full body results like total gym. and right now you can try it risk free and enjoy special savings too! get on demand workouts free, free shipping and more. call now! haidi: good morning, welcome to daybreak australia. we are counting down to the major markets own it -- open. these are your top stories this hour. asia set for gains after a mix of day in the u.s.. the nearly weeklong block of the

suez canal finally ends, traffic resuming through the vital waterway. president trump -- the president with a significant ramp-up in vaccinations but the cdc warms of impending doom. and, top lawyer who led an internal investigation into alleged financial misconduct faces vicious blowback, we have that special report. shery: we saw the dow supported by boeing, which has announced large order. the s&p 500 seeing one of the potential fallouts, dropping from the record high. a financial one of the biggest losers following revelations of the banks liquidating holdings. now, oil at the moments extending -- at the moment extending gains, there is speculation that perhaps, because of the concerns, we will

see the group production in check. the dollar pared back a little bit of those gains. some improving risk sentiment, we are now seeing u.s. futures slightly higher after the close. haidi: we are getting the results of some fixed income review. in terms of the fixed index, malaysia retains in the world government bond index. about two years ago, they could potentially drop those. we have seen malaysian policymakers -- policymakers roll out a rash of reforms to stop that from happening. it will remain after the watchlist with possible exclusions. other updates as well, malaysia being removed from that what -- that fixed income watchlist. when it comes to vietnam, which we know has been at outperformer when it comes to economic growth

in this part of the world, it remains in the stock index. also taking a look at chinese government bonds that now make up about five and a quarter of 1% of that overall index. let's look at how we are setting up for overall market action in asia. >> after stocks fell on monday, futures went higher. people watch on agl, as the company plans a structural shift which will create two new energy companies. elsewhere, futures are higher. just how wide the block trade will be. recovery will remain key. later today, we will hear from several more chinese banks. switching up the board, we will watch the aussie dollar. we see the currency pulling towards the middle. the turkish lira, very much under watch.

this after the central bank was fired -- central bank governor was fired. trading at a four-month low and headed for the biggest monthly drop in a year. the yen hovering below the 110 level. after a four-day decline. some strategist seeing the outlook brightening for the currency. it is looking cheap. for now, pulling up the chart on the terminal, it's the u.s. dollar that is in the driver seat. the greenback set for the best quarter in a year, this as bets are piling up of the u.s. will lead the global recovery. which helps u.s. markets contain the block trade drama. haidi: shares of nomura and credits plunged, questions remain about extreme leverage.

what is the reaction that we see on the reopening after the weekend? >> a lot of questions. certainly, a few days ago, a lot of people had not heard of the family fund run by bill londa, a controversial figure. the nine stocks all declined last week in a big way. many have started to decline, earlier in the week. -- had hearted -- had started to decline earlier in the week. many of the nine chinese tele stocks and u.s. media stocks caught up in the block trade selloff, they continue to be among pressure in the monday session. particularly viacomcbs and discovery. importantly, these media stocks had quadrupled in value since october. their slide over the last week is viewed to be instigated in

epic margin call. observers say there is a real tug-of-war on wall street between those who believe it is a one-off situation like we saw on friday. but, there are those concerns that the related paid could be a lot more expensive. credit suisse plunged among others stocks. goldman under pressure. they have indicated they will take significant losses through this event. shery: you mention how controversial they have been, we know the sec had a ban on him running a firm since last april. have they said anything? >> we know they are continuing to monitor the fallout as it unfolds. we also know that he had been prohibited, as you say, he had applied earlier in 2020 to be released from the shackles.

and he was allowed to associate with the brokerages. again, if you look into the bloomberg, you can see the sheer volume of trading that took place. all the related shares alone, $20 million selloff showed the extent of the credit that was extended to this firm. a lot of it longtime swaps. that is clearly going to get a lot of scrutiny from regulators. back to you. haidi: while investors continue to weigh all the fallout, this is for some of the earlier guests had to say. >> incidents like this can shatter confidence. >> it takes some time to have the bodies float to the surface. >> this is very specific, related to one set of positions. >> we are at an inflection point

at this stage. >> we are not seeing the crazy activity we saw on friday. >> these events have happened before, they should not be news. >> i would stay out of this for the next couple of days. >> some goodbyes to be made on friday. -- some good buys to be made on friday. >> obviously, you have to keep an eye on is there more of this to come? shery: for more market analysis, let's bring in shayna. great to see you again, we saw the wave of continued block trades on monday, there could be more this week as well. what do you make of what is going on this week? is this a one-off or there could there be something more sustained -- something more systemic at play? >> you never know for sure, but this is not something we have never seen before. and 2000, and 2007 we had that

major selloff. and it all of those cases, it was never better then when you are a shark in the water to be buying from a four seller. because, you can get really good deals. there is a lot that we don't know. but, in terms of the overall impact on the market, it depends on the amount of leverage that this firm has. how much credit was given to them, and, overall, i find it hard to believe that this is a systemic, massive impact on global markets beyond the few positions they held. shery: also when it comes to leverage, do you it all worry about aggregate leverage across the market given that we have had an incredible rally? and very easy liquidity? >> yes, that has been a big concern for quite some time.

this is a symptom of a larger problem. there is an immense amount of liquidity that comes into the market, there has been an asset reflation in monetary policy. at some point, we will pay the price for that. do i think it is inevitably going to happen in the near term? no. but i do think this is a reminder that these types of policies have consequences. shery:e avoiding banks? take a look at what happened in the asian session yesterday, there were stay on record. seeing that huge plunge. shares dropping by the most since 1974. we also saw volumes surging. even if it is a one-off event, is there a sense that you continue to have that risk when it comes to banks, that there would be that restraint from having liquidity side if this

continues to happen? >> perhaps i might be more careful on what banks i want to invest in. but, this is a perfect example of not throwing the baby out with the bathwater kind of scenario. the u.s. banks have limited exposure. they are under significant regulatory oversight. and, they are down as well. there is opportunity here and a rising rate environment, broadly speaking. banks should do well. to this point, banks have been one of the top performers in the market. again, any time you could take advantage of selling in the market, that pays off in the long term. i would be looking at banks that have limited exposure to this incident, specifically the u.s. banks. you mentioned goldman sachs and morgan stanley, i am bullish on them. haidi: let's take a look at the broader recovery, we heard from president biden joined the

spotlight on how well the vaccination rollout is going and ramping up. that program at the same time, the cdc is concerned we will see a fourth wave in the u.s.. is that a worry for a lot of the optimism we see built around the recovery trade? >> there are reasons to be concerned about the recovery. but i don't think it has anything to do with the virus. in terms of the vaccine process and the rollout, here in the u.s., we have about 30% of the population that has received at least one dose. there is a recent study that shows them a dharna and pfizer vaccine efficacy is approximately 80% two weeks after the first dose. that is positive. if you look at it, broadly speaking, on adult population in the u.s., demos 50% of adults in the u.s. animal 70% or more of the highest risk population have been vaccinated. i think the fact is the virus is not going to be eradicated. we will be living with it for

the rest of our lives. the question is, is the vaccine effort going to make an impact on the death rate and the hospitalization rate? i think there are reasons to be encouraged. the cdc has been overly cautious on the fourth wave. but i find it hard to believe we will see a fourth wave with the amount of people that have been vaccinated to this point, especially in the high-risk. haidi: let's hope that we are right about that optimism. always great to have you. we do have some breaking news when it comes to the warren buffett berkshire hathaway backed chinese electric vehicle maker. for your revenue coming through at over hundred 57 billion you and. slightly shy of expectations of 4.6 billion you on. we have seen thanks to the

recovery of the chinese car market, about a hundred 60% there -- about 160% there, fourth quarter profits rise as much is 166%. a final dividend chanda 14 .8%. let's get you to vonnie quinn. >> president biden will unveil a massive infrastructure stimulus package wednesday and pittsburgh. it will focus heavily on initiatives to rebuild bridges and roads. the administration is looking to spend $3 trillion altogether on infrastructure investments. expect tomorrow's number to be a smaller amount. the white house has not commented. president biden has marked april 19 at the day that 90% of all u.s. adults will be eligible to get a covid-19 vaccine. his administration will more than double the amount of shots

that can be administered as it ramps up the pace of inoculations. he warned against complacency. >> the war is far from one. this is deadly serious. we share the sentiment of dr. wilensky, the head of the center for disease control and protection. -- and prevention. the cdc expressed this is not a time to lessen our efforts. >> the u.s. is suspending its trade deals with myanmar until a democratic government is restored, condemning violence against civilians. the move comes after 114 protesters were killed over the weekend. military airstrikes against one of myanmar's largest ethnic rebel groups killed three people. the national union that houses about 10,000 residents along the thai border. 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: still ahead, policymakers will need to maintain for longer to keep the economy back on track. he joins us later this hour. coming up next, traffic has been reopened in the suez canal. we have the details of the rescue next. this is bloomberg. ♪

>> it will be a little bit earlier than what we expected. and she -- it seemed the ship had been stuck and indeed they have been able to move it. it is too early to see when the canal will be cleared. it is one thing to reform the shipments. >> it will take some time for it

to balance out. that will affect rates. we have had essentially a week of no trades through the suez. that is adding a week or so onto the journey. this ripple through the supply chain, we will file for some time to come. shery: some of our guests commenting on the fallout from the suez canal blockage. ships and started moving after it was freed following a weeklong operation. it might take another week or more to clear the queue of ships in the waterway. how many vessels are waiting to pass right now? >> yes, the ship is finally free, which was exciting news. and yes, as you mention, vessels have started moving again through the suez canal. there is a backlog of about 500 vessels waiting to pass through the waterway.

the suez canal authority has told us it will take about two and a half days to clear through that backlog and traffic can return to normal in about four days. we have seen progress, about 12 vessels entering the northern end of the canal. haidi: oil managed to close higher today. was the idea that we had this bottleneck broken one of the drivers? >> that's right, oil did close higher today. amid all of this. traders are focused on the meeting later this week to see whether producers led by saudi arabia would agree to continue or strain supply intimate. because of the concerns over oil demand with parts of europe. there is the expectation that they will continue to enact the duction policy to support oil

prices. that is giving oil strength right now. traders are optimistic. shery: we will stand oil because monday marked a historic day for oil markets. traders will now have an alternative to futures contracts . now, this is produced by abu dhabi. futures available on these will have a june delivery date. the move is an attempt to regain control from saudi arabia over middle eastern oil and prices. that will change the way nearly 1/5 of the world's crude is price. -- is priced. >> i believe the demand has always been there, since its inception, there has been a long list of customers. who use mu asr a key part ofban

shery: could weekend. it is currently the third biggest producer. this ahead of the key opec meeting on wednesday. haidi: one we are watching closely. coming, cdc study suggesting that the pfizer biontech vaccine and them a dharna vaccine prevents infections, not just illness. this is bloomberg. llness. this is bloomberg.

>> i'm going to reflect on the recurring feeling i have. we have so much to look forward to, so much promise and potential of where we are. and so much reason for hope.

haidi: the cdc with a stark warning over rise of the cases in the u.s.. and now, data that the pfizer and moderna shot prevent not only illness but infections. this is a huge development in terms of the data that we know and the efficacy of these vaccines. because prior to this, we knew that it would prevent or lessen the symptoms if you got ill. now, we are going a major step beyond that. >> exactly, what we are talking about here is, it used to be that we said you wore a mask. what we know now about the vaccines, is that they not only protect you from becoming severely ill but they also prevent you from becoming infected. that means you cannot pass the

infection onto to other people as well. it is a significantly increased benefit that comes from getting vaccinated. all the more important to be pursuing widespread vaccination as quickly as we possibly can. and, also a little disconcerting to have this good news happening on the same day we are getting dire warnings as well. shery: i walk around the streets of new york and see more people not wearing masks. i guess that is a risk from now on. talk about the origin of covid-19, because it has been controversial. we have a little more on this. >> yes, we have gotten our hands on an early look at the origin report, coming from the world health organization. as you say, it is a controversial report. it is from a group of world-renowned experts who were paired with researchers from china's cdc.

they were looking at gathering the information about what we know where coronavirus came from. unsurprisingly, they are saying is the same avenue. specifically, most likely that it came from a bat, either directly into humans or via another animal. saying a cat, a meeting or a penguin. that is what some people are saying is the most likely avenue, who saying it was still on the table. something more unusual could've happened, it could have come from the lab in wuhan or on frozen food. now, getting from u.s. officials that they are concerned that the who did not have full access and the chinese government was more involved. hopefully we will get to the bottom of this. shery: important to find out given that we can prevent the next outbreak.

coming up next, we speak to john edwards. he says policymakers will need to maintain qe4 extended. . this is bloomberg. ♪

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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. haidi: let's get a look at a day ahead for australia. adding one additional woman to the 22 person body, elevating others to more senior roles. all that sparked by the handling of sexual assault allegations. we are on watch for policymakers, for cobbett -- for comments from the former board maker john edwards.

ego data just dropping across the bloomberg as well. the consumer confidence numbers rising to 112.3 of the previous level of 110.4. australia faces an unprecedented challenge to rebuild its economy post pandemic. let's bring in john edwards. the advisor to the prime minister instituting a paper released today on australia's economic challenge. such a pleasure having you on. we talk a lot about the generation of people in australia that have never seen a recession. we had the first recessionary conditions in about 30 years. the recovery this time, unprecedented in terms of recovery from a pandemic and not a financial crisis. and, the fact we are doing it without writing on the coattails of china. how challenging will it be?

john: we have done unexpectedly well. employment has already returned to the level it was pre-pandemic. it is actually better than it is actually better than was pre-pandemic. unemployment, particularly since we have lowered the goalpost, and a big increase in government debt. which is changing the attitudes of both treasury and the central bank. haidi: were the biggest challenges, particularly as we had the rollback of the job keeper support, and the expectations of that will have a huge negative impact. are there parts of the economy that will be permanently damaged and transformed on the others of this pandemic?

-- the other side of this pandemic? john: the unemployment problem is the one that i think is the most striking. we are still 100,000 more unemployed than we were before the pandemic. we think that up to 100,000 will lose their jobs as a result of the end of the job keeper subsidies. we are also looking for another 100,000 jobs to get unemployment down from what was pre-pandemic. 5.2% to 4.5%. which appears to be the new central-bank goal. that is a very big task, 300,000 jobs in economy set for an increase in employment. we will get over the next five years in addition to all the other jobs.

as people join the workforce. shery: was it the right call to turn off job keeper? john: one complicating factor is an increase in household financial balance. this is true in most countries but spectacularly true and australia. it seems like a lot of the fiscal response from 2020 was saved. of course, people did not have many opportunities to spend. so increase in household cash balances, the increase in savings, money balances, treasury is hoping that as the public sector spending fades, as it will over the coming fiscal year, private sector spending will increase. that will may be true.

shery: some parts of the private sector taking a hit on tensions from china. the u.s. also affecting australia as well. we continue to see a decoupling from china from the rest of the world. how will that impact australia? john: one remarkable thing over the course of the pandemic is we have not seen much decoupling. that is, global foreign investments in china increased. very much more than any other country. china's exports increased, of course china has done, parent of lee well economically through the pandemic. so, i am not convinced that decoupling is taking place at all. u.s. exports to china, for example, went up considerably in

the course of 2020 as a result of the trade agreement reached. but, any move towards decoupling will disadvantage australia because australia is integrated. into an east asian economic community, the biggest member of which is china. haidi: i want to get to your call about the meeting to stay the course when it comes to bond buying to keep the aussie lower. i am wondering, do you provide that now that we have seen a pullback in the aussie? that we have seen an evening of the growth differentials between the u.s. and australia given the thoughts of an expected rollout in vaccinations generally improving the economic picture in the u.s.? john: i think it is quite likely that it feels less pressure now than it did before. certainly, the australian dollar has not moved as much against the u.s. over the last three months.

it is up from where it was a few years ago but not much is changed over the last three months. the present program of bond buying seems to be coping. and, it will certainly be in the market i believe if the australian dollar takes off again. or, if u.s. yield fall. otherwise, i think the pressure is probably yields. haidi: when i think about australia's economic trajectory, i think about the quote about the lucky country. do you think the management of the pandemic, particularly on the fiscal and government side, has been on account of good luck or good policy? john: i think it is unquestionably good policy.

but, we handled it well. and we handled the economic response well. it has been overwhelming, and very rapid fiscal injections. in a rapid lowering of interest rates, the protection of fiscal markets and intervention of the bond markets. many of those things were unprecedented. shery: john, great having your insights. author of a new paper released today on australia's economic challenge. it is time now for morning calls ahead of the asian trading day. sophie, we have seen the japanese yen at the weakest level in about a year, what is the outlook? >> we see it below 110. a little attention to the latest commentary on etf buying.

2% inflation targets. set for the worst quarter since 2016 in the face of rising yields and a stronger u.s. dollar. there could be further weakness, a 2020 low of about 112. some strategists short positioning, allowing more flexibility, that will be a yen turnaround. 105 against the dollar. over at td bank, they bought rsa levels signaling a correction. recommended going along the yen against the euro. haidi: and, taking a look at turkey and other central banks, we see this rotating door personnel situation. have we seen much of an impact given the slide of the lira?

>> those are being closely watched. saying we could see a limited contagion risk. a caution on emerging markets given the timing of the upper -- of this in turkey not ideal. look at the forecast of the 10 year yield, 2.5%. plus, dollar strength for em performance. we are watching the most correlated to the year -- to the lira. also the economic channel on trade partners in iran and russia, the biggest exports to turkey. as for the lira this morning, it is training weaker. the move is less severe than what we saw about a week ago when the central bank went higher -- when the central bank governor was fired. haidi: coming up, we break down changes in the australian government cabinet at they continue to deal with the backlash of handling of sexual assault allegations. this is bloomberg. ♪

>> you're watching daybreak australia, i'm vonnie quinn. the latest, the cdc finds the covid-19 vaccine for pfizer and modernity effective in preventing infections, not just illness. the findings showed substantial protections two weeks after the

first dose. two doses provided is 90% affection against -- protection against infections. prime minister boris johnson says the u.k. is on track to lift pandemic restrictions entirely by late june. he has cautiously optimistic there will not be a need to impose more lockdown measures. adding that infection rates are the lowest in six months. he warned against becoming too complacent. >> i don't see anything in the data right now that would cause us to deviate from the roadmap. but, we have to remain humble in the face of nature. we've got to be prepared to do whatever it takes to protect the public. that has been our approach throughout. >> japan's vaccine chief says the countries rollout will be slow. it won't be until may the

systems are working properly. less than 1% of japan's population has received a single dose. slow vaccination pace is under increasing scrutiny as the olympics draw closer. hong kong is taking steps to further reopen its economy, extending mandatory hotel quarantine from 14 days to 21. discussion over travel bubbles with several countries are set to resume. the city is using travel as an incentive to boost its low vaccination rates. 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 australian prime minister has announced a reshuffle of his cabinet and attempt to bring an end to a cycle of sexual assault claims involving his government.

paul, as expected, the attorney general will remain in the cabinet. what rick make -- what major changes are we talking about? paul: there were no huge surprises. the former attorney general is denying a rate allegation and ensuing a defamation case against the national broadcaster. he is now the minister for industry of science and technology. a woman with a law degree will replace him. the perfect choice for a new attorney general in the circumstances. the national disability insurance, by another male staffer, still on medical leave. the new defense minister, you might remember from his leadership talks a couple of years ago, there has been one additional woman added to the cabinet as well. women now occupying seven of the

22 positions around the table. the new foreign minister will lead that group. -- here with the prime minister had to say about the shuffle. >> she will effectively become the leader of that group of women. she has effectively, amongst her female colleagues, the prime minister. >> the only way to respond as a parliament to these issues and this challenge was to own the problem. to own the failings. and, ultimately to own the solution. paul: flurries pain, the foreign minister. she will, at the prime minister says, effectively be a prime minister for women. shery: how much will this help given that they have seen a lot of heat around the treatment of women? paul: we will have to wait and see. they can't afford to have too many more of these incidents.

of course, a member of parliament has also been surrounded by scandal the past couple of weeks. he plans to quit politics at the next election after it was revealed that he bullied two women. that again puts the prime minister and another awkward position. it would be the end of the governments one for majority. you can see how political expediency remains at the center of all of this, and also a new poll taken in the past few weeks released. they are now trailing the opposition party 48 to 52. the prime minister's personal approval rating has slipped, down to 55%. the bump he enjoyed from his handling of the coronavirus is now gone. shery: paul allen in sydney.

coming up, nissan's former top lawyer who led an internal investigation into alleged financial conduct. we will have details, next. and be sure to tune into bloomberg radio to hear more from the days big newsmakers. and to get in-depth analysis. listen on bloombergradio.com. plenty more ahead. stay with us. ♪

shery: nissan's former top lawyer says he endured retaliation, demotion and surveillance of his family after questioning the integrity of an investigation into alleged financial misconduct. speaking publicly for the first time, former global general counsel told us that after writing a memo to the nissan board outlining conflict of interest, he was frozen out. here is part of a report for quick take storylines. >> within three days of me submitting that to the board of directors, i was removed from the executive conduct masses. i was then told that i could not attend board meetings anymore. and, up until that point, i had

attended every single board meeting. i was then also told that after eight years of being in japan, i would be going back to the u.k.. >> so he was essentially being reassigned to get him as far away from the internal investigation as possible. but also, to a certain extent, and retaliation to some of the issues he brought up regarding the internal investigation. >> first of all, his immediate responsibilities were taking away from him. -- taken away from him. he lost the coveted general counsel title. it didn't stop there, towards the end of his day in japan, rob and his wife were convinced he was being followed. >> during that. , i noticed -- during that period, i noticed that while driving my car, i would have other cars following me. the first and i noticed this was around mid march.

i was driving, i can't remember where, but a gray van started following me. and i know it was somebody in the car taking pictures. lo and behold, we were being followed either by people on foot or other individuals. two or three burly men in a car, different cars at different times following us around. they were following my family as well. >> this all culminated in a rather dramatic event in the middle of 2020. where nissan had hired a legal team and had obtained an unusual court order from the district court. >> to basically do a search of his home. and a seizure of his corporate laptop and phone.

and other documents. >> now, we have to break this key. >> it is an extreme way to treat someone who spent 16 years at the company. it was -- >> it was even more weird because i have highlighted to the directors that certain nissan executives were trying to recover this laptop and phone. while i was still in japan. i was very concerned because it had evidence on their that related to misconduct matters. and, other forms of inappropriate conduct. it was just another form of intimidation, of harassment. forcing me, almost, to leave the company and the country. because, once they obtained these items, we were still followed.

which, again, i could not understand. what is the point of doing that? this isn't a car company, -- this is a car company, this isn't the kgb. haidi: that was a former top nissan lawyer speaking to bloomberg quick take. in a statement, nissan said it is contesting a claim which contains numerous mischaracterized allegations. a spokeswoman said they were unable to comment further as it is subject to ongoing litigation. let's get a quick check of the latest business flash headlines. australia's largest electricity retailer is planning for a structural separation. it will be the biggest energy retailer while prime company will be the largest electric regenerator. it aims to implement the separation by the end of the 2021 financial year. deutsche bank has extended ceo christian sewing contract for

another five years. it is handing the reins of the investment bank to a unit that he has had -- that he has led so he can focus on revenue growth. the coo will also leave the bank, the changes marked the next phase of restructuring that began in 2019 and included 18,000 job cuts. a blank check company will miss its goals. the investor had hoped to find a private company by the end of the fourth quarter, but he is saying that he will not be in a position to announce. the spac raised over $1 billion and ipo. cathie wood's fund has allowed its etf to concentrate on more assets in a single can security and take on more risk.

last week, it removed ownership on a stock and language in. let's take a look at what we are watching as we head into the start of trading in asia. >> along with agl, keep an eye on the minor opposition from the indigenous population. keep an eye on news corp. as well. after it clinched a second deal in a week. buying a publisher for $349 million. this, as proof of a plan to develop natural gas, which could see a new wave of investments open up in australia. this will see the -- the existing gas facility. shery: we will watch those

stocks as the market opens in sydney. this is bloomberg. ♪

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