♪ haidi: good morning and welcome to "daybreak: australia." shery: good from bloomberg world headquarters in new york. top stories this hour, technology shares lead a rebound in u.s. equities after a positive job report rekindles optimism over the economy. ♪ haidi: bitcoin pairs gains, the

treasury has formalized proposals for 15% minimum corporate tax. ♪ shery: plus, israel and hamas agree to end their 11-day conflict in an egyptian-brokered deal. at a picture at wall street, s&p 500 rebound after we saw jobless claims following to a fresh pandemic low. tech led gains, nasdaq 100 jumping to a two-week i and topping the 50-day moving average. the dollar fell against every g10 currency. wti not moving much after slumping to the lowest in nearly a month after the iranian president said the broad outline of a deal to end sanctions has been reached. haidi: let's look at how we are setting up for the final friday session of asian trading.

sophie kamaruddin is in hong kong. sophie: futures trading is next going into the session, this as president moon prepares to meet president biden in d.c. from japan, more inflation expected from april and a flash reading on bmi. japan approved the madera and astrazeneca vaccines and analysts say it could shift the narrative for the japanese market. the nikkei 225 is the second heaven worst-performing market of the year. the aussie dollar, little changed on the week ahead with preliminary pmi and retail sales due from down under. flipping the board, quarterly review of the hang seng index this friday. we are going to be watching reaction to tencent earnings, slightly below estimates. the company joined alibaba and

pledging to boost spending. hyundai up on the week 1.5%. hank sang very much a focus. another key risk we are watching, given reports we have seen how the financial state of a company may be. shery: our top story -- the u.s. proposes a global minimum tax on corporations. the treasury department is urging countries to agree to a 15% tax rate in a bid to end the country luring companies through cheap rates. let's get more from tax reporter laura davis. laura, it looks like u.s. is moving closer to the right that was discussed at the oecb. what are we expecting other countries to do? lara: other countries were talking about a 12.5% rate in the u.s. offer gets them a little closer and could propel the negotiations forward. they had been stalled under the

trump administration. janet yellen brought the proposal for a 21% global minimum tax for u.s. companies and said ok, for other companies, -- for other countries, we could agree to around 15%, closing the gap between what u.s. companies and other companies would pay. this could speed up talks. they are looking to reach a deal at least in concept by summer, and finalizing something by the end of this year. haidi: how are we seeing the biden administration proposing when it comes to cryptocurrency? >> this looks interesting today from the treasury department. they put meat on the bones of this tax evasion proposal they have been working on -- shery: laura, we have to interrupt because president biden is expected to speak ahead

of the israel cease-fire. president biden: prime minister netanyahu informed me israel has agreed to an unconditional cease-fire to begin in less than two hours. the egyptians have now informed us that hamas and other groups in gaza have also agreed. my conversation with president netanyahu, i commended him for the decision to bring current hostilities to a close in less than 11 days per but i also emphasized what i said throughout this conflict -- the united states fully supports israel's right to defend itself against indiscriminate rocket attacks against hamas and other terrorist groups that have taken the lives of innocent civilians in israel. the prime minister shared with me his appreciation for the iron dome system, which our nations developed together and which has saved the lives of countless israeli citizens, arab and jew.

i assured him of my support to replenish the iron dome system for security in the future. over the last 11 days, i spoke with the prime minister six times. i spoke with president abbas of the palestinian authority, part of our intent diplomatic engagement. i want to thank the secretary of state, secretary of defense, national security advisor and everyone on our team, for their incredible efforts to bring this outcome we are about to see. we held intensive, high-level discussions hour-by-hour, literally, egypt, the palestinian authority, other middle eastern countries, with the aim of ending prolonged conflicts that we have seen in previous years what hostilities have broken out. i extend sincere gratitude to president alsisi and senior egyptian officials who played a

a critical role. i appreciate the contributions of other parties in the region who have been working toward the end of hostilities. these hostilities resulted in the tragic deaths of so many civilians, including children. i send my since her condolences to all the families, israeli and palestinian,, who have lost loved ones. and i hope for a full recovery of the wounded. the united states is committed to working with the united nations and we remain committed to working with the united nations and other stakeholders to provide rapid humanitarian assistance to the people of gaza and gaza reconstruction efforts. we will do this in partnership with the palestinian authority, not hamas, the authority,. i believe the palestinians and israelis deserve to live safely and security and enjoy equal

measures of freedom, prosperity and democracy. my administration will continue quiet, relentless diplomacy toward that end. i believe we have a genuine opportunity to make progress and i am committed to working for it. i want to thank you all, and may god bless you all. thank you so much. [reporters shouting questions] shery: president biden, talking about the cease-fire that will go into effect in about an hour, between israel and hamas. that would end and 11-day conflict in gaza. we have seen the u.s. declining to call for an outright cease-fire between israel and hamas militants in the gaza strip. president joe biden reversed course recently. we have nick from bloomberg news to help us get through the latest. nick, great to have you. president biden is saying the

u.s. will work with the united nations and also assist israel with the iron dome replenishment. how big a turnaround is this for washington? nick: what you are seeing is very interesting. what struck me about the speech is how short it was, very quick. another thing, what president biden emphasized was that israel has the right to defend itself. the u.s. is a saying essentially that it believed israel did the right thing here. he is pushing back against some of the pressure from the left wing of the democratic party, who really wanted to take a firmer line against israel and support the palestinians. but he also emphasized the amount of paloma see that happened out of the public eye. and that is becoming what we are seeing is a hallmark of this administration, that is that they don't want a lot of drama, splashy public statements, he wants to do things, what he

called throughout this conflict, with quiet diplomacy. so they want to do this behind the scenes. he is not going to take a stand against israel publicly whenever tough messages are delivered in private. i think that is what you heard today. haidi: quiet and relentless, he said that would be the style of diplomacy to pursue. i am wondering come the fact cease-fire was brokered, is there an indication some pressure the u.s. as was leveraged over israel and netanyahu? nick: there is no question the u.s. had pressured german netanyahu to wrap up the -- had pressured benjamin netanyahu to wrap up the campaign quickly. and there were signs we were hearing from the administration, from folks talking to them, that the biden administration was getting exasperated by the fact is stretched on for more than a week -- the fact this stretched

on for more than a week. i think what you are seeing here is that the president felt public statements such as at the united nations would only spoil the matter to make it harder for israel to wrap things up. they felt, if we do this in private, we then give benjamin netanyahu more options, we allow him to get out of this, it can't be described as gracefully, but we don't want to humiliate him. i think that is what you are seeing as their strategy. shery: you alluded to the president pushing back on the progressive side of his party. what was the washington consensus, what is the mood there? nick: great question, because the washington consensus on this issue is so fractured. you have one part of the republican party saying essentially that the enacted states -- that the united states' alliance with israel is the most important thing in the

middle east. you have a smaller faction of the republican party rand paul saying we need to ramp back military spending, stop our support, that is a concern. and in the democratic already, you have a fracture that is a little more evenly spit. split -- evenly split. you have those that say u.s. needs to be unwavering in its commitment to israel, but you have a rise of rashida tlaib , alexandria cortez and others who say it is time, the u.s. has been too steadfast in support for israel for too long a time, and it is time to show more empathy for the palestinians. so you're seeing him under pressure from all sides on this issue. haidi: it will be interesting to see how this plays out with that faction of the democratic party, the commitment to the iron dome replenishment after we

have seen pushback on weapons sales. still had -- still ahead, president mood heads to the white house. we speak with ambassador harry harris about what to expect from the talks. this is bloomberg. ♪

♪ haidi: our next guest says don't throw the baby out with the bathwater when it comes to volatility in markets. he says very good names have been dumped. let's bring in portfolio specialist at tower advisors, matt. matt, great to have you with us. this volatility, if you strip away big moves we see day-to-day, what are you looking out at the moment that is

looking fundamentally sound and of good value? matt: great to see you. don't throw the baby out with the bathwater is absolutely true. we have had such a big rotation from value into growth after growth outperforming so long, that during this process, a lot of really big companies, once we would describe as having quality growth, secular and physical drivers of growth going forward, have traded with the market. some of the best examples are technology, facebook and alphabet, facebook trading less than the s&p 500 on a multiple. with the advertising business ramping up and an engaged user base, that looks fairly attractive. alphabet has cyclical drivers and also secular growth, its cloud and storage business. so companies like that certainly look attractive to us, and what we really need to emphasize to

clients through all of this is that both growth and value can perform well together. you have to own both. you can't own one and not the other, because the exposures they have are so very different. so we are trying to be opportunistic and use downsides strategically to make sure we are positioned properly for the long-term. haidi: when you take a look at economic surprise industries that surprise indices, like citi, this idea the good news is already priced in, is it going to be harder for that next leg higher for the best performers in the market? math: it is interesting to look at where that is going to go. when you look at the economic surprises, you saw such strength coming out of the depths of the pandemic i you have seen a deceleration. when you talk to clients about the fit into that growth/value

divide, once you see economic growth, once you see deceleration in beating expectations, that signals that we are baking in a lot of the good news and that is especially when some of these companies that have thrown out, that do have more secular growth drivers, should start to get rewarded, because they are less tied to growth of the overall economy, 5g your cloud storage buildup, there are a lot of really good opportunities in that space that look a lot more attractive now than they did six months ago. shery: meantime, match, we continue to see immense volatility when it comes to coin and cryptocurrencies. a wild ride, as the gtv chart on the bloomberg shows, bitcoin breaking below 200 on the 200-day moving average. how does this affect router investor sentiment?

matt: we are all asking ourselves. when i talk to affiliates at eagle asset management, it is hard for us to get a sense of the underlying fundamentals. but it is interesting to look at what it has to do with investor sentiment. there certainly seems to be some correlation, especially more recently when we have seen such a rise and fall in bitcoin, where it is moving together with the rest of the market. so is the tail wagging the dog or is it the other way around? it is hard to tell. following that volatility in bitcoin, especially big price moves, can help us anticipate when there might be some moves, especially some downside moves in the equity market, so we can be ready to be opportunistic and get into names and areas we have been talking about. shery: in the u.s., we have seen an incredible rally. it seems to be chasing returns, trying to find places where we can find value.

europe seems to come up a lot booming we talk -- a lot when we talk to analysts these days, with the gtv chart on the bluebird showing how they are actually now in the top spot when it comes to their equity markets around the world. what do you make sectors there that could potentially look interesting? matt: europe looks really interesting and to the point before that about value and growth being optimistic, don't chase market higher is a refrain we give our clients all the time. chasing value right now in the u.s., where peak everything is baked into the market, looking to europe, that was delayed on the vaccination front. but we are starting to see an impressive campaign take place, you are starting to see a lot of economic indicators pickup. that looks really interesting and europe has a much more value-oriented sector right now, so it has heavier weights to financials, heavy weights to

materials and energy and exposure to luxury goods providers that have done very well and continue to do well post-pandemic. so a lot of that sets up really nicely for this economic acceleration, being that you are not overpaying for. in european banks look really attractive, the best performer in europe year to date. but a lot of banks in europe are trading at a 50 plus price discount to the rest of the europe market and a 40% discount to their u.s. peers. so if we believe rates are going to go higher, if we believe we have seen the worst damage done to the consumer, that economic growth is going to accelerate. they look really attractive. shery: matt, great having you want, thank you matt orton. coming up, tencent promised to boost investment this year, joining rivals in a spending

binge that will? competition in the post-pandemic internet arena. we will have a report. this is bloomberg. ♪

♪ haidi: tencent is joining the other biggest chinese tech companies, and vowing to ramp up spending and hotly contested areas. chief asia correspondent stephen engle is looking into this from hong kong. steve, we talked about this before the numbers came out and you talked about how positive analysts still are on the stock, assuming the regulatory cloud is over. did we get any gauge on that? stephen: i don't think it is over. it is still hanging over the

shares, which have lost 200 million plus since mid or late january. the stock was down, adrs were down after resulting new york overnight, so there still is concern, even though executives on the conference call after the earnings report yesterday tried to assuage those fears, much like they did in march, the last time they talked on the analyst call when the president said compliance is their lifeline. well, complying to what regulatory action is the big question because so far, tencent has avoided the main cross hairs of the regulatory crackdown. alibaba took the brunt, as well as its fintech arm, ant, which is being restructured. the question is, what is going to half to the fintech business of tencent if they are not going after the big tycoons, they are going after risks fintech businesses and unregulated lending and business management

services and the like are posing to the larger chinese economy? this is what martin lau, the president, had to say this time around about those regulatory risks. they spent a lot of time on the conference call talking about it. he said basically, when they look at their internal review and things they need to do to stay compliant with the spirit of regulators, he says it is relatively manageable. so stay compliant is relatively manageable. he did not go into the details of what is relatively manageable and how they are going to do that. but right now, they are saying they are moving on and complying. shery: meantime, they are posting better than expected growth in revenue. stephen: 25% gain in revenue, the estimate was 24%, so broadly in line. net income did pop up significantly because they had a big investment game. if you strip that, adjusted net

income was slightly below estimates. the same divisions that have been the cash cows for tencent performed well, gaming and social content. online gaming revenue rose 17%, a good number but not nearly as good as a year ago, when people were staying home and doing online gaming. they are announcing 40 plus more game titles coming out this year to continue to boost online gaming as people get back to work in the office breed online ad spends is up 25%, fastest in four quarters. and they talked about fintech and cloud and lumped these two divisions together, posted its strongest growth ever, sales rising 47%. we will see if that comes down to to regulatory scrutiny -- do regulatory scrutiny. but right now, they say they are self-contained. shery: keep north asia correspondent stephen engle on the latest on tencent. coming up, new zealand's

economic recovery from covid is better than expected. more on that next in our interview with prime minister grant robertson. this is bloomberg. ♪ 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.

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♪ haidi: let's look at key stories in australia and new zealand. australia set to release hotel data later. we are also expecting more from australia at the top of the next hour. the new zealand government is expecting smaller than expected growth, allowing prime minister jacinda ahearn to tackle inequality. it includes measures to

stabilize prices and vaccinate a big chunk of the population by the end of the year. there is a once in a drain array -- once in a generation boost to welfare benefits. i spoke earlier with grant robinson about the change in welfare policy. grant: we spoke to a group who told us to do it, including a range of people from business backgrounds. the economy needs ongoing support, as we speak, and communities of new zealand. haidi: at the same time, you are reducing the government bond program and reducing the forecast when it comes to net debt. critics might say you are being too conservative when it comes to the spending in this budget, particularly taking into account how much living costs have risen the best new year's? >> [indiscernible]

this is as you said, the biggest lift to welfare in a generation. and a number of other areas in the economy, education, health and so on. but at the same time, we want new zealand to return to a more sustainable fiscal position. by the end of the forecast period, we seem to be in the low 40% range. that is a pretty good result, and represents an economy doing well. haidi: are you optimistic the vaccination program will be rolled out successfully, and a level of herd immunity achieved for borders to reopen early next year? grant: [indiscernible] opening up to more countries, australia now, moving into

pacific island countries. as the prime minister said last week, we are beginning discussions with other countries, so you see it more as an evolutionary thing. haidi: [indiscernible] seems to be higher in places like australia and new zealand that have opted for a successful elimination strategy. is it frustrating to look at countries like the u.k. and u.s. that haven't gone elimination, but are now seemingly reopening in a way australia, new zealand, other places, singapore, for example, keep stumbling because even one case is too many. grant: each country takes its own approach and i am not going to make a judgment on other countries. what i know for new zealand is that our elimination strategy has worked. we have largely been able to live our lives as normal,

businesses have been open, concerts have happened, things have happened within periods of lockdown, but mostly limited ones. this is a pandemic, it will have waves in it, it will have new variants, and that is something we as a planet have to respond to. but we will continue to engage with other countries on what the politics -- on what the possibilities are. haidi: how concerned are you about the property market overheating? we have heard time and again the last few months there may need to be further measures taken. will they be macro measures, measures taken in a policy-setting? grant: today we seen a

significant drop in home prices because of inflation. meantime, we have got to be building far more houses than we are building. haidi: i want to ask you about downside risks when it comes to geopolitics because your government has increasingly said these differences we are facing are becoming increasingly difficult to correct themselves. is that a risk to the recovery, that relationship? grant: geopolitics and global stability [indiscernible] our relationship with china is a very important relationship to new zealand and one we hope is

mutually received. the big impact could be u.s.-china problems we have had in the past, and those impact our goods. but we continue to value our relationship with china. shery: the new zealand deputy prime minister grant robertson there. let's get more on the asian trading day with sophie kamaruddin in hong kong. global air travel ticked up this weekend it seems that with vaccinations in north america, recovery strong, what is the out look for asia? sophie: inoculation campaigns in asia have been slow, much more so than the u.s. and europe, and with the risk of deadly mutations delaying the reopening of international travel, bloomberg says related sectors beyond japan and china

will endure tremendous stress this year, airlines, hotels, lodging and more. airlines already had a tough 2020 as leverage ratios deteriorated and drove the need for equity injections. bloomberg intelligence cautions companies unable to raise capital may need restructuring. the hotel and lodging sector's liquidity is being put to the test, especially companies with weaker financials in countries that are highly exposed tourism, like thailand. shery: morgan stanley ceo james gorman unveiled his biggest leadership shakeup in more than a decade, positioning a small group of executives as most likely successors. joining us now is our bloomberg wall street correspondent. who looks to be his like a successor? >> in classic banking form, they

set a deep bench. and the people very high up on that bench include someone who really helped morgan stanley solidify its number-one standing globally in equities, trading, and revived of the fixed income business through measures including cost-cutting and innovation. and you are seeing the wealth management had an the asked -- wealth management had to end the asset management head, and the cfo now becoming the new ceo of the firm. haidi: what do we make of the lack of diversity among the bank's ranks? how does it compare to other firms? >> that is a really quite question -- really great question. it was notable in a week or j.p. morgan also announced elevations

of other leaders. we have two women at j.p. morgan who are in that lineup of succession. at morgan stanley, it is mostly male and mostly white males. and at a time in 2021 when there is a big focus on diversity, it was a notable situation because there are questions about whether there are enough women high enough at morgan stanley. we had numbers at the bank for the first time and it lags some of its peers. the group of more than 1400 executives, only 18% are female. over at morgan stanley, they have been working on diversity initiatives, but in the immediate line of assent, you have more white men, and more white men then you will see at a consumer bank like j.p. morgan and now citigroup, which as the first ceo in american history for such a big bank. haidi: sonali basak, with

the latest. thank you. coming up come south korean president moonset to meet president biden on friday. we get a preview from ambassador harry harris of south korea. this is bloomberg. ♪

♪ vonnie: you are watching "daybreak australia." u.s. treasury secretary janet yellen proposes a 15% minute global corporate tax. it aims to reduce competition to lure corporations with cheaper tax rates. it is more than the 12.5% rate proposed by the oecd, but less than the original u.s. proposal of 21%. fed chair jerome powell announces a forthcoming report on u.s. and digital currency. powell says he wants the central bank to play a leading role in developing international standards. a key focus would be how cryptocurrencies fit into the u.s. banking system. powell says cryptocurrency will not replace cash. >> we are committed at the fed to hearing a wide range of

voices on this issue before any decisions on whether and how to move word with a u.s. cbd scheme. vonnie: a senior i one official says the u.s. commitment to providing more vaccines could help with its critical semiconductor shortage. taiwan has infections centered around taipei, but most semiconductor companies are located south of the capital. eu negotiators agree on the exception of mutually-recognizable vaccination passes that will allow free travel in the block. they will be issued free in digital or paper format. the new system should be up and running by june, subject to formal approval. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. ♪ shery: let's turn to the south

korea-u.s. summit scheduled friday. president moon jae-in is the second foreign leader to visit the white house under president biden. let's preview the meeting in the geopolitical situation in north asia with harry harris, former u.s. ambassador to the republic of korea who served under president trump, also a retired admiral in the u.s. navy. ambassador, thank you for your time. you spent years in south korea. you oversaw negotiations on the car sharing agreement. you worked really closely with president move and his team. what does he hope to achieve in this summit? former ambassador harris: thanks for the question. he is going to reaffirm the importance of the korea-u.s. alliance. it is a fundamental piece of the security and stability and prosperity in the region.

he will reaffirm that. he will talk about north korea, and his approach to relations with the north and chairman kim. he will probably talk about china. he will talk about covid-19 vaccines, as mentioned in the run-up to this program about taiwan. there's good news on the trade front, so these are important issues i think he will get into with the president. shery: start with north korea, because we have seen the north korea policy revealed by the binding administration. they want something between trump's grand bargain and barack obama's approach. is there a viable approach here? former ambassador harris: a new approach is warranted. i haven't seen the policy review. i have read about it. i think the national security

team leader for asia, he talked about this yesterday, about a solutions-based approach to north korea, which is between the two previous administrations' approaches, so i think there is a solutions-based approach. a practical approach is important. i am all for it, and i applaud the initiative of the team that put together the policy review. haidi: president biden mentioned principal diplomacy prude kirk campbell mentioned basically everything is on the table that hasn't been tried. what options are left on that table? former ambassador harris: everything is still left on the table. i am very pleased that campbell talked about building on the c4 agreement reached between

president trump and kim jong-un in singapore in 2018. it is important the biden team reach out to our interlocutor for north korea in the previous administration, to seek his ideas and thoughts about dealing with north korea. haidi: when it comes to china, does this relationship potentially push the boundaries for what president biden says he wants to do, which is work with allies to hold china accountable? it is probably unrealistic to see china taking a similar position with japan in terms of that united front. former ambassador harris: i agree that korea is in the position vis-a-vis china and japan. but our relationship with the prc is important. we come to the china issue from a different place than south korea. it is important to note that we

do cooperate with china on a number of important fronts, but fundamentally disagree with china on a number of equally if not more important fronts. these include the way they have reacted to the treaty with the british on hong kong, human rights abuses against uighurs and western china and others in the region, we can't ignore china's commercial espionage and its quest to dominate the region and dominate taiwan. these are important issues from the u.s. side that will likely come to the table. shery: you served as commander of the u.s. pacific command, you know the region well, you are a former u.s. admiral, a retired one, and you mentioned an assertive china in the taiwan strait. does that make it more dangerous when you have the u.s. presence

in the region as well? could that lead to unexpected classes? former ambassador harris: i think the opposite, i think the u.s. presence in the region enables stability throughout not only the region, but globally. the network of alliances and partnerships the u.s. has had since the end of world war ii has contributed more to the rise of asia economically than any other thing. it is important to recognize that and our network of alliances and partners is critical to the stability and peace in the region. shery: how important are the u.s.-india and australia meetings? former ambassador harris: very important. i was a vocal proponent of the block in india in 2016. there is a lot to be said for. i think there is -- said for it.

i think there is a lot of support for it in the region and we will have to see where it goes now. i have talked about american college football, the big ten has 14 teams in the big 12 has 10 teams. there is nothing that says the quad has to have only four teams, but it is a group of like-minded countries that approach region in a similar way. haidi: ambassador, great to have you, we appreciate your time, harry harris, former ambassador to the republic of korea. be sure to tune into bloomberg radio to hear from newsmakers and get in-depth analysis from the team as we broadcast live from our studio in hong kong. you can listen on the bloomberg app, and also on bloomberg.com. much more ahead. this is bloomberg. ♪

♪ shery: take a look at assets we are following, bitcoin fluctuating with gains after a 4% gain in the new york session. it was whipsawed wednesday after a series of volatility events like tweets and the pboc statement as well. we continue to watch bitcoin, because we saw crypto stocks moving around after the fighting tax plan indicated they are going to target

cryptocurrencies. gold hanging at a four-month i, declining dollar, declining bond yields helping their little bit. iron ore under pressure is the pboc continues to single -- signal they are going to crack down commodity prices. lumbar futures in the u.s. jump up the maximum $63, given demand in the housing sector. home depot also rising in after hours session after they announced a $20 billion share buyback, this on the back of strong earnings earlier in the week. haidi: we are looking at the vegan food and drink maker oatly jumping 80% -- jumping 18% in its u.s. ipo debut. we talked about the ipo timing and global ambitions. >> we think the timing is absolutely right.

we need to expand production capacities across three continents. we are building across three continents successfully, multiple channels, from niche to mass, and generating demand we haven't been able to supply. that is what the proceeds are going to be used for at this year especially is going to be extremely exciting for us, bringing new capacity every single quarter. we are happy to be where we are right now. >> where do you go next? you ventured into yogurt and ice cream, but it is still recent. what trends are you saying that give you optimism these can compete? toni: what an amazing frozen item in the u.s.. i think it is the best-performing item, with limited distribution due to supply. have you tried it? >> know. how many calories are in it? if you get me lower calories, i am all in.

toni: we can have a debate off-line or something like that. >> [laughter] toni: you are onto something here. just a portion of our innovation is centered around milk. in sweden and finland, those of the countries with a full range of products ranging from cooking cream to sour cream to spreads and frozen and all that. that is something we are very excited about, to be able with the new capacity to bring across different countries. but we want to make that shift easy and not make a niche product. shery: oatly ceo toni peterson. credit suisse considering reportedly bonuses for employees following the archego scandal. sources say the lender is keen to stem defection in the

investment banking division. we are told other options have been discussed but no decision decision -- decision finalized. credit suisse declined to comment. -- europe's sovereign debt crisis, other banks penalized, ubs says it took actions years ago to improve processes and is considering an appeal to the $100 million fine the eu. paul: looking at live xers of gaza city's -- looking at live pictures at the gaza city skyline just minutes before a cease-fire is supposed to take place, egyptian-brokered cease-fire ending in 11-day unconditional, bilateral truce set to take effect in the next few minutes. we heard this hour u.s.

president biden praising the truce between the sides after 11 days of this conflict, killing more than 200 people. this is bloomberg. ♪

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haidi: good morning, we are in sydney counting down to asia's arc it open. shery: welcome to daybreak asia. top stories, u.s. stock rallies led by a rebound and optimism over a positive jobs report. calling for a global minimum

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