host 1: a very good morning and welcome to "bloomberg daybreak: australia." we're counting down to asia major open. these are our top stories. sterling rises as brexit talks are extended. brussl's and london -- morend london welcome

time. reachan covid-19 deaths 300,000. top officials will be among the first to get the vaccine shots. in money laundering inquiry. shares plunged in october. host 2: heading into a week of central bank decisions. let's see how things are shaping up for asian markets. futures are mixed this monday morning. a fresh high on friday. overall, we could see the risk value grind higher. daily activity data is due on wednesday. up, and new zealand, we

saw some conductivity issues delay the usual open. it will open as scheduled in a half of an hour. we do have the kiwi dollar. trading at an april, 2018 high. looking at thursday's gdp report. the mentor will continue. stronger commodity prices and dollar weakness making the kiwi dollar higher. forecast intelligence $.80 is not unreasonable for the u.s. -- for the first half even positive factors. and the pound firmer in early asia trade. most in morethe than a month. recovery. if a brexit deal is secured. there could be a drop toward

128. more on thes get hope that there will be a post-brexit trade deal. bloomberg sources say a new u.k. proposal on creating a level playing field may have broken the deadlock. edward, what did they say? when is a deadline not a deadline? what is the expectation as to this fresh momentum in the negotiations and what it can bring? sunday was really important because it was the day that if the talks were going to break down, they would have broken down. what they agreed to do was to go the extra mile and spend more time to get a deal. they have not put a deadline on

that but in practice, they have a few more days to patch together a deal. don't forget, the one deadline in this process that is not changing is december 31. what seems to have happened since wednesday night's disastrous dinner was that the thetiators looked over information and that has forced them to think again and dust off some ideas. there is a proposal on the level playing field. are encouraging. it could still all fall apart though at this stage. host 2: explain'twas us what is going on with that love them -- explain to us what is going on with that level playing field.

edward: it is important because willu is terrified britain have put a free access to the single market and not be bound by things like social rules, environmental and labor issues. and in doing so, british companies would have a competitive advantage. they are determined to put in provisions around the level playing field. making sure there is fair competition between the two. initially, the eu demanded to take automatic action and impose dide penalties if the u.k. not change its standards over time to keep up with whatever the eu decided. the u.k. would not have a say in those roles but that would be the price of having access to the single market. what is happened recently is the eu is accepting that any

adjustment in retaliation would disputee after a resolution process. the u.k. might be willing to accept that as long as it retains the sovereign right to legislate as it sees fit. that is where the discussions are focusing now. an agreement on that? if they do, you move on to fishing. that is the last issue to fall into place. sounding like a broken record asking when is the real deadline? there has been a muted reaction in the fx market. edward: what you could -- what is clear is the transition on december 31 and

johnson has been very clear that there will be no extension to that. there is some wishful thinking on the part of some. unanimity onquire both sides to want that. given johnson's position, that looks unlikely. what could happen -- you now have a matter of days before the end of the year. whatever youment agree to in time? aboutcould be a question businesses wanting a grace period. editor,bloomberg brexit edward evans in london. let's get over to karina mitchell. >> globally reported virus cases have now topped 70 million with no signs of slowdown coming soon. germany is being ordered into a

hard lockdown starting on wednesday. south korea is also tightening restrictions saying tougher measures are inevitable. the president is talking about curves -- curbs at the highest level. a relief package is expected to be announced in washington on monday although a key negotiator says there is no guarantee it will be passed. a senator told fox that talks have been running all weekend and a bipartisan bill should be unveiled later. treasury isfrom the also being circulated on capitol hill. new data in australia suggests that while demand for public transport fell last week, spending elsewhere has increased. rose despite the unchanged restrictions. diners cebit in restaurants on friday was

recorded at 80%. china's mission to bring back a spacecraft from the moon is beginning. it has moved out of lunar orbit. it has about two kilos of samples. it will bring back the first lunar material since a soviet craft in 1976. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. sterlingill ahead, -- asthens as agreements negotiators agreed to go in next are mild. the first u.s. vaccines are here and washington plans to deliver 3 million doses on monday in what is being called a d-day. this is bloomberg. ♪

host 1: the u.s. it will roll out the first doses of the pfizer vaccine on monday shortly after it got fda approval. they will produce enough shots to him in the eyes -- to immuni ze. calling it a d-day moment. monumental week for us all. each week that follows, we will have more doses ready for allocation and distribution. we will be working it hard for the next couple of days to make sure that these shipments go very well. hearingwe are also president trump and other top

officials will be offered the vaccine in the next few days. this idea of a d-day moment. the beginning of the end. what are the challenges that lie ahead? how quickly could we get to the idea of hard immunity? >> i think it is going to take several months. this is a massive effort. there is not enough vaccine to go around. shotsllion or 3 million could go out in the next few days. there has been some controversy about how many vaccines the u.s. government can purchase from pfizer and whether that is enough. we also have a sex it -- we also have a second vaccine in the pipeline to be considered. those are some of the challenges. there are many groups lobbying

saying -- we are a essential workers. quite rightly. you have airline workers and schoolteachers. there is a lot of clamoring to get those vaccines as soon as possible. and bloomberg news just reported that president trump and his top officials will be near the front of the queue. host 2: who makes the cut? news we just broke about , all three house branches of government will be offered the vaccine. it is an issue of continuity of these high level officials that can be best served by going about their business. and also to show or raise public confidence in the vaccine. some degree of

skepticism from a lot of people about how quickly the vaccinations were approved and whether there is anything behind it. it is a twofold effort to inoculate white house officials. the vaccine rollout is one reason why our next guest is bullish on vaccine stocks. always great having you. we do have vaccine optimism in the markets. how much is this offsetting the disappointing numbers we are getting including the latest payroll numbers in the u.s.? doing isk what it is not necessarily offsetting the bad, real-time economic news but giving markets the ability to look past the value. if you think about what happened in 2020, markets were willing to

give stocks the benefit of the doubt seeing as they were the potential beneficiaries of trends brought forward from living under lockdown. it vaccine allows the rest of the market from banks to energy stocks to start to experience the same benefit of the doubt. host 1: is there anything we should be avoiding? andy: there are two things and trendns counter to the and one runs with it. credit will do better if there is a successful vaccine rollout but there is a lot of risk. you are limited to businesses that are on shakier footing. neart spreads are at or record highs. side of this or the

other asset i would avoid is gold. gold has attracted a lot of attention this year and is an asset that produces high returns . when skepticism about traditional financial market is -- and while it stands to benefit from the trend of the falling dollar and higher it will fade as life gets back to normal. is your view of the greenback? andy: the dollar has taken a lot of lumps this year and it has everything to do with the trend with fiscal and monetary policy. run a somewhato

fiscal balance. that is no longer the case. the dollar has moved significantly and looking for another significant move down in 2021 would be --. that said, i think the dollars natural tendency will be down in the coming years. mp 500 looking at the as -- looking at the s&p 500, getting close to a record high when it comes to earnings estimates. looking at the value versus how expensive main street u.s. atcks are, do you not look these metrics because of the unusual monetary and fiscal situation we find ourselves in? look at u.s. stocks, i see a market more sensitive than average. alternative,our

value rose a reasonable proposition. within the market though, there has been some very sharp growth. 2020 really saw a lot -- a large part of the market forgotten. financials and energy in particular. i think there will be an opportunity for that to get rebalanced in 2021 closer to normal. host 1: andy, always great to have you. still to come on bloomberg australia, our exclusive about how the pandemic has changed the relationship between banks and the real estate sector. this is bloomberg. ♪ in a land not so far away, people are saving hundreds on the most reliable network with xfinity mobile.

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host 1: wall street has learned one early lesson from the pandemic. banks don't need as much real estate. blease there are more big changes company -- calming. believes there are more big changes coming. ken: not as much. i'm not sure i ever cared. we always spent a lot of time out of the office. i walked the offices and bankers in the office -- that is not where you do your work anyway. much morewill be forgiving about where people live, you might say and i think we will be much more flexible. but i do want to have an office. and we will have an office and we will have a central point.

one of the things that we did do was develop a great culture before the pandemic hit. when we all went to zoom, we knew each other. we knew who we were and what we wanted to do. i don't think that lasts 10 years. you will want to have a central point, especially for the young come in.at have just how will they understand your culture without physically feeling it? we are going to have an office and we will try to make it a central point. >> where will that office be? new york city will always be new york city so i think that will be our center. will we think about moving to environments that are more tax friendly and where executives want to work from? yes.

we have made no decisions but i demand driven.e i think our executives will want to work in places with a lower tax rate, corporate friendly, and maybe warm. >> if one of your bankers word essay say, i want to move to an work in palm beach, that is ok? have had more than one say it so it better be ok. i'm making a joke of it because i think i have had 20 say it. -- i want tor is attract and motivate and retain the greatest talent in the world and if that talent wants to do it in florida, that is where we will support them. >> is that likely? --openare going to move a new location, will it be florida? a lot of people are going to florida. going to texas,

nevada. what appeals to you? ken: the northeast likes florida. california has chosen texas as its destination. we have so many more people, new -- there are eight times or 10 times more people in new york. it seems like new york and chicago tend to look towards florida. texas is fine. we have an office in dallas because we have a very smart employee who told me 3-5 years zeroi love you but i love taxation better and alice has a great airport so why not move there? we have a satellite in dallas. i wouldn't say we are against that either. is founder and ceo, ken moelis. let's get the latest headlines. deutsche bank may move some of

its new york city staff elsewhere in the u.s. although there are no concrete plans yet. it is discussing how to let more employees work from home or in other cities. its new yorky cut headcount by half in the next five years. however, manhattan will remain. -- will remain the hub. a money laundering inquiry has been triggered causing shares to plunge in october. insisting that it has robust systems in place complying with money laundering rules. reports from india say workers -- a disputelant over wages. there are images of the damage

being done. the plant is operated by a taiwan-based company. of host 2: plenty of great guests on with us throughout the day including linkedin for asia-pacific. recruiting issue. and we talked exclusively to the a company from india. we get his prospects on the steel sector in india. pound is higher as brexit negotiators agreed to go the extra mile. we will discuss that with david bloom next. this is bloomberg. ♪

shery: you are watching dayb 's trillion. -- you're watching daybreak australia. what is on your radar? sophie: ahead of new zealand's third-quarter gdp resort that report, -- a powerful list for the new zealand economy seeing 1% quarterly growth driven by a rebound in consumption. although domestic services are still lacking. also looking for destabilized and for a bounce in goods trade.

furthergdp report could power up the gdp dollar which is trading at a 20 high. wellington isand coming online. what else are you watching at the start of the week? sophie: we are watching the renminbi, given the yield premium china commands which will draw in more inflows. rally for the0% sincehe strongest level late 1993. the strength will be a key threat to china's macroeconomy. willing to see if the pboc have measures to guide the currency lower. haidi: let's get back to

sterling news. brexit talks moving on. london and brussels agreeing to go the extra mile. let's get some insight from david bloom over in london. always great to have you. i'm not surprised to see some level of brexit fatigue. i would not be surprised if you tell me you have brexit fatigue as well when it comes to sterling. what is the market thinking? there seems to be one school of thought that things will inevitably somehow get an extension beyond the end of the year. david: i do not think we are getting an extension beyond the end of the year. as though the 31st of september this year is a hard deadline. a couplet it would be hours and it would be all over but of course they are going the extra mile, which the french could not be happier about. english expression, going the extra mile. you can see how we have wormed our way into getting another

delay, another delay. how much of the potential for a hard brexit has been priced in? david: you have seen sterling jump back this morning. you were talking earlier about what is exciting. the violence is back in sterling. it is very interesting for the day traders going up and down, moving a lot. i do not think a deal is even fully priced in. it, nobodyure behind even cares what is in it anymore, we just want to deal. the other thing boris johnson talking about is we will do the australian deal, which is great for your audience to know that if we do the australian deal, that is code for no deal, because australia does not have a deal with the eu. what boris likes to talk about the -- but boris likes to talk about the australian deal instead of saying the no deal. shery: how much would it be good

for to weigh on the euro? we are headed for the best year since 2017. how much longer will policymakers sort of stay quiet on this one? david: that is a good question which is why it is best to look at sterling against the dollar. a hard brexit is worse for the u.k. -- 500 million people even if you took the population at a five to one basis, if it is bad for sterling it should also be bad for the euro. that is why if you are playing brexit in the currency market, the best place to play it is against the dollar. shery: if we are playing brexit in asian currencies, where do you go? lyricalou are waxing about remember earlier and the year -- the advantage. if the renminbi starts to appreciate, the korean yuan

appreciate, i do not think you will have a reevaluation of the renminbi on its own. if the renminbi is going to be stronger, and i think for a while it will, that it will take the big boys with it like the korean yuan. so that is a good play against sterling. but as i have said, don't wait for christmas to shed all those excess pounds. shed those pounds now, because this is not going to go well. haidi: how much stronger does the yuan get? we have citigroup: for a 10% appreciation by next year. do you see it -- we have citigroup calling for a 10% appreciation by next year. david: u.s. will be doing cartwheels up and down the treasury. so they will love it, but of course policymakers in china will hate it. so if you take away trump's basic sanctions on some of the goods or tariffs or whatever you want to call it, and instead the

renminbi goes up 10%, they will be happy as larry. chinese policymakers will not be happy about it and all. it is a closed capital account so the chinese can limit the inflows and outflows and limit the extent to which their currency appreciates. sentiments,ith the i take my hat off to, most people kind of spot around -- i could name them, but i won't. well done for them, even if it is right or wrong. but the sentiment behind it, that the renminbi will be stronger over the next three to six months and the u.s. economy does well and the fed cannot raise rates because they are believing in average inflation targeting, that will put the dollar under pressure against some of the more powerful emerging-market top currencies, of which korea and china are two of them. haidi: sounds like you are saying it is a strong call.

is it still a case where you do not fight the pboc, or will they be able to reign it in into next year, or is this something that the growth premium really is out of their hands at this point? david: it is not out of their hands. this is not a free-floating currency. it is not euro-dollar, where the policymakers are around the edges. this is the renminbi. this is smaller than the australian dollar, the chinese economy is quite large. as a proportion of the size of the economy and the market, the currency is pretty tiny. so of course they can reign it in and control it, because this is a controlled currency. at the end of the day it is not an open free capital markets in china. let's not forget this. authorities can reign it in. shery: do they want to, though?

especially when we had trade negotiations going on, and now that we have an incoming biden administration, what are your thoughts about how they are going to reign in the yuan or not? david: they want to read it in -- the president has been very aggressive towards them. the new administration, new hope. that differentiates stilling from the dollar. they both have current account deficits. one has clinical hope, and the other has -- one has political hope and the other has political despair. buy the dollar against sterling more than anything else. it will not play well in china at all. it will play well in the u.s. haidi: given we are headed into the holiday season, you talk about shedding pounds. what about the dollar? where will we see that being affected in asia? david: we do, but i think ever since his latest crisis where

the fed has been throwing liquidity into the system, basically we must not forget that the fed came in with massive cross currency swaps again when we had the covid crisis, and the s&p was down 1000 points and it felt like armageddon. and the fed just said, yeah, liquidity, let's go. with that kind of mentality, i think the liquidity squeezes that used to be very managed by central banks, central banks do not behave like that anymore. they just chuck liquidity at the market. i imagine the funding squeezes to be much less than they have been historically, because the central banks are much more active in injecting liquidity into the system. shery: we will be watching all the action this week as well. david bloom, always fun having you on. -- currencycurly strategists on the program. why the eu has moved

on. next, a class action lawsuit launched against crown resorts. details ahead. this is bloomberg. ♪ is bloomberg. ♪

karina: you are watching daybreak australia. our top story, sterling rose in early age of trading as the u.k. and eu agreed to extend brexit

talks amid signs of some progress. the british side earlier denounced the year -- the latest offer is an acceptable. brussels later described the as constructive and useful. they said despite missing several deadlines, they agree negotiations should continue. the u.s. has launched a vast operation to roll out a vaccine to the entire population as american covid-19 deaths now approach 300,000. pfizernd ups the first shipments from imaging facility, with president trump and other top washington officials to receive a shot within days. the general in charge of operation warp speed says he hopes all 50 states will have some vaccine by wednesday. and president trump is repeating his threat to veto a defense spending bill passed by congress, saying the biggest winner would be china. it is not clear what that reference meant, and the white house has not offered anything more. the $740 billion defense authorization act passed by the senate friday, after earlier

clearinghouse. it also includes moves to overhaul money laundering protections. iran is planning to double oil production next year amid optimism of easing u.s. sanctions under the next administration. for .5 billiond merrills -- a tanker tot venezuela to load oil amid closer ties and defiance of sanctions. the national security case against jimmy lai has been adjourned to april as prosecutors investigate charges of colluding with foreign forces in defiance of china's crackdown. lai is accused of calling for foreign sanctions and other measures between july and the start of this month. the court heard on saturday that about 1000 twitter posts against him. 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: crown resorts is facing a class-action lawsuit claiming that governance and risk failures led to an anti-money-laundering probe, which caused the share price to plunge. paul allen is in sydney with the story. what are the details of the allegations? paul: the suit has been brought by morris, well known for her and class-action suit. it claims crown engaged in misleading or deceptive conduct between december of 2014 and october of this year. and it did so by telling investors that had robust or effective controls to ensure compliance with anti-money laundering laws. this is despite a probe launched which caused shares to fall 8% in october, wiping about half $1 billion off of crown's value. that investigation focuses on how crown handled what it calls high risk individuals, and it came on the heels of a public

inquiry from the state's casino regulator here in new south wales. anti-monitoring -- anti-money laundering breaches as well. he thought he was buying shares in a well governed company, not what he calls a, quote, cowboy outfit. shery: what damages are being sought? paul: no dollar amount was mentioned, but it contained a rather unusual request for the court to consider ordering crown to buy back shares of effected investors. and the lawsuit said the governance failures led to losses for shareholders. we have not had any comment from crown about the lawsuit, but it was meant to be a happy day for crown today. the new casino in sydney was meant to open. it's an impressive building, sydney's tallest, 275 meters high, causing 2.2 billion aussie dollars. but it does not have a casino license to open right now.

the morality up, of ipo's helping people get rich quick, with airbnb and doordash surging on trading debuts. former u.s. treasury secretary larry summers and reid hoffman way in with their views. this is bloomberg. ♪ is is bloomberg. ♪

>> the fact that we are creating

these very valuable companies such something very special about american capitalism, and that is a strength. coveted shares of share,popping $70 a people getting rich very quick, lifting the stock, that is a tragedy -- a travesty. that is why people do not like the morality of our services industry. shery: larry summers with strong words on the ipo process. airbnb shares more than doubled on their trading debut, propelling the company to about a $100 billion valuation. linkedin co-founder reid hoffman was an early airbnb investor and he spoke to bloomberg about the listing and whether tech evaluations are becoming unrealistic. reid: the company and the team and recognition for what the company is trying to do in the world and how important it is as part of the future, and i think

that is part of what you see reflected here. i think that the question about how do we transform travel, how do we transform a sense of community and belonging, i think those things are super important and i think the market is responding to it. say i have i would been just delighted. >> i told brian that the price had doubled live on air yesterday, and he seemed genuinely stunned. he was at a loss for words. it was a special moment. but if even he is surprised, are you at all concerned that the evaluation is too lofty? that tech evaluations in general are getting out of hand? reid: i'm a little bit worried about the overall markets generally, because i think we still have a lot of the pain of the pandemic, how it will affect small businesses and main street and all the rest of it. so i'm kind of word for society and the economy as a whole to

get back to the necessary rebuilding we need to do. and that may be reflected in it. i tend to not think about valuations in a days or months period, i think in a years period. because what are you building for the future? isi guess the short answer strange for investors. eh, not sure. but i am most focused on what the next few years bring. emily: let's talk about that. tech has been so decoupled from what is going on in the rest of the world, what is going on with regular americans in america. are you at all concerned that we are in a bubble that could burst? or do you think the good times are going to keep on rolling? reid: i think fortunately, ultimately for the country and for the tech industry, what we are seeing from the pandemic is a huge acceleration of the digitization of work, of life, of all these things that matter to us. and that of course means more

rapid adoption of the technology products, more innovation, more fast growth, and that will be good for the tech industry. what is really important is that we bring the tech industry to help everything else. we bring more tech platforms to help small and medium businesses, like airbnb does. individuals paying a mortgage and rent through being able to build a treehouse in their backyard, or any other number of different ways you can develop on airbnb. that is what will be really important, because if technology is going to shape us, it is going to be able to get us out of the recession, to build the industries of the future, but we need to get there. and i think that is what is really important. emily: obviously this is a week that you are celebrating, but team is celebrating, but there is a lot of talk about that for billion dollars that may have been left on the table. some have been out ipo process is broken. how are you thinking about that?

should the process be reevaluated? you took linkedin public, you're helping to take a number of portfolio companies public. i wonder, are you aghast at the money that could be in their pockets right now? reid: well, i think the whole thing is a little simplistic and fictional. we have the exact same commentary when we took linkedin public, because linkedin also went substantially up. and part of what everyone seems to misunderstand is this is a journey of decades. it's a journey where you are going forward. so you say what is a price that i can get a lot of long-term investors, people who will be with me for a decade, two decades, in building this company. you try to get that price, getting them on board as high as possible. it might be surprisingly under what the market price is, especially in the first month afterwards. and that's ifne. -- fine. that is a month in a multi-decade journey.

it's not clear as if i say i am 146 it would at $ have had the same demand. because some people said we think you are a buy at this price, some of that you might have known, some you might have learned, but that is ok because the real question is what you are doing over a decade. shery: linkedin co-founder reid hoffman. here's a quick check of the latest business flash headlines. elon musk has told tesla workers demand is so high that production needs to increase as much is possible for the rest of the summer. he did not give specific numbers, but the company needs to deliver more than 181,000 cars in the last three months of the year to hit its annual target of half a million. meanwhile, s&p dow jones says it will remove apartment investments from its benchmark index to make way for tesla. mclaren isker

planning to sell one third of its formula one unit to a consortium of u.s. investors as a group tries to fix its finances and found future top-level auto sports. msp capital and others will invest almost to hunter $50 million in mclaren racing to acquire 15%, which will rise to 33% by the end of 2022. the deal would value the recent unit at three quarters of a billion dollars. australia's government is extending an assistance package for domestic airlines by eight weeks. domestic aviation network support program will review plans on january 31 but go on to our 20th. extending -- charges for passenger flights until the end of march. haidi: we are watching airlines of course when we get to the start of trading in sydney, which is at the top of the hour.

sophie is taking a look at some stocks that she is watching. sophie: going into this we are also watching for updates on government spending and virus relief. when the midyear economic and fiscal outlook is released by the australian government later this week. ahead of that, the energy ministry announcing support for the refining sector. are to be payments brought forward and to start on january 1. also keeping an eye on australian minors after -- insurers after the heavy tropical storm that hit eastern states. insurance and other players. watching minors on that. also wage talks at a copper mine in chile are hitting a wall. and the minister in australia --ing out tariffs

also keeping an eye on stocks that may move after the asx 200 rebalancing western areas. per energyy are -- coo to be removed. checking in on the market mood with the new zealand markets online for about a half-hour. retreating from the fresh high they hit on friday. we do have the kiwi dollar hovering around 71 level. gdp report to for see whether it continues to the upside. the pound, in focus, early jumping more than 1% as brexit talks are extended. the next development to watch of sourse is michelle garnier' briefing for eu ambassadors which is to kick off focus on whether or not for his johnson and the eu -- boris johnson and the eu can make a deal. shery: we have plenty of guests

to discuss that coming up. cfoalked exclusively to the . on the give us his take process for the indian steel sector. plenty more to come. this is bloomberg. ♪ . this is bloomberg. ♪

haidi: a very good morning. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories, sterling rises as brexit talks are extended again. london and brussels welcome progress, while british business is fleet -- pleading for more time to adjust to a potential no deal divorce. the u.s. starts to roll