>> our top stories this morning, joe biden wastes no time on day one signing executive actions unwelcoming new staff. his to do list includes tackling the coronavirus, a weakening economy and strained relations with beijing. the covid crisis worse guns -- worsens in germany and the u.k.. boris johnson's chief scientific

advisors say hospitals look like a war zone. reports say the dubai government ordered all hospitals to cancel nonessential surgeries for the next month as the pandemic surges. bahrain sells to billion dollars of bonds, taking in vantage -- advantage of investors' appetite for yields. it reflation trade appears to be entered -- reenergized as risk came back on the table and the s&p 500, we are still projected to continue in that direction, up zero point 3%. big bank shares after morgan shanley -- stanley had uninspiring numbers, overweight risk assets within the u.s. and asia, favored stocks in china, south korea and singapore. treasuries ended little changed

after declines in the face of soft demand metrics for what went underway in terms of the 20 year bond option. currently 108. the bloomberg dollar index, under pressure and brent crude down 0.3%. industry reports reported a rising u.s. stockpiles which added to mounting concerns that there is lackluster consumption crystallizing. let's check how the rest of the markets are holding up in asia with juliette saly who joins us from our singapore studio. >> fresh eyes on the regional benchmark index following the positive momentum among global stocks and u.s. equity futures. the regional index rising with the nikkei two to august 1990 highs even as the boj said risks are still tilted to the downside . the hang seng index hitting 30,000 points for the first time since may 2019. we have been on the sensex

50,000 watch and that happened, indian stocks remaining at a record and hitting 50,000. the taiex on a tear today, a lot of money going into tech players. it has risen the most since march to reclaim all-time highs going back to january 1960 seven. certainly a lot of risk on optimism as we head into this new era after we saw that positive momentum coming through . the strongest finish on inauguration day on the s&p 500 since 1937. >> we will check in with you later. the first word headlines from around the world. >> good morning. president biden is to reengage the u.s. with the world health organization and will dispatch the government's top infectious disease expert to speak to the group this week. that as the covid situation

worsens in the states. the u.k. just suffered its deadliest day of the pandemic with more than 1800 deaths reported in 24 hours. boris johnson's chief scientific advisor warned some hospitals now look like a war zone. there are reports the government of dubai has ordered all hospitals to cancel nonessential surgeries for the next month as coronavirus infections surge time unprecedented heights. the uae has had record numbers of cases for nine days. dubai, whose economy is reliant on aviation, hospitality and retail, remained largely open since the summer. india says it can ramp up production of its domestic covid-19 vaccines to half a billion doses in a month. amid rising interest from europe, the middle east and africa. the astrazeneca shot is being rolled out by the institute of india and has drawn interest from the u.k., belgium and other

countries seeking access to cheaper vaccines. india is working on its own coronavirus shot. china has wrapped up the trump era with sanctions on the outgoing administration. even as a successor was being sworn in, beijing called recent u.s. policy crazy moves that have harmed relations. the sanctions list includes mike pompeo, robert o'brien, and white house aide peter navarro. they are banned from entering or doing business with china, hong kong and macau. italian lawmakers approved a new government, borrowing 30 $9 billion. the prime minister moved after winning a narrow vote of confidence in the senate and says the extra funds will help support business in the pandemic. bloomberg intelligence expects the economy to contract by more than 5% this quarter while a survey has seen fractional growth. global news 24 hours per day,

on-air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm simone foxman. this is bloomberg. >> let's get back to our top story, the joe biden never has begun. -- era has begun, ushering in a unified congress. the new commander-in-chief began his term with an appeal for a reset to tackle the historic challenges facing the nation. >> this is america's day. this is democracies day. the will of the people has been heard, and the will of the people has been heated. -- has been heeded. we learned again that democracy is precious, democracy is fragile, and at this hour, my friends, democracy has prevailed. >> he immediately began unwinding many of his predecessor's policies with a

string of executive actions including reversing the u.s. withdrawal from the world health organization and the paris climate accord. let's get our senior editor. give us more context on the tone joe biden struck at his inauguration. >> it was a tone of seeking unity. there is a long list of policy goals but instead, he wanted to heal the divide. he came in as a unifier who is working to establish in the campaign in the weeks leading up to the inauguration, he has taken a tone saying he is going to try to heal the nation, to bring the nation together. he acknowledged the huge changes facing the country, the coronavirus outbreak being worse

, climate change and inequality and unemployment. [indiscernible] he really kept focus on unity, saying it was time to end the uncivil war. he didn't name his predecessor, he didn't identify donald trump by name but talked about some of the policies under the previous administration and repudiated them, particularly about falsehoods. >> he quickly got to work signing executive orders. what were the highlights? >> it wasn't just a day of [indiscernible] he basically reversed immigration policies. one of his first acts as president ended restrictions on

travel to and from predominantly muslim countries [indiscernible] president trump put into effect early in his presidency. he also proposed a sweeping immigration bill that provides a pathway to citizenship for 11 million people living illegally in the u.s. he did other things, as well. he signed an executive order [indiscernible] had been during the previous administration and he is expected to [indiscernible] reunification of families at the border. he has a number of things with the coronavirus as well, including encouraging people to wear masks for the next 100

days, requiring them on federal properties. 1 in terms of chronology and the agenda, what comes next for the new president? >> he is probably going to tackle the coronavirus. that has to happen before the economy can be reopened and before much else can occur. [indiscernible] executive orders and other kinds of policies to try to get the vaccine rollout straightened out [indiscernible] confusion about who can get it and where they can get it. he has to deal with that. he has to deal with the fact that hospitals are becoming overwhelmed with patients and the milestone of 1 -- 400,000 u.s. deaths from covid. that has to be the first job for him and he realizes that.

it is not something he can put into place right away. it will be a process with these of the kinds of things i think we will see. we may see requiring masks for interstate transportation. you can't require the mental states [indiscernible] the other things i think we are going to see our things around undoing some of these policies that president trump had put in place. he has joined the paris accord. yusuf: thanks for running us through that. that is jodi schneider in new york. breaking lines, the bank of japan had their policy decision couple hours ago. they stood pat on that front but it changed in terms of the board of governors. to the boj, there is a nomination, the japanese government is a nominating

noguchi for the boj board. he is an economics professor at central university and he will be replacing the boj board member. the board of the bank of japan has nine members. one of them is not moving significantly off the back of this news but still important context in terms of the possible future trajectory of monetary policy in japan. we will continue coverage from around the world shortly. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this.

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>> the s&p 500 cites best inauguration day in modern history, gaining 1.4% amid optimism congress will provide enough stimulus to make growth. monetary policy and focus after the boj left policy on hold.

taking a gloomy view of the economy, the central bank bonanza continues. the ecb in the docket later in the day. let's get to the asian equity portfolio specialist at e spring investments. the agenda of joe biden is going to be contingent on his administration effectively battling the coronavirus. the signs are ominous in terms of the number of infections and how quickly this is spreading with the latest wave. run me through your read on this. >> the fact is right now we look at where the markets are anticipating in terms of economic growth and earnings growth data, they are very optimistic and with a record number of cases popping up everywhere around the world, it will be difficult to see whether or not we can meet those 2021 objectives in terms of earnings growth and economic growth.

potentially investors do have to look for potential revisions with economic growth and lost earnings growth, especially when we start entering earnings season in the next couple months. >> where does that leave your near term in terms of u.s. assets? would you say it is an opportunity to get in given some of the initial figures we got in the corporate earnings season? >> you have to be careful. with the u.s., the concern is markets did well last year. tech stocks did well. when we look at the valuation perspective, we are more careful and mindful in terms of what is happening. we have to look at the dollar. the u.s. dollar is trading -- we are careful that with a growing fiscal deficit in the u.s., that potentially has negative impacts

and a downward affect with regards to the u.s. dollar. with a weakening dollar potentially could we see a capital outflow out of the u.s., and potentially into underperforming countries like asia? we think that is possible. >> when you look at the government bond yields, there is a trend that stands out. it has been going on for some time. germany's bond market is yielding less than zero so the whole curve, clearly too much cash is chasing too few assets and that creates a demand for duration in germany and other countries around the world. how do you offset that to make sure you still get a reasonable return? >> we look at stress and you made the point, when you look at the spread between asian local currency bonds, compare that with the u.s. 10 year bond door

sort of the german bond or specifically even let's say jt b's, when you look at a composite of asian tenure bonds, the spread is roughly around 2.5%-3%. you can see why there is a lot of interest within asian local currency bonds because the fact is, when you look at the differential, it is growing. >> what about the lines we got from the boj in the last few hours? in many ways on the policy front, nonevents because they stood pat on the policy but they updated some of their forecasts. is the boj trapped in terms of what they are able to do and come up with? >> you are right. the fact that the boj has been trapped for quite some time as far as what they can do with the

monetary policy, specifically the statements made from the boj, with that said unless they see a fairly good amount of economic growth this year or potentially inflation coming back, which will be difficult at this point, it will be more difficult in regards to what the boj can actually do from a monetary policy standpoint. >> we will still get other (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone.

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yousef: china wrapped up the trump arrow with sanctions as his successor was being sworn in. this includes mike pompeo and robert o'brien.

beijing left the possibility of warmer ties open with the new administration. officials urged cooperation with the biden team and said it hopes u.s. officials will make their own judgment on flashpoints like -- on flashpoints. can wong -- ken wong is still with us. do you expect the biden administration to open a new page for -- or are they going to pick up where the trump left off in terms of this gap between the two giants? ken: i think over the next couple months we think it will be status quo where there won't be a lot of changes to what has been happening. hopefully, 3-6 months from now there can be fresh talks between both, hopefully those talks can lead to markets being less volatile between the two countries. that said, because you have two superpowers, there is that tension between china and the u.s. and it is here to stay.

yousef: i want to talk in detail about what is happening with regulations in china with the tech companies. this resurfacing of jack ma that triggered $58 billion of a rally in alibaba stock, nothing short of remarkable yet you are still keen on some of these chinese tech names. how do you reconcile that? ken: you have to be more careful in regards of what type of tech stocks you invest in for china. if you look at last year, whether it is the internet names , the software providers or the e-commerce providers, they have run up quite a bit but if you look at a lot of the hardware or equipment maker, those haven't run up that much. you do have to be more careful.

but you have to think about it this way. with more regulations potentially, this could create a way for smaller players especially in the tech space to be more competitive with the heavyweights in china. yousef: so you are seeing this as a net positive and you would be telling clients to add to their exposure in china rather than trying to find ways to mitigate the risks? ken: yes, especially within the i.t. space with hardware names. there is potential opportunity there. when we look at the financial space, when we look at a lot of stocks they underperformed significantly. when we look at the financial institutions, banks and insurance, those which aren't affiliated, there are opportunities in those names. we are hearing potentially some capital outflow and if that is the case, we will see more

buying through the southbound stock connect program and that has been the case over the past few days where we are seeing the hang seng down and back up to 30,000. we could see more positive sentiment in regards to the hang seng index or the china officer markets overall. yousef: are you being more cautious around the hang seng given the levels it has reached and technical valuations, which suggest in the short-term, this thing is overbought? ken: when you look at the past couple days, maybe, but from a long-term perspective, if we look at the price perspective, the hang seng is roughly around 13 to 14 times, one of the cheapest in asia. factor in when you look at companies in the hsi or their earnings growth potential this

year, around 20%-20 5%, there is some interest and with that in mind, we are getting more interest and flow coming down with the southbound stock and program. there are more buying opportunities for investors. yousef: outside of hong kong and china, where else in asia would you be looking at this juncture? ken: when we look at overall markets, we still see opportunities in india despite the fact that the market has performed well. when we look at last year in 2020, the asean markets over performed north asia. when we look at the fact that southeast asian economies can start to open up, and as we get more vaccines, that is going to go a long way with regards to how big some of these countries start to perform better.

especially if we see the u.s. dollar tracking more capital inflows into that part of the world. yousef: great having this conversation. ken wong is a portfolio specialist. we have an update from the new administration in the united states. we knew they would move fast and we got some executive orders, and i we will get more clarity on what they are planning in terms of the covid response. joe biden will be delivering remarks on the covid response. that will happen at 2:00 p.m. thursday. i want to take you back to global markets as well as we prepare for quite a busy set of events thursday and friday, not just on the corporate earnings front but on bank shares as they wrapped up with morgan stanley in terms of their numbers. uninspiring results but we are looking ahead to what we may get in terms of policy action. if the new president fails to

combat the virus effectively in his first few months, the effort he is going to try to pursue in terms of reviving the economy or other legislative priorities, those could get hamstrung. that is why this is so important. this is bloomberg. ♪

yousef: our top story this morning, joe biden wastes no time on day one as president, signing executive actions and welcoming new staff. his to do list includes tackling the coronavirus, the weakening economy, strained relations with beijing. the covid crisis worsens with record for tablet teas in the u.k. some hospitals now look like a war zone. various reports say the dubai government ordered all hospitals to cancel nonessential surgeries for the next month as infections surge to unprecedented heights. bahrain cells $2 billion of

bonds, taking advantage of investor appetite for yield. let's check in on the markets have been holding up in asia. juliette saly has the details. take it away. juliette: following through on the global rally amid stimulus opulent been some -- optimism, on track to close at yet another record high with the index at its strongest level since january 1988. the nikkei at 1990 highs, the kospi well bid today and the taiex is a front-runner at records going back to the index inception in 19 67. export orders in taiwan over 10%. australia's market holding at 11. let's have a look at india. we have been on the 50,000 watch and today we saw it on the open

with the indian benchmark index hitting 50,000 for the first time. this is extraordinary when you think of where it was a year ago, really being layered by record foreign inflows into the market. yousef: another milestone reached in hong kong. in a very short amount of time. juliette: we were speaking with ken wong talking about the momentum from mainland investors to the southbound connect program, pushing the hang seng above 30,000 points for the first time. mainland traders purchased about 27 billion dollars of hong kong shares in january, nearing a third of what they bought all across 2020. today saw the likes of tencent helping propel this index higher. it has seen an extraordinary run as we see the mainland money coming back into hong kong. references for hong kong stocks on we chat, china's most popular

instant messaging tool, was 6.3 men -- million on tuesday, seven times the amount at the end of december. yousef: fascinating insight. thanks for that. decision day in turkey. the central bank is going to be making its announcement and it will be coming on the heels of a well-received bond. it trades -- it raised debt into once. -- issuance. simone, what did we learn from the bond sale in terms of appetite and what are economists telling you for expectations today? simone: the bond sale, very well received. there were 15 billion dollars worth of orders placed for the three point $5 billion issuance, bringing down the yields on these. that is a reflection of the confidence investors have after several months of market

friendly policies. the interest rake -- rate hikes, you have been there for a few months but it is new, even more than expected. looking at today, economists expect we are likely to see rates on hold, six in 29 economists surveyed see a hike and they are looking at 50-100 basis points. this as we are getting more comments from president erdogan. he is very hot -- anti-interest rates. he has spoken about this more publicly. we are seeing geopolitical concerns with the incoming secretary of state. he says turkey is an ally of the united states in many ways but is not acting like an ally right now. maybe a good thing the bond sale got off some -- before some of these other factors come into play but watching that today. yousef: in bahrain, they tapped

the debt markets yesterday and surprise, they were able to lock in quite an attractive yield. simone: so attractive. the $2 billion worth of bonds being issued, the difference between what they were expecting for the seven year, 4.875%, brought that down to 4.25%, similar in the 12 and 30 years that they issued. we have to look a little at the disconnect between what is happening in the bond market with these bond prices continuing to rise. this despite the weakness and concern we are seeing around the potential pegged to the u.s. dollar. if you look at forward points in the 12 month basis, they have been taking higher, a reflection of concern about the peg. a real reflection of the desire for yield and the willingness of

investors to get into the emerging-market debt no matter the concerns in the long term. yousef: a remarkable first for yield. everything is getting gobbled up. let's get to what the biden administration could be doing in terms of policy towards iran. you are watching market moves here. simone: two places where this is factoring in, one is the iranian reality. -- the uranian -- the iranian rial. this has gained, a reflection of sanctions to be used on iran after the rial plummeted 70% over the course of the trump administration. we are watching what is happening with china. china importing slightly more oil, actually double the uranian

-- the iranian oil. moving up oil purchases, perhaps willing to test the limits of these u.s. sanctions. also, potential reflection of the strength we have seen in the chinese recovery. two interesting pieces in play for a market that we don't often look at in daily trading terms. yousef: thank you for that. simone foxman. a somber moment in terms of the trajectory of the coronavirus crisis. a breaking line hitting the bloomberg, the world set a new record for the deadliest day of the pandemic. fatalities globally stop -- topped 17,500 on january 20, a new high. the deadliest day of the pandemic, a new record for global fatalities and it comes

just hours before joe biden is expected to update in terms of the u.s. response to the coronavirus crisis. we will keep it covered on bloomberg but let's yet to the eu commission president. she says she is looking forward to working with joe biden. she spoke to bloomberg about whether the investment deal with china will be an issue for the new u.s. administration. >> what china is concerned, we know exactly on what side of the table we are sitting. we are sitting on the side of the democracies, next to our american friends. indeed, china is a systemic rival when it comes to the way they look at the individual and human rights, and this is a very clear point, that we join forces with our american friends concerning china. >> if we look at our competitor

china, the access to the market for example, the americans have an economic agreement, the phase i agreement, with china. china has with the asian area the economic agreement, but also with other democracies like australia, canada, switzerland, and therefore i think it is self explaining that the european union negotiated a new economic investment agreement because it is a matter for our investors to have a level playing field and access to the chinese market. >> this is more of a trade relationship, not a political poltergeist. that is not where you are headed. >> we are clear that we have an ambiguous relationship with china. they are a systemic rival. a negotiating partner when it comes to climate change, fighting climate change. china now has its own goals when

it wants to become climate neutral in 2060. we will watch closely whether deeds follow the words but it is good to have a cooperating partner there, and as i said, it is an economic competitor and i think we can live with that. yousef: the eu commissioner president, speaking to our colleague in brussels. more to come on this show. this is bloomberg. ♪

>> i think we will see a stronger effort to roll these out. >> number one thing they should be doing is getting more vaccine into the commercial channel and forgetting about this central planning. >> we see vaccines being an important dynamic to get us out of the hole we are in. >> the route to prosperity for our country flows through curing the virus. >> with a very clear federal partnership using their logistic ability, their manufacturing ability to make sure we don't run out of vials or syringes, the communication strategy to echo the public health message, that has been missing. yousef: the pandemic challenges

facing the biden administration. let's get more on the vaccine shipment delays in new york and california. we spoke to the moderna cofounder and chair, who says everyone across the supply chain is rapidly learning to overcome challenges. >> we believe on our side, the production, the quality checks, and the supply distribution capability exists for us to be able to play our part in meeting that objective, and so far, nothing we see discourages us from continuing to work hard to do that. but i think the plans exist to do that and the production systems are functioning according to our plans. >> the urgency has never been greater given the soaring cases and the fact that the vaccine is out there, it is available, it is a matter of getting it. give us a picture of your production rate. wilma dharna be able to hit its

own target, 100 million doses this quarter, 100 million next quarter? ? >> we can do only as much as we are able to do in the sense that we haven't done this and nobody else has done this before. nobody has gone from zero output of this particular type of product to what we hope by the end of this year will be one billion doses produced. it is important to understand that because that has not been done doesn't mean it can't be done, that means we can't just say, we have done this 100 times before. we are in uncharted territory as a globe, medically, and in terms of production and supply. what we can do is plan out backups, various measures put in place to detect faults early on

and compensate for them. those systems are in place and functioning. but until we have done that, we won't be able to point to having already done it as a reason to believe because it is being done for the first time. we think 100 million doses as an objective in the coming couple months, then another 100 million by the end of the second quarter , as our commitment with the u.s. is something we feel we are on track to meet, lots of variables can get in the way. >> the vaccine shortages in new york and elsewhere are scary. you have people who have gone the first dose and don't know if they will get the second and folks who haven't gotten any vaccine yet at all. i know the new york issue has been, this doesn't have anything to do with moderna, it is your distributor that had an issue with the ice packs. how many doses do you know may

have gone unused in the united states because of temperature issues? >> i don't have that information and that is not information that i think is going to be easily come by because we are dealing with hundreds of thousands of outlets and distribution infrastructure that is being run and coordinated by a group that has been working, our counterparts. what is more important is that we are all learning at a very rapid pace, the various states are learning themselves, how they can get better organized, better forecast, there are issues with storage as you said, unfortunately there are two different vaccines that have very different handling and storage requirements. so we are all going to have to be ready to recognize that there will be things that we are doing that don't work perfectly well

and look. the frustration we all feel is a different kind of frustration than the fear we felt when we were completely vulnerable to the virus and there was nothing we could do about it. now there is something we can do and we have to get organized and make sure enough time passes and enough experience is accumulated. yousef: that is the moderna co-founder and chair. let's check back in on the middle east markets with our equities specialist. properties in focus climbed the most in three months after abu dhabi signed off on deals worth $12 billion. what are investors looking at? >> good morning. yes, there was quite the reaction from abu dhabi yesterday between the government and aldar. we are talking about 45 billion, close to $2.3

billion and what we had was details about some announcements made late last year such as 30 billion involved in development and aldar will provide oversight for projects in different parts of the uae. on top of those 30 billion, there was announcement that the company will also be directly involved in projects in education, health care and infrastructure. and 5 billion more are related to projects. this was the trigger for a 15% increase for the shares. as soon as they started trading in abu dhabi they increased to 8% at the end of the session. it is close to the highest level since 2014.

yousef: looking at dubai, the main index has seen the fastest increase in valuations in the gulf since march. are they trading too expensive? >> that is a good question. when we talk to people in the markets, they say dubai still offers value at this point, although there has been an increase in valuation. it is natural. we have seen the index 12% so far this year, which mean it -- means it reversed the 10% slump we saw in 2020. if we look fiscally, it applies to earnings in the next 12 months. the index is no close to 12.6 times and that compares to around 4.8 back in march of last year. there has been a catch up and an increase in valuation but that

is on the back of a lot better prospect and outlook for dubai on the back of the vaccination pickup in tourism and all those points we mentioned. our colleagues in dubai spoke to some analysts and it is interesting to get these quotes from them saying dubai offers value and cyclical exporters at this price. yousef: they are looking at earnings. what are the names on the radar? >> we had numbers from a petrochemical company, and a company from an industry that reported the profits for the year beat the average analyst estimates so we might have some good reaction, although net profit was 40% below the level of the previous year. then we also have the numbers

from qatar. there was the profit from 42% and there reaction -- the reaction may be seen in these values. yousef: thank you for that. more to come. this is bloomberg. ♪

yousef: it's time for bloomberg size and scope. we break down one number and today's is $600 billion. here is simone foxman. simone: just $600 billion, and we are seeing record highs, 18 month highs on the likes of the hang seng index but this is about volume. 600 billion shares of the ms ci asia-pacific index shared -- changed hands in january alone, the most volume in january we have ever seen. i mentioned hong kong but this is really a story that is playing out across asia. investors increasingly convinced, not only of a potential recovery after the coronavirus but also, that more

certainty from the biden administration might be a good reason to start employing money in the stock market. yousef: what names have benefited from the uptick in trading volumes over the past few weeks? simone: two stories i want to highlight. one is taiwan. if you look at the taiex, you see an 11 year record for trading volumes and that is really on the back of an increasing volume and interest in taiwan, tsmc, taiwan semiconductor manufacturing company. more interest because of a supply shortage in semiconductors. i want to highlight what is happening and financial firms. hong kong exchanges, seeing a real jump in trading on the exchange. average daily turnover amounted to 200 $30 billion hong kong

dollars, up from what was considered already high in the second half of last year, $140 billion hong kong dollars. that is why citi is boosting its price target for that hkex, from 500 dollars hong kong dollars to $575 hong kong dollars. investors are getting into this stock market and driving all this turnover. yousef: simone foxman, thanks for that. i want to take you back to the market action, specifically around u.s. equity futures. we are risk on and the reflation , getting reenergized. the bank earnings overnight, morgan stanley wrapped up the results and it was uninspiring overall. currently up zero .3%. hsbc private assets, overweight on global tech stocks due to

strong structural growth potential. the bloomberg dollar index comes under pressure, down 0.25%. reports suggested an increasing u.s. oil stockpiles. flipping the board, the developments over the past hour in terms of coronavirus, we did reach a new record globally for the amount of fatalities from covid. a somber number but at the same time, we are likely to hear from the new u.s. president, from joe biden, about what his administration plans to do to fight coronavirus. there is so much from his agenda , his legislative ambitions, that depends on his ability to fight the virus effectively and the sooner that is out of the way, the sooner he can focus on other parts of his rebuilding goals together with the democratic party. that will be interesting to

follow as we look at live images from the white house area in washington, d.c. as coverage continues. this is bloomberg. ♪

>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation brought to you by rare collectibles tv. ♪ >> in 1915, the united states was in the middle of world war i. woodrow wilson was president. in the world of numismatics, the mint director decided it was time to replace the barber half-dollar that had been designed by mint