>> good morning, welcome to daybreak australia. we are counting down to asia's major market opens. shery: from bloomberg's world headquarters in new york, i'm shery ahn. >> trade acrimony and acquisitions in alaska will be about what comes next in relations between the two

biggest economies. the latest policy of people, the president installed his fourth central bank achieved in less than two years. in the worst flooding in decades in sydney, the vaccine rollout with wet and whether -- wet weather forecast will continue in sydney. we do have breaking news on credit suisse, we are hearing that the credit sweep conversation with bloomberg, signaling a potential plan to spin off the asset management business. saying that it is further separating the asset management unit from the rest of the bank. this after the capital collapse. we are also learning, from this conversation, he sees real opportunities in the private banking sector, seeing the potential in the asset-management unit, saying their focus on getting cash to

invest further. that is the ceo speaking to bloomberg television interview. he says that the capital issues are mostly asset -- capital management. the idea of making asset-management independent is the idea of potentially part of that broader plan. this comes after credit suisse were ahead of that business. saying, a holding company would potentially be something they would be pursuing. in a few minutes here on daybreak australia. shery: banks will be the focus across trading this week, as well. we have the kiwi stock market open right now, falling and moving some of those gains from last week. we are seeing futures under

pressure at the moment, this after we had a mixed finish for the u.s. with the dow, the s&p 500 ended lower. that pandemic driven capital break for wall street, the nasdaq rebounded into the green. oil under pressure, this line reports that an oil facility in saudi arabia was attacked by drones. we can see we are still following the lire, under pressure after the president just asked for the central bank government. something to ask this week, including congressional testimony by chair powell, secretary yellen as well. not to mention congressional grilling ahead for tech ceos. haidi: the first face-to-face talks since -- between the u.s. and china since joe biden became president ended without any progress.

after contention starts. what, if anything came out of these talks? tom: as you know, a very fraught start to these conversations when the cameras were rolling. they close the doors, finally, they had two days of talks. it seems like the temperature was dialed back a little bit. both sides coming out saying the talks were helpful and instructive. the u.s. i'm saying we went in clear eyed and we come out clear i. tutee take -- two key takeaways, the biden administration so far has taken the policy prescriptions of the trump administration, answer so to some extent tighten them -- and to some extent tighten them. and come on top of that, focus on human rights that, frankly, president trump had very little time for. on the chinese side, they clarified that red lines are not issues. and they continue to focus on

the domestic issues to insulate the economy here and the company more widely from the pressures. so, no significant changes from either side until we have no plans for additional talks, no framework to address additional issues like trade tariffs. but, though sides coming out saying at least talks were constructive and helpful, and they were able to clear the air. we heard from antony blinken talking about some of the issues that were discussed, take a listen. >> we were also able to have a candid conversation over these many hours on an expansive agenda. on iran, north korea, afghanistan, climate, our interests intersect. tom: blinken there outlining some areas where it is open

around the country, whether they can move forward to address issues of mutual concern. they will be going back to the white house to discuss their talks with joe biden, the policy continues in washington as it comes to the china strategy. haidi: it sounds like it's about signaling to the domestic audiences as well as the world. was the reaction within china? tom: very much aligned with the comments in the opening part of the session. we will back down on security issues. this is something that has come out, the state news agency, there is still an opportunity to work on things like climate change, on tackling issues in terms of the global economic recovery, health care, covid-19, that has been articulated and stressed by the coverage year in

the chinese media. the state news media also saying the two sides will set up a working group on climate change, they will step up exchanges a bit from that and they will work through some of these curves on journalists at both sides. none of those issues have been confirmed. we also heard from former chinese officials speaking at the china development forum summit in beijing, saying they see potential for change in the economy and the military, they want more respect shown by the u.s. side to china. haidi: tom mackenzie there in beijing. let's get analysis on how things stand after the meeting in alaska, a former australian diplomat in china who is now a research fellow, great to have you with us. we have been talking about, at

length, the management of expectations going into these talks with a came out of it not even with the earth day meeting that we were all expecting given that climate seems to be the low hanging room for compromise and collaboration. does this clear the air? what are your expectations going forward? >> thanks for having me, as always. it was not that much low hanging fruit. it is actually a fairly clear sense of priorities. on some levels, they speak plainly. but, going forward, i do think we will see more of this. the chinese side talking about how their system is supported, most of them support the message. also in the republic.

they insulated themselves from the criticisms, it was the issue going forward that other countries, australia and europe, they seem to be able to distance themselves from the u.s. policy on china because of president trump and how unpopular he was. they will not be able to do that now. you will be able to see some more strong cohesive message about a little bit more tension in europe and australia. on how to manage that china relationship. haidi: they said something that struck me, -- as kind of setting the tone of what beijing is doing about this relationship, they said america is not coming from a position of strength. coming into these talks. would you agree to them? and how does that change the dynamic from what we have seen pre-covid?

>> i think it is interesting that he zeroed in on that message, it goes to a couple of things i think, the entire worldview in china was shaped by the idea of competition. i wouldn't agree, i don't think that americans had a great year. i think people would agree with that, of course it demonstrated ability to correct. it demonstrated a lot of new policies are coming out, a short. of time. i think it is probably what they were referring to, they have not been able to pull out of a symbolic reset of the u.s. china relationship. haidi: is china trying to build an alternative world order? >> building a new international

order i think is part of what china is trying to do. china is trying to make sure they have a prosecutor interest in the world. what that involves, it involves making sure that other countries criticize, that does have a long-standing effect. but, i think bilateral relationships, we will go through a trade and development, and i think it is a problematic development in the technology space, still in the international space. haidi: the opening remarks of those talks were pretty sharp, they were accusing the u.s. of

hypocrisy. we have seen what has been criticized of the u.s. mexico border, the treatment of refugees. how much of chinese allies and other countries? >> i don't think any other country is under the illusion that the united states is perfect. they have made that clear than ever. but, to some extent, that message can resonate. it is not that china is pointing this out for the first time. it's all a lot of the damage of the united states. having said that, other countries are concerned about what is happening in china. they don't see that the china system is more able to defend people's rights, more able to

provide an alternative. there is some sense that people in southeast asia are a bit disappointed. haidi: always great having you with us, thank you for joining us from sydney. and, still ahead, they are mostly concerned about the labor market but the economy is going to be strong enough to take on higher rates. up next, a shock for the turkish lira after the president replaces the central bank cheek -- chief for the second time in the last 12 months. this is bloomberg. ♪

>> you're watching daybreak australia. at european union is escalating with the united kingdom over vaccine experts. sources say the request for the

astrazeneca shots very severely, and they will totally reject them in until the lawmaker has fulfilled its obligations to the eu. the u.k. has demanded the eu honor its vaccine contracts, with the two sides accusing each other of nationalism. scientists tracing the origins of the pandemic believe they have identified a possible source. the finding of experts convened by the who and the chinese government is said to be released this week, they are affecting to show parallels to the 2002 spawning of stars. a backboard coronavirus spread by bats. the tokyo olympic games will officially take place without overseas spectators, the decision announced by the organizing committee after a meeting on saturday that included the ioc and the tokyo government. tickets will be refunded. it will lead to millions of

dollars in losses with 600 thousand foreign visitors originally expected. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: the turkish lira is plunging, its first reaction to the president's decision to outs to the third central bank chief in two years. the early drop erased more than four months of gains. now, in terms of the new governor, he pledged on sunday to deliver permanent flexibility and long-term policy. let's get more from emily. it is a big -- it is a bit of a rotating door situation, not an enviable job to have. what is the situation with emerging markets now? emily: this is a clear blow to the central bank's credibility.

l bank governor in less than two years. it is more in line with the president's policies, the question now is about contagion. u.s. bond years -- u.s. bond yields rising under market pressure. shery: we have seen the lira start again despite the fact that we have in the u.s. yields rising, the bloomberg showing that we have more than 800 or 900, that led to lira appreciation. we have investors more confident that we would see more orthodox policies. what happens next? emily: we have had the lira under pressure, it dropped 15%

since this morning. obviously, investors are wary of turkish assets. it raises fears, we sense officials one to avoid that at all costs. local bonds could weaken. currency bonds are less likely to come under pressure. that is amid getting factor, but obviously, it's the m assets. haidi: emily barrett with the latest on turkey. you can get more on the lyrist plunge and other stories you need to know to get your day started in the monday morning addition of daybreak. this is also available on the mobile in the bloomberg anywhere app.

this is bloomberg. ♪

haidi: let's get back to the news he broke at the top of the hour on credit suisse. the swiss bank is trying to minimize the fallout from the capital crash, it ran and has only recovered part of the $140 million loan to the firm. the ceo spoke inclusively -- exclusively to bloomberg about how the process is being handled. >> retail is part of our asset management, it is the first phase of asset management. we are 100% focused to get as much money back as possible. we are, the board has put in

place and investigation. whether there were shortcomings in the first or second line of defense. it is too early to talk about that, clearly, it is an evolving situation. but, i am actually confident that we will come out stronger. from this episode. it is a learning process, we are loves to get asset management out of iw m. he will directly report to me, additional support that it needs. and wants. >> let's talk about the magnitude of the financial hit you might have, how many of the teams do you think you will get back? and what, ultimately, amateur is

insured? >> we cannot comment on that at this stage. you have to understand that has been communicated already. if you are right, we have the asset management business. this situation has now accelerated. so, we will take asset management to the next level. >> are you considering further actions? >> this will be, subject to the review, the board is doing, right now we are focused on finding the best solution. that is our priority.

to get the best solution for them. i am not going to speculate. >> risk control -- final question, sorry, is one of your top priorities? >> it has always been a top priority. it is key to every bank. so, i am absolutely focused on that. not now, i was and i will be. >> there is no such word is crisis, only opportunity. is this an opportunity for the incoming chairman here as well? that we will be joining very soon, due respect -- do you expect a review from him in tandem? >> you're absolutely right. every crisis leads to an

opportunity. and absolutely, this will be certainly one of the key topics we talk about when he is elected. >> your investment bank, in the first two months, revenues up by 50%. can you keep that up? >> is actually over 50%, it is doing very well. remember, last year, the second part of march was very tough. so, because that is when the first wave of covid hit. we ought to say losses. -- we obviously had market losses. the performance in the first quarter, it is proving that our strategy works.

clearly, it is a distraction and something we are working through now. but, the operation results in the first two months shows that we are on the right path. haidi: bloomberg tv is the exclusive media partner of the annual invasion -- asian investment conference. we will have more coming up. the week. a check on the latest headlines, blackstone has offered more than $6.2 billion for crown resort and is can see no properties in melbourne and sydney. it represents a 20% premium to the company's last close. iran saw $75 billion dividend, it will make the world's largest payout for 2020. haidi: coming up next, we will

speak to a major guest. >> i will be joined by the richmond fed president to discuss the news on the market and the outlook recovery next. this is bloomberg. ♪

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kathleen: welcome back to daybreak australia. we want to welcome bloomberg television viewers and radio listeners for our conversation about the fed and the u.s. economic recovery. running us is tom barkin, fed of richmond president. thanks for taking the time. glad you could join us so soon after the last fed meeting. as spring gets underway, it seems stimulus and the virus receding have blown in some pretty hot numbers on the economy. i'm thinking about the business

activity index at the end of the week last week. it is the highest since 1983. price is paid at a 41 year high. this is before we get the economy fully opened and vaccinated. can this be a canary in the economy's coal mine about a recovery that could be stronger than the fed and others are expecting? tom: i think we are going to have a strong spring and summer. have vaccines rolling out at a very strong rate. have cases going down. that is where this whole thing starts. you have a lot of pent-up demand from people like me who have been isolated the last year. those people who have excess savings in their pocket. we have another one point $9 trillion of stimulus coming into the economy. you're going to see demand very strong. even this week's as -- this week as the stimulus checks hit, low

to mid income retailers sell a surge in demand. you're going to see that. the other thing the fed referred to is manufacturers are going to have to work hard to keep up. we are already seeing supply chain challenges you have backups in ports. you're going to see a very strong demand. you're going to see some issues meeting the demand appeared kathleen: that is fueling some inflation forecast. for some people, it is an opportunity. i want to put something in front of you. former treasury secretary larry summers was on bloomberg television friday. he has been warning about the economy boosting inflation, bond yields are surging. the virus continues to recede. let's listen to what he said and also, i guess you mentioned the fed continued its aggressive monetary policy.

>> it seems to me what was kindling has now ignited. i am much more worried we will have either inflation or we will have a pretty dramatic fiscal monetary collision. this is the least responsible macroeconomic policy we have had in the last 40 years. kathleen: we can take out the politics because he is known as a liberal democrat. how do you respond to that? tom: as i said, we are going to see an extremely strong year. i think that strong year is going to lead to price pressure. some of that is going to be because we are rounding over deflationary columns from last year. part of the is going to be this supply and demand imbalance i was talking about earlier. part is you are starting to see

expectations start to creep up. getting closer. i want to emphasize inflation is not a one year phenomenon. it is a multiyear phenomenon. to have inflation over time, which i suspect is what he is talking about, you would have to see expectations really move. you will have to see businesses start to think every year they need to see three or 4% price increases. you have to see workers see compensation increases. as i am talking to businesses in my district, i still hear them struggling with the idea of them taking price. giving all the get -- given all the distant flurry -- or the global supply chains or global talent pools and their impact on labor or the power of big-box retailers to negotiate. i still do not hear that.

that is something i am trying to stay on top of. where that to change, our forward guidance and our tools allow us to do what we need to do. kathleen: i want to quote another fed person. former new york fed bank president new york dudley. he said he is not concerned about the rise in bond yields we are seeing. he echoed larry summers when he said he is worried about what happens when the fed is too slow in tightening monetary policy. and then the fed has to speed up the rate hikes. he says that would not be pleasant for a financial markets. larry summers says he sees a 30% chance this is what is going to happen and cause a recession. is that a concern? at what point does it become one? tom: there are a lot of scenarios. our guidance suggests we would be raising rates would we see inflation spike past our targets.

i think we have the tools to handle it. i would agree with anyone who thinks this amount of fiscal stimulus at this point is new for us. we have got to set a forward guidance that we believe, i believe allows us to tackle should the downside scenarios come. we are still looking at twelve-month inflation at 1.5%. the president still does not show it. were it to show it, we have the tools to handle it. kathleen: glad you talked about forward guidance because also speaking about the last meeting, it looks like a shiite -- a slight shift in forward guidance. seven of 18 fomc officials see rate hikes by 2022 or 2023. are you on board with that? tom: i would not call it a shift in forward guidance. guidance is exactly the same as what it was before. what i would say is that there

have been some of us who have shifted our forecast. our forward guidance, which is outcome based, says we would start to move rates when the outcomes move. one big thing that has happened since the last sep, the passage of not just the 900 billion fiscal package in january or december but the most recent 1.9 trillion. it should not be surprising that with a couple two or 3 trillion extra dollars of stimulus into the economy, people would forecast a faster growing economy and some people would say inflation would rise faster. our forward guidance would be met and they would raise rates sooner. kathleen: it is interesting to me because jay powell did ct -- did seem to downplay the importance of the. at his press conference. in the past, it did seem the fed promoted dots.

give the public, give congress a sense of where the fed is going. such that it seemed like they were a policy tool. what you have said and jay powell's dismissal of them seem to indicate they are less important. they are no longer a policy tool? tom: i have a lot of empathy for the chair because he is now doing a press conference -- when he does the press conferences, he has to defend them. i will remind the audience of how the process works, which is there is a memo that comes out every meeting that is voted on by the committee and is heavily litigated back and forth in terms of what precise word we are going to use. with 18 members of the fomc, there 18 of us who individually come up with a forecast. it is almost like a card game

where we all show our cards at once. there is no effort to align that , to manage it, to talk about what it is. it is what it is, which is 18 individuals, individual forecast. i find it to be a very good exercise to discipline my thinking about where the economy is likely to go and where rates are likely to go in that context. there is nothing about that that is managed to be the voice of the committee. i assume there are times when the chair as he defends our memo, which is what we vote on, feels good about having the forecast because it emphasizes what he is trying to shake -- to say and i'm sure there are times where he says i have got to respond to this. kathleen: we should no longer consider it forward guidance or part of the policy toolkit of the fed? tom: i think it is a transparency toolkit. it is a transparency tool, but

it is not policy. policy is dictated by the rate we decide to go and the memo we vote on. kathleen: i want to talk to you about the supplementary leverage ratio because this was a pretty big story on friday. unexpected that the fed decided it would not extend it. it was a step taken during the pandemic to help thanks to -- help banks to have keep them buying treasuries. i removing it, it will make -- by removing it, it will make banks equal -- it may cost them to hold treasuries when the government is selling a lot of them. if they do not want to hold as many, yields could go up. the fed seems accepting of that. the 1% i have talked to says maybe this is the first step of the fed tapering. not doing quite so much to

support or suppress lower bond yields. tom: i think i would put a little differently, which is in march a year ago, things were highly uncertain. markets were having trouble functioning. we intervened in a significant way. there were a lot of interventions we set out that we have now at the point where we can roll back. the facilities that did not expire at the end of december, they are expiring at the end of march. this is one more extraordinary measure that is i think naturally expiring as we get to the back end of this. i think there are fair questions about what the right leverage ratio is. that is why we are going to take a full look. i think it is probably good news a lot of these extraordinary measures that were launched a year ago -- we are close enough

that we can see them expiring. kathleen: if yields keep rising, i know you and the fed chair have said people are optimistic about the economy. if they keep rising and the treasury sells more and more bonds and they keep rising, is there a point where you would be on board with increasing the bond purchases? the 120 billion and it reinstituting yelled trip control, which the fed has been reluctant to do? tom: we do have tools like the one you have suggested. were we to needed in times of a second wave or fourth wave of this or a market malfunction of some sort, we have those tools. i am hopeful we are on the back end of this. we are talking about where we started. 1.9 trillion of stimulus on top of 900 billion of stimulus.

hospitalizations coming down. deaths coming down. in economy i think is going to have a strong back half of the year. i am hopeful that we are going to be talking about how great the economy is back rather than how many more tools we will have to use to support it but we will have to see. kathleen: are you saying if yields arise, that is fine, if they are rising on the back of a strong economy, if there are rising because more people are investing, just get used to it. is that what we can take away from your view from jay powell's view? tom: i will just say i take great -- from what seems to be you driving yields up. -- to be driving yields up. seem to me moving toward, not yet over our target levels.

many of the days where they have been movements have been days when you have had good news on the vaccines or step -- or fiscal stimulus. to the extent yields are responding to the economy, that is what you want them to do. kathleen: i guess what i would like to ask you before we finish is calling on yuri many years as a businessman before you came to the federal reserve and got into monetary policy, you have a vast network of people you worked with, you continue to talk to, are you hearing from them now? are they more confident about the economy? are they getting ready to take steps they would not have taken? what are you hearing? tom: i hear strong optimism shared strong optimism first and foremost because of rollout of vaccine dropping rates from the virus. i said earlier this latest stimulus package like the one in

january has hit the consumer economy strong. we are going to have a very strong start to the spring. i do here concerns about supply chain. concerns about manufacturing. concerns about being able to meet demand. also true on the hospitality side where people are nervous about getting workers. it is a funny situation because if you are in technology or manufacturing or health care or construction, you cannot find workers right now. on the other hand, you have somewhere around nine and a half million of excess personal contact service workers. many of whom will be called back the next three or four months but probably not all of them. you have tightness in the labor market in parts but not in total. my view on what is going to happen is not driven by models. i spend my time talking to businesses big and small and trying to figure out what is happening on the frontline.

i think they are pretty optimistic. kathleen: a very quick question to fit in. all of this you are talking about makes me think of two things. isn't this a reason inflation could get hotter? and is there a possibility that as long as there are stimulus checks, some people will be more inclined to stay home and wait for things to get even better or get back to the job they once had rather than going back to work? tom: on your first question, i think we will see price pressure this year. whether that turns into inflation over multiple years goes down to expectations. i have not seen a sign of that yet. i certainly am watching that. in terms of getting back to work, i think it is an interesting challenge. i do think you have a lot of parents, primary caregivers, also eldercare to have them

stuck at home because kids have not been in school, because childcare has not worked for them. i am concerned what percentage of those will not come back into the market. this is related to anti-stimulus. the fact that so many of the support functions parents depend on have suffered trauma during this. then there is the other part, which is, you were once a waiter. you are waiting for your job to come back. there are still a lot of people in the economy who can declare their job laws as temporary. you are not retraining. community college enrollment is down. i do worry about that mismatch. not so much driven by the stimulus or support. more driven by the trauma in the economy and the fact that the jobs that are hiring may not be good fits for the people who are out of work. kathleen: thank you for taking so much time with us.

tom barkin, bank of richmond fed president. shery: it important conversation. tom will also be speaking at the credit suisse asian investment conference this week where we are live from hong kong and singapore. don't miss our exclusive coverage. we'll be hearing from more guests today including oasis management founder seth fisher and former economic adviser to the obama administration -- stevenson. haidi: let's take a look at some of the morning calls ahead of the asian trading day. we are watching the euro yen trading pair. internal measures show the japanese currency weakness is quote, well advanced. noting that the fully managed vaccine rollout as well as the ecb pledging to increase purchases are weighing in. shery: i am looking at the brazilian rial as well.

more than expected, bigger than expected rate hike we saw from brazil. natwest markets betting on the currency. also worth noting that there are some political risks for the longer term. brazilian assets, immediate noise will fade with the latest bill being passed. plenty more to come on daybreak australia. this is bloomberg. ♪

karina: you are watching daybreak australia. the turkish lira is plunging in its first direction to president erdogan's decision to oust the third central bank chief in two years. it erased more than four months of gains since the x governor announced -- the new governor pledged on sunday to deliver permanent price facility using auditory policy. the people's bank of china says it still has room to add liquidity while keeping it leverage ratio stable. the governor says of the debt to gdp ratio remains at a stable level with policy within the normal range. he also said the financial policy framework would take climate change into account.

putting caps on high carbon assets. china has moved to reshuffle the pboc's monetary policy committee as authorities shift their focus toward curbing financial risks. the moves are i with the standard practice of shifting members after three years. the south korean defense minister says the country may strengthen military ties with japan to counter regional threats. boosting cooperation was necessary for security across the korean peninsula. >> the matter of history related issues. we feel that korea and japan relations are needed to what is -- are needed. what is work that is what is protecting the peninsula is centered around the u.s. alliance. we believe that the japan cooperation is a valuable asset.

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. i'm vonnie quinn. this is bloomberg. haidi: australia's covid vaccine rollout has been disrupted by severe weather in the state of new south wales. thousands of people facing evacuation as floodwaters rise. we have experienced torrential rain over the weekend. how disruptive has it been across the state? paul: it has been called a one in a 50 year flood event. it was terrible timing. today was the day the vaccine rollout was going to be ramped up as 6 million australians are eligible for the shot chain 200 that -- for the shot. 200,000 doses were supposed to be delivered.

freight and logistics have been impacted by the flooding. this comes on top of the government being criticized for the slow pace of the rollout. with the rain not over, we are expecting that to continue for another two days. it is going to take time for rivers to recede. it has been a tough time for some of these businesses further out in the state. it was a little over a year ago half of the state was on fire. businesses closed due to the pandemic another is a flood. shery: when we had the winter storm in new york, we had the vaccinations halted. in australia, it seems the virus is relatively under control. paul: that is true. that is the upside. things are being handled pretty well. the chief medical officer is saying there might be some changes to the way australia is doing quarantine. returning travelers could be allowed to isolate at home. the chief saying as the vaccine

gets a rodeo in australia and overseas, the risk tolerance is going to change for the second half of the year. at the new zealand cabinet meeting this morning to discuss the potential opening with a traveling bubble, could happen in april. brendan murphy pretty hopeful he says there could be international travel next year. shery: let's get a quick check of the latest headlines. kathy woods has a new price target for tesla. her firm expects it to hit $3000 by 2025 from its current dollar -- current price of $655. the company would be worth almost $3 trillion. they say there is a 50% chance of tesla achieving fully autonomous driving in five years. canadian pacific railway has agreed to by kansas city

southern in a bid to create 20,000 mile rail network linking the u.s., canada and mexico. it gives cp rail access to the only network that cuts three all -- because through all three north american countries. -- that cuts through all three north american countries. a fire at one of its some conductor facilities will probably have a high impact on the supply of chips for the automobile industry. the ceo says production was halted at the japanese plan on friday and is aiming to resume output within a month. suspension could result in a one hundred $56 million revenue loss. it is one of the largest suppliers of automobile chips. haidi: coming up, we will be asked -- we will be discussing the outlook for asia. the credit suisse head of

security research joins us ahead of the asia investment conference. will be speaking to the ceo of the newly minted -- the markets open in sydney is just next. this is bloomberg. ♪

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may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. haidi: good morning. we are coming down to asia's major market open. shery: welcome to daybreak asia. our top stories. asian stocks are poised for a cautious start to the week with rising bond yields and inflation still very much in focus. the turkish lira plunges to a record low after another central bank chief gets replaced. china