haidi: good morning, welcome to david custer you. shery: from bloomberg's world headquarters in new york, i'm shery ahn. top stories this hour -- u.s. equities closed near records. yields fall as we await data. for more clues on the fence policy -- the fence policy

panel. haidi: bitcoin slumps to a two-week low. shery: goldman sachs have 10 days to pay the remaining $1.26 billion falling after its malaysia units on wednesday by a u.s. court. here's the picture across wall street, we are seeing u.s. futures muted after the s&p 500 fluctuated around that record high. 42 .32 is the record. points away from that level. we are seeing a bit of pressure for w g.i., after we close the session there. showing the u.s. stockpiles fell for three consecutive weeks. we are seeing bitcoin under pressure there, under that

technical levels, 30,000, and we could see a brutal selloff would surpass that level but haidi, of course is also about the colonial pipeline ransom as well. haidi: we look ahead to the desk cross, certainly focus on this technical milestone as well. what about the line in the sand for bitcoin? >> the consensus, 29,002 at $30,000 range. which has been where the cryptocurrency was earlier this month, earlier in the spring, even earlier back in january we saw bouncing around $30,000. so with the potential cross at the line, strategists and technicians are looking for further selling pressure to break through.

or a place for crypto to stabilize. shery: how was the recovery of colonial pipeline's ransom playing into sentiment here? >> it is hurting near-term sentiment. more people i talked to point to the fact that this was something that goes against the antiestablishment depot's that was a driver of bitcoin. if you are looking longer-term, more people who are crypto cool think of it as a positive because you can get broader governments to help police, that will help drive long-term fundamental in the case of crypto and bitcoin in particular. shery: a spring in a management asset manager. how closely are you following movements in the crypto world? in order to give you a sense of where the brock -- where the broader markets are headed. >> we look at crypto as a

developing phenomenon, but we prefer assets that have a little bit more grounding. the underlying work that goes into doing bitcoin, we think there is an awful lot, the amount of it, the sentiment of it being libertarian in the government can't get it, we view today's news about the colonial pipeline recovery of that information with a lot of interest. because we think it takes away one of the foundations for why people are so interested in bitcoin. shery: let's talk about those foundations, perhaps fundamental when it comes to this company. we continue to see outperformance of the russell 2000 against the s&p 500. showing the strength in small caps. yet, many of those companies don't show any profits. one is the outlook it -- what is the outlook here? >> we are looking at this period as being akin to the post 2009

financial crisis. the market turned around, everything that had gone bankrupt yet started to go up with the giant recovery. we are anticipating those stocks that are not making products are going to very few. we are anticipating the market will continue for companies that are reopening, and that benefit from expanded economic activity. but we will continue to pay more attention to companies that are actually making profits that have good operating leverage for that reopening play. haidi: is the commodities and cyclical rotation overdone in your opinion? >> overdone would indicate was going to collapse back down. we are likely to see -- as i say it is running out of steam. we will see rotation into some of the other areas, companies

that are making profits. companies with good operating leverage. we expect the strong consumer balance sheets we have seen and the joy people have in getting out of their houses, being places like on set for bloomberg tv, will carryover to a lot more extending for consumers. it will be the company that figures out how to make profit foods going to benefit. we see a collapse of the prices of those companies, we just don't see a lot of further moved up for that. haidi: how much you think a taper tantrum might be priced in already? >> we think the fed is working hard at trying to -- it is sort of like getting a five-year-old tenant warning. just tell five real not you're going to leave, and right now you will get a tantrum if you can say five minutes, kind of

why i am down with what you are doing. you get a much better behaved. i think the analogy is clear with the fence trying to do. they have told us they are starting to talk about talking about tapering. there is an indication they are going to be talking about when is the time to do this over the next several meetings. but, it will come as a shock to the market in the same way that they did in the prior unwinding of the easing after the financial crisis. shery: i am taking a look at, this is one of the really good charts we have had on tv recently. good news for markets, we see the negative correlation between exxon enterprises and stocks. is this an abnormal development? because, it seems while the economic recovery is good news, there is a resistance to the idea of any kind of normalization. >> i would say this is typical

for what you see coming into a recovery with a fear that the fed is going to come as they say, take away from the party. we think that is a long way in the future. the fear the market is that as soon as the job market shows signs of recovery, the fed is going to say everything we talked about in the summer at jackson hole about changing how we are looking at monetary policy and really emphasizing the need to keep employment growing and the effect that has on different parts of the labor market, including women, minorities, people. the fed is sincere about this and intends to do it. the market is looking at the fears, saying employment has gone up a bit. they are going to start raising interest rates instantly we think that is overdone.

good news and bad news, and provides a bit of comfort to the market that actually unemployment doesn't look so good yet. we are still seeing a lot of variability in the numbers. that is to be expected at this stage and economic recovery. she shortages, -- you seeing shortages, variability, a lot of unevenness area we will continue to see that for an extended period of time. haidi: cheryl smith, great to have you with us. e-cig a look at how we are setting up this midweek session in asia. i have that major markets opening. sophie: this wednesday futures are mixed in asia after a lot was lent on tuesday by china. retreating from record highs. across asset classes, including offshore yuan, testing as we see involved on the currency.

we have seen jp morgan gauge of currency volatility in 2020. while we are treading water, we have seen the index of non-us stocks gradually creeping higher. off of that yesterday's trade, we have a bloomberg intelligence rotation of u.s. stocks will be more going into global equities as growth in the second half faces a double many of inflation pressure. pulling up the chart on the terminal, we have the dollar down, sending risk on signals for global equities. still some upside momentum, u.s. growth could be peaking. shery: let's get over to sue with the >> first word headlines. >>a start with president biden, he has ended and the structure development talks with

republican senators without a deal. the white house says the brief phone call failed to reach agreements on spending and how to pay for. biden said will try to do the bill with about partisan group of 20 lawmakers. a smaller faction has agreed on key elements. andres bedwell lopez has met with vice president, harris. harris says she will visit the mexican border, but urges lawmakers to focus on the causes of migration from central america. she is in the region after being asked to lead efforts to curb the flow of arrivals. u.s. residents easing travel advisories for dozens of nations. do not travel move to level 3

three, reconsider travel. other countries often reciprocate based on the departments advised. u.s. health officials are issuing warnings about the more harmful delta covid-19 variant which was first identified in india. the chief management advisor for president joe biden, anthony county, says the variant is surging in the cave where the vaccination rate is high. as taken over the alpha variant and now accounts for more than 6% of cases in the u.s.. u.k. has deployed military personnel to hotspots in northern england to help combat the high presence of the delta variant of the covid virus, again first found in india. u.k. officials will soon decide

between remaining lockdown restrictions. in germany, that country will approve changes to travelocity's week to accredit people for the european soccer championship. the championship, due to start friday, is a major sporting event in germany will do its part to ensure the tournament is a success. strict global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. hygiene rules still apply. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. haidi: still had, with melbourne's extended lockdown, the australian retailers are calling for a report. we told what that means. china's inflation is expected to sky to levels not seen since 2008. we take a look at what that the repercussions are for the rest

of the world. this is bloomberg. ♪

haidi: china's producer price inflation is at levels we haven't seen since 2008. let's bring in tom mackenzie in beijing for more. tom, what are the key elements you will be watching out for? tom: a very closely watched set of data. the implications for the global reflationary pictures well. forecast is for 8.5% for the month of may year on year. as you say, the highest jump in terms of factory eight prices since 2008. consumer prices are expected to be more modest.

the focus will be, of course, the commodities. to what extent the rallies are continuing to play out. we know officials here are concerned. they have been trying to pressure those prices as well. they say that will not work from policymakers here. when you break that down in terms of the sub, producer prices, it continues to come through. you will be watching how it breaks out in terms of upstream versus downstream. so far, upstream prices as a result of those pickups have been very strong, about 9% in the last set of data in april. that has not been flowing down to downstream. they have been absolving those talks, primarily because the consumer remains weak. they have been able to pass on those prices in the downstream low.

that is another gauge of the all-important consumer in china. strip out energy prices. to what extent is it being pushed up by any demand here in china? consumer so far pre-pandemic levels, we are not back to that level of consumption. that is something else to be watching. and of course any response for the pboc. we are also -- shery: we are also watching credit lenders, for another round of stress test. tom: this is in the first time they have been in the spotlight for china's regulators. in 2018, they were called out for potential at risk to the nation. now, so the big lenders that have exposure, again this is one of the most indebted companies and developers. liquid exposure to that company, precisely because regulators are

concerned they might be an trouble. we have seen late payments and short-term debt. we have also seen some reporting from some of the local media here that there has been some scrutiny around ever grands dealing with the bank. every grand says the operation has run normally. one of the world's biggest banks , is going to be alarming for some. haidi: what is that debt pile looking like forever grand -- for evergrande now? tom: it's huge. 77% of their debt is coming due in the next 12 months. 88% of that is bank loans. it also has about $20 million of offshore dollar debt as well. the same kind of level as the

asset management. liabilities of this company sprawling, complex, they continue to cause regulators concern. that is why they call out the banks and said to some stress tests. again, evergrande save the operations are run normally. shery: tom mackenzie joining us from beijing. more analysis on the chinese economy coming your way. onto a bloomberg scoop, the european union is said to be backing a renewed u.s. pushed into investigating the origins of covid-19. amid conflicting assessments about where the outbreak started. let's get the details tomorrow white house correspondent. josh, this is going to add more tension between the u.s. and china. josh: absolutely. we should caution, they are talking about the need for a better system in place to track

outbreaks. including future ones. potentially, clearly some language around the question of where covid-19 originated. remember, it was just a week or two ago that president biden through fuel on the fire by releasing the statement saying the intelligence community was split on the origins of this virus. u.s. health officials have said it is likely came from an intermediary animal. biden said one element said it came from the lab and a lab accident. he called it, as opposed to something more purposeful. this will keep this at the spotlight. biden has ordered an investigation over 90 days, that could throw this back into the spotlight in the fall. that would be in the run-up, for potentially he would be the chinese president for the first time.

haidi: we are also here and work into the final stages of this legislation that increases competitiveness against china. the efforts of the virus, the origins, what kind of picture is it taking -- is a painting in terms of the biden administration strategy to managing? josh: they call this bill a down payment. they see as a starting point and reengineering industrial policy. but it was to make sure supply chains are not exposed to chinese influence. america is held nursing on certain products to china. this is going to come up in many ways. we will see as they talk about semiconductors, the plan of earlier today on addressing supply chain shortages.

pushing infrastructure bill, wrangling going on that. we talked about that is a fundamental reset of the american economy. many of these elements are shared across the political spectrum. that is why joe biden take and carried over a lot of the elements donald trump talked about. bided very clearly sees the u.s. as china's top strategic rival. he made no bones about that. there been a lot of steps to that, including the g7. expecting a lot of talks about vaccine production, as a way to counter the chinese with their vaccines. haidi: lots more to come on daybreak australia. this is bloomberg. ♪

haidi: a quick check of the latest business headlines. gsw is suing for allegedly conspiring to start a competition. the idea-based company says the increase of u.s. steel stop supplying. gsw says it still hasn't been able to get enough outside of the u.s. outside of the trump administrations tariff on inputs in 2018. boeing has been charging japan the price of military contracts. the report obtained by bloomberg says japan, and one case, charged a 1500% markup for a refueling tank contracted by the u.s. air force to pay for budgets by japan's government. boeing denies charging japan and

says it negotiated the contracts in good faith. a loan of $7.5 billion tied to the ship division armed nvidia. the bank is cordoning the deal, providing investment money for the vision fund. shery: take a look at the markets right now because we are seeing kiwi stocks at the moment unchanged in early trading. this as we continue to see it hover around that three week high. futures at the moment higher. we are expecting the aussie dollar fell for the first time in three days after business confidence eased from a record high. plus, nikkei futures under pressure. we are awaiting the final first quarter gdp prints, not to mention the may unemployment rate. up next, dots on mean stocks and

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>> you are watching "daybreak australia." i am su keenan. e.u. leaders and president biden will commit to settling outstanding tariff disputes. both sides will pledge to remove tariffs related to seo and aluminum by the end of the year and also included is a planned to end a mere 20 year aircraft dispute that worsened under president trump-pence atlanta lemmings of more than $18 billion for both sides.

the u.s. and the e.u. are said to push for further investigations into the origins of covid-19. they are calling for progress on an evidence-based study that's free from interference. the u.s. is among several nations who have called on china to be more transparent with its data as questions mount over whether the outbreak began with the wuhan lab leak. china has only itself to blame for a global backlash against its policies. beijing understands that militarizing areas in the south china sea and using more assertive approaches to global diplomacy has helped fuel global tensions. fusion paying is increasingly the sole leader of china rather than part of a team as past chinese presidents have been. tiny regulators are said to have instructed major creditors of china evergrande to conduct a fresh round of stress tests.

sources say authorities led by a beijing's top financial regulator told lenders to assess their capital and liquidity exposure. evergrande shares have slumped recently on a drum beat of negative news. 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 su keenan. this is bloomberg. shery: a ceo says investing in meme stocks is like gambling at encino -- at a casino. >> i think you are in a global game where everyone is talking to each other and having a blast. you get to go home, the market shuts down, and you get to -- the meme stocks are half the conversation. a lot of it is fun now.

people know they are going to lose their money and they accept it and there is somebody who is going to lose their mortgage or try to hitchhike home or lose their college fund. it's sad. a lot of the meme stocks are people having fun. don't analyze them. it's social. it is almost -- not only do you have the creation of gaming online where you can talk to each other but you have multiple creators, read it and the boards, people trying to create the next game. there's a couple new games starting this morning in the meme stock world. they are having fun. >> which is so funny because your son started a simtech company that focuses around investing in poker as well so that is the savings side of things. you were so early in february, you told me you were worried

about leverage in the market. that was before that. so what are you worried about now? >> at the end of any cycle, leverage is the thing that usually takes people out. leverage makes you make the exact decisions you don't want to make at the point you don't want to make it. as a company, we run a debt-free model, cash heavy model. we have never had a piece of leverage on the firm from the day i started it. we have been through two crises and instead of reeling from those crises, i believe the firm accelerated because our firm is prepared. the model is prepared for acceleration and we have seen that in covid, two. covid was a disaster for people healthwise. but the business itself is in great shape and accelerating and i believe that has to do with

your whole question about debt. debt is somebody else's ability to affect her business at the exact moment you want to be left alone. and that is when things surprise you. and you are not ready for it. so it will happen again. we will cycle out of this. it will happen again. >> we have breaking news. u.s. senators passed a sweeping bill to assist the u.s. gain competitiveness with china and we are looking at the floor now. they were looking at this package of legislation. we understand it totaled well over $200 billion and it is all designed to strengthen u.s. competitiveness against a more dominant and rising china. that vote passed with the sweeping senate bill. it is authorizing 190 billion dollars for measures that include increased federal research and development spending and 52 billion dollars

in emergency outlays for domestic semiconductor manufacturing. we know that is really a keystone of this plan as well. they were looking at one more member but it does look like that bill has now passed. that amendment coming through from the senator, a texas republican, looking to strip out language requiring companies to pay a prevailing wage to employees or contractors when it comes to the semis component of the plan. this means that we of course could look at the final passage when it comes to going through the house. democratic leadership not yet laying out a course of action beyond the science committee considering its own plan so this is of course a put together package as a result of several committees, each with large bipartisan support there. let's get back to the constant action we have seen in meme stocks. a drugmaker with no products on the market after 20 years, the top u.s. biotech armor in 2021.

increase of 911%. let's take a look at what is driving this surge from vivian rodriguez. is biotech the new meme, the new amc or gamestop? vivian: yes, but for different reasons. the movement we are seeing on these shares is really extraordinary. you mentioned this company. it is an interesting case, benefiting from the confluence of two actors. there is this retail frenzy, being swept into the movement. they also potentially have product coming soon to market and after what we saw yesterday with biogen getting a lift from the fda approval, some people are betting very high on companies, expecting them to succeed. shery: when it comes to meme

stocks, people are just having fun, going to a casino. we have any more insights on what are the driving forces here for these companies? vivian: for most of them, fundamentals are definitely not part of the equation. they doubled earlier today. what the movement seems to be here is retail investors coming together to punish short-sellers that have been betting against the company. short-sellers have been -- against the stock since the beginning of the year. kicking up more recently. what we have seen today is basically retail. once you get the momentum going, and everybody coming together to punish the short-sellers, you know, basically a sudden flurry of demand pushing the stock to new highs here. haidi: always talk against the

establishment? the longer this goes on, the more i wonder about these questions. vivianne: if you take some of the poster child of the meme movement, the fundamentals are not supported at all. this does not seem to be too much for retail investors. many of them may not be committed to these companies in the long run. the idea here is that the stocks can go really high up and many people can sell at this stage. the momentum is really strong. it does not look like it. shery: vivianne rodrigues with her take on those meme stocks and biotech names. take a look at what we are

seeing in the commodities space. wti under on that a bit of pressure but still a love this -- above the $70 a barrel level, especially after we saw u.s. stockpiles declining for a third consecutive week. we have seen a lot of strength in commodities. this is where we continue to see a difficult weather condition for growing crops and the usda also coming out and saying they will be investing $4 billion to boost supply chains in order to help the industry. copper futures continue to be under pressure as we see these concerns over production. mining wage talks continue and jeffries saying that if you see the leftist presidential candidate in peru win the presidential elections, you could see some risk premium being added and those miners really -- foreign miners not too keen in producing copper out of that country. iron ore prices above that $200

level so we are continuing to follow these iron ore moves as australia is saying above $150, that will bring in $12 billion to the budget in the australian government. we will have plenty more to come on "daybreak australia." this is bloomberg. ♪

haidi: as we heard earlier, the u.s. has passed that sweeping bill to help the u.s. compete with china. let's bring in our congressional reporter, dan slightly. there was one amendment. what are the details that we know? dan: that amendment was proposed by texas republican john cornyn which had to do with paying a prevailing wage to construction workers who are building or who would be building new fabrication plants for semiconductors in the u.s. that amendment failed but it did not affect the end result, which is that the senate passed the bill 68-32, so it was a major bipartisan vote that had enough

votes to clear the senate, so now, it moves on to the house and we are not sure exactly what is going to happen there because there's some different ideas on how they want to handle this. but this was a multi-week effort and one of the few sort of things that was moving in the senate right now so it was a big deal. shery: exactly, given the partisanship we continue to see in congress, so what does this tell you about this anti-china sentiment uniting republicans and democrats? dan: it emerged in the last. i think that is more true in the senate than it is in the house. but certainly overall, in congress, that seems to be the case where there is an increased willingness to take on china. this bill is sort of interesting

because one of the things that it does is increase u.s. domestic manufacturing capacity and technology and things of that nature. in that respect, it's kind of like an infrastructure bill, miniature infrastructure bill, more than it is a foreign-policy bill, but i think because it was sort of couched in such a way that it was, you know, sort of seen as anti-china or counter china, and it included a lot of things that senators like to go home to their home states to talk about, like bringing manufacturing jobs back and things like that. it had a pretty wide base of appeal. haidi: our congressional reporter with the latest on that bill that just passed in the u.s. senate. in the coming hour, the latest reading when it comes to australian consumer confidence. as last week's data showed, it is the aussie consumer driving the economic rebound.

amid a lockdown in victoria, can the recovery be sustained? a representative from the australian retailers association joins us now to discuss. we are seeing surprising resilience. how difficult is it to expect that to be maintained if we keep having repeated lockdown situations? >> we were calculating that the victorian lockdown was costing $1 billion a week so that was extended, we are looking at similar impact. that is a great question about sustainability. consumer confidence has been -- by the stimulus that was in the economy from last year which ended effectively at the end of march. we are still seeing some -- domestic terrorism spending. we do expect consumer confidence

to be impacted by that stimulus money not being in the economy and just uncertainty around lockdowns. we calculate 33 days of snap lockdowns this year alone and that does have an impact on people's planning ability, their ability to travel and spend that money that helps flow into the retail economy. >> should it not have been ended in the first place? fleur: look at semantics. what we are asking for is targeted support. we are looking at overall retail performing really well. to give you a picture of that, in april, which was a month after it ended, we saw 25% increase year on year. that is a big of a false read

because this time last year or in april last year, there was significant lockdowns in play but when you compare it to 2019, it is up 13% overall. retail overall has been remarkably resilient. there is a lot to celebrate. pockets of retail are struggling. retail in particular. that money needs to flow through to those players. shery: what sort of tailored federal reserve board are you asking for here? fleur: something that would flow through the businesses themselves and allow them to -- if there are lockdowns, allow them to have the confidence to stay in business. some small businesses would be really having a long look at that at the moment given what just happened in victoria. you have had sustained impacts through the last more than 12 months now. some of them would be

considering whether they continue so we are looking for federal and state government to step in and make sure the money flows through to those individuals who through no fault of their own are unable to perform. we want to see them return, when we get back to post-covid normal. shery: fleur brown, thank you very much for joining us. be sure to tune into bloomberg radio to hear more from the days big newsmakers and get in-depth analysis from the daybreak the coming-out broadcasting from our studio in hong kong. plenty more ahead. stay with us. ♪

>> you are watching "daybreak australia." time for morning calls. after the drop we saw in u.s. yields on tuesday, wells fargo taking their mega target for benchmark treasuries down to 175 but they are looking for heavy supply, rising inflation, and the global economic recovery to spark a gradual grind higher for the rest of the year. they anticipate dollar weakness over the next few months. while we have seen breakeven rates retreat. there are still worries about price pressures getting ahead of the said. we have seen investors turn away from riskier bets in asia and shifting back to pandemic

profiteers names as well as a return to a tilt towards profitability and leverage, haidi. haidi: let's take a look at the day ahead when it comes to australia. we are starting off with scott morrison outlining his agenda for the upcoming g7 meeting later and we are hearing from local media that bhp has shortlisted parties to buy its coal mining portfolio. the australian saying the fund manager is in the final stage of the competition and will also be watching shares of retail at the open c underperform at credit suisse. shery. shery: here is a quick check of the latest business flash headlines. a biotech firm with no products on the market after 20 years is benefiting from the meme stock frenzy and the approval of buyer jens -- alzheimer's bio jen -- biogen's alzheimer's it also makes an alzheimer's drug but it

is still years away from regulatory approval. leslie wesner has sold 320 $7 million worth of shares, bringing his total stock sales in the beauty and apparel group you found it to $500 million this year. one of a growing number of billionaire insiders that include the walton family and jeff bezos, who have been selling their stock this it includes bath and body works, the tory a secret, and pink as well. sources tell us singapore's property grew is in advance talks and that a deal could be announced as soon as next month. bloomberg reported back in march that the blank check company was in preliminary talks with kkr and tpg backed properties. a transaction could value the combined firm add as much as $2 billion.

haidi, one story i have been watching some progress when it comes to diversity and the boardrooms. we are hearing from that report coming from the executive recruiter that the percentage of new black directors almost tripled to about 28% in those fortune 500 companies so we are talking about gains being had since the murder of george floyd really lead to those protests last year and this year as well but of course, it seems that the caveat is perhaps those gains came from other races being denied some of those board seats like latino directors slipping and women gaining fewer seats. haidi: that is a really depressing part of this. on one hand, it is so encouraging to see companies making this sort of progress. on the other hand, it makes you feel -- our businesses just allocating -- are businesses

allocating one piece of the pie for all minorities and representation to tick that box? there should be seats at the table for all of us, everyone. it is interesting. this comes at a time that we have seen more and more institutional regulation when it comes to making this happen. goldman sachs saying they will refuse to take a company public in the u.s. if they are lacking a fema or minority representation on their board. you have various stock markets pushing back on companies that do not have a woman on their board or a director that is on a board that does not have a woman or a minority or person of color so it does feel like we are making some incremental progress but when you look at the headline, if this comes at the expense of other types of representation, then it's not a great thing. shery: at least it seems that perhaps we are seeing diversity also in the background of all of these people being taken to the boards, coming from nontraditional backgrounds as

well. the share of directors with no previous boardroom experience rising to 38% from 28% so i will take progress where we can get it. let's get a quick check about markets and how they are looking right now because we are seeing a little bit of a muted start in qe stocks, not moving much, but this of course after stocks rose to that three week high. sydney futures, a little bit of upside there. we are waiting to see what that consumer confidence numbers. we saw business confidence easing from a record high and that really pressured is the aussie dollar in the previous session. nikkei futures under a little bit of pressure. we have course had the first quarter gdp numbers yesterday shrinking less than expected. and we are seeing u.s. futures also muted. this at the s&p 500, briefly surpassed its may record but fell short of breaking through. that is it for "daybreak australia." "daybreak asia" is next.

this is bloomberg. ♪

>> from bloomberg's world headquarters in new york, i'm shery ahn. sophie: i'm sophie kamaruddin in hong kong. we are counting down to asia's major market opens. haidi: i am haidi stroud-watts in sydney. welcome to "daybreak asia." the senate passes a sweeping be-all -- sweeping deal. $52 billion for chipmakers.