comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. haidi: a very good morning and welcome today because julia. we are counting down to asia's major market open. shery: and good evening from new york. haidi: bitcoin tumbles as the media surrounding last week's coinbase direct listing goes into reverse. ether and other digital tokens

also slide while china says it has no desire to replace the dollar with its digital yuan. asian stocks set to start the week at record highs, despite mounting concerns about the new covid-19 variants. plus, indonesia aims to get foreign visitors back to its islands by the end of july. we will speak exclusively with the tourism minister. tom: electric vehicles are in the spotlight and recovery in the world's biggest auto market accelerates. shery: this is what is happening on wall street. u.s. futures under pressure after finishing at all-time highs. oil also giving up some gains after the biggest weekly gain since march. take a look at the week ahead. earnings season cranking up. credit suisse, netflix and u.s. airlines, including united airlines reporting. apple's first product unveiling

of the year will be streamed through its website on tuesday. we are getting a new lineup of products including the ipad pro line. also having the ecb taking center stage thursday, likely to keep its policy unchanged. let's see how things are shaping up across asia. here is sophie kamaruddin in hong kong. sophie: asian features are mixed come up mostly higher after the regional next cap the biggest recent gain in about two months. policy futures settled higher. keeping an eye on real estate plays after esr agreed to buy blackstone's logistics and assets for $2.9 billion. on the deal front watching for any developments around a bid to take bingo private. an announcement could come this week. also watching australian tourism and vaccine, with a cabinet

meeting being held monday to discuss vaccine supplies for the country. plus you have australia and new zealand kicking off. on the terminal one area, closely watching china. while wrong very much on the radar. regulators said there was ample liquidity for the company. helping to soothe some risks around contagion. the prospect of a debt structure is not entirely out of the picture yet for them. haidi: let's get to our top story, their freefall in cryptocurrencies, bitcoin falling as much as 15%, the biggest intraday drop since february. others also fell by double digits. so-called alt coins like dogecoin. coming after the bitcoin rally setting a record high. coinbase ipo also started trading. su: the crypto world waking up

with a bit of a sore head. the same mania if we dive into the bloomberg that drove bitcoin, the world's largest cryptocurrency to a record last week, appears to have turned back on the coin. it tumbled over the weekend. as you can see by the dramatic drop, down as much as 15%. it paired earlier losses in the past few hours. ether, the second-biggest jewel: come also dropped as much as 18% -- the second-biggest digital coin also dropped as much as 18%. all of this after the ipo of coinbase helped the value of all these coins surge past a combined value of $2.25 trillion. that is part of the frenzy of demand we have seen for all things crypto. the largest u.s. crypto exchange, coinbase, ended the week valued at $68 billion, which is more than the value of the new york stock exchange. what happened? the ceo and founder of galaxy

digital, and known for being one of the early adopters and supporters of bitcoin, explains with hindsight he said it was perhaps inevitable. markets got too excited around the coin ipo, the direct listing, basis blowing out. coins like doge and others are pumping. all were signs that the market got too, quote, one way. there was also speculation on several online reports that the treasury department was perhaps preparing to crack down on money laundering that may or may not be carried out in some of these digital coins. bloomberg reached out to the treasury department, there was no comment. an email to one of the divisions reminds us that the treasury department does not comment on potential investigations, including on whether or not they actually exist. shery: su, the so-called alt coins were the exception to the

selloff. what is the story there? su: this is just mind boggling to many who are watching the rise of those coin, -- dogecoin, which started off as a joke. there is no basis for it but it has rallied more than 110% friday before dropping by a quarter on saturday, according to coin market cap.com which tracks the value. we did see by coin as well sruge. the demand for these alt coins were so great on friday, it actually crashed the crypto order trading system at robinhood markets, and that is according to a blog post by robinhood itself. some $68 billion worth of those coin -- dogecoin changed hands. while some would say it is not tied really to anything, it is up some 13,000% from a year ago

back when the coin was trading for just fractions of a penny. some observers say all of this is reminiscent of the dotcom days and they wonder whether dogecoin is the pet.com of crypto. i don't know if you recall but pet.com was the quintessential worthless internet offering that crashed spectacularly. last thing, again, michael, a very early adopter of the bitcoin, digital coin space, he does not believe dogecoin has value and does not put it in the same category as bitcoin, ether, and all the other more established digital coins. shery: quite remarkable for a coin created as a joke. su keenan with the latest on this crypto craze. let's now get over to vonnie quinn. vonnie: pboc says its goal of

internationalizing the yuan is not an attempt to replace the dollar but give markets another option to facilitate international trade. they also say efforts to create a digital yuan are solely for domestic use. a recent report indicated president biden is increasing scrutiny over china's rollout of the digital monetary tool amid concerns it could displace the dollar. the u.s. and china say they are committed to cooperating on climate change and on implementing the paris agreement. the joint statement comes after envoys from both sides met last night amid growing jail palooka tensions on issues ranging from trade to human rights abuses. u.s. president biden will host a virtual economic conference this weekend chinese president xi jinping will principate. the u.s. has warned russia it will face consequences if jailed opposition leader alexey navalny dies. the outspoken putin critic is in

his third week of a hunger strike. allies say he is in critical condition and close to death. he has been jailed outside moscow since march for violating rules. he went to germany to recover from a near fido -- near fatal poisoning attack last year. russia denies involvement. french president emmanuel macron is calling for clear red in dealing with russia, objecting to moscow's buildup of troops along the ukraine border and worsening health of alexey navalny. in an interview with cbs, macron said an open and frank dialogue with moscow is needed for the state of world stability, but sanctions are required for he called the russia's unacceptable behavior. 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: still ahead, the market outlook is next.

investors adjusting to the weekend crypto rout. next, we'll be discussing the prospects with direct or general subhas menon. this is bloomberg. ♪

haidi: leaders will meet today to discuss ways to speed up the country's covid vaccination program. paul allen joins us with more. the vaccine rollout initially has been very slow. paul: the astrazeneca jab will be a key focus today. over the weekend, a third case of blood clotting which led to the death of a 48-year-old woman in new south wales was linked to the astrazeneca jab. but that vaccine does remain the

first choice in australia for those over 50. scott morrison says some states are interested in supporting a larger vaccination program. some work is going to get under to really ramping up the vaccination of the 50 to 70-year-old age group. there are new plans to vaccine age care support workers, but this whole process has been very slow. just 1.5 vaccines administered to a population of 25 million people. prime minister scott morrison not setting any new timelines on a rollout plan after the plan to get the population having its first dose in the middle of the year was abandoned. he is looking at what he says is the back part of the year for a mass rollout, with additional and pfizer and novavax doses to be secured by than. shery: it will also allow additional australians to quarantine at home, but this comes with fresh risks. paul: it does. the prime minister calls this the next sensible step to allow

returning australians to quarantine at home. that would free up spaces in the hotel currency system. get more students and skilled workers into the country. he says returning australians would need to be vaccinated before they would be eligible for that. but state leaders are not so keen. there will be medical advice presented on this because we have had three new cases of a family of returned travelers catching the virus while in the hotel quarantine from other travelers were on the same floor. so it is pretty clear there is still some shortcomings remaining with the hotel quarantine system, and is concerned that things could eat -- things could get even more lax under home quarantine. but there is no home quarantine today however for travelers between australia and new zealand. the long-awaited travel bubble finally opened and the first flights will be arriving in new zealand in just a couple hours. haidi: thousands are set to board those flights today as australian and new zealand are opening up borders to one another, creating this travel

bubble between the two countries with no need for quarantine on either side. it is a significant step towards recovery from the pandemic. for more we are joined by director general of asia-pacific airlines, subhas menon. great to have you with us. this is encouraging to be sure. are you concerned that with one case, given that vaccination levels are very low with both of these countries, that you could see it shut down and future bubbles really have a hard time getting off the ground? subhas: no, i don't think so. i think the travel bubble has taken off, mainly because both countries have been successful in controlling the spread of the virus. which i think is the most essential condition for travel bubbles to pick up. what vaccination does is it makes it safe for countries to receive foreign visitors, because the risk of important --

imported cases would be reduced. haidi: so the possibility of further travel corridors, particularly from australia going towards the likes of singapore and other asian countries, does that really change the vaccination be -- really hinge on the vaccination being more advanced than we are now? subhas: the most essential condition is the spread of the virus is controlled. as you mentioned, singapore is one of the countries where this is the case. vaccination is a safety net to ensure that populations are protected from the importation of the virus from foreign shores. if you have seen, the australia and travel bubble has commenced, even before math immunization -- mass immunization has taken place. shery: do you expect to see more

of the travel bubbles between different regions? subhas: yes, i would. because i think there is a multiplicity of travel restrictions across the world. because basically each government has followed its own counts. now with the testing and vaccination requirement as well for travel, i think the only way to get through this quagmire is if countries can bilaterally agreed to accept each other's conditions and requirements. shery: where does that leave developing nations that have really not secured enough vaccines? subhas: well, i think that is really a concern. vaccine and equity is a concern. w.h.o. is doing its utmost to make sure the vaccine reaches as many of the underprivileged countries as possible. and i think the rich world needs to play its part as well.

not because it is a moral question, but i think it would speed up recovery as more and more people around the world are vaccinated. haidi: we are just talking about specific bilateral travel bubbles, if you will. how much does that contribute to a meaningful recovery in the airlines that you represent? subhas: they may be small steps, but i think at the moment that is the only way to proceed. so, travel bubbles, it's like tiny, tiny steps, but we will get there. finally you will have a global network of travel bubbles, as more and more countries see that the spread of the virus is controlled, either through vaccinations or through strict control regimes. haidi: is the idea of a vaccine

possible, is it something that is popular with the airlines and the ceo's that are part of your alliance? subhas: no, not really. because it is not recommended by w.h.o.. as i mentioned, what the vaccination does it provides mass immunization so that people will not succumb to the virus. it protects populations from importation of cases from abroad. so vaccine passports at the moment does not make a lot of sense, because the transmissibility, reduction through vaccination, has not been proven. shery: subhas menon, thank you very much for your insights, joining us from sydney. still ahead, we will assess the outlook for travel and indonesia. we will interview next. plus shares of trip.com start

trading in hong kong for the fourth time in a few hours. we speak with the ceo on the debut of the secondary listing. ♪ the

haidi: indonesia hopes to welcome back foreign tourists to celebrate -- it is planning to speed up vaccinations, and to salvage a series of travel bubbles with other countries. shery: sandiaga uno spoke exclusively to bloomberg about the plans. sandiaga: we're right now focusing on three related safe zones.

the three locations are in bali. and that would be accessible by the airport. it would also be to our locations that we have been working very hard in the last few months. lagoy. and batam so five of these locations would then have this travel corridor arrangements with originating countries. and right now we are in discussions with singapore, china, south korea, dubai, and qatar. the netherlands. also with india. then again, we're going to be completely religious with the data, if the data shows us that we can do this. and we would proceed if the data

says no, you cannot do it, then we would not hesitate to announce to the world that we are not yet ready. haslinda: bali is a very popular destination within the asian, as well as overseas. there is an indication from the president himself that bali could be open after july. can you give confirmation on that, and is there a sense that that could be derailed? sandiaga: we are working hard. the president gave a very clear timeline that we need to work. june and july is the target date. but ath -- that would need to be based on certain preconditions. and he has been very clear also that we need to have a level of vaccinations that will be comfortable in saying that bali could be very much having 70% of their population be vaccinated. haslinda: even as you talk about

the reopening and these travel bubbles, singapore has said a travel bubble can only happen if and when the two countries have the same level of control. right now between singapore and indonesia there has been great despair and see -- sandiaga: they have zero cases in the last six months. in particular lagoy. so it has to be apples to apples. first and foremost we understand and we respect the decisions of our would be travel door -- travel corridor counterparts. we do not want to rush. we want to make sure everyone feels comfortable. haslinda: china is a key market for you, given how strong growth has been and how it is emerging from the pandemic very well. sandiaga: yeah, china is huge potential for us.

here, it's been a favorite spot for china because within two, 2.5, three hours flight from the south part of china. it's probably 200 million to 300 million people, potential markets could visit. we are developing special economy zones that are geared towards tourism. other than bali and the other traditional spots, this likupang will be an area we are focusing to market to the chinese tourists, and chinese tourists have at least been growing at a very steady number and the number looks very healthy. so we need to make sure that we are ready to receive between five million to six million

chinese tourists in the next years to come. haidi: let's get you a quick check of the latest headlines. bitcoin plunged the most in more than seven weeks, falling as much as 15%, below $52,000 on sunday before pairing losses. it comes days after it reached a new record of just shy of $65,000 as coinbase went public. the second largest token ether dropped almost 18% before recovering. several reports say the u.s. treasury may crack down on money laundering through digital assets. the audio-based social network revealed it as closely new round. bloomberg reported earlier this month the latest round would value the start up at $4 billion, quadrupling its value from january. the company says global management also participated but did not disclose terms. bloomberg lp the parent company of bloomberg news has invested in it.

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vonnie: this is daybreak australia. it's unlikely the u.s. will cancel use of the johnson & johnson vaccine currently on pause over rare blood clot concerns. dr. anthony fauci says the decision on how to resume the shots is likely to come by friday. that is a faster time land and other health officials indicated. last week, more data was needed and the halt could lost several weeks. dr. fauci says u.s. officials

will likely determine by the end of the summer whether people fully vaccinated may need to get a booster shot or get new vaccines aimed at emerging virus variants. moderna and pfizer have both indicated booster doses may be required, or the covid vaccines could potentially become annual events like flu shots. global totality is from covid-19 surpassed 3 million over the weekend as the pace of deaths continues to accelerate in developing nations. it comes three months after reaching the 2 million mark. b y comparison it took more than eight months to record the first one million fit audis. the real death toll probably likely more than 3 million due to underreporting and patchy data around the world. u.s. and iranian officials say they are moving closer to ending a standoff over the nuclear deal abandoned by the trump administration. a u.s. government official called the talks in vienna constructive, with the islamic republic saying it is ready to

debate deals and details over how the sides can revive the tattered 2015 accord. negotiators, including the european union, russia and china, say talks will continue this week. 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: we have breaking news. european soccer clubs announced a new super league competition, a group of the world's richest soccer clubs including manchester united and real madrid announcing plans for european breakaway league. it could herald the support's biggest shakeup in decades. six names from england, three from italy and three from spain have signed up so far. they will play each other midweek as an alternative to the champion's league. again, european soccer clubs announcing a new super league competition. shery: tesla model s vehicle

that appeared to be driven by no one crashed and killed two passengers in texas. the car burst into flames after hitting a tree, highlighting criticism over tesla's battery packs and its autopilot feature. let's go over to kevin miller for the details. teslas have crashed before. what makes this one so unusual? kevin: what makes this one so unusual is when the police and rescue got to the scene there was no evidence that there was anyone in the driver's seat. the two dead men in the car, one was in the front passenger seat and the other, the owner of the vehicle, was in the backseat sitting upright. there is no evidence police say there was a third person involved, so it looks like the car was operating in a driverless mode. haidi: have we heard more details from the police as to

what they think might have happened? kevin: well, from the scene, family members have told local media that the owner of the vehicle at one point pulled the car out of his driveway and got into the backseat and then took off. now, what is not perfectly clear is whether the full self-driving mode or autopilot mode was engaged on the vehicle. that seems a likely presumption, but there's no evidence yet that the police are saying that. shery: given that tesla talks about the full self-driving capabilities of their car, is there ever a situation where someone should not in the driver seat? kevin: never. on youtube sometimes you will see people filming drivers who are asleep at the wheel, or situation where it appears that there is no driver. that's because the vehicle can

be kind of rigged a little bit to presume that, or pretend there is pressure on the wheel. on the steering wheel. and there is nothing that tesla says or does that should indicate that anyone should be operating a car without sitting in the driver's seat and in close control of the steering wheel, ready to take over if the vehicle has any issues. haidi: kevin miller there on that tesla accident. electric vehicles are at the center of this year's shanghai auto show, as they unveiled ev bits. non-car companies are also throwing hats into the race. it will also highlight recovery in the market. tom mackenzie is there. what are the big themes this year? tom: you ran through a couple of

them. of course this is one of the biggest auto shows in the world in the number one car market. and the recovery here is now back to pre-pandemic levels. we saw on the first quarter of 2022, sales remaining relatively solid. but it is a bit of a mixed picture. mass-market is a little more subdued. that makes it more challenging for u.s. companies that have exposure to the chinese market like gm. but other segments are red-hot. he saw sales of bmw and mercedes in the first quarter at record levels. the electric vehicle segment, that is also continuing to accelerate. use almost 500 million electric vehicles showed in the first order, building on a record 1.3 million sold in 2020. you talked about the fact that incumbents in many people's eyes are now coming to play with

their own models in a serious way. 2021 could be the year when the likes of audi and bmw and mercedes really show their hand take on the likes of tesla, but also chinese ev startups as well. then there are those other companies outside of the car market getting involved, whether it is huawei or evergrande, and whether or not that points to some froth around the market. going back to electric vehicles, they made up about 8% of overall sales. china's over -- low -- their longer-term goal is to have 40% of all vehicles electrified. shery: china is trying to say they have no desire for an electronic yuan to replace the dollar. what exactly are they saying here? tom: we heard from the deputy governor saying, look, this effort around the digital currency was about improving the internationalization, increasing

the renminbi and making trade and investment easier. he said it would be an organic growth around digitalization of the renminbi. it was going to be a slow process and it was not aimed at undermining or replacing the u.s. dollar. this of course coming after we know that the biden administration is increasing scrutiny of the digital yuan, precisely because there are those within the administration who are concerned a could undermine the greenback. meanwhile, china is continuing to pilot the currency, the digital currency in about 11 cities here on the mainland. and they do also aim to have it rolled out in time for the winter olympics at the early start of 2022 for athletes and purchase offense to use. so beijing not stepping -- for athletes and participants to use. but beijing reiterating it is

not about challenging the dollar. shery: tom mackenzie live for us at the shanghai auto show. haidi: later we will be hearing -- we have some breaking news crossing the bloomberg when it comes to m&a deal being done in australia between galaxy resources, mostly producing the likes of lithium and the like. they have agreed with orecombre, also mostly focused on lithium, to combine in a merger equal to about $3 billion u.s. really talking about galaxy holders owning the remaining 45.8%, with all corporate owners holding 54.2% of the combined entity there. galaxy holders will get just 0.

569 shares for each share in that deal. a lot more to come. this is bloomberg. ♪ s bloomberg. ♪

shery: take a look at the day ahead. continuing to watch the meeting between federal and state

leaders here in australia on the vaccine rollout. prime minister scott morrison already said alternatives to the astrazeneca shot will be discussed as well as other way to speed up progress. haidi: on the m&a front, australian logistic assets. the biggest real estate deal in the country in five years. also hearing sources from macquarrie saying they are nearing an agreement to take -- that deal could come this week. let's get some morning calls beginning was sophie kamaruddin. take a look at the hang seng. it tech index has lost about a quarter of its value. is this a good buying opportunity or is there more pain ahead? sophie: more losses ahead, given the potential tightening of regulations for china's internet sector which has caused alibaba drop about 23% since october. tencent has lost about 18% in that time.

jp morgan saying more uncertainty may act as a cap for some companies temporarily. and valuations also a concern with the hang seng tech index trading at about 38 times forward estimates. pulling up charts on the terminal, that gauge is underperforming hong kong's benchmark for a seventh straight week in inin -- in nine. later today we get the trading data from trip.com, which is $1.1 billion in a secondary listing. shery: let's bring in jimmy lee joining us from las vegas. i wonder if this week, what could be a better week? take a look at this gtv chart on the bloomberg also showing the dollar has been down. really breaking through that bearish break down when it comes to some technical levels. so could we see a little bit of

support for the e.m. markets, especially china? jimmy: i think we can. and i am bullish on stocks for this year globally. so i think this week in the u.s. we do not have a lot of action, but i do believe that as u.s. markets have gone ahead of emerging markets and developed international markets throughout this year, developing international markets and e.m. will catch up. so i do believe with a on the dollar, that -- with weakness on the dollar, that international is the place to be. haidi: e.m. is such a wide space. so where exactly? jimmy: we believe in burley diversifying global portfolio. while the majority would be in developed markets, we increased our allocation into emerging markets. in far east asia as well. we expect consumer spending will be robust there as i predict it

to be here in the u.s. i think consumers are going to spend a lot more than what even the bullish, the most bullish analysts predict. so we expect a lot of activity. haidi: geographically are there certain segments you are looking at for most opportunity? jimmy: like i said, we invest broadly across the world and in emerging markets we do not try to overweight too much into certain countries, but we do as a sector overall. so we had increased our allocation to the emerging markets. i think that this year could be the year that we have, again, a catch-up of the foreign markets to the united states. but we are still bullish on the u.s. and economic activity, as i said, i think will be very robust. one of the issues that i am worried about is, are businesses ready for the demand? even right now when you go out in the u.s. and traveling and trying to rent a car, it is hard

to get a car. if you are going to hotels and the service is not what you are used to, it is because there is not as much staff, and many employees are newer. i think businesses may struggle with that. but as i said, globally i think we are looking for a lot of economic activity, even more than some expect. haidi: what about the cloud of rising rate prospects, particularly in the u.s., which of course reverberates around the world? are you when the camp that you think the inflation we are seeing is just reflationary, perhaps transitory? or is there real worry this translates into pure inflation, and therefore the fed is ashley going to get more hawkish sooner than it -- is actually going to get more hawkish sooner than expected? jimmy: we are worried about it. while we are having inflation trade, we think the big challenge will be for chairman powell to keep interest rates low as the economy continues to heat up. that will be the biggest challenge going forward for

stocks. if the signal comes from chairman powell is more hawkish than what we expect, nobody is really expecting rates to go up this year. but if that language changes throughout this year, i think you could get a selloff in stocks. but i would view that as a buying opportunity, as i think the stimulus and robusta spending we are going to get from consumers is going to lead stocks higher. haidi: in terms of where the u.s. dollar goes, clearly that is going to be hugely impactful for prices as well as how things lay out across asia as well. do you have expectations it will be weakness from here, or given expectations of the strong recovery are we going to see another turnaround for the greenback? jimmy: i think we are going to be steady for the time being.

it may go up a little bit for the short-term, but overall throughout this year i think you're going to still see pressure on the dollar. and i think that is going to be the big challenge, like i said, is, can we balance interest rates and keep interest rates low as the economy heats up, and can we keep inflation under control? so that is the big challenge at the fed. but i think that, once again, we have a lot of great signs of great economic activity all across the board. in the united states now we have over 70% of citizens that has had at least one vaccine shot, that over 65. that is a very good statistic. we are going to see a lot more states open up, and i think economic activity will lead again to higher equity prices. on the fixed income side, we rotated and to hedge against interest rates we have added some credit risk, and i think fixed income investors need to be very cautious about how to play the markets going forward. but again in equities, we are

looking very bullish year. haidi: jimmy lee, ceo of the wealth consulting group joining us. we sure tubular -- be sure to tune into bloomberg radio for in-depth analysis from the daybreak team. we are now broadcasting live from our studio in hong kong. you can listen via the app or on bloombergradio.com. lots more had. this is bloomberg. ♪ this is bloomberg. ♪

shery: here's a quick check of the latest headlines. u.s. authorities are investigating the fatal crash of a tesla in texas, saying no one appeared to be driving it at the time. one victim was found in the front passenger seat, and the other in the rear, after it ran into a tree and burst into flames. it is unknown if the autopilot feature was on at the time. officials have criticized tesla for not doing enough to keep drivers from using its driver assist function inappropriately. the italian government praised cmh industrial decision to end talks to sell its business to china. the decision was also welcomed in france, with the finance minister noting how he and italy's economic development

minister are working together to maintain europe's manufacturing interest. ant group denied a report it is asking jack ma to give up control to please chinese regulators. officials from the pboc and the insurance regulatory commission held talks with ma and ant separately over the possibility of ma's exit. and recently agreed to overhaul its business and be regulated more like a bank. haidi: let's take a look at markets as we get into the start of the brand-new trading week. we could see asian markets starting the week on a positive footing at record highs for a number of global markets. kiwi stocks up .5% going into the start of trading, about one hour away in sydney. investors really focusing on the economic recovery despite mounting concerns of an uneven pace of vaccine distribution around the world as well as the

emergence of new covid-19 variants. pretty steady when it comes to bond markets as well as currency markets. we're seeing chicago nikkei futures just a little tepid in the trading morning. a group of the world's richest soccer clubs including manchester united and barcelona announced lands for european breaking league. it harold's the sport's biggest shakeup in decades and could make elite teams even wealthier. james, what is behind this move? james: well, money is the very obvious answer. they are the world's richest clubs and want to get even richer. they are all owned by business -- by billionaires and they want to add a few more millions to their coffers. shery: tell us how that would funnel that to their coffers? what sort of structural change could we see in the game? james: the big change is he suddenly have got eventually 20

teams playing each other the whole time. and they will control the pot of all the money that comes into those games. either from tv rights or match day, all the money will be controlled by those 20 clubs. currently if you are playing in a national league you have to kowtow to the premier league, or whoever it is. and they distribute money to you. so this is all about taking control of that money for yourselves. haidi: how much did revenue suffer as a result of the pandemic? and is this part of the motivation? does this make up for it? james: it does not necessarily make up for it. one thing you have to remember is that match day revenue for these clubs is not the be all, end all. it's normally all about tv rights. that is where the big bucks are.

if you look at the example of the english premier league, they sell their rights all around the world, especially to asia, for billions of pounds. so, if you can't pa -- if you ca n pair that with a few fans eating a few meat pies and getting through the turnstiles, it is not so much. shery: what would be the impact to the champions league and there decades-long reign? james: big question. the ruling body in europe has been trying for a while to keep these bigger elite teams happier. these clubs have been complaining every year pretty much, there are normally whispers or talks about a super league, or a breakaway league, whatever it is. so they tried to come up with their own tournament to try to convince the likes of manchester united and real madrid, and even

arsenal, to commit to what they are doing. and if they do lose these big clubs, it's a big question mark as to how they are going to run what has historically been quite a healthy stream of money for them. shery: bloomberg managing editor james ludden there with the latest on the beautiful game. coming up, the market outlook with eva adults joining us. plus we hear from carlos casanova. that is it from daybreak australia. daybreak asia is up next. plenty more ahead. this is bloomberg. ♪ this is bloomberg. ♪

haidi: very good morning, we are counting down to asia's major market opens. shery: welcome to daybreak: asia. our top stories this hour -- cryptocurrencies plunged as the mania surrounding last week's coinbase listing goes into reverse. looming regulations from the u.s. spook investors. in asia, talks