♪ haidi: good morning and welcome to "bloomberg daybreak: australia." shery: good evening from bloomberg world headquarters in new york. i'm shery ahn. haidi: chinese gdp numbers, they report record growth, but the viral debacle preys on investors. economic signals, accelerating

recovery in the world's biggest economy, real estate, health care and technology leading gains on wall street. city moves to scale back retail banking operations in australia, china and india, and other markets on the chopping block. the japanese prime minister looks to strengthen ties with the u.s. as he plans to meet with president biden in person. shery: u.s. stocks on wall street again seeing record highs, the s&p 500 led higher by real estate and health care. we have strong economic data -- u.s. retail and jobless claims better than expected. financial shares declined, retails -- chairs falling after strong ports from citigroup and bank of america. the 10-year yield dropped below 160, u.s.-russian geopolitical tensions might have fueled move, bond yields lower, we also saw gold rising to the highest since

late february, on track for a second straight weekly gain. . haidi: let's see how asian markets are shaping up, looking ahead to the start of trading in australia, closing at a record high. we are seeing futures, up .25%, earlier gain of .2%, we will get into the open and we are watching the aussie dollar intently as we head into china gdp day with dollar weakness playing out across the kiwi and aussie dollars in the overnight session. kiwi stocks are up .25% and pretty positive going into the start of trading in full. and in tokyo as well, modest upside for futures trading at the moment. china bonds turn higher after reports say the company prepared for repayment of a $450 billion offshore note that is due. distressed asset managers remain

silent on details of the overhaul plan. markets anchor tom mackenzie joins is in beijing and david ingles in hong kong with more on the story. tom, tell us where we are in this ongoing drama? tom: i am outside the headquarters of huarong in the financial district of beijing. china is the largest collector of distressed debt, 1990's bad loans and the banking sector. it has $1.7 trillion you want -- yuan under its management, it is a key component of the economy. they failed to report delivery earnings in march. that caused concerned among investors.

there were reports of restructuring, particularly offshore unit of this company. reports say they have managed to get funding to pay back the debt due on the 27th, but there are other markets. on sunday, they have to pay back $380 million bond, and on the 27th they have two bonds coming do the equivalent of $600 million. this is not a company that is flush with cash. it is difficult not to raise funds, particularly offshore for huarong, so there are questions about whether they will be able to pay back that upcoming debt. overall, they have $7.4 billion worth of debt that they will have to either roll over or pay off by the end of this year and a total of $23 billion worth of debt. the company says they have adequate liquidity. we are looking ahead to the april 30 deadline as to when it has to publish, finally, those earnings. the main stakeholder in this is

the financial ministry, which owns 57% of huarong. they have remained silent so far. shery: this must make investors nervous and we have seen contagion in the dollar-bond rout? david: we are seeing spreads wide and in some parts of the bond market, particularly aaa and the three year and five year. tencent overnight sold about $4 billion in bonds, extremely tight spread. i am basically saying this is a storm that is not keeping all the boats in the bay. the number tom was mentioned, the people in that building where tom is have to figure out how to pay $17 billion in terms of debt coming due by the end of next year.

so there is uncertainty, the near-term picture is a little more clear. but that said, there is a long way to go in terms of what the restructure might look like -- is it going to be debt restructure, restructure of the company? keep in mind this is sovereign, investment-grade, yet bonds are trading at $.60 on the dollar. shery: tom, all of this coming on the back of stellar gdp numbers for the first quarter, again. tom: yes, and for context, if the economy here continues to recover and rebalances, it maybe will give the pboc and regulators more options to continue to push a harder line when it comes to deleveraging. we are expecting to see first quarter gdp 18.5% that would be a record. bloomberg economics thinks they

are going to get a number closer to 20%, about 20.1% is the forecast from bloomberg economics. there are basic facts. the economy was crippled early last year because of the pandemic. you have to bear that in mind. but bloomberg economics would stress that in terms of the production side of the economy, that is now looking solid across different metrics. it is the demand side, particularly consumption, that means in question and remains a lag on this economy. will that come through? we are looking potentially at retail sales year on year in march at 28%, and industrial reduction 18%, fixed asset, 26%. these are the numbers that we expect around 10:00 a.m. local time, but it will round out the picture for local policymakers here and give more direction on how far they can go when it comes to dealing with dental risk. haidi: how are we seeing the

rest of the market process this lack of clarity and certainty around huarong, while looking ahead to gdp as well? david: the recovery is front and center when it comes to sentiment. we will talk about that in a second, but when you talk about sentiment on how the market has performed in china, all the indexes have been bottom of the heap. that said, it comes back to the fact that china recovered last year and we are talking at what point do we normalize rates and when that might come. that is one part of the equity story. when you look at the csi 500, the 200 day moving averages 200 point above and related to tech. 22% etf is what we are expecting on mci china, tom was mentioning

an 18% pop in gdp numbers. don't jump out of your chair you see that number, that is of course well choreographed. this will be an interesting day and we will see if it is a fundamental story or a sentimental story, and the huarong headlines coming out of the story might help sentiment on the margins. shery: david ingles in hong kong and tom mackenzie in beijing, thank you. don't miss special coverage of the fallout from huarong and rising credit concerns later at 9:30 a.m. hong kong time, 11:30 a.m. in sydney. haidi: we will get more insight into the chinese economy with gdp figures later from the chinese mission chief joining us in the next hour. we will hear from chief china economist from jp morgan and others as well. let's get to vonnie quinn with

first word headlines. bonnie: two senior republican lawmakers are calling on more restrictions of chipmaking tools sent to china. in a letter to the commerce secretary, they say there is evidence the chinese military is using the technology. last week, the u.s. placed several chinese firms on a blacklist. france is the latest country to surpass 100,000 covid related deaths come of third european nation behind the u.k. and italy to do so. france now has 5.2 million confirmed cases. it went into a third lockdown at the start of april after president emmanuel mccrone advised to do so in january. the defense has rested its case in the trial of a former minneapolis police officer accused of murdering george floyd. derek chauvin declined to testify. closing arguments begin monday

before the racially-diverse jury start deliberations. renminbi -- open to a white house offer of a presidential summit. the u.s. is expelling -- russia says it is open to a white house offer of a presidential summit. the u.s. is expelling 10 russian diplomat and sanctioning individuals and companies. house speaker nancy pelosi doesn't support a bill to expand the number of justices on the supreme court and say she has no plans to bring the new legislation to the floor for a vote. however, speaker pelosi says she does back president biden's decision to study the court. speaker pelosi: it is not at of the question. it has been done before in the

history of our country and the growth of our country, the growth of our challenges in terms of the economy etc. might necessitate such a thing. but to answer your question, i have no plans to add it -- to bring it to the floor. vonnie: global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: coming up, look at the agenda of the meeting between president biden and the japanese prime minister. plus, citigroup expands banking in 13 markets across asia and europe. more on the plan and the outlook for big banks. this is bloomberg. ♪

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haidi: stocks jumped to record highs in thursday's session as we look to the start of trading in asia and a positive outlook when it comes to early gains in trading here. retail sales in the u.s. and weekly jobless claims point to an accelerating recovery in the world's biggest economy. let's ring in the ceo of an asset management company. great to have you with us. we are in a bubble given where valuations are, and whether what we see in the data is a reflationary pulse. what do you see about the argument that asset classes are too much at the moment? >> a clear indicator you can look at, and we have been managing for 30 years to avoid the risk of double markets and

every once in a while, things happened that don't make sense. you scratch your head and ask if something fundamental has changed throughout the market. we are seeing that now in things like innovator stocks, bitcoin and and ftes. if you look at the last two bubbles that burst, each time there were certain asset classes that were in a bubble, not the entire market. the internet bubble, and 2007 it was real estate and when the bubble burst, it ended up bringing both the markets down in the economy down. we are of the mind that right now we are in a demo we don't necessarily think will end, but it is a time to think about risk energy. haidi: if it is time to think about and reassess your positions in your portfolio, because you say does not a matter of should i stay or should i go, how do you position given uncertainty that we might see more record highs or a steady decline from here? phil: it is an exceedingly

difficult thing to do right now because people frame it as should they stay or should they go in the markets, and we think that is the wrong way to look at it. if you leave the markets, it could rally for another six months or a year. if stay in and it collapses and moves down, you are not going to know whether it is a blip or the beginning of something bigger. we recommend a behavioral portfolio. it is easy for any investor to execute. there are three components. first, invest half of your stocks in long only stocks that are in indices that are always moving the markets. put half of your stock portfolio into hedged equity funds or buffer funds. those are designed to uncorrelated from the market if they turn lower. finally, for fixed income which we also think is in peril right now, unconstrained funds that can both be in the bond market

but that are designed to maybe react if interest rates move higher again. by doing that, you can set and what's the markets because you have part of your portfolio designed to react to whatever happens in the marketplace. shery: how correlated are assets right now? for a time, we saw the everything-rally mindset. phil: it seems things are correlating again. we had the downturn in the first quarter led by tech stocks, the riskier group, but now that we are seeing reflation trade, a lot of things moving higher, some days small caps need to other days large-cap sleep, but generally we think we are back in risk on and that could continue for a while, especially if we continue to have good news like the johnson & johnson news on vaccine, and the economy powers ahead. shery: not to mention that

potentially with the fed providing support, we could see further rallies. would you recommend jumping in as long as the fed stays put? phil: if you take the approach with half of the portfolio in long only indices and half and something that can unhedged from the markets, if you have that position right now you are fully participating with the market except for the cost of hedging on half of that folio. that is the way to allocate right now. shery: you mentioned crypto, we continue to see all this focus and enthusiasm with coinbase's listing not to mention ark funds as well, this chart on the gtv showing it. for an investor who has not been following news in this area, should they try to get into the markets right now?

phil: we are fascinated not only would bitcoins come about and ftes. i talk about valuations in the stock market. if you are annoyed by the comparison of valuations to the price of things, go to something like bitcoin where you have no assets, no yield and it's basically a speculative game. it doesn't make any sense to us that bitcoin rallies 800% over a year when the currency that is backed by the largest economy in the world is flat or has the client. we think that is purely speculative and don't think it will last, but it is indicative of what we are experiencing broadly in the market, which is a bubble. one word on the fed. if the economy continues to grow and we see stocks move down, maybe not next week, but once it moves lower, we don't think the fed is going to necessarily support stocks this time,

especially if you have attentional increasing inflation -- potential increasing inflation. we have gotten used to it fed always supporting the economy but that may not play out this time. shery: phil toews, great to have your analysis. shares of bank of america and city go lower today. we discussed. -- discuss. this is bloomberg. ♪

♪ shery: the earnings bonanza continues for u.s. bank, bank of america and citibank reporting earnings beats. citibank is making an investment in 13 markets across asia and elsewhere. >> while these are excellent choices, we don't have the scale we need to compete and we decided we aren't the best

owners of them over the long-term. citi will invest behind and serve our institutional clients in these 13 markets. we have a high returning and leading institutional franchise in asia and it is an absolutely central part of our success going forward. shery: our finance reporter has more on this. we saw citi see the best stock-trading quarter since 2009. tell us what is going on. >> all of the banks reported pretty solid earnings, bank of america also reporting solid earnings today. yet the shares have come under pressure this week. what is disappointing investors about these blockbuster earnings is the poor outlook for lower growth. investors are so nervous about the picture going forward, and

growth has not picked up to the degree it needs to drive profits at the banks, on top of which bank of america was dragged down today by this expensive tree, costs elevated because of covid-19 and those are not going to come down as fast as investors or analyst wanted them to. haidi: lananh, talk to us about a lot of these markets that are emerging and developing but our frontier markets were growth, right? lananh: citibank wants to slim down its footprint strategically, maybe just focused on core businesses. that is one thing about citi that is a major selling point. it talks about being everywhere, but in some ways being

everywhere makes it difficult to manage everything because it is to spread out. the idea is to slim down. haidi: our finance reporterlananh nguyen in new york. we will be talking about to increase representation with women in the industry in the next hour. and don't miss special coverage about the fallout crisis and other concerns in china, that is at 9:30 a.m. hong kong time and 11:30 if you are watching in sydney. shery: business flash headlines, tencent has sold four point $5 billion in one of asia's biggest dollar bond sales of the year. the internet giant tightened pricing on the deal, receiving over 22 billion dollars of demand which started slow but improved after huarong was said

to have prepared funds to repay end note due in april. the bond sale saw a final order that exceeded bonds available by at least four times. a company want to bid to throw out a substantial portion of a $160 million claim over a ponzi scheme. most of the case was dismissed. it alleged banks turned a blind eye to suspicious payments made by sanford. chinese carmaker geely says its new car will have an edge against big tech in the ev market. the president says delivers of the new car begin in september and it is targeting 50,000 annual sales by 2022 after two more models are added. it is the company's second attempt to crack the ev space after previous vehicles missed targets. ♪ david: coming up, the agenda between president joe biden and

japanese prime minister. drake university associate professor of politics mary mccarthy joins us next. this is bloomberg. ♪

♪ haidi: breaking data out of new zealand when it comes to the recovery of the manufacturing index there. the pmi 63.6, expanding last month according to the performance of the manufacturing index compiled by the bank of news england -- bank of new zealand, new orders, strong gains, 14.5%. at looks like as the economic recovery continues in new zealand and manufacturing comes back, we are seeing a gain of

nine point 4% month-to-month and manufacturing pmi. first word news with vonnie quinn. >> chinese holdings in the u.s. treasury climbed to the highest level since 2019. holdings increased by $9 billion in february to 1.1 trillion dollars in february. it is the second-largest foreign holder by japan. china buying came during the worst quarter for treasuries since 1980. the norway top health authority recommended halting for the use of the astrazeneca covid vaccine come saying the risk of blood clots is unacceptable. joins a growing list of countries partially or completely abandoning the vaccine. denmark became the first european nation to cut astrazeneca from its inoculation plan. as covid-19 cases rise in the van, senior japanese officials say canceling the olympics is an option.

the secretary general told a broadcaster there would be no point in holding and olympics that spreads the infection. prevention measures have been stepped up in six regions. the ioc says it will speculate about cancellation. president joe biden will post south korean president moon jae-in month in washington and their first meeting since he took office. the white house has not confirmed a date. north korea is likely a key issue for discussion come along with the pandemic and chip supplies. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. ♪ shery: on the summit this week, the japanese prime minister visiting the white house, making this president biden's first in-person meeting with a foreign

leader. at the top of the agenda, basing threats in the region. to talk about it further, let's bring in mary mccarthy, associate professor of politics at drake university. this is a feet for -- this is a feat for prime minister suha, the first face-to-face meeting with president biden in washington. >> this is a big moment for both leaders, the first face-to-face summit for biden as president and japanese prime minister sue ga's first visit to the u.s.. both leaders are trying to set the tone for the relationship moving forward, as well as sending a message or series of messages to both foreign and domestic audiences. the method that the partners, the u.s. and -- the message that

the partners, the u.s. and japan, are on the same page with regards to challenges and opportunities they face globally, and that the alliance is strong. those are very important messages. shery: especially to china, at a time when prime minister suga is being pressured to join other democracies in sanctioning beijing. could we see president biden pressuring prime minister suga on this? professor mccarthy: we will. one of the prime audiences for this meeting is china, certainly, to show the u.s. and japan are lockstep with regard to the way they are going to be working together to address a variety of challenges regarding china. haidi: what are the biggest challenges for japan when it

comes to china, and what commitments could be expected from washington out of these talks, to the five support the u.s. gives regionally? professor mccarthy: japan is in a difficult situation when it comes to china, because the economic relationship, economic ties are so fundamental to japan's ability to move forward developmentally. the trade ties are so significant, so it has taken a very cautious approach, a prudent approach to how it will regard various challenges china has presented. one is national security, china's role with some islands,

and there are human rights issues as well. it is the only member of the g7 that has not made as strong a statement against the human rights abuses in change on -- human rights abuses in an area, so we will see pressure on japan to see what statement they, with one thing to keep end of mind -- what statement they come out with after the meeting. it is important to keep in mind what statement is weighed and -- what statement is made and what statement isn't made. if there is no joint statement made, think about the reason why. if there is a joint statement made, is the uighurs minority mentioned, is the taiwan strait mentioned? so not only what is mentioned,

but what is left out. in terms of commitments in the region, we see both washington and tokyo want to show the alliance is strong, that they are on the same page, so both suga and biden are going to be presenting this meeting as highly successful. we have to look a little behind that. they are going to say it was a great success, but we are going to have to look find that see what statement comes out, what does the statement say, what does it not say, to see their about -- to see where there might the faultlines. haidi: always the devil in the details. you have gone through aspects where the suga administration has been bold on a geopolitical platform cents since he has taken power. what about trade? will the tpp come up? and this idea of japan being a bridge between washington and the rest of asia, does that play

out in terms of reestablishing the trade and commerce relationship? professor mccarthy: no question the tpp will come up. suga has made it quite plain he strongly helps the biden administration will support his tptpp, the new iteration of the tpp. suga has made it no secret this is what he is seeking treatment for the biden administration, this is going to be difficult. they have made it clear their foreign policy agenda is 14 the middle class of the united states, and middle-class americans have felt they have not been best served by globalization. they have concerns with regard to signing on for more trade agreements. so this is going to be a tough sell, and if the biden administration does make a commitment to the cptpp, it will

be a great success for suga. other trade issues will have to be dealt with as well, we also have bilateral trade issues that are going to have to be discussed between japan and the u.s. haidi: mary mccarthy from drake university, we appreciate your time. you can find past interviews at tv and dive into any of the bloomberg functions we talk about. check it out on the bloomberg at tv. this is bloomberg. ♪

♪ haidi: australian prime minister scott morrison took a veiled swipe at china in his speech warning about authoritarian states. morrison made the remarks to a conference in india via video link. paul allen joins us with more. the prime minister didn't mention china, what did he say? paul: these are comments to a conference on geopolitics. morrison was a keynote speaker. he sees a widening split between authoritarian regimes in democracies with tensions over territorial claims, state sponsored cyberattacks and

liberal norms under attack. he says the trend is been accelerated has been -- has been accelerated by the pandemic. but importantly, he noted economic coercion as a tool of statecraft. he didn't mention china, but the inference was clear because the chinese approached australia has been described as coercion by the u.s. and others. scott morrison, reiterating that the pandemic has given an opportunity to build a more durable strategic balance in the indo specific, referring to the quad, australia boosting ties with india. despite this tension, china does remain australia's largest trading partner. shery: the tension with china, is that impacting we foreigners think about investing in australia? paul: it seems to be. china investments in australia

fell last -- fallon 2019 and felt a $1 billion last year he read in 2016, that figure was $16 billion. a study released today offers sobering reading on chinese investments in australia. at found uncertainty doubling and increased tensions, politicization of foreign investment, the most effective sectors energy and resources and since australia cut its foreign defense review threshold to zero to stop foreign buyers from buying distressed assets, the report suggests beijing backed acquisitions in australia and has been subject to a formal band since the start of the pandemic. haidi: paul allen in sydney. let's get morning calls ahead of the asian trading day. one more voice adding to the chorus, goldman seeing oil

demand peaking in five years for the transport sector, do to the accelerated adoption of electric vehicles. demand will keep growing, although at an anemic pace. shery: i am looking at commodity chemical stocks specifically those involved in making plastics. cdc says the second quarter setting up to be a record one -- reports say the second quarter is setting up to be a record one as inventories get rebuilt, but that would happen until late summer. let's turn to the pandemic. many u.s. states and cities are seeing a growing surplus of covid vaccines, assign in some places that demand is slowing before a large part of the local population is inoculated. according to analysis by

bloomberg, as many as one in three doses go unused in some states but joining us to discuss -- some states. joining us to discuss is our bloomberg reporter. michelle: we are seeing people in every state who are hesitant and the distribution of the vaccine is going evenly across date. -- across states. in cities, there is a lot of demand and it is difficult to get appointments. but if you are willing to drive a few hours outside the city, you can get to rural towns where they have plenty of vaccine and not enough people signing up to get it. if you are willing to travel, vaccines are available, just maybe not close to where you live. haidi: when it comes to the latest on where we are seeing

nations banning or refusing to use, how close are we to seeing unused stockpiles being donated to countries that need it? and does the psychology of developed countries not wanting to use these vaccines playing as well when it comes to has tunzi -- when it comes to hesitancy? michelle: we are seeing millions of doses of the vaccine pile up in the united states. astrazeneca is not available here in johnson & johnson's on pause because of blood clots we have seen. many developing countries are still rolling out there vaccines and say they will take the astrazeneca and johnson & johnson., and that the risk of these clots is so low compared to the serious and deadly covid infections that they are experiencing. they do want access and feel they can control who gets the vaccines to reduce the risk of clotting. as far as when the u.s. is

making them available to other people are moving them between states, it is unclear how we will get to that point. the supply chain issue is an organizational issue and we haven't seen a lot of great movement when it comes to that. very soon, we are going to have many more vaccines than we have people who want them and hopefully that means it will trickle down and people in other areas will have access to these shots. shery: michelle, we are seeing odd friends locally. the brazil covid pandemic right now is more deadly than india. do we have any idea where the case for tallassee rate in brazil is twice that of india? michelle: it is very unusual but it is happening across the world when it comes to the covid pandemic. scientists don't know what is going on. there are couple of issues. the outbreak now in brazil is so

intense that they are overwhelming hospitals. when you can't get good care in a hospital, even if they know what to do for you come if you can't get access, you are more likely to die. also in brazil, there is an outbreak fueled by a variant. it could be the type of virus they are experiencing is a more deadly virus. that could be contributing to those numbers. finally, there are genetic differences among people and it could be that people in southeast asia or india are generally less honorable to covid deaths and that is something researchers will have to dig into. haidi: bloomberg health care reporter michelle cortez with the latest on the virus and the vaccine rollout. tune into bloomberg radio to see more of the day's bloomberg newsmakers, broadcasting live in

our studio in hong kong. you can listen in on the apple deal plus or bloombergradio.com. we have a lot more ahead. this is bloomberg. ♪

shery: chinese automaker zeal he says it will use it ev unit to take on apple and others.

it has bigger ambitions in the ev market. the ceo spoke exclusively to bloomberg's tom mackenzie ahead of the debut of the ev. >> our vehicle is exactly created for this. there was funding from geely to become a brand-new company. the brand, products, teams, organization or culture is no different than any other tech company. tom: how much of a threat do you see from the likes of huawei and apple? >> it is hard to tell about those. it will be a long time from now. they want to enter the market, so they have a final product in production. we have to focus on how to speed up development in the meantime. tom: how much do you think about tesla? >> i do spend some time, but not

only tesla. i am studying other tech and internet companies as well as some successful retailing firms. there is no boundaries for the ev industry revolution. but it is a big challenge from us. we need to learn things from all aspects. tom: when are we going to see mass production and what is your target for shipment of units over 24 months? >> we will start delivering cars in september. i estimate we can deliver 7000-8000 units in the fourth quarter. next year, it will be higher, we are aiming for more than 50,000 units. tom: what are your plans for shipping this brand overseas? what are your priority international markets and when can we expect them to be sold?

tom: it is a global brand and will face -- zeekr is a global brand and will face a global market. we expect to enter the european market by the end of 2022 or 2023. tom: and the u.s. market, is that in the plan? >> north america will happen after 2022. we will announce the plans on north america in the future. tom: is the plan to list the company and go for an ipo and what is the timeframe? >> we are looking at diversifying the funding for zeekr. we don't rule out a possible ipo in the future. tom: there is a big focus right

now on the global semiconductor chip shortage impacting automakers and other sectors of the economy. has it impacted geely like it has your competitors in terms of shortening production? >> actually, geely has been impacted since the end of last year. the impact isn't too big, around 10% of our sales. it is more severe now, and it is hard to tell future impact. -- future impacts. tom: how are you addressing that supply constraint when it comes to chips, at geely? >> it is hard to avoid the situation. we can only rely on our long-term relationship on suppliers under orders we placed ahead of time, so they can abide support and help. but the impacts will be there. tom: if i can't, let me push you on volvo, volvo considering an

ipo. can you confirm that is under consideration and give us a sense of the timeline? >> we are not ruling out the plan for an ipo. it is normal. but in terms of actual progress, we need to wait for a formal announcement. we are not debt the stage for publication. shery: that was geely president and ceo an conghui. let's check business flash headlines. administrators at an australian holding company are examining 170 $4 million in payments linked to the brother of the founder. the transactions were between october and december 2019 and were found in a liability account labeled repayable

within a year. a spokesperson for greensill declined to comment. a new ceo jane fraser takes the helm after a slump in revenue at citibank. citibank says it will exit retail banking -- enter retail trading in 13 markets in asia as well as india. after spiking as much as 6.4%, shares in the biggest u.s. crypto exchange fell. the $64 billion you asian is a far cry from 112 b and dollars reached in its debut. shery: breaking news, results in the first quarter from automaker daimler. preliminary results are significantly above expectations. these are 2021 results, coming

above expectations as we saw strength in sales at mercedes-benz cars driven by all major regions, especially china. this is bloomberg. ♪

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but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. haidi: good morning. i'm in sydney. we are counting down to asia's major market opens. shery: welcome to daybreak asia. our top stories. asia stock skating. futures pointed higher in japan, hong kong, and australia after surprisingly robust data in the u.s. chinese data could move the market tile. expeditions are for the highest quarterly