haidi: a very good morning. we are counting down to asia's major market open. shery: welcome to "bloomberg daybreak: asia." asian markets look set to pull back from all-time highs as investors weigh earnings and the prospect of more u.s. relief. tech led wall street to yet another record. joe biden lays out his plan to tackle the coronavirus, calling

for 100 million vaccines in 100 days. he warned the u.s. fatality may top half a million in the next month. u.s. banks enjoyed surging business last year, but the results are not reflected in staff payouts. compensation is in the slow lan e. sydney coming online. let's get straight to market action with sophie kamaruddin. sophie: a week that saw fresh records for asian stocks. a muted start to trade in sydney with the asx 200 open with little change, to the downside. we digest the flash of pmi readings from australia. kiwi stocks gaining nearly 2% this friday. the kiwi dollar holding above 72 as we digest the latest inflation data which meetings the case for the rbnz to maintain its cash rate for

longer. the boj keeping its options open in japan. nikkei futures in chicago opening slightly to the upside, in the green as we wait on inflation data. the pmi update as well. muted moves in the asian session after the tech led rally on wall street. apple rising to a fresh record. tsmc took a hit after hours. this as we heard from intel regarding its plans for outsourcing. haidi: our top story, president joe biden unveils his strategy in tackling the coronavirus pandemic, warning the nation is not yet through the worst. he says another 100,000 american lives may be lost in the next month. pres. biden: the honest truth is we are still in a dark winter of this pandemic. it's going to get worse before

it gets better. it is going to take many months to be where we need to be, despite the best intentions, we will face setbacks, which i will always explain to you. but i also know we can do this if we come together. haidi: in terms of the guidelines that have been set, the ambition when it comes to the vaccine rollout, has there been criticism that given the warnings of another potentially 100,000 deaths, that they are not ambitious enough, these numbers? >> there has certainly been some criticism. biden will need congress to help with some of that. in the first hours he has been in the white house, he has been signing a lot of executive orders in terms of invoking ana ct -- an act that will allow the

government to tap manufacturers to speed up the production and distribution of vaccines and ppe. in terms of transportation, masks are required. up until the start of biden's presidency, there had not been much of a federal approach to controlling the coronavirus. biden is looking at what he can do immediately to get all states on the same page, to get vaccines to people and curb the spread in the meantime. haidi: we are seeing traditional disputes between republicans and democrats come to the forefront. gop resistance again from these proposed changes, whether on immigration or spending. >> biden last week came out with a big $1.9 trillion stimulus plan. he said he hoped to work with republicans. we are seeing signs from the most moderate senate

republicans, people who would likely sign on to this agreement if there were a bipartisan agreement, saying this is not needed right now. they say almost $2 trillion is too much -- too much right now. we can reevaluate in a couple months. biden is saying we need to pass this legislation now. republicans are not sold that money is needed yet. shery: there is a lot to do for congress not only in terms of policy, but the second impeachment trial of donald trump. when can we expect nancy pelosi to send the articles of impeachment to the senate? laura: she is still figuring that out. more likely next week. mcconnell requested the trial be delayed until february. he wants to give trump time to assemble a legal team and mount

a defense. this will be a touch and go thing. this is not only consequential for president trump's future in the republican party, but senate democrats are trying to balance all the things their president wants to look at. an immigration bill in the works. they need to get biden's cabinet nominees through. haidi: let's go to karina mitchell with the first word headlines. karina: the european central bank says the eurozone faces a double-dip recession that maintains the current level of stimulus is enough for right now. christine lagarde said they will extend into the current quarter amid lockdowns to contain the virus. the ebc kept policy -- ecb kept policy on hold in its first

talks of the new year. >> the risk surrounding the growth outlook remained tilted to the downside, but less pronounced. karina: relations between the u.k. and european union continue to fall, with boris johnson's government denying the ambassador full diplomatic status. he does not have the same standing as other envoys, with the u.k. saying the eu is not a physical nationstate. however, 140 countries around the world do award their eu passengers and staff full diplomatic status. one winner from the brexit drama is michel barnier. she has won the european of the year award. the award is based in ireland, and barnier is the first non-irish person to be so honored. barnier lead the eu team through difficult negotiations with the u.k. that culminated in a final split on new year's day.

global news 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. haidi: still ahead, we speak about priorities for the biden administration. president and ceo david hunt joins us next. a settlement in australia goes ahead next month. a sycophant step toward ultimate reconciliation -- a significant step toward ultimate reconciliation. 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. we do this, together. bounce forward, with comcast business.

>> i think he must continue to sign executive orders if the recalcitrance continues in the senate. >> joe biden starts with

canceling the keystone pipeline, when he talks about rejoining the paris climate accord -- these are issues that spook the private sector. these are issues we feel hold the private sector back. >> working families have been ignored by both parties for too long. i hope mr. biden and janet yellen will be refocused on this. >> you can't solve every social problem, the environment, everything, simply by running deficits. at some point you have to make choices. haidi: some of our guests sharing priorities for the biden administration. let's get more insight on what kind of impact biden's presidency will happen on the u.s. economy. david, always great having you with us. we do have the opening bid when it comes to the stemless package of $1.9 trillion. what is the minimum size of that package we need to see to

continue this economic recovery, not so mention -- not to mention market value? david: two separate questions, what do we need and what is likely to pass? i would caution investors, with the senate so finely balanced, i think things will take a long time to pass. people should expect slow movement on these bills, including the stimulus. secondly, i don't think everything is likely to go through. i would not be surprised to see a total package less than $1 trillion. i would say to investors that they need to expect a fairly slow process of a lot of priorities. shery: will the slower process hurt the market rally, given how

overextended it seems we are getting? david: to be honest, an awful lot of what is priced into the market has little to do with earnings at this point and more to do with people's view of interest rates. with nominal rates actually negative and the prospect for maybe a move up in real rates, it's really hard to see, to be honest, that we'll have that much of a correction in the market in the near-term, even if the stimulus package does not pass in total. shery: we have seen a lot of inflation expectations when it comes to the markets. this chart showing the 10 year yield above 1%. you are not expecting inflation to surprise here. david: we are not. we would put the reflation trade that says just enough truth to

be dangerous. yes, we think in the short term there will be some tick up. we have seen a big move up in the last two weeks. that is off of a fairly low base. long term, over the next couple years, the big deflationary forces of technology and of demographics are going to swamp the current reflation movement. yes, a short-term movement, but long-term we think inflation will be muted for quite a long time. we think the fed will have a hard time getting the rate in a sustained period above 2%. haidi: a valid concern for investors to be looking at, given the nuanced messaging we have heard from the fed so far, that may be something for the second half of this year or into 2022? david: i think it is too early

for that discussion. everyone is cautious, and that is good. right now we actually like risk assets. we think the combination of a certainly dovish fed together with other central banks, with stimulus beginning to come through, the vaccine beginning to be rolled out, we think for the next six to nine months, risk assets look like a good place to be. haidi: is regulation something investors, particularly those who hold a lot of tech in their portfolios, need to worry about under the new administration? david: they certainly do. there will be a lot of focus on regulation. there are a few things in the biden administration that don't depend on passing legislation will affect investors a great d eal. we will see a big pickup in esg, for example.

that the u.s. is back in the climate accord, there will be a big focus on climate and inequality means that many investors will want to express their preferences for that. we have been investing significantly in those capabilities. every bond we own and every stock we trade has an esg rating. we believe investors are willing to move in the way europeans moved a decade ago. that is an exciting development for the industry. haidi: we heard from president biden talking about being opportunities as well as making sure right gets done for the environment in the energy space. david: i think there is a whole

variety of ways. we still believe that energy broadly is an attractive sector. it has been beaten down so much that now you can get in at a reasonable level. we have also seen great opportunities in renewables, solar and wind in particular, and then related industries such as the actual grid system, the infrastructure needed to move power around countries we think will unlock a whole set of new investment opportunities. to the extent we get an intro structure bill from the-- an infrastructure bill from the biden administration, there will be a whole range for investors to work in that area. haidi: investors seem to be very optimistic about janet yellen's role there at the treasury.

what will her approach to the dollar mean for the greenback? david: her appointment has a lot of people in the markets feeling very good. she has enormous credibility. she is viewed as someone who pays attention to the facts. as she looks at the dollar, she has been pretty clear she does not want to interfere in the currency market. she literally wants to let supply and demand dictate that. that for free traders is a good philosophy. haidi: she will also become more active when it comes to the relationship with china as treasury secretary. what are you seeing in terms of how this will impact markets? david: there will be a big change. the new administration is going to opt for a more multilateral

the. there will be an attempt to get a broad variety of countries together to work collectively to bring china along. i think that should be less of a confrontational approach. maybe a bit slower, but personally i think it will be more likely to lead to meaningful engagement and change over time. i have for a long time been a believer in china's economy and that will be a huge growth engine for the world. we need to have them fully engaged in the rest of the economy. haidi: where do you see the u.s. dollar? more when it comes to growth differentials, when it comes to some sort of renewed leadership status the u.s. might take with this new presidency?

david: i find it amusing the questions i get on the dollar are one extreme or the other. only a couple moons ago i was asked if the dollar will not be a reserve currency anymore, but we had an enormous shift out of that. there is a huge sense of optimism that america will reassert its place in the world. neither extreme is true. the dollar has seen a big depreciation in the last 18 months. it is from here likely to muddle along. i don't see it gaining a great deal. i think we will have a period of more stability in the dollar and not as much of a move away from it as the world reserve currency in the next few years, absent some other major shock. haidi: pgim president and ceo

david hunt. don't miss two other great interviews we have coming up in the next hour, singapore's trade minister and the finance minister for malaysia. coming up next, wall street goes frugal on staff. u.s. banks are reluctant to hand out big pay rises. 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. we do this, together. bounce forward, with comcast business.

haidi: here is a quick check of the latest business headlines. one company is said to be an advanced talks to sell its shampoo and affordable skincare business for as much as $1.9 billion. we are told the board is preparing to vote on the move, which includes its haircare products that are mainly active at home and in china.

it turns its focus to more premium the products. ibm fell after quarterly revenue missed expectations and indicating plans to pivot to the cloud will need more time. sales fell to $20 billion in the september period, marking a 10th consecutive quarter with no year on year revenue increase. the ceo wants to spin off ibm's management services unit into a separate company. citigroup is one of the few companies to offer details of how it pays men and women and has been a step forward in narrowing the gap. staff now make about 26% -- female staff now make about what he 6% less -- 26% less than male colleagues. the bank says it is committed to bettering the situation. shery: we stay with compensation

on wall street. u.s. investment banks enjoyed a windfall during the pandemic, but still reluctant passing it on to employee salaries. payout rose much less in 2020, even as revenues soared. they are already managing expectations this year. what do the bank earnings tell us? >> the bank earnings told us that revenue per employee really jumped, but compensation expenses did not. that means banks are stepping up in a period in which a lot of people are disappointed, because they earned more money for the bank but not themselves. haidi: how much is the fact that we are seeing these top regulators from the incoming biden administration already playing into these decisions? >> i think there is an indirect

influence. the optics right now are not good for big payouts for bankers. if we are looking at a regulatory regime that is much tougher, the banks want to demonstrate they are responsible and not just handing money out when a lot of the economy is suffering and people are doing badly. haidi: at the same time, jp morgan ceo jamie dimon paid $1.5 million. do we see that trend for other ceo's as well? >> the fact that it is flat is an indication is the bank is being strict about pay. jp morgan had a record profit, yet his pay is staying steady. that does set the tone for the rest of the industry for bank profits. even if they made a record amount, that will not transmit to a bump in pay.

shery: it was a bit of a mixed bag when it came to earnings among big banks. what are we expecting for the rest of the year as we see this gnomic recovery and perhaps a $1.9 trillion stimulus package as well? >> that is an important point, because stimulus will be one of the key inputs and the banking sector this year. we had except if during earnings talking that the bridge will be strong enough, but will it be long enough to carry consumers through this economic hardship? that is the key question, how long this stimulus will continue as we get deeper into the year. another question is whether consumers will be able to withstand this economic pain and able to have forbearance from the banks to keep their payments going. haidi: coming up, president biden lays out his pandemic

strategy, but with his warning that the situation will worsen for it gets better. health services remain under enormous pressure. more on that next. this is bloomberg. ♪

shery: we have breaking news out of japan. we are getting the core cpi numbers excluding fresh food year on year in december, a contraction of 1%. we have seen consumer price numbers in deflation territory for the past four months and deepening now in december. it is decelerating 1% year on year. the national headline cpi a deceleration of 1.2%, deepening into contraction territory from the previous month.

the core number also excluding energy as well a deceleration of .04%, a deeper deflationary movement from the previous month. we have seen weaker --, a stronger yen and helping consumer price numbers. we are expecting the cpi depreciation may narrow in january given that the travel promotion campaign that led to trouble cost reductions of about 30%, really pressuring consumer prices has been halted because of the surge of the virus. we could see a recovery in those numbers, but very far away from the boj target of 2%, the boj leaving settings unchanged at this secret -- this week as well. let's turn to sophie kamaruddin. sophie: as a cash open in japan nikkei futures and singapore opening to the downside off one third of 1% while the gun is holding steady at set for a

second weekly gain as we digest latest inflation numbers. also waiting on pmi update later this morning and gdp futures slightly lower. this is the boj keeps markets guessing as they permit low or flexible on new deals. it seemed 10 year yield jumped eight basis points rising to a nine-month high on the back of a surprise rise in inflation, plus heavy offers for the rbnz bond buying operation this friday. let's switch out the board to check on what is going on in australia. stocks seeing some pressure. asx 200 off. iron ore stock under pressure. we are seeing -- mccoury raising its price target seeing cut to sell. we are earth jumping nearly 10% this morning after it secured a u.s. defense contract for a

light where separation --. haidi: let's get to karina mitchell. karina: house speaker nancy pelosi says the impeachment of former president trump remains on the agenda but has declined to specify it when the senate. she says impeachment officials and chambers are in contact, adding it will proceed soon. in the article accuses mr. trump of inciting insurrection at the u.s. capitol when a mob invaded the building and five people died. former president trump as revealed the damage his business empire as taken in the coronavirus pandemic. it is less financial disclosure he declared revenues from the trump hotel in washington fell to $50 million from $40 million last year. hotel related sales in las vegas were down to below $10 million all golf courses at resorts also sought revenue slumps. india says it is open to discussing a trade deal with the u.s. as prime minister modi

attempts to revive the economy i worsening relations with china. it is trying to boost its presence in asia to counter beijing's political and commercial ambitions while india hopes to kickstart a recovery after damaging follow-up from virus lessons. >> a trade deal is something we would like to look at but it depends upon how the new administration prioritizes its outreach. obviously we are open to discussion on that issue. karina: staying on india it is offering to suspend controversial new agricultural laws for 18 months to resolve talks with farm groups. the government made a proposal during negotiations in new delhi. during the halt bar ministers and leaders would try to find a lasting solution to the issue. former say the new law favors big corporations and make family-owned agriculture untenable. 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: a little earlier dr. anthony fauci gave his first press conference under the biden administration saying he feels liberated working with a new president after donald trump tried to sideline him. dr. fauci: i can tell you i take no pleasure at all in being any situation of contradicting residents so it was something to do not feel you could actually say something and there were not be any repercussions. the idea that you can get up here and talk about what you know, what evidence, with the sciences and know that is it. let the science speak, it is a liberating feeling. shery: there are signs the tide is turning in the u.s.. a johns hopkins nursing professor told bloomberg health services we are still under enormous pressure. >> we are certainly in a wave

upon a wave, as it has been described. at many sites, particularly in rural areas are at capacity. we are moving patients from icus to surgical wards before they can't really be fully recovered. we are moving them out of the hospital to home-based care models. before they have fully rehabed. it is a dire situation in many facilities across the country. >> good morning. would you expect to start seeing implications of vaccinations? i was speaking to one of our experts and he was saying this is a critical issue. when do you start seeing the fruits of that? >> we will have to get well beyond just over 16 million doses administered in the united states. we will need to see greater vaccine penetration into the community. we are thinking about estimates of at least 15% of the population before some level of normalcy returns.

we are thinking the 100 million doses in 100 days is a laudable goal. it will help us move toward some sense of normalcy faster but it is up to not only the supply, the vaccine, the availability, but also the public hesitancy against the vaccine. >> what kind of roadmap are you looking at when we get to that critical amount of people getting vaccinated? do you see it on cases, hospitalizations? when do we start thinking this is a success? >> at two current vaccines we have require either three weeks in the case of the moderna vaccine or four weeks and the case of the pfizer vaccine. it is a reverse of that. with each of those vaccines when you get your second dose, 14 days to receive a high love --

high enough level of antibodies to provide protection. a single shot does not get us out of the woods. it is that second shot and several weeks after that. if we are thinking about giving 100 million doses in 100 days, we have to think each individual needs two injections. we should begin to see reduced transmission in the community we hope, and it certainly is the number of people protected around the community increases the number of people infected and transmission rates should begin to fall. in terms of modeling timelines for that perspective, it will all be dependent on the speed in which we roll out the vaccines, and that is the focus on trying to get shots in arms as quickly as possible. >> in the u.k. they are giving the pfizer vaccine 10 to 12 weeks after the first does. is that something the u.s.

should be thinking about? >> the trial looked at giving the vaccine for the pfizer, which today i get my second dose of that vaccination, it is really designed for three weeks. we do not expect if you get it later it will result in much of a difference in efficacy. we will know that data arising from the u.k.. the reason for doing that is to spread out production and to get more people in the first dose, which we do know it will have some level of benefit, particularly benefiting reduced morbidity and along with that mortality. our strategy has been to follow the way clinical trials were implemented. certainly expanding that window would increase the number of doses on hand immediately. haidi: johns hopkins nursing professor jason farley.

john hopkins school of health is supported by michael bloomberg. coming up australia's national native title counsel says mining companies need to have more respect for indigenous culture. we get more on that with jamie lowe. this is bloomberg. ♪

haidi: australia's largest ever

native title sentiment takes effect this year. it covers land in western australia and recognizes indigenous people as its owners. -- has been a vocal proponent for indigenous rights. jamie lowe is the ceo of the national native title counsel and joins us now from melbourne. great to have you with us. it has been almost 30 years since the concept was overturned as a legal fiction. as it taken too long to get to this point? >> it definitely has. our people have been waiting too long for our rights to be recognized in this country and native title it was an enormous step recognizing that our people i've been here forever with the same custom and culture and law, and i congratulate the people forgiving -- for getting such a

significant settlement but it is something the rest of the nation needs to take notice of. haidi: talk to me about the significance of this agreement, because a lot of experts are saying they should be considered the first ever treat it with indigenous people in australia. what is the significance and how does that president or progress from here? >> it is pretty light. it does not have the elements of a treaty, political rights, etc. , but it is an enormous settlement and a benefit to all of our people. the other jurisdictions within austria, victoria, which during current negotiations, to what a treat it would look like here in the state, so i think it is an enormous is -- it is enormous. it recognizes they are an entity

and a people and it is going to get better, but i guess the biggest piece of the puzzle missing here is the commonwealth government. the government has been silent on trade issues -- treaty issues. we will continue to call the commonwealth out. shery: there is the issue of the broader picture when it comes to the gorge catastrophe and what reform can be done in australia especially when it comes to corporations also hurting these lands and territories. >> our baseline is a simple baseline under the declaration of rights of indigenous people. the united nations declaration, and the simple declaration of the nation, indigenous people can be self -- and look after their own laws, their own customs. the laws around heritage

protection, the legislation dates back to 1972. that needs to be fixed. mining companies need to change their policies and practices in relation to protecting heritage for indigenous people and the juukan gorge highlight that. the site has been blown up. in anyone's language that is significant. haidi: we also had the latest data reconciliation report. it was pretty disappointing, basically saying there had been a failure to deliver on the statement. what needs to be done from here, particularly when you take a look at big picture issues of economic inequality, systemic racism that continues to remain issues in austria? quite it is a simple -- >> it is a simple symbol of reconciliation. to date there is been too much

symbolism and we need to get on with the substance conversation. the only way i can see us reconciliation -- reconciling is through treaty and agreement making. i am pretty bullish about that, and we just need to get on with it. hopefully the new indigenous board which will be established this year can start those processes and treaties with the commonwealth government. haidi: action aside, the symbolism still matters particularly as we get closer to another australia day. what do you make of the prime minister rutte's comments yesterday? >> the comments show the complete lack of understanding on the bigger issue at play.

people gathered ed markey january 26 as the day of mourning for first nations people in australia. some 60 years down the track we mark it as a public holiday of celebration as a nation, and first nations voices, and now we are in 2021 surviving the same -- still having the same conversation. the comments show a complete lack of empathy and understanding of the broader issue and to compare the first fleet and what they went through to our pain and suffering that we have suffered for the last 230 years is completely disrespectful for our people and what we are going through. haidi: for those of you who missed it prime minister scott morrison at said that day went british convicts had arrived in

australia it was not a -- day for them. what should become of this day? should it be a day of remembrance initially as it continues to be for the first peoples? christ it is a day of remembrance and a truth telling process. it marked today where our lands were taken from us, our culture was broken down, and people were murdered. at that is what that date represents for our people. with no alternative day i could hear about anyway i had the opportunity to tell the truth on this day and what it marks for the first nation's people and an alternative. we need to start having that conversation and have the adult

conversation about how it represents this nation's people as a nation and as a whole. shery: great to have your insights. ceo of the national native title counsel. unilever is working on increasing diversity across the supply chain. the ceo spoke to bloomberg about plans for an increase on spending with companies owned or managed by ethnic minority groups. >> you want to spend a minimum of 2 billion euros annually with suppliers that are all but managed from underrepresented groups, women, people with disabilities, lgbtqi community, and people of color. >> when it comes to the supply chain, what kind of ingredients do you think will be the biggest contributors when it comes to those underrepresented? >> all of the commitments on living wage and spending apply

across unilever's entire value chain. it will encompass 100% of our ingredients. there is one area in particular we are concerned about, which is the incomes of small farmers. many of them are in emerging markets. >> went to go make right now of geopolitical change happening at this change we see in the u.s.? >> as a multinational it was 62% of our sales coming from countries outside of western europe and north america we are really used to volatile and uncertain geopolitics, and one of our strengths is managing through those situations. as far as were questioned about the united states, i mentioned earlier that we have to get to grips with climate change and social inequality, and in the

new administration, by making that an exquisite priority to get back to dealing with climate change and emissions, to addressing social consequences of this crisis, that is something very aligned with our agenda. haidi: the unilever ceo speaking to our colleague. still i had --ahead -- ahead, we will be asking other ceos about their take on the by the administration. a ceo will join us exquisitely. the chairman of an end to get cinema chain it will be with us from new delhi. be sure to tune into bloomberg radio to hear more from the big a bloomberg news makers. we are broadcasting live from our studio in hong kong. you can listen in via the app. we do have lots more i had --

ahead. this is bloomberg. ♪

haidi: let's get a check of headlines. intel reversed an initial gains in late trade despite giving an upbeat forecast for the quarter. it expects revenue of $17.5 billion through march beating estimates of just over $16 billion. intel has benefited from people

working from home during the pediment. some chipmaking will be outsourced in the future. we will be given full details when the ceo transition is complete. facebook is asking its oversight board to review the decision to descend -- suspend president trump's account leaving the final decisions when outside panel. it will be binding and will not restore the president try access before him. the oversight board is made up of academics, lawyers, and other xbox -- experts. the french messaging site parler has lost its cage of a court order forcing amazon to restore its privileges. a judge and seattle turned on the request after parler argued that the decision by amazon was politically motivated to benefit twitter. the parler ceo it says he has gone into hiding after receiving death threats. it is the end of the line for the car assembly lines in the philippines.

it was these productions after its contract with local partner expires. it told the government that it would hold production of the hatchback. -- is also close factories in the philippines. let's take a look at stocks we are watching in asia. sophie: in joke yet are watching japanese cosmetics maker shiseido as it is in talks to sell its personal-care products up to 1.9 billion dollars. shiseido shifting its focus to premium products. so watching for moves in japanese makers like panasonic after the vexing minister tweeted about the government's plan for procuring machines to keep and transport the pfizer vaccine. the company also on the rater after it started a clinical

study of moderna's vaccine candidate. it is on track to transport 50 million doses this half of the year in japan. also keeping an eye on chip stocks in seoul as well across the region after intel's new ceo committed to chip manufacturing outsourced. trading in the activities, asx 200 slipping firm at an 11 month high. open wellington, kiwi stocks gaining nearly 2% this morning, rising for a fourth straight day. nikkei futures opening to the downside. downside of the bond space as well. new zealand 10 year yields jumping 80 basis points, a nine-month high for benchmark yields on the back of a surprise uptick in inflation from new zealand. shery: do not miss two exclusive interviews, singapore's trade

minister and finance minister from malaysia. mr. yen will also be joining us later. the market opens in tokyo and seoul are next. this is bloomberg. ♪

shery: welcome to "daybreak: asia." i am shery ahn. haidi: i am haidi stroud-watts. asia's major markets of just open for trade. asia markets looks set to fall back from all-time highs as investors weigh earnings and the prospect of more u.s. relief. tech leading wall street to yet another record. joe biden lays out his plan to tackle covid-19 calling for 100

million vaccines in 100 days. he is warning u.s. fatalities may top 500,000 in the next month. malaysia's heightens virus restrictions as a third wave takes cases above 165,000. all states but one are in renewed lockdowns as of today. singapore prepares for a new era of u.s. relations under the biden administration. we are joined by the trade minister. let's look at the final friday session as major markets open for business. sophie: this right japanese stocks on the

losing .6 of 1%. added for weekly gains, air force rate week of gains or the nikkei225. the yen could be added for a second weekly advance holding steady. pmi later this morning, and jgb seeing a slight uptick for the 10 year when it comes to cash bonds. let's switch out the board to look at what is going on in south korea. chip stocks in focus. intel's new ceo indicated they look to in-house more chip manufacturing. keeping an eye on that change at the start of trade in seoul while the kospi adds two/10 of 1%. korean won a little weaker against the greenback. let's check in on the and committees. ozzie share market under pressure lowered by oil and iron ore minors. despite upbeat preliminary -- asx 200 schedule a three-day gain, while kiwi stocks gained ground in the kiwi 10 year yield up as much as 80 basis points earlier this morning. this on the back of that surprise jump we saw in

inflation for the fourth quarter, which may reinforce the case for the rmb z -- r nbc four inflation rates to keep steady. for more insight -- shery: for more insight on the markets we have ross cranfield on the line. it is not just the rnbz. there seems to be a shift in tone when it comes to decision-makers this week. >> indeed, it is subtle so far and it investors have been so used two hearing dovish expressions from central banks through 2020. this year we are starting to hear very small changes from central banks, suggesting we should be getting ready for the time when they start to raise interest rates slightly. it does not mean to say any major central banks will be

doing it immediately. there is expectation that norway could be one of the first countries to raise rates this year. the european central bank was acknowledging low gross is tilted to the downside. it is not as severe as it has en. the big one is the federal reserve and we will hear from that next week. nobody expects a significant change at the first meeting of the year, but we did hear a few speakers talking about the possibility of tapering bond purchases before the end of this year. at what point do the federal reserve change the clocks? short-term rates are not expected to change until 2023, but if the u.s. economy continues to rebound as well as it has been in the second half of last year there will be pressure coming on the fed to start to change of the thinking in the market and to change that outlook. by the time we get to the middle of the year people will have to

start expecting the federal reserve will not be as easy-going as they were last year. haidi: with the strength and the hong kong dollar, very heavy options activity, are the risks skewed to the downside? >> certainly. it is an interesting situation. you have had huge inflows into the hong kong equities market that helped to push the hang seng to 20,000, but on the others have that, what we are seeing as far as the hong kong dollar because you had this trading bed between seven to five and 785 at with the currency at the low end of that range, option volatility as been extremely low. we have been seeing huge turnover in the object market, essentially with people taking bets that the hong kong will begin again this year. they are taking advantage plus

the relatively low cost of taking a bearish position through the options market, and they are doing that in considerable size. we saw options in hong kong dollar's 10 times the normal size of training and before that we saw seven times on the previous day. most of it is skewed toward people putting on positions for a week or hong kong dollar as the year progresses. haidi: we are also seeing that selloff progress in bitcoin as well, not surprising given that it is the fastest appreciation of any asset we are seeing. what are analyst saying? it is a short-term correction or a realization of a bubble? >> people are looking for more relevant -- more clarity. the biggest was a report about a double spend on bitcoin. if what this means is that potentially somebody use the same money twice.

it is not supposed to be able to weapon under blockchain. it has not been verified but it's boot at bitcoin market yesterday and sold off aggressively and we are getting close to 30,000 again today. it needs to have that clarified, whether or not that such a thing happen. otherwise it will undermine the thesis about while people are getting into cryptocurrencies in the first place. it is heavily volatile. it is driven by what is on social media and it does not have a central bank to get behind it and to take away excess liquidity, excess fluctuation. there was a lot resting on the fact that people can confirm that it is able to do the job it was supposed to do. it will be another volatile job for the day and for the time being the mood as shifted slightly. people are wary about what cryptocurrency actually stands for. haidi: never not interesting when it comes to bitcoin.

mark cranfield in singapore. you can follow more on trading and analysis on our markets alive blog. you can get a market run down and just one point -- one click. you can get exactly what is affecting your investments at any given point. let's get you to karina mitchell. karina: president biden as laid out is a strategy calling for 100 million vaccine shots in 100 days while boarding another 100,000 american lives could be lost in the next month. infectious diseases expert anthony fauci firms the u.s. will join the 92 nation program. at johnson & johnson says it now has sufficient data to go forward with its vaccine trial. european union leaders are warning rising virus numbers mean continuing social restrictions are unlikely to return to normal anytime soon.

they sent temporary restrictions on movement including tighter border controls will be needed to control the pandemic. the council president says that leaders agree to restraint non-essential travel. >> we are fully confident that we must maintain our borders open to guarantee the good working of the internal markets, and at the same time we are also confident that when it comes to non-essential travel, restrictions should be considered. karina: india says it is open to discussing a trade deal with the united states as the prime minister tries to revive the economy i made a deep recession and worsening relations with china. washington as been trying to boost its presence and agent to counter beijing's political and commercial ambitions while in loves to kick start a recovery after the damaging fallout from the virus lockdowns.

>> a trade deal is something we would like to look at but it depends on how the administration prioritizes its outreach. we are open to discussion on that issue. 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 two key voices in asia, malaysian finance minister joins us exclusively this hour to discuss the economic outlook after the government driving latest eta package at a press virus liked him. first singapore trade minister on expectations for international relations under the biden initiation and how the city is preparing for the world economic forum. catch of that exclusive interview next. she is shaded shares --

shisheido shares showing its best day. they are in talks to sell its personal care business for up to 1.9 million -- $1.9 billion. the japanese maker trying to -- two cbc capital partners according to partners. at the company jumping and seeing its best day since may of last year. this is bloom 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. we do this, together. bounce forward, with comcast business.

haidi: president biden's nomination of antony blinken to secretary of state suggest a return to foreign policy strategy that prioritizes global alliances. it was blinken who help see brock obama asia pivot. our markets: anchor as more. >> foreign is important for a country like singapore as well

as southeast asia because the u.s. is a close ally, an important trading partner. let's get inside perspective from singapore's trade minister. good morning, happy new year. thank you for joining us. one of the first things president biden did was to recommit to w.h.o., the paris climate agreement. is this an administration that will recommit to multilateralism, and what might that mean for global trade? >> happy new year to you too. we are pleased with the news president biden as done for his first day. we are optimistic that the u.s. is going to continue to stay engaged with the world, and especially in this part of the world. to that extent singapore would like to handle the u.s. constructively to see how the u.s. can stay engaged with this part of the world, strengthen

its investment in this part of the world, and create more economic opportunities for everyone. >> even during the obama administration which committed to the asia pivot that is when biden was vice president. his administration fell short of that asia pivot. what would you like to see? >> if you look at it, the u.s. investment individual is still [indiscernible] and its growth has still been healthy. the u.s. investment in singapore is by far the most significant in the diversity of sectors in this part of the world not just to service singapore markets but to serve as the rest of the world. this is where singapore can bring a constructive role to engage in this part of the world and you singapore as a platform

to launch their operation across the region and beyond. >> countries like singapore often see the u.s. playing a leadership role. we are talking about an increasingly g2 world, the u.s. and china wanting to provide global leadership. what is the best way for the u.s. to engage with this part of the world? >> this part of the world is big enough for both of them to be constructively engaged. there will be many ways in which the u.s. will compete with china but there are even more ways in which the west can work with china to uphold standards of behavior, global security and trading order and at the same time to update global rules for trade so that we can position ourselves for the next level of growth. >> is singapore in touch with someone from the biden administration? >> we are keeping in close

contact with the new administration. >> what would you like to see and first 100 days of the biden administration that could impact singapore? >> the biden administration has said the initial part of his term will be to make turkey overcomes the coronavirus and the u.s., but at the same time they will want to put in place the measures to sustain the long-term and we would like to see continued u.s. ambition to proceed with this region together with china as well. >> singapore is set to host the world economic forum in may. some in the country are questioning why just as some are questioning why japan is hosting the olympics at a time when virus cases are still spreading. what is the value in hosting the world economic forum in the lion

city? >> if we are to all the world economic forum or any international event we want to make sure it is safe. it will be held safely. if it cannot be held safely no one will want to hold it. we have put in place necessary measures to make sure we can conduct this safely with concern for elves of people in singapore at the health of the benefit -- participants. for the rest of the world i think everyone is looking to see if this will be a way for us to go forward in a covid or post-covid world when business people can still meet safely and conduct face-to-face meeting so essential to creating new

business opportunities. >> at the lack of clarity on the details of this meeting in singapore. i'll be will it be? how will testing be done? are there deal breakers? >> of course there are many uncertainties from now until then. it depends on how the global pandemic situation will pan out. singapore will yield to prevailing health conditions and we will adjust our measures accordingly the health conditions in the country and around us. [indiscernible] >> some are saying the meeting could host 1000 people. how big will it be? what are we looking at? >> i think that is very much within the range they are

planning for, but for us we will also want to make sure we have a range of possibility. the security personnel that might be involved, the participants, so we do have a range of possibility planned on how this event may be depending on the condition around the world, and also depending on the ability to bring in significant factors. it is also on the quality of programs and quality of participants. >> singapore as seen a reemergence of virus cases, a few cases each day. has that disrupted singapore's plan to further ease restrictions, adding more people in the office? as that delayed further easing of restrictions? question we are making necessary

adjustments to prevailing other conditions around. we will adjust it up and down depending on the situation in singapore and around the world. that is what many people across the world have done. after you have suppressed it you must carefully watch the conditions and adjuster measures accordingly. >> i cannot let you go without asking this question. you have the budget coming up in february. you have committed to $100 billion in stimulus. get a receive further aid to coming in the form of the budget? >> we have said this before. the focus is not on the size. now we have gone beyond the initial phase of stabilization is how we continue to provide targeted measures to help our companies and people to give it to the new economics. it is not to get us back to the

privet covid situation. it is to get our people and businesses to a new, a higher plane so they can compete for the future. >> thank you so much for your time, your insights this morning. handing it back to you. shery: we will also have a big exclusive interview with the malaysian's finance minister later in the show. the former japanese finance minister will be in a little after 10:00 a.m. hong kong time. 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. we do this, together. bounce forward, with comcast business.

shery: a look at what may be the oil market to if it gets worst cap secret, millions of barrels of venezuelan heavy crude and by the u.s. have been surreptitiously going to china. bloomberg has dug into documents to show the lengths to which some traders will go to disguise

the origin at a move into asia. our correspondent leads our american energy trend. how much oil are we talking about and what actions are we seeing to disguise the origin of all of this crude? >> this really covers millions and millions of barrels. we need to be careful. we only sought documents that covered the tip of the iceberg -- saw documents that cover the tip of the iceberg in terms of what went over there. all of venezuela's exports are going to china as a result of u.s. sanctions. what you did was demonstrate there are documents how it is that it is getting to china despite the fact that they are sanctioned. these are barrels embargoed by the united states.

what the documents show is from the point the barrels are taken from venezuela, once they get to asia the cargoes will get transferred onto other ships. they will undergo a chemical process known as doping, in which they change some of the crude's characteristics and watch the crude emerges from that process a get sent on to another ship, and from that point forward all of the documents that will have been able to show that it was once originating from venezuela have essentially disappeared. then then using these trading companies, many of which have been sanctioned at this point, offering the crude to import-export companies or

directly to refineries in china, and they are marketing these grooves with new names --crudes with new names. this name literally means singapore malaysian blend and it is currently i tentacle to what emerged from venezuela. haidi: a fascinating process and story. do we have expectations under the biden presidency that we could see an easing of restrictions and a revival of venezuelan crude exports? >> from this point afford no one expects that the biden administration will completely reverse of the ban -- the ban on venezuelan oil because the intent is to dislodge the government, which the united states contends is illegitimate,

but there are some things that they can do, such as offer waivers to some companies that could allow some barrels. shery: we will have to leave it there, but thank you so much. plenty more to come. this is bloomberg. ♪

shery: we are getting breaking news out of japan, we are getting the latest on japan pmi manufacturing numbers, preliminary for january coming in in contraction territory. 49.7, this after entering expansion territory in the previous month for the first time after 19 months of contraction and we are back again at 49.7. when it comes to the services side of things, still in contraction with business in february coming in at 45.7, the composite number 46 point seven,

so both manufacture and services composited all of them declining from the previous month, of course we continue to see the surge in virus cases across japan. haidi: we are looking at bitcoin as well, we see this pullback continue, bitcoin prices dropping below $30,000 for the first time since early january, of course analysts have been calling into question the happiness of the gains we have seen, the bubble we have seen. we have seen a pullback for about three weeks now nearing and then breaking through that closely watched threshold of 30,000, it is continuing the retreat from the record highs, not just record highs but that serious rally we saw, the biggest asset appreciation of any asset in market history really over the past couple of months. we are seeing bitcoin trading now below $30,000, this follows a slide of about 11% in yesterday's session. some concerned that a sustained drop below 30,000 could really

suggest that further losses will come given we saw a 300% rally last year. shery: we are also seeing losses across the board and across asia right now, the nikkei down 4/10 of 1% and really falling from the 1990 high, we are seeing financials and utilities leading the decline, same for the kospi which is retreating from its record high. it had gain for the past three sessions. when it comes to the korean won, also a little bit of pressure against the u.s. dollar despite the fact we have seen a weaker dollar for the past four sessions as well. the asx 200 under pressure, we are still waiting for their's sale numbers. kiwi stocks at the moment, the only market gaining ground, 1.5%. we have seen significant strength in the kiwi dollar and the aussie dollar given that we have seen some risk appetite on -- gain momentum in the last few sessions.

let's turn to karina mitchell for the first word headlines. karina: house speaker nancy pelosi says the impeachment of former president trump remains on the agenda, but in that has declined to specify when the article goes to the senate. she says impeachment officials in the two chambers are incontact adding it will proceed soon. the article accuses mr. trump of inciting insurrection at the u.s. capitol two weeks ago when a mob invaded the building and five people died. meanwhile, former president trump has revealed the damage his business empire has suffered in the coronavirus pandemic. in his last financial disclosure as president, he declared that revenue from the hotel in washington fell from $15 million from 40 million last year. hotel sales in las vegas were down as golf courses and resorts also saw a revenues drop. and relations between the u.k. and european union continue to fall with the boris johnson government denying the

blackstone ambassador to the medic status. the u.k. saying the eu is not a physical nationstate however, more than 140 countries around the world do one there -- award there ambassadors and staff all double medic status. india is offering to suspend the agricultural laws to suspend talks with farm groups. the government made the proposal during negotiations. they will try to find a lasting solution to the issue. farmers say the new laws favor big corporations and make family-owned agriculture impossible. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell, this is bloomberg. haidi: staying with india, the former secretary says his country is ready to discuss a trade deal with the new u.s. administration, the country's

economy has been bashed by covid-19 and has just begun the world's largest vaccine program including its own homegrown shot. india has also begun shipping out vaccines to other countries. >> last year at the u.n., the prime minister in a statement categorically said the india's vaccine production and delivery capacity will be made available to help all of humanity fight the covid-19 pandemic. the first phase of external supplies of vaccines involve our neighbors, this is in keeping with our neighbors first policy and it includes countries like bataan, bangladesh, nepal, and mark, and that -- to whom we are giving some $5 million in attractive spaces. in addition we are looking at supplying sri lanka, bahrain, and others aid in regulatory policies.

tomorrow we expect two air drops to come in and land in mumbai to pick up quantities contracted commercially for brazil and morocco for their immunization programs. this would be followed by a commercial supplies to south africa, saudi arabia, and morocco. >> of course one of the most important relationships is that with the united states and we have a new president there, joe biden, how do you think your relationship is going to involve with this new administration? >> >> the united states is >> one of india's most born partners, this is a relationship that has grown significantly recently with bipartisan support in the u.s. for strengthening ties with india. the prime minister spoke to president biden in november of last year following the elections, they had a warm and friendly conversation not just about financial issues but also on global challenges the two countries can address together.

you mentioned some areas we can focus on, one of them is investments as one of the most important pillars of our relationships, it has seen tremendous growth in recent years. the u.s. is our largest trading partner and in 10 years, our bilateral trade has doubled from $75 billion to $150 billion. investments have grown in both directions even during the pandemic, we have sit -- received from the united states. both economies have i would say in terms of synergy, the desire to engage more deeply with the business sphere. we are also keen to look at a limited trade deal, that could be followed by a comprehensive trade agreement which would be mutually beneficial. of course, the second area is to see how we can consolidate our strategic partnership, even our convergence of interests in terms of a shared vision for a free, open, and trends for

ashton's parent into pacific region. basically counterterrorism, radicalism, fundamentalism issues of proliferation. strengthening defense and security ties. >> what about a trade deal with the u.s., when do you expect talks to restart and the other aspect, where are you with -- >> a trade deal is something we would like to look at, but it depends on how the new administration prioritizes its outreach. obviously we are open to discussion, you are aware we have disengaged from the process because we think the agreement would not the in our interest. we are already bearing a fairly unsustainable trade deficit and that the conclusion of that with the current arraignments would not be in our interest.

shery: the india secretary speaking especially to our colleague. the india insight -- index hit the $500 mark for the first time. and hoping to see recovery before dropping back slyly. the index could see gains for a 12 rate week, let's get more from our asian markets reporter. what is the likelihood of a correction here given this rally? >> we are hearing that in the short-term it looks overheated, valuations are expensive at about 29 times. technically as well as looks like overstretched, there may be a correction coming. having said that, that is a very short term view. if you look at from two main

parameters, liquidity and earnings, it looks good. if you look at the foreign flows coming to india, i think on a rolling basis, about $24 billion are coming and 3 million of that have just come in this month. money is trickling in from a lot of foreign destinations, that is not an issue. the retail flows are also picking up, they are getting a lot of respect and that is a very similar -- in india that is also supporting the market. from the earnings perspective, if you look at in context of what has happened since march, i think the price has more than doubled. earnings have -- by about 10%, but the ongoing -- this has been

a blockbuster season so far. most all earnings have been either great or the commodities from the management has been something that has been taken to heart. industries -- india's bank is a good earnings, same goes for -- which declared earnings. that coupled with the fact that all these listed companies are seeing market share from nonlisted smaller shares as economies reopen. it looks like it will just be a correction. haidi: what are you expecting from alliance? -- reliance? >> we are expecting about 15% sequential growth in its earnings. it is still a big player in the energy space, but it is a one story identity factor to watch.

what the company is doing in terms of its retail plans, digital plans, they have already reached about $27 billion from monetizing assets. on a yearly basis, the earnings make -- may drop by about 5% as the concerns of the stimulus, the same goes for -- it commands a very big weight, so the earnings are in line, i think rockets will continue to do what they have been doing since the year started. mostly focusing on what the key metrics, how they are shaping up . haidi: great to have you, our asian markets reporter there. coming up we talk exclusively to malaysians finance minister on his outlook for the economy as

his country grapples with coronavirus infections, this is bloomberg. ♪

haidi: virus cases in malaysia have topped 165,000 as the country battles a further wave. all states but one are under lockdown's as of today, soph.

sophie: to discuss malaysia situation we are joined by the minister in an exclusive chat today. good morning, thank you for joining us. as we see these latest curbs to contain the virus, they are more relaxed than the last round of curbs even that more sectors are open for business, but given that more states are under lockdown except for -- and the measures are being extended, what is the daily cost of the economy from these measures? >> good morning, thank you for having me. i would like to say that the stability and persistency of policies are crucial, they are enabling the country to have a recovery path. that is why we announced this new version, it is lightly different than what we had earlier.

more economies are open, we have learned from the previous incident on what we need to do this time around. we need to get this right, to get this right means that -- only then can our economy rebound better in 2021. we have seen the resumption of economic activities globally in the last few quarters. sophie: with that said, what is the hit potentially to the economy on a daily basis given the expansion of the nco2.0. >> that is what i'm getting at, this time, it is slightly different from the first version where more economics us -- sectors are open. if you remember last time, we have announced that the -- was about 2.4 billion a day where is this time it is about 700

million a day. we have also -- that is still ongoing and recently approved a budget for the new year and a package which will help mitigate the impact to the economy. sophie: that being said, given the likely drive this quarter to the economy, will the government revise its forecast for gdp this year? analysts have already revised their forecasts. >> now the government will continue to maintain its projections. we are considering the wave of covid-19 happening today. if you remember the third wave started over november of last year, so the impact which i had just mentioned, about 700 million per day is expected to deftly have an impact to the economy. we will be monitoring this, k sectors like expert sectors and supporting experts and also

domestic infrastructure projects are still ongoing. however, the government is committed to support the people as well and we will need to deploy more resources to combat covid-19. sophie: that target range for gdp still being maintained, will that be on the lower and/or the higher and most likely this year -- and -- end are the higher most likely this year? >> as you know our forecast is at risk of being what is happening with the fco so will be at the lower end of our forecast. sophie: we are seeing the yield terms for the steepest sense 2017, will there be moves to extend the debt ceiling potentially and will we see the

budget shortfall the achievable? >> if you look at where the debt levels are today, we still continue to forecast that our debt levels will be below the 50% -- 60%. what was announced recently, the stemless package of this year which we call it -- it was a fiscal injection of about 15 billion where most of the money will be coming from the budget allocated for 2002 anyone -- 2021. we continue to see in our forecast that we will be below 60% of our debt ceiling limit that we have set for major. sophie: it is still early in the year, malaysia is under a state of emerging for -- emergency for

the first time in about 15 years, are there plans to sure the economy using emergency powers? if so, what ideas are on the table? >> let me remind you that the government's priority is always to protect lives and livelihoods of the people. unfortunate, the control of infectious disease of 1988 which is the act we have used before has been used to contain the further spread of covid-19 and we feel this is no longer adequate to contain their worsening pandemic in the country. you see the numbers rising, infection numbers in the previous wave to the thousands of cases per day within a matter of weeks. something drastic has to be done. it is crucial the government move swiftly. we need to mobilize the necessary resources, one example is of course yesterday and the

week before we have been discussing with the private health care on how the government can tap on the private health care resources to asia -- and adjust some of the health care concerns and challenges facing -- we face today. sophie: has the pandemic derailed the recovery of the status and what about the 1ndb debt under current conditions? >> we have continued even last year, just remind you on the recovery for malaysia. malaysia has recovered around 15.4 billion in fiscal assets linked to 1ndb. also the goodman settlement -- goldman settlement --

the debt missing is already part of the budget projection for 2000.1 -- 2021. what is her main is to secure the assets for what we have achieved today. the malaysian government remains committed to undertake irresponsible and pragmatic approach for a process the benefits malaysia and the people. sophie: joe biden is officially in the white house, it remains to be seen if u.s.-china tensions will remain elevated and if the u.s. will reengage with major trade deals in asia. what are potential opportunities for malaysia given its ties with the u.s. which is malaysia's third biggest trading partner? >> the u.s. is a huge partner for malaysia, the largest total trade is about 150 billion.

this is around 10% of our nation's total trade. as you know, china was that is our trading partner, so we hope under this biden administration, the u.s.-china trade tensions will be reduced and we hope that global trade can function in a more orderly manner. the fact that the u.s. has restored ties with the who and is a signatory to the paris agreement, we feel that the global re-energy and investments will continue. the agenda is a key lesson from the pandemic. as i mentioned we have decided for the first time to -- growth in the creating of our budget 2021. sophie: let's expand on that because investing in clean energy and the green push is not something the u.s. is focused on but other major economies.

how is malaysia adapting to this shift towards that green pivot? >> there are entities in malaysia's public and private sectors, this bodes well for attracting future investments especially from other countries and the u.s. and europe especially. the fact that the u.s. is now a signatory to the paris claim agreement will be a boon for the green and energy investments. we have made a commitment to assess the ability beginning with sectors of the agenda. we also plan to show a sovereign bonds this year, we have done many initiatives related to tech which encourages but --

investments in this area and we also at the government have continued with the financing -- for green energies by the government. the government is pursuing financing as well. sophie: thank you so much for joining us this morning, malaysian finance minister. shery: let's get a quick check of the business flash headlines. intel reversed initial gains in late trade despite giving an updated forecast for the quarter, it expects revenue of $17.5 billion through march meeting estimates of just over 16 billion. it says some chipmaking will be outsourced in the future and will give full details when the ceo transition is complete month. intel has benefited from people working from home during the pandemic. in invents talks to it -- and

sell its skincare business to cvc capital for as much as $1.9 billion. we are told the board is voting on the move which includes the haircare products popular at home and in china. a sale would come as it turns its focus to a more premium beauty products. it is the end of the line for nissans car assembly production in the philippines. it will cease production in march after its contract expires. nissan told the government last year that would -- it would halt reduction of the hatchback blaming poor sales and lower market share. honda and isuzu have also closed factories in the philippines. haidi: coming up in the next hour mr. yang will be on bloomberg markets, former japanese vice finance minister. we will discuss the outlook for currencies amid the pandemic and the new biden era.

plus an exclusive interview with one of the largest companies on the -- stock exchange. the executive chairman francis io will join us next. this is bloomberg. ♪

tom: drag markets china painted i am -- welcome to bag markets china open -- bloomberg markets china open. david: echoing a call for unity. that is what is needed to be said relations.