haidi: good morning. we are counting down to asia's major market open. shery: the dollar slumped against its major peers. south korea z chalmers giant coupang sword on its debut in new york.

making it briefly a $100 billion company. president biden will speak later, promising a better future after a year of struggles. he will say there is light at the end of what has been a dark tunnel. china wraps as annual policy meeting, saying there is no need for dramatic shift. the premier says policy will remain on track with appropriate adjustments. haidi: another record high on wall street. let's take a look at how asian markets are setting up. what are you seeing? sophie: we are seeing a slight risk on town for aussie markets. this after tech lead the rally in the u.s. check out the aussie dollar. higher commodity prices could see it push toward 80. in the bond space, a three year

yield come in or earlier, reaching a record low at 86 basis points. taking a look at what is going on. little change at the start of the session in asia. taking a look at what is going on with commodities. wti in focus. falling below 66 books a barrel. fuel consumption gaining tracking. -- gaining contract -- gaining traction. gold was holding around 17.22. black rock morning bully and has lost its edge as the hedge against inflation with more headwind seeing as more recovery accelerates. prompting boychuk -- prompting deutsche's to raise its yield. treasury futures, we are seeing them take lower in the asia session. offshore yuan steady.

shery: china's biggest political gathering of the year came to a close thursday with the national people's congress approving and overhauling of hong kong's election assistant and the premier vowing to focus on grading jobs. tom mackenzie joins us from beijing. let's start with the economy. what will be the priorities for 2021? tom: the premier stressed the priority was stable and quality growth for the year rather than hitting very robust, high levels of gdp. he was asked about the target of above 6%, which is seen by many economists as being conservative. he said this is not a low number given the concerns about recovery domestically and internationally. quality and stable growth as what they're aiming for. on the monetary and fiscal side,

their response he says, there will be a moderate pullback of some of the support we saw last year but no sharp turns in policy. he said that was not necessary. the other priority is jobs. he talks about 9 million target last year in 2020 in terms of urban jobs. this year, the target is 11 million. that is squarely with the focus is now, ensuring there are enough jobs for the new graduates coming onto market. haidi: we know the vote is coming but still it is a significant step. tom: it is. we have got more details on how this is going to proceed. no big surprise the rubber stamp parliament was going to give it its unanimous backing. a historic and dramatic change even though we knew this. they are going to change the number of seats on the executive

committee. they are going to expand the number of seats on the legislative committee itself. from 70 seats 1090 seats. there is going to be a vetting committee to ensure any candidates who run in elections in hong kong are patriotic and loyal to beijing. the loyalty test. how they are going to do find that remains to be seen. critics would say this is another major blow if not the final deathblow to the democratic movement in hong kong. the uk's foreign minister saying it further undermines trust in china's international responsibilities. we have had warnings from the u.s. they will respond. they have already put in measures in terms of hong kong officials after the national security law.

haidi: we have china and u.s. officials meeting next week. that is expected to be addressed. is there any indication we could see a walk back from the biden administration or they taking a tougher line? tom: they are taking a tougher line. we have heard the biden administration reached out to suppliers of components like 5g chips and the batteries, components they were shipping to huawei under license, having applied for licenses. the administration said the license restrictions are being tightened. we do not want you supplying these components if they are used in 5g products. this is about ensuring there is clarity on the use of the entity list and the use of these licenses. they have been calling for this. it is also partly a reminder that the biden administration

will be tightening the curves when it comes to these entities list and particular technologies to chinese companies and specifically huawei. haidi: tom mackenzie in beijing. we will have more reaction to that closing session with the co-author of red capitalism who will be joining us on dk: asia. the biden administration is seeking to shore up ties with allies in asia, specifically australia, japan and india. they are expected to show a sense of unity against china. let's cross over to emily. going into the alaska meeting, there is a lot of vested interest across this part of the world. the australian government will be watching. what is at stake here? emily: one of the things we are expecting to come is an

announcement for a support of increasing manufacturing capacity for coronavirus vaccine in india. telling the other quad members of that if they can invest in vaccine production capacity, they can be a counterpoint to china's widening diplomacy in the region. shery: talking about vaccine diplomacy, we do have a major speech coming up from president biden. we are expecting him to talk about the stimulus package. emily: today, president biden signed the $1.9 trillion stimulus package that includes funding for vaccines, local governments, $1400 checks directly to americans. president biden does not see his job as done here now that this bill has been signed into law. he sees it as something his

administration needs to go out and sell to americans, talk to them about all the things in this bill and use it both for political points but also to shore up support for the next bill the biden administration has their eye on. that is going to be an infrastructure related bill. it is related to getting the economy back to where it was pre-pandemic. biden's help is if he can admit -- candidate -- can convince enough americans to support this, that might help with the bipartisanship component he is hoping to get in the next bill. shery: with everything from infrastructure to climate change measures. you can turn to your bloomberg for more on this. tliv . you can get commentary and analysis from bloomberg's expert editors. let's get to vonnie quinn. vonnie: u.k. government is planning a wide-ranging review of financial markets to defend

the city of london post-brexit. the economic secretary told bloomberg changes to strategy will be followed by a consultation with the business on wider market reform. financial services account for 7% of the u.k. economy. myanmar's increasingly violent suppression of protest is drawing more international outrage. the u.n. is drawing -- he is condemning the action of security forces accused of killing 70 people. the u.s. is stepping up sanctions, targeting the children of the leader. washington says they have benefited from his malign influence. judges in thailand are delaying any redrafting of the constitution. the constitutional court says parliament can make changes only if voters decide and overhaul is needed. the decision as a blow to antigovernment protesters who have been demanding change for months.

opec is downgrading its outlook for energy demand the next two quarters while maintaining a tight grip on supply. global demand remains fragile and rival supplies threaten this position. opec says the pandemic continues to drag on activity and current production curves will remain in place. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haidi: the treasury selloff that started in asia may end there. we are discussing that with marvin lowe from state street. inequalities in the vaccine rollout. oxfam america is focused on free and access -- free and fair access to shots. this is bloomberg. ♪

shery: central banks from europe

to asia. moves over just the past week from the bod, the rbnz and the rba. let's see what might come next with the state street macro strategist. great to have you with us. we also had a decent 30 year option in the u.s. this gtv chart in the bloomberg showing how volatility may be slowing down. does this mean the worst of the bonds fellow foods over? >> for the moment, certainly. i think there is a great deal of uncertainty associated with the growth profile, the inflation profile. for the moment, it seems we have equilibrium until we get a catalyst to revisit a lot of those concerns, which is a long process for we completely reopen. we will promptly have some -- will probably have some hiccups. shery: could one of those be

next week when the fed meets? we know they will try to stay --. it depends on what they say. >> yeah, they are going to try to sound devilish but the growth picture -- sound dovish but the growth picture is better. there are going to be a lot of nuances in terms of what their expectations are around the economy and certainly does might create a little concern for investors. i do not think this is a meeting where we are going to see some big changes because they are still waiting for the data to evolve around the reopening economy. they can pretty much hold the high ground until they get data around the inflation and around potentially growth either being above and/or below where they expect it to be. haidi: at this point, he did not expect any changes in terms of reviving operation twist or changes to the slr?

>> slr i think is something that needs to be addressed. i think that is outside of monetary policy. twist at this point, i do not think so because the markets are behaving themselves. it is this perverse world that we are operating in where as long as risk assets are holding themselves together, i think the fed would rather sit on the sidelines and do nothing until it has a better idea of what a reopening of the world economy is supposed to look like. haidi: when you take a look at the rate and growth differentials, is it playing out in the world you expect? do you expect further dollar weakness and strength when it comes to the outperformance of countries that are rebounding strongly legal straley and new zealand? -- like australia and new zealand? >> a specific profile that is

unique given the fact that the virus itself was not as bad in those countries and the commodity type of discussion supports them. really thinking about america, whether the u.s. outperforms the rest of the world in this conflict of american expect journalism when it comes -- american exceptionalism when it comes to stimulus. it is going to be where we need to think about at least the next quarter or two because the yield differentials have been pushed wider. this is by countries who look like they are going to recover more quickly and stronger. the growth numbers in the u.s. have moved around a significantly higher over the course of the last month. shery: franklin templeton seeing opportunities when it comes to emerging-market debt. they think that the u.s. will yield above 1% and should be the

trigger when it comes to getting into the markets because they think that perhaps things will be temporary. what do you think? >> i think it is too early to say. i do think the u.s. is outpacing a lot of the rest of the world in terms of the pace of vaccinations as well as the stimulus we have been able to put into the system. that does make the u.s. attractive. particularly for -- it does end up being a headwind. depending on how quickly the movement occurs. a stronger dollar makes it more challenging for emerging economies. shery: i meant as the 10 year real yield above zero. 1% would be a long way from here. what happens next? where are you looking for opportunities a specially when you are looking at value add more perhaps volatility along the way? >> i think the trend of

reflation is still out there. you have got to be more careful about it because we are starting to see some of the sand shifting should there is a whole cyclical defense discussion. it does still hold some water. i am concerned about certain parts of the world are probably a bit better suited for taking advantage of a reflation trade. i would look at it from that perspective. china itself in terms of how it wants to normalize its economy and its monetary policy is something that affects not only the asia region but also a lot of other parts of the world. kind of parceling through all of that. i think those will make sense because overall rates are still low in the u.s. high yield because of the low duration and the view that the fed is not going to do anything at least in the short term does support trades like that.

haidi: always great to have you with us. you can get more on the market action on today's edition of daybreak. subscribers can get that on dayb on your terminal. lots more to come. this is bloomberg. ♪

shery: concern continues to hang over the delayed tokyo games as key questions over covid-19 measures remain unanswered. here is a look at the size and scope of the 2020 olympics and the major challenges facing organizers. ♪

♪ haidi: it is such a complicated situation. we have been through the experience of hosting the australian open and all the complications of trying to put on a world-class event in the time of covid and every expert we have spoken to has said the olympics is a totally different and more elevated level of complexity. even though we know the japanese

government has been officially over -- has spent over $15 billion looking these games, other orders say that number may be as high as $25 billion or more. it seems the olympics is more than a monetary value. we spoke with the japan olympics committee chief. this is how he put it. >> i believe the japanese people will feel more confident in hosting the games if we are able to show concrete plans within the next one month or so. the reason we have not been able to present our plan yet is because no one is sure how the situation with the pandemic will develop in a few months. shery: really interesting hearing from him because he has such deep connections with the olympics. in 1981 the moscow liv-ex pigs were happening, he qualified but could not go because japan pulled out of the games so we had to stand by as a spectator

while other people competed. now he has this new tall order where he is trying to organize the japan olympics for 2020. they have been delayed. it is coming in the summer. you have the japanese public perhaps not so keen either. there was a january poll saying that more than three quarters of respondents wanted the games to either be canceled or postponed again. haidi: in terms of the spending, you see some of those numbers. the postpone alone adding $3 billion in cost. that is not even considering the bill when it comes to additional fiscal stimulus measures needed to get japan out of the pandemic and the pandemic related slowdown as well as the tokyo set of emergencies. we heard from one lawmaker he estimates japan needs hundreds of billions more dollars in stimulus to be able to have this effective recovery. lot is at play there.

not least of which is the money side of things but national pride and the spirit of the lipids. we will have more when it comes to the tokyo olympics and the implications it has for japan. jules says this event should be canceled. let's get you a check of the business flash headlines. verizon is selling $25 billion of bonds. it looks to finance purchases of 5g airwaves. the unsecured bonds would be sold while withdrawing $100 billion in orders. the longest portion will draw 145 basis points above treasury. the bonds are expected to price later on friday. the latest such share or sell by a new york listed chinese firm this year. the fed giant is selling 85

million shares at 295 hong kong dollars each. shares have risen 24% since the start of the year. coming up, coupang delivering the biggest u.s. ipo since uber. ♪

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shery: here's a lot of what on the south korean daybook. a meeting to review housing markets. with growing public anger over land speculation from some employees of a state bond housing corporation. on the corporate front, they will watch the dispute between ft innovation and lg energy in a trade secret case. ft lashed out a lg saying settlement demands have been outrageously excessive. we are 30 minutes away from the open in south korea.

korean stocks expected to extend gains along with the rest of the region along with the back of the surge here in the u.s. with wall street closing at a record high. haidi: we have breaking news and it comes to vaccine supply. we are hearing that president biden in his upcoming speech to mark the one-year anniversary of the global emergency of covid-19 is set to announce that he will oil older -- will order all u.s. adults eligible for the covid vaccine friday, may 1. we have seen front-line workers, teachers, health care workers, as well as high vulnerability patients and adults being prioritized, but we are expecting to hear president biden to heat order that by -- to order that by may 1 all u.s. adults will be eligible for the vaccine. we are getting a preview for

what he is expected to say. he is expected to remark that the fight is still far from over. that we will expand testing in group settings, including shelters and prisons. the cdc will issue a guidance for vaccinated behavior when it comes to travel, work, and places of worship. we are expecting president biden to expand the pool of professionals able to give vaccines and announce 700 new health centers. huge news there for all u.s. adults to be made eligible for the vaccine by may 1. we will get you more and that is the details get to us. another big story in the markets. south korean e-commerce giant quick briefly becoming a 100 -- $100 million company. shares opened more than 80% higher than its initial offer at 63 dollars and $.60. came -- it came down during this

course of the session. shery: the ceo's boat to the future -- spoke to bloomberg. >> we are here today because we focus on a long-term strategy, a vision, we have teams and shareholders who have been aligned with that long-term vision. i think we will continue to stay steadfast to that dna. >> people come. amazon. they call you the amazon is south korea? what you think of your competition with amazon? >> we have been inspired by a lot of companies. we have learned from many companies. our investments are unique. it has produced unique experiences for our customers. our don delivery, order as late as midnight, delivered before 7 a.m.. millions of items. you order before you go to bed, you wake up to fight it like

christmas morning every day. we got rid of classical trade-offs you make when you choose online convenience, like box packaging. 75% of our shipments do not have any additional box packaging and in the case of fresh groceries, we remove disposable packaging by instituting our eco-bags. we are end-to-end integrated. the drivers pick up the ante -- the empty bags. that is the result of unique investment in infrastructure and the technology that integrates it all. >> i have to ask you about the way you treat your workers. jeff and amazon have relieved -- have received a lot of flak. you have had several deaths among delivery and logistics employees who were allegedly overworked, overnight working. how does the company answer to this issue? >> is a tragedy whenever there

is a passing of one of our family members. here is the important context. we have hundreds of thousands of people who work in our operations in fulfillment and delivery and we have had one work-related death in the past year. one is too many. we have to continue to do better. we are leading the industry on this front. we are the first logistics service provider in our industry to make five day work weeks the standard, versus the six state standard of the industry. we are first and still the only company that offers full benefits, paid time off, versus the industry's standard of zero. we offer insurance to all of our workers. with this ipo, we became the first company to make all of its front-line employees shareholders in the company. we are going to continue to lead on this front. >> it -- it is a real concern

for u.s. investors, and i wonder after reports of several deaths of your employees, what can you do to them prove your -- to improve your situation? >> we have to make the standards better. we are raising the bar. we have invested hundreds of millions of dollars in automation that makes deliveries better and makes the work easier for our employees. we will continue to create good jobs. the best working condition jobs in the country, as well as invest billions in infrastructure that asked bands -- that expands our network deeper. 70% of our population lives within seven miles of one of our centers. we are continuing to innovate on this front. >> you also invested heavily to keep warehouse is safe through the pandemic. disinfectant, for example.

the pandemic boosted growth. how is the company changed through the pandemic? what are your expectations for growth post pandemic? >> covid was challenging. our teams, because of our image -- our integration and technology and hard work were able to maintain our delivery promise nationwide to -- three to six he a year. shery: if coupon shares remain above the ipo price next week, unusual exceptions to the deals lockup agreement will began to trickle -- trigger. bloomberg deals reporter has the details. what can you tells about these exceptions? >> the first thing is that it is extremely uncommon. most of the time investors and employees would agree to a lockup of 180 days where they

cannot sell. with coupang, there are exceptions that allow them to sell as early as six days. employees can sell six days after as long as the price trades above ipo and pre-ipo investors can sell 12 days after as long as the shares are trading up 33%. today it is up around 40%. 12 days from now we do not know where it will be. it is likely in the near term you will see quite a few shares releasing into the market, increasing supply. haidi: that is really unusual. what does that bode for price expectations going forward? >> with that many shares about to be -- the lockup expiring soon, there could be some pressure on the price. we can also expect it will

potentially wait until after the lockup to participate in the deal. a lot of the institution investors that pay into the ipo may not get a chance to participate. the company handpicked investors and it is only about 100 investors, or under that, got participation in the deal. it will be a lot of interest once the lockup comes. potentially those shares we can potentially see. it will likely go up. shery: what's we know about people buying after the lockup? you're expecting pressure, right? >> employees -- there will be some price pressure. institutional investors did not get any shares. a lot of them will want exposure. it is a unique company. it is a tech company.

it is asia. it is growth investors wants -- want. you may see institutional investors wanting that in their portfolio and price to come back. shery: our deals reporter. really unusual restrictions with that ipo. you can go to bloomberg for morbid -- for more details on this story. right now we have an alert on bloomberg right now. china now reporting for your net income coming in at 35.6 4 billion. we have seen this real estate developer reporting for your revenue that be the average analysts element of 230 9.5 billion which is higher than the estimate of 224.

21% growth final dividend per share, 1.65 yuan. zero cells. china's developers have done pretty well in 2020. property delivery, revenue per -- revenue booking has benefited these developers. we are seeing a limited decline in residential property depletion. property was one of those key issues during this year's npc as well. we will watch the stock when they open in china. let's take a look at what's ahead, because we are headed to the south korea japan open. sophie in hong kong. sophie echo >> we see a risk as vaccination efforts likely adding to growth. you have the aussie share market gaining ground i 1% set for a second week of gains. tech and resources leading the advance in sydney.

currencies, let's check at the offshore yuan. only a three-day gain. hong kong dollar on a stronger footing. we will watch xiaomi shares then. in the bond space, treasury futures a little lower after benchmark yields and verizon adding to debt supply. the bloomberg dollar m fx -- index has steady. a three-day decline for the greenback. flipping the board, appetite for chinese bonds, the 10 year yield pretty range bound. a little bit of a safe for amid the bond rout. despite liquidity and

accessibility issues, chinese bonds are increasingly look like -- looking like an alternative to treasuries. haidi: we will stay with the markets. there's tremendous pressure on many of last year's favorites. retail investors are asking themselves, do i died -- do i buy this? our coanchor is here. i keep thinking about the robinhood founders vision of investing being easy like going on amazon shopping online. does this change how we view market fundamentals? >> that depends what you are buying. when you crunch the numbers, you have a look at the 10 biggest stocks and what we have done is run it through the minimum lock

up. the minimum number of shares to get in. they offer fractional share services. you can offer a fraction of a share. when you look straightforward, across asia, it can be as low as $30. no minimum in india. one share, that is how much it will cost you. it goes up to 30,000 u.s. dollars when you look at certain stocks. a lot of this brings issues to mind. affordability. if you are a retail investor, do you have $30,000 sitting around? let me add to that. i have a look at this chart. when you look at this number, and we have talked about 30,000, and it went as high as 40,000 at its peak, that is still quite expensive. the disposable income in china per capita -- let me get the statistics right, last year, was

5000 u.s. dollars. that is six times the disposable income of the country. if you wanted to go all you and you would need to go all in six times. that brings in mind certain things. we are not saying this will happen for mountainside, but keep it in mind. when things fall, not everyone is able to participate in the sort of five scenarios. -- by scenarios. this is an extreme example, because it is the only one on the composite that has a price above 1000 renminbi. extreme example, but a big part of the market. back to you. shery: this leads to concerns about inequality. david and glass there in hong kong. we get to vonnie quinn. >> china has wrapped its most important meeting of the year.

saying no dramatic shifts. policy will remain on track. china remains optimistic, but will also be realistic in the face of global interest. the premier wants to see growth at about 6% this year. they approved an extensive overhaul of the way hong kong chooses its political leaders. beijing is cracking down on opposition in asia's leading financial hub. they are changing the size and makeup of the body that picks the city executives. the vote was unanimous with just one abstention. >> we have to accept hong kong as part of the people's republic of china. this system, this socialist system with chinese characteristics under the chinese communist party is written into the constitution of the people's republic of china, article one. when we said we have to uphold

and respect and safeguard the base of law, it is implied. we have to respect the constitution of the people's republic of china. -- carrie lam there. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: more than three under 30 million coded vaccines have been administered globally. but millions and the most impoverished nations may not be able to access them. we talk about vaccine inequality with robbie silverman. this is bloomberg. ♪

haidi: one year on from the declaration of the pandemic. the vaccine rollout is well on its way. but while rich countries seem set, developing countries are facing critical shortages. joining us now is robbie silverman from oxfam america. gray tabby with us. we are expecting to hear -- great to have you with us. president biden will say every eligible adult in america will able to receive the vaccine by may 1.

what is the main thing that can be done to address vaccine inequality echo is a great point. we're in a situation where a lot of areas for optimism in wealthy countries. we are now administering vaccine doses at the rate of one per second. that is an amazing achievement. if you look at the rest of the world, there are more than 100 countries that have yet to administer a single dose. we are seeing this vast chasm of inequality between wealthy nations and the rest of the world. there a number of things we need to do to address this inequality. it comes down to, we need to share the technology behind the vaccine to open access for everyone. we are not leveraging the full capacity of the world's vaccine manufacturing facilities. we are really focused on slicing

the vaccine pie more finely. we need to share the recipe so everyone can have enough. haidi: one of the things i've seen even on social media is #matchmyjag, to encourage people to have access to vaccines. is this something that should be done through personal philanthropy? is vaccine availability and issue public health government should address? >> there are two levels where we need to see change to address this inequality we are seeing right now. the first is, you have a small number of giants are -- pharmaceutical -- of giant pharmaceutical companies that have monopoly control over how many are produced, where they are produced, and their price. at the same time, you've governments protecting the monopoly control of these

companies. that has big invocations for inequality, for people living in poverty, also implications for wealthy nations. one of the things we have learned is that coronavirus anywhere is coronavirus everywhere. we are seeing that now, in emergence of new variants, in brazil and south africa, more easily transmissible, potentially more deadly. wealthy nations cannot wall off coronavirus in other places. we need to vaccinate the world at the same time. governments have a fundamental role to put -- to protect the fundamental -- the public health of their own citizens. the wto is meeting and there is a proposal that more than 100 countries, led by south africa and india, that would allow countries around the world to manufacture their own vaccines that would unlock the recipe

behind the vaccines. it would allow for much more manufacturing. haidi: oxfam, and your latest report, you are saying there should be an override of the monopolies held by pharmaceutical companies, right? the argument being, what happens for the next pandemic of these companies are not allowed to keep their technology, will they want to get into the vaccine race this next time around? >> we absolutely think there should be incentives for innovation. the pharmaceutical companies that have worked to develop the vaccine should receive compensation. but all the vaccines that have been developed have also been developed with public taxpayer dollars. we collectively have invested more than $10 billion in these vaccines area they need to be treated as global public goods. that does not mean companies should not receive a fair return. it means they should not be the sole determiners of who gets access.

we are seeing access is determined by on where you live and how much you can pay. it should be determined by risk and need. that is what we want. public health to take priority over private profits. shery: thank you for your insights. oxfam america senior corporate advocacy manager there. we will have plenty more. this is bloomberg. ♪

shery: here's what to expect in japan. influential japanese ruling party lawmakers saying japan needs to double the nearly 700 billion dollars they budgeted to recover from the pandemic. the bank of japan came to -- can't do much more by itself, even as investors obsess over what they might review at their policy review next week. softbank and focus when tokyo starts trading. they are the biggest backer of south korean econ -- e-commerce giant coupong which surged in the u.s.. haidi: coming up, the push to go ahead with the delayed tokyo olympics. plus the co-author of climate sizing china will be -- climate sizing china will be joining us. we have the opens of the markets

in tokyo and so coming up, another record high for wall street as that $1.9 trillion bill comes into effect. this is bloomberg. ♪

shery: welcome to "daybreak asia ." haidi: asia's markets have just open for trade. china remains optimistic in its post-covid recovery. they say there is no need for dramatic shifts. policy will remain on track, albeit with appropriate adjustments. president biden will speak in the next hour.

he will say there is light at the end of what has been a dark tunnel. japan romance minted to the delayed olympics -- japan remains committed to the delayed olympics. we will take a look at the market opens in tokyo and seoul. >> let's take a look at japan. gains for the nikkei 225. watch the reaction to local media reporting. the boj buying ¥6 trillion in etf. stock is training ground -- graining -- gaining ground. the e-commerce giant is now $100 billion company. jg gave -- jb b markets will be walking -- will be watching. japanese lawmakers caution the country needs hundreds of billions more in stimulus.

let's switch the board to check in on the open in south korea. take a look at what's going on there. the cop seek -- the cop see --the kopsi gaining ground. some gains for the currency. inflation may temporarily accelerate for higher commodity prices. other suppliers, after the bite administration set new 5g license limits. let's look at australia this morning. they set up the risk on tone for asia. pre-much all sectors in the green. -- pretty much all sectors in the green. energy also rising, while oil prices are holding a little bit at $66. this as we saw fuel consumption

expand but opec down looking its production. 10 year yields are edging above 16 e4 after the 30 year reopening. revision on a few you year-end forecasts on benchmark yields, 225 on a 10 year by year. check out options in the u.s.. the head of the u.s. china summit next week, with the assumption here that the u.s. bonds will stabilize. shery: turn to some lines on the bloomberg right now coming from antony blinken, the secretaries of state. he is condemning china's assault on democracy in hong kong. he is saying beijing's actions in hong kong run counter to the basic law. the actions deny hong kong errors a voice in their own government by reducing debit --

democratic representation. he says the u.s. is calling on the prc to uphold its international obligations. this is coming at a time as we expect president biden to address the public in about one hour to commemorate the one-year anniversary of the coronavirus pandemic. he is expected to order all u.s. adults be eligible for vaccines by may 1. turn to your bloomberg for more, go get commentary and analysis from bloomberg expert editors. the stimulus package in the u.s. also made waves in the market. president biden is expected to talk about that tonight. let's get more on the markets. mark, does a passing of the stimulus package after two months give the u.s. the edge in the weeks ahead? >> it looks like people are

starting to talk again about american exceptionalism, that there will be this narrative which gives a drive to u.s. stocks, which is hard to match in other parts of the world. there is also speculation that, as these stimulus checks get rolled out to people in america, how that money will find its way back into the u.s. equity market as it did last year. that is something other developed markets cannot match for the time being. there is a bit of a focus on the wealth effect in the u.s. by some measures u.s. households, their next -- net well fixed -- net wealth increased by $12 trillion last year. particularly during a year marked by recession. the money is sloshing around in the u.s. system and it's quite extraordinary. some of that will find its way into the stock market.

particularly when you have the central bank confirming it will keep short-term interest rates low for a very long time. there is not much to attract people to move away from equities in the time being. this american exceptionalism could run for some time yet. haidi: we see -- i we seen a turning point or stabilization .4 chinese equities? >> there have been some encouraging signs this week. particularly one of the curious things was the cso three hundred index, one of the main indices in china was performing badly in the afternoon sessions. even the day traders seem to give up any hope they could -- there could be a rally towards a close. that seems broken -- seem to be broken yesterday. we saw the best of the csi 300 for them -- for more than two

months. on the performance of the back of what was an optimistic meeting by the chinese leaders, they set out a strong path for growth in china. they also seemed to identify the main cause of the selloff recently in the stock market that seems to be the fund industry. they're putting that right. ally that with confirmation that monetary policy will be neutral, no immediate rate hikes in china. we will probably see stability's perchance with up siding in china stocks. there is a decent chance the selloff we saw has played itself out for now. haidi: you can follow more on this story on our markets blog. let's get you to vonnie quinn now. vonnie? >> china has wrapped its most important policy meeting for the air, say there is no need for

dramatic shifts. the premier said policy will remain on track. with adjustments in a reasonable and appropriate manner. he said china remains optimistic but will also be realistic. leaders want to see gdp growth set at about 6% this year. the national people's congress approved an expensive -- extensive overhaul on how hong kong chooses its political leaders. delegates have plans to change the size and makeup of the body that picks the city's chief executive. the vote was unanimous with just one abstention. >> we have to accept hong kong as part of the people's republic of china. in this system of socialism with chinese characteristics, it is written into the constitution of the people's republic of china, article one. when we said we have to uphold and respect and safeguard the

base of long -- the basic law, it implies we have to respect the constitution of the people's republic of china. haidi: chief executive carrie lam there. opec is downgrading its output for energy demand, while maintaining a tight grip of food supply. rival supplies trapped in its position. opec says the pandemic drags activity and pert chart -- and current production mains in place. the u.k. government isn't -- economic secretary john glenn told bloomberg that changes to ipo strategies and fintech regulation will be followed by a consultation with business on wider market reform. financial services accounts for 7% of the u.k. economy and 10% of its tax basis. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than

2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: still ahead, we hear extensive knowledge of the chinese extent -- financial system to analyze the economic ambitions laid out in the national people's congress. up next, the be ioc has a history of passing through adversity to ensure the olympics will be stage. this is bloomberg. ♪

haidi: once urgency remains over the delayed tokyo olympic games. there are questions about spectator limits. japan's government is determined to push ahead with the games. the president of the japanese olympic committee speaks with us

and says, there is still work to be done to reassure people. >> [speaking foreign language] the situation with covid infections has been improving in japan. gradually, international tournaments are starting globally. what is most important is that we have not been able to prevent concrete scenarios on how the olympic games would be held in a way where all concerned parties, including athletes and people, deal safe and secure. i believe the japanese people will feel more confident in hosting the games if we are able to show concrete plans within the next one month or so. once japanese athletes start participating in qualifications in japan and abroad, the momentum for the games will start to rise. the reason why we have not been able to present our plans yet is because no one is sure how the situation with the pandemic will

develop in a few months time. >> holding the games, even with the outlook of the pandemic still not clear? >> [speaking foreign language] the olympic and paralympic games are where people from around the world with different cultures, languages, backgrounds, ethnicities, and religions come together in one place and try to understand their differences. and what's most important in sport is that you have respect for each other. this spirit will lead to world peace. let me in about -- let me note the antwerp olympics in belgium 101 years ago. it was the games held where the world was devastated by world war i and the spanish flu. it is easy to give up on things, but i strongly believe it is quite significant to hold the olympic and paralympic games when the world had to overcome hardships together. it will become a light of hope

for everyone in the world. >> games may have been tarnished by recent scandal. how would the japan olympic committee support the organization of a new head to regain trust? >> [speaking foreign language] miss hashimoto is a seven-time olympian. she has a strong feeling towards athletes. she has served as a leader of the japanese olympic team three times. she was a board member for the japan olympic committee for many years. it was unanimously agreed for ms. hashimoto to take a leadership role on the organizing committee. this means, sports organizations will take the lead in abolishing discrimination and promote gender equality and diversity. i do not think truly picked spirit has been widely recognized in japan yet. the basic principles of the spirit support political

neutrality and for bid any kind of discrimination. we have a new female leader, ms. hashimoto, for the tokyo organizing committee. it has 40% of female board members. abolishing discrimination and promoting diversity in society is a big step. not only for the tokyo olympic games, but it will become the legacy for the japanese community. the recent changes is a symbolic move for japan to overcome this challenge over the long-term. shery: the japanese olympic committee president. our next guest knows the ioc has a history of pressing ahead against the odds. he is a professor at pacific university and has written several books on the olympics. also a professional soccer player who rep rep -- represented the u.s. olympic team in international gnashes.

-- matches he joins us from portland. you have first-hand experience on what it takes to host an international event. can this olympics be held safely? >> that is up in the air, as the gentleman just said straight out loud for us. it should be remembered i think as we consider this important question that the olympics are a wholly optional spectacle. they are not an essential service to humanity. choosing to press ahead with the tokyo games means potentially creating a massive and dangerous petri dish. i would argue that to be safe we need to think about public health and the tokyo limbic should probably be canceled pretty soon. -- tokyo olympics should probably be canceled. >> the public does not seem to be on the organizers side? it seems most in japan are afraid of what will happen and

want to or delayed. why is this not happening? >> you are exactly like. 80% of those polled recently in japan now prefer either outright cancellation or a further postponement of the olympics. they are supported by numerous doctors, epidemiologists within japan. they are cringing at the possibility of having all sorts of foreigners bringing covid in with them and spreading at throughout japan. japan recently surprised -- survived a spike in cases of covid and are not overeager to have a revisitation of that problem. i would also add, the olympics have long been audacious and impractical, with thousands of athletes coming from around the world with their families. it is beautiful or float -- beautiful for many, but in this particular moment, especially --

practicality has lethal consequent is for japan and the wider world. haidi: speaking from australia, we have had our challenges in hosting the australian open. a lot of people say the olympics is an entirely different beast. we heard that in a time of global hardship it is more important than ever, as there is a lack of hope in people. do you subscribe to that, that there is some sort of higher calling when it comes to olympians versus regular athletes? >> you're absolutely right. the olympics are a different beach -- beast. much more complicated then hosting a temperate -- a test -- a tennis tournament. in terms of it being a beacon of peace, one can flip the argument on its head and say that canceling this olympics, something many people across the world cherish, could be a sign of solidarity in challenging

times, a way of acknowledging this is a serious problem happening right now. let's not forget 2.6 million people have perished because of coronavirus. that is as if everyone from chicago got coronavirus and died from it. this is a serious problem. by canceling the olympics perhaps they could get the solidarity they are aiming for. haidi: you talk about the slow motion of -- the wreckage of the reputational damage being done to the olympics from doping scandals to sexual inequality scandals. there are a lot of things going on. is this a nail in the coffin if it does not go ahead? or is it an attempt to reset for the olympics? >> that's a great question. there is no doubt about it that the olympics are experiencing a slow-motion crisis right now, whether it is the doping or the fact that fewer and fewer cities

are game to host the olympic games, or there is a -- analytics coming up in china where human rights are a massive concern. de liv-ex have a lot of problems on their plate right now. this would be the perfect time to hit the pause button, go back, figure out what you want to do with the limbic games. let's be real. there is a lot of money at stake with these games. when those were tokyo were first pitching -- piston -- pitching dealer base, they said it would cost $7.3 billion, but today they said around $30 billion, or than four times the original price tag. this has become par for the olympic course. etch-a-sketch economics, where during the bid phase, the bidders say it only cost this much, and that only escalates as it goes on. tokyo is no exception to this trend.

shery: we go from virus concerns in japan to virus concerns in south korea. breaking news right now, the prime minister now saying that south korea will extend the current social distancing rules for two weeks. they do have a five tier system. that level has been eased to 2.5 22 insole. that is being extended for two weeks. this is bloomberg. ♪

haidi: the european central bank is pledging to ramp up government loan purchases. our global economics and policy editor kathleen hays is here. how strongly is the signal we are getting? >> it is very strong. a plan to have an impact on

markets and what they expect to be doing. they have to contain rising bond yields. they are struggling with the pandemic. despite their fiscal passage is not as big as the u.s., they are worried about the regional economy of those yields keep rising. bluebird economic said it very clearly. the policy statements of president lagarde's remarks set a powerful message. >> based on a joint assessment of financing conditions. the governing council expects purchases over the next quarter to be conducted at a significantly higher pace than during the first months of this year. >> the pap is the pandemic emergency purchase program of bonds. she also said this is not doing yield curve control. they're not trying to cap

yields. they just do not want them to choke off their recovery. she also said preserving favorable financial conditions, not tightening them. things that promote growth remain essential. this announcement surprised the bond market to an extent because the data on the pep purchases showed slowing. let's look at a chart right now. look at the blue line. purchases at about 18 billion euros per week. they dropped down the last two weeks for -- to about 12 billion. the ecb has not commented on this. this was reassuring that they are watching, that they care and want to prevent any increase in bond yields from continuing. the ecb did not change the total size, 180 5 billion euros, in the package. they said increasing the size as possible and it can be recalibrated if required. shery: the push on yields also

happening in japan. what are we expecting from the boj and their yield call -- yield curve control? >> they are expected to make tweets. on march 19, they are wrapping up their five-year monetary policy review. the last time they did it was in 2016. after that they came out. they announced yield curve control. in 2018 they widened the band they held that 10 year jgb end. -- band. that is because yields were falling at that time and they needed to take account for that. having done all that, the question is, these are the reasons they should consider it, and why there is debate going on. the purpose of the reviews to make sure policy is sustainable. we know a steeper yield curve -- curve is hurting banks.

85% of people talk to buy bloomberg economics think there will be a move. this is bloomberg. ♪

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(woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. >> i am vonnie quinn with the first word headlines. president biden will address the american people in the next hour and will say all adults will be made eligible for a vaccine by may. he will say if the u.s. can reach its vaccination goals it will be possible for people to gather in small groups. his primetime speech will mark the one-year anniversary of the who's declaring of the pandemic. myanmar's increasingly violent suppression of popular protests is drawing more international

outrage. the un's condemning security forces accused of killing at least 70 people since last month scoop. washington says they benefited directly from his malign influence. judges in thailand are delaying any redrafting of the constitution saying a national referendum must be held first. the constitutional court says parliament can only make changes voters a great. that will be followed i another referendum. the decision is a blow to antigovernment protesters who have been demanding change for a month. the citigroup chief complaint -- claims that as he spoke at the economic club of new york saying her own experience convinces her mentors, female and mentor, are there. she became the first female ceo of a major u.s. bank. >> my own experience, i have to

say, i have had wonderful male mentors. the support of different female members, our friends, colleagues, mary said female ceos who have reached out, it has been extra ordinary. >> global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery echo shery: less than an hour from opening trade in china. we are holding our breath. stocks about a bumpy ride since reopening after the lunar new year. let's bring in david. the securities time has come out, telling investors to stay rational. that is no fun. what is emerged? -- what themes have emerged?

>> it helps sometimes to be amount -- air -- it helps sometimes to be rational, it helps sometimes to be emotional. this applies to markets, in this case, i think of 1967. the righteous brothers. love and feeling. are a member this conversation i had with one of our guests back in december. we talked about looking at what happened, this group was the worst performing group. china was first in, first out of corona. they as that allure disappears, china then moves on, from an earning perspective as well. there's been a rotation out of your leaders last year, china included. from an earnings perspective, we measure normalized 12 month eps.

it could be a conversation. there is tightening bias. on the pboc something to watch. everything from marrow inc. -- narrowing brett to slowing momentum. all things to watch in the next couple of weeks here. haidi: the mutual fund guides, the insurers, what are we expecting today? is there anything jumping out at you at the end of this very busy week? >> nbc, if there will -- if there was a surprise from the end --npc, thousand surprised to begin with. a lot of these are ahead of schedule. if it comes as a surprise, that may be something to watch. as far as state -- as farce today is concerned, -- as far as

today is concerned, you're getting green in your screen today in asia. maybe a bit of gay going into the weekend. --yay shall mean has a buyback of 1.2 billion dollars. alibaba on the dow jones reports half the record fine. an earnings missing expectations at that. back to you guys. haidi: we will get more on the nbc. the lacquer surprises. beijing wrapping up its biggest political gathering. it showcases their confidence as they emerge from the pandemic as the only major economy to expand into i-20. our next guest is focusing on

something else, china's pandora's box has opened, according to him. joining us from singapore, the co-author of "red capitalism," always great to have you with us. to be clean anything from the political pageantry of the past week and a bit that would tells more about china's world -- role in the world, and strategic competition between the u.s. and china? and whether that sustainable level of growth can be achieved? >> there were no surprises. a lot of the trends were reinforced and clear. we see clearly the interference in hong kong and dismantling the one country three system. it is taking confidence from how

it is candle covid. a lot of these are well-known. fundamentally, china has a lot of problems. it a lot of problems economically going into covid. those problems remain. its global position is much tougher. biden could cause china many more problems. he will be more coordinated. the economic bullying of australia is very well known. many economies around the world are fed up and want to respond to china's aggression. haidi: we are heading into that quad meeting later today. you talk about a pandora's box where essentially you say that president trump may no longer be in office, but the theme, the momentum of being able to push back against beijing is still ongoing. what to expect that to look like under a biden administration,

beginning with the talks in alaska? >> there needs to be talks. you cannot turn your back on china. as we see from trade and supply chain, china's highly integrated. that will not change anytime soon. i think there will be general -- better coronation in terms of how people engage with china. we see this already in semiconductors. i think we will see a more coordinated approach, whether it be from the quads or the five eyes or european and u.s. cooperation. there is a lot of countries prepared to speak up. they will come together. it is not a case of just ignoring china or disengaging from them. china needs to be worked with. it is a six of the world's population and the second largest economy. you have to work with china, but the easy days of china are for -- are over. shery: how big a broken the

private sector take when it comes to these talks? -- how big a role can the private sector take when it comes to these talks? we heard there will not be any government involvement. >> that is difficult. on the chinese side, there is simply -- the government sees the private sector as part of its arsenal and toolkit. i think in the west, it is obviously companies that are left to their own devices, and governments by nature do not want to interfere. it is difficult for private companies, because as you see in hong kong with hsbc or others, there is economic bullying by beijing. it is difficult for private companies to take a position.

any position that pushes back. i would hope there would be that are coronation to delineate how you engage with china. there needs to be rules and red lines of where the limits of cooperation need to end. shery: is it safe to assume china's approach to the u.s. and to the rest of the world will not change, as long as we have resident xi jinping at the helm? if that is the case, what are you expecting on that front? is he the internal president for now? >> he is certainly the president for much longer if he has his way. certainly not maternal, and i do not think -- i think there will be, picking a fight with the u.s. is never a good idea. the u.s. is clearly heading shoulders above china over a whole host of metrics. china is dependent on the rest

of the world to build its stream. i think i can change, but only f there is coordinated action and engagement from the other side as well. not engagement of just going along with anything china does, but having a clear plan of engagement. actions in j&j or hong kong --actions in xinjiang, or hong kong, there is going to be reactions. shery: always great having you with us. co-author of "red capitalism." coming up, president biden set to address the nation after signing the stimulus bill. will take a look at what to expect with balance of power anchor david westin. this is bloomberg. ♪

>> president biden set to address the nation less than 20 minutes from now just hours after signing his 1.9 trillion dollar pandemic relief bill. let's take a look at what to expect with david westin. david, great to have you with us. we just heard president biden would talk about making vaccines available for all adults, may. what else should we expect, given that, as i mentioned, he

also signed the stimulus package? >> those are the two big issues. if you think about it for a moment, this is quite the event for today. it is the one-year anniversary date -- anniversary of the who declaring a global emergency. we have the 1.9 trillion you mentioned. in addition to that used going to talk about what we're we are doing with vaccination. he is hoping that by july we can have small gatherings. he will announce some releasing of restrictions through the cdc. he will first and foremost emphasize what we are doing with the pandemic and expressed great sorrow for the over 533,000 americans we lost. shery: what can we expect on the stimulus side of things, because of course, that will be huge. that is a huge boost to americans. we are expecting president biden

and the vice president to go around the country talking about it. >> and their spouses. a four-person event, actually. all across the country. it is a market distinction to what happened with obama. they did not sell the affordable care act, they moved on to other things. a lot of people in the white house thought they did not do it well. so they thought they would really sell this thing. do not know how hard they will have to sell giving $1400 checks to everyone. but they will go on a whistle stop tour around the country, starting with the foregoing to various locations, particularly, not coincidentally, key states for the 2022 elections. shery: even we as we have the american rescue plan signed, we are already eyeing the next challenge. are we expecting kind event opening salvo for the next step of the recovery, the infrastructure investments, the harder to deal with elements of

the long return -- the long return rescue plan? >> we do not know. i do not know. i would not be surprised. he wants to talk about build back better. this is the rescue park, as you said, haiti. --haidi. there is a lot of support on both sides of the aisle for infra structure in principle. at the same time, this will be a lot harder. the $1.9 trillion stimulus data -- package got passed without a single republican vote. they will need 10 republicans for infrastructure. i'm not sure if they are in the mood to play with president biden. haidi: can president biden at this point start -- any kind of sense of victory over the measures that have been taken and incremental gains taken over -- made over the pandemic and is handling? what are the numbers telling us?

>> we are up to something like 2.2 million americans getting vaccinated every day. it was 900,000 when he came into office. president trump deserves great credit for that progress in getting the vaccines going. at the same time, there is a sense that the biden administration is focused on this and has moved it forward in an impressive way. i think he deserves credit for it. he had to delegate challenge. it is hard to celebrate, the war is not over. we have people contracting the virus, going to the hospital, and dying. it is not like there is a victory. we are making progress, it is encouraging, we have a long way to go. he wants to take credit for how much progress he has made, but not declare victory. shery: what about the legislative victory echo the package was passed without a single republican vote. how much harder has this made things for the build back better

package? >> he is going to need to break the filibuster and that requires a vote of 60 in the senate. they need to bring over 10 republicans. the republicans in general say they are for infrastructure, but the issues how they will pay for it. there is disagreement around that. going back to what you said, i think it is important, shery. this is the 50th day of the biden administration. he got through a bill that i think is bigger, and he did a faster than most gave it -- gave him credit for, in no small part by winning both of those runoff elections in georgia. in fairness, when they campaigned in georgia, they said, this is what it is about. if you want to stimulus, you have to vote for two democrats. and they got it. haidi: david westin giving us some context there. major address we are expecting from the u.s. president, joe biden. you can turn to bloomberg for more on this, including that

speech. you can get commentary and analysis from our expert editors reacting as that plays out. be sure to tune into bloomberg radio as well. get in-depth analysis from the daybreak team. you can listen in via the app or at bloombergradio.com. we have a lot more ahead. this is bloomberg. ♪

>> here's a quick check on the latest headlines. seeking to raise as much is $3.6 billion in a second listing in hong kong. the share fell by a new york listed chinese firm this year. they are selling 95 million shares at 295 hong kong dollars each. a 90% premium. baidu shares have risen 24% since the start of the year. sales at jd.com the residents -- be estimates. china's e-commerce -- e-commerce boom may persist as the country bounces back from the pandemic. they reported sales of over $35 billion for the. jd.com's market value has more than doubled in the pandemic. aia's new business rose 33% last

year as the pandemic her insurance across asia. it was aia's first annual drop since going public in 2020. the future profitability of the new policies fell 2.8 billion dollars from 4.2 billion a year ago. the company had previously used it its value sixfold from listing through 2019. haidi: the hs bc boss has been forced to defend bonus cuts to an unhappy staff. the banks early division that xi revenue increase the last year -- only division that saw a revenue increase last year. let's get a bit more on the details of the story. can you give us a rundown on what has been going on in the investment bank? >> good morning. as you mentioned, the ceo and his top lieutenants were forced

to defend bonus cuts to a lot of disgruntled investment bankers and traders, especially after a year marked by hectic dealmaking and volatile market switches. basically fuel profits for many investment banks around the world. the ceo, along with the unit cohead, have to justify why the pool had to be scaled back. the only division that xi revenue increase last year according to our sources. -- that sought revenue last year according to our sources. some firms in the u.s., such as goldman, set aside double digit in total compensation for its bankers in asia, while jp morgan and citigroup also increased pay. that is the reason for the frustration to a certain extent. shery: what are these banks actually saying? what are the reasons they are giving for the bonus cuts?

>> it was basically the ceo and the two investment bank heads, they told employees last week that the virus, the pandemic had eroded the bank's overall performance and, combined with this dark economic backdrop, meant it could not pay more and, even some bankers who gained top marks for their performance were told their bonuses would be cut. and they should not expect a pay increase at all. haidi: the latest on hsbc seeing dissatisfaction in the ranks. shery, the story i love, non-fungible tokens are something we will be talk about something we will start talking about recently. riding the crest of the crypto wave. it is digital artwork, including

the buyers premium of $69 million. the other stored in anything about this is it is actually payable under the new rules for payment at christie's in cryptocurrency. this gives context to what we are seeing here. >> i think what this really represents is, you know, a wake-up call. an announcement to the rest of the world that this is here to stay. it is real. it is great for everybody. it is great for artists. it is great for galleries, museums, anyone working in the digital artspace. shery: you know what is amazing

is not just the $69 million price tag there, which is a lot of money, but it is also a lot of money compared to traditional, historic figures, vincent van gogh cast a field of only 16 million. to put that into context, this is huge. or bigger than what we have seen in the past. this is the new nft market, isn't it? coming up, exclusive interviews on bloomberg markets here on the opportunities in southeast asia. we assess the impact on the pandemic -- of the pandemic on the hospitality industry with the mandarin oriental hotel group. and we have that president biden speech, he will be talking to the nation marking the one-year anniversary of the lockdown, march 11, 2020. when covid-19 hit home here in

the u.s. and of course president biden has just passed is 1.9 trillion dollar stimulus package. this is bloomberg. ♪

>> and his 9:00 a.m. in beijing. welcome to "bloomberg markets: china open." i'm tom mackenzie. david: good morning. i'm david ingles. we are counting down to the open of trades. let's give -- get to your top stories. president biden is preparing to address america on the one-year anniversary of the pandemic. he will say there is light at the end of the tunnel.