shery: -- haidi: welcome to "day break asia." haidi: --shery: entered evening from new york. our top stories this hour. 59 chinese companies are accused of military or surveillance ties and american investors have been

put on notice. president biden dangled a caret proposing a 15% minimum corporate tax rate in a bid to win republican support for his infrastructure plan. and vaccine shots hit a new milestone with 2 billion administered. but the quest for so-called hurt immunity is still months away -- so-called herd immunity is still months away. haidi: still waiting keynotes on payroll out of the u.s.. we have sophie in hong kong with the latest. >> asian futures are mostly lower. no change is expected by the rbis. this is blackrock's warning of a big shock to inflation. we have seen the gauge of global inflation rising. higher oil is feeding in that.

j.p. morgan is saying we could have 80 earlier than their base case. right now we are at about 60 bucks per barrel set to back-to-back monthly and weekly gains. let's check in with south korean markets. the kospi edges to dutch edges closer to all-time highs. -- the kospi edges to all-time highs. there are 33% upsides for samsung shares. flipping the board on the offshore yuan which capped a four date drop -- four day drop. it has had the worst weeks in september. haidi? haidi: president biden has signed an order amending a ban on investment into chinese companies. 59 firms tied to china's military have been named in the updated list with biden adding several surveillance firms. this is a continuation of former

truck -- former president trump's policy. let's get the details. what do we know? what's in this new updated blacklist? is there more clarity? reporter: they hope there is more clarity, more legal certainty on this updated list, which will be in effect from august the second. you as an investor will have 12 months, one year to divest any investments you have in any of these 59 companies. it is a reworking of the original trump order as you rightly said. it is now the treasury that has been lifted together. 59 companies previously under the trump order. the companies targeted by this blacklist were linked to controlled cash linked to, can -- linked to, controlled, or run by the chinese military. president joe biden says he finds the use of chinese surveillance analogy outside the p.r.c. and the development of

that technology facilitates repression and serious human rights abuses. he says he expands the stroke -- the scope of the national emergency declared in the executive order to include surveillance companies. a number of the companies on the trump list are still on this list, including huawei. but they also have added to -- added 10 new names. shery: this is not the finalists, right? does that mean more names could be added? tom: absolutely. they said this will be updated on a rolling raises. wall street is watching this. but also capitol hill. this is a bipartisan push to make sure the biden administration keeps a tough line on china. some thing else they have called for -- both the democrats and republicans -- is a release by

the pentagon of chinese military companies directly or indirectly operating in the u.s. that came out a few minutes ago. i have that list. on that list you have the likes of the semi conductor companies but also huawei and telco companies, as well. that was published in the past few minutes. 47 names on that list. you're getting clarity now. the companies under scrutiny from the biden administration links to the military complex. shery: tom mackenzie there in beijing. we have an alert. we continue to watch anc after hours. the ceo is commenting on an interview -- in an interview that the company has 2 billion dollars of cash on hand. the stock is under a lot of pressure even in the regular session we saw it plummet 40% of one point. in a stock offering yields.

they are cashing in on the rally. with resellers loading up on the amc stock and taking the stock about 3000% higher this year alone. investors are using the moments to take profit, people commenting the company has $2 billion of cash on hand. it has been a wild ride for amc, not to mention other stocks, as well. shery: vice president biden has floated an idea of a 15% minimum tax on corporations to fund a bipartisan infrastructure package. it would set aside a proposal to raise the corporate income rate to 20% from 21%. -- 28% from 21%. they are not abandoning the plan and it could be pursued else your. let's get more from -- pursued

elsewhere. let's get more from laura davidson. reporter: what biden is saying is if he wants to use this 15% minimum tax, it would be attacks on companies like amazon, netflix, other companies that have had low effective tax rates. as a way to pay for this infrastructure plan. republicans have said they will not vote for tax rate increases, anything that rolls back trump tax cuts from several years ago. this is something biden has pointed to say, look, this is a way to raise the money to fund infrastructure but not cross the red lines you set out. haidi: what about the 28% rate? what's the strategy now? reporter: democrats, whether or not they get a bipartisan deal, are also planning to do a separate, partisan bill with only democrats later this year. the infrastructure bill will be a lot smaller than the $4 trillion they were seeking.

so this will knocked it into childcare, education, eldercare. that would be funded by things like the corporate as -- corporate tax rate increase as well as capital gains increases and taxes -- income taxes on the wealthy. they're all these ideas biden has thrown out there. they still might not happen in one piece of legislation. shery: what is the timeline right now? with the infrastructure deal, the tax rate, and all these other plans? reporter: the biden administration has said they will continue to negotiate with republicans on an infrastructure deal. they originally said they wanted to come up with a thing by memorial day. they're continuing to talk. republicans and democrats do say it will be by the fall, the end of the fiscal year is one of the things the democrats is looking at in order to get it done and meet the procedural deadlines. the other thing is a big political deadline, the midterms

next year, next fall, so they want this done with enough time that they are not in political jeopardy ahead of the november 2022 midterm elections. haidi: that was laura davidson with the latest. let's get you to vonnie quinn. reporter: thank you. the white house says it will spend -- send 25 million covid-19 shots to multiple countries across the globe. it will contribute an initial 18 million through the who program covax, including to hard-hit india. another 6 million will go directly to countries including mexico and canada and south korea. u.s. infectious disease expert anthony fauci says it is possible the world will never learn the precise origin of the coronavirus pandemic. he told msnbc he believes the virus jumped from animals to human but he says reports of three researchers from the wuhan lab becoming sick in november of 2019 lend more credibility to a

possible lab preach as the origin. but he cautions those reports need to be verified. a top health official says that despite vaccinated 40% of its population, china cannot open up. that is because it cannot analyze how well the shots have worked in its largely coded free population. beijing is unable to match the vaccine efficacy of the u.s. in real-time. china has uses test used strict lockdowns -- china has used strict lockdowns. our chk says the deployment of police have been expanded after activists have been various locations. police have the usual victoria park vigil for a second year, citing covid safety returns. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.

shery: still ahead, we see rainbows everywhere but are big brands going all talk and no walk this pride month? we will discuss diversity efforts so far for the lgbtqi plus community. plus a look at the currency environment and where the dollar is added with a cba strategist. this is bloomberg. ♪

shery: the dollar climbed as data shows momentum in the u.s. economic recovery and fronted traders to cut short bets. -- prompted traders to cut short

bets. let's get the latest. great to have you with us. where are we in this broad dollar downed trend have seen since last year, when we saw the spike in march from the pandemic and earlier this year in april, as well? quest we are seeing characterizing test we have been -- >> we have been characterizing this as a downtrend. it is listing on the back of the employment report. it reinforces there is uncertainty out there at the moment. and how fast economies are recovering and in currencies reacting to it. in terms of the near term, tomorrow's going to be key in terms of what that number will be. we really do still think that the medium term downtrend in the

u.s. dollar is still very much intact. shery: how much of the crosses with the republican -- recovering u.s. economy and the yuan playing into this weakness? guest: a sort of a broad story is the moment -- at the moment. as the global growth outlook improves and europe starts to pick up, it is really helping to add to that ust strength -- weakness, sorry. another effect we think is weighing on the dollar is the fact that the u.s. current account deficit is continuing to widen. in the past that has been reflected by the recovery in u.s. consumption, which is driving the u.s. trade deficit wider. haidi: i want to throw up this chart. the strength and the yuan,

relentless. this is the basket comparison at 20 highs against the dollar and 2016 highs against the basket of currencies. how much of this has to do with what is happening with the euro? can the pboc push back against one-way expectations for the currency? guest: we actually think the strength we are seeing is more of a reflection of what is happening in china and capital flows in and out of china. if you look at the fact that interest rates are still relatively high in china compared to a number of countries, you have negative rates in so many countries. you have -- china is very strong. there trade surplus. you have increasing capital inflows. easing controls. all those are adding to that cnh strength. even though the pboc is trying

to slow the one-way appreciation, we think it is having an impact in the near term. in the medium-term, we are expecting the lift to go further. we are smacking into lift at 6.35 -- we are expecting it to lift at 6.35, but it looks like it will earlier than expected. haidi: trade on the aussie dollar is been -- is being seen as the least bearish since -- for months. guest: it's been very interesting. we have seen fundamentals continue to lift, especially when you look at commodity prices. the aussie dollar has struggled to keep up with those improving fundamentals. we are still expecting the aussie dollar to lift. we are expecting it to lift towards $.80 by the end of the fiscal corridor and 81 by the

end of -- fiscal quarter and $.81 by the end of the year. there are still things i could push it higher. the main one is the change in stance we are expecting from the rba. they have been standing out as a more dovish central bank, compared to others. given we are expecting the rba in july to announce it will stick with the april targets, and also taper its hedges, we think that will help the aussie dollar appreciate. shery: what about the influence of the yuan? we have a very close relationship between australia and china, but i also want to ask probably about the impact on other currencies. this chart shows really that very close corp. -- close correlation between the currencies of south korea and china moving in tandem, given the correlation of their economies. they compete for the same tech

and auto exports. we've seen significant weakness in the korean won. how impactful will the move be in the chinese yuan for other closely dependent currencies? guest: if we take the australian dollar, for example, the aussie dollar tends to trade as a proxy for asian currencies. if we do see the cnh appreciation slow more than expected and as the new measures, because it is unhappy with the pace of appreciation, if it weighs on the cnh we think he could drag the aussie lower as well, because we think they do tend to trade in a similar way. we are conscious about risks. the aussie dollar could appreciate above $.80, as we are forecasting. haidi: always great to have you with us. kim mundy, currency strategist

at the commonwealth bank of australia. you can get around up of the stories you need to know. bloomberg subscribers, go on your terminal. it's also available on the mobile in the bloomberg anywhere app. you can customize your settings and just get the news on the industries and assets that matter to you. this is bloomberg. ♪

haidi: muskets of the latest. wild ride for amc. -- let's get to the latest. wild ride for amc. new king of the meme stocks. it plunged more than 40% and then they raised a half-billion and fresh cast -- cash. more on the additional moves we are starting to see after hours.

reporter: this remain's a very dynamic story. mc was down double digits after hours and has now reduced the loss significantly. they are ceo commenting in an interview on youtube that the company now has $2 billion in cash on hand. the ceo also issuing a statement that they have no plans to engage in a stock split. there had been speculation on that, which the company denies. the stake a look at the wild ride the stock went on in the latest session. let alone the latest couple of sessions. the stock plunged as much as 40% in the thursday section -- session, when they announced it would be floating new shares. concern this would dilute value clearly hurting the share price. but then amc announced they already went ahead and did it and had raised 500 a $7 million

-- $587 million dollars by midway -- midday. they are now asking investors to authorize an additional 25 million new shares. this will capitalize on the rally of the shares. up at this .20 300%. -- 2300%. earlier the week it was up nearly 1000. shery: meanwhile, credit investors are pushing braun to prices higher. what is the story there? reporter: the bond has soared from virtually worthless late last year to high in seven months. they announced an issuance of the money raised on thursday. a lit a fire under these high-yield notes. it push them further.

mc -- amc is up 12%. it rose above hundred cents on the dollar mark. that is a steady comeback from where they were back in november, when they were just about five cents on the dollar. the view here on bond investors is that a lot of this new money being raised would be used to reduce debt. there is at least 5 billion in debt. meanwhile, other meme stocks rose and fell throughout the day. there is an indication that some analysts say there's a bit of steam coming out of this. frenzied rallies. other analysts say based on the memes they are seeing in chat rooms, that these retail investors have a long way to run. in terms of amc's request for an additional issuance of stock that will be put to the

shareholders at its late july annual meeting. back to you. shery: here's a quick check of the latest business headlines. we are also's watching -- the shares. they tumbled on reports that the chinese shares stumbled. a 30% slide from its late january peace. monthly net orders fell to about 9800 in may from 18,000 in april. they are also facing a recalls on some model three and model light vehicles. china has given jack ma's answer group the green light -- ant group the green light. it is transitioning to become a financial holding company that will be regulated more like a bank. it will continue to allow

consumer lending. google says it will allow android users to opt out of being tracked by advertisers on their smartphone applications. it follows an earlier move by rival out -- rival apple who increased iphone privacy. bloomberg reported that google has been mulling away to give users more control over tracking. the options will become available in late 20 21. we are counting down to the start of trading in tokyo. some stories we are watching in japan. top steelmaker is issuing another warning to manufacturing giants, except price hikes or stable supplies may not be guaranteed anymore. meanwhile japan is willing to send some doses to taiwan this month as case numbers there are hurting the crucial semiconductor output. at half past he are we will bring you new numbers as they come in, next.

this is bloomberg. ♪

shery: breaking news. we are getting japan's household spending numbers year -- a year-over-year increase, a search in the month of april. above expectations of a .7%. -- h .7 percent. more than doubling the paid grope -- growth. this is not necessarily mean strength for japan, because we are talking about a very low base. remember the coronavirus pandemic last year.

even with this huge rise, household spending in april would still be down about 2% from its level two years ago. a lot to do with the low base effect coming from the pandemic last year and of course, risks of plenty given the government has extended the virus emergency to june 20. let's see how her standing while the market opens. in japan, also in australia and south korea. sophie, what are you watching? reporter: jgb futures, little change. full slowly in the market has waned. with the trend emerging even more. we saw the be a g -- w g -- the boj change its stance on bond purchasing. wheelie a back-to-back gain of

about 8%. jp morgan is saying we could hit $80 a barrel of oil earlier than forecasted. should we see demand a hotter than anticipated. app bloomberg intelligence the outlook is more cautious. -- at bloomberg intelligence the outlook is more cautious. the eventual return of iran -- could take the wind out of the price hike. haidi: let's get you to vonnie quinn. reporter: u.s. president joe biden has signed an order amending a ban on u.s. investment in chinese companies initiated by his sister donald trump. the white house says -- initiated by his predecessor donald trump. the white house says it includes huawei and the country's three biggest telcos. investors have one year to slowly divest. -- to fully divest.

president biden is proposing a 15% minimum tax rate on corporations as a way to fund the bipartisan infrastructure package. the plan would increase tax revenues by conducting more audits of rich taxpayers. the white house sees the offer as raising money without rolling back resident trump's 2017 tax cut, something republicans say is a redline. russia says it is illuminating the u.s. dollar from its national wealth fund to reduce exposure from sanctions. they will shift to the yuan, the euro, and gold. the transfer will happen and affect hundred 19 billion dollars in liquid assets. the move comes less than two weeks before a biden summit in geneva. -- a biden-putin summit in geneva. spacex has launched three tons of supplies to the international space station, including fresh

avocados and lemons. it should arrive saturday. the cargo includes thousands of tiny frozen sea creatures that will be thawed and revived for studies on the effect of space life. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. ima vonnie quinn. this is bloomberg. -- i am vonnie quinn. this is bloomberg. shery: more than 2 billion vaccinations have been given globally as the world races to control the covid pandemic. the current pace it will take nine more months to vaccinate 75% of the global population, the threshold considered to provide so-called herd immunity. let's bring in michelle cortez. this is coming at a time when the white house plans to door night -- donate millions of vaccines. how much will this help? reporter: u.s. will donate about 25 million vaccines through covax at this point.

which is a public-private partnership designed to get vaccines to the developing world. it is obviously 25 million -- it is a tiny drop in the bucket compared to what is needed across the world. billions and billions. but it is a step in the right direction, especially as we need to make sure that the hotspots, where the virus is really starting to take hold, at some protection with vaccinations. tesch get some protection with vaccinations. -- get some protection with vaccinations. we are hearing more and more about the kind of serious illnesses developing in younger people when they get infected. not only that, we know they can be vectors for the virus. they can help spread it themselves and their peers and could be a hotbed of infections going forward, especially as we start getting our schools back open in person. we want to make sure we get the virus taken care of across the

entire country. the biden administration is reaching out there aggressively to schools and doing shots for shots, going to bars, trying to get people across the board. not just protecting yourself, it's you projecting your country and older people against the virus. -- it's you protecting your country and older people against the virus. shery: i'm in awe to see how things are reopening so fast in the u.s. but the rest of the world is really far behind. we are talking still about cases rising in south america, parts of asia, new outbreaks elsewhere. reporter: we are absolutely still seeing outbreaks across the world. there are some small parts in the u.s. and in europe and the u.k. where we are seeing that also, but certainly across huge swaths of areas we are seeing

outbreaks. the looming concern is in africa which has largely avoided big virus out breaks -- outbreaks, with the exception of south africa. we talked a little earlier about covax, where president biden is sending some of the excess u.s. vaccines. covax is struggling to get the excess vaccines developed and manufactured and not being used. the importance of getting the vaccines out to those places to get those outbreaks under control is really critical. haidi: michelle cortez, our senior medical reporter. let's take a look at crypto. investors in the meme stock want to take heed of this cautionary tale. we're seeing executive level investors pulling out of the crypto craze. these investors have been coming

back down to earth on that ever since the $500 billion crash we saw on the previous month. we are seeing bitcoin trading up by .3%, a theory on by the same amount -- etherum by the same amount. this is after we saw the bitcoin market still almost 40% below its peak. we are hearing from the likes of banks who are preparing to set up bitcoin winter, when they will see more news and bitcoin trading and activity. analysts are saying the cryptocurrencies are shaken in terms of being viewed as fundamentals. shery: still, investors want to get into this market and they have a new way to buy and sell digital coins, at least here in the u.s. in the form of the kraken mobile trading platform. it was formally only available

outside of america. ceo jesse powell is telling users -- is telling jesse -- is telling and we chang it will be able to trade straight from there mobile phones. >> our pro app has been available for a while but this completes the package for us in the u.s. that allows for people to buy directly from their bank account and sell directly into their bank account. it is a huge convenience for people and something people have asked for for a long time. we think the opportunity in the u.s. is awesome. we have been super successful in the rest of the world. we are planning for more success here. anchor: the story of the last couple of months has been volatility. you told us bitcoin we go to infinity, $1 million in the next decade, or this was my favorite quote from you, one lambo, or about $200,000 by the end of the air. do you think it will still get there? >> i still stand by that.

lots of people are buying the differential. i'm googling how to sell my kidneys at this point. turns out it is illegal. so much for my body, my choice, but i think people are getting ready to go on ramen diets to buy bitcoins at these levels. everything that is happening in miami, the excitement around the states is so hot. i think people see this growing massively. i'm not worried about the depth. we see this over and over. crypto is a roller coaster. you have to have an iron stomach to tolerate the rise. the gains are massive for those who can handle it. anchor: what is going on a ramen -- but is going on a ramen diet really a wise idea? i thought people were only supposed to invest what they can afford to lose. guest: do not campbell your rent on bitcoin. -- gamble your rent on bitcoin.

yet to think about this investment and hold for five or 10 years. do not think about it as week to week string trade. people should not bet more than they can afford to lose. it is a risky investment. but obviously over time, if you look at the chart, 10 years ago bitcoin was trading at a dollar. today, $36,000. still year-over-year it is up 200%. long-term it is a fantastic investment from my point of view. i absolutely would not put 100% of my portfolio into bitcoin or my rent money. anchor: and definitely not your food money. we do not want people to try to survive on cup noodle. i want to ask you about elon musk. he has had some incredible influence on the ups and downs. how do you feel about one individual having that much power? guest: it's really interesting to see the reactions to one person's tweets and what they

can have on the market. it goes to show the power of memes israel. -- is real. people are increasingly looking for a nontraditional figure to get investment advice from. we have realized that we cannot trust the guys who are running the system now, so who else is smart out there? who else seems like a visionary who has the interest in humanity -- the interests of humanity at heart? those guys have proven to be more trustworthy. haidi: jesse powell speaking there with emily chang. coming up next, adam brown is with us to talk about pride month and what equality looks like after a pandemic. this is bloomberg. ♪

haidi: it's pride month and big brands are switching gears to monetize the rainbow. but when are all these promos actually genuine attempts to support the lgbtqi plus community and when are they just rainbow washing? let's talk about how pride looks with the ceo of equality australia. when you think about the origins of pride, which come from a place of oppression and

repression and anger and fighting the system, has the meaning been lost, because there are still places in the world where the fight needs to continue? guest: absolutely. for us, pride is celebration of who we are. but it is also a chance to reflect not only on how far we have come, but the struggle and injustice we still face. really it is a chance to energize our allies and people we know that are out there to support lgbtqi plus people. and really ask for their help in lifting up our voices and getting into the point of equality for everyone. haidi: we talk about the fight that needs to be continued, has been difficult maintaining the momentum given the disruption of the pandemic echo -- pandemic echo -- pandemic? guest: we are in the grip of this global crisis and obviously governments across the world and

businesses are responding to the immediate and pressing concerns covid has presented. some within our community were concerned we would see regressive laws passed quickly under the cover of covid. they fully that has not happened in australia, but what we would like to see and it did start to happen towards the end of last year because we are lucky enough to be in a country handling the pandemic really well is that the positive reform, the progress we need to make, did get picked up again. so we have had positive movement across australia. shery: on the other hand, instead of negative movement, could you have seen more momentum, especially given during the pandemic we saw other issues in gender equality and racial equality come to the forefront? guest: we absolutely need to see more action. talking about australia

specifically, we have laws in this country that prevent students and teachers at schools from freely being themselves at work or study. we need to make sure that these caveats for religious schools are removed from laws across the country, federal and at a state level. and that everyone connects to services and can go to school and work knowing and confidence that they will be treated in dignity and respect. that is just a taste of what we have in front of us here in this country but it is also replicated across the world. shery: do you have a sense of how the lgbtqi plus community has actually experienced the covid pandemic, perhaps similarly or differently from other people? we have seen this sort of isolation that has come from having to stay at home. guest: absolutely. what we saw during covid was

that inequality and vulnerability -- so groups like lgbtqi plus people -- was magnified. so when people are doing badly before covid, and we know that, sadly, in many ways of our communities are doing more poorly, the mainstream populations. so we suffered significant mental health problems, for example, one into transgender young people attempt suicide. test one -- --one in two transgender young people attempt suicide. when you think about a young, same-sex attracted person experiencing difficulties at home who finds us as though support they need at school with their friends outside the home, being forced back home and, for some young people, losing a job

meant they were forced back home, and then the other support withdrawn. it can make life really difficult. we were really concerned about the mental health of our communities as we were concerned about the mental health of everyone, but we saw some really sad stories coming out during covid of people that were already on the margins and already vulnerable becoming more vulnerable. haidi: i am curious to get your views on rainbow washing. criticism that a lot of corporate entities -- you change your logo to a rainbow for one or two days a week around mardi gras or pride month, joined in on the hashtags. how many companies are doing meaningful things? what should they be doing? guest: absolutely we need to match the talk. we need substantial of action. just last friday i was at an

awards lunch for a number of employers across australia, where employers were being recognized for their efforts. to advance inclusion. for lgbtqi people, so the pride and diversity program run by acon. that's a good example of practical steps. but also government entities and nonprofits can take the steps to make sure employees have the right policies so they are included in work. but they also have to treat their customers with respect. if you're a bank dealing with a transgender person, get your forms right and do not ask intrusive questions or place onerous requirements on people that are embarrassing or make them unsafe. there are lots of practical ways that we need to say -- see organizations and corporate's across the world take inclusivity really seriously.

of course we love those visible signs of support and celebrations, but they have to be matched with action. haidi: great to have you here with us. we really appreciate your time. equality australia ceo anna brown. coming up next, taking a look at whether the time for millennials to build their wealth is running out. this is bloomberg. ♪

shery: millennials at age 40 are falling behind their parents in nearly every way, taking a look at adults in the u.s., there are worse off financially than the bloomberg generation in a range of metrics -- olivia rothman took a deep dive into the data. where we falling short echo -- falling short? reporter: the big problem is the student debt burden. as the crossed -- the cost of education has doubled since the 1980's. it reverberates

millennials and i find that buying a house is tough. the over he said -- the overheated housing market is hard to get into. first you have years of millennials having a hard time at accumulating wealth. it just makes it harder. haidi: and of course economy is very different to what their predecessors experience. guest: the millennial generation has been hit with two major recessions. the great recession and then the pandemic. that has made it harder for them to play the long game in accumulating wealth, because many have gone through job loss and a tough housing market. haidi: is it possible to catch up at this point? reporter: for some millennials who are at the top of the average, they have already cut up. the people in the middle who have manageable student that and can come onto a payment plan and sort of start catching up, they can do so, but there are some

millennials that by now at age 40 are just behind where their parents were at this time. shery: help me feel better for you go. is there any area where we are doing better? guest: wages have improved, and comes our little higher, but overall that does not compare to the debt burden millennials have taken on. shery: i feel a little better. a little bit. not a lot. haidi: we will just be here with our avocado toasts, not paying for a home deposit. olivia rothman there. let's take a look at some of the stocks we are watching on friday's session in asia. >> you're watching japanese ship related names on a media report that the government plans to back it as a national progress. we are keeping an eye on nippon steel after the company issued a warning that people should

except price hikes. softbank is in reports to invest $700 million into flip cart. watch the reaction to korea exchanging -- exchange, saying it will investigate 20 spac's for possible unfair trading. names jumped more than 50%. shery: we talked to tom james about the prospect for commodities and david wong, the senior investment strategist at alliancebernstein joins us with his market outlook and value strategy for china. market opens in sydney and soul are next. -- seoul are next. this is bloomberg. ♪

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shery: hello and welcome to daybreak: asia. i'm shery ahn in new york. sophie: i'm sophie kamaruddin in hong kong. haidi: i'm howdy stroud-watts in sydney. our top stories this hour. asian stocks look set for a weaker open. investors are wary robust economic data could trigger a taper tantrum. the u.s. locks investment --

blots investment into 59 chinese companies. american investors put on notice to divest. rollbacks coming as concerns mount on red hot economies. shery: japan, south korea and australia coming online. sophie: we are seeing the nikkei back below 29,000 points. watching chip stocks on reports the industry may get some government backing. we do have the yen trading 110. china ahead of the u.s. jobs report. markets have been muted given we have seen volatility in action interest. the u.s. 10 year yield opening above the 162 level. in south korea, we are watching to see if the kospi can clinch a fresh record. the stock climbed to 110,000 yuan.

the kospi losing ground along with the cause dax. the korean you want -- the korean yuan could be heading for a three week gain. switching the board, in sydney this morning, checking on the asx 200, off by a 10th of 1%. bonds are seeing a three-day gain. the rba will not shift its target. we are seeing new york crude above 68. keeping an eye on brent. we are seeing it under pressure. holding above 71 bucks a barrel. we could see eight dollars. -- $80. checking on the offshore yuan, looking to test the 640 level. it is the worst week since september. retracing last week event. haidi: our next guest joins us.

he says he likes value investing in china. joining us is a senior investment strategist. everyone is looking for opportunities. let me start you off -- we are looking ahead toward the payrolls. if it does seem like all systems are go in the u.s., how concerned do markets need to worry about a taper driven pullback? >> we found that in rising growth and inflation environments, equities tend to do well. this is an aggregate. what investors need to be careful of are two things. we think you need to be disciplined on valuation because when rates go up, that does put some pressure on multiples. what inflation gives with one hand, which is more growth, it takes away with the other. on the growth side, we do agree

the growth outlook is very strong. we think the narrative so far has been almost a bit complacent on cyclicals in that everyone focuses on the upside earnings momentum of cyclical companies. what we found is that when there are significant pricing pressures, especially for producers, it is important to focus on businesses that can control their own destiny and their own profitability. we continue to lean into quality at this stage of the market cycle. haidi: that takes me to one of your most constructive positions, which is finding value in the chinese markets. does this mean you think the revelatory overhang and some of the issues are over or are you

avoiding those sectors? >> i think the framing of how people have been looking at china is a function of what people have been buying and owning. while i fully understand why people think of china as a technology first market and it has been very growth oriented, there are parts of the market that have been neglected. there is this widespread perception that china is basically two markets that are bifurcated. we have the banks on one side that are really cheap that bring down the valuation of the market. you have all the tech stocks. there is a lot in between. a lot of fantastic industrial companies that are cheaper than their u.s. counterparts that are actually offering growth rates that remain very attractive for

the near term. those are the types of businesses that we would be recommending people take a look at. shery: you have policymakers trying to tamp down on some of those speculative behaviors in the markets whether it is in some parts of the equity markets or commodities markets or training -- were trying to rein in the yuan strength. the yuan starting to come down. what are the implications of? -- of that? >> being the fundamental bottom of investors, we look at equity markets typically in terms of local currency earnings growth potential. we are not actually seeing there is going to be a tremendous headwind to chinese equities from a little bit of renminbi

strength in the same way people had perceived the u.s. to face over the last few years from dollar strength. we are quite happy to own many of the companies that we would broadly classify as value stocks in the chinese market, but it does mean that some of the overhangs on certain types of high quality industrial companies in the u.s. and in fact, the market overall will probably face less headwinds on currency than perhaps has been perceived. that does not matter that much when earnings are up more than 40%, but when we are talking about 2022, which we know the market is looking at as a forward discounting mechanism, that does come into view.

shery: as a fundamental bottom up investor, what do you make of this meme stock frenzy? i am not just talking about here in the u.s. but also indian retail investors, korean retail investors getting in on the rally. >> sure. i think it is a fair characterize asian there is a global -- a fair characterization there is a global phenomenon weeding to speculative behavior. ultimately, we know that if you are long-term in how you look at markets, these types of opportunities are very much caveat tour. we would not be looking at them given the fragility of some of their business models and we very much continue to prefer businesses that have a proven

ability to deliver earnings and profitability through cycles. shery: it was great having your insights. thank you. senior investment strategist for equities. let's turn to vonnie quinn. vonnie: president biden has stitched a minimum 15% tax on u.s. corporations. conducting more auditive's. the white house sees it as raising money without rolling back tax cuts. something republican say is a redline. russia says it is limiting the dollar from its national wells run -- national wealth fund. the finance minister says it will shift to the yuan, euro and gold. the transfer will happen -- affecting hundred $19 billion in liquid assets. the move comes less than the

weeks -- less than two weeks before a biden putin summit in geneva. a top beijing health official says china cannot yet open up your that is because it cannot analyze how well the shots have worked in the largely covert free population. the official says beijing is on matt -- is unable to match the u.s. efficiency. u.s. infectious disease expert anthony fauci says it is possible the world will never learn the precise origin of the coronavirus pandemic. he told msnbc he believes the virus jumped from animals to humans but he says reports of three researchers from a wuhan lab becoming sick in 2019 lend credibility to a possible lab leak as an origin he cautioned those reports still need to be verified. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries.

i'm vonnie quinn. this is bloomberg. haidi: let's get over to sophie kamaruddin in hong kong. sophie: this friday, asian stocks are set for a third day of losses that could still clinch a three week gain. we are seeing moves in commodity markets i want to highlight. singapore under pressure. that below $200 a ton. the recent weakness could be a good entry point because china will maintain some steel output curves. we do have the dollar gaining ground, continuing to extend gains. set for the best week in over two months. gold is retreating further from $1900. this after filing the most since february with inflation very much a key focus. we have a global inflation surprise index now at 2007 highs.

we have the blackrock ceo warning we could see a big shock and it comes to inflation ahead. -- when it comes to inflation ahead. next up, we had the rpi policy division in focus this friday. we have the bond buying signals in view since -- likely to keep yields anchored around 6%. we have india stocks hitting fresh records. the centex and the nifty bringing the indian share market value above 3 trillion dollars for the first time ever. shery: still ahead, we look at commodities with trade flow capital ceo, james. up next, president biden has amended trump china blacklist. we will get you the details. this is bloomberg. ♪

shery: president biden has signed an order amending a ban on u.s. investments on chinese companies. 59 firms with ties to china's military have been named in the updated list with a adding several firms. joining us for the details is our greater china executive editor. how is this ban different from the trump era ban? >> the trump era ban came in november of last year. to find those targeted as those being owned or associated with the chinese military. the biden administration has changed the definition of what companies are subject by making it those that are linked to china's defense and surveillance technology sector. it would seem that is a wider definition, but the list of companies we got that are subject to this ban is not

that much different from what the trump administration had for its list. there are a few companies that have been added. china satellite communications, china avionics, a couple of the names that have been added. otherwise, it looks like continuity. haidi: we had some legal challenges by a couple of the chinese companies that were part of this. does this revised list to it more legally sound? -- list make it more legally sound? >> the biden administration has said art of the reason they have done this is to try to strengthen the basis on which they are computing, compiling this list. we notably had shall me on the trump list earlier. basically arguing it was not controlled or owned by the chinese military. this seems to be an effort by the biden administration to avoid that from happening again.

shery: we have seen a response coming from the foreign ministry . the spokesperson saying china will take measures to firmly uphold the interest of chinese companies. what could that look like? >> china is taking several steps to protect the interest of its companies. there is the unreliable list, which china has said for close to two years it is planning to put out but has not put up. that is probably what we will see a response of this list. beijing is trying to calibrate a response that will show it is defending its interest but not risk escalation with washington. haidi: our greater china executive. china is a step closer to giving domestic investments a new channel to buy debt overseas. completing the move to the current bond connect program between the mainland and hong kong. our china credit reporter joins us now. what to we know about this new

bond link -- what do we know about this new bond link? >> two chinese banks are going to be selling so-called dim sum bonds early next week. those are yuan dominated bonds sold in the offshore bond market. these could be some of the first securities on shore mainland-based investors are able to buy. we could be seeing some of those first transactions as early as next week. this connect program is an easier way to program that will allow onshore investors and make it easier for them to buy different kinds of securities sold in the offshore market. haidi: is that why -- shery: is that why this is so significant? >> i think that is a crucial part of this. onshore investors can buy some of these securities now. but actually, this is going to make it much easier for them to

access. the other thing is, although we would expect typically to see this in a cal -- a calibrated and controlled way, this is going to be an opening of the floodgates. at the same time, this is an opening of the major channel of potential outflows of four onshore mainland chinese investors and coming at a time when beijing has already been taking several steps to allow more outflows to call off this rapid rise in the u.n. we have seen. haidi: we see in china in terms of the pool of the rolling ball of the capital that it goes from one asset class to another. what does this potentially due to some of the other assets? >> i think that is the real question. what will onshore investors be able to access and how quickly? at the moment, we don't have an enormous number of details. we know that dim sum bonds are

going to be available to onshore investors. potentially some quasi-sovereign name. the expectation is we will start to see a corporate dollar bond available to onshore investors. that is likely to be quite an attractive option because these are names that these investors are familiar with. but the yields are much juicier than the notes they can access onshore. shery: bloomberg china credit reporter. coming up next, hong kong police are trying to stifle any commemoration of the tiananmen crackdown. this is bloomberg. ♪

haidi: hong kong will deploy 7000 police to prevent protests

on today's anniversary of the 1989 tiananmen square crackdown. police band the usual tory a park vigil for a second year, again citing covid safety concerns. our chief north asia correspondent joys as from hong kong. -- joins us from hong kong. police deployment has been expanded after activist calls for gatherings in various locations. are we still going to see these protests? >> this is a tricky situation this year. yes, the crackdown happened 32 years ago, but it is fresh in the minds of people in hong kong following the imposition of the national security law last year. this will be the first commemoration since that imposition of the national security law. it is being seen by many in the pro-democracy camp as a test of the limits of what will be allowed in the protest front. the tiananmen vigil yearly except for last year when it was canceled and outlawed because of

covid and again this year, it has been an enduring symbol of hong kong's tolerance, the government tolerance of political dissent on chinese soil and the people's commemoration of the incident that happened 32 years ago. under the national security law, under covid, under this new political pressure, things are different. already, 7000 police. it was originally earmarked to be 3000 police. because they do want to keep this contained, it has been up to 7000 police. they are warning -- the security bureau has put out a warning urging people not to go out and they will use the full force of the law took crackdown on people deemed to be gathering to protest. again, this is under the pretext the covid situation is not contained. and yet, schools are open.

soccer matches have begun. horseracing is happening. some relaxation across restaurants and social gatherings. people are everywhere out on the street. the police are saying this is not going to be allowed because of the public ordinance rules that do not allow gatherings of more than four people. shery: how much of this is tied to the national security law? >> that is the big question because right now, it is under public ordinances that do not allow gatherings of more than four people. they are threatening jail sentences of up to five years of those who violate this. the statement from the security bureau over the weekend also mentioned the national security law. crimes of subversion and secessionist activities carry up to life sentences. the big question going forward is once the covid situation is

in check and no longer a threat, will the national security law umbrella cover or force the outlawing of this vigil going forward in the years to come? that makes it much more serious. shery: our chief north asia correspondent stephen engle joining us from hong kong. here's a quick check of the latest headlines. google says it will let android mobile software users opt out of being tracked by advertisers on their smartphone applications. it follows an earlier move to increase iphone privacy. bloomberg reported google has been mulling a way to give android users more control over add tracking with a less stringent approach than apple. the option will become available late 2021. china has given jack ma's ant group the green light to start operations. ant is transitioning to becoming

a financial holding company. the new unit will allow an to continuet -- will allow ant to continue consumer lending operations. tesla stock fell by more than 5%. monthly net orders in china fell to 9800 in may from more than 18,000 in april. tesla is facing recalls on some model three and y vehicles. up next, our interview with the former federal reserve bank of new york president. his outlook is next. this is bloomberg. ♪

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vonnie: this is daybreak: asia. president joe biden has signed an order amending a ban on u.s. investment in chinese companies that had been initiated by his predecessor. the white house says it lists 59 companies with ties to beijing's military or surveillance industry. while way and the three biggest telcos. the ban takes effect on the second.

the white house says it will send 25 million covid vaccine shots to multiple countries across the globe. it will distribute an initial 18 million through covax to central and south america, africa and asia including india. in other 6 million will go to countries including mexico, canada and south korea. taiwan thanked the u.s. for its support. japan is trying to send some of its vaccines to taiwan a week after taipei complained china is impeding its supply. japan's foreign minister told parliament taiwan has an urgent need for supplies until july when it's production will be ramped up. it could also affect the semi conductor industry. jbs says all of its global facilities are operational after a cyberattack disrupted operations.

the biggest meat producers says it was able to limit the amount of food lost. the fbi has announced russian length rebel as the group hind the attack. spacex has launched more than three tons of supplies for the international space station. fresh avocados, tomatoes and lemons. the 22nd resupply mission should arrive saturday. the cargo includes thousands of tiny frozen sea creatures that will be followed and revived for studies on the effects of space life. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. haidi: the former new york fed president says he does not see the unwinding of a bond facility as a taper signal. dudley says he believes current inflation spikes are temporary. >> we really need to have

pressure on resources and pressure on resources starts with labor. we still have a lot of people out of work because of the pandemic. you look at the level of payroll employment right now compared to where we were in february of 2020 before the pandemic started, we are 8 million jobs short. we are not seeing much in the way of wage pressure. while wage pressure in the first quarter was firmer, the wages for private sector workers are only up to .8%. it is hard to have an inflation problem if -- >> how much control does the fed still have over inflation? >> i think they still have control in the sense they can control how fast the economy grows, how tight the labor market becomes and that drives inflation. the supply disruptions we are seeing right now cannot do much about that. this bike you saw in used car prices, that is the confluence

of two things. chip disruptions that are limiting car production and demand for cars by rental companies starting to get back into business. >> that raises a question for the reaction function of the federal reserve. how much they can effectuate change or some decline in these prices should it start to tighten policy. perhaps it is not the first step about the fed is going to unwind its $14 billion portfolio of corporate debt. was this policy a template for how the fed will handle additional market situations going forward? >> i think what they are doing with the corporate bond portfolios is unrelated to the notion of monetary policy tightening because it is very small. i would not take that decision as implying anything about the timing of taper and the timing of raising short-term interest. >> does the fed actually want to

see that target hit? we get a lot of talk from the fed about how this is transitory. there seems to be the sense that if expectations don't rise, you don't get there. you look at market pricing right now. we are somewhere around 2.3% or so with regards to inflation expectations. that is in line with what we have seen over the last 10, 20, 30 years as far as averages go. expectation has not risen despite the anecdotal evidence we have on the ground inflation is here and is real. >> the fed is happy inflation expectations have risen because they were pretty low going into the pandemic. this is one reason the fed has changed their long-term monetary policy framework. they want to keep inflation expectations that are anchored. the increase we hav seen

is bettere anchored among 2%. they are still pretty comfortable. they are probably happy about that. as inflation expectations are well behaved, it is hard to get an ongoing inflation problem. it is about the labor market, tightness of the labor market paired wages getting into prices. the increase in prices starts to increase expectations. i think there could be a longer-term inflation problem just because the fed monetary policy regime is a different one. they said it could be very slow. >> i'm curious on your thoughts on the wage situation because we saw wages as far as their historical averages hold up well during the covid induced recession. the idea we would see some sort of meaningful appreciation above the 3% plus rate we have been at here, is it even possible given

we are coming off such a relatively high floor that we would see a meaningful bump up in wage inflation? >> it is possible but it is hard to imagine a wage inflation spiral given you still have 8 million jobs short of where you were going into the pandemic. 6.1% unemployment is still well above the three and a half percent rate we reached in february of 2020. shery: bloomberg columnist and former new york fed president bill dudley. let's take a look at the upcoming rb i decision where india's monetary policy makers are expected to maintain rates for six straight meetings. joining us is the head of equity strategy. we have inflation, a concern in india as it is globally. this chart on the bloomberg

showing the price trends in the country. the first top panel showing you how big of an economic hit they have taken from the pandemic with gdp collapsing during the pandemic crisis. how difficult a task is it for the rb i to maintain this, trying to support the economy without stoking inflationary pressures? >> i am delighted to be here and this is a great question. i think they need to go big and be aggressive. in my view, they have to stay with the policy rate. the damage has been significant. the output that was widening, the jobless rate is widening. the inflation has eased. all these factors give them elbowroom. the rb i will stay at four. the four things i'm looking for,

the estimate for 10.5%. that can be brought down a little bit. the first trench of the qe. the benchmark rate for the 10 year at 6%. the fourth and final thing is the relief for banks. they go big on this. there the four things i am looking for. haidi: what are the big structural reforms india needs to undertake immediately? >> let me give you five real quick. india needs to privatize and focus on a $200 billion privatization opportunity over the next four years. they need to go big on the tax holiday. abolish income taxes. i will layout a case for why this makes sense. activate the infrastructure pipeline. go big on health care focused investment. health care's 3% of gdp.

shery: what has been really interesting about india is despite these economic headwinds markets have done really well. value has performed strongly. are you still optimistic on the cyclical value trade? >> there are a few things here one needs to keep in mind. it is real. there is going to be a deep focus on infrastructure manufacturing. the materials, industrials, energy and financial sectors are running red hot. we are seeing a lot in the financial sector especially in india. infrastructure linked sectors. they have dominated the breakouts over the last one week especially as it relates to analyst testament. haidi: what are the biggest

risks and opportunities for em equity investors? >> that is a fun question. the biggest risk is chinese technology stocks. these have been the biggest drivers for most active managers over the last seven years. we see a difficult situation. very high expectations. i ownership. i index rate. headwinds. stocks are priced to perfection. most recently, tencent and alibaba have missed their numbers. this is going to be a treasurers environment. the biggest opportunity in em as a whole remains in latin america. energy and industrials blend

with the positioning and the covid curve. haidi: our bloomberg intelligence head of equities strategies. let's take a look at our markets this friday morning session. sophie: we are seeing a risk off tone for asian stocks led lower by depend. -- by japan. the kospi set to halt a five day advance. we are seeing a pressure for japanese stocks. putting much all sectors in the red. in sydney, you have oil firms with consumer health care and utilities. tech and real estate on the asx 200 with little change. let's focus and aussie bonds. bonds under pressure rising five basis points. this as bill evans dropped his call for the rba to well it's yield curve control. flipping the board, while the

aussie dollar is trading at a seven-week low, the dollar is extending gains set for the best week since march. the offshore you on his heading for the -- the offshore yuan is heading for the best week. we have seen the yuan paring the weeks advances and finding support that underpinned the recovery store in a south korea. we are seeing oil prices under pressure. still set for a weekly rise on crude prices. this on the market tightening story. shery: we will be discussing more commodities up next. the surge in food prices, other commodities like metal and oil as well. we will speak with tom james about where he thinks they are headed now. this is bloomberg. ♪

shery: we have seen an incredible rally in prices. really sparked by concerns, whether does dryness in crop growing regions in the u.s. or in brazil where we are seeing a drought in coffee futures. when it comes to cattle futures,

a little bit under pressure. this as we continue to see jbs's meat production facilities coming back to normal levels. we have seen most of their facilities having at least one shift on going on thursday after that cyberattack really incapacitated a love of those slaughterhouses. all of this surge in prices giving to inflation concerns over food prices rising. when we look at this united nations index on global food prices, they surged to the fastest pace in a decade. we are talking about 12 consecutive months of increases. if you see it at that level, back to where we see it in 20 11. those were the days when we sell riots because of high food prices in over 30 countries. something to watch out for. as we continue to discuss the commodities rally, we will ask

if this is sustainable to our next guest. tom james is ceo and cio at a firm overseeing $500 million. great to have you with us. give us your insights on where commodities prices are going because we continue to hear this talk of a super cycle. at a time when we are also seeing profit-taking and beijing is trying to tempt him prices. >> good morning. great to be here. it is amazing the move to seven year highs we saw in march for most commodities. we have seen a bit of hedge fund profit-taking. that is my estimation of it the last few weeks. that as relaxed prices a bit. it is interesting is the fundamentals look good. we have supply chain issues still. indio slow on some exports. concern in covid -- concern in brazil with covid.

the eurozone is coming back. the technicals as well. fundamentals and the technical charts. we have seen prices ease the last few weeks. we have not seen an actual reversal of the bullish trend. we are still looking for strength coming into q3 overall. shery: the narrative last year and the be getting of this year was the chinese recovery. and their appetite for a lot of these recoveries. what happens now when you are seeing growth stabilizing in china and perhaps coming down a little bit and you have other parts of the world starting to recover? does that shift demand for different commodities? >> yes. we have seen copper came up almost 50% of its recent rally this year. it has held.

as the other markets start to open post-covid. that is looking good. iron ore has been very volatile with a question mark over steel demand. that has started to calm down. the markets are saying things are not stopping here. we will continue to move toward the end of the year. crude oil is the one? . -- is the one question mark. russia is already mentioning opec should try to ease things off. technically, it does look like it could go to $85 on the brent crude oil in the north sea. i don't think we will be able to sustain that. we would see opec continue some production. we still expecting over $60 a

barrel. shery: will bitcoin -- haidi: will bitcoin or other cryptocurrencies be a replacement gold and how much is >> crypto featuring in your conversations? -- crypto featuring in your conversations? >> they are not featured much. blockchain technology is featuring a lot to support international trade to speed up the processing of physical commodity movement around the world and the increase in security of data. it is quite interesting to see some talk from the central bank in russia recently about using more euros because of potential u.s. sanctions. we have not seen a lot of talk of moving away from the u.s. dollar at the moment. that is the primary commodity currency. shery: great to have you with us. we do have more to come on

daybreak: asia. this is bloomberg. ♪

haidi: a luxury hotel operator is launching a new private members club in hong kong next week. david ingles got a sneak

peak. you are always cool enough to get the first invitation for these things. david: but never after it is officially open. what is interesting is it was quite posh and polished. when you look at hong kong, the traditions for businesses and commercials, let alone pricey private clubs have been better in the past. we are just coming out of the pandemic. among topics we talked about, why now? what was the gap in the market they were looking to address? and why this specific concept? >> the whole idea is we would like to develop a new breed of private members club that is not about whether you are in a certain profession or in a certain group, a certain social circle or having a certain income. it is about bringing a group of people together, a

community that shares the same values, share the same spirit. it is about the individual's personality, character and building this diverse community for the club. david: how much is it going to cost? >> the current price point is 88,000 hong kong as a joining membership and there is an annual fee. david: the price point also determines the place in the general club market of hong kong. some of which are very expensive. some of which are more affordable. >> i think there is a huge opportunity in the hong kong market for private members club. nothing like this exist in hong kong. i grew up in hong kong. i am familiar with the private clubs here which are the traditional members club. very high price point. more about recreational facilities and choosing members because of a certain profession or your income particularly

because of the price point. there is not a club that is about building a community. it is about building a gathering place. david: why launch now? we are in the middle of a pandemic still end of the economy has barely showed signs of a recovery. >> people are longing to be connecting with the community, connecting with their friends. they are looking for a place where they feel safe. david: this is the first. where you take the second or third? do you have expansion plans? >> i would love to be in locations like london, beijing, shanghai, paris. right now, we are focusing on successfully launching the first one. we are already in dialogues on potential location around the world. david: when you think that is going to be? do you have a specific timeline in mind? >> maybe in a year, a year-and-a-half.

mreall get this up and running, making sure we build a strong community and start opening up the other ones. david: a little bit more on the price point. 88,000, just over 10,000 u.s. dollars to give you a sense of the price range. the partial list of these entrance fees to the private clubs. if you are wondering why carlisle is the name, it does belong to carlisle in new york. shery: all that glitz and glamour. are you joining? david: i'm still thinking about it. shery: you're getting a discount. david ingles in hong kong. i have to say i miss that about hong kong. coming up, we will discuss the implications of president biden blacklist. a preview of the jobs data. we will get some asian market

analysis. bloomberg markets china open is next. this is bloomberg. ♪

tom: it is 9:00 a.m. in beijing and shanghai. welcome to bloomberg markets china open. david: happy friday. counting down to the open. your last session of the week. let's get your top stories. resident biden blocking u.s. investment into chinese companies accused of military ties. the revamped blacklist targets 59 entities.