not know what else to say. i am very humbled by it. we know we are on a very long journey. focused.ing to be very today is a special day for everyone, but the higher the

stock price, the higher expectations, the harder we are going to be working. emily: airbnb has performed better than its rivals over the summer. how do you think the hotel industry looks different after this? how much will hotels be hurt by the pandemic in a way airbnb does not seem to be feeling? >> that is kind of up to hotels. what i know is this. the world as we knew it in january is over and that means travel as we knew it in january is over. that does not mean any company is over. as long as companies are willing to adapt, they are going to be fine. what people are telling us is they want things that are more intimate, a little more private. they do not want to be in crowded spaces. they want to make sure the right precautions are handled. i also think business travel is going to still go on the many of us are going to realize we do not need to get on an airplane to check in at midnight to have an 8:00 a.m. midnight.

more flexibility we have, i think more people may travel, especially nearby. i think this is a huge opportunity in the coming years for any travel company that wants to adapt. hotels, airbnb, anyone. the greatest insurance policy is to adapt. emily: let's talk about the longer-term. you mentioned you pulled back from different initiatives whether it was end to end travel, airlines, that list goes on. now that you have raise this money, will we see you pick those efforts back up? learnedf the lessons i from this crisis is focus. i remember when i was at college, a professor once told me you can do everything you want in your life is not all at the same time. can be tempting when you initially have success to start pursuing many things at the same time. we are not going to lose our focus. we are incredibly focused on

hosting and a host providing homes and experience around the world. i am 39 and this is not the only thing we are going to do. we are going to be thoughtful and extremely disciplined when we are going back into anything new. we just look at certain opportunities that are perishable and opportunities that are nonperishable. some of the things we put on hold, we felt those opportunities will be there down the ruptured emily: you talk about the risks of google and amazon play in terms of a gatekeeping role. we know the department of justice has sued google over antitrust issues. amazon is being scrutinized. the ftc just sued facebook along with 48 states. do you think these companies have too much power? do you think they are stifling innovation as one of the little guys who had to compete? >> i like that we are still the little guy. emily: over the years, in the early years, you were the little

guy. think it isad -- i not for me to decide and we are not as small as we were when we were starting airbnb. had it not be for those platforms, airbnb would not have existed. i will leave it up to others to decide that. the airbnb ceo speaking with emily chang. we will get perspective on how the virus is hitting india. 11:30 a.m. hong kong time. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security.

and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business.

haidi: let's take a look at trading in this part of the world. we had sidney stocks online for half an hour. watching csl in particular after the o's trillion government

canceled its order for 51 million doses of the covid-19 vaccine. they are not progressing to the phase two or three trials. the nikkei 225 looking open. in australia, we are watching the mining sector with the 13 priced mining stock the highest in a decade. this is bloomberg. ♪

kathleen: this is daybreak -- karina: this is daybreak asia. global coronavirus cases are approaching 70 million with pfizer pushing its vaccine and saying the pandemic is essentially out-of-control in the u.s. the austrian government has canceled an order for 51 million doses of the covid-19 vaccine developed by csl after clinical trials ran into difficulties. london is facing the u.k.'s toughest restrictions well france is swapping its lockdown for a curfew. more on the australian vaccine which could -- which just got

canceled. after studies ran into problems, csl and the university of queensland say they will not accelerate trials of their shots after some medical participants produced hiv false-positive's. agreements to has by three other shots. boris johnson is warning the u.k. and global partners to prepare for a no deal brexit. last-minute talks failed to produce a breakthrough so far. negotiations will continue in brussels there the weekend at the prime minister says the e.u.' currents conditions are unacceptable and he prefers wto rules. sterling fell as the much touted deal with canada also hit the brakes. the ecb is stepping up its campaign to shield the market from a possible double dip recession. adding new stimulus but staying it may not deploy all its firepower. christine lagarde says the 600

-- lisicki hundred billion dollars -- the comments are seen as relatively restrained and helped to push the euro higher. nba superstar lebron james is time magazine's appellee of the year after helping the lakers to the title and being prominent in the fight for social justice and black lives matter. his fourth basketball championship after the longest season in history. he signed a two year $85 million contract with the lakers. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm turning a metal. this is bloomberg. -- i'm karina mitchell. bloomberg shery: shery: should the u.s. communications regulator of the fcc is adding more restrictions on chinese telecom communications companies. it is ordering carriers to remove huawei equipment and it

commitment tos operate any america under review. we have seen the chairman really spearhead these efforts for a while. what is the latest? >> that is right. they took those actions against huawei in china mobile last year. this is another step in that direction in this bipartisan board. voting 5-0 to put these new claims down, basically ordering u.s. telecommunications carriers, many of which are smaller ones in rural areas that use huawei equipment, ordering them to remove huawei equipment. they also voted unanimously to proceed asking whether to end china telecom's permission to operate in the united states.

they cited u.s. security agencies who contend that china telecom has not complied with cybersecurity and privacy laws and provides opportunities for chinese state-sponsored espionage and disruption of u.s. communications traffic. it is worth noting that two democrats who are on the fcc commission also voted in favor of this, signaling there is bipartisan support for continued vigilance on national security matters. perhaps as well continuing into the biden administration. year, the fcc barred the use of u.s. subsidies to purchase dear from huawei on the grounds they posed national security risk. they also barred china mobile from the u.s. market. the key element is many of these small carriers in the united states rely on this so-called cheaper equipment for their

networks but the united states and the fcc will work out some sort of reimbursement plan and create a list of acceptable network gear they can use. fcc commissioner michael o'rielly, a republican, said this. and itclosing our market has ramifications and repercussions but we still have to do it because it is the right thing. overhearinge counter sanctions from china against trump administration's latest sanctions placed over the hong kong situation. what has beijing's response been? >> this was widely expected. they talked about countermeasures to what we heard on monday when the trump administration announcing these sanctions on 14 individuals, 13 woman.e women -- one

that is the body that promulgated the national security law and other laws on the legislative council in hong kong. now are -- china retaliating. they are saying they will sanction more u.s. officials in place new travel restrictions on u.s. diplomats. the names were not mentioned by the foreign ministry in beijing but they said they would include people in the u.s. executive and legislative branches and there from me members. revokecally, china will visa free entry to hong kong and macau for u.s. diplomatic passport holders. revoke.ll not the hong kong government. regulations against -- retaliation against the trump administration monday, announcing sanctions on those 14 members. we could see further members --

for the measures coming down the pike is the cap administration has been working feverishly to cement the crackdown on china for what china has done in hong kong and before the trump administration exits on january 20. haidi: coming up next, new ' coveragews outlets of my re -- of maori. --t on bloomberg should ♪ this is bloomberg. ♪

i: we are going to take a look at one a quality issue that is in focus in this part of the web. in new zealand were one of the largest media organizations has wrapped an investigation into its coverage of maori. it finds reports ranged from racist to -- and prompted an apology. joining us as one of the leaders of the investigation. great to have you with us. from those looking on from outside of new zealand, this is not the image 1-wood associate with the country -- image one

wood associate with the country. the ideals we have come to associate with new zealand. tell us what the investigation found. thank you so much for having me here on your show. i appreciate it. i just want to .1 thing out before i answer your question. they are collectively called the maori, but they are a group of tribes and sub tribes from across the country and we have relationship.t dissimilar to what has happened in other parts of the country like australia and america and canada. on that point, i can talk to you about why it should not come as thisprise that we have had

racist and blinkered history over 160 years of news coverage. there are many reasons why we look into our history. news media must reflect what is happening in society. what is happening in society is change. power and authority structures are being questioned why the public. why itey stand for and just dance for particular groups and all groups. black lives of matter, me too, all these things that are happening, say no to these are all things that are happening. we are reflecting that. part of the reason why we wanted to have a look at our history was because our leadership had changed. organizationut our

from an australian company. all these things meant that we identity as a an new zealand company. our ceo has stated we will use trust. [indiscernible] changed the way we think about things. trustld not look at without looking at diversity. diversity ine much our editorial newsroom. the majority of reporters in our country are descendents of white .ettlers

primarily people from [indiscernible] fromll as people actually britain. back 160 years through our digital platforms and found what we would call [indiscernible] start.t racism at the those men, the majority, came from britain. the papers were there to protect the interests. shery: so tell us a little bit about why that was important. why the way these people are pretrade, how it affects their life -- are portrayed, how it

affects their lives. >> i am maori. when i am not a reporter, it has impacted my life. it has hurt my family because the legacy of our paper has been to protect the interest of the majority. is how we have reported on maori and other has been racist. a purpose.ed it has created stereotypes. it has created stigma on my people. and has been perpetuated by the news media because we know the

news media's powerful, it has authority. people listen and hear what we say. the views of our society. what we start to see is we see a negative social stigma and stereotypes against my people and that is what has happened. we were focused on creating an families wereri the only perpetrators of child abuse in this country, which definitely is not true. were --also found is we where we should have been uplifting and supporting and bringing to life and bringing to attention the abuse of all maoriren, not just mo

children. haidi: it is an important first step and you got the ball rolling. what are the actionable steps you want to see from here? so the first three things you need to happen. >> we have already started so i want to make clear to everyone because a lot of people at the public have been saying these are your first steps. the apology. how about -- we have actually made a lot of steps prior to that. success isasure of chest. -- is trust. trust means we start building relationships with the community. remember the good old days when journalists used to get in front of people to talk to people, to go into people's homes and going to organizations to talk to them about what was happening?

we are trying to get our journalism back to that. it takes more time but building relationships with the community is a big one for eyes. community -- hery: it seems we have lost but we were having a very important conversation about the maori people. coming up next, why investors are rushing to south korea. why the kospi could hit 3200 next year. this is bloomberg. ♪

haidi: a quick check of the latest headlines. airbnb soared on its trading debut topping 100 billion dollars in the market cap and heading the ceo a fortune of $11 billion. it is one of the biggest first-day rallies on record. it comes as covid-19 upends travel and totality. -- hospitality. reported the just oracle has reported sluggish. growth in line with forecasts reflecting software licensing deals during the coronavirus pandemic. 2%,s climbed just under which agrees with analyst estimates. 1.06 cents a share --

1.06 a share. the pandemic kept people exercising and keeping fit at home. sales almost doubling. online sales make up around half of the company's revenue. shares in lululemon are up 6% this year. furry has announced big changes at the highest level with the ceo retiring for personal reasons. the legendary company has already started the search for its successor with the executive chairman taking on the role for the time being. he had been ceo and a memory of the board since 2018. he says he knows for ari -- he rari's best days are to come. shery: cyberpunk 2077 is the

most hotly anticipated game of the year. yesterday, it broke the record with a launch of over one million players on the biggest pc gaming platform should bloomberg spoke with the ceo of the developer. >> we are super happy and super humble. remember somet to analysts are expecting us to to sell 30 million. andeally appreciate it would like to thank them for a. it is one of the highest presale numbers ever in the gaming universe. we do not have data for all the games we -- but we are up there. what real-time feedback have you received from players so far? >> the expectations are superhigh.

95 10 rightpecting now, we are around 91. -- were expecting 95. right now, we are 2091. analyst possibility for gamers. >> are you confident these technical glitches can be resolved? >> yes, of course. >> a lot of people are wondering when the multiplayer version of the game can be released. can you tell us one that will be? >> no, it will definitely take some time. i think right now, our full there will be smaller pieces of content available for free. gamell be upgrading the and looking at -- >> do you expect to make another iteration? >> this is the question gamers

asked. the same day cyberpunk starts and they ask, will there be another witchhunt? maybe there will be another. we will have to do that. we do have breaking out of south korea. we are getting the trade numbers for the first 10 days of this month and we are seeing the daily average exports have jumped 11.9% year on year. the is a huge jump because first 10 days, exports rose 26.9% year on year. daily average was 11.9%, which is quite a big jump given that in november we saw a jump of 4%. chip exports for the first 10 days, a gain of 52.1% year on year. this coming at a time when we are seeing huge electronics

demand. we are really seeing this weovery for south korea's are minutes away from the open in seoul. we have been seeing a global rush for koran stocks. let's get more from our hs stock reporter. abouteems so attractive south korea's stock market recently? >> everyone is so happy. whenever i meet people, everyone is happy. waiting their targets for the kospi next year. we have jp morgan. toy raised their targets 3200 points, which means 70% higher than the current level and our bloomberg intelligence analyst forecast the korean you one may reach -- the korean yuan . whenever i talked to [indiscernible]

they say the global trade --rovements in the industry [indiscernible] the korean economy is export driven. traits account for 80% of korea's gdp. account for 80% of korea's gdp. so yeah. that is one of the reasons. given the 25% jump we have seen in the kospi this year, as there concerned about overheating? the kospi is trading at about 14 times the earnings. that is higher than the previous

valuations. other uncertainties as well. ono, we have restrictions the shortselling now. the band will be lifted next year. -- the ban will be lifted next year. currently, ownership of the targets is about 30%. there is a possibility for more info next year. inflow next year. haidi: coming up on daybreak asia, we are going to get the market outlook. trading opens in seoul and tokyo. this as we see a little bit more of a pullback from asian stocks.

equities set for the longest weekly winning streak since before the pandemic. lots more to come. this is bloomberg. ♪

>> welcome to "daybreak: asia," from blueberries -- bloomberg's headquarters in york. have: asia's major markets just open for trade this friday, our top stories this hour, asia -- traders assess new stingless in washington, there are few signs of imminent breakthrough on capitol hill. pfizer's covid-19 vaccine has

backing in the u.s., an fda advisory panel is recommending for emergency use. boris johnson once a no deal exit is possible as negotiations install in brussels, he says the eu's current conditions are unacceptable. shery: and here's a picture of cross market in asia, japan and south korea coming in on that online. nikkei led higher on utility agent -- utilities and energy stocks. we have seen this gain in the oil market with price crossing $50 a barrel. holding steady, take a look at the south korean stock market it is again at a record high. we are seeing energy leading the gains given the gains in the oil market as well. they have fallen from record highs in the previous session, but we have seen these global

funds buying korean shares in the fastest pace in four years. we have phenomenal numbers in the first 10 days of this month already. haidi: take a look at how we are trading when it comes to the aussie, one of the currencies really get a good bit today given we are seeing this commodities rally. iron ore continuing to jump in the materials sector, one of the winners when it comes to sydney stock as well. trader --ing overall trading for tents of 1% lawyer, the aussie dollar currently 75 29 seeing a little bit of resistance there and we are watching trading in new zealand where this week we have seen kiwi stocks trading close to record highs. we are seeing asia set for the longest weekly winning streak before the pandemic. let's get to karina mitchell with the first word headlines in new york. karina: we start with the brexit

debacle, boris johnson is warning the u.k. to prepare for a no deal brexit. last-minute stocks failed to produce a breakthrough, negotiations will continue through the weekend, but the prime minister says the eu's current conditions are on except rules.d he prefers wto the deal with canada also hit the brakes. the ecb is stepping up its campaign to shield the single market from a possible double-dip recession adding new stimulus saying it may not deploy all its firepower. they say the additional $600 billion of bond buying may not be used in full if favorable conditions can be maintained. the comment was seen as relatively restrained and helped push the euro higher. antigovernment protesters in thailand are calling on the countries royal defamation laws which have been used to arrest and prosecute at least 20 people

recently. they want international pressure on the government saying the laws are outdated and are not used by other countries, they intend to make their case further at a u.n. human rights conference next may. the former gomer -- goldman sachs president says he sidestepped demands to repay millions and competition by giving the money to charity, the board wanted him to return about $10 million as part of a broader penalty on senior leadership over the banks involvement over the 1mdb scandal, but he refused. billion forpaid $5 its role in the state investment fund. 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. haidi: let's get back to the markets, the head of asia trading strategy at sydney group joins us now, great to have you with us. we are taking a bit of a breather today, where to next in

terms of the next driver for the amount of pricing we have been seeing? >> i think we have got most of the good news factored into the market here, i think the upside in the immediate short-term is relatively limited especially in markets by korea and india. even in the u.s. i think in a couple -- we are pricing in a lot of liquidity area a lot of good news actually here until the new year. right now we are probably looking to take off or risk especially going into the holidays. placing keen on although we think there is continued upside and equities next year. we are waiting for another dip to buy into. haidi: how much do we expect to see for the upside when it comes to emerging markets particularly when it comes to the china -- dollar weakness story and has

china pulled ahead of the pack enough that most of the good news with the recovery there is already pressed in? >> in terms of emerging markets they tend to go higher -- you woulduld be probably get a better opportunity for entry. i think it was in november 2019 that we talked about the x why going down to about 89. we are heading down to those levels, i think once we get downside only moderate in the dollar -- and i actually expect the currency market will be relatively stable and you might get a firmer dollar by the third quarter of 2021. when it comes to china, what is interesting is the relationship

ore price, then steel press, and the stimulus studies being divided by china -- provided by china. i think some of that could add some downward pressure, they added iron ore prices could add some pressure to the chinese gdp outcome. we continue to like the chinese tech names, but we worry of some of the regulatory issues that may be coming up. what is happening in south korea? we continue to push to new highs on the equity market, is that sustainable? >> it is in the short-term overbought, we have been recommending clients to hedge their exposure in south korea. we think in the short-term a lot of good news is being factored in and benefiting from this rotation into value.

it has been benefiting from the -- prices and benefiting from the appreciation of the korean won as well as the inflow from foreign investors. i think the market is up something like 27% at the beginning of november and it is not very likely that this performance gets repeated in the next six weeks. i don't think the market will be up another 27%. in terms of covid as well, south korea is still in the process of buying the vaccines. we have thought they were going to be able to control the number of cases, it seems like they missed a trick there and that could impact the fourth quarter growth as well as the first quarter growth. we are waiting for the market to isl down a little bit, so it

cause for concern rather than an selling and looking for higher levels in the kospi 2021. sophie: good that also cool down the korean won because we are testing that $1000 level and we have not seen that since the financial crisis and that affect their exports and they are so hugely dependent on their exports. >> absolutely right and that is part of what i am talking about, they have already talked about its concern about the strength of the won. it is not just in korea, it is in taiwan, china as well. after the biden administration takes office, he will probably start seeing a bit of weakness from the creeping back into the -- as well. the strength in the asian currencies is actually at the

point where it is starting to have an impact on the domestic economy. a lot of these countries actually are in deflation, theainly disinflation, so last thing they need for their currencies is to strengthen even more to push them even further down the deflation path which we know is actually quite difficult to get out of. as we look ahead to the riskear, what is the one or opportunity conversely that you are looking for? >> in terms of the risk i think one of the big risks is if something goes wrong with the vaccine. for example if we find out in three months time that you have got to live with it for a lot longer, i think that is one of the tail risks that we are looking at. is thatnd risk i think

if central banks start taking away liquidity earlier than what we expect. we think they might start thinking once the population has reached -- has been vaccinated and we have reached herd immunity that we actually don't need to provide so much liquidity. from that perspective, what is good for public health may turn out to be not so positive for the equity market. we are expecting potential correction at some point next take the equity market below the level somewhere it is at right now. we will have to wait and see, but at the moment the timing is probably once the herd immunity has been reached which will be in the third quarter. think bond yields are going to shoot higher and negative rates will probably be here, so even if inflation does go up, we don't think there will be an aggressive policy being

carried out by any of the central bankers, leased alone by the fed. shery: good that correction come , the charter showing how they are getting stress on those technical indicators -- >> i think the indian market is benefiting a lot from the influxes coming in, we have seen a slowdown in those foreign inflows. there is a very high collation with the indian bond year rate, they have been talking about the idea that they are going to continue providing that liquidity for the short-term. i think any change in either of those scenarios or the strengthening and the dollar is going to be negative for the markets in general and i think india as well as these markets are quite extended at the moment and could be short-term vulnerable.

longer-term, i think it does gain here. shery: always great having her insights, thank you very much. still ahead we assessed the blueprint for beating covid without strict lockdowns as other kinds -- what other countries can learn from south korea's strategy for masking, testing, and tracing. fda advisors say the visors of vaccine benefits outweigh the risks, we will have the latest. this is bloomberg. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com.

covid-19 vaccine has one initial backing in the u.s., the advisory panel is recommending it or emergency use. it now awaits full authorization, jodi schneider has been tracking this, so how soon could americans get this vaccine? jodi: it sounds like very soon, it is expected that now that the panel has basically supported

--roving them, this could the fda could go ahead and approve it within days. if that happens, we could see people start getting it before the end of the year. one of the leaders had said people will get shots within 96 hours upon fda approval and the health and human services secretary has said within 24 hours. pfizer and moderna and the fda are anticipating as many as 20 million people in the u.s. could have received at least one shot in the regime -- the two shot regime by the end of this year. -- the president is saying he wants 100 million shots given in the first 100 days of his administration which will start on january 20. -- aboutll us about the effectiveness of the vaccine as it compares to others,

perhaps we could see a panel coming up next week? moderna is also on the schedule for approval, so both of these will likely be what is given in the u.s. we are seeing quite good effectiveness, the numbers at this point show clinical trials data submitted that companies and confirmed by the fda staff showed the vaccine to be 95% effective and worked well regardless of age, gender, race, ethnicity, or underlying conditions causing people to be at high risk of severe covid symptoms. there were some in the group who received the shot, some who got a placebo, but basically the side effects are said to be mild frequently not in the over publishing. so the signs are quite good. what are some of the

issues when it comes to the approval process? jodi: when it comes to that they come -- they get in the weeds and one issue for several people for ited -- did not vote on the panel were saying there is not enough data to support the vaccine and 16 and 17-year-olds. some felt uncomfortable voting in favor, other members said the data from older trial participants could be extrapolated to younger people, so there were issues like that. for the most part, there were no major issues that were discussed in the panel and that is what is leading people to think the fda's going to approve this quickly. of course this is under an emergency use authorization. jodi schneider there in

hong kong with perspective on how the virus is hitting india coming a bit later. goods,s across consumer agriculture, and other sectors, the managing director from a buy will be joining us later. airbnb makes a big splash on its nasdaq debut topping the u.s. ipord for the best performance, this is bloomberg. performance, this is bloomberg. ♪ - i sent your new prescription to the pharmacy.

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$100 billion, its shares doubled after its trading debut. airbnb's first a rally was one of the biggest on record, speaking to the ceo when this stock opened way above the $68 initial price. >> that is the first time i have

heard that number. money withe raised the debt financing, that price would have priced us around $30. say,'t know what else to humbled byi am very it and we know that we are on a very long journey and we are going to be very focused. obviously today is a very special day for everyone, but the higher the stock price, the higher the expectation. airbnb has performed better than its rivals and specifically the hotel industry, how do you think the hotel industry looks different asked her this -- after this? i think that is up to hotels, what i know is this.

the world as we knew it in january is over and that means travel as renewed in january is any, but that does not mean company is over. as long as companies adapt, they will be fine and what peoples are telling -- people are telling us is that they do not want to be in crowded spaces, they want to make sure the right precautions are handled and i also think business travel is going to still go on. many of us are going to realize we don't need to get on an airplane to have an 8:00 meeting. the more flexibility we have, i think more people may actually travel especially nearby. honestly i think this is a huge opportunity in the coming years for any travel company that wants to adapt, hotels, airbnb, anyone. the greatest insurance policy is to adapt. about the's talk longer-term, you mentioned you

pulled back from a number of different areas whether it was airlines, boutique hotels, business travel, now that you have raised this money, will we see you pick those efforts back up? the lessons i have learned from this crisis is focus. i remember at college, a professor told me you can do anything you want in your life, just not all at the same time. it can be tempting when you initially have success to pursue many things at the same time. we are not going to lose our focus, we are incredibly focused right now on hosting and the hosts providing experiences around the world. this is not the only thing we are going to do, we will just be very thoughtful and disciplined and have a higher roi standard. we look at certain opportunities that are perishable and certain opportunities that are nonperishable. we feel that some opportunities

will be down the road. the risks thatut google and amazon play in terms of a gatekeeping role. we know the department of justice has sued google over antitrust issues, amazon is being scrutinized, the ftc just sued facebook along with 48 states, do you think these companies have too much power? i like that we are still the little guy -- emily: over the years, in the early years you with little guy. had -- not for me to decide and we are not as small as we were when we were starting airbnb. if not for these platforms, we would not have existed, but i will leave it up to others to decide that. airbnb ceo speaking with

emily chang, let's get more on airbnb from our reporter. he said it himself, the higher the stock is, the higher the expectations. what are some of the challenges the company faces when we continue to see more regulatory scrutiny? the higher the expectations of sure, on the first day trading to value at 100 billion, they have a lot to prove. the good thing for airbnb is they are starting the public company journey at a low. they have seen profitable quarters, but 2020 is probably their worst year in terms of growth. they have had to do so much restructuring, cut costs, let go of so much of their workforce. , becauselessing here they are starting at a low point

they can perhaps -- whatever they do going forward is going to perhaps meet expectations from investors. >> what are some of the future challenges as to what airbnb will have to do to hold onto this valuation? >> the first thing is how much they are able to come back in the next quarter another they to reporting quarter quarter, how are they going to perform in the next earnings? the travel industry has not performed well and they really have to adopt and probably do more domestic short-term, short distance trips. howess in the long run, they perform compares to -- compared to

international hotelwill be telling. coming up we ask if there is still more time with covid to be locked down, we hear this argument when it comes from south korea's policies.

karina: i'm karina mitchell with the first word headlines, global coronavirus cases are nearing 70 million with kaiser pushing its vaccine saying the pandemic is now out of control in the u.s.. london is facing the uk's toughest restrictions as data shows the city has the highest rate of infections in england and france is swapping his nationwide locked on a curfew, other christmas eve will be exempt. australia is canceling an order for 51 million doses of a vaccine after studies ran into problems. the university of queensland say

they will not accelerate trials of their shot after some attica participants produced hiv false positives. they have a grimace to buy some other shots and are stepping up orders. in other words china is hitting back over sanctions in hong kong imposing measures against american officials including -- curbs on travel. they include executives and legislative members in washington and their immediate families. the foreign ministry is also revoking these entries to hong kong and macau for u.s. diplomatic passport holders. lebron james is time magazine's athlete of the year after helping the lakers to the title and being prominent in the fight for social justice and black lives matter. he won his fourth championship after the longest ask about season in history and has been at the forefront of protest against police brutality. yearst signed a new two

$85 million contract with the lakers, baller. 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. at howlet's take a look we are trading in this part of the world on this friday session. we are seeing a pullback perhaps unsurprising given the exuberance we have seen when it comes to asian trading. let's take a look at the nikkei 225 going down side about a quarter of 1%. set for the longest winning weekly streak in over two point five years, the kospi continues to extend as we see flows going into korean stocks on hopes of this reflation story immersion -- emerging in the media. we are also seeing downside when australiao trading in

with materials at the highest in , specifically the surging prices in iron ore. kiwi stocks down about 1/10 of 1% at this point. sophie: let's talk -- shery: let's talk more about the pandemic because virus cases could reach record highs in the coming days and they say the latest outbreak is by heart -- by far the hardest to control. they have contained covid numbers in the past without a single day of lockdown, matthew campbell says south korea's pandemic policies could be a blueprint for other nations. what is south korea's strategy and why is it different from other countries? south korea has taken the view that covid can be kept under control without these very disrupt the measures we have ,een in many other countries

and for the most part without masking, oppressive testing, contact tracing, they have managed to do that. there is a real search going on right now, it is quite worrisome to the government in seoul, but by global standards it is the deadly microscopic. it is nothing compared to what we have seen in the u.s. in the u.k. shery: where do we go from here and what are some of the lessons learned from the handling of the pandemic so far? matthew: i think one of the lessons in south korea that is important is you need a consistent approach, there has not been this careening from strategy to strategy that has occurred in some other countries. they have stuck from the beginning with this view that through masking, tracing, testing and when necessary, mandatory quarantine that they can control the virus. i think consistency is one, another is the importance of contact tracing. they aim to have all contact of

confirmed covid-19 carriers raced within a few hours, that is something that many countries have really struggled with. shery: is this seeing limitations, we are now getting the latest case numbers and it is coming in as tics hundred 89 -- 689 more cases, so where do they go from here? they say this outbreak has no particular focus, that is a very difficult situation where you can't bring the lid down on one super spreading event or one group of people. they have a challenge, i am confident that they will manage to get this under control as they have again and again in the past and to come to some kind of equilibrium they can maintain

until vaccines are delivered. matthew campbell there in singapore. united airlines has been playing his part in the pandemic by carrying vaccines around the world, however the ceo tells us he does not see a recovery in his business until towards the end of next year. ofwe are the only one i know so far flying vaccines around the world and we have been doing it for several weeks now. we carry millions of doses, another plane landed earlier today with an .2 million doses on board, so we are incredibly -- 1.2 million doses on board. we started back in the march configured our airplanes specifically to .ccommodate the cold vaccine we are honored for the role we are playing, but the reality of

our -- amic benefit is drop in the bucket for what is a $40 billion airline, this is more about doing the right thing to getting vaccines distribute it. real helpers are the ones who helped develop the vaccines, we are honored to play small role in getting that out to the that, the real answer is the only way we get -- be the virus is getting people the vaccine. we were on to play small role in the vaccine. >> well set and that needs to be reiterated that this economic crisis is effectively a health crisis and solving that in theory would remedy most of the economic issues we have been dealing with. when we talk about getting people back into planes, back on vacation and the other places they would normally fly to, what is your general timetable? what is your outlook for getting

your capacity back up to something resembling normal? >> going all the way back to may, our view was it was unlikely to get to a real recovery until vaccines were widely available and this could be the. we thought -- and it distributed. the news of the vaccine was phenomenally good news, but i still think the manufacturing, distribution, the logistics is more complicated than most people expect so i still think getting to a critical mass is toward the end of next year so we will continue to be down probably 50%, i think revenues are down 75%-80%. what matters right now is getting to the light at the end of the tunnel and we think that is the end of next year. we expect there will be a lot of pent up demand.

travelnot being able to and bend on the experience, i think there will be huge demand for that once people get vaccinated. we are still probably 9-15 months away. it was not too long ago i was speaking to your predecessor, we were not six feet apart, we were not in the middle of a pandemic and yet he was talking about changes to enhance customer service. the customers at the heart of what you do, we talked about changing cancellation fees or waving these to change flights, are those permanent, what other changes can we expect from you on customer service? >> we were focused on innovating for the customer, putting the customer at the center before the pandemic. this has accelerated it by a decade and reemphasized the importance. from the beginning we have taken a leading role of being the first airline to require masks on board, eating the airline

permanently delimiting domestic change. only airline running our exhilarate power 100% of the time to make sure you get the robust airflow. we restarted all the investments in customer projects, but more port and that is that we are hearing a 40 point improvement in our scores through the pandemic which is remarkable. >> united airline ceo speaking with romaine bostick and taylor riggs. coming up next, unigroup looks to become one of the biggest in the china bond market. we are joined for a look at china's craddock -- credit sector. this is bloomberg. ♪

>> china is bracing for the one of the biggest default and its bond market. on 2.5 will default billion of debt and that is likely to raise more concern over the abilities of its companies to meet obligations. let's bring in a portfolio manager, teresa kong. how big of a risk are these for -- corporate failures for china's stability? asi don't see the defaults any size of vulnerability at all.

i want to underscore the fact that defaults are a necessary evil. investors cannot just rubberstamp an investment anymore just because they have guarantee from a government entity, they really have to do the work that is necessary to underwrite a credit. i will just mention the fact that the most recent defaults really do share three characteristics in common. first, all these companies have had relatively weak corporate have hade -- two, they poor financial performance, and three they have also made questionable investments. when you think about the typical process, it requires investors to dig much deeper. these corporate defaults signaling to you about what policymakers are thinking in terms of the broader macroeconomic action -- picture? chinese policymakers

have been consistent about the need for the market to continue its deepening and liberalization . china wants to prevent -- present the moral hazard which is incentivizing companies to take a necessary risk. by allowing poorly managed companies or ones with unsustainable capital, it is a positive way to enforce good governance and to enforce fiscal if the plan -- discipline. athink this is not -- necessary evil and i think the chinese government will continue on this course to let poor companies default. haidi: let me get your view when it comes to broader sovereigns in china, the level of interest in chinese sovereign bonds at the moment, is this occurring at the detriment of everything else in the e.m. complex?

teresa: not at all, i think if you look at the scope of the product ofg in as a the inclusion of chinese bonds, it is about half $1 trillion equivalent over the neck three years or so. i think this is a positive development because when you look at the total percentage once all of these indices have reached the inclusion level, it is around 6%. i don't think this is to the detriment of the other countries , this will take away some percentages from the large countries, but does not change math for them. it does provide diversification for investors and comparing apples to apples, china is offering the highest yield. we think this is a positive development for global investors. risks we seere the

going into the bond market next year? teresa: i think the biggest issues i am concerned about has to do with the fact that federal doing-- central banks are the right thing today, but there is going to be negative side effects tomorrow. let me give you an example, most countries have imposed some debt moratoriums to provide countries ash companies suffering from covid time to recover, but this means the banks will be deterred from restructuring bad debt and that means there is not going to be capacity to divide credit necessary when the economy recovers to provide the jobs and investments necessary. this is an unintended consequence from central banks doing the right things today. i see that playing out across many of the markets i cover.

what this leads to is a combination of potentially stellar growth and i think some of the weaker countries in south america and africa we may see a lost decade. space has a remarkable car every -- recovery and southeast asia will continue to garner flows of capital. is the optimism you're talking about unrelated to the rollout of the coronavirus vaccine? there is still a lot of uncertainty with respect to the time, the pace, and the actual adoption rate of the covid in areas like most of the western world. there has been a lot of

positivity priced in the markets. if you look at both yields as well as equity markets, i think the market has taken those sure cash flows and assigned it quite a high probability that those will actually materialize. not only the amount, but also in terms of the timing. i think if anything, there will be some sectors that may not recover as quickly as we had hoped. i think those sectors will continue to not do as well. these may include sectors like travel, tourism, which i think will take much longer to rebound then people are expectingthan p. haidi: teresa kong with us. you can watch us live and catch up on past interviews as well as dive into any of the securities or bloomberg functions we talk about. at tv ago, this is

bloomberg. ♪

shery: we have breaking news out a japan, ntc has now priced one million sale of bonds for the japanese market. telethon pricing ¥1 trillion of corporate bonds, this will be around $9.6 billion, this is the biggest ever deal in japan's

local credit market, the details on pricing were provided by sn bc who is an underwriter on the deal. sales from the grouping in 2019 which were the previous records. also when you take a look at it globally, the $10 billion note would be the ninth largest globally this year. japan's corporate bond market is relatively small considering the size of its economy, but at least for today on friday, ntt pricing a ¥1 trillion of bonds in the record for the japan -- japanese market. let's not get a check of the latest business flash headlines. a plan fors given workers to return to the office staying in all likelihood it will not be until at least next june. he shared his view in a virtual town hall, he said apple's

success means implement conditions could be more flexible in the future, but added there is no replacement for face-to-face collaboration. dozens ofy's readying new shows for its streaming service aiming to maintain a growth that has pushed subscription numbers towards 90 million. disney and hollywood are you guaranteeing -- reorienting operations and is ahead of the pack when it comes to growth. it is also selling a deal with comcast to offer a streaming services -- streaming services on its platform. bloomberg sub fibers can get more from the disney investor day on the terminal and live go, you also find the big entries coming up today and later this week as well as some of the events you may have missed earlier. turning toward disney and

universal studios, a chinese tour maker is set to be trading in about 30 minutes time. they raised $674 million in its hong kong i.e. -- ipo. equity capital markets reporter has more did why is there so much interest in this company? >> retail investors rushed to it wasres in the ipo, oversubscribed and yesterday the shares surge 103% on the market which points to a good debut. it is the largest and fastest growing top toy company in china, it makes toys infused with pop culture and has a lot of trendy content. investors are basically seeing the potentials for growth and wants to tap into consumer names, popular consumer names

just as an example of how hot the ipo was, it closed all books for institutional investors two days early which is quite rare. we are seeing this ipo frenzy weather in hong kong or the u.s. as well, what are we expecting in the broader markets? >> it is an ipo frenzy with the shares both in the u.s. and hong kong, the stock market looks like it will pop today, there is a lot of liquidity in the system and deals have been working pretty well, so that feel -- feels more investor interest blessed with the low interest rates they need to put the money to work and ipos have turned into this great product where you can make money as an investor. this isany events, likely to continue into the new year. what is a broader outlook

when it comes to chinese equity markets, we see shanghai as the global outperform this week down about 2% or so, has the macro good news stories for china been well priced in, what is at play here? confidentestors are in china, they see it as an economy that has emerged faster from the covid-19 pandemic and gotten back on the path to growth. consumer confidence -- they have proved popular as shown there are not huge worries about consumer growth in china, that is why these consumer names have proved so popular. a liquid detergent maker priced at the top of the range isterday, so there clearly an optimism about the prospect

for china despite any risks out there. haidi: julia fioretti right there, it is ipo fever wherever you look. let's take a quick look at how asian markets are creating this friday, of course asian equities on a weekly streak basis, we are heading for the longest winning streak since before the pandemic. of nikkei down by about 6/10 a percent although still the over 2.5ly win in years for japanese equities. the kospi continuing to search now up or than 25% so far this year, we are also seeing a downside when it comes to creating here in australia. mining stocks doing better but a are watching after cancellation of the government orders. shery: u.s. futures holding steady after stocks fell in the regular session, we are seeing tight futures and chinese

futures seeing an upside and of course we have the chinese yuan holding around that level after the blank -- that it is fixing in mind. let's look ahead to the start of trading, and hong kong and shanghai. this is bloomberg. ♪ this is bloomberg. ♪

>> it is 9:00 a.m. in beijing and shanghai. i'm tom mackenzie. >> i'm david ingles. last session of the week on the chinese mainland and in hong kong. markets across the region struggling for tra