♪ >> very good morning and welcome to daybreak australia. we are counting down to asia's market shery: good evening, i am shery ahn. >> these are your top stories this hour. results from tech heavyweights. south belt sales jumps --

alphabet sales jump ahead of estimates. heating -- helping the embattled distressed debt management pay. fresh fallout. suspending senior executive banking executives and replaces its risk edge. shery: a picture across wall street, we are seeing u.s. futures gaining a little bit after stocks finished the session little changed. the s&p 500 swung between gains and losses, but investors are very much watching those after our earnings from tech giants. the nasdaq 100 dropped for the first time in three sessions. we have big after our movers at the moment and we will get through them later this hour. the 10-year yield touching the highest level in a week as we have the fomc meeting taking

place right now and we had solid u.s. data with home prices soaring. extending those gains after the opec-plus projected a strong recovery and with india's covid-19 surge. we are setting up for the asia >> we have a busy earnings day ahead. the hong kong exchange is among those reporting this wednesday and we have some marginal gains for asia stocks. this has booming commodity prices signaling, and on the others of the coin, there are the players that embrace margin pressures which may turn the consideration for policymakers that they will have two take into more account. we have brands like oreo, and higher inflation will go higher.

expecting a strong second quarter. pulling up the chart on the terminal, we have the inflation focused rbi competing with the risks. -- cpi may soon test the inflation range, and that is on the risk of inflation and of managing costs to keep them low. >> let's get back to our top story. alphabet is jumping an extended trade after reporting quarterly sales that topped estimates. it also unveiled a big share buyback. and lifted by a strong demand for cloud services, but that has failed to satisfy investors. led to get over to technology

anchor emily chang covering all of this. alphabet, it looks like business is really big with anticipation of the reopening. emily: alphabet is seen as a big reopening play. all of it translating into ads on google, whether it is search advertising, more in respect to travel or grand advertising more in respect to google. we saw a big bounce back, and if you compare year-over-year to where we were last april, as vaccines roll out more around the world, alphabet seeing the benefit. also, a huge boom in their cloud business and it is still smaller than microsoft, but growing more than 40% year-over-year. analysts continue to be excited about that and that is an area we can continue to see alphabet excited about that. >> you spoke to ruth torres,

what did she have to say? emily: i was asking particularly about travel or retail, or where around the world she is seeing things move more quickly or more slowly. she very much said what they are seeing is a broad-based recovery but what is interesting, she did not want to stated that this recovery are the new behaviors they had been seeing is necessarily going to continue. she said it is too early to forecast the extent to which changes in consumer behavior will end door, and when you look around the globe, the pace of recovery is very different so it is really too early to tell. that was an interesting hedged by restore ed saying, yes -- by ruth torrid. in terms of investment, she said they will continue to double down on cloud. it is still a business that is not profitable and they will continue to invest there.

they are also investing in headcount and real estate which is interesting given that google is calling workers back to the office that is different than some of these other tech giants facebook which i said that employees can work from home much more long-term and alphabet wants their employees back. she says we are going to continue to invest in real estate are growing in multiple cities, we will continue to invest in headcount. the last thing i would highlight is her response to biden;s corporate tax plan. president has proposed to increase the corporate tax rate which affects countries with 21% to 28%, and supportive overall of ongoing investment in infrastructure, and we think it is valuable, we think it is urgent, but it is only part of the answer. government needs to look at raising revenue and a coordinated way and there is a way to reach a multilateral solution that would be more valuable and more durable.

she is saying, don't just access to tax everyone -- don't just tax us. tax everyone. haidi: you mentioned microsoft. the shares had a really good run today. emily: that is a good point. microsoft beating on revenue, on earnings, on the average of the analyst estimates, so yes, there were some estimates that microsoft did not beat on, but still, a strong quarter. if it is 40% for google, you are seeing 50% for microsoft continuing to take share and really growing the pie in a massive business that includes not just google, but also amazon web services. microsoft has seen an incredible run, and it is always difficult to know why the stock is going up or down, but a beat on average of analyst estimates. haidi: bloomberg tax

-- shery: bloomberg technology anchor emily chang. our next guest and portfolio manager, joanne. great to have you with us. we have continued to see this tech rally, valuations, and gtv charts on the bloomberg showing how those estimates for tech stocks continue to rock in higher, still outpacing the s&p 500. with interest rates likely to rise over the next year or so, what can we make of the valuations right now? >> i think what you make of them is a cautionary tale. one has to be very careful at this point because some of the valuations have been -- some of the stocks are well and really embodying the growth that is to come. this is one of the reasons why we like to invest in individual stocks for our clients, so we

can go out and be selective, and own things for a long time. today's aftermarket action, that tells you more about what the institutional investor expectations were as opposed to consensus numbers but it also tells you in response to earnings, things can be volatile. that is why we have earned things for many years, and we are committed to them because we think they have a longer runway. being selective and looking at a texas instruments, google, we still like these, but you can go beyond that, a broadcom that has a very attractive valuation here, and that allowed microsoft and google polls to be expectations today and has a long runway for enterprise spending going up. in the context of valuations, really have to dig down into the earnings prospects for a number of years. >> what are you hearing in the earnings guidance?

earnings have already been priced in, it seems. what will you be focusing on when it comes to guidance the act -- guidance? joanne: to the extent that companies have visibility, that will be a positive. the tech companies and the consumer companies and appliances and autos are being limited in their growth by the semiconductor shortage. we do expect that to last well into 2022. the guidance will have to take that into account. that could limit their growth, but i think that investors will roll with that little bit because what that means is that the growth that they will see, although perhaps a bit slower and the second half of the year, will last longer, and so investor that go in and own some of these companies are going to have a much longer runway for growth. earnings are, i agree with you, they are built into the expectations. guidance is critical, and guidance will be a little complicated because of the

shortages that are out there on the tech side, some of the shortages in materials and resources on housing construction. we are seeing that coming to guidance. investors have to recognize that some of the shortages really mean that you have a longer runway for growth, you just will not get there as fast as you would in a world without it. that is not necessarily a bad thing. shery: to what extent are changes to the tax code already priced into the markets, and does it change your view and none -- in any of these longer-term conditions? joanne: it it is probably not going to have a big long-term effects, but what we are hearing is that a 28th percent that was pitched out there originally, if anything likely is to come in around 25% and that is not to big of a problem. it affects a small percentage of the population, so while we might get some short-term

dynamics, people selling their positions -- a lot of people did really well on those high flyers, those positions have gotten a little bit to large. they may need to shift some of that before the tax rate changes. it is an uphill battle and affects a small part of the population, so once they will get to the point of rearranging portfolios, beyond that, i think we will get to the point where stocks resume the appreciation, so if you pick the right ones, you have a number of years of earnings growth ahead. >> consumer staples is one area where you see opportunities. tell me your best investment opportunity? sophie: it really depends -- joanne: it really depends on our investors. we have been in walgreens which is done pretty well and we think that has a nice runway ahead, plus it offers some income.

we also own some unusual staples, a company like darling and ingredients which is involved in not only rendering leftover meats, but also now involved in green diesel, and they are expanding their capacity moving towards greener fuel, and that stock, we have owned it in many years, and we think it has a long runway. you can find interesting opportunities. i could benefit from the reopening trade, and consolation grants is another one, also exposed on the cannabis tree which a lot of people are trying to get some exposure to. shery: always great to have you with us, joanne feeney. let's get you to vonnie quinn with the first word headlines. ♪

shery: let's get you those first word headlines. we are looking at those potential wage executive orders. president biden has issued the executive order requiring federal contractors to pay workers $15 an hour to raise the federal minimum wage. the order will likely face opposition from the business community which argues that forcing companies will stifle job growth. president biden also said that the united states has made stunning progress, and that the white house earlier, he said 215 million vaccine doses have been administered so far, and urging anyone who has not been vaccinated to do so, pushing previous guidance that allows people who have been inoculated to gather outdoors.

the asian nation battles with the prime minister describing is a terrible crisis. he had already announced a 30% cut to ease pressure on any of city hotels being used as quarantine centers. he called the number of cases diagnosed and these hotels stemming from india concerning. opec-plus has recommended proceeding with plans to gradually increase oil production as global demands recover from the pandemic, despite surging infections. russia agreed that the coalition can skip a full-scale meeting scheduled for wednesday and press on for increasing the supply. those were your first word headlines. >> up next, the metals rally. commodity traders also have an

opec-plus meeting to digest and dan hynes joins to discuss. up next, a bloomberg scoop with qualcomm getting help from chinese state owned in repairing one of its bond yesterday. this is bloomberg. ♪

♪ >> china's and battled with the bonds maturing on tuesday with the funds providing by the country's largest state owned bank. a sign that china is supporting the biggest distressed firm. there has been a lot of uncertainty, does this keep us a bit more indication as to what their fate is looking like? >> yeah, particularly further offshore dollar bonds, which qualcomm still has about --

which huarong still has about $24 billion. at least temporarily helping them to pay back the 600 billion singapore bond that was due on tuesday but there remains the uncertainty about what the longer-term plan is because we have not had any clarity from the finance ministry, and we know that earlier this week, they came and downgraded the credit rating, precisely because there was a lack of transparency and because of failing to meet that deadline for publishing its earnings results. investors will be scrutinizing, but there is a little near-term relief for huarong. it does add urgency for a push and calls here, including the pboc.

and we need urgent reform to simplify the process, because you have so many different actors with different stakes in different regulatory rules at play and it is making it all very complicated indeed. haidi: meanwhile, we are hearing that the eu is looking to restrict some mergers, what do we know? shery: -- >> this is a plan that have to be signed off, but it also ties in to a greater push by european capital, and quite frankly, in the face of the disruptions as a result of covid-19, it would look that this plan on companies that would receive subsidies or have

state backing might be blocked from doing so. it would need to be signed off by eu governments, and it has pushback from the chinese community. it is something that many would want to see it put in place. >> we have plenty more to come on daybreak australia. this is bloomberg. ♪ his is bloomberg. ♪

♪ pres. biden: the bottom line is clear. if you are vaccinated, you can do more things, more safely, both outdoors as well as indoors. for those who have not gotten their vaccination yet, especially if they are younger, and think they do not need it, this is another great reason to go get vaccinated now. now. haidi: president biden urging

americans hesitant to be vaccinated against covid-19 to reconsider. shery: his remarks come as the pace of u.s. shots slowed despite abundant supply. the cdc says that masks should be worn in large gatherings. finally, no more masks needed, what were the key takeaways. >> the cdc and president biden with white house remarks today saying that if you are vaccinated, you will be able to do more things without a mask, trying to make it an incentive to try to be vaccinated. this includes being able to exercise, dine outside, socialize in small groups without a mask. even inside with other

vaccinated people and with family members, you don't need a mask or social distancing. but making that case that you do still need a mask inside and workplaces and in crowded kinds of events like a stadium or theater. there was some loosening of the rules, maybe not as much as some people wanted, but clearly there is an incentive to being vaccinated was the message, you can do more under these rules if you are vaccinated. >> why did the messaging now? is there a concern about plateauing and vaccination right? >> there is a real concern on the part of federal officials that vaccination rates in the u.s. are starting to plateau. we have seen fewer than 3 million shots given in recent days, which is leveling off and even though many people are still continuing to get shots, there is concern about vaccine hesitancy, especially with the

pause earlier this month in that j&j vaccine that they did a safety review, and they are back to vaccinating with j&j, but there is concerned that that pause and some general vaccine hesitancy out there is leading people to take their time in getting it and that we may soon be at a place in the u.s. where there is more supply then there is demand. shery: humanitarian crisis unfolding in india right now. we have heard things coming from the white house that the u.s. -- >> president modi had pledged to try to help out, but there is no timeline for sending vaccine, but it does look like that is about to happen. the u.s. would have to do a safety review of the vaccine and they have pledged 60 million doses of astrazeneca could be sent and exported from the u.s.

astrazeneca has not been approved for use in the u.s. the, though it has been manufactured here, so there is plenty of supply, and there has been pressure on the biden administration to release some of the stockpiled supply to other countries in need, particularly now that india is having the world's worst surge in covid cases. >> jodi schneider with the latest on the virus, and speaking of the vaccine efforts, we are getting for square numbers from sinopharm. we are also seeing first quarter other numbers coming through including operating revenue at over 120 billion yuan. it is a pretty big week for sinopharm as well, and the world health organization set to decide whether two vaccines will be approved for global emergency use along with the three western

developed vaccines that are being in use at the moment. sinopharm having said they have shipped over 50 million doses of their vaccine overseas, and it has been adopted in a number of developing nations. we have more to come. this is bloomberg. ♪

♪ >> let's take a look at the day ahead in australia now, and getting our inflation data and just three hours from now. that is expected to show at pickup, with higher fuel prices. value stocks on their longest winning streak since 2009, and also being the news -- big news on the virus front. and with india with the nation's quarantine program under strain. let's get the first word news with vonnie quinn. vonnie: continuing on india,

president biden saying he spoke with prime minister modi to discuss when the u.s. will be able to send covid vaccines to india. it is something the president says he intends to do but he did not specify a timeline. biden revealed that the u.s. is providing aid, and machinery for a vaccine manufacturing. president biden is telling to forgo an extension of the estate tax and his tax hike proposal. during the campaign, biden pledged to increase the estate tax, but bloomberg is now told the estate tax boost will not be a part of the american families plan the president will unveil on wednesday. canadian prime minister justin trudeau told the bloomberg green summit that canada will reach its new target to reduce emissions by up to 45% by 2030. that is despite his country's

record of missing previous climate goals. data shows that canada was the only country to see its harmful emissions rise between 2015 and 2019. p.m. trudeau: it is also about consumption. it is making sure that canadians are consuming less fossil fuels. we are going hard toward zero emission bugles, -- zero emission vehicles, we are making sure that people have better public transit, and those reduce our fuel consumption but so, too, must the world. vonnie: the european commission is seeking authority to block deals by foreign state owned companies. complaints towards european businesses that chinese state backed firms cannot get support that they cannot match. they have already complained about the draft which could change before it is set next week. cases of covid-19 and

hospitalizations are dropping sharply across new york, once the epicenter of the global pandemic. easing concern about a new local variant as vaccinations expand. the seven day average of confirmed probable cases dropped by 56%. 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. >> amid the u.s. vaccination push, jp morgan has become the first major u.s. bank to mandate a return to office for its entire workers in the nation. staffers are being told they will need to come back in about two months, jamie dimon said it would be on a rotational basis and after, he told bloomberg as a need for employees to return to the office next month -- last month. jamie: certain sales, you can

track the productivity, i think there will be a large portion permanently working in the office. haidi: let's bring in u.s. finance editor, sally. how significant is this for wall street and beyond? sally: it is a big step. jp morgan is the biggest u.s. bank, and dimon they saying they will be back in july under a 50% occupancy cap, but it is this to strongest language, where we are saying, we do want you to come back. it is significant because other financial institutions may take their cue from this now, and the expanded approach. of course, don't forget the wall street ecosystems that will feel the reverberations of people coming back in the office. and with that growth and

recapturing. wall street has been itching for this to happen for a while and steadily encouraging employees to come back. goldman ceo called working from home an aberration, but it is not a surprise, but it is the signal for wall street intention. haidi: what kind of challenges with a face in trying to achieve this? >> it is going to be a big adjustment to suddenly return to office. how banks handle the vaccine, but strongly urging employees to do it, and that could be an issue. the virus is still around where we have the vaccine and that is proliferating, but it is still there, so what are the backup plans if it surges again? will these banks be

able to roll things back quickly. people have gotten used to flexibility, maybe they do not want to necessarily surrender that, and it could become a bit of a recruiting tool with offering flexibility that banks are less eager to. shery: u.s. finance editor sally bakewell. let's stay with banks because a major executive shakeup is happening in the wake of billions of dollars in losses tied to failed archegos asset management. joining us from hong kong with the latest, what is going on? >> following that big exposure to archegos -- about a month ago, they -- nomura flagged that they might have some actions with archegos, and it was about $2.9 billion, much more than it flagged a month

ago. that is going to have ramifications through the executive ranks, and particularly in the united states. here's what we are learning from sources and people familiar, the global head of private brokerage , he has reportedly been suspended. joshua couric, also reportedly suspended. and the head of global equities, also suspended. douglas lyons, the head of global risk, but he will have a new job and he will be replaced by patrick -- and this was after news yesterday that they were replacing christopher wilcox, veteran of citi and jp morgan will be taking over as of may 3. and they are launching or hiring

external lawyers to conduct a comprehensive, impartial review of its dealings with archegos, but the first name obviously on the casualty list, suspended as they are doing the impartial review, but changes are obviously afoot at japan's large broker and it has had implications for the u.s. market. >> where does the banko from here? >> it is interesting because yesterday, the ceo made a rare appearance at the earnings conference with investors and the press. one person said, they are going ahead with their ambitions to make nomura more of a player, pushing ahead with global ambitions, un-swayed by the $2.9 billion charge tied to archegos. this is what he said, there is no major changes to our overall strategy for our wholesale

business. our japanese clients and business is very strong and they are looking at the u.s. market and is important to build a solid platform in the united states. no doubt that nomura is trying to take on more risk as it needs to stave off stagnation, but it is another stumble for nomura. you think back when they made the purchase for lehman brothers back in 2008, talk about bad timing. now, this is yet another stumble, and that really takes a hit to your risk management ability, each stumble along the way. what they say, once bitten, twice shy, while twice down, do you get back up or do you lick your wounds. do they go with the archegos one-off hit, but the dominoes are starting to fall. >> taking a look at the regional fallout, and also ubs, despite strong numbers, announcing its

own surprise hits from archegos. absorbing a loss of over $7 million it, and is expected to see an $87 million hit in the second quarter. >> we are very disappointed at the situation. we are taking it very seriously, and we are reviewing the different relationships and reviewing the risk management processes to make sure that it does not happen again. >> where would you reduce leverage and reassess how you land? >> if you take the lessons learned often now, there are elements that we are picking up. the first one is the level of transparency and some of this business as well as the concentrated positions to leverage, so there is a combination of those.

that is the big lesson learned here. it is not only that we should demand it and all bank should demand that, but also we should look at regulations to come in here in order to ensure that an event like this will not happen again. >> would you cut leverage to the hedge fund business and the investment bank? >> not necessarily. i do think you have to be very selective, and we have a strong client relationships, and the prime brokerage business it -- >> fully committed to pb? >> absolutely. they are important to build up with your wealth business going forward, and therefore, we are committed to strategically, but again, we have to take the lessons learned and make sure we do going forward. >> $774 million -- she will do a

conference call. why did you not disclose those numbers sooner? >> well if you're referring to the closer number, that was 434, and in review of the very strong first-quarter results, he felt it was not required at the time. >> for more earnings coming up in asia today including some of the biggest ones with the like of hong kong stock exchange, one of china's big banks, as well as china life insurance. all of those are coming up later and ones to watch. >> it is time now for morning calls ahead of the asia trading day with sophie kamaruddin. heidy just mentioned the hong kong exchange. what are we expecting there? sophie: we expect record profit that could be on the card, given the jump that we saw in daily stock trading turnover and first-quarter along with the continued boom and ipo activity

here in the city. based on analyst estimates, compiled by bloomberg etf, expecting to come in at a 73% boost from a year ago. so since hitting a record high in february, but shares of hong kong, with a 2023 estimated earnings, given the expectations for double-digit growth for the years to come with ongoing ipo activity set the drive long-term structural growth, heidy. haidi: iron ore in the meantime rallying to decade highs. what could we see that would spark a correction lower? sophie: commonwealth bank, one person writing that field margins would have to turn negative in china in order for a correction lower. it does suggest that current ion or prices are sustainable in the

near term, given that chinese demand is driving prices high enough, and pulling up the chart on the terminal, prices in china are at 2008 highs, and they are also jumping into u.s. and europe as global demand is inspected to rebound in manufacturing and construction as well as the pledges we have seen to go towards infrastructure spending globally , and appetites expected to grow with estimating a 5.8 percent rise, which would then top pre-pandemic levels. >> we will have more on iron ore as well as broader commodities, next. then hines will be with us to tell us if he sees the rally continuing. this is bloomberg. ♪

♪ >> proceeding with plans to gently revive oil production as global demand recovers from the pandemic, and that is despite surging infections in india. let's discuss further with daniel hynes joining us live from sydney. great to have you with us, let's start with the india part of the equation. they are the world's third largest importer of crude. do you have expectations that this will be a serious downside risk? daniel: it is certainly going to

impact india demand, and does the tracking data suggest the impact of those surging cases. just recently, probably not going to get into may. it is certainly a period of reflection, and it is brought back into even broadly speaking, but i think india is certainly an issue we need to keep track of in the short-term, but i do not think it stops the broader recovery, saying clearly in the u.s., which is been more established in china, which is really driving demand.

and saying obviously, it is still a situation that the market is doing very positively. >> do you then look more into the reopening story in the u.s. is a major driver for how much we are seeing production start to get pushed out from opec? dan: yeah, obviously india is important, but the u.s. market is clearly bigger. the u.s. driver with the 10% of world oil, so the reopening of that economy really will be key to driving demand over the next few months, and certainly, the indications are that is

continuing to improve and consumer confidence is quite strong. we are seeing mileage that people are taking more trips on the road on the weekends, and certainly, over that summer period, we are expecting to see very strong growth in demand. i think that is going to be the real narrative over that shorter term, and certainly, that is giving confidence for opec to slowly increase their output, but that certainly seems to be certified last night when they decided not to have the meeting in confidence with account claims. shery: what about biden's to trillion dollar infrastructure package, because that seems to be giving confidence to the metals market. the chart on the bloomberg showing not only oil outperformance but also, copper

which is really outperformed. we continue to see the extension of his rally towards the record $10,000, and yet, it would be really hard to keep that rally above 9000, has in it -- hasn't it? dan: absolutely. when you see a market over that, there is always question the sustainability. the infrastructure boom which we have not seen the likes of before, so the prospects of stronger demand and the consequence of that are quite enticing for the markets, and that is what we are seeing, the sentiment positive at the moment. obviously, we will need to see the proof in the putting before we can really suggest that these prices are sustainable and potentially, you could hire, but i think the plan to percent with

a significant shift in demand following the pandemic disruption last year. shery: what do you take of iron ore prices of 11 year highs, but perhaps a china wanting to keep this polluting industry -- not wanting to keep this polluting industry for? too long? -- for too long? dan: it is a bit of an oxymoron. the climate change policies that china is implementing, we think, will eventually weigh on the steel production in china, but at the moment, they are targeting this deal market up as a result of the construction and manufacturing boom, staying close the pandemic. that process is pushing to record highs, and it is dragging up iron ore products with it. but i do not think that is sustainable over the

medium-term, and we are likely to see final prices as we see steel production ease back now. in the shorter-term, we are not even at the peak in the steel production on a seasonal basis. so the expectation is the iron ore prices will hold relatively well. certainly, they are looking to reduce some of those stimulus measures they implemented, i do think the second half, it looks a little bit weaker, and as a consequence, the record highs we are seeing at the moment, they are quite sharply in the second half? shery: always great having you on. this is bloomberg. ♪

♪ >> here is a quick check of the latest business flash headlines. softbank has used almost all of its $22 billion advocated for share buybacks, raising fears of an end to its bull run. bloomberg's calculations show that the program may run out as soon as next month. the effort has more than double the value of softbank's's

dock, but -- softbank's stock. jp morgan is the first major u.s. bank to mandate a return to offices for its entire american workforce as soon as july. in a memo, staff was told they will need to return on a rotational basis. imax's plans to triple its japanese network by 2024 in a bet that moviegoers will return to the world's third-largest movie market. japan's imax collected $14 million dollars, with the highest revenue per screen globally. imax renewed a deal with japanese film producer to release five more films. >> this is what we are watching going into the start of trading in tokyo today.

a pretty muted start to trading, slated for much of asia as we continue to process the big slew of tech and earnings, as well as the jump and treasury yields weighing on investors. take a look at some of the department stores and retail names going into the trading session in tokyo. japanese government reportedly considering raising the cut of subsidies paid to large commercial facilities that are shut during the latest state of emergency and that is according to a tv broadcaster. we are hearing that they are planning to raise the limit by several hundred thousand yen depending on the size of facilities, number of tenants, and they would include shopping and cinema facilities. coming up, we will get a preview of the fed's decisions. plus, we will discuss tomorrow's latest results with our senior

equity analyst. that is it for daybreak australia. daybreak: asia is next. this is bloomberg. ♪ so you're a small business,

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shery: i am haidi stroud-watts in sydney. shery: i'm shery ahn in new york. welcome to "bloomberg markets: china open -- "daybreak asia. a muted open after tech heavyweights. also that shares jump as sales beat estimates. microsoft slips with results missing top and projection