pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. >> hello, good morning, and welcome to "bloomberg daybreak: australia." we are counting down the asia major market opened. kathleen: good evening. from bloomberg headquarters in new york, i am kathleen hays. pattie: these are the stories -- the nikkei 225 topping 30,000 for the first time in two decades. winter weather triggering

blackouts. bhp is under pressure after profits miss estimates. full-year net income comes in 16% higher but still lagging median expectations. kathleen: let's get a check of markets. sophie joining us from hong kong. sophie: hong kong market come back online, but taiwan and the remaining in holiday mode along with china. we have the offshore u.n. looking -- offshore yuan can to challenge 630. nikkei futures pointed higher after the index topped 30,000 on the gdp. we are watching the cross switch which might see momentum given the hope for recovery bets. copper at a 2012 high.

iron or very much in focus. traders will be watching conference. we saw it top underlying profit, topping $6 million. they also announced a record interim dividend. sticking to the commodities story, focusing on oil markets. wti topping $60 for the first time in 13 months. cold weather appends energy markets. kathleen: we have 4 million homes in texas without power now. blackouts have cascaded beyond the u.s. and into mexico where subzero chapters at the heart of the energy industry. rachel joins us from houston. we saw the pictures of people playing out in the snow -- not something we're used to seeing in texas -- what do we expect in

terms of homes and businesses going into a second night of power outages? rachel: i don't think anyone was expecting a disaster to the extent we are expansion today. we knew this would be a major test of our grid, and we are used to a ton of electricity demand in the summer, where obviously it gets very hot here, but we are not used to having this happen in the winter, especially when the entire state of texas is in a winter storm warning. compounding that is the crotch on the supply side -- the infrastructure we have is not equipped to deal with these temperatures. you are seen oil and gas production, about one million barrels a day taken off the market. when determines are frozen over, just not a good situation here in texas. kathleen: one of the bloomberg stories points out that in austin, texas, not known for extreme winter cold, the temperature got down to five degrees fahrenheit, -15 celsius.

no wonder it is causing so much concern, but you have a great story -- this is extremely dangerous, texans in peril at home and on the road. rachel: it was just last week we saw a 100-car pileup outside of the dallas/fort worth area. people were trapped in their cars for hours, unable to get out. we had six deaths. the rose -- we don't have the same number of snowplows or emergency vehicles that are able to clear the roads. what you are seeing, especially the elderly, they woke up without power, and they are realizing as the hours tick by, our nine, our 10, our 11 without electricity, it is a dangerous situation and a lot of folks are test with the different -- text -- tasked with the difficult decision, what choice do they make? haidi: it was unprecedented, --

the grid operator has called it unprecedented. but what has gone on with the oil part of the story? rachel: when the pressure drops, you're not prepared for that, west texas equipment is not ready for this extreme gold. oil and gas production is shut. pipelines are frozen and forced to shut. like i mentioned before, with wind turbines, this is not something anyone was prepared for, especially our grid operator. haidi: thank you so much, rachel adams-heard in houston. stay safe, stay warm you get more on the power blackouts in the u.s. it is also available on mobile in the bloomberg anywhere app. it's get over to karina mitchell with the first word headlines. karina: we start with myanmar --

it is tightening its grip on power, shutting down the internet over the weekend and making it easier for authorities to make arrests. street protests continued on monday even as the military detained civil servants, lawyers, and other professionals. telecom companies were ordered to cut internet services early monday to protect -- prevent protests friday. singapore may offer more budget support for its economy on tuesday after covid-19 triggered the worst performance since independence. the traditionally conservative city status set to lay out its third straight budget deficit despite being passed the worst of the pandemic and with the shortfall man -- narrowing commit may result in a death test --deficit equivalent to 4% of gdp. the world health organization has its first female and first african later. the body administration backed her and ended the opposition of

former president trump. she has been finance minister of nigeria and has spent 25 years at the world bank. 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 am karina mitchell, this is bloomberg. haidi: still ahead, profit and surging iron ore, but missing expectations. what is the outlook as chris constantino says the key to trading markets right now is to stay unemotional. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution

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haidi: global stocks and agree

features are rallying, however freezing temperatures in texas and across the american south have riled energy markets. joining us now, chris konstantinos. if you put those two together, one of your concerns, one of the things you are watching as you look at stocks is inflation. when we look at the stimulus coming, oil prices rising, at least temporarily, do you see the markets taking this as an inflationary sign, and is that bullish or bearish? chris: that is a great question, and thank you, by the way, for having me today. i do think inflation -- it is really the question of our age, isn't it, because if inflation is not really manifest itself in the same ways and it in the 1970's and we continue to see monetary and fiscal stimulus as high as it is, it is really pretty much a goldilocks market for stocks and we all have to be focused on inflation.

yes, i think we will see inflation spike here probably in march-april time frame single because of the year over year -- what was happening in march and april of 2020, so you will see headline spikes, and certainly if the soil rally can -- if this oil rally continues, that will not help matters, but at the end of the day those are more cyclical in our opinion, and structurally we think inflation is likely to stay low. look at the jobs market -- we had another unemployment claims number late last week. what you can see is the unemployment claims in this country have really plateaued -- there have not improved the way you would like to see them improve. we still have unemployment above 6%. therefore in many industries the propensity to raise wages is not there and that is, in our opinion, one of the core drivers for that core inflation number -- not the headline one that gets jumped around a lot with the commodity prices. net-net, yes, in q1 you will see

inflation come back, but we don't think it is structural. we think more meaningful inflation is not a 2021 event. kathleen: so many big firms, analysts are saying they see signs this market is getting to the top. there is an over-bullishness -- the latest story from bloomberg, jpmorgan sees this complacency building, not worrying about this, but it's a recovery from a pandemic, like -- which people say is like a natural disaster, different from a typical business recovery? chris: it is, and i alluded to it earlier -- one of the ways it is different is the fiscal stimulus we are seeing is a rate -- direct result of the pandemic . it is not just this country. it is happening in europe. to a certain extent it is happening in emerging markets, china, etc.. this is a global push.

it is unlike anything we have seen before typically -- particularly because the pandemic has brought on fiscal stimulus. we are debating what the number will end up being -- is it $1.9 trillion, $1.7 trillion -- regardless that is a huge percentage of our overall gdp, so therefore, this is unlike other typical business cycle economic recoveries, and therefore, stock valuations could continue to get bid well past where we are today. i give you another one to think about and it relates to interest rates since we are talking about inflation. when you come -- compare stock valuations in aggregate in the united states and outside of the u.s., relative to the risk rate of the 10 year treasury and the german bund, stock valuations continue -- feel quite reasonable compared to other points in history. i don't know few can look at them in a value -- vacuum. are there pockets of a bubble --

of course there are, in your channel and others have covered them over the last few weeks, but on an aggregate basis, relative to the stocks, they are relatively recent. haidi: this is taking a look at the number of vaccines that have been rolled out and distributed -- an average of 3 million we have seen delivered in 2021. we are starting to see more major economies roll them out more quickly, but by most estimates it will be many months, probably years before the whole world is fully vaccinated and we get back to some sort of normal. to that extent, how do you approach the pre-pandemic return to normal when there is so much uncertainty? chris: i guess that is sort of my point, that because the economy is going to be lumpy globally for quite some time, that actually means that policymakers have to keep their foot on the proverbial gas a lot

longer than they would otherwise. you look at our own federal reserve in the u.s. -- jay powell basically said as much -- that he is willing to let inflation run hot, is willing to overcompensate because of the dislocating effects on the job market the pandemic had. i think it is almost, potentially more bullish for the stock market in a perverse way because the rollout will take longer to because not the entire world will be vaccinated in the near term, unfortunately. that will cause policymakers to continue to be more stimulative than they would be otherwise and they may -- that may bid valuations higher. haidi: we look at global stocks at the richest valuations since 2009. kathleen mentioned according to jpmorgan use investor showing the least amount of fear in about two decades. what does that mean to your process-driven investment strategy -- you talk about the process be much more important than the forecast, the

predictions. chris: absolutely, and if 2020 taught us anything is -- it is that process is way more important than prediction. none of us printed what was going to happen in early 2020 but you bring up a pertinent question, so i want to dive into that. essentially, you know, risk management is something you should be running in good times as well as daddy, and it should be a part of your problems -- process that is instilled into every part of your management from management to your portfolio. what we try to do in markets such as these is we pay close attention to investor sentiment, as you said, and to your point it is elevated on all the work we do as well as others, however what that typically means in an upwardly trending market is a pause, or some sort of consolidation -- not a meaningful trend change, meaning none of our underlying technical work trying to understand the

markets and investor sentiment means we are close to a bear market. come there be a pullback? absolutely. you could get a 6% or 7% pullback and have that be the behrman retracement of what you typically see in a pullback in an otherwise healthy market. what we try to do is look at things like trailing stocks. as the market rises, you can raise your trailing stop as well, and we do that for our risk adverse portfolios, but for the portfolios that have a longer-term time horizon, essentially we continue to watch those stocks, both technically and fundamentally, but right now we don't see anything on the horizon that is suggesting any sort of tradeable pullback. maybe other people can do that, but we have not found a lot of luck trying to train those garden variety pullbacks. it is trying to get a bill --

out of the way of the must -- the much deeper trend change that we are focused on. we think using techniques we have a much higher fallibility of success and trying to trade every pullback. kathleen: -- haidi: chris konstantinos, thank you for being with asp and we have an alert crossing the bloomberg -- the independent liquor and gaming authority saying it is no longer a suitable person to give a gaming license in south wales after the ceo resigned and the scathing report finding that crown resorts, the operator of the casino, facilitated money laundering and was not fit to hold a license in sidney. ei lga has started the process and crown has been invited. we'll get you more on that story as we get detested a lot more to come. this is bloomberg want to save hundreds on your wireless bill? with xfinity mobile you can.

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haidi: the world health organization has cleared astrazeneca's covid-19 vaccine for emergency use. comes amid growing concerns about efficacy against mutated strains of the virus. we bring on health care reporter michelle -- many are concerned it may not just be more contagious, but more deadly. what do we know about the efficacy of the vaccines against the various new variations? michelle: it does appear the astrazeneca vaccine is a less effective against some of the variance object to the ones coming out of south africa, not so much the one from the u.k.. the issue here, of course, is how effective will it be against preventing severe disease. that is all we don't have good

clarity on. experts do believe it reduces the risk of hospitalization and death from human infections with these variants, so some countries such as south africa have stopped using the astra shot. other countries come in now we are hearing the who had cleared the shots for other countries -- they are embracing it. it'll be important for us to get this out there because we do need to vaccinate the world and the astra vaccine developed with oxford university is an efficient way to get the vaccination to a lot of different countries throughout the world and of course, it is cleared by kovacs, which is the -- what the w.h.o. is leading -- a program to get vaccinations out to the developing world. fingers crossed it will keep working. haidi: the former fda commissioner was on the sunday news shows, face the nation, and he seemed to be saying that yes,

there are issues, but he also seemed to stress that the cost is right and you can transport this one more easily and it is giving more of a thumbs up -- it may not be perfect, but it is good to move ahead. michelle: that is exactly the case. we have seen across the board with these vaccinations in general -- they do prevent deaths, hospitalizations, serious disease and we have less clarity about how much they are protecting against mild to moderate disease, or even asymptomatic infection. there are questions about whether we can still be transmitting the virus itself even if we have been inoculated. the most important thing is we want to stop this virus from killing people, so while certainly nobody wants to get sick, the most important truth is that nobody wants to die, so if we can protect the entire world coming with a less effective that scene, the ideas we can come back with a booster

shot, or perhaps next edition 2.0 that is more specifically targeted to an exact strain circulating wherever you happen to be, and getting this day's later down will begin broad protection against the most severe disease. it is a really great way to go, especially with a vaccine that is easier to deliver across the entire world. haidi: as melbourne continues to grapple with its latest, is there more discussion about the potential for the need -- of course -- the exhibition certificates for travelers last vaccination certificates for travel -- maxine certificates -- vaccination certificates for travelers? michelle: there is some discussion and exactly what that would entail, but to have something very specific is not what the industry wants because only a fraction of the world has

been able to get vaccinated and there are questions about the mechanics of something like that -- how would that happen, and we are seeing now many places are requiring proof you got a negative test, and vaccination certainly would help allow people to come in more easily, but how that is going to work out in detail is still being determined. many countries are saying we're not going to require vaccination in order to come in, but there are countries that are considering it, and the airlines are looking into how they would try to carry out something like that. kathleen: uso much, michelle cortez with the latest on the virus. we will discuss the pandemic impact on various aspects including sports, travel. now let's take a quick check of the latest business headlines. reports from london say -- is

preparing an ipo next month. the amazon-backed firm is growing as customers switch to take out and home delivery. london has become europe's biggest ipo venue as firms benefiting from the pandemic cap public markets. deliveroo raised more than $8.5 billion in its latest funding round. jaguar has laid out plans to become fully electric in four years. they will invest $3.5 billion in two related technologies but land rover launching its first electric car in 2024, and all jaguars going plug i've been in there after. the suv has struggled to find a mass audience since its launch. tesla is closing on a deal to make cars in india. the automaker is assessing plans for a manufacturing facility and r&d work with bangalore becoming

a health for the vehicles and aerospace work. they account for 5% of water demand in china compared to less than 1% in india. up next, surging iron ore prices -- we will take a look at the prospects for the world's top minor with investsmart's evan lucas. find out what he is looking for a head. this is bloomberg -- looking for ahead. this is bloomberg. ♪

karina: you are watching daybreak australia. i'm karina mitchell. blackouts triggered by frigid weather has spread to more than 4 million homes and businesses across the central u.s. in a deepening energy crisis that has already crippled the texas power grid. power grids ordered gratuities to start rotating outages to protect the system from failing amidst surging demand and myanmar as tightening its grip on power, shutting down the

internet and making it easier for 30's to make arrests. street protests continued on monday even as the military detained so the servants and other professionals. they netted aramex disk -- the united arab emirates showing -- the planets largest volcano. they reached mars and will orbit before attempting to send a lander to the surface. they will have company. nasa and china are also about to reach the red planet. end --global news 24 hours a day

on on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. kathleen: thank you. sophie: -- who points out a broader rate in the dollar could see more run. he is saying there are challenges. he points to the rising bond yields globally, but the market seemingly adjusting for a higher range. he also brings up the fact that no one else wants a stronger currency, which is likely to reference the aussie dollar strength -- some constraints on a weaker greenback. haidi: a weak dollar and conversely a stronger yen should be a headwind for japanese stocks. sophie: that is the take from citi's stopped him, underweight

the stocks. they are pointing out japanese stocks are not a cheap recovery trade, same valuations will be cheaper and more alluring elsewhere. putting up a chart that point out they chart on the terminal, while it has been in focus after it topped 30,000, the topics bears watching. we will pull up the chart, denoting the moves we have seen at the top. it is showing the indicator for the topics -- it is two standard deviations above the 50-day line which may be a short-term pullback for japanese stocks. we will keep an eye on that. haidi: we will also keep an eye on miners as we get into the start of trading. look at how we have fared already to trading in new zealand is underway. we had a holiday, quiet handoff from the u.s. on the count of

the president's day long weekend. sydni futures mildly positive, over one quarter of 1% when you get to the start of trading. of course, the chicago in nikkei futures are up by just about 2%, but the weather and the energy related turmoil we continue to see play out with unexpected snowfall in the state of texas. also watching out for coffee futures. we are expecting another pop the open hearing asia. let's take a look at one of the stocks we are watching insignia the start of trading. bhp reporting a record in term dividend. the result is weaker than what analysts had been expended. -- expecting. skyhigh iron ore prices that skyhigh expectations for bhp. is this a case that investors were expecting a lot more than even very good results? >> expectations very high.

it was called a strong set of results -- a return on capital of 24%. net debt down to the bottom of the target range. the interim dividend is up 65% -- $.65 on the same period last year. the underlying profit number, 6.40 -- $6.04 billion, that is still up on your as well. the result would have been better had it not been for a 20% drop in first-half net profit mainly due to lower it -- right down. bhp still the process of getting out of that. the company also dropped charges of about 200 million related to covid, and 400 million related to this; dam failure. the iron ore prices really strong thanks to chinese demand and the hp took full advantage shipping a record hundred 44 million tons of our nor and they

have set the -- iron or and they have set themselves up with free cash flow. kathleen: thank you, china, bhp is saying. but we mentioned the cash they have -- they are washed with it. what will it be used for? paul: guidance has been lifted and that is been helped by stronger aussie dollar. the iron ore project, that will have its first output in 2021. and jensen potash -- this has been going on for a long time. they are very keen to get a discussion on this -- a decision on this project has been discussed for so long. there is a refined $5.3 billion proposal waiting for approval. potash has been a big part of bhp's business, but so far it has failed to materialize.

haidi: let's get more analysis of these numbers. let's bring in investment 's evan lucas -- investsmart's evan lucas. this is a theme you have been alluding to. how much further do they have to run in terms of the stock price given valuations are already, sort of, high -- is this a case where the expectations underwhelmed? evan: this is the question will find out about half hours time. most are giving two dollars, to as much as five dollars. they are still casing for question investors they idea around payouts. the fact of the payout ratio is 85% is pretty impressive, but the same time what was really

key out of this, they were pushing: and copper numbers that were very good. petroleum numbers were slightly below expectations. all of that shows there are still very worried about the end of the appeared the biggest thing i read out of it is when you look at the forward expectations they clearly outline at the moment the market is incredibly elevated. they will hold through the first half of the year. they are watching the supply demand equation, china versus brazil, and they are sane one of those -- they would bring the price down. they're suggesting in china in the back half of the year you will see they will wrap up. that wrap up we have seen in china. it will start to plateau. even bhp are telling you they

expect the current price, the trajectory will start to slow, and that might push off in share prices over the next couple of months. haidi: is the level of activity -- of activity and more important gauge to watch than the overriding concerns about the china-australia relationship? evan: i agree with that kid you can see that in the production numbers. we have really -- rio tinto, and they are likely to tell you something almost exactly the same. even we saw the relationship between beijing demand for us trailing iron ore was through the roof. that was typical, supply and demand equation. brazil has been unlucky with the disaster couple of years ago and they were one of the heaviest hit countries on the planet with

covid, particularly in the areas where they produce iron ore. they have been forced to look to western australia as they spike. that will probably continue. china is clearly using itself on the infrastructure side to get out of covid. bhp, the big three here in australia, are mopping that up. if you look at the the numbers they are showing you, iron ore is well and above the biggest pillow by a significant number. it is just under 70% on that shows you they are heavily defined by iron ore and if the chinese story did change, that would probably mean the share price in bhp would probably go with it. kathleen: how much does the rest of the world count for their outlook. copper, the highest since 2009.

evan: the demand for copper they believe will only get stronger over the next couple of years. the world is showing the way they will get out of the covid crisis is to do the structure, stimulate their own economy. copper is why they are trying to drive forward with their programs into the future. also under the copper manner. magnesium. there will be the area to watch very closely. getting back to work it the other part of it and looking back at paul's report -- the product in canada has been on and off and is potash the future of agricultural fuels? it has been going on for almost a decade and that of the part of the future of global agriculture

comes with fuels like potash and that will be the question for the next two decades. that is why it is those two areas that will continue to move through cyclicality with iron ore and that will always be the case and will still be the significant -- the biggest downfall for a significant period time, but they are fully aware the niche they have needs to start spreading. kathleen: you wrote in a recent note about the broader australian stock market, that you are looking at equity appreciation, and you see unchecked, linear appreciation. it is just as healthy as unchecked appreciation. what are you watching us what will happen the rest of the year? evan: i look at the year in two parts, kathleen, in how i see it. you cannot fight what is going on at the moment.

we are being backup by central government and central banks. the amount of money going in on the u.s. side is going to continue to fuel that. the question that i have is all about price and earnings. the u.s. earnings season was incredibly strong. but the bhp result, if you have a look at them, they are just reaching expectations, and there is only so much you can do with that kind of growth coming from an incredibly low base. what i am looking for is as that money comes out, it is going to happen midway through the year. then actually asking the question, are the earnings sustained, or is the double-digit growth because of covid issues that are going to moderate for a level that shows pre-covid numbers, and i'm not sure they will care that is why i am concerned. people are looking through what an underlying sharemarket is.

what is going to happen once that starts to ease off, and that will ease off. that needs to be put directly -- it will ease when that happens. that is when markets will be asking the question about where they are and they will probably say we need to take a breather and go back to get into a healthy position and justify price to earnings. haidi: we're getting a line that they see import calls coming from some time. with the pressure coming from the geopolitical relationship, am wondering how you view the broader afx because it has more than a quarter of the reporting season done and dusted. the number of beats have been pretty good and going forward, do you anticipate this kind of uncertainty could be a pretty big hit for the us trying

company, even for chinese demand. >> i would separated into two parts. >> are have been incredibly strong. we knew that. we have been told with production updates, with sales updates over the first and second quarter in our financial year that things are reasonable. it is about the confidence. i think the beijing camera story is playing out. the issue around agriculture -- you can also say that going into other areas the chinese have hit. we do not have as many listed agricultural part of being ingrained as they used to. but we know that is under pressure -- the issue around thermal call and shipments in places like cheney and and places like those areas -- i

think they have started to play out. what the market is telling you is there working through it because there are other parts that need exports. otherwise, australian markets have probably been looking inward. if you look at health care, banks, your call, -- cole, they are inward looking and they have been relatively strong because the recovery from october 1 victoria finally came back online -- when victoria came online with the rest of the country from its lockdown has been quite a revival. southern growth has been strong which means confidence has been good, and therefore demand for discretionary stocks and products, stable products have been quite high. i am more looking at that perspective them but to get back to my point about what happens through june to december this year, where government support packages start to wind down, and how firms stand on their own two feet -- how many, as we refer

to, zombie companies there are and whether or not default leads to higher levels of employment and the demand you seen indiscretions comes down as well as people tighten belts not taken out loans. those are all questions for the future, and of the year, and that is why my point is at the moment we are -- we are moving at an almost linear appreciation and i find that unhealthy because there is not much learning about what we look like after. evan: -- haidi: evan lucas, thank you for being with us. we will speak to the bhp boss later on bloomberg markets for his first interview after results came out. that is at 1:30 p.m. sydni time. we will hear from other minors this week. -- miners this week. this is bloomberg. ♪

kathleen: greece says the european union has learned lessons after vaccine delays and distribution. speaking excessively to lumber, the prime minister said russell's must prevent further obstacles so that battered eu economies -- bloomberg, the prime minister said brussels must present further obstacles so battered eu economies can continue reopening.

>> greece has done better than most european countries and given with a pandemic, which was unexpected given we entered the venture with an underfunded health care system, but if you look at our statistics they are much better than most european countries and we have rolled out vaccinations faster than most other countries. it is a completely digital process, which came as a surprise to many greeks, and so far we have been able to vaccinate people at a relatively fast pace and we are very dependent on the number of vaccines we are receiving from europe. i do expect a number of vaccines to wrap up significantly. right now our priority is to vaccinate older people. then we will move to people with underlying conditions, and once we address these two categories, we will look at prioritizing vaccines. by then, hopefully will have more vaccines we will be able to administer given the demand in greece, and we do hope that come summer, a significant percentage of the population will be vaccinated. i should remind you we opened up

for tourism last year and we did it in a safe manner, and last summer we did not have the tools we had at our disposal -- there was no vaccination and even in terms of testing there was limited testing available and i would have the vaccine protection and additional testing capacity which is very helpful when you try to open up your country to travel. >> how frustrated with the european union are you in this respect? greece was outstanding when it came to coping with the first wave of covid and now with the vaccine you are around 6% of the population you have done, and because of the slow introduction -- you are vaccinating people as quickly as you can but there is a question about supply and that seems to go back to brussels. how much do you think the commission was at fault at that? -- was at fault for that. -- for that?

i have been a supporter that they should not admitted distinction between small countries, midsize countries -- there was no doubt there were issues in terms of the execution and i think the president of the commission accepted tertiary responsible it could we need to make sure as new vaccines are approved disapproval approval will happen quickly and we will not run behind other countries in terms of how quickly we actually receive the vaccines. i am sure that even in brussels come at the administrative level, the bureaucratic level, the lessons have, you know, been -- we have accepted what has happened and we learned our lesson, and we need to move forward to make sure that come march, april, as new vaccines will be approved, there is no further delay in delivering

vaccines to member states. we have the capacity to administer money more vaccines and we have the structure in places, it is just a question of getting our hands on the vaccines and this is come at the end of the day, a european decision. >> do you have an idea of the economic cost of all this -- the first quarter looks tough in greece, and presumably the lack of vaccines is becoming a major part of that. p.m. mitsotakis: look, john, every time you close the economy, the u.k. pays a heavy price -- the eu pays a heavy price in greece is no exception -- q1 will not look as good as we thought it would look like a couple of months ago, but again, we're not an outlier. we are not the exception. if anything, we are currently in our third lockdown.

hopefully in a couple of weeks we will bring cases down significantly and we can contemplate again reopening the economy. haidi: the greek prime minister speaking exclusively to bloomberg. plenty more ahead on daybreak. this is bloomberg. ♪

haidi: let's take a look at what we are watching one trading gets underway. sophie: watching bhp and other

australian miners with strong earnings. in the browser aussie sharemarket. bhp coming through with $6 million in first-half underlying profit off of the weak performance of its cold business with the iron ore boom. plus, they underscored the shift toward carbon neutrality. you have ceo saying the energy transition because, nickel content. we're keeping eyes on -- after the lender reported $1.3 billion in first-half cash profit. and crown is in focus, kathleen, afternoon announced that regulators considered a gaming company unsuitable to hold a license for its sydni casino highlighting allegations of money laundering. kathleen: thank you. coming up, we are speaking to tennis's australia ceo on the challenges facing the us showing open in melbourne and what he

has learned from running a tournament in the pandemic era. plus the outlook for the tokyo olympics in japan itself. the market opened in sydni is next. this is bloomberg. ♪

haidi: theory good morning. we are counting down to asia's major market opened. kathleen: i am kathleen hays in new york could welcome to "daybreak asia." asia looks to extend gains with global stocks on the longest winning streak in 17 years. the nikkei 225 set to climb further after topping 30,000 for the first time in three decades.