haidi: a very good morning and welcome to daybreak australia. we are counting down to asia's major market open. shery: good evening from bloomberg's world headquarters in new york. haidi: these are your top stories this hour. joe biden says china will not become the most powerful country in the world on his watch at his first news conference since taking office. the president promises to outspend beijing on infrastructure.

executives face questioning on capitol hill. twitter's ceo takes some responsibility for the stop the steal effort. u.s. stocks rise and investors weigh the outlook for economic growth and inflation. the suez canal blockage situation continues to move energy markets. shery: here is the picture on wall street. u.s. futures extending gains we saw in the regular session. the russell 2000 had its best day in two weeks. president biden doubled his vaccination goal. transportation companies

initial jobless claims filing to the lowest level in year. not to mention the fourth-quarter gdp. the dollar rose to 10 -- the 10 year yield rose. we also had wti falling. it is extending the declines on the stronger dollar. that is offsetting the rally from the grounded ship in the suez canal. haidi: that situation continues to develop. we are going to watch on how that impacts energy and oil stocks trading in this part of the world. kiwi stocks down by a 10th of 1%. we are looking at a continuation of the rally we saw in sydney yesterday. said for a third straight day of gains. taking a look at the start of trading when it comes to japan, nikkei futures trading in chicago unchanged at the moment. kospi futures up a 3/10 of 1%. president biden is promising to outspend china on innovation and infrastructure to prevent it from overtaking the u.s. is the most powerful country. biden acknowledged the relationship would remain challenging. >> we are not looking for confrontation, although we know there will be steep competition.

two, that we will have strunk a petition, but we will insist china plate -- we will have strong competition but we will insist china play by the rules. haidi: let's get more from alex. for a lot of geopolitical watchers, it feels like it is a fee to complete for china to dominate the u.s. on a lot of fronts. president biden is pushing back against this narrative. >> he is. in the united states, i think it is expected of every president he will say something like what joe biden said today. under their watch, china will not surpass us as the foremost economic or military power. in that sense, it is not a surprise he would say this. the test will be, can he do it? can he keep the u.s. ahead and

even so, what does the trajectory look like at the end of his presidency? his china on the verge of overtaking -- is china on the verge of overtaking us? shery: what do we know so far about concrete policies? >> he has not yet said what he is going to do with a lot of the trump policies, the trade deal, the tariffs and i think this meeting in alaska last week, which publicly did not seem to go very well has reinforced thinking in the white house that may be a lot of those policies should remain in place until there is some movement with the chinese government toward a better relationship with the united states. haidi: we saw yesterday some reports of the first listing muscles of the year from

pyongyang. -- first ballistic missiles of the year from pyongyang. do we know any more about what his approach is going to be to the north korean issue? >> he addressed to visit briefly today. he warned the north koreans if they escalate, there will be a u.s. response. he said he is open to diplomacy. we did not get a chance to ask him directly whether he would be willing to meet with kim jong-un or under what conditions. we don't exactly know what he means by being open to diplomacy and we don't yet see a real biden strategy to prevent these kinds of provocations from north korea or address their accumulation of nuclear weapons. shery: bloomberg's white house editor alex wayne. the ceos of facebook, twitter and google faced a round of questioning from u.s. lawmakers on how they police online

information. they were grilled on what their platforms have enabled. >> we did our part to secure the integrity of the election. and then on january 6, president trump gave a speech rejecting the results in calling on people to fight. i believe the former president should be responsible for his words and the people who broke the law should be responsible for their actions. our responsibility is to make sure we build effective systems -- >> the gentleman chooses not to answer the question. yes or no? >> we always feel a deep sense of responsibility but we worked hard this election. it was one of our most substantive efforts. >> is that a yes or no? >> it is a complex question. >> we will move on. stu dorsey. -- mr. dorsey. >> yes but you also have to take

into consideration a broader ecosystem. shery: ed ludlow has more on this. it was a contentious hearing today. what did we learn in terms of reforming section 230 and content moderation? ed: not an awful lot. this question of how should you moderate content on social media platforms and who should be responsible is not new. this is not the first hearing we have had. the difference is there was more impetus tied to the violence we saw in the u.s. capitol on january 6. a lot of questions were directed toward mark zuckerberg and jack dorsey because their platforms, facebook and twitter, reused to facilitate some of that information and some of the sharing of the content that led to some of the scenes we saw. mark zuckerberg pushed back and said the responsibility lies with donald trump and that -- and jack dorsey took a measured

tone accepting some responsibility that content on their platform did contribute to that. there was no substantive take. we got an opinion on what the best way forward is, particularly for section 230. haidi: i thought it was interesting a lot of the focus was on regular self-regulation works. a lot of the questions suggested it does not. what were the main pressure points for the ceos? ed: if there was any unanimous bipartisan agreement, it was that tech companies efforts to self regulate, self moderate content has not worked. we can all agree on that. whatever the path forward is, it seems lawmakers are youth -- are losing patients. the pressure points the on the insurrection on capitol hill did come around the election but also covid-19. democrats took the line of, how

have you not acted more swiftly to remove false information on vaccines? if this is such an important global topic, why is there still content on your platforms that says if you get a vaccine, you might get injected with a microchip from the government? it laid to bear a point that each of them responded to. there is too much content for them to get 100% perfect record on this. all of them admitted there are too many posts each day that it is impossible someone not slip to the cracks. a final interesting point is republicans for a while have been saying these social media platforms have an anti-conservative bias particularly in the way they handled president trump shade that messaging softened and they replaced it with concerns about children's use of social media platforms. shery: republicans are saying democrats have a different view when it comes to regulating

these tech giants. if you are an investor, how seriously do you take this threat of immediate regulation coming your way? ed: investors are sanguine about this. the shares of each company has outperformed the s&p 500 since the january 6 insurrection. there was no high volume of trading or volatility. our colleagues point out that in the case of facebook and google, there such giants with such cash on their balance sheet that if they did have to react to a change in regulation by hiring more engineers or investing in algorithms or paying a price for it, they can absorb that. that was the point jack dorsey was making. why he did not want a one-size-fits-all piece of regulation. it would more severely impact smaller social media companies who do not operate in the same way, who do not have the funds to do the content moderation. the other consensus is companies

would be better served with a third-party regulator and if not a regulator, a third-party body that sets a standard. they pushed back on the government setting those rules. and other companies themselves. in summary, we did not make much progress. shery: another hearing and not so much progress. ed ludlow with the latest. let's get over to vonnie quinn. vonnie: speaking of little progress, the massive container ship locking the suez canal remains firmly stuck for a third day as efforts continue to reflow it. it has forced cargo ship ships to weigh time-consuming trips around africa, threatening to destabilize global trade. analysts say delays to the global supply chain could translate to higher costs for consumers. the u.s. is blacklisting the two largest businesses that the

myanmar military controls. sanctions against the two companies led by military officials include sweeping their u.s. -- includes freezing their u.s. assets. a coup on february 1 overthrew the civilian elected government. federal reserve says banks will be allowed to raise their dividends after june 30. restrictions on stock buybacks will be lifted for linger -- for lenders that perform well. three current and former board members of taiwan's central bank wanted overhaul of the central policy. they say efforts to hold back the dollar depreciation has caused long-term damage to the economy. according to annette cert of a soon-to-be published book, the three acknowledge a devalued currency previously helped

taiwan's economy but now it is stifling growth. the filipino central bank held its key rate at a record low for a third straight meeting leaving it at 2% as protected. the bank voiced increasing concern about rising prices. inflation is expected to reach the upper limit of the two to 4% target this year. the bank raised its inflation forecast for this year and next. nike and h&m's face potential boycotts in china after raising concerns about forest labor. shares in both companies fell after online campaigns emerged on sought -- on chinese social media apps. the west has stepped up action against china for abuse of the uighurs. beijing says accusations are false. online home and car sales platform is said to be considering a u.s. ipo. sources say the platform currently worth around $20 billion is also talking to

potential investors about a pre-ipo funding round. that is your first word headlines. haidi: vonnie quinn with the first word headlines. lots more to come. this is bloomberg. ♪

shery: u.s. 10 year yields held steady after an auction of seven your notes. last month's sale helped trigger a global selloff in government debt and interest rate sensitive stocks. our next guest says the fed guidance is clear and on target. joining us is nigel wilson from london. thank you so much for staying late for us. it's get started on this inflation debate. with the rising yield, chair powell refusing to do anything about the quick rising yield.

how is this affecting your business? >> it is not really affecting our business at all. inflation is under control. central banks have done a pretty good job for a long time to create this favorable investment background. the most exciting time ever since the 1850's. shery: where are you finding all of those opportunities? >> science and technology is the most exciting ever. we have seen that in the pandemic and have become aware of how quickly science and technology can change. if we look across the life sciences industry, renewables, ev cars and other areas, there are physical opportunities to invest in new real assets that will make a difference to the economy but also in financial assets. businesses transforming the economics and investment opportunities in the specific

industries and these are all new exciting industries. the world is awash with deficits. insurance deficits, and equality issues and a massive climate change problem to solve. these huge deficits and liabilities require new assets to be formed to maximize those liabilities. that is why investing is so fantastic. shery: does that include hedging for inflation? >> i think inflation -- when you're talking of two and 3%, these are not massive long-term issues for long-term investors like ourselves. as i said earlier, central banks in general have done a good job of keeping rates and inflation in a good space. it is almost like they are challenging us to create these assets by offering relatively

moderate concerns on government securities and saying please go out there and invest in new things and create new wealth. imperative -- improve product ivity. america and the u.k. have the best universities in the world. to recognize that we can commercialize amazing science out of the deal and they are. 25 of the best universities in the world are in the u.k. and the u.s. as a consequence of that, huge opportunities for us all to invest in a really good things that are going to make a difference. an economic difference but also a social difference. it was great to hear the president talking refreshingly about inequality and making real progress. lots of people have not done so well.

haidi: when you take a look at things like non-fungible, you can see parts of the market really taking that challenge to find new and interesting ways to invest that flow of money. when it comes to infrastructure, we know there is a massive gap to be bridged for infrastructure investment globally. as the problem finding investable projects particularly if you are talking about public-private partnerships? >> we have not found that in the u.k. we have invested over 30 billion pounds. we found that particularly the cities and universities, there is an absolute need for them to modernize. compete on a global level. we are finding huge amounts of new projects to invest in. putting much every major city.

-- pretty much every major city. we have a project with oxford university to modernize oxford. what a fantastic challenge to work on. finally oxford and cambridge -- m.i.t. and harvard and stanford have been leading the world in innovation and science. other universities are beginning to catch up now. all the great research we have had, they are realizing we have to commercialize that research. americans have created this unbelievable model we are copying in the u.k. right now. we are investing in the physical infrastructure. that is a problem for america because i think if you travel the world, you will know the u.k. has very strong infrastructure. some comparisons. america has realized we have got to catch up should we have got

to -- to catch up. we have got to accelerate investments in life sciences and renewable energy and stop thinking these things are not going to happen. but really speed up because we can go from start up to scale up to grown-up businesses much quicker than we have been able to do the last 150 years. haidi: when it comes to climate, the biggest investment opportunity, we have long in australia's sea and the lead while government policy has lied to. are you hopeful there will be a convergence for these opportunities? >> i am very hopeful about that. for the first time, we have a government in the u.k. that is interested in some of these big societal problems. the ceo is going to meet them. they are all on the same page. they'll want to make a difference.

the people who work for them care about this. it is the thing that binds our company more than anything else. the need to solve the climate -- to save the climate. people want to make a difference. all the technology is there. we have clean, green but not expensive anymore energy. the technology advancements in the production of energy has been staggering in the last 15 years. it has accelerated. it has not decelerated as more people figure out how to make offshore wind, onshore wind, solar, hydrogen more efficient to make a difference to everybody's life but also fundamentally change the economy for the better. shery: it was good seeing you. thank you. nigel wilson joining us from london. we'll have plenty more to come on daybreak australia. this is bloomberg. ♪

haidi: greenfield capital has fired for bankruptcy protection in new york, capping what has been a stunning collapse for the supply chain finance company. this has been going on for a few weeks. what does this filing mean going forward? >> what this means is they have sought protection. that business is smaller than the australian and u.k. business, which they have already sought protection for. the u.s. business is quite small. the liabilities are between 50 and $100 million. shery:shery: this has done some damage to credit suisse. what is the latest? >> absolutely. credit suisse has been under some watchfire for their involvement. they are examining the role of executive board members including the ceo as part of a

probe into dealings with the start up with, why did they get involved, who knew what, when. rectors are reviewing the way in which funds were sold to investors including its own clients. so far, we don't think they have uncovered anything that threatens the position of the ceo. there is more to come on this. haidi: the latest installment in the saga. coming up next, we will be speaking with the credit suisse head of global research. we will be talking through the outlook on changing consumer behaviors across emerging markets. lots more to come. this is bloomberg. ♪

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vonnie: you are watching daybreak australia. president biden says he will not let china overtake the u.s. to become the world's most powerful country. in his first news conference, biden promised to outspend beijing in innovation and infrastructure. the president acknowledged the relationship between the two powers would remain challenging. >> we are not looking for confrontation, although we know there will be steep competition.

two, that we will have strong competition, but we will insist china play by the international rules. vonnie: president biden says he is open to diplomacy with north korea but warns continued violations of international rules could prompt a response. pyongyang fired its first ballistic missiles in over a year on thursday. in earlier talks, kim jong-un said he wanted sanctions relief in exchange for reducing his nuclear program. president biden also today vowed to ramp up the pace of administering covid-19 vaccinations in the u.s. he said a new goal of 200 million shots in the first 100 days. his administration is focusing on hard-hit areas with large black and hysteric -- and hispanic communities. twitter, google and facebook face ours questioning in how

they police online information. democrats focusing on extremism and republicans on child exploitation and bias. jack dorsey took some responsibility for the stop the steal movement. zuckerberg largely deflected blanchard -- deflect the blame. 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: it is time for morning calls ahead of the asia trading day. looking at tesla, which got a credit rating upgrade to be a three and a positive outlook. moody's notes the growing scale of operations which should support gradual improvements in the profitability and margins. the credit rater estimates the company's market share will go from 1.4% to about 10% by mid decade and could reach 25% by 2030. haidi: given the dollar move

overnight, i am looking at currencies. rbc seeing the bullish run continuing. weakening momentum for peers including the euro, sterling and the aussie and kiwi dollar. it is the final day of the credit suisse asia investment conference. sophie is standing by in hong kong with her fear -- with our first guest of the day. sophie: credit suisse releasing the emerging consumer survey which polled respondents online across eight countries. we are joined by the global head of the research product at credit suisse to discuss the results. thank you for joining us from london. this is the 10th addition of the survey. the results indicate it is clear how pre-covert structural trends have been accelerated by the

pandemic. let's get a check in on the health of the middle-class consumer. how does it compare in countries where there was a more severe impact of covid in places like thailand as compared to those where the reopening is underway such as in china? >> first of all, one thing i might say is one of the messages coming from the survey in general is actually a pretty positive message that has emerged in something that stimulated -- that is stimulative by news of the vaccine. we find coming into this year, a third of the consumers in our survey, the 14,000 we reach out to, a third of them saying their personal finances are expected to improve in the next six months. when you look within the various emerging markets we look at, the

china consumers -- india and china offer the greatest optimism. among the slightly weaker sources of responses we are getting. sophie: as you pointed out, a third of respondents expect -- we are seeing savings ratios increase. there is the risk of inflation to come. what does this mean for translating savings into spending? >> just to reiterate the point that you make, we go into this year with consumers with pretty high levels of savings. that being a result of having avenues of spending shut down last year. you have a healthy financial position. those consumers in china and india have savings levels that

are very high. the risk factor you allude to is quite a parent -- is quite apparent. respondents are as to what you think the direction of inflation is looking forward? it is an upward one. india is a country where particularly that is the case. you have a backdrop of strong energy prices. inflation is a risk we find within this. not something i think is leaving this story in jeopardy a great degree. sophie: not surprisingly, online activities boomed across sectors. what kind of activities does this open up for domestic companies versus global rivals? >> first of all, one of the

themes of online is written over. one thing we observe is it is no shock discovery people have lived online during the periods of lockdown and pandemic at its height. the message of the survey is very much that continues. talking about domestic activities, things such as e grocery or all manner of consumers who have used that the last 12 months. 90% of the people we spoke to say they will be doing more that. that particular area, online delivery. things such as that. one of the particular areas we would expect to be thriving. alongside online education, which people have consumed plenty of the last 12 months. they are expecting to do more of that. all of the various parts of the digital world, which people have

embraced the last 12 months. the message is those themes are here to stay. sophie: healthier lifestyles also being embraced by those in the younger demographic what can we extrapolate -- the younger demographic. what can we extrapolate from this ongoing trend? >> addressing your first point, certainly one of the areas we seek to probe in the study is consumer attitude to healthy living, to sustainable consumption. that is something that jumps out to you. i think we found 90% of consumers suggested they were considering environmental issues, health issues in terms of influencing consumption decisions. i think arguably because of the

demographic profile we look at, it is important that as these countries become healthier, the health care needs are allowed to increase. the healthier lifestyle is going to be important to mitigate that kid on the pension side of things, i would come back to the general wealth accumulation you are seeing in these countries. savings levels being very high. sophie: looking at the market perspective, losing some momentum given the strength of the dollar that has reemerged. the msci index gains. when you take a look at our earnings forecasts, you continue to see upward revisions. is this a lagging indicator given that there are concerns around the slow pace of vaccine rollouts in some emerging countries? >> i defer a little bit to the

credit suisse house view were emerging markets are concerned. looking here at the consumer trends within those. our house view on emerging market is slightly more neutral for the reasons you are suggesting. sophie: thank you so much for joining us to discuss the emerging consumer survey. credit suisse head of global research products. shery: we will have other big guests from the credit suisse investment conference including the malaysian finance minister and the credit suisse head of global sector research. this is bloomberg. ♪

haidi: where are starting to countdown to the start of trade on this final friday session in asia. sydney futures are looking largely positive. looking like we will see a third straight day of gains at the open. 15 minutes away from the start of cash trading. sydney futures up 3/10 of 1%. politics now. australian prime minister scott morrison concerned two controversial ministers will lose their portfolios but will remain in the cabinet. paul allen joins us with more.

the prime minister has been talking about the future of his attorney general and defense minister. do we know more? paul: the attorney general is going to remain in cabinet. he will be moved on from that role. he is denying an allegation of rape dating back to the 1980's when he and the woman at the center of the allegation were teenagers. he denies it. the woman has since passed away. because he has launched defamation action, the prime ministers says he cannot remain attorney general. he will be remaining in cabinet because of the presumption of innocence over guilt. the other minister in question, she was placed on leave as well after one of her staffers claimed she was raped by another staffer inside the defense minister's office after a late-night drinking session. she is likely to also remain in

cabinet. the defense portfolio seems like it is set to go to a former leadership hopeful. a few changes. scott morrison also indicating he would like to improve the representation of women in the cabinet. currently there are only six women out of 22 cabinet members. representation of women in the liberal party as a whole is not particularly high. 23% of liberal mps are women. shery: to what degree is that a feature of australian society as a whole? paul: it does appeared to be up fairly broad-based -- to be fairly broad-based. there is a study out. it showed that women in australia are a generation away from equality on pay. it will take another 26 years

because -- before they are paid the same as men. a 28% gap versus 20% as a whole. in terms of broad representation, the study found organizations that are targeting better representation have been adding women at more than twice the pace of those that do not. those targets are getting less common, less ambitious. a very long way to go when it comes to closing that gap. shery: paul allen in sydney. be sure to tune in to bloomberg radio to hear more from the days big newsmakers. listen via the app, radio plus or bloombergradio.com. plenty more ahead. stay with us. ♪

shery: bitcoin has been slighting this week. its longest losing streak since december. demand for cryptocurrencies will not disappear and central banks will get on board faster than people are expecting. she spoke exclusively to erin schatzker. >> we think the whole infrastructure around crypto is really interesting and we have

been making some investments into that infrastructure and we think that is at an inflection point. i would say it is everything from exchange asset manager custodians to the mundane like tax reporting on your crypto gains. and everything in between. we think that is interesting. when it comes to crypto generally, i think there are some -- we are at a really important time in that something like bitcoin might have stayed a fringe as set but for the fact that for the last 12 months, we have increased money supply in the u.s. by 25%. there is a real fear of debasing currencies. when you think about bitcoin, i think it is a commodity, but it

is a commodity that is easily storable, is easily transferable. the irs classifies it as a physical asset. it has a finite amount of supply. that supply is halved every four years. when you look at gold price action in the context of a fairly robust inflation narrative, it has struggled getting traction. i think that is because bitcoin is taking some of its -- away. >> do you own any bitcoin? >> i am not going to answer that . >> that is what i would call a mysterious response. >> one thing when you think about bitcoin is central bank digital currencies are going to be here i think quicker than people expect. china has been running their

trial for a wild. -- for a while. i think there are some strategic reasons why they will be a first mover. i think from a geopolitical mover -- political perspective, they want that to be used around the world. it is a potential threat to other -- to bitcoin and other crypto's. >> does that legitimize bitcoin or delegitimize bitcoin? >> i think it is a real threat, but i think it will be temporary. i don't think they will be successful in permanently destabilizing bitcoin. haidi: don fitzpatrick there. -- dawn fitzpatrick there. credit suisse is said to be investigating several high ranking executives.

sources say the bank is looking at how conflicts of interest were handled and how funds were sold to investors. boeing will resume delivery of its dreamliner's this week. it follows a five month hold while mechanics investigated potential design flaws. dozens of planes are stuck in storage. united airlines will be among the first recipients. biologic is in talks with three e.u. members about orders with -- about orders for its vaccine. the company declined to identify the members. chinese drugmakers have been criticized for lack of data disclosure. shery: we turn now to the latest

on how u.s. and retail brands have been racking to calls from calls to boycott their brands. investors have been spooked -- their efforts to reject cotton from the contention she john region may cripple their ability to court a chinese consumer. we are seeing nike and other retailers continue to take hits on their stock. >> we can see that in the latest sessions in the u.s. shares of nike fell as much as 5.8% showing that a lot of investors are concerned about the potential fallout for nike, which has enjoyed a fast-growing chinese retail business. an analyst says investors are about impact on the top line. nike not commenting. a lot of the apparel companies not commenting. gap and under armour fare better

in the latest trade. h&m and adidas and burberry which all have a presence in china got hit hard. the controversy has been getting attention this week, sparking share losses for the companies. the chinese government has rejected the claim. nike has not responded to request for comment. it said in the past, its products are not sourced from the region. they have been criticized for speaking out in the past about cotton in that region. haidi: what likely no happens the -- what likely now happens? >> in the long-term, they may do well. we are seeing the fact that chinese companies may be the benefit. some have spoken now in favor of

the region, which supplies 80% of chinese companies with their cotton. in the meantime, these companies are in a dilemma. they have not taken a strong position for the most part. analysts point out if they reject cotton from the region, they may shore up support in their home countries but reject a growing market that is of major importance particularly to luxury retailers. if they support cotton, they risk other political controversies. and so it does make sense in the short-term we are seeing these companies not making any comment right now. this has gained a lot of attention this week. it has been an issue for some time. shery: we have an alert right now. we are hearing bilibili is confirming the hong kong listing

retail offer. saying that would raise 19.9 billion hong kong dollars. this is the chinese video streaming platform. the latest in listing in hong kong. this would be a secondary listing after having ipo on the nasdaq in 2018. we are getting a little more details on the secondary listing. bilibili saying the retail offer was 174 times covered. haidi: going into the start of trading in sydney, these are some of the stocks we are keeping an eye on at the start of cash trading. the leadership drama continues. saying the ceo will remain ceo despite these reports there would be a leadership reshuffle. in the mining sector, andrew

phares is taking on elon musk when it comes to hydrogen versus ev. that debate is taking place. we will continue to watch fortescue metals trading. last traded at a tense of 1% higher. coming up, we will be getting the market outlook from david kudlow. also talking about the growing inequality in vaccine access. the chicago community trust president is with us. the start of trading in sydney next with futures pointing to a third straight session of gains. this is bloomberg. ♪

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haidi: good morning. here in city we are counting down to asia's market open. anchor: i'm shery on a new york. welcome to daybreak asia. president biden said, not on his watch. he promises to outspend china on innovation and infrastructure and maintain america's position as the world's biggest superpower. the fed gives the