>> good morning, we are counting down to asia's major market. shery: asian stocks set for a next open after the fed's april meeting reveal some for officials opening the door to paper talks. elon musk says tesla did not

sell bitcoin and the biggest cryptocurrency can still rise to $500,000. tencent out to prove its resilience after antitrust around $200 billion of its market value. earnings out later could show quarter revenue growth of 24%. haidi: big earnings look ahead but let's look at how the asian stocks and markets are sitting up given the volatile ride. >> earnings very much a focus later with hong kong back a line along with south korea. futures are mixed after agents knox -- asian stocks fell. wti holding steady after we saw futures sink more than 3% to a three week low. we are seeing moves to the downside after the benchmark

cap, a three-day drop. crypto volatility very much in focus after swings of 30% in either direction, bringing back debt buyers after we saw bitcoin near 30,000. we have nikkei futures looking at losses in tokyo potentially while again is above -- while of the yen is above 109. we still have real yields well below zero and that may keep a lid on any dollar upside which is trading near a six week low and that could be a boost for asian stocks. >> our next guest is constructive on u.s. earnings. joining us is joyce chang. always great having you with us. will this help offset the pressure from those concerns

over inflation and what the fed might do? joyce: i think that i is on the fundamentals and on the growth story. we are looking at u.s. growth to be booming 10% in the second quarter, 8% in the third quarter, and europe playing catch-up, coming back 15%. that is the fundamental striving that. i think it is going to drive factors more so than looking at the inflation story or even fomc meetings but it was a surprise to hear talk about fed tapering. i think that is something that will not play out over one month. the market had been thinking there might be a couple of months before you solve this particular issue. we are still on the fundamentals, looking at some of the strongest growth we have seen since the 1980's and we still have much of the stimulus and infrastructure packages still being discussed. it is not the time to bet against the broader fundamentals right now. >> we heard from mohamed

el-erian talking about inflation concerns, he has -- he says u.s. central bankers remain fixated on inflation being transitory. they are holding to this despite evidence that supports a more open mindset. this talking about the ecb as well. the selloff seems to be really brought at the moment. are we going to see more volatility in the next few months and is that a buying opportunity? joyce: we think that these tips are buying opportunities, we are comfortable with the target for the s&p 500. we think you also have some infrastructure spending sometime in september. i don't think it is the time to bet on withdrawal. but everyone is going to remain

focused on inflation. we see inflation going up to 3% this year compared to 1% last year and you are going to see and overshoot and in the next three to five months, as we see some travel related demand picking up, i think these supply constraints are going to stay with us. those fears are not going to go away. longer-term, with the market is asking, are we in for a shorter business cycle then what we are used to? after the financial crisis, it took a decade to recover. now we are seeing the output gaps are closing more quickly than anticipated, slack is leaving the economy. i think the market is prepared to say that we are probably in for a period whether is greater volatility than what we have seen. if there is talk about tapering, higher inflation numbers, the crypto volatility has been a sign for most investors outside of core markets.

haidi: we keep talking about how these equities are driven by expectations of this recovery. this is the economic surprise index, it is close to going negative, which is not a terrible thing. nothing really happens when it goes into negative territory, but does this mean that the upside is starting to run out in that the good news is pretty well baked in? joyce: i think there is a lot of good news that is baked in here, but i would not underestimate the consumer demand coming online. one thing that is different about this recovery it -- is it has been -- it has been staggered. i think you will consider -- you will consider -- you will continue to see -- it is a silver lining at this has not been fully synchronized. you have a staggering of this

which means that some of the concerns, is this a synchronized asset reflation due for a crash or alleviated because the cycle has not been synchronized because of the lockdowns come out the vaccinations they would we think you are going to see -- vaccinations. i think the consumer demand story is one that we remain focused on as we are coming out of these lockdowns, emerging markets will be the last to follow. shery: tell us about europe because the indices are weighing towards banks. how supportive will that be during this recovery process? joyce: after a first quarter that reflected the lockdowns and restrictions that had to be put in a quarterly basis, you are seeing european growth at 14%. i think this reopening story

will also expand to europe, you are seeing the announcements coming out about lifting some travel restrictions, so some of these recovery plays are going to do well. we are still fundamentally of the view that the recovery plays , energy, commodities, financials are going to do well. i think europe is want to focus on more in the fourth quarter of the year. haidi: i want to end with more crypto chat. look at this chart, 30 day volatility. yesterday was a crazy session. on a 30 day level, this is much less wild than 2014. the extreme volatility is one of the reasons why most in the two shall investors sites are not wading into cryptos. what would you need to see before any crypto currency becomes a viable investing

option? joyce: you have to see the volatility come down. you are looking at volatility levels that are four times that of gold or equities and this is going to make it prohibitive for corporate treasurers to think that they can do a significant sized holding in this. i think that this type of volatility will probably slow the pace of inflows because we have seen a pickup in institutional inflows since last fall. the focus on cryptocurrency is here to stay, but i think this type of volatility, compared to other asset classes, is outsized from both is attritional investors even though it is not as wide as it has been an cryptocurrencies, historically, it has been prohibitive, particularly on the corporate side, to look at this as the institutional holding. >> great to have you with us. we are going to stick with that

wild ride in bitcoin. plunging 31% before paring both of those losses in the latter part of the session. let's get to have a reporter who is covering this. as that chart mentioned, this is not that wild in the grand scheme of things for bitcoin. that is part of the problem, isn't it? >> exactly. if you talk to some veterans who have been trading on bitcoin, it is another day at the office, but that is the biggest concern, you never want to see an investment basically lose about half of its value over the course of a month. that is not something that money managers feel safety investing in. the biggest drawback for cryptocurrency is that we do not know what is going to happen because if you are a skeptic, there is no fundamental value that you can say. shery: what exactly happened

today? there seemed to be no clear reason that we saw thousands of dollars evaporated in the morning session. >> it was not clear and i think that was the biggest concern for people who are either on twitter and using coinbase and financed a trade or institutional money managers and the biggest concern, some of the biggest feedback i have gotten is selling leads to more selling so when people saw the cryptocurrencies continue to get into a route, they continue to sell, there is panic selling, then when elon musk tweeted out and kathy woods said we still believe the 500,000 dollar price target, we saw some bounce, but it was a lot of selling be getting other selling that has been the reasoning that has helped lead to the volatile sessions.

shery: great having your insights into what happened in the crypto world today. next, china's negative earnings in focus, tencent out to prove that it can weather the storm of antitrust. we will have a preview. plus, australia's april jobs data in a couple hours they would -- hours. freelancer ceo telling us what he is expecting. this is bloomberg. ♪

>> this is daybreak: asia. benjamin netanyahu says airstrikes on the gaza strip will continue. this despite calls from president biden to wind down the conflict. netanyahu says he is determined to continue military action

until quiet is restored to israeli citizens. president biden says the u.s. must defend open ceilings as nations including russia and china assert greater control over maritime regions. he made the comments during his first commitments address as president. -- first commencement address as president. >> whether that is the south china sea, arabian gulf, and the arctic, is of vital interest to america's foreign policy to secure unimpeded flow of global commerce. vonnie: the south korean president will meet president biden in washington later this week with north korea set to top the agenda. an official said the white house wants to build on an agreement

from 2018. the biden administration has indicated it may be ready to ease sanctions in exchange for pyongyang winding back its nuclear arsenal. boris johnson has left the door open to a possible trade deal with australia that removes tariffs on food. he declined to rule out eliminating tariffs on meat and speaking in parliament, saying it is a great thing farmers can do with a free-trade deal. the national farmers union has warned it could put some farmers out of business. 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. this is bloomberg. shery: we do have an alert on the bloomberg now. the state department saying the united states is seeking a more stable relationship with moscow. antony blinken raising concerns

about russia's deployment near ukraine. also, antony blinken raised concerns with russia's foreign minister about alexi navalny and both leaders committed to continue talks going forward. let's turn to china. tencent the leica triumph with trade confidence and revelatory compliance as it delivers quarterly result after the markets close in hong kong. our correspondent joins us from hong kong with a preview. what do we need to watch out for? >> it looks like orderly results are going to be strong, they had strong growth in cloud business, in online gaming, and advertising is keeping pace with the economic recovery in china. that all looks good. revenues expected to increase 24% year-over-year.

the business is sound. what has hammered the stock, it is down nearly 21% since the peak on january 25, about the time when we saw a regulators put the hammer down on alibaba. tencent has been under this cloud of uncertainty. there is a difference between regulatory scrutiny and the reality. the reality is tencent has not really been singled out like alibaba, but the threat of being single doubt has always been there. in a much call with analysts, martin now said compliance is our lifeline. compliance with what? are you being targeted? they are staying ahead of the curve but that sentiment that regulation or increased certainty -- scrutiny could lead to supervision by regulators, especially on the fintech side, has weighed on those shares.

this was a 760 six hong kong dollar start on january 25, it is now just above $600. analysts still like the stock. 63 buys, zero cells -- zero sells. one analyst says, if there is no right of the torah concern, tencent is very attractive -- no regulatory concern, tencent is very attractive. they do not burn cash for their core businesses like alibaba. it is a bet. a stock is always a bet. do you believe the regulatory crackdown is not as hard as alibaba or coming down the pike? that is the risk-reward you take. haidi: big uncertainty. if that is the case, valuations are looking nicer than they were a few months ago.

we are also looking at jd.com, out with results. what are you looking at there? >> it was good numbers. revenue jumping above estimates. net income more than tripled. people just stopped consuming and shopping as the pandemic took china first, took hold in china first. there is a significant recovery in consumer spending. the challenge for jd.com, where did you invest the most? companies like alibaba, while under revelatory threat, they have pledged to plow all incremental profits into developing new businesses. jd.com, which is a chief rival, has to keep pace with their bigger peers or competitor, alibaba. you could see operating margins being squeezed as they spend more to compete with alibaba in

businesses including grocery shopping and the like. right now, revenue growth seems to be good, in lockstep with the economic recovery. it is projected that in china, retail sales, half of retail sales will be through online shopping and that benefits obviously a company like jd.com as well as alibaba. >> more analysis to come on chinese tech earnings. stay with us. coming up next, the atlanta fed president says now is not the time to withdraw monetary policy. the statement -- the full interview just ahead. this is bloomberg. ♪

>> inflation if your the market. the atlanta fed president says now is not the time to withdraw monetary support. he said he is waiting to see substantial progress towards inflation goals before backing any policy shift. >> we have never had an experience like the pandemic. there is not a pandemic response chapter in textbooks. we are going to have to be in nimble in terms of our monitoring of the economy and our policy responses. when i think about where we are now from an economic perspective, the where that comes to mind is transitional. we have gone -- no word that comes to mind is transitional. we are now transitioning out of -- the word that comes to mind is transitional.

now we can turn ahead. we are transitioning out of the deficit of the pandemic into a recovery period. there are a lot of moving parts we have to keep tabs on. what i will say is i'm expecting a lot of volatility over the next several months. in the last several months, we have had data points that have not met up with expectations. i think that is to be expected. what that will mean is we are going to have to do extra work. we do lots of surveys of business leaders and communities and we also do a lot of outreach to have one-on-one conversations with folks on the front line to get a better sense of what they are seeing and how they are thinking about what their strategies are going to be. haidi: that is rafael bostic speaking to michael mckee. -- shery: that is rafael bostic speaking to michael mckee.

squarespace after opening at $40 a share, -- $48 a share. the company is the latest in a string of firms to have chosen to skip the traditional ipo, including coinbase. the listing delivers the founder a $2.3 billion fortune. waymo looking to raise as much as $4 billion from outside investors with plans to lift and split from its parent, alphabet, also be discussed. a bible company is facing pressure on several fronts after a string of departures raise questions about its strategies. six key executives have left the company since february including its ceo and cfo. we are told j.p. morgan is about to score a $100 million payday. the windfall stands from a slot deal with vig global energy

partners which is investing $12.4 billion in oil pipelines. j.p. morgan advised on the deal and helped arrange financing. the return is in line with the risk and aramco counterparty on the clock. plenty of flights to space, fitting stands at $2.1 billion and counting for blue origin markets. more than 5200 bidders have vyed to fly on the flight. an auction hundred 12 will determine the winner. don't miss our conversations later from the hong kong conference. we will speak exclusively with oasis management. up next, with australia's latest jobs data do in the coming

hours, we speak with matt barrie about how the world of work is evolving due to the pandemic. this is bloomberg. ♪

shery: we are counting down to the start of trading in tokyo and seoul. in japan, bloomberg sources say telecom is in talks to buy in loughran for softbank's stake in t-mobile in the u.s. they currently own 43% already. we are expecting core machine orders for march due in about 28 minutes. april trade data is also coming out. in south korea, they are back from a holiday. we are watching reports on an

agreement to build ev batteries in the u.s. chipmakers also are in focus after a financial group said semiconductor shortage are getting worse. president moon is visiting the u.s., the second head of state to have a white house meeting since president biden took office. let's turn to sophie as we head to the south korea/japan/australia open in less than half an hour. sophie: markets will be weighing the fed minutes which has some officials talking about tapering. we are seeing qe stocks moved to the upside but futures looking next in asia. nikkei futures moving to the downside. nasdaq futures falling after we saw the nasdaq close higher on the day on wednesday. we have asian stocks down about 2% year to date, still

continuing to underperform. checking in on currency markets, ahead of the australian jobs data, the aussie treading water, stuck at the 77 zone. we could see a lift twice the 80 level and above once concerns about vaccination rates fade. you have the offshore yuan holding steady. one month risk for the yuan, pressure to move in either direction. the greenback trading steady after we saw a pickup on the fed minutes but we still have the dollar trading near six, near lows. pulling up the board on the terminal, we have bitcoin very much a focus. we saw it near 30,000 in the

wednesday session as we saw swings of 30% in either direction, now downside by just four. haidi: this go back to what you mentioned earlier, australia posting employment data. the country now recouping all jobs lost during the course of the pandemic. fiscal stimulus benin economy roaring back. the creation of jobs again going back to the levels we saw prepend them, also the unemployment rate is back to normal. matt barrie joins us now. great to have you with us. what are the nuances that we are not seeing in an impressive headline unemployment number and the number of jobs being restored? matt: there are a lot of job vacancies at the moment.

while the number of people employed has remained relatively flat year on year, there are a lot of businesses that need people. particularly in construction, health care, professional services, and so forth. there is a need for talent. >> have you seen the impact of the job program being removed? i'm wondering, if the headline numbers return, there are structural changes as a result of what we have gone through. matt: i think it is too soon to tell. i think we are going to start seeing that in some of the numbers. i think work has changed in a big way. people have found ways to supplement their income online whether it is starting business online or working online. it will be interesting to see how it plays out. haidi: the border issue, are you seeing more demand because we don't have the usual amount of foreign workers to fill some of

those roles? matt: in australia, there is a need as online is booming. people are building online businesses. in the australian market, you have seen it, a little bit. anyone selling online has done well. now, businesses have changed structurally to have more sales come from online. we are seeing huge demand. >> what will the future of work look like post-pandemic? matt: i think pandora's box is open. covid has been the great work online experiment. we are seeing, across the c-suite and fortune 500, saying we don't know whether it is 5%, 10%, 25%, but in the future, some percentage of the workforce will be coming from the internet. we are not sure if that is one, 3, 5, 10 years away, but we know covid has accelerated everything.

we are seeing a lot more interest in hiring online and certainly three major things happening more broadly, one is more people looking for work online, businesses looking to cut costs and to use the internet as a tool to make it easier to hire online, and the third is bridging workers to the pandemic as well as businesses. shery: how open are employers to have more people work from home? matt: i think, right now, it is impossible to get people back into the office. people have experienced working at home, they got used to the tools. it depends whether you are in a blue-collar or white-collar job. if you are in a blue-collar job you are probably getting back to work because you have to work physically on site where you are doing construction or working as a nurse in a health care arrangement. with white-collar jobs, it is

either a permanent change in terms of people wanting the flex ability to work from home, and with extreme competition for hiring technical people and professional jobs, this is something employers are going to have to continue to offer. haidi: you have been scaling about last week's federal budget, saying there is big assumptions they made. matt: if you things. first, a few years from now, we will have a net debt of about $1 trillion. there are a lot of wishful assumptions behind the budget. the first is that the vaccine strategy will work. while it is working in places like israel, there is the question as to whether efficacy with the current vaccines will be high with new strains coming out. it relies on the assumption that we will not have big bridges from grunting and australia and no lockdown in the economy. everyone hunted six cases, there has been a breach, a breach every week or so.

it makes assumptions that prices won't rise, copper or what have you. making assumptions that we are going to have geopolitical stability. there are flareups around the world and there is a trade war with china. if you get your head around all of that, it is a big spending budget, it is an election budget because it has a bunch of demographics like children, women, and so forth. i think it is better thought out than previous budgets but it is expanding and there will be ramifications for all this money printing. i think we have not seen yet the peak of the impact of covid because of the extreme money printing. >> we talk a lot about the movement and demand for trade recovering. what about the movement of people and talent and demand or availability of labor? do you see structural changes,

orders stay closed when it comes to attracting talent and the movement of people in or out of the country? matt: there is a new program for bringing talent in at the top level. there is a visa where if you are in certain areas like fintech or itt, you can get pr remotely and come into the country within 30 days. there is some ability to bring skilled talent in. generally, we have a shortage in the skilled areas even pre-covid , computer science and stem had been a train wreck in terms up or dissing high quality graduates. -- in terms of producing high quality graduates. i think generally the covid response, we could have done better, instead of paying people -- to pay them to go back to university or pay them to go into trade schools. particular the with trade

schools, we have an opportunity to transform the commodities that we shipped to china. instead, high-margin goods. we need advanced manufacturing, we need engineering, we need software, we need a bunch of things. the fastest way to upscale the economy is to put a lot of people into education. four years later, they come out into high earning jobs and start businesses. at the moment, we ranked 87th in terms of how sophisticated the things we produce our that we sell to the world. we bank behind libya. we are really low down. i think we have an opportunity to scale people up. >> thank you very much for joining us from sydney. take a look at one -- what iron

ore futures are doing. losses of more than 4%. this as chinese steel prices extent declines. we see further government restrictions. not to mention bhp preparing to start one of the world's biggest new minds. -- mines. we are seeing it in copper, precious metals as well. we see concerns over inflation really filtering through the markets when it comes to commodities pricing. this after reaching record highs recently. next, a crypto roller coaster hits the world's biggest digital asset exchanges with coinbase suffering service outages. this is bloomberg. ♪

shery: the crypto roller coaster has taken its toll on the world's biggest digital asset is tedious, binance and coinbase suffered outages with binance forth to temporarily destabilize withdrawals. brian brooks told bloomberg the company is still working to address any remaining issues. brian: the platform is

resilient. we transacted $3.3 billion on our spot exchange in the last 24 hours, which i think is a record for the exchange, and has held up well in a time of rapid transaction. the issue we have is that we have too many customer support issues on backlog and i want everyone in the community to know, we are all over this. we have three or four major initiatives that are going to fix that in the coming weeks and months, one of them is we hired one of the most noted leaders of customer experience in the technology industry, a person who took comcast from one of the worst customer experiences in america to one of the highest promoter scores in america. we have a self-service kiosk coming online soon that is going to allow people to solve their own problems for the most common reasons that they are having a hard time on boarding. we are migrating risk logic from

an international platform to a u.s.-based platform so we can control the kinds of risk changes here in the u.s. that are causing some people to have access issues. i know is a big deal but we are all over it and you are going to see a different customer experience shortly. >> it is a big deal, one of the reasons why we have you on. over the past year, past couple years, we have seen this migration through what was once alternative assets that have now become mainstream assets. being part of the mainstream also means that there needs to be some degree of stability or predictability at least on a relative basis. does cryptocurrency have that? brian: it is funny, i was looking before this interview at the chart of how the dow jones is performing today. the dow jones is in a straight line -- not a freefall, but a straight line down over the last 24 hours and nobody is reporting that story. same thing with the u.s. dollar,

which has been debased by 40% over the last year. that is why you are seeing insane inflation levels but no one is writing that story, they bite about crypto because it is new and they assume that the status well is risk-free. -- the status quo is risk-free. there is a lot of weird things going on and crypto is one of the victims of that. it is not the only. volatility is inherent in investment markets. romaine: but the volatility we see in the dow jones and the dollar and other assets, typically the drawdowns tend to be more restrained. you have 30% drawdowns in a single day on an asset, i don't know if that is fair to make a comparison to some of the drawdowns we have seen in the dollar or in equity markets. brian: it's sort of depends on what your risk tolerance is. if you are a retiree, i think the decline in those other assets are just as big a deal as

part of your day-to-day as they are for crypto investors. we have to ask, why is this going on in crypto? the answer is separable. there is a fair amount of misinformation in these markets. from elon musk tweeting misinterpretations of what china said yesterday, those things get filtered in a weird way. in this country, we have not built a two sided crypto market cap, the way we have -- crypto market yet. romaine: what you mean? brian: you can basically only be long crypto. you can buy bitcoin or sell bitcoin. what you cannot do is engage in bitcoin futures, derivatives, these are things that bring price stability over time and we need to get regulators comfortable with those kinds of things in this asset class. shery: brian brooks there. let's get to vonnie quinn with the first word headlines. vonnie: the u.s. government

infectious disease advisors as many americans are misinterpreting the new mask guidance. anthony fauci says some people think this is removal of a mask mandate for everyone, it is not. he says it is an assurance to people who are vaccinated that they can feel safe whether indoors or outdoors. the european union has endorsed grunting free travels for vaccinated tourist and visitors. that paves the way for the resumption of transatlantic flights. boris johnson reiterates the u.k.'s [indiscernible] he said, they need to comply with the guidelines when making travel plans.

>> you should not be going to a country except for some extreme circumstances such as the serious illness of a family member. you should not be going to an apple list -- a list country on holiday. if you go to an ablest country, we will enforce the 10 day quarantine period and if you break the rules, you face substantial sides. vonnie: undo record for covid infections and by leah. daily cases this month passed 4000 for the first time since february as the variants were detected. malaysia is also struggling with the slow pace of inoculation. 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. this is bloomberg.

haidi: take a look at the japanese yen, we are seeing a little bit of pressure for the japanese currency, this after we saw significant gains throughout the week against the u.s. dollar. analysts saying that again is undermined -- that the yen is undermined by the euro. it's coming at a time when we continue to see the boj's easing policy stance. we are getting the japan april export numbers, rising 38% year on year, the estimate was for 30.8%, so this is a major beat when it comes to those export numbers. the import numbers, 12.8% versus estimates of a rise of 19%. -- 9%. there is also huge gains for exports and imports from the previous month of march. the surplus coming in at safety

5.2 billion -- 65.2 billion yen. when it comes to the core machine orders, we are waiting for those numbers. they probably rebounded in the month of march. this as we continue to see the lifting of the state of emergency that could have punted companies to go ahead with reinvestment plans. state of emergency is reinstated in many places. this is bloomberg. ♪

>> we are seeing japan's core machine orders coming in with low expectations, a gain of 3.7% was the estimate -- 3.7%, the estimate was 5%. shery: rosewood hotels says travel bubbles are crucial to the recovery of the hospitality industry. the rosewood ceo sat down with an interview with bloomberg in hong kong. >> our team has been very agile and we have always built with strategy in place. that is always ready to go, whether there is a change in travel restrictions, whether the travel bubble is forming. overall, i see that travel

bubble as an important part of the recovery post-pandemic. china, it has a travel bubble of its own. because of that, our hotel business is doing well. you look at the u.s. and mexico, i look at europe, they become a travel bubble possibly in the summer. because we try to best estimate with a travel bubbles will be and we plan our marketing strategy towards that. the key is to understand the market. really have plans already in place to activate any it is ready. >> on vaccines, do you have a corporate policy? >> we encourage our employees to make their own decisions. vaccination does play a key role to resolving the situation and

getting out of the pandemic, but i guess vaccination is not the only thing. i think we continue to be vigilant in terms of our health and safety protocol, personal hygiene, and stabilization in terms of our hotel standards. >> in terms of long-term strategy, there are not a lot of roasts with -- rosewood properties in the world. do you have a rough number in mind that in five years, how many properties you would like? or do you take things a step by step? >> we take things step-by-step. we are a brand, a collection. we are not a chain hotel where it is about the number of hotels, it is about selecting the right location, building quality properties, building properties that celebrated the sense of place and building landmark locations that will deliver amazing experiences for

customers. >> sonia cheng there speaking to bloomberg. we are having a look at those stellar japanese trade numbers, in particular standing out, the exports number four japan, the biggest jump in 11 years they would we have seen the numbers -- 11 years. we have seen imports coming and higher than expected as well. core machine orders, capex spending, month on month, a gain with missing estimates. also a contraction but less so than initially feared. it is that trade number, export numbers, a jump of 38%, the biggest gain in 11 years and bigger than expected with imports as well, coming at a time where we are seeing sustained yen weakness on the back of the move in the dollar. come, the market outlook with medley global advisors out of

korea. re.ptocurrencies and a who we have the market open in sydney, soul, and tokyo upon us. this is bloomberg. ♪

>> will come to "daybreak: asia." haidi: i am haidi stroud-watts. our top stories. asian stocks mixed. dipping after the april meeting, the possibility of scaling back asset purchases. bitcoin, while swings, outages

at exchanges. elon musk says tesla will not sell. kathy would says that coin can rise to $500,000. there are concerns also for demand. let's look at asian markets. sophie? sophie: downside pressure for asian stocks. the nikkei off to your 50%, as they digest data from japan, showing a jump in exports. the yen holding above that level. softbank shares, some deals in the mix, a deal to buy its renewable energy unit in india. shares higher. the open and south korea, we are watching chipmakers and ev

battery makers. samsung shares under pressure. the kospi lower this morning, while the korean won is on the back foot. we are watching lg, jumping 3%, reporting they will provide battery materials to tesla for the model y. watch qantas. it has seen the pickup in revenue for domestic routes. we will watch that. the asx 200 lower this morning. the aussie dollar study ahead of the jobs report later this morning. we are seeing a move to the downside, and treasuries in a tight range. the dollar is holding gains,

after bouncing. it is still near a six-year low. bitcoin volatility capturing market attention. we have price swings continuing, although more muted. the session overnight saw exchanges under pressure. this morning in tokyo, shares falling more than 3%. shery: for more, let's bring in the managing director of global microstrategy at global advisors. great to have you with us. we have seen pressure, especially after the fomc minutes. which assets will suffer the most in a taper tantrum? >> thank you for having us. it could be a broad range. in any tantrum, it is

positioning in the parts of the market that get shocked the most by the policy change. we did not get that shock from the minutes. it was more the bitcoin volatility that affected markets more broadly. if you think about monetary policy suddenly changing, working through interest rates, the initial stage coming to his credit, as well as parts of the equity market will be affected by that, but also an estimate that if you can taper purchases, just like the bank of england and bank of canada are looking at that for doing that, it is a testament the economy is moving back to normal, and that should lead to more normal interest rates. also, the u.s. should see treasury yields go back to 2% on the 10 year. shery: we want to get to that in bitcoin, but we are seeing south

korea coming back from holiday and under pressure. i wonder if this is a shunning of risk assets, global funds selling $8 billion worth of korean stocks this month. most of that through shortselling, after the ban was lifted. >> he has to, indeed. it is mostly foreign investors that represent that short sale, something like 87% of outstanding short trades are foreign investors in korea, and effect only 4% of the total trade in korea, so that channel may put pressure on it. it is more this broader risk aversion we have dealt with for the past 24 hours that affects cyclical parts of the market, meaning some parts that have benefited from the pandemic are under pressure, and there is rod-based selling.

-- abroad-based selling. -- abroad-based selling. -- broad-based selling. shery: i want to get more on what you thought about the crazy session in bitcoin, even though i spoke with people with a longer-term perspective, it was not that crazy, but what does it tell you about the shifting nature of liquidity positions in the market right now? >> interesting shift. like you said, we have had this volatility many times in the market is never affected. since fall 2020, there was a broader acceptance of bitcoin by the institutional investor base and later the retail investor base as an alternative, safe haven, all the definitions given, and when you get to a

point where in this case, there was more of a regulatory threat from the pboc fmore control over bitcoin trading in china, you get that liquidity effect on the asset. it is interesting how this time spilled over to the broader markets. our company has taken a bigger stake in bitcoin, and those companies do weight in the index, and therefore bitcoin spills over to shares into the broader equity index. that happened again. >> really interesting to see that correlation to even treasury yields. in terms of the impact on the tech sector more broadly, when looking at these names, do you need to consider your exposure going forward? >> i guess you do take that into

account. as a decision overall, i would not take it. bitcoin will not cease to exist, even though china may put regulatory constraints on it. the other central banks are considering the digital currency, but that is not official. so bitcoin is here to stay at the moment. the tech selloff this year was much more about the rotation from growth to value, as well as there were many small cap companies trading at overvaluation, recognizing many have benefited from a pandemic environment, and the environment is changing, and therefore, the evaluation is changing, irrespective of bitcoin, but the fact that bitcoin had this impact on markets today was singled out by a few companies that do have influence in the greater weight on the market at this moment.

i think that is what you should be watching us these companies make decisions about their allocation to bitcoin one way or the other, and that may change the relationship between bitcoin and broader markets. >> let's check in on one stock we are watching. it is falling. the u.s. has halted shipments on some products on labor concerns. the u.s., the customs agency blocking a shipment of shirts. we heard that happened in january for a violation of an order prohibiting imports of items suspected of being produced in forced labor camps. now we are seeing her reaction, down 2%. they say they are disappointed by the recent decision in the

u.s. that is from a statement they released wednesday, saying they submitted paperwork to the customs agency to show the products met import requirements. we will watch that company and stock. let's get you to vonnie quinn for first word headlines. vonnie: thanks. mooching in -- the south korean president will meet president biden this week. officials say the white house wants to build on the agreements stuck in 2018 between president trump and kim jong-un. the biden administration indicated it may be sanctions in exchange for pyongyang winding back its nuclear arsenal. president biden said the u.s. must defend open and sase lanes as nations seek greater control over maritime regions. he made the comments during his address. the u.s. has criticized china

for its expansion a military presence in the south china sea, and russia for the arctic coast. >> whether that is the south china sea, the arabian gulf, and increasingly the arctic, it is of vital interest to american foreign policy to secure unimpeded flow of global commerce. vonnie: boris johnson has left the door open to a possible trade deal with australia. he declined to remove the tariffs, saying they are a great thing that u.k. farmers can do with trade deals. the farmers union has warned that imports could for some farmers out of business. sticking with prime minister boris johnson, he says he is competent covert vaccines are effective against all variants, including the one in india. it's part concerned that the

u.k. government may have to delay something. nearly 2000 cases of the more severe strain have been reported in the u.k. 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. >> still ahead, our guest joins us to look over chinese tech earnings, with a focus on tencent. also, data indicates mrna vaccines are better at stopping people from becoming contagious. we will explore. this is bloomberg. ♪

>> the commodities complex

crumbling, oil, soybeans, following an increase of 80%, coming after a super cycle call from goldman sachs and citigroup. let's welcome our guest. is this a case of too fast, too far, and this is a short-term correction? her the commodity still intact? >> you have to parse things out into two parts. if you look at what happened overnight, easy money conditions, the taper in the u.s., the world second main pillar of commodities demand, that is compounding worries over a tougher demand environment for raw materials. in china, they are closer to the end of this rapid pace in economic expansion, and credit expansion, so china was already starting to get closer to the

peak of that cycle. you have authorities in china trying to jawbone prices because they're worried about the impact on inflation. for some commodities, this could be a significant pause. when you talk about the super cycle, you have to think further out and about those commodities that are keyed to the energy transitioning carbon neutrality. i'm thinking copper, nickel, aluminum. the demand environment for those commodities is probably a lot more rosy going forward than it is for some of the others. >> i remember when i would ask about the super cycle, some analysts where skeptical, given the last time there was in orvis chinese demand coming from their economic growth, what is next then?

we have seen some dollar strength as well. >> yes. on like the last super cycle, markets are not completely -- unlike the last super cycle, markets are not completely enthralled. markets have changed. the authorities here are trying to pump up the consumption lever for growth, as opposed to just sending money into the economy for infrastructure and construction spending and all that kind of thing, so china is no longer the center of the commodities universe. u.s. stimulus is a second pillar of commodities demand, so that is what is different this time around. >> our senior energy and commodities editor, jason rogers. more to come on "daybreak: asia." this is bloomberg. ♪ ♪

>> data indicating the mrna vaccines are better helping people from becoming contagious. other vaccines prevent illness and death, but don't seem to give extra benefits. let's get more from our senior editor. this is key in terms of the preventative aspect of infecting other people? >> that's right. we expected the messenger rna vaccines would do well at protecting people from becoming very ill, but we are also finding an extra benefit, unexpected benefit in this first wave of covert vaccines, that it is preventing people from transmitting the disease, that not only are they not becoming ill, they are not transmitting

it to others. we are seeing that in israel, a well-vaccinated place. they got the mrna vaccines. not only have we seen caseloads come down, but doubts, hospitalizations -- deaths, hospitalizations, and immunity. some of the countries that got the other vaccines, we have not seen that as much, that this will be something going forward that will be very important as countries tried to not only get people vaccinated, but to bring down the spread of infection so they can return to some sort of normalcy. there is also the issue of variants. we did not know yet how these vaccines will protect against variants. we think they protect against some variants, but we will not no more until some studies have been done, and we have the newer variants, like the one in india, where there is very little known

about how vaccines work against them. india has not been well-vaccinated, and that is part of the issue. >> which countries are seeing cases rise despite being vaccinated and which child are they using? -- which shots are they using? >> one nation's numbers are not is because you would expect for being, for having reached herd immunity. part of that is some chinese developers use a more traditional form of the vaccine, the inactivated form of the virus, and these have shown efficacy somewhat lower than we have seen then with the mrna vaccines, 80%, compared to 90% for mrna, but this other factor,

that they don't be seem to preventing onward transmission as much as the mrna vaccines. >> of course we have seen infections in the philippines as well, where the economy is struggling when year after one of the strictest lockdowns. joining us now is our reporter in manila. what is the situation in the philippines now in terms of virus restrictions? >> we just shifted to a looser form of quarantine, after returning to a lockdown due to an increasing number of infections that overwhelmed hospitals. that was starting in early march. so the restrictions in place are looser than what you mentioned earlier, the stricter lockdowns last year, so that is what our government wants to foster some kind of economic activity, but

mobility is very limited. consumption is tepid. tourism is not allowed here yet. that is the situation here. >> what has prompted the economic managers to cut the growth outlook? is the outlook and the overall economic picture dire? >> yes, it is the impact of the lockdown and continuing quarantine restrictions we still have been the capital. that prompted economic managers to lower the growth outlook for the year, even next year, so if you can recall, our gdp outlook is now 6%, 7%, compared to 6.5% to 7.5%. that is coming from a record contraction that we experienced last year, so unemployment is

also expected to take a hit because of the lockdowns we had a few weeks ago, and then, analysts are also expecting that our gdp levels will not be, we will return to pre-pandemic levels only next year, so our government is banking on the vaccination drives, the infrastructure program to drive economic growth. that is for this year and next. >> how does the public feel about how the government handled the pandemic? >> so if, based on surveys, public opinion surveys here, the responses, the public perception is actually good, in terms of how they perceive government's response to the pandemic.

some political analysts are saying that is the case because of the social door louts, cash handouts the government gave during the lockdowns. however, if you check social media, there is some discontent in terms of the rollout of the vaccines, also quarantines, because we have been under restrictions for over a year now. >> that is our reporter in manila. let's check the business flash headlines. sources say deutsche telekom is in talks with t-mobile in a deal that would give it majority control. deutsche telekom owns 43% t-mobile and has the option to buy some of softbank's stake. if the german carrier were to buy the entire stake, it would

cost $12 billion. squarespace plunges after opening up $40 a share on the new york stock exchange. that values the hosting service at $6 billion. the company is the latest in a stream of firms that has chosen to skip the traditional ipo, including coinbase. sources say waymo is looking to raise $4 billion from outside investors, with plans to split from alphabet being discussed. the autonomous driving company is facing pressure on several fronts, after departures raise questions about the strategy. six key executives have left the company since february, including its ceo and cfo. >> don't miss our conversations with top investment leaders

later from the hong kong conference, speaking exclusively with several entities. up next, tencent is out to prove it can weather scrutiny from china. we will get a preview. this i look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling.

(announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.

>> take a look at bitcoin. the cryptocurrency plunged 31%, before paring back losses. kathy woods spoke earlier about the volatility and why she still believes that kueng can go to $500,000. >> i think what is happening is because the stock market, the highly volatile part of the stock market, with the innovation part of the stock market has gone through such a correction, which has been

caused by inflation fears. i think the correlation among volatile assets are going to one, including bitcoin. >> you told the dow jones in april it could go to $500,000. d still have that target -- do you still have that target? >> i do. do analysts, we go through -- our crypto analysts, we go through soul-searching times and our conviction is as high. the one thing that has changed is the environmental concerns around bitcoin, in particular, have caused people like elon musk to pull away and say, let me make sure i understand this. we believe that even this will change, because first of all, right now, the percentage of bitcoin mind with -- mined with

renewables is substantial. we believe that bitcoin mining integrated into the distributed grid, and by that, solar roofs, power roles in homes, utilities -- walls in homes, utilities including bitcoin mining in the ecosystem, why would they do that? because renewables are intermittent power sources, right? is it sunny or not. is it windy or not? and bitcoin mining could take off if there is excess energy from solar being loaded into power walls, it can be offloaded into bitcoin mining, and the whole ecosystem becomes much more economic. >> kathy would speaking with --

cathie wood saying she still believes in bitcoin. so much of this is down to sustainability, whether we can find a more sustainable way of mining and trading bitcoin. take a look at the movers in the asian session. as we saw overnight and as was pointed out earlier, we are seeing this phenomenon where the tech names, the companies with direct links to bitcoin holdings are contributing significantly to the overall equity selloff. one group, another off by 2%, these are names across asia that have been trading in the volatile fashion ever since the last few months, but in particular, the last few weeks, with these various comments that have moved markets. >> we talked to the head of nexo n in april.

that is not great for his stock right now. also another one of those companies mistakes and south korea, which operates the leading south korean crypto exchange also under pressure. a major stockholder of another cryptocurrency exchange, you can see that there is broad pressure across crypto-linked stocks. haidi: we talked about cryptocurrencies being niche, but it is clear we see the mainstream impact, even if you are not an investor who directly holds bitcoin. we will continue to watch that story in the trading session as it evolves. let's get first word headlines now from vonnie quinn in new york. vonnie: thanks. u.s. government top advisors as many americans are misinterpreting the cdc mask guidance. dr. anthony fauci said some people think it is a removal of

the mask mandate for everyone. it is not. he said it is an assurance that people vaccinate can feel safe indoors and outdoors. japan is set to approve the use of astrazeneca vaccine thursday. nhk reports the move comes after trials confirm its efficacy. it is expected to approve the astrazeneca vaccine and moderna vaccine for 18 above, and may raise the age limit over reports of rare blood clots. malaysia had a record number of covid infections today. more than 6000 reported. this is after nationwide restrictions on movement over the holiday. the cases this month top 4000 for the first time since february, as new variants were detected. malaysia is struggling with the slow pace of inoculation, with fewer than 3% of the population fully vaccinated.

taiwan's government says it will further tighten borders in parts of the islands. it says the curves would take effect may 21, with further steps as the persistent drought continues. the dry weather is raising concerns over supplies to chip factories. one company is implementing measures, but operation should not be impacted. 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. >> tencent will try to portray confidence when it delivers quarterly results. the stock has lost $200 billion in market value since january on concerns the company may be singled out, in the way we saw with alibaba and the overall entity -- antitrust drive.

let's bring in our guest. great to have you. what are you looking for, particularly if the headline numbers look good? what will be key for you? >> for tencent, what you mentioned about antimonopoly. it is impacted by antimonopoly, compared with peers like alibaba. its major business is advertising, but others will be impacted. particularly speaking, for investors who are focusing on the results, they will see some weaknesses, mainly because of the post-covid effects, especially on gaming and cloud. for gaming, i think there are fewer people staying at home, and also for cloud, we have already seen that.

advertising will be strong. it is part of the economic recovery. in general, the tencent stock price is at a reasonable level, but people will expect to see the first quarter result is not as good as people expected. >> when you look at analyst recommendations, 63 buys, and the general sentiment is that valuations are attractive, compared to where tencent used to be priced at. how big is that risk? >> i agree with that. i think you need to do it case-by-case. these two are basically e-commerce or transaction-based, so they take higher market share

, then can increase the rates from the ecosystem, but after antimonopoly, this will change. if you look at tencent, the major businesses gaming, it is highly driven by creativity, creation, and secondly advertising, it is a market in china, and wechat, but it is known for its cautious position in terms of fintech. i think tencent will be impacted , but not as huge as people expect, that is why we still have a buy rating for tencent. we think tencent will be impacted, but not as much as other companies. >> give us your take on who will be the winners and losers from china's tech and monopoly crackdown. >> yes.

it is simple. people should look at the number two player. if you want to look at e-commerce, that is probably jd. they are number two and they have their own logistics system. others are basically something else. you need to look at for the number two player in gaming. it has new games coming out soon. we also recommend investors look at some stocks with major revenue coming from overseas markets. this is one company that first started their business in gaming and e-commerce in southeast asia, then expanded to the middle east and north america, so that is basically now we either suggest investors look at the stocks in position as number two in the chinese internet

sector, or the business is maybe from overseas markets. >> we have baidu earlier this week. any chance they could make it to the top tech giants in china? they have been under pressure as well from the implosion. what do you make of baidu? >> baidu. it used to be our top pick. we think at this level, people should reconsider it, because the price is only the valuation for the advertising business, and i think it is priced near zero or a limited valuation for autonomous driving. baidu has benefited, because now, those companies who have heavily invested in autonomous

driving should benefit. i think baidu, it also depends on market sentiment. autonomous driving is far away as a business. you probably have to wait three years to five years. when the markets are more tolerant, then they will give baidu a high valuation. at this stage, people are more conservative in terms of giving those long-term stories valuation. >> the crackdown we are seeing in china, what are some of the companies that could get hit by a crackdown? in the u.s., u.s. investment when it comes to this tech giants, perhaps with links to the military allegedly, we have seen other chinese companies impacted as well. >> i think within my coverage, i think that alibaba and another company will probably see some

impacts, mainly because these two companies are transaction-based e-commerce companies. the whole logic of e-commerce, first, i take more market share, then i take gradually increase my take away from the ecosystem, so that is why we think that alibaba and meituan-dianping will probably be hit most. there are a bunch of other names , you have already seen one competitor has already signed the copyrights with other suppliers, because it takes 80% to 90% of market share. i think in general those e-commerce players will be hit most under this antimonopoly policy.

>> thank you very much for joining us. get more context and analysis on china's crackdown on tech companies with redlined china in big tech, the bloomberg technology channel on youtube. up next, a chip with the ceo of roku about the strategy for the recovery in trouble. this is bloomberg. ♪

>> we go through soul-searching times like this. people in the industry have made peace with the volatility. we have had quite a rise in the last 24 hours. >> nobody knows the future, so it is super dangerous. everybody knows the rules, and they can adjust their behavior. >> it does not have the region to the economy that has systemic implications for us. >> china had an impact. i don't know if there was anything new. >> it was the rehashing of an announcement in 2017. it is a non-material event in our view. >> talk about the collapse in cryptocurrencies. we continue to see that trend. ethereum seeing its worst today since march last year.

bitcoin della more than 5%, this after a wild ride, plunging more than 30%, then recouping losses. not so lucky for other cryptocurrencies like ether and others. they saw more than double the damage compared to bitcoin, following a lot of volatility, whether because of elon musk or the pboc statement, reiterating that digital tokens cannot be used as a form of payment. >> let's turn to the latest on the vaccinations. the rate in hong kong is lagging singapore in new york. that is despite relatively few cases and a wide vaccination rollout. it could change the competitiveness and changes future. we have this report. >> fewer than 15% of people have had the covid shots in hong kong. that has the business community worried. >> other areas including

singapore are moving ahead. >> hong kong can fall behind if it does not do that as well. >> the measures are among the strictest in the world, which one person sees as a major issue for those who have gone months or years without singlet the ones. >> it becomes a factor in mood and makes people wonder if they're going to be stuck here, and whether it is worth it. >> a relocation agency is reporting fewer international arrivals. >> we are 60% down on the number of inbounds, and that is very dramatic. >> prompting calls for guidance from government. >> there is an idea of how you're going to open up again and not haphazard planning, because it makes it stressful and difficult. >> we need a clear pathway to open borders. >> we all wish they would move to relax things a little bit more, little bit faster. >> some criticize the rules for

being inconsistent. >> [speaking foreign language] translator: there are still cap sent unfair situations in government policy today. >> there is still questions about whether business mandate vaccinations. >> folks who work in the industry understand that is required to do their business, so they may be able to push the envelope further, but of course, western companies here will value individual rights. >> i would like to see a better take-up. i am reluctant to cross that line and say businesses should do it, because they have genuine concerns. >> after a tough few years for hong kong, faxing hesitancy is complicating the path forward. >> [speaking foreign language] translator: in the next half year or year, the pandemic will be up and down, because government policy is not there yet. >> we could have a situation where private bankers and asset

managers and people running those businesses will want to be in singapore rather than hong kong. >> i think there will be a shortage of labor for certain specialized roles. we have not seen it yet, but it will happen. >> we will see a continuing of this inflection point where people will be questioning what is hong kong, where is hong kong going? >> luxury hotel operator rosewood hotels says travel bubbles are crucial to the recovery of the industry. the ceo set down for an exclusive interview in hong kong. >> our team, given the situation, they have been agile, and we have a strategy in place that is always ready to go any time, whether there is a change in travel restrictions on where the trouble bubbles forming, so

overall, i see trouble bubble is an important part of the recovery post-pandemic, and china for example, because of that, our hotel business is doing well. you look at the u.s. and mexico, that is a trouble bubble. i look at europe, the u.k., it will become a trouble bubble in the summer. because we try to estimate where the travel bubbles will be, then plan our strategy towards that. the key is to understand the market and have a plan in place to activate any time it is ready. >> on vaccines, do you have a corporate policy? >> we encourage our employees to make their own decisions. vaccinations play a key role to

resolving the situation and getting out of the pandemic, but it is not the only thing. we continue to be very vigilant in terms of our health and safety protocols, personal hygiene, and stay vigilant in terms of our hotel standards. >> what i am curious is in terms of long-term strategies, there are not a lot of rosewood properties in the world. do you have a rough number in mind in five years how many rosewood properties you would like? or do you take things step-by-step? >> step-by-step. we are a brand that is the collection. we are not a chain hotel, where it is about the number of hotels, it is about selecting the right location, quality properties, properties that celebrate the sense of place in

building landmark locations. that will deliver an amazing experience for customers. >> do you have a preference or are you noticing a trend where you are seeing more growth, europe, north america, asia? in five years, is there a place in your view that makes up the majority? >> in the last couple of years, there has been a significant ramp up in asia and europe. our growth last year was concentrated in europe, or rome, madrid, amsterdam, for example. china is a big focus for us entering into first-year and second-tier cities. we announce this week another this week, for example, so china is a continued focus for us. in the u.s., we just announced

mexico city, the caribbean, south america is a focus. we still have a lot of markets we need to be in, so it is an exciting time for rosewood. japan was a big win for us, okinawa. we also just signed another one as well, so that is a big one for us. >> the ceo of rosewood hotel group speaking with bloomberg markets. more on "daybreak: asia." this is bloomberg. ♪

>> let's look at the crypto space now. the crypto index falling and double digits, along with ethereum. bitcoin is down 7%. this is after paring back by 30% plunged earlier today, and not doing as badly as other cryptocurrencies. they saw double the damage compared to bitcoin. we continue to see volatility across markets, not only because

of elon musk's tweets, but also the pboc statement reiterating that digital tokens cannot be used as a form of payment. that is it from "daybreak: asia." market coverage continues. this is bloomberg. ♪

look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexie. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. we know how much you count on us... ...and that's why we're here 24/7... ...and on the road maintaining a fast and reliable network. we're always working to ensure the internet meets your needs... ...by making access easier for all... ...with comcast lift zones and our internet essentials program. we're invested in making our apps easy... ...to give you personalized assistance around the clock. and we're committed to keeping our team and customers safe by working from home... ...and using precautions in store. see what we're up to at xfinity.com/commitment

david: this is my kitchen table and also my filing system. over much of the past three decades i've been an investor. the highest quality of mankind i've often thought as private equity. and then i started interviewing. i've learned in doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said to 250. i said fine, i didn't negotiate with him. i did no due diligence. david: i have something i'd like to sell. and how they stay th