>> good morning. i am paul allen in sydney. daybreak: asia. our top stories this hour. the china investment deal is finally approved. intense negotiations launched in 2013 and is seen as a blow to america first. packedohnson's brexit clears its first hurdle in the

house of commons. the labour voted with the government, saying it is bad but better than no deal. where it all began. bloomberg travels to wuhan where covid-19 was first reported. we asked how it appeared, how it spread and how the city's coping months later. we will start with breaking news out of south korea. . we are getting the latest consumer price inflation numbers for the month of december. month on month, acceleration of 0.2%. this is faster big celebration -- a celebration that was expected. it is coming after contracting the last two months. the pressures we have seen on south korea. the numbers coming in at a big of half a percent. this is in line with estimates at a slight slowdown of the previous month. we have seen inflation pressured by the latest coronavirus outbreak. not to mention that those cases have jumped to a thousand a day in recent weeks.

also adding downward pressure on south korean prices has been the strength of the korean youan. we are seeing the cpi numbers holding steady with core you're on your numbers at .9%. a slight deceleration from the previous month. paul: australia and new zealand are on partial trading days. closing at about 2:00 p.m. local time. markets looking like this at the moment. the asx looking flat. we are watching the miners. china announcing it may be looking at furthering still production. -- steel production. west texas easing slightly. 48 30 for a barrel. new zealand has been trading for two hours. not a lot of change to s&p. reminder of the markets that are closed in asia today.

there are many of them. japan, south korea, indonesia, thailand and the philippines are shut for new year's eve. hong kong is going to be trading for a half day. the e.u. and china have concluded their long sought investment deal to expand opportunities in both regions. leaders met by video call to signal the successful end to negotiations that began seven years ago. tom mackenzie is in beijing. what have you been hearing from the leaders of the e.u. and china on this agreement? the discussion, started in 2013. they have been the in the making. they have been on occasion barry -- on occasion very fraud. it seems they are about to cross the line. they have the political backing of beijing and brussels. they have this virtual meeting between president xi jinping and on the european side, the head of the european council and the head of the european commission.

they put out a statement saying the agreement is of major economic significance. toy said china has committed an unprecedented level of market access to e.u. investors. the deal will expand access for european investors in sectors ranging from the auto sector, the car sector to telecommunications. it will tackle some of these issues including industrial subsidy, discrimination by state owned enterprises, forced tech transfer. it will bake in to some of this agreement environmental sustainability around investment. for china, it is seen as a boost to the country to be a mainstream geopolitical force. shery: the deal still needs to be approved by the european parliament. there has been criticism about china's human rights abuses. what sort of objection have we heard to this deal? tom: there has been criticism

from some who said the europeans are putting trade above human rights. we have heard in the past from the united nations about the human rights abuses they say are happening in the western part of china. as many as a million people are being held as what some describe -- being -- being held in what some describe as concentrated camps. those are concerns that are being voiced by some parliamentarians in brussels that say they will be going through the details. there is also the risk of something of a backlash from the biden administration, which has called for a coordinated response between d.c. and brussels on china. we will wait to see exactly what the biden administration says once they take over after january 20. deal.s a risk for this it is likely to be in force by 2022 if the european parliament passes it. paul: national security is expected to be a top priority

for china's leaders next year. what do we know next -- what we know so far? tom: we know there is a sense of a siege mentality in beijing. there is deep concern among members of the communist party. they feel as though they are coming under fire. whether it is those claims of human rights abuses, sanctions of chinese officials, whether does the curtailing of chinese companies, the restrictions of technology transfers, all of these issues have created a sense of siege in china. you have had president xi jinping addressing the most powerful grouping of 25 men here in beijing. culling for the building of a holistic national security architecture. you have also seen an effort to put into place a new law around national security when it comes to the screening of foreign investment. there is a sense this will be a key priority for the communist party in 2020 one. ensuring there is stability in

the country is a top priority. that is tying into national security concerns. shery: a very interesting story that china revised down its gdp. in doing so, it wipes down an hana'slent to g economy. tom: they have revised it down to 6%, reducing or cutting about 67 billion dollars of gdp growth, which is the equivalent to the economy of ghana. they say this is mainly down to a revising of manufacturing output for 2019. conveniently, it will make it easier for chinese officials to report an expansion this year. there is a view that you are going to get to percent growth for 2020. estimates for 2021, around 8%. shery: our china markets coanchor tom mackenzie with everything to do with china. -- tom joined by a big

will be joined by a big guest later. for now, let's get to karina mitchell with the first word headlines. karina: global coronavirus cases continue to rise with reported deaths nearing 1.8 million. the cdc says fatalities in the u.s. could reach 400,000 before president trump leaves office. california reporting record numbers and new york state, a new daily high. governor andrew cuomo says there is no sign yet of the reported u.k. variant. -- senateority mitch majority leader mitch mcconnell has closed off hope of any higher relief checks coming soon. he says the legislation has no realistic nafta passage and falls short of president trump's demands. he again blocked democratic attempts to raise payments to to $2000, saying the senate will continue to work on the president's three requests.

>> the senate is not going to split apart the three issues president trump linked together just because democrats are afraid to address two of them. be senate is not going to bullied into a rushing out more money into democrat rich friends who do not need the help. karina: in other news, the post-brexit deal has cleared its first hurdle, passing in the house of commons and on course to become law within hours. lawmakers voted overwhelmingly to support the deal with the labor opposition wedding support. prime minister boris johnson recalled parliament to vote on his deal, wanting it on the books before the u.k. leaves the single market and customs union on new year's day. 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. ask: still to come, we will a ceo what she is watching in markets and how she has

positioning for the new year. she joins us next. this is bloomberg. it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues you can see a doctor online. it's easy. just go to goodrx.com and with a few clicks you'll be treated by a licensed medical professional all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you.

get the healthcare you deserve at goodrx.com.

shery: emerging markets all some verily to their highest point since 2007. this fueled by the rollout of vaccines and the long-awaited u.s. relief. our next guest expects this exuberance to to continue and to buy loans. terman. us is nadine we have seen this exuberance for quite a while. this chart on the bloomberg showing you the everything rarely. all asset classes gaining ground this year. when you have so much market optimism, when the markets are rallying, where you find those dislocations to get those opportunities? >> it is a good point. they are not massive dislocations. you get sometimes pullbacks.

1.5 to 2% on securities. and or individual security situations. out of favor one day and in favor one day. it is for stock pickers right now. on an intermediate term, you are right. we are going along into this market. today has been overbought, but you want to belong in your portfolio. shery: one source of support has been a weaker dollar. that seems to be the consensus trade at the moment. would you make a bet on the usd weakening into the next year and positioning accordingly? >> right now is the consensus trade. we think it is a bit more obvious. if you see the dollar pop up, it is a great day to go short. the 10 yearook at yield. it is down 92. that is a great time to short that either through tlt or -- you can look at em as a long.

it might be overbought today, but if it goes down, you buy into it. we like to look at things that ryan with the dollar versus a consensus trade of the dollar appreciation. paul: that dollars appreciation story is one of the broad macro themes right now. at what point does it start to look undervalued to you, the u.s. dollar? >> we think it has further to go. if you are holding onto an intermediate term short, you are probably ok. when you see the vix going from low 20's to higher 20's or even 30's as we saw in the past week, withll it trade -- you cannot hold things whether it is a long or short term position for several orders. -- several quarters. you find you can make more money if you have clients that are not tax sensitive. you will see many dislocations during these periods. things rhymeferent with the dollar.

in terms of a dip, do you anticipate seeing a correction sometime in early 2021? >> we look at day-to-day. right now, we see three to one downside versus upside. we have a proprietary system that looks at went to enter, when to exit. delineate where the opportunities and asymmetries are. you could enter into certain securities across the board and be able to hold those. we are looking at the vix. we are also looking at the fact that implied voluntarily versus -- implied volatility versus realized volatility are short on the day. people are getting more short because their hedging this markup. the volatilities are premium. it means they are hedging these portfolios. we like that. that is a support for equities going up. shery: just a second because we have breaking news. boris johnson's e.u. trade deal is moving to the next stage in

the house of lords. voting on the legislation after that deal was already cleared by the house of commons and it puts the u.k. trade agreement with the european union on the course of becoming law within the past 24 hours. members of parliament already voted almost unanimously to pass the deal. this being debated at the house of lords. the deal is moving to the next stage -- next stage in the house of lords. let's go back and continue talking about the broader equity market because i wanted to talk about the japanese equity market and whether it would be the right time to enter because we have seen these record highs, 1991 highs or something like that. given this renewed focus on cyclicals, is it too high at this point? have we missed that window of opportunity? >> we haven't missed it but you have to trade the chops.

we have seen the markets go almost parabolic in japan and other areas. what we look at is, what is the macro backdrop? there is going to be an acceleration of growth in gdp across a light of developed markets like japan and a lot of em shared both of those makes -- a lot of em shared both of those make sense. we expect them to have support into 2021. we are not the people who say buy any day. we look for the asymmetries on the entrance. we have seen the huge rally as well this year. that has been a phenomenal story of 2020. how difficult is it to find opportunities in this space? >> we have been fortunate in that we have had a number of positions and it ran up to levels we did not expect on a positive side. it has not been extremely difficult, what you do have to

have that fundamental research and be looking for the names and really know what you may potentially own. it is not a guarantee. you have to understand the management team. we do not think it is a buyback at any price, but you do have to have the fundamental research. making sure you are selecting the right securities. thanks so much for joining us today. you can get a roundup of the stories you need to know to get your day going on today's edition of daybreak. pre-brexit drivers -- bloomberg subscribers can go to the dayb . you can customize your settings so you only get news about the assets you care about. th when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price

for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

paul: despite the tensions between beijing and washington,

hong kong exchanges -- the city' linkss to the mainland are your reversible. they marked his last day at the helm of the exchange after more than a decade. the chinese market will never be like the international market in its entirety. the international market will never be able to scoot into the chinese market. there will be another -- there will be enough middle ground where they do intersect. it is that intersection where hong kong will have to find its most relevant role for play because shanghai will play in that role. singapore will play in that role. hong kong is the only one who can truly go between and need to find a way because that role initially is small, becoming bigger and bigger. and then eventually stabilize so the american will be here, the

chinese will be here and something in the middle. when that middle is no longer growing, hong kong needs to go deeper. >> there was some mention of bracing chinese assets. what are the implications of that on china's attempts to innovate into the global market as well as hong kong's role in this? >> if you look at the global map, invariably, you will walk away with the conclusion that isna is a place where yield going to be because fundamental economic development is stronger. the consumer class is growing. people are getting more wealthy. the currency is becoming stronger. is as strongchain as ever. will this decoupling

continue to put stress on the respective economies of each other, i think relatively speaking, the chinese market will become increasingly more important for global investors. policymakers, individual speakers can do all they wanted to do that could create -- that could potentially create short-term temporary impact on a more localized target. as i said, finance money is like water. you cannot block water. you can block water from one area. you cannot block water, all the water, all the time. water is going to sift through it. it is going to go up to the sky and rain into the other side could they will find a way to get there. you cannot find a way to block it. >> what are your thoughts on banks complying with u.s.

sanctions? >> i think banks are global businesses. a lot of the government has developed their intrusive, sometimes arguably quite arbitrary tactics of when they want to achieve certain policy or regulatory goals. the banks have no choice. they need to be overly compliant. and sometimes that brings unnecessary and also unfair and unjust consequences to the customers. societies,efore, all all politics today, nothing is free. reaction has caused. unfortunate if you have to be the one that incurs the cost. what can you do? shery: that was the outgoing ceo

of the hong kong exchange. you can hear more in our exclusive interview. he opens up about the reforms that helped transform the city and said the world's top fundraising venue. a conversation only on bloomberg television. here in the u.s., the senate moved to a vote to override president trump's veto of the defense policy bill after it was passed by the house. republicans rejected attempts by democrats to push a bill for higher stimulus payments. let's cross to our government congressional reporter in washington. that first procedural step to get to the vote to override the veto has been taken. what are we expecting next? emily: we are waiting for friday for the actual vote to occur. we expect the lawmakers to overturn trump's veto. this will be the first time both

chambers of congress will overturn a veto of trump. this is a very important bill for a lot of lawmakers. it oversees the country's defense policy. it is something that both parties have agreed on for a number of years. paul: democrats did again attempt to push for a vote on the $2000 relief checks, which were passed in the house. mitch mcconnell swiftly rejecting that. is this the end of that bill? emily: it may not be the very last we hear on the $2000 debate, but at this point, we can say that getting the $2000 checks out is effectively dead. mcconnell says if he does have lawmakers vote on the checks, it will be part of a larger package that will include items that do not have support among democrats and do not even have support among some republicans. there might be a chance to bring checks back up when the biden administration begins in

january, that is going to be a debate where we will have to see how it plays out. government congressional reporter emily wilkins in washington. a quick check of the latest headlines. a lending court has granted a 12 euros girl anonymity so she can suit tiktok it violated straight data protection laws. the judge says she asserts her privacy rights have been infringed and revealing her identity could have a chilling effect. very earlyis at a stage but involves criticism on tiktok's mode of operation. ticketmaster has agreed to pay $10 million. it was accused of wire fraud, computer intrusion and other crimes dating back to 2013. charges will be dismissed any three years if ticketmaster stays out of trouble. the investigation is focused on efforts to find out about concert presales.

wuhan oneeturned to year since the coronavirus began to emerge. we will hear from our correspondent about what she witnessed when she was there. this is weir group. ♪ -- this is bloomberg. ♪

shery: a second person has died in central china after being infected with a new sars like virus. >> china bans travel from the coronavirus epicenter with at least 17 dead and hundreds infected. >> we now have a name for the disease. is covid-19. >> we are seeing fresh cases in the u.s., germany, france, iran. >> the dow industrials had to

record its first drop since 1987. >> governments and all other policy institutions are called upon to take timely and targeted actions to address the public health challenge of containing the spread of the coronavirus. >> we are looking at sending checks to americans immediately. >> the united states is working with our friends and partners around the world to stop the spread of the virus. >> there is fear and uncertainty in the market, especially if you look at what happened with the u.s. overtaking china of the number one place with the most confirmed cases of coronavirus. >> i developed mild symptoms of the coronavirus. >> this is a crisis like no other. >> global deaths have surpassed 500,000. >> president trump has tested positive for coronavirus. >> i have learned a lot about covid. i learned it by really going to school. >> we are all in this together.

>> cases are surging across europe. >> the u.k. is forecast to borrow a total of 394 billion pounds this year. equivalent to 19% of gdp. >> it is amazing to see a vaccine coming up. it is amazing to see this tremendous shot in the arm. we cannot afford to relax now. shery: a look at how the news of the pandemic developed over the year. the world has learned a lot -- ourovid-19, understanding of the virus that has killed 2 million people. we still don't know how it began. our global business managing editor traveled to the original epicenter in wuhan. what did you learn from that trip? reluctance byn a china to bring the world into this search for the origin starting with the world health organization, which china has

kept at arms length on this topic all year. who and other outside experts still have not been allowed into wuhan. you are seeing an active push by china to muddy the waters on where this virus emerged through state media and other channels. china feels blamed for the virus and the communist party is highly sensitive to that and the assertions they botched this at the start, letting it spread around the world. at the same time as this idea of the origin has become highly politicized and lots of other countries, china is consciously moving on. it is successfully containing the virus. it does not think he gets enough credit for that. publicot seeing the backlash at the start. the incentive is not there to dwell on something that might cast china in bad light again. the firstnow that cases came out of a seafood market a year ago.

before that, it is pretty much unknown. what do scientists say about where this did come from? >> the place a virus first infects a person is not necessarily where it begins spreading widely. there is a rough consensus that the market was the first cluster or super-spreader fears in. the actual virus, the pathogen likely did come from bats. that is because the virus is similar to ones found in horseshoe bats that live in caves and across northern parts of southeast asia. more than aare thousand miles from wuhan, which is a very industrial city. scientists think either someone caught it from being near or ingesting a bat in those southern areas and bringing it to wuhan biplane lori -- wuhan by plane or there was an animal like a mink or measles with a respiratory system similar to

humans that transmitted it to humans at some point. it is all still really hypothetical. some breaking news for a moment. the brexit trade deal has been approved by the u.k. parliament, getting through the upper chamber, the house of lords. you can see that. boris johnson winning approval in the house of lords. that is after four and a half years. we can stop talking about this deal. let's hope. emme, we do have some vaccines now. there appear to be are some lights at the end of the tunnel for the covid-19 crisis. why is it important we still do find out how it got started and began? necessarilywill not eradicate the virus. even if it does, not knowing where it came from, there is still the risk of secondary outbreaks and the emergence as we are seeing at of the u.k. right now of secondary strains

that may be impervious to the vaccines we do have. there will be more virus outbreaks in the world. we have shown ourselves grossly underprepared for this pandemic. finding out as much as we can about how this started so we can put conditions in place to stop it or something like it from happening again is important. this is where china's stonewalling is unhelpful. all of the scientists we have spoken to say it is key to being able to get into wuhan. testing samples taken from the first patients, from this site of the market, from the wastewater. thosek to people who saw initial cases firsthand. that was our global business asia managing editor in beijing. millions of people in england will wake up to tougher restrictions after the

government moved most of the country to tier four curves after reports of the virus very appeared u.k. regulators have approved the oxford university at astrazeneca vaccine for use and it is expected to start rollout next week. we spoke to the vexing deployment minister. >> we have begun vaccinations on the eighth of december with the pfizer vaccine. saved overave that i 600,000 of the most vulnerable people in the united kingdom. -- we have vaccinated over 600,000 of the most vulnerable people in the united kingdom. we will continue with both pfizer and the new astrazeneca approval. is they limitation ability of both manufacturers to deliver vaccine doses to us. we have 530,000 doses of the astrazeneca for the first week,

from the fourth of january for that forced week -- from that first week. we continue to increase those numbers. it is dependent on how quickly we can vaccinate through the nine categories that the joint committee on vaccination and immunization have set us so that we can protect the most vulnerable appeared the good news today from the regulator is doses forime between both vaccines, 12 weeks, which we plan to do so as of the fourth of january and vaccinate many more people much quickly -- much more quickly and get to a place where we can begin to take away some of the nonpharmaceutical interventions. also in london, you mentioned you have 500,000 doses. you are awaiting them. the health secretary saying today we should be getting millions more from the beginning

of february. do you anticipate we could be waiting a long time for some of those vaccinations through the end of january? and secondly, do you have a target number of people who need to be vaccinated in order to lift some of these restrictions? >> public health england was pointg at that inflection as prime minister boris johnson refers to it between when we protect the nine categories with the over 80's and the other groups and obviously our national health workers and care home workers as well. and where we see community spread begin to slow down. at the moment, this new variant is clearly on the rise in london. in the southeast of the u.k.. we are beginning to see it rise and the other parts of the country like the midlands.

the quicker we can vaccinate people and if we take the nine categories, we are talking about 26 million people we would need to vaccinate in those nine categories, which would eliminate 99% of the deaths from covid. >> excuse me for interrupting you. when you expect to get to that 26 million? -- when you expect to get to that 26 million? >> we have put into place the infrastructure at the nhs that can deliver as the ceo of astrazeneca said today, they can potentially manufacture chinle and a week. we have the infrastructure dashed effexor chimney and doses a week. manufactured to million doses a week. we are delivering through hospitals. all hospital hubs will be up and

running. we will have the gps, this is the primary care network in the u.k.. we are going to go into the vaccination centers, which we are launching as well. and pharmacies. both the community pharmacies and the independent sectors. we have a massive infrastructure in place that can deliver the 2 million doses a weekend more. shery: that was the u.k. minister for covid vaccine and deployment. news.p of breaking we have seen the brexit trade deal approved by the u.k. parliament as expected. it would clear the house of lords after it already cleared the house of commons. the trade agreement with e.u. on course to become law within hours. kathleen hays joins us with more on this. we are finally marking britain's definitive departure from the

european single market. kathleen: we often leave things to the last minute. u.k. and the e.u. push to this one to the limit since june of 2016 when the brexit vote first past. nine months of intensive negotiations, finally the deal is done. this will go onto the queen. she has to sign off on as well. a 521 to 73 vote in the house of commons. boris johnson said earlier today that the brexit deal shows how the u.s. can have its cake and eat it. i think boris has gone to bed. he is already asleep. paul: he may have done. it has been a long half decade. the deal as you mentioned did attract bipartisan support.

labor opposition to a degree really held its nose and jumped in. this is better than the alternative effect from their point of view. kathleen: absolutely. that is what you call maybe damming something with praise. they did avoid the rough divorce. when many u.k. companies have not fully prepared for this. that is another big question mark over 2021. what is going to happen to businesses and the economy? there are some things it does. it does definitely free the u.k. from tariffs on goods. that is one thing they wanted. it allows them to invest as they like. they are not confined by rules that the e.u. has about where you can subsidize certain kinds of businesses, how to make those policies. that is another thing boris johnson talented.

-- boris johnson touted. they left the e.u. because they did not want to be forced to take emigrants to the brits did not want in their country. there is this whole question of things like airlines and trucking companies. who decides what they can and cannot do? who wasmay of course one of the two british prime minister's who at one point was forced to resign because her deal was not moving ahead, she applauded the deal. she pointed out what everyone has been pointing out. this deal has nothing in it to protect u.k. services. which she said was -- it is a good deal, a trade deal that benefits the e.u. in this regard because it protects goods, but it is not a good one for the u.k. in this regard. the city of london and the bankers, they do not have the equivalents. they have uncertainty about what kind of laws are going to roll

them. as i mentioned the economy before, bloomberg economics says this is going to be one factor, it is not a hard divorce, but the transition is going to hit the economy. it is going to hit growth along with the pandemic. in other of negative growth in the first quarter of the year. the fourth was negative as well. global economics and policy editor kathleen hays. a quick look at how the british pound is performing on the passage of this deal. gaining against most of its g10 partners. against the greenback right now. let's take a look at other currencies. the aussie dollar, one of the strongest performing at the moment. closing in on the $.77 level. this is on some optimism about commodities as vaccines get rolled out. the greenback, 103 against the

yen right now. the kiwi dollar holding steady against greenback. , 650.an you can follow more on brexit and all of the days trading on your bloomberg terminal. you can get a rundown on a one click. there is commentary and analysis from expert editors. you can find out what is affecting your investments right now. shery: coming up next, south korea stock market poised to become asia-pacific's top performer in 2020. we will take a look at some of the companies that made it happen. this is bloomberg. ♪

karina: this is daybreak: asia. china haved concluded their long-sought investment deal to expand opportunities in both regions. leaders met by video call to signal the successful end to negotiations. the agreement aims to expand access to the chinese market for foreign investors. sectors ranging from cars to telecom. tackles e.u. concerned about forces.istorting in the u.s., mike pompeo is being sued by an independent new york policy group seeking to block the administration's $23

million arms sale to the uae. they say he rushed the deal through without proper oversight and justification. the senate failed this month to block it despite objections. over to korea. facing a nines year jail term. the high court is expected to deliver a verdict on january 18. he denies corruption in what is a retrial of a case that started four years ago and led to his temporary imprisonment. samsung could be hit with him attempting to take control after the death of his father. north korea will hold its yearly angress after -- congress and spite of concerns about covid-19. kim has called for internal unity in the face of what he calls multiple crises such as the pandemic, natural disasters

and persistent u.s. sanctions. 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. karina mitchell. this is bloomberg. on thean alert bloomberg. weirdo hearing that south korea's moon jae-in could be replacing the finance and industry ministers. minister --finance democratic sources say a --didate we could see a cabinet reshuffle this january. this coming at a time when the president just has replaced its justice minister after a long-standing conflict with a top prosecutor. aside from politics, we have seen a huge rally when it comes to the markets in south korea. the kospi poised to become asia-pacific's runaway out

performer for the year thanks to a handful of stocks that saw mind-boggling gains including a covid-19 drugmaker and a tesla battery supplier. tops take a look at korea's players. what sort of stocks are we talking about? the benchmark paschi -- benchmark kospi. number two bank mark. as you said, retail investors. they are dominating the market. trading value accounts for nearly 80%. [indiscernible] covid-19 trials and vaccine

development and even [indiscernible] one of the stock makers -- [indiscernible] which is incredible. it is now the best performer on the ms ci asia-pacific index. so far, no drug released in south korea. around januaryme or february next year. analysts and managers say about the outlook for 2021? uan, somems of the y are focusing on the losers. value stocks like petrochemicals, refiners are

retailers. they can rally if the economy recovers. in terms of volatility in the market, some people worry about it. so many in the market -- they are mostly inexperienced and short-term traders. is hitting ag record high. paul: our asia stocks reporter in seoul. be sure to turn into bloomberg radio to hear more from the newsmakers. app,an listen via the radio plus or bloombergradio.com. plenty more to come. stay with us. ♪

paul: a quick check of the latest business flash headlines. a boutique investment bank is finally going public amid speculation -- ending speculation since its founding in 2006. it has agreed to combine with blank check companies. fintech acquisition corp. values the pair at just under a billion dollars. top tesla analysts say a goal of

delivering happy million tasks is complete. tesla will ship -- that is enough to have the target. remained strong in china and is picking up in europe and the u.s. as well. exxon mobil is struggling to raise the $15 billion dividend program. it is indicating it has incurred a fourth straight quarterly loss. something first disclosed back in october. smaller non-cash payments. the company is to release full quarterly results on february the second. coming up on daybreak asia, we will preview china pmi data that is due later on. ing will be joining us to take a look at that. we will hear from the china e.u. chamber of commerce president

after brussels and beijing announced their hard-fought investment deal. those conversations coming up. this is bloomberg. ♪

shery: welcome to "daybreak: asia." i am shery ahn. allen.nd i am paul our top stories this hour, the eu china investment deal is finally improved and ends tense negotiations dating back to 2013 and is seen as a blow to america first. post-brexitn's joyce banda past and will become

more within hours. labor opposition says it is not as bad as no deal. where the virus began. bloomberg travels to wuhan where covid-19 was first reported. we ask how it appeared, i would spread, and how the city is coping one year later. shery: here is the picture across markets in asia, at this last day of trading markets 2020. asx 200 and kiwi stocks under pressure. asx 200 being led lower by health care. commodity currencies like the aussie dollar, kiwi dollar very strong, strongest level in two years for both currencies. u.s. futures unchanged after they closed near record highs. wti not doing much, but this after rising to the highest in more than one week. session, liquidity dwindling into your and. markets that are close to nature today, japan, south korea,

taiwan, thailand, and the philippines shut for new year's eve. i hong kong will be open half day. we are seeing a bit of a mixed picture across markets as new year's eve approaches. let's bring in our editor. we have seen this incredible emly across asia, across stocks. em stocks finishing at the highest level since 2007. what will 2021 bring? >> 2021 almost has to bring a lot of challenges for equities and for a variety of assets that are very strong valuations. the justification of that has been central banks and governments have been pouring money into the economy but at some stage that flight of money is likely to slow down. economies are going to start to recover, and that we face the question of whether or not stocks have priced in too robust

of a recovery once we get past the pin -- damage the pandemic is done. paul: as we take a look at the , $.36.dollar that is newsy. gains accelerating for the aussie. how sustainable does this look for you? skeptical that it can sustain over the longer-term, but in the short term, what is really going on is you are ofking at a very potent mix structural drivers for a weaker otherollar, so buyers for currencies need for them to rise and the australian dollar as a number of advantages. iron ore even though it is,

recently is at unimaginable levels. it has had a strong rally and that is key for australia. you also have on the central bank side of things they were fair -- reserve bank of austria has voted to extend qe. it is a more reluctant bond buyer then deep said and ecb and is putting aally pea shooter up against a bunch of bazookas. in that context the aussie dollar has a fair way to run because until we get some sort of a return into a normal economic outlook that stronger australian currency does not hurt the australian economy the way it went in a normal set up. shery: given all the fiscal and seen,ry stimulus we have

cyclicals rounding around the search. what are we expecting going into 2021? cyclical markets like japan, south korea seem to have near record highs. >> [laughter] that is one of those things, we have a review out of markets, what our views were for 2020 and we ended up being fairly close to the market for a lot of them but for all the wrong reasons. we do not think the pandemic was going to come along and that central banks would be the way they were. is going to there have to be a moment when this frantic pace of gains in equities around the world slows and fasterhe further it goes initially, the further and faster the come down is going to be going forward.

earnings valuations that have been priced in our phenomenal. the big question comes back to central banks. there is a figure thrown around that the money supply across 12 major economies jumped about $14 trillion this year, far and away the biggest jump we have ever seen. looking at qe plans and fiscal plants further out, it seems unlikely you get even half that much added to global money supply in the coming year. that indicates there is going to have to be a slowing down in gains, and the potential for then a pullback. you look at the commodities, the same thing is going on there. long-termin a downtrend and they had this huge drop. now they have come almost all

the way back up to where they were before covid kent -- hit. the likelihood is that they will drop back into the previous channel because most demand drivers are still there, possibly reinforced. reckoning.be a i tend to suspect it will not be until the second quarter at the earliest, possibly longer, because it will take quite some time for everyone to work out exactly what we do get in terms of a global economy once the vaccine starts to take hold and once it looks like the pandemic is being brought under some measure of control and then how the real world ends up and how different that is to what people are expecting. paul: garfield, we need to talk about brexit, the eu and u.k. getting that trade deal done.

it is now awaiting the signature of the queen. britain still fazed by enormous problems, not the least of which , burgeoning covid-19 gazes. how sustainable is this rally in sterling looking to you? sterling, it is now almost out of the hands of boris johnson and company and in the hands of jerome powell and janet yellen once she gets into the treasury. i think sterling itself can go a now that you've got the cause of volatility to get away. will offer further challenges to the u.k. government and bank of england. a stronger pound is not necessarily a good thing for

british companies. i think the pound to be driving it couldr a while and continue driving higher until someone in london says we need to put a stop to this. paul: garfield reynolds there. you can follow more on the story on our markets i've broke -- markets live blog. commentary and analysis from bloomberg's excellent analyst. you can find out what is affecting business right now. let's get to karina mitchell for a check of first world headlines. karina: staying on this historic moment for the u.k. the post-brexit deal as been passed by u.k. parliament and is on course to become law within hours. the comments and house of lords voted overwhelmingly with labor opposition saying it is bad but not as bad as noted. prime minister boris johnson wanted to get it in the books for the u.k. finally exits the single market.

other news global coronavirus cases continued to rise with reported deaths nearing 1.8 one million. the cdc says fatalities in the u.s. could reach 400,000 before president trump leaves the white house with california reporting record numbers and new york state with a new daily hi. governor andrew cuomo says there is no sign of the reported u.k. variant. senate in the u.s. majority leader mitch mcconnell as close the door on higher relief checks anytime soon. he said the bipartisan as legislation has no realistic path to passage and fall short of president trump's demands. -- saying the senate will continue to work on the president's request. senator mcconnell: the senate will not split apart the three issues president trump link together just because democrats are afraid to address at two of them. at the senate will not be bullied into rushing up more

money into the hands of democrat rich friends who do not need the help. karina: global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am karina mitchell. this is bloomberg. shery: we hear from the eu chief of commerce in china about the impact of the investment deal between brussels and beijing. indicator and focus with pmi untapped. we will have a talk with iris pang

paul: bloomberg economic forecast china's purchasing managers index may ease but the official gauge of the manufacturing sector activity do in the coming hours likely to show a solid expansion in the economy extending through to the end of the year. let's discuss this with iris

pang. we did see pmi for china hit multiyear highs back in november. december still looking good but how sustainable is this heading into 2021? all we have to consider the covid situation in the export markets of china. from time to time affected by covid. index coulduring ease further. that is why i think it will ease in december. it depends on how big the impact is on these sectors. alsoe other hand covid means other manufacturing economies could be in lockdown and manufacturing activities could be pushed into china. some of the

administering activity from the 2021 wearkets, so in have to be aware of the effectiveness of the vaccines and the combat of covid. corona is not the only factor here. we are seeing reports of electricity shortages in the central and eastern regions of china. to what degree would you expect that to waive. ? of electricity consumption in winter is actually a seasonal phenomenon in china, so i would not exaggerate on this factor. colder than the last two winters. is shortage of electricity

less to fear than the last two years. electricity is comparably more stable than in notpast but it is still enough because china is controlling air pollution. is supplying more electricity this winter. shery: we have the china-european union investment deal. how economically significant is this? is it more than just setting up the groundwork to get that? they signed the treaty but the treaty as to be passed in europe. big hurdles. the european parliament and the other steps. it is still too early to comment

whether it will bring more .nvestment to both sides forward fors a step europe, because europe as more market access in china then china has in europe. it is depending on the detailed wording how it will be passed in europe and what part will be impacted. for now people expect it will be effective between the end of 2021 and early 2022. i think this could be optimistic. later see it a little bit . we are expecting president xi jinping's new year

address and we are expecting them to talk about priorities for china. how important will technological self-reliance be in 2021 and what will that mean for the chinese economy? >> it will be the first priority, the top priority of the chinese government. thatill not be surprised the president will be talking about self reliance on and technology advancements for china in 2021. already written in our research that there are a lot of technologying into sectors in 2020 and this will continue in 2021. this is actually just investment.

we have to see the results of the r&d and it will be a few and the number that can yield successful results will be filled. will have a lot of usage of raw material for the anduction of semiconductors also late stage inefficient use of r&d. shery: always great having your thoughts. ing chief economist for greater china there. coming up 4.5 years after the referendum boris johnson's brexit deal has made it through parliament with just hours to spare. details ahead. this is bloomberg. ♪ ♪ you can go your own way it's time you make the rules.

so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get nationwide 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get nationwide 5g included and save up to $300 a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. wannit's timeight and 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.

>> it is officially called, the , lead 52%.ain 40% >> the british people have made a clear decision to take a different path. >> brexit means brexit. >> their proposal is clearly dead. question for a new prime minister to lee. and two three years missed deadlines we must leave the eu. >> it is far bigger than that. it is not just about some legal extrication. it is potentially a moment of national renewal and change. >> boris johnson is heading down a path that will end in a hard brexit. >> we need an urgent solution because the clock is ticking and time is running out. >> we have no more time to lose.

agreementve a final by the end of october. >> mice variances at the last moment you will find a solution. >> looking at where we are i do think it is vital everybody nuggets ready for that australian option. you whethertell there will be a deal or not. >> we have completed the biggest radio yet worth 660 billion pounds a year. trade dealyle free between the ek and the -- u.k. and the eu. >> we can finally put brexit behind us. brexit dramaars of -- has won approval from the two houses of the u.k. parliament.

barely 24 hours before the country's final split from the european union. haysolicy editor kathleen has the details. it was a last-minute deal but at least a chaotic divorce has been averted. >> that is one of the main reasons so many people voted for this deal. 73 it was the vote in the house of commons. the house of lords, almost a formality putting their stamp of approval on this as well. the next step will be for queen elizabeth to give the formality of royal assent. houses,se two especially the house of commons giving it a thumbs up it is a done deal. what everyone loves who supported this art no tariffs, no quotas on anything the u.k. will sell to the eu and vice versa. he said earlier today it shows the u.k. can have its cake and eat it.

>> the central purpose of this bill is to accomplish something. the british people always knew in their hearts could be done and get which we were continually told was impossible. do you remember we were told that? that we could trade incorporate with our european neighbors on terms of friendship and goodwill while retaining sovereign control of our laws and national destiny, and that unifying threat run through every clause of this bill. also speak in the get control back over businesses, we subsidize. immigration, we do not have to listen to eu rules on that. fishing rights, we will get all of those back and he says no we are free to make free trade deals with any country in the world. kathleen, that is the

upside but the labor opposition considered this all thing a choice between bad and worse, was being no deal at all. >> that is the most glaring problem, the most glaring lack as to do with u.k. services and theresa may who tried to make a brexit deal said yes, it is good we have got it, but what it looks like to her is that this goodseal good in trade in for the eu, but for the u.k., services, 83% of their economy there is no deal. it will hurt banks. importants, a very group of workers in the u.k., do not have their qualifications. that was no point in the deal. these are the issues and have to be hammered out. economicsglobal

policy editor kathleen hays. let's get a check of headlines. boutique investment bank is finally going public, ending speculation ever since its founding in 2006. it is agreed to comply with the bank check company. the deal values the pair at just under $1 million. cohen says perera represents the most compelling investor opportunity in the covid era. the new owners of the jcpenney store are searching for a new ceo. the chain is navigating bankruptcy and the top global change comes less than one month after it completed the sale of retail operations to small landlords. jcpenney filed for bankruptcy in may. it expects to emerge in the first half of next year. a girln court as granted

anonymity. the judge says she asserted our privacy rights were -- and that revealing her identity would have a chilling effect. join us in our full interview lee.drowsily -- charles this is bloomberg. ♪

shery: a second person as died in central china after being infected with a new source like virus. travel from the coronavirus epicenter with at least 17 dead and hundreds infected. >> we now have a name for the disease. .nd it is covid-19 >> first cases in the u.s., germany, france, iran.

questec with the dow industrials had to record its worst drop since 1987 the vix -- otherernments and all policy institutions are called upon to take timely and targeted actions to address the public health challenge of containing the spread of the coronavirus. >> we are looking at sending checks to americans immediately. pres. trump: the united states is working with our friends and partners around the world to stop the spread of the virus. >> there is some fear in the market especially when you look at what happened in the u.s. overnight overtaking china as the number one place with the most confirmed cases. >> i developed mild symptoms of the coronavirus. >> this is a crisis like no other. it is worse than the great depression. >> global deaths topping 500,000. >> president trump is tested positive for covid. pres. trump: i learned a lot

about covid by really going to school. >> we are all in this together. >> cases are surging across europe. -- equivalent to 90% of gdp. this is amazing to see tremendous shot in the arm for the entire nation but we cannot afford to relax now. paul: a look there at how the news of the pandemic developed over the year in the world as learned a lot about covid-19. our understanding of the virus that is killed more than two mean people, and we still do not know how. our managing editor traveled to the original epicenter in wuhan. tell us about that trip. >> it was quite incredible out normalized scenes are in wuhan as you say that first cluster of

covid-19 cases emerged about one year ago right now. back toetty much a city normal. and has not had a locally transmitted case since may, which is quite incredible when you think about the still deteriorating outbreaks and other parts of the world, particularly the u.s. and europe. it is quite normal. people are going about their everyday lives. to theeven an exhibition virus. they are really getting it to history, which focuses quite heavily on the success china has had and basically eliminating covid-19 from such a big country. at the same time there is a high level of sensitivity down there, particularly around this idea of the origin. laces related to it, the seafood market for those first cases

emerged from, a lot of security around there. we were moved along by police. this laboratory that is the focus of one of conspiracy theory about the virus potentially being deliberately leaked, very sensitive down there. sensitivity here in china to those missteps at the beginning, which are being blamed by a lot of countries for spreading the virus and which are related to this big question of where to this originally come from, which we still do not know beyond wuhan. paul: there are a few facts we can latch onto in that regard. we note the cases came out of a seafood market about one year ago but before that an empty slate. what can scientists say about the history of it before the operate? >> we talked to a lot of scientists, some of them who are involved in various missions to find the origins, and there are

a lot of hypotheses but not a lot of concrete evidence. they think the first case was around november, probably, but this probably did not start or emerge from its natural source in wuhan. the closest relative to this virus, quite similar to the sars virus that started around 2003 and was an epidemic in the fromn, and that emerged bats in the southern province of china and southeast asia where this bet is prevalent. one of the theories is that it emerge from there and somehow transferred to humans. that could have happened directly and someone traveled to wuhan with his first super-spreader fears event in the marketplace or there was another theory there was an intermediary animal, some kind

of memo like a weasel or mink that has a similar respiratory system to humans potentially transferred this on to humans. without having greater access to isna and want to itself already a difficult job. we do not know the origins of a lot of viruses already out there and the politicization of this issue makes this one even more difficult. shery: it has become a geopolitical issue. how much progress have we seen so far especially as we have heard groups of w.h.o. experts have headed into china to figure out the origin of the virus? stonewallingbeen the w.h.o. all year. they have allowed a couple of experts to come in but none of them as a been to wuhan. the w.h.o.'s latest communication is that they hope to get there expert team that

are looking into the origins of the virus into wuhan next month, but that has not been confirmed by china. a very high level of sensitivity around the origin. china is very aware of being blamed for this pandemic, is very aware of the missteps at the start of this that allowed it to spread that they conflict locally for and they have managed to quell. it is very much in the interest to focus on the success since then and to revise history when it comes to the origin. asia: our global business managing editor. millions of people in england will wake up to tougher restrictions after the government moved most of the curves into tier four amid the virus very. u.k. regulars -- regulators have approved the astrazeneca vaccine for use. it is expected to start rolling out next week. we spoke to the vaccine

deployment minister. >> we have begun vaccinations on the eighth of december with the pfizer biontech vaccine and we have vaccinated over 600,000 people in the united kingdom to the covid-19 virus, and we will continue now with both vaccines, both pfizer and with the new astrazeneca approval. today we will start vaccinating that vaccine as of monday. the only limitation is the ability of both manufacturers to deliver vaccine doses to us. we have 530,000 doses of astrazeneca for the first week, the fourth of january 2 that first week and we continue to increase those numbers. it is dependent on how quickly we can vaccinate through the nine categories that the joint

committee on immunization has set so that we can protect the most vulnerable. the good news today from the periodor is the time between doses for both vaccines, we have got 12 weeks, which we plan to do so as of the fourth of january and vaccinate more people more quickly and get to a place where we can begin to take away nonpharmaceutical interventions. >> you mentioned you have 500,000 doses. .ou are awaiting them the health secretary saying today we should be getting millions more from the beginning of february. do you anticipate we could be waiting a long time for vaccinations through the end of target and do you have a number of people who need to be vaccinated in the u.k. in order to lift these restrictions?

england wasalth looking at that inflection point as the prime minister refers to protect thosen we the overgories with 80's and other groups, our national workers and carol workers as well, and where we see community spread begins to slow down. this new variant is clearly on the rise in london and the southeast. we are beginning to see it rise as well and other parts of the country. quicker we can vaccinate people and if we take the nine categories, 26 million people we would need to vaccinate which would eliminate 99% of the

mortality form covid. when can we expect to get to that key number? place and put in ,nfrastructure in nhs, wills scotland, and northern ireland potentiallyiver manufactured to million doses a week. we have the infrastructure to employ that. at the moment might limitation is the speed at which we can get deliveries from both astrazeneca and pfizer, not the infrastructure. to hospitals.ing all hospital hubs will be up and running. we have the primary care networks in the u.k.. we will go into the vaccination

centers, which we are launching as well and pharmacies. both community pharmacies and the independent sector. we have a massive infrastructure in place that can deliver the 2 million doses a week and more. u.k. minister the for covid vaccine deployment speaking to taylor riggs. china up the long thought -eu investment deal is finally -- our guest joins us next. this is bloomberg. ♪

shery: this is -- karina: this is "daybreak: asia." china posted a deficit with the trade surplus in line with -- the downfall was the equivalent of 1.5 begin dollars. economists expected a surplus. factors such as the labor market, overall indicators show continued recovery. here in the u.s. secretary of state mike pompeo is being sued by an independent new york policy group seeking to block the administration's $23 billion the uv. arms sale to the rest of the deal without proper oversight and wanton order facing the state department to rescind it. despiteled to block it

objections. a highly private chinese tycoon has become a's which is percent this year after a meteoric rise of the bloomberg's billionaire index. other chinese tycoons. he is now the 11th richest person on the planet with a billion.f $77.8 not too shabby. 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. mitchell.a wishing you all a very healthy and happy new year. this is bloomberg. and the eu leaders have approved an agreement to open the chinese markets further to european investors. it marks a major step in talks that began and it could be a

force in 2022. let's be to tom mackenzie in beijing. tom: we heard from the european commissioner -- commission president who said this will open up market access to sectors, everything from autos to telecommunications and that it will address things like industrial subsidies for businesses operating in china. europeans are handling this as a journeys. some of the chinese by the way. let's get analysis and an assessment of the reality of this agreement with the president of the european chamber of commerce here in joerg york would go -- wuttke. great toduce -- always speak with you because we know we will get a frank assessment? >> first of all it is a deal. after years of discussions it

was wonderful to see out angela merkel point an end to it. done this get this year or walk away and that helped over the finishing line. .he was on the call yesterday we are very happy about the fact they stopped talking and now we can walk. we have to look into the details. there are some areas where we see improvements in finance, insurance. we see new energy vehicles, more independence for european business. this deal will be hashed out but lawyers over 2021 and we have to get this deal passed by european parliament, under the body that looks into the content of this. we are just happy this is concluded. tom: you touched on some of the sectors that will be impacted. can you give us a sense of what businesses you think will benefit the most?

>> manufacturing does quite well in china. machine building, that is actually all over the place. [indiscernible] has been very strained and health care as well as domestic transportation, real estate, and education and so forth. we have to wait for the details but the indicators we got from the commission point that we definitely have a door open where we can do stuff we were not able to do in the past. know you are still needing to go through the details of course. do you have a sense of shortcomings at this point of this agreement? >> nothing is perfect. areess the shortcomings possibly still we have an active list. inhave no negative list europe for china to of his business. we are told these areas you

cannot invest, we have to see how this squares up with this deal, but still we have these constraints. the position of the chancellor, [indiscernible] with recommendations. we have to work through details to see where we have real improvements. the shortcomings are possibly when you look at the negotiations i'd that wants to have a stronger feasibility prospect as some strong language on forced labor and so forth. the soft point of that could be challenged by the european parliament and the second part of 2021. tom: do you think it gets passed ultimately by the european parliament? >> i hope it will be passed. business cannot wait forever. something where we have

done the first step and it is in the right direction. about little concerned the parliamentarians, the human rights situation in china that will not go away. i hope our parliamentarians are pragmatic and actually passed this deal through the system in order for us to implement more jobs in europe and get more business done with china. stance on 30%a growth over the next 10 years, so we want to be part of that and the deal opens the door for some of the stuff we could not do now. tom: you touched on the question of human rights and that has been a criticism from some members of parliament in brussels, members of the european parliament. i guess the question to some should be will europeans be striking with a trade deal, and investment deal with a country that is jailing journalists, that has as many as one million

people aldean camps involved and engaged in what canadians call hostage diplomacy? quite this is a -- system that we cannot welcome this. we have a very different system back home and it is unfortunate. this is a market access deal and we are seeing australia, japan, korea signed up to our cep and none of these sustainability -- was mentioned. less equally as much language of forced labor. european negotiators managed to push the envelope for the first time on this one but they made it very clear this is first step, market access. when it comes to human rights we have to find a better toolbox to

deal with china in a separate location. response to your some within the incoming biden administration webb said the eu should have waited until biden was in office and they should have pursued a coordinated approach with the u.s. when it comes to china? >> i can understand the anxiety. our american partners who have come up with a list very similar to ours, we have an international system. we are very happy the biden team possibly looks more favorable to keeping up with us on this one but at the same time we should not wait for the biden administration. we do not know if china will be more responsive if the two parties come together. we do not know the timeline, so 's policyangela merkel

idea at the beginning of this year when it was not clear who would win the u.s. elections to finalize something, get it done, and it was very much welcomed by european business. that does not exclude the fact that we can [indiscernible] and talk to the chinese in a coherent manner. this is a very much unknown. we like the fact this could be a coalition, but at this stage get it done and go on with it. you will gethink laid the foundation for an eu-china trade deal? >> i do not think so. the free-trade deal that the europeans have with vietnam or singapore or career -- korea is much deeper. indicates only the european

parliament as to say yes. keep in mind that deals with candida, japan, for example, had to be approved by 38 member states'parliaments, and to assume this can be negotiated in my lifetime and approved by 38 member states'parliaments is not going to happen. one last question on the national security review law implemented in china. a response to that, because there are concerns it may lead to further restrictions around foreign investments. on ais is a paper building 2011 regulation, so it is nothing new. it is definitely something that under some of our business partners, at the same time we are dealing with these national laws.ty laws, biometric

we are called in to consult. we are trying to make it amicable, and do not forget, china once foreign investment, i technology. technology. tom: we always appreciate your insight. thank you very much. i have a great new year. we look forward to speaking to you in january. that was the president of the european chamber of commerce in china giving is assessment of this investment treaty. was tom mackenzie. business a check of headlines. exxon mobil is struggling with a $50 million dividend program and is indicating it has incurred a fourth straight quarter loss. it will take a write-down of up to $20 billion on upstream assets.

much non-cashorts payments were made into his refining operations. top analysts say a goal of delivering 500,000 cars is within reach. as a church a lot about 180,000 vehicles in the current period and that is enough to hit the target. demand remains strong in china. ticketmaster has agreed to pay several hundred million dollars -- it was accused of wire fraud, intrusion, and other crimes dating back to 2030. shery: here is how futures are looking ahead of the final trading session of 2020. we are seeing a bit of a mixed picture with the offshore yuan holding steady. the dollar of the weakest in almost 2.5 years. watch out for that currency action as we head to the open of

trading in hong kong, shanghai, and shenzhen. bloomberg markets open is next. this is bloomberg. ♪

tom: it is the last day of the year. welcome to bloomberg markets china open. i am tom mackenzie. counting down to the open of trade in the chinese mainland and hong kong. our top stories, we are moments away from the latest snapshot of the chinese economy. pmi readings are expected to show recovery on track, albeit less strongly in places. the