♪ >> good morning and welcome to "bloomberg daybreak: australia." we are counting down to asia's major market open. >> good evening, from new york. haidi: the global economy may see its fastest growth in a half-century with the u.s. and china leading recovery. but prospects are verging dangerously.

australia says the astrazeneca rollout will continue, despite concerns over local blood clot case. the government is working with you and u.k. to investigate. an japanese hotel operator hoshina resource say is positive on expanding businesses by the collapse of foreign tourism, we hear exclusively from the company's ceo. kathleen: over to hong kong for the latest on market. sophie: several markets in asia pacific are off-line for the long easter weekend including australia and new zealand. as they kick off april trading that reflation trade is top of mind. keeping energy markets after saudi rate oil prices for asian customers follow the opec-plus decision to boost output following may and july. we are seeing some downside pressure for crude at six doing dollars per barrel. switching to check on forex markets, to the dollar study earlier in the asia session.

after u.s. yields jumped friday following the us jobs report. the yen is steady above 110 monday while the aussie dollar is holding above 76 ahead of the rba decision due tuesday, which will be followed by the rpi update wednesday. note -- our b.i. update wednesday. -- rbi wednesday. no change expected with us try and india central banks expected to stay accommodative. after the remember popped a seven-week decline, official signaling clot -- tolerance for depreciation and capital outflows while investors return to the dollar on rebounding u.s. growth. now the focus on chinese policymakers is increasingly on curbing financial risk. this friday we may get credited as soon as friday from china. haidi: we stay with the global economy, on course for the fastest growth and 50 years.

but the imf's warning prospects are to verging dangerously, with the u.s. and china leading recovery while other markets lag. what is the main message we are likely to hear from the imf meeting this week? ros: what we are going to hear from the imf is a big or dangerous growth diversions from the haves and have-nots. the u.s. we often talk about a k-shape to recover rate with some groups doing well others lagged, and that is being played out on the global scale. in the past because some countries like the u.s. are able to pump and budgetary stimulus while others cannot, and in other countries where covid infections are slowing, and vaccine this tuition is solved, economies can open more quickly. this comes as the u.s. have a plot buster month in job growth in march.

china is also doing well. that is the message from the imf, the managing director last week words of the diversions, and said too many countries are found behind. we heard today from seth berkley of the covax initiative about vaccine nationalism, countries like india are cutting exports and the u.s. is holding back, and how that is a problem for searching countries, as it is being played out in their economies. haidi: it is taking a toll and speaking of vaccines we heard from president joe biden. his easter message to get vaccinated, telling us it is our moral obligation. kathleen: when it comes to getting that shot, where does the u.s. stand now? ros: the u.s. is really pushing the pace now. we are to the point where as much as 4 million vaccines a day

we are seeing and could get up to 5 million vaccines per day according to the former fda chief speaking today most of the floodgates are opening. and according to gottlieb, there is not yet herd immunity the population, between people of had covid rapidly getting their shots. it is quite positive there. we did here today from michael oce to home, a covid advisor for president joe biden, who says we are seeing more covid infections from young people, 30-50 or old have not had a vaccine yet, so that speaks to the more infectious variants grabbing hold in some areas, and accelerating the rate of vaccinations, and which will come out ahead. it seems like, if we can continue the 4,000,000-5,000,000,000 vaccinations per day, that will

sort of really had off -- 4 million-5 million vaccinations per day, that will head off the worst. haidi: markets getting a base going into the easter weekend thanks in part to biden's infrastructure plans announced. what other prospects about being able to be wrangled through congress though, given the amount of republican pushback expected? ros: it seems this is something democrats will have to go out again as a pure majority wrote -- vote, as they did with biden's coronavirus to enlist package a few weeks ago. because republicans are not onboard it at all, not on board with tax increases on anybody, especially corporations. one senior republican today, roy blunt, said publicans might sorta plan one third of the size of biden's plan, but i do not think there is any move this point with -- that republicans

might support a plan one third the size of biden's plan but i do not think there is any move this point with republicans. and democrats could not rely on republican support for this. there is rhetorical debate about what infrastructure is at this point. is it just fixing potholes and upgrading airports, or is it really a wider concept including electric vehicles, broadband access? so we will have to see and wait a week or two to see with the legislative strategy is among democrats there will be a huge democrat -- a huge impact from this. kathleen: coming up we also discussed the global recovery. we are joined by the world bank chief economist carmen reinhart, and philippine finance secretary later this week, as australia

missed its march target for a vaccine rollout, but more than 3 million. we also discussed the progress of its inoculation program wthee university of sydney during this hour. let's get over to karina mitchell for the first word headlines. >> mumbai instructed private offices to work from home through april amid a surge in virus cases. all nonessential server -- places including malls and places of worship will be set monday. restrictions, as india's case count heads to 100,000 per day. maharashtra accounted for 50 some percent of new infections and 47% of deaths in the country in the past two weeks. france reported 80,000 new infections over the weekend as the country entered a third nationwide lockdown saturday. cases have been surging since december, in part due to more contagious, deadlier variants of the writers, forcing french

president emmanuel macron to extend curbs to the rest of the country. the death toll in france stands at 96,000 people. china set a target of vaccinating 40% of its population by the end of june, 560 million people, as part of the rollout raising is pushing communist party members and staff to get shots. the countries inoculation effort has stepped up in recent weeks and it is now a ministry an average of 5 million doses per day. australia's newly appointed defense minister, peter dutton, says he plans to work closely with the u.s. and allies to maintain peace in the region. and it interview with sky news, dutton added australia would like to clobber it with china but does not support the militarization of ports or using foreign influence through cyberattacks. dutton was appointed defense and assert last week. global news 24 hours a day on air and at bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell.

this is bloomberg. ♪ haidi: next, the market outlook after the blowout u.s. march jobs sprint. why a strong rebound may be shaping up in the next few weeks. this is bloomberg. ♪

>> one year ago today, the secretary stood right where i am and was talking about the job losses in this country, from the previous month because of covid-19. one year later, we are coming back and we are going to come back strong. with this american drops plan, we will come back stronger than ever in our country. pres. biden: it is a once in a generation investment in our economic future, chance to win the future, paid for by asking big corporations, many of which do not pay any taxes at all, just to be and to pay their fair share. and it will not raise a penny

tax on the family making less than 400,000 dollars per year. >> what the president proposed this week is not an infrastructure bill. it is a huge tax increase, for one thing. and it is a tax increase on small businesses, on job creators, in the united states of america. >> u.s. labor secretary bill walsh, president joe biden and republican senator roger wicker on the massive infrastructure bill and the president's jobs plan. we want to take a look at the economy and what it means for markets after employers added the most jobs in seven months in march with improvement across most industries. joining us to discuss this is the medley global advisors managing director of global macro strategy, ben emons. there were forecast for jobs

gains up to one million, the number was not a surprise. nevertheless, yields continuing to drive, the reflation trade alive and well. what do you think is the psychology here, particularly of the bond market? >> hello, kathleen. i think the bond market is signaling that we are getting to an acceleration of the economy. it is interesting, right? if you are now at the 172, 175 level, we are still below her became from when the pandemic started, which was 195. so in the near term you're going to see interest rates rise back to pre-pandemic and then perhaps break that because as this report showed it had a really try trend -- strong trend across all sectors. and it does indicate is we are now getting very successful with this vaccine rollout, and we may even reach this 70% of the population, as early as in the middle of june, and the gains and payrolls are going to pick

up very quickly. because there's too much to matt out there for people to be hired, right? so i think market signaled friday at there's a new reflation trade coming through here again, as the economy early starts to pick up steam. i think that is what we can expect the next few weeks. kathleen: of course another big event this week coming up, is the release of the fed's minutes of the last meeting, the fomc minutes. people are quoting the fed saying any inflation increases going to be transitory, temporary, that seems to be the mantra of most fed officials. the market seems to be saying it does not matter may be if it is transitory, it is staring them in the face. when you think about inflation breakevens, when you think about expectations, could the fed minutes settle that for once and for all, do not worry about it, or it is too late? >> i do not think it is too late. but the markets will, indeed, be looking at, what is this transitory period

really about? the data coming up, ppi and cpi following, this is where the market priced in the base effect, the difference between the boss from last year and the game we made back this year. so the market will really look at that, not only that we are going to have that effect, but what is beyond that affect? and how long will that last? this is where yes, the market will look at these minutes for any kind of snippets, on what do they talk about when you think of transitory. another point there is that we all have to understand we have asked -- inflation expectations. at it to become an anchored, that could be a concern. what is an anchored? in history we have seen inflation expectations closer to 3% in the past. so we would have to see a lot more movement there, jesse markets potentially concerned. -- to see markets potentially concerned. so i think we are in a reflation period

and inflation would likely pick up further from here and then is this transitory, yes or no? i think the market still grappling with that, which means we will see at showdown with the spread steepen further out, until we know this was not transitory and we may have more inflation are we do not. -- we may have more inflation, or we do not. >> and the last week you talked about the timing of the rotation structure in the market. what does the timing look like given that we are expecting the wrangling of the package through congress for the stimulation to be something of a challenge? >> there is challenge ahead of us and it is obvious because of the slim majority the democrats have, in this house and in the senate. but, on reconciliation, there is a scope capacity part of this initial package biden outline. i do believe on that basis as we have been in this rotation since last year in the fall when we

went from technology to say, it and small-cap companies, that rotation is still ongoing. i think the next stage will be, people are going to look at this package specifically and say, how much will it be impacting parts of the economy that get a boost from public investment? and then this package targets up to 35% of gdp. if you think of anything it infrastructure or renewables, could tell friday or last week, some of these big exchange traded funds that are about electric vehicles or infrastructure saw kind of a boost. so i think the market is looking at ahead of there's an expectation coming, into different psych doors -- different sectors in the economy that would benefit from infrastructure spending. haidi: is there a direction in the next quarter or next phase of the recovery, that? -- ben? bonds, penned my darlings, there

is still scope for recovery. -- pandemic darlings, there still scope recovery. is this goldilocks recovery going to drive gains across the board? >> i do not think it is gains across the board. as the first quarter showed you do have winners and losers at the state, unlike in the first stage of the market recovery, when we hit the trough in the pandemic one year ago. everything went up at the same time. this time, it is more about, the cyclical part of the economy. obviously, leisure and hospitality sectors would gain, that is known. it could be the infrastructure cited the economy too. o'er the industrial side of the economy. i do not think you will see more gates and technology itself, it would continue to take a step back here. so it could be a bifurcated performance here, where yields will continue to have scope to normalize. that will put also pressure on housing as well. and we are seeing that coming through in recent data.

kathleen: what is your view on the dollar now, been, it has been -- ben,. with all the stimulus. we know currencies can have their own mind, what you think? >> the dollar certainly has scope to strengthen. on the one hand, we have broken through these technical levels. so it does historically tell us that whenever that happens, the break of the 200 day moving average, on average it has been a 15% appreciation of the dollar. that can play take place over a number of quarters or time so it is not so straight line. but as you can tell from the dollar performance year-to-date so far, it is totally against the consensus idea we were coming into this year, the dollar has advanced against most currencies except the pound and canadian dollar, which have their own particular story. so i do think the dollar is gaining more ground. and ultimately, the dollar will

reflect this stronger u.s. economy that really leaps forward, ahead of all of the other economies this year, the imf will discuss in detail this week. so, the dollar will continue to have strength. i think it is a dollar bullish story here. haidi: great to have you with us, medley global advisors managing director of global macro strategy. bridgewater associates co-chief investment officer bob prince says there is more potential for inflation under the fed's current policy and think who will ultimately compromise the central bank's ability to push more of its policies. he spoke with bloomberg. >> there's a lot more potential to create inflation through this mp3 type of a policy because you can literally put money into people's hands they will spend, and you can choose whose hands you put it. so there's more potential for inflation. but the question is, inflation of what?

so you have already had inflation of asset prices. and the qe2 world as the qe world inflated asset prices because that is where the many wet. whether we have a secular rise in inflation, depends on a lot of other forces. it is not just the u.s. question, it is a global question. 80% of countries around the world have an inflation rate of less than 3%. central banks have been very successful bringing down inflation the last four years. globalization has reduced the cost of labor and kept their. -- there. so you have low and stable inflation is a global phenomenon, not just to u.s. phenomena. so if you are going to have a rise in inflation, it would probably have to be global. at other countries are not stimulated to the extent the u.s. is, and particularly china. on the other hand, any given country's inflation rate can be impacted by the currency.

so if you had dollar appreciation, that could raise u.s. inflation rates relative to other countries'inflation rate. it would be deflationary for other economies. so, the inflation question i think is just more complex than a 0-1 type of thing. however, there is a thing that we can say, is a, more potential and b, the existence of inflation will be one of the key constraints, on whether the mp3 world, and whether the central banks, the fed, will continue to have the latitude to pursue these policies. without inflation, they have a lot of latitude to come along with the government, to continue these policies. but with inflation, and with inflation and currency depreciation, they start to hit the roadblocks and constraints. >> for our audience on radio, you are listening to bridgewater's bob prince. bob, what does this mean for returns? what kind of returns are you

targeting in this new kind of environment? is it different to the kind of return structure expected before? it has been a very turbulent time in your returns have been hit. do you expect them in this new environment to pick up from here? >> if you just look at the returns of assets as they come package there likely to be low. you start with the yield on cash, you have a negative yield on cash, a negative real yield on cash, and that has been a source of wealth destruction in the past 10 years, of about 15%. now you have negative real yields on bonds, and all assets compete with cash and bonds. so the yields of other assets are also coming down. looking backward, that has elevated their prices, but looking for that reduces their expected returns. so we are going into a world where the whole return structure has dropped. that is particularly relevant, in let's say the u.s. and europe, and in the west, where they are faced with a zero interest rate problem. when you go to china, and when

you go to asia, and to the east, you do not have the issue. you have probably, you have a decade coming of relatively high productivity growth. you have the potential to use all of the normal policy levers. and they have not blown out their fiscal balance sheet, they have kept the virus under control through other means. so, we should not just look at the world through the eyes of the west. we should look at the investing world globally. and we think, in terms of actually balancing east and west, in terms of your exposures, and recognizing the unique risks, but also the unique opportunities come in those two worlds. they are very different than the nature of their opportunities, so you really want to be working with both hands, on both sides of the world in an investment portfolio. >> that was bridgewater associates co-chief investment officer bob prince. plenty more to come on is "bloomberg daybreak: australia." this is bloomberg. ♪

haidi: it is a holiday and a start to trading. australia and new zealand are closed for easter monday. china and hong kong markets the spring festival. this is bloomberg. ♪

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karina: i'm karina mitchell with first word headlines. saudi arabia raised prices in a sign of confidence about the region's economic recovery. a state energy firmed brought prices for europe the same and lowering prices for the u.s.. the decision comes after opec-plus agreed to daily crude productions by more than 2 billion barrels a day. authorities say the backlog of hundreds of ships caused by the massive container vessel that ran aground has been cleared. the last 85 ships passed through

the waterway at the weekend. a total of 422 ships have passed through the canal since the ever given was freed. republicans may be ready to support a limited version of president biden's $2.25 trillion infrastructure proposal, but according to republican roy blunt, it would be scaled back by more than two thirds. the director of the national economic council countered saying the plan is a one time, eight year capital investment that will expand the economy's potential. jordanian authorities say they foiled what they call a malicious plot by the half-brother of king of duel of the second to destabilize the kingdom. jordanian officials confirm the sibling was placed under house arrest after a road -- allegedly working with foreign entities. 16 others were also taken into

custody. the prince denies involvement. spain is about to embark on one of the biggest ever tests of whether a four day work week can be implemented without harming the economy. they will pump 59 million dollars into the three-year program testing a 32 hour workweek. it amounts to spain's biggest cut in working hours in a century. about 200 employers are expected to voluntarily sign up for the program as it starts in the fall. 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 karina mitchell. this is bloomberg. haidi: australia is to double the number of clinics providing covid vaccines after missing its march target for inoculations by more than 3 million. joining me as the university of sydney appropriate -- associate professor lesley russell. great to have you with us. we heard from u.s. president biden going into the easter long weekend saying it is a moral

obligation for americans to go get vaccinated. is the messaging the issue for australia? has the government been too relaxed by saying it's not a race because we don't have elevated cases? >> i think that has been part of the problem, but the federal government has just not got the organization right. i think that it is doubly heightened because we have done so well in controlling coronavirus, we were told it is not a race, everyone would get their vaccination, and that led us to believe that it would be a rose gold perfect situation. a number of things intervene to prevent that being the case, the most important being the eu held up astrazeneca vaccine and we missed out on some doses.

the second one, we have had dreadful floods, which has meant getting the vaccines where they are delivered is problematic for a while. but in the end, i think the problem in a nutshell boils down to the fact that the federal government put politics ahead of public health. haidi: at the same time, we know the government and authorities are working with local blood caught -- blood clot cases as well. vaccine arbitrage and hesitancy is a problem. this contributor reluctant, particularly as people are thinking we are not really in danger of catching covid, so why would i endanger myself with the possibility of an adverse event? >> i think that plays out to a certain extent. i think the other thing making

people cranky about this is, when we do have outbreaks into the community, they come from problems in hotel quarantine. things get shut down and businesses have to close up. people are now saying, why would i put up with this any longer if vaccinations were in place, this would not be an issue any longer ? there is vaccine hesitancy in australia. it is nowhere near as high as it is in some other countries, but same sort of problems contribute to people saying, as you said, coronavirus is not such an issue here, i'm just not going to bother. i think there is some very real

-- what the government has done has undermined willingness to make their early effort to get vaccinated. haidi: anecdotally, we've heard a lot of anger and frustration from the medical community. jp's -- our gps in australia equipped to handle logistical challenges? we have the flu vaccination rolled out seamlessly every year. how different is this? >> it is different because gps are already busy. most have very busy practices. in order to vaccinate at the levels that justify the investments that need to be made , they have to get a nurse practitioner in, they need paperwork, special refrigeration measures, and they have to juggle that alongside all the patients who normally show up. i think gps have shown they are

more than willing to put themselves out there, but those practices put up their hands and said we are happy to do this, we can potentially do 1000, 2000 vaccinations a week, but they are getting 50 doses a week. they are filling -- feeling quite put out about it. in other cases in certain suburbs and regional areas, it is hard to find somewhere to get vaccinated so people are frustrated about that, too. >> frustration seems to have characterized every rollout, certainly in the united states and other countries. we hear the same story. why didn't they do it better? we could argue, mr. morrison, said we could get full rollout by the end of april or may, everyone would think we are

ahead of target. we have not had this in about 100 years. at the least, is it fair to say nobody really had a blueprint? >> i think that's right, but i think australia could say, we got to see the problems the united states and united kingdom and european countries have initially and we might have learned from that, and clearly we didn't. i think also there has been a reluctance on the part of the federal government having made up their mind that they would use gps to accept offers from the states of using hospitals to do the sorts of things the u.k. went to and i think the u.k. is a success story in terms of mass vaccination centers. some of us are old enough to

remember when the polio vaccine rolled out and those were the sorts of things that were done then. i think there has been either a reluctance or simply a failure to use all the resources that are ahead. >> thank you so much for sharing australia's experience and with any luck, we will all learn from it. she is from the university of sydney continuing to look at the rollout and labor practices and yields, it will affect her into the rba's outlook a tuesday. sophie kamaruddin is with a preview. more pushback against markets frightening for tightening -- pricing for tightening? sophie: expected to stay the course given the focus on jobs, wages, and inflation. we have to help keep a lid on yield as well as the aussie dollar which has pulled back

from the 80 level it hit in late february, now trading about 76 this morning. a lot of program is set to be extended and markets are waiting to see if there will be switched and maturity this. the rba's bond buying is part of efforts to keep the lending rate slope aired we will if the trump in home prices will warrant any commentary from the central bank and if it will follow in the footsteps of the rbnz. data last week showing houses and prices surging in more than 30 years. the rba abc said a lessee should not try to control asset rises and lack of printed credential tools be the first choice like limits on investor lending. the prediction is the rba may liver on those production tools in the staff. haidi: a japanese hotel operator is pushing ahead with expansion lands despite the lapse of

foreign tourism. we hear x civilly from -- exclusively from the company ceo, next. bloomberg. -- this is bloomberg. ♪

kathleen: japanese hotel operator hoshi no resorts is positive about expanding plans despite a drop in foreign visitors. they opened four new properties in the past year and plans new ones in the year ahead. the ceo spoke to stephen engle

about his ambition to bring japanese-style hot spring resorts to the u.s. >> the market is coming back, and we are confident because of the experience we had last year, between april and june last year was awful, the worst, but actually, the market came back very strongly during the summer and fall. even in the pandemic, we knew the third wave was coming but between the second wave and third wave, it was very strong demand in japan. if you look at total consumption, 85% of japanese people travel to japanese local destinations so we have a huge market in japan. the inbound is only 15%, but actually outbound was big.

outbound people are now coming back to japan and visiting japanese destinations. the loss of inbound was a growing market, of course we wanted that, but it was not very big damage during the pandemic for us. reporter: as you build out plans for 2021, you have resorts coming online. much of it was probably planned in anticipation of the olympic boom. how bad does the dynamics around the olympic delay and potential cancellation have on your business? >> we can't have any foreign audience for the olympics this year. i think the olympics is taking place. but i think the damage we have is mainly hotels in tokyo. we did not expect a huge volume of the olympic volume going into

this huge event. so i'm sure many hotels built in tokyo in the last three years will be disappointed and we will also be disappointed. but the rest of japan will not have negative impact. reporter: you have 43 domestic properties and three overseas. hawaii, bali, taiwan, soon to be china. what ratio would you like to see and where next would you go outside of japan? >> we are getting inquiries from many investors, but my personal goal is to bring the traditional resort in north america.

there are so many hot spring resources and we know that they really like the japanese cuisine and traditional culture and hosting -- hot spring experience. we are specializing in that field. we don't want to manage regular hotels and other countries. we have to bring japanese tastes to go overseas for us. reporter: when would that be in north america? i would assume if you are talking hot springs, you're talking about the rocky mountains so utah, idaho, colorado, perhaps british columbia? >> yes. we have talked to the people who have interest in working with us, investors, leaders and developers.

there are so many hot spring resources, but the east coast does have some areas. saratoga springs, a very traditional destination near new york and boston, the big cities. those are the target areas we are now working on. haidi: that was the hoshino resorts ceo speaking to our chief north asia correspondent stephen engle. he joins us more with the situation in japan. the prime minister says emergency measures might have to be expanded and this is still happening as of course the torch relay is underway and we are counting down to the summer olympics. reporter: absolutely. they are due to be held in july, of course. they want have foreign visitors, but again, there's the next wave sweeping across japan and perhaps will envelop tokyo into another round of emergency lockdowns going into place in

other areas including osaka and other municipalities. the prime minister was speaking on fuji television and asked whether tokyo would be included and he said, "all possibilities are being considered." of course, japan and other areas are dealing with what is being termed the fourth weight of -- wave of outbreak including this new mutation we first saw it in the u.k. and japanese officials are concerned whether this is more transmissible than earlier variations of the coronavirus. already, we had the package from hoshino, and they have already closed the main tokyo because the main city centers are not seeing those tourists. they are going to other areas. there will be more lockdowns

across all parts of japan. but the term -- domestic travel boom hoshino just talked about could be in jeopardy. kathleen: it has been a year and 10 weeks since the first case was reported in south korea. is it getting worse there as well? reporter: it is. they are still grappling with what they call the third wave, which began in the later part of 2020 and early parts of 2021. now they are talking about this fourth wave and they had more than 500 infections for a fifth consecutive get -- day. 514 of those were local infections and also four new deaths. government officials are considering further social distancing restrictions and business activities in south korea. we are going from winter to

spring and the warmer weather is getting more people out and about. the fear is if they don't see the numbers down considerably this week, there could be more social distancing and that will have a direct impact on the economy. i might add tokyo has 355 new infections and 594 in osaka. now's sole and south korea, 543 new infections. kathleen: numbers nobody wants to see, but there they are. chief north asian correspondent, stephen engle. be sure to tune in to bloomberg radio now broadcasting live from the studio in hong kong. you can listen via the app radio plus, or bloombergradio.com. stay with us.

kathleen: time for morning calls ahead of the asia trading day with sophie kamaruddin in hong kong. what is on your radar screen now ? sophie: citigroup saying they might see further to go in the dollar strength and that would be a hurdle for global equities. the rebound could take the edge off the stronger dollar. stocks are seen underperforming. this is msci gauge under pressure. we have seen developing nation currencies and bonds on the back foot, pushing the first quarterly declined in a year.

morgan stanley said -- staying bearish. vaccines also a pressure point. kathleen: thank you. now for a quick check of business flash headlines. credit suisse is discussing replacing the chief officer after a string of miscues that led to losses potentially worth billions of dollars. the bank is expected to give the update on exposure to capital this week as well as the fate of top executives. the ceo is said to be expected to stay on while the ceo of its investment bank is also under scrutiny. h&m's troubles in asia deepened over a map of the region that upset china and vietnam. the retailer corrected what chinese authorities called a problematic map on its website, but the move then angered vietnamese consumers who says that the change in fringed on their country's maritime

sovereignty. h&m recently faced china's ire over a statement on alleged human rights abuses. people want to rein in credit supply on concerns a surgeon loans is issuing asset bubbles. the banks were told to keep new loans in the first quarter roughly at last year's levels if not lower, chinese authorities recently paired back liquidity injections and sounded the alarm over the financial risk. elon musk set on growth in china and europe is starting to pay off her tesla. the carmaker beat spec tatian's for the fourth quarter of this year by delivering around 4000 cars more than it did in the fourth quarter of the company says the model s and model x were exceptionally well received in china and the quarterly delivery figure is widely seen as a barometer of demand for its vehicles and ep's at large. haidi: an indian court told that

the governments freeze on the bank account was harassment and done illegally according to reuters. indian tax authorities ordered hsbc and citibank to freeze bytedance bank accounts amid a probe into financial dealings with the chinese company says the move with the bash was without any evidence and gave no notions as required by indian law. the personal data of more than half a billion facebook users were emerged online for free saturday, a reminder of the company's ability to collect information in the struggle to protect users from social data. facebook issued a statement saying they where previous reported from an issue in 2019. the leak includes phone numbers, names, locations, and birthdates. godzilla versus kong drew the largest we can crowd to theater since the start of the pandemic with more than 32 million in north american ticket sales between friday and sunday and nearly $49 million over the five day holiday.

domestic sales were about double that of wonder woman 1984 amid pandemic era ticket sales, down more than 85% year on year. coming up in the next hour, we will discuss what to expect from imf meetings this week. moody's could turn -- analyst katrina ell is with us. kathleen: we will also discuss the global recovery when we are joined by the world bank's chief economist carmen reinhart and the philippine finance secretary carlos dominguez later this week. plenty more ahead. keep it right here. this is bloomberg. ♪

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