get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. haidi: welcome to daybreak australia. we are counting down to asia's major market shery: good evening from bloomberg's world headquarters in new york. haidi: these are your top stories. the u.s. and china begin their first face-to-face talks of the biden presidency. inflation gripped the markets.

treasury yields touched some of the highest levels in more than a year. some european countries rolling out the astrazeneca vaccine. shery: here's a quick check of the markets. on wall street, we saw the tug-of-war between growth and value continue with u.s. stocks falling from record highs. the nasdaq 100 erased all of its gain for the year. stay-at-home winners all turning lower. financials the only sector in the green on the s&p 500 with 10 year yield treasury yields climbing above 170 for the first time in over a year. we had wti seeing its worst day since september. five days of losses taking it to its longest stretches of daily losses in more than a year. we had vaccination effort stalling and a stronger dollar. let's see how we are setting up across asia. sophie: this friday, kiwi stocks

may be an outlier because futures elsewhere are signaling losses after we saw the declines on wall street with market volatility perking up as well. we are seeing curb steepening stall for australia. the 310 gap eying the people we saw in february. the 10 year yield gaining some ground. watching to see whether banking stocks will climb higher to track these elevated yields. we have the banks, sec. of best year to date on the asia-pacific cage. just want to check in on oil. wti capping a five day drop. pressures seen on physical oil demand. time spreads indicating markets may be fragile. this could be the making of an intermediate top in oil while the dollar may be bottoming out. with that low yield, the yen and

euro looking less attractive on rate differentials. we have the yen holding below 109 this morning on boj policy. we are watching to see of jgb traders will test the upside of the range amid speculation it may widen its trading band for yields and adjust its etf. it is possible the boj could change bonds. otherwise, no change expected on the rate. haidi: on the geopolitical agenda, the u.s. and china have begun their first high-level talks since the biden administration took office. if successful, this could lead to a meeting between joe biden and xi jinping as soon as next month. let's bring in tom mackenzie. it is more than a just -- then just establishing a relationship shared we understand beijing will be pushing for ambitious

targets at these talks. tom: that is right. if the commentary we have heard from officials leading up to this is anything to go by -- in the last few minutes, it is going to be a contentious meeting. we have heard from the top, and his party official when it comes to foreign affairs. he is saying the u.s. should not criticize us. they have many problems including the killing of black americans. saying many americans not have confidence. do not have confidence in the u.s. he also said the u.s. and china have seen lots of progress in terms of trade. he says they are -- there are common global interest. his comments coming after some lines from antony blinken, the u.s. secretary of state who said some actions from china threatened the rules based order. he says the u.s. is committed to leading with diplomacy.

the secretary of state joined by jake sullivan who is the head of the national security advisory council in the u.s. in terms of what china is coming to the meeting with, they are going to push back on complaints around human rights. they have their own laundry list of requests. they want their move of sanctions and tariffs on chinese individuals and entities. they want restrictions on technology flows to china to be reduced. they went curbs on chinese tourists or chinese journalists and members of the commonest party to be removed in terms of visas. they are pushing for a summit between the two presidents on april 22. for joe biden and xi jinping to talk about climate change. that is something the chinese started pushing for if this meeting is successful. shery: we do have that sound

from secretary blinken laying out the concerns the u.s. has about china. >> we will also discuss our deep concerns of actions by china including in hong kong, taiwan, cyberattacks on the united states, economic coercion toward our allies. each of these actions threaten the rules based order that maintains global stability. that is why they are not merely internal matters and why we feel an obligation to raise these issues here today. shery: what i find interesting is the source is telling us ahead of the meeting they were sending secretary blinken and advisor jake sullivan together to show a united front within the administration so beijing does not do what they did during the trump era where they were pitting different factions of the administration. a different approach but it seems the rhetoric against china is still the same.

tom: it is really relevant to point out both jake sullivan and the u.s. secretary of state are together and they are trying to show the white house they are unified because that has not been the case over the previous four years. as you rightly say, beijing tried to leverage some of the divisions within the administration. the biden administration trying to show in this administration, they are unified on this. in terms of the rhetoric, that has changed. they are trying to strengthen their alliances with allies. they are trying to have a multinational multilateral approach china in pushback with allies like south korea and australia. in terms of the policy prescription, that has not changed. tariffs have not been removed. we have seen additional constraints put on chinese telecom companies. on those measures, nothing has changed significantly from the

biden administration. the rhetoric has become more rational and less volatile. longer-term from a chinese perspective, they are cognizant of the fact the politics in washington could change. i've spoken to people who said president trump could be back in office in four years. the chinese are not prepared to make any radical changes. they are focused on putting out there on supply change to -- supply chains. for them, these are red line issues they will not want to see crossed. shery: tom mackenzie in beijing as we continue to watch the talks ongoing in alaska. our former -- also, david lee joins us later. let's get over to vonnie quinn. vonnie: the european countries including germany and france

will restart using the astrazeneca vaccine after the e.u. drug regulator endorsed as safe. several countries paused inoculations, adding to the hurdles the region phases. the regulator recommends adding a warning over rare places -- rare cases a blood clotting. president joe biden says the u.s. will clinch his goal of administering 100 million covered shots by friday. the u.s. hit the 100 million mark last week with 66 million receiving at least one dose. biden's goal is based on jabs since taking office. >> keep the faith. keep wear your mask. keep washing your hands. and keep socially distancing. we are going to beat this. we are way ahead of schedule. what we have a long way to go. -- but we have a long way to go.

vonnie: tokyo's state of emergency is set to end sunday after more than two months. the prime minister's said targets for relieving the strain on the health care system were met. easing restrictions is seen as a gesture of optimism before the olympic torch relay next week. >> i have been saying we need to extend the state of emergency and to judge carefully until now. as we have been meeting the criteria in stable way, i have decided to lift the state of emergency. vonnie: 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. this is bloomberg. shery: still ahead, our exclusive interview with the founder of bridgewater. he says inflation could force the fed to hike earlier than expected -- than anticipated.

plus, better working conditions with analyst logging 100 hour waits on the job should this is bloomberg. ♪

haidi: we are looking at live pictures of these ongoing u.s. china talks taking place in anchorage, alaska. the secretary of state antony blinken is there along with jake sullivan as well as from the chinese side, the prime minister. you can see those talks. we are getting lines through saying the u.s. and china should not allow relations to keep deteriorating. they should put a stop to this trend of difficulties. earlier saying the u.s. does not represent the western world or global opinion. we know this is part of beijing's efforts to char a different path and provide a

different narrative to what the u.s. does and alongside some of their investment and influence in other parts of the world. also saying the u.s. is the champion of cyberattacks and we know that is one of the many issues that are going to be discussed as these talks get underway in alaska. we have heard they will be urging antony blinken and the national security advisor jake sullivan to drop sanctions and restrictions put in place under the trump administration. we also hear if these talks go well, we could be setting up for a top leadership meeting between xi jinping and joe biden. we will continue to monitor those talks and bring the latest to you. in other top story, ray dalio says rising inflation could force the federal reserve to raise rates earlier than anticipated. speaking to bloomberg, the bridgewater associates founders says there is a real risk the

economy is being overstimulated. haidi: think of the economy as being like an individual and their pulse is dropping. when the pulse is dropping, the doctors come running in with the stimulant and they inject stimulant. now the economy is rebounding, and inflation pressures are rebounding, there is not the same pressure to administer that stimulation. when it happens, when the becomes a problem is first, the rising interest rates start hurting financial asset prices. first, they hurt bonds. then, they pass through and hurt stocks because still, interest rates affect stocks. when that starts to affect stocks, that is one thing. maybe the stock market can correct 10 or 15% in the federal

reserve can tolerate it when it goes beyond that and starts to affect the economy, that is when you see the real trade-off at the surge -- at the surface. that is what that looks like. >> let's play a little dickens here and ask what the ghost of christmas future -- at the end, they say is this what has to be or can i still change it? can we change it and could jay powell change it or for that matter, the administrative government? ray: our basic situation is we are spending a lot more money than we are earning. that gap exists. and a balance sheet means we owe a lot more money and owing that money is somebody's financial assets that they might sell. it is not an easy thing to change because what do you do? spend less money? and if you spend less money, you

give less checks out or if you cannot get people to easily earn money and change that. it is a difficult dilemma. it is a particularly difficult dilemma i think you are going to see late this year and beyond that. shery: bridgewater associates co-cio and founder. you can catch that full conversation on wall street week airing leader on friday. price concerns are raveling investors. feeling a selloff in treasuries even after the fed predicted near zero interest rates for 2023. running us to discuss is julia hermon. great to have you with us. as i said, the fed has remained --. we do have those inflation concerns. they are coming from the idea we will continue to see economic growth. why do we see this market reaction today?

>> the skittishness we are seeing emanates from the fact we have put the cart before the horse at least by a few months in terms of the global recovery. we have all the building blocks. we have the stimulus announcement. we have vaccine progression. if we look at the rest of the data, it is hard to come up with a coherent story about the recovery being here. you have the bond market screaming at us, the market is right here, right now. shery: you have those inflation concerns continuing especially in some emerging market economies. this gtv char on the bloomberg showing inflation and inflation expectations soaring across brazil. are we starting to see emerging markets going the other way around? >> it is a fact we will likely see the majority of major emerging markets beating the fed to a tightening cycle.

that is because of what you mention on the inflation side. a lot of emerging-market struggle with inflation and they do not have the luxury of -- as transitory as the fed has signaled it will do. it is no surprise we saw china leading the way on sending tightening signals. we also had brazil with a 75 basis point hike yesterday. in asia, i would highlight we need to watch india and the philippines because they have had more stubborn inflation pressures and have not been able to be as double which as they might like. haidi: i want to throughout this chart looking at real yields. i get the feeling this is one thing emerging-market investors are or should be looking at. if you take a look at the white, the u.s. 10 year has reversed halfway from its bottoms. it still remains negative. as it gets quote or to -- closer to zero, how much more appealing does the u.s. dollar look? >> when it comes to the dollar,

it has the same two fundamental drivers as em, and those are growth and liquidity. it does point to further weakness in the dollar. the u.s. is likely to be one of the performers this year. the main things as preventing the dollar from going on a more prolonged cycle is interest rates are still quite negative, still around -60 basis points. even though that is less negative than elsewhere in the developed world, it could provide currency support for certain emerging markets where they already have positive interest rates. haidi: continue to watch the recovery in china as a major driver perhaps in more ways than the fed? >> when it comes to china, the main effect on the emerging-market space seems to be less about the monetary side

and more about the fiscal side. china set a growth floor of 6% for 2021. the potential point of concern is it is lower than the majority forecast out there. when you juxtapose that with the u.s. where you have the growth expectations surging ahead, you have the potential for some disappointment in china, which could seep through to the emerging-market space. once this all shakes out, we are looking at one of the broadest and grandest global recoveries in recent memory and that is very constructive. haidi: always great to have you. senior global strategy analyst. still to come, the u.s. marks a vaccine milestone as president biden meets his goal of 100 billion shots weeks ahead of schedule. this is bloomberg. ♪

shery: let's get the latest on the global vaccine campaign. the u.s. says it will meet the goal of 100 million covid doses in the first 100 days of the biden administration as soon friday and plans to share surplus jabs with neighbors. european countries will restart the astrazeneca vaccine. let's bring in jodi schneider. we are seeing more adults being eligible for this vaccine across the united states. jodi: the biden administration today said it was ahead of its goal in the -- in administrating -- in administering 100 million vaccines in the first 100 days of his presidency. it is six weeks early before that goal.

they are obviously taking a bit of a victory lap saying they want to get to 200 million vaccines administered or doses administered before or on that date of the 100 days of his presidency. the u.s. reached that goal last week of 100 million doses overall since the start of the vaccine campaign in december but this is during his presidency. the 200 million goal while somewhat ambitious, they are on track to meet that. they are moving the goalpost but not in hugely ambitious way as the campaign is accelerating with a rollout of the johnson & johnson vaccine, which is just one dose. haidi: in europe, we are seeing a revival in the use of the astrazeneca vaccine over the concerns of the blood clotting adverse event. what kind of changed in terms of the guidance? jodi: what we are seeing in

europe is interesting. the astrazeneca vaccine, they had suspended several countries including france, germany, portugal had suspended the use of the vaccine while they investigated whether it contributed to an increased risk of blood clots. the investigatory body of the e.u. decided it did not, there was no an increased risk and so germany and france and some of these other countries said they would go back to using astrazeneca. they are really desperate to vaccinate as many people as they can as the variants spread is concerning a these countries. -- concerning in these countries. haidi: the french government announcing the lockdown in paris. jodi schneider, our senior editor with the latest on the

virus and vaccine efforts. nike's rebound from a pandemic slump suffered a setback last quarter amid supply chain problems in north america. sales totaled 10.4 in dollars. that is below projections of $11 billion. shuttered stores waiting -- fedex will -- increased prices and e-commerce delivery. sales jumped 23% from a year earlier as surging package volume and higher prices offset labor cost and poor weather pair the company signaled for momentum for the full year as the u.s. recovers from the pandemic. a flagship firm of a hong kong billionaire -- nikkei hutchinson's net income fell 27%. total revenue dropped 8% as the coronavirus hammered businesses

across retail, property import the company does expect to rebound this year. we have a lot more to come on daybreak australia. this is bloomberg. ♪

♪ >> we will also discuss our transactions with china, economic coercion towards our allies. each of these actions threaten the rules-based order that maintains global stability. that is why they are not merely internal matters and why we feel an obligation to raise these issues here today. >> u.s.-china trade i've seen progress and we should take that to the next level.

>> of course, we will have the talks between the u.s. and china. saying there just before, the two countries should stop the trend of difficulties and deteriorating relationship. we are hearing now that he also said, that the corporation benefits both sides and cooperation of the world. we had jake sullivan, the national security advisor saying the u.s.-china talks should not be filled with lectures. and the chinese representative saying it is impossible to strangle the chinese people, so this ambition of china really coming through, saying the u.s. way is not the only way for the world to follow as well

along with some comments about cyberattacks from both sides. let's get some views from the foreign minister of commercial affairs in china, currently a senior counselor at the calling group. great to have you with us. establishing the nature of this new relationship under the biden administration, how do you view this relationship going forward? what are your expectations for this set of meetings, seeing that it could lead to that presidential meeting as early as next month? >> i think from this meeting, we are not going to get any big breakthroughs. this will not be the purpose for having the meeting but rather, both sides reiterate their point of view. what we may get from this meeting is some idea of the tone of the biden administration because of course, this is six

weeks, seven weeks that the biden administration has been in power, and it really has not determined its policies and did strategy in terms of china. this meeting may be helpful to see the tone. the tone will be that the u.s. is going to continue to hold china responsible for things that it has done, which are not in line with international order and are not in line with doing business fairly. i think the biden administration will also make it very obvious that it is taking a bilateral -- or a multilateral, excuse me, approach to the china relationship. this is going to be the main message coming from the u.s. from china.

we have just heard some of the issues that the china government is interested in whether it is relaxing tarriffs, sanctions, individuals with what is going on and hong kong, relaxing controls when it comes to huawei. as you mentioned, the possible summit between xi and biden, which i hear the chinese are saying they are not going to propose it. what i'm hoping is what we get from this meeting is at least communication, which has been lacking for the last four years during the trump administration, and start getting a more regular relationship going. >> you take a look at the landscape of some of the harder

issues, particularly pertaining to human rights, and not issues that beijing is going to budge on. to what extent is it useful for the grievances to be aired, and can they then move onto some of the more constructive issues where they can find compromise? bill: i think it is important to air their grievances on both sides. we used to say, well, they know what our talking points are and we know what their talking points are, so why do we? go through this practice? if there -- why do we go through this practice? if there is a talking point that is dropped, the other side thinks, oh, they don't care about it anymore. it is important to air these grievances and one thing that i think stands out and our chinese friends talk about how the two sides sure is -- should respect

and treat each other as equals and i think this is something that we should do. however, all throughout the trump administration talks on economic issues and talks on other issues from that administration and now the biden administration, the chinese have never acknowledged that they have done anything that aggregates international rules of order or that goes against the wto rules, or anything that is against free market practices, so a really good beginning would be for china to acknowledge, yes, both sides have grievances and yes, perhaps, both sides may have done things that need to be remedied or mediated. this would be a good starting point. >> we have seen more sanctions

against chinese officials, banning of wireless carriers from china, subpoenas for chinese carrier providers. what has the first couple of months of the biden administration been like for american businesses? bill: we have to remember that domestic politics here in the u.s. has a huge influence on what is being done now in putting together a china policy. the biden administration has to look strong and so frankly, whether it is the fcc's activity or the department of commerce activity, or the state department acting on executive order, these appear that they are being tough on china, and this is what the biden administration wants to show americans.

perhaps it will give the biden administration a little leeway to start actually talking about issues and to start trying to come to some common understanding with the chinese. and of course, there is the idea of negotiating, building up your leverage before you start the negotiation. most of these things are to show strength and domestic politics in the u.s. >> we have heard from sources that perhaps we could see china asking for the united states for a summit coming around the earth day. which areas of cooperation are there that could be the lowering that's the lowest hanging fruit? bill: the pandemic might be a nice place to start since we do not agree on how it started. we do agree that the chinese

have managed it much better than the americans have, but some cooperation on the pandemic. cooperation on future health care issues, cooperation on new energy, cooperation on climate change. these are areas we could work together to come together for a better result for ourselves and for the rest of the world. i am hoping that we will be able to cut through some of the divisiveness and start to find common ground. >> you mention as a point of significance, the fortification of u.s. allegiances and alliances, and we saw that with the prioritization with the meetings with seoul and tokyo. what are the implications when it comes to regional businesses and investments if there is an

alliance being presented by the u.s. and its allies. bill: the sense that we can have balance in the region. so there will not be one country or one party that is overwhelming another party or the smaller countries in the region. so long as we have a balance, it will be good for u.s. business, and we have not seen u.s. business leaving china during this entire trade war that the trump administration carried out . now when the biden administration has come in. so far, businesses are staying to a great extent in china, diversifying supply chains, but certainly remaining in china that's markets, 400 million

middle-class or 10 million -- or something like that, it is too much to ignore and to leave, so balance in the region will be very good for business. >> always good to have uss, -- have you with us. let's turn to vonnie quinn with our first word headlines. vonnie: north korea has ruled out further talks with the united states for now with the senior diplomat saying that to washington were a "kind delaying trick." the comments came during a visit by the u.s. secretaries of state and defense to seoul. the u.s. is weighing new sanctions to block construction of a nearly completed gas pipeline. washington is concerned that it will give the kremlin more

leverage. it could target the -- the sanctions could target the parent company. new zealand is considering limiting tourism. the country cannot return to its pre-covid tourism model and big changes are needed to stop damage to the environment and attractions. the industry has been battered during the pandemic with incoming foreign visitors following 67% in the fourth quarter. 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 vonnie quinn. this is bloomberg. >> it is time now for morning calls ahead of the asia trading day. goldman now flagging caution over continued volatility in rates, and what are the implications for emerging markets? >> to navigate what goldman is calling this, they are saying

that you should protect against rate shocks from the u.s. goldman reaffirming encyclical and grow space in the em space. so they are favoring bank stocks, and they are sticking with low yield there yash -- low yielders. goldman saying this confirms that em policymakers are less likely to look through inflation pressures, so they expect a hawkish shift by central banks which could be supported for em currencies. goldman pointing out that last and equities, they have lagged, but the real rate moves down. heidi: what is rbc capital seeing when it comes to where we go from here? >> the team over at rbc, they are saying the current soft

patch is largely close driven rather than fundamental distress. taking out the momentum for the scene of commodities as inflation hedge, plus we are seeing unwinding of the popular long evacuation trade. so they say the soft patch should not detract from what they believe will be a strong summer for the global oil demand, so they are maintaining their view for w-2 i to average $57 for this summer. rbc capital saying don't fight the constructive correction and wait for the flush of oil prices to run its course. heidy: coming up, a big day for the bank of japan. month-long policy review and make a break decision in the coming hours and this as we hear reports apparently of potentially widening the yield target range as well. this is bloomberg. ♪

♪ >> japan central bank set to unveil the results of its month-long policy review, according to bloomberg economics, it's may adjust the way it manages the 10 year jgb yield. you can see the jgb yield target terrain staying very steady. perhaps this could be widened.

the aim is to make monetary stimulus more sustainable and giving itself morbidly way to reduce asset purchases it market conditions allow. the potency of negative rates are also in focus. the last policy review back in 2016 brought on a massive easing program. this time around, most with the meeting resulting in tweaks but not a major overhaul but even small changes can have big implications, and boj, the biggest holder of jgb stocks in japan. >> let's get more on what the bank of japan could potentially do and why. we bring kathleen hays. a little bit of an oxymoron to say that the boj is making tweaks. kathleen: they are big policy tweaks. this is an important policy and

they know they will be sending a signal to japan's traders, economist investors in the world, even with small changes. are they moving towards tightening or something like that -- they want to avoid that impression. the boj realized that they are running a marathon to hit the 2% inflation target. they have to make sure the tools can last. the problem is, cherie just mentioned, they already seen hurting bank profits and destroying stock and bond markets. let's get rid of the etf purchase target. what you can see is that as in the past, that big boom off and etf purchases, that is when the pandemic kit. it took a big tumble. they have continued to by ets, but it is to time to change that. drop the 6 trillion a year yen

targets, keep it open, and keep the 12 trillion yen limits, in other words, we can still do it, but we will adjust to market moves. >> the boj introduced the yield curve with negative rates in 2016 and now we have volatility. is this the right time to tweak them? kathleen: there are powerful reasons to do the tweaking. when you look at yield curve control, you are not letting volatility happened. the bank of japan is the biggest owner now of japanese bronze broadly. how can banks make money? if they allow the bonds to move more, that is one thing that they are expecting to signal today, but widening the band, nikkei reported 45 basis points on either side of 0. one person that was of the boj for four years does not think they will do that, but he does think they will emphasize more volatility.

you can look at the chart and you can see how effectively they have kept the yield curve control just as they plan it. by keeping things so under control, they do not allow that profit-making volatility. one more thing on the list, they are expected to emphasize this fact. we can make negative rates more negative, really? well, yes. what they will do to keep banks are making their profits even worse, expand the number of bank deposits that are not subject to negative rates. on the one hand, you can tell them we can cut negative rates more, but if we do, we will have another way to help the banks. >> global economics and politics editor kathleen hays there. we will have more analysis on the boj later. two guests will be joining us from tokyo in the next hour. we will also hear from the chief

japan economist after the decision. this is bloomberg. ♪

♪ >> the global -- confirming that the submission of a preliminary proposal for the acquisition of hartford financial services, they are saying that their proposal would value hartford at

six to five dollars per share. this would be for business combination in consideration representing a mix of stock with majority cash. if this goes through, it would be one of the industry's biggest deals in year. a global insurer, and now proposing an acquisition to hartford financial services for $65 per share. >> let's stay in the industry and talk about goldman sachs. reportedly bringing in changes to make the workload more manageable for junior bankers. a group of new hires had complained of hundred hour weeks on the job and not having enough time to eat or shower. bloomberg finance editor joins us now. goldman sachs recently getting a lot of criticism over its working conditions. tell us about the survey. sally: [indistinguishable]

>> that was our bloomberg america finance editor, we are having a few audio issues, but really a great read about all of the issues associated with working these hundred hour weeks. let's take a look at the day ahead for australia now. we are anticipating february retail sales data. that is expected to show improving sentiment as parts of the country came out of lockdown. australia will also be selling a billion aussie dollars, and kind of seeing that to gauge for market volatility around the world and the action and treasury markets overnight. taking a look at minors.

tracking reported forecast in 15% of exports in the first quarter. let's get over to sophie who was taking a look at the stocks on her radar going into this final friday session for sydney. sophie: we are keeping a night on australian banking stocks. the aussie 10 year trading around $1.84. about 10 basis points, but keeping an eye on that, and westpac, reporting that liberty financial has teamed up with tpg capital has considered a bid for westpac. alcoa has reached an agreement four it's in alumina -- they are to start on august 1. origin energy has also signed a pact with blue energy for a gas

supply over 10 years. a lot happening in that space. and keeping an eye on australian oil stocks, and given something we have seen and oil prices as markets assess softening physical demand, given that it has taken some time to come back into the fray. the risk off shift to being signaled for wti, amid some concerns that commodities as an inflation hedge. rbc capital saying do not be too worried by this soft patch we see in the oil prices. they are sticking to their call for wti. >> we will be watching those stocks at the open. be sure to tune into bloomberg radio to hear more for some of these big newsmakers and get in-depth analysis from the daybreak team now broadcasting live from our studio in hong kong. you can hear on

bloombergradio.com, and the sydney open is next. 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 that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels. get gym results at home

in just 10 minutes a day. no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. ♪ >> we are counting down to asia's major markets open. >> welcome to daybreak asia. our top stories this hour. topped chinese officials and the biden administration their first face-to-face meeting with sharp criticism, exposing tensions. asian futures are pointing to the lower open for the