>> good morning and welcome to daybreak australia. asia's major market opens. >> i'm shery ahn. the top stories this hour. fears of a price war -- as opec plus abandons its meeting with no agreement on boosting oil output. haidi: -- reflects australia

strong recovery. shery: maximum flexibility. credit suisse allowing staff to negotiate how much time they spend outside the office. here is the picture on wall street. seeing u.s. futures muted at the open. we do have the independence day holiday on monday in the u.s. we are seeing thin trading as investors are trying to weigh where the fed is headed. we have the june meetings to watch out for on wednesday. the dollar is unchanged after that pullback we saw after that nonfarm payroll numbers really leading investors to believe that perhaps the fed will turn more hawkish than expected. we're looking at bitcoin. extending the weekend recovery. while it's extending its gains and headed towards the $25,000 level. remember, it breaks below 30,000

investors are cautious about perhaps signals more weakness. when it comes to crude. this coming at a time when brent also finished above $77 for the first time since 2018, all to due with the opec-plus talks. this could be really the biggest prices -- crisis that opec + faced at the beginning of the pandemic -- than the start of the -- of the pandemic between saudi arabia and uae. haidi: even after two failed rounds of talks, their expectations they would find a compromise. there are disagreements but they usually settle it private. they like to show a united front, a show of unity. we did not get that this time. we are seeing that jump in prices.

-- global inflation is already making headlines. and the quicker than expected withdrawal of centbanks to me this. our energy editor joins us with insight. as we were talking about, all of us were expected to get a deal. we have not. where do we go from here? carlos: we don't really know. that is the problem. we have created a lot of uncertainty this time because we really do not know if saudi arabia and the united arab emirates are going to be able to come to an agreement. they have had these agreements in the past. last year, they had a disagreement. they disagreed on foreign policy. they disagreed on yemen, on syria. this reflects the bad relationship between the two countries, and we don't know because we do not even have a date for the next meeting.

there is a lot of uncertainty there. shery: what exactly is the problem and who could, who stands to lose the most in this case? carlos: well, saudi arabia, as you usually tries to be the adult in the room and more prudent and they want to extend the agreement till the end of next year because they really want to see the market stabilizing and they don't want to rush into an end of disagreement. the emirates don't want that. they want to end in april as previously agreed. they also want to make technical changes that would allow them to bring back more oil by changing the baseline they are using. so, there's all this disagreement on top of the disagreements they have beyond oil. it's very concerning because it

does not seem like they are really on the same wavelength. shery: our bloomberg energy editor. we discuss it with our next guest who says he is cautious on crude oil. we're joined by the global head of market strategy at westech. robert, great to have you with us. how much of the disagreement is reflected in the markets, given that we saw the spike in prices and how farther up or down could we go? >> yeah, obviously there are number of great questions and carlos highlighted in the previous interview. we're probably left with a number of questions. we probably have to remember that the outcome of this third attempt for opec + to reach an agreement camp and -- happened during the u.s. independence holiday. i tend to see crude markets capped somewhere in the 75 to 80

region. but, clearly, the events in vienna on monday lead the near-term outlook pretty unclear. there are number of factors that i am thinking about, as carlos just emphasized. there are risks if we have disagreement within opec, opec+. you look at what happened in april last year, the last time opec disagreed with internal members. so we have that hanging over us. there is a lot of crude that opec could bring back. as much as 8.5 million barrels that could be brought back if required. i'm also slightly concerned as we approach the 80 a barrel level, the benefit to -- increases sharply as you move

above $80. i find it unlikely that the likes of russia would led the -- let the united arab emirates -- shery it: has to do with compliance. i have to see how much they priced in the level of the dollar. the 14 day rsi near overbought. where are you seeing the dollar and how does this factor into that $75, $80 a barrel arena and forecast? robert: we tend to see u.s. dollar continue to strengthen through the northern hemisphere summer. we're penciling in a move in the dxy index up to 93.5. that is not a material move. that is based on the idea that we should see continued sequential improvement in the u.s. job situation. the june numbers were seen as

very much goldilocks. pretty hot, but certainly not too hot or too cold. at 850,000. over the next couple months we will definitely move higher, towards the one million jobs market. that should open up an active debate around jackson hole about fed taper. that is something that should continue to support the u.s. dollar through the northern hemisphere summer. i am not sure that is really enough to send crude markets lower, but i do think it adds as a headwind and adds to the idea that we are capped between 75 and 80. haidi: what is the view of the aussie. commodity prices particular other ones that were relative -- were likely to remain elevated. do you expect that to change? robert: on the basis of our

model, it is fair to argue that the aussie dollar is not tracked to commodity prices. if i put my export commodity index price for australia into my model, the australian dollar should be trading north of 82 and closer to 85 cents. the fact that we are well away from that level at 75 level, suggest we are closely watching a number of developments. one is the slowdown in terms of china credit. second, increased trade tension between australia and china.a and third and importantly today would be the guidance that we get from the rbi. the rbi has told us in advance a number of decisions that it wanted to make. it's had to consider whether it will extend the current yield curve targeting purchase of the april 24 bond into the november

24 bond. our chief economist is forecasting that will not do so. it's also told us that it will consider future bond purchases, following the completion of the second 120 billion asset purchase program in september this year. westpac is forecasting we will probably see a more flexible policy stance today which we will see by 5 billion of australian bonds per week three to the end of this year. with the december rbi meeting. we are still expecting a message -- a dovish message to come through from the rbi. think it is a good buy down there. haidi: when you take a look at the impact of the delta variant in the vaccine rollout -- is

it already priced into investors across asia? robert: that is a good question. it is a question we will ask increasingly through the end of this year, as the u.s. and the u.k. in parts of europe moved toward increased reopening but other parts of the world, particularly asia, africa, etc. where vaccination rates remain very low and very disappointing we are seeing increased cases of delta and additional variants around this economies. i think that is going to act as a drag. we will see increasing diversions between western economies, northern hemisphere, and those economies that will be more impacted. so, we're going to see very skewed economic performance. and i think that is going to be important for energy, important for crude markets. it's also going to be crude for fx market -- important for fx markets. that's going to see the likes of aussie underperforming as it

tracks e.m. and asian currencies more in this current situation. haidi: still ahead, more insight ahead of the rba decision. coming up next, we'll take a look at china's continued crackdown on the tech industry. moving beyond didi to conclude two more companies that recently listed in new york. this is bloomberg. ♪

>> you are watching daybreak australia. england's plan to lift all covid curbs including social distancing come july 19. face masks will be voluntary and

the government will no longer instruct people to work from home. boris johnson said that cases will continue to rise -- they will need exercise judgment to protect themselves. government data out of israel shows pfizer's vaccine is still stopping severe illness, although it appears to be less effective against variants. its'efficacy rate for infected people out of hospital dropped to 93%. the leaders of germany and rance -- france are urging china to allow more flights from europe as one way for the nation to strengthen political and economic ties. the three-way talks -- over cooperation africa and vaccine supply and climate protections. the european union criticism of

china's human rights record has raised tensions. goldman sachs is predicting england will win its first major soccer tournament in 55 years. this is based on a probability model that used data from 6000 measures over the last four decades, taking into account factors such as team strength, performances and home advantage. england faces denmark on wednesday in the semifinals with italy meeting spain. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: the reserve bank of australia is expected to announce adjustments after its bond buying program after a policy meeting later. this'll be the first major policy shift from the rba. paul allen joins us with more. some expectations that might not end this week in new south

wales. what are we expecting from the rba? >> the words gradual and begin are important. we are expecting a reconfiguration of the bond buying program that would move to open-ended buying. we're also keeping an eye on for possible shift in the three year bond yield target of .10% moving from april 2024 to november of 2024. the recovery was progressing well in australia but this latest covid outbreak has put sydney into lockdown has thrown a spanner into the works. that is likely to feature in the discussions today. there will be a press conference after today's policy meeting. the governor for low takes questions after speeches and panels he appears on, but post board meeting press conferences are almost unheard of. this will only be his third one. the rba clearly expecting a lot

of interest in today's meeting. a lot of questions. they will be ready to offer clarification. shery: when are expecting policy -- beginning to normalize then? paul: there are a lot of opinions when when we might see changes to the cash rate which is currently mired at .10%. the consensus of those speaking for bloomberg is around 2023 for the first rate increase. all the factors to consider, not the least of which is the currency. 75.36 is the aussie dollar. the rba keen to -stay at the back ofthe global pack when it comes to- tightening. employment is just 5.1%. but there's a feeling that baby those numbers -- that maybe those numbers are juiced by the

absence of migrant workers. still well below the 2% to 2% -- the 3% target. shery: paul allen with a preview of the rba decision later today. didi global is making china's big tech platforms a riskier bets. our chief north asia course i correspondent is taking a closer look at didi. what is the latest? >> we have not had a chance on the markets to get a reaction to this regulatory action. over the last five or six days. late last week we got that news that didi would be put on review. so lightning quickly the regulators, the regulators in china put out that edict to ba people from downloading

the app. and this is a big blow coming days after that $4.4 billion ipo in new york. and we have not had a chance to see how investors are going to react. most analysts are saying they will not react very well. we have seen reaction from softbank, a backer of didi, as well as another company. we're not just talking about didi now. i'll get into the other companies. it is worrying global investors. it is a little different than what we saw with alibaba/ant. that was a joint listing in hong kong and shanghai, not new york. didi was in new york. in these other companies which i will talk about now in both the trucing business and consultancy business, they have listed last month in the united states. we are seeing the regulators catching up because a lot of these platforms, as we explored through the ant process on

redlines, the documentary, we might have part two, given that this has taken on another state. -- another stage. we have seen beijing playing -- catch up to the regulatory lag that has allowed these companies to grow so large and pose a threat to the communist party rule and the communist party control of that very sensitive data, which these chinese platforms are building tropes of -- troves of. haidi: is it just playing catch up because part of the outrage by investors is -- choosing to crackdown days after this high profile massive u.s. listing. stephen: it is interesting the timing and the companies that are now being targeted. these companies, which include first truck alliance, as well as didi, all have listed in the

united states. ant was not going to be. it's saved by cracking down on ant before their ipo it's saved a lot of losses for retail investors in china. this is hitting global investors hard, this latest crackdown. we're hearing from dow jones news wires that regulators in china reached out to didi before the listing in the united states last week, urging them to a, halt the listing or delay and two, do an extensive review of their network security. i don't know the ins and outs of those discussions but as we saw last week, didi went ahead with their ipo regardless. i want to read you a comment coming from the "global times." we have not gotten statements other than the official announcements from security regulators but the " global times," very striking at time,

state media in china, they have put out a worded column yesterday saying "we must never let any internet giant controller super database that has been more -- has more detailed personal information than the state." let alone giving it the right to use the data at will. so, china must be even stricter in its oversight of didi's data security given it is listed in the united states. it's two largest shareholders -- its two largest shareholders are foreign companies, one of which is softbank which sunk to a 15-month low yesterday. haidi: you can get more analysis on china's crackdown on tech giants from the great documentary "redline: china." catch it on youtube. this is bloomberg. ♪

shery: here is a quick check of the latest business flash headlines. credit suisse is planning to introduce a work model that gives its employees maximum flexibility. 30,000 staff will be able to decide with their managers how much of their time they want to spend outside and inside the office. the banks says the rollout of its new policy to the rest of his 49,000 global employees will be determined by regional guidelines. nomura has suspended coverage of 29 companies including tendo following the exit of two highly ranked stock analyst in tokyo. they all cover the leisure and amusement sector have left the company. both were ranked in the top two

in a survey. standard life aberdeen has gone ahead with this plan to remake-- rename the u.k. asset manager, spelling it rbna. it on latest market and social media. the chief executive says the short name to makes it easier for people to search for the company online. >> aberdeen -- it is also university. abrdn is a unique vulnerable assert. it's easy to search. haidi: to australia no. -- in australia now. the governor has to make a decision. we will also be getting weekly consumer jobs data in the coming hours. a hold to morgan financial after

that takeover. stocks soaring yesterday. plenty more ahead. this is bloomberg. ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪

vonnie: you are watching "daybreak australia." opec-plus abandoned its meeting without a deal, two prices and leaving the oil market facing high supply and rising prices. the delegate said talks failed to resolve a dispute in saudi arabia and the uae, which was the holdout against the plan to boost supply and extend quota limits until the end of last year. it will not increase in august so talks can be reactivated at any time. facebook, twitter, and google

have warned they may stop offering services in hong kong if the government goes ahead with plans and changes to data protection laws. according to the dow jones, the companies were part of an industry group that raise concerns for the government in a private letter. they claimed moves to address doctrine could put staff at risk. china's central bank says financial institutions should increase credit supply and provide more financial support to small and medium-sized companies. a pboc notice posted monday encouraged smaller banks to sell special bonds to expand channels for sme's. the securities regulator plans to safeguard against risks. u.s. investigators will scan the seabed of hawaii to find the wreckage of a cargo plane that went down after losing power in both its engines.

the national transportation safety board says sonar devices will be used to locate the jets and its crash proof reporters. they will interview the two pilots of the flight which arrived after ditching the plane early friday. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: sydney's outbreak of the delta variant is proving stubborn to get under control, raising concerns that australia's most popular city may need to extended two week lockdown friday. you have been covering this in detail. what is the likelihood that this will end by friday? >> i would say it's too early to say whether the lockdown will be lifted. the number we are focusing on is how many cases have been out in the community while infectious. that number was 11 yesterday out of 35 total new locally acquired cases. it almost needs to be

around zero but we new south wales premier has resisted lengthy lockdowns in the past and has continuously said it is an absolute last resort and we need to open up and support business so let's hope it opens up but we cannot say just yet. shery: we have seen criticism about australia's very slow vaccine rollout. it the pace picking up? georgina: the pace is picking up slowly. one of the major problems is with all the mixed messaging surrounding astrazeneca. last week, it was said by the federal government that under 40's could access that shot if they wanted to but our vaccine rollout is still lagging at 16% of the population in covered comparative to the u.s. at 52% in the u.k. at nearly 60%. the morrison government is being blamed for the confused

messaging and state and territory leaders have also said that his government is not supplying enough doses so it's not a matter of whether people are keen to uptake this vaccine. it's a matter of do we actually have the supplies? haidi: what has been the reaction to the pm and the governments four-phase exit strategy from covid? georgina: so first, listening to that, it does sound -- it's nice to have some clarity that there is a plan. however, there were no clear targets set as to what level of vaccination is going to be needed to move from one phase to another and the current phase we are in is likely to go to the start of next year. it is good and well to have a plan but we are still lacking compared to the u.s. and the u.k. in these economies that are now opening up so it would be nice if there were some clearer targets but we will see what

happens. shery: georgina mckay with the latest on australia's fire outbreak. your hearing from chinese ev maker exxon now saying the hong kong listing retail offer was 14.7 times covered. we are hearing that the listing is of the shares coming in at 165 hong kong dollars each. this would raise a net 13.8 billion hong kong dollars in that hong kong listing that we have been awaiting from electric vehicle maker -- its arrival to tesla in the chinese market, we heard a few weeks back that it was going to be becoming the first chinese ev producer to finish a so-called homecoming share sale. the firm sold 85 million shares at 165 hong kong dollars each and that's according to an exchange filing on wednesday. we are now getting confirmation

that they are raising a $13.8 billion in that hong kong listing to become the first ev maker to complete their homecoming listing. haidi. haidi: with lots more to come no doubt. let's get more on this virus flare in australia. the central bank is still likely to gently iranian some of its emergency stimulus to reflected the australian economy's post-pandemic recovery. that -- let's get some analysis from our guest. one of the charts showing the resilience we are seeing from the australian economy. this is taking a look at jobs which pretty much have returned to pre-pandemic historical averages and on top of that, we have seen export goods produced domestically, robust over the period as well. does the lockdown, particularly if it is extended in new south wales beyond the end of this week, change that outlook? >> i don't think it does.

what we have seen with lockdowns, not just in australia, but globally, is that they are a temporary hit to activity. they recommit of havoc with the high-frequency data and we know it impacts activity, confidence and the labor market, but it tends to bounceback once restrictions are lifted and we exit lockdown and i don't see why it's any different this time around and we do still have some ongoing support and fiscal measures although not to the degree of earlier this year and last year if so i don't think it materially changes the outlook. the economy has proved stronger, the labor market, as you point out, as well, a lot stronger. the unemployment rate, close to 5%. it has fallen quicker than most so the outlook is very encouraging and i think the lockdowns are a temporary setback to the recovery that is well underway and gaining momentum.

shery: there has been some concern that the labor market numbers are distorted because of the lack of temporary workers, close borders having a demographic. is there a worry that will translate into wage gains? >> there is no doubt that the labor market is tightening after than we thought. we saw a rapid decline in the unemployment rate and we know that there are pockets of paper shortages as well including skills but very much less skilled in the likes of hospitality, tourism, the areas where we traditionally see offshore students to australia as well as the travelers and backpackers in regional and rural australia so there's definitely pockets of skilled shortages as well as unskilled and that's placing some pressure but in terms of whether it is

more broad-based, i think that is yet to be seen. wages growth starts from a very low point at 1.5% in annual terms, close to historic lows. we will need to see a much tighter labor market across the board not just in pockets before we get sustained growth in wages and eventually higher inflation. i think some of that is underway. the closed borders may add to that in the near term. shery: how big of a part of the australian economy are those charms in hospitality, leisure, aviation sectors, as well as business performance when it comes to assessing the broader australian economy? >> they are important to australia but they are not the most labor-intensive industries so they are still strong so when we look at the likes of construction, retail, professional, scientific, and tax, those are big employers in

the country and where we have seen fairly good growth in employment, that is consistent with the stronger recovery. in the other sectors of recreation, leisure, hospitality, some of the areas which have been disproportionately hit by covid restrictions, they are still reasonably a significant, but not to the same degree. this is where we see the pockets of shortages, whether they become more spread really comes down to sustainability of this recovery. the further tightening in the broader labor market and that is what we are watching out for over the next six months to 12 months. shery: we are watching governor philip lowe moving in the broader context of its peers. we have seen him stay behind the pack, whether it's on tightening versus canada or the fed going ahead first. georgina: there is no doubt

there is a bit of a shift going on in the global central banking stats away from the ultra-accommodative settings we have seen over the last 12 months and the bank of canada is the best example of that as they have begun their taper program and we expect them to take it further at their upcoming july meeting. the fed is gradually shifting in that direction and we have seen a bit of a shift in the dot plot as well and we also expect the fed to taper later this year. the question of whether the rba can move ahead of the fed i think is an interesting one. it's very much i suspect about the impact on overall financial conditions and the aussie dollar. at the end of the day, we believe that the rba will very much set its own course to a degree. the stronger economy, the resilience in households, the elevated levels of confidence, and the tighter labor market suggest there is scope for the bank to pull back from the

emergency measures, begin some a modest paper even if it is slightly ahead of the fed and that's very much a function of the domestic circumstances here. shery: it was great having your thoughts. rbc capital markets chief economist. you can also turn to your bloomberg for more on the rba decision later. go to tliv to get commentary and analysis from bloomberg's expert editors. this is bloomberg. ♪

haidi: you are watching "daybreak australia." morning calls ahead of the eta trading day and we are watching the aussie dollar in focus today with the rba meeting. westpac saying the currency has a new major driver and that is reflation. richard writes that the aussie has moved more in tandem with the reflation trade and materials sector rather than its traditional commodity links. shery. shery: oil also showing signs of short-term overheating in both brent and wti, but make no doubt, upward momentum is strong. this chart showing that the 14 day relative strength index for brent's topping 70 for the third time in three weeks. haidi, technicals in this chart also showing that wti is overheating in the short-term. analysts remain bullish here it over the past year, it has

crossed the level nine times but rose an average of 3.8% in the next 20 days. let's turn to bitcoin as well, holding steady after tumbling at the start of the week, following a fleeting recovery over the weekend, but more trouble could be ahead. a study of recent ups and downs suggesting that another crypto slump is approaching. let's bring in our mliv editor, garfield reynolds. great to have you with us. what are you looking at? garfield: as you point out, this key difficulty that bitcoin has faced twice before was pointed out by my colleagues. after a halving of amount of coins paid to crypto miners, you get a spike up, accompanied by the usual mania, the usual fog

of transformative technologies and then you get a peek, which we have just had now. we are down 50% from the peak. the previous time, 80% drawdown. that has got to be concerning for people, especially when there are fundamentals that are helping to drive the declines in elon musk's fluctuating commitment to bitcoin and china's interest in cracking down on bitcoin. they are both potential long-term negatives so that creates something of a cloudy outlook for bitcoin going forward and one of the big questions is whether other cryptocurrencies can shake off the overwhelming influence of bitcoin. haidi: because i'm wondering how bitcoin selloff then reverberates in terms of sentiment for other digital current these an infrastructure

that also liquidity as well. garfield: a big part of the crypto space is speculative side of things, understandably. there have been huge fortunes made and lost on cryptocurrencies. bitcoin is the biggest of those, up from $10 or so in 2013, to as much as 60,000 plus in the more recent run, so there's massive gains to be made and that gets people -- it draws people in and as those crash out, it affects the rest of the crypto space. in a lot of ways, other cryptocurrencies are very different when it comes to what they do for blockchain. ethereum or some of the others that are better designed for transactions or, in ethereum's case, designed for a rather

different approach. what the blockchain is doing in its capacity to create nonrefundable tokens, whether they can at some stage win people over as a differentiation, where they can become -- the price action can be more weather to how usable they are for purpose other than just what their relative dynamics are compared to bitcoin and whether they are a speculative bet for other doge coin type products. haidi: garfield reynolds. credit suisse is planning to bring a work model of maximum flex ability. it is the latest arrangement. our asia finance reporter, nabila ahmed, has the details. tell us more about what is in that outline. nabila: credit suisse is really

listening to its workers here. it did a study of how employees performed under various work models and found that workers who had the most flexible work arrangements were not only the happiest but also the most productive, and they wanted to spend two thirds of their work time outside of the office. credit suisse is saying that it is going to go to maximum flexibility for 13,000 strong workforce in switzerland. what does that mean? they will have total freedom to decide with their teams how much time they want to spend working remotely and which days to go into the office. the ceo saying that more flexible and agile post-pandemic world demands this sort of work arrangement. shery: we have seen two highly ranked stock analysts leaving nomura. what are the repercussions of that? nabila: this is definitely a setback for nomura, the first firm to establish a research department some 115 years ago and member that the bank was

another one that was badly damaged by the arcade goes saga. they took a hit. there has been a raft of departures since. research was one area that the bank had sought to reinforce as part of its router growth plans, but now, we are seeing two very highly ranked analysts have left and the bank is forced to suspend coverage of about 30 companies they covered including some big ones like nintendo and rakuten so this is not good for clients of nomura. haidi: a bit -- shery: the bill ahmed. the head of the tokyo stock exchange says longer trading hours could be realistic in the future. the president and ceo spoke exclusively to bloomberg about market reform and attracting more ipo's from foreign companies. >> our overall goal is to build up the market of choice for domestic and overseas investors and also other market users.

it is very important to remember that this market reorganization is not the final one. this is just the first step to transform dsc to become the market of choice. >> they recently established a panel to discuss whether or not to extend trading hours. what feedback have you heard from stakeholders and investors so far? do you think these changes are likely, and if so, when? what would be the challenges to making trading hours longer? >> we restarted this discussion at the working group last month and there were many variety of opinions which have been raised by the members, and largely about the extension on the processes that are carried out after the trading ends, setting

up the base price for investment trust. i don't know how long we will extend this. however, i feel that trading our extension looks more realistic than the last time we discussed it. >> recently, taiwan's group listed in the tsc. what will the tse do to attract more overseas companies listed in japan, and in the near term, how does tse plan to compete with overseas exchanges? >> the market has been strong the last few years. and also, the tse market is being highly rated especially by the asian startups. as you know, japan has a stable democratic government and regulation is also very stable and we have japanese economies, the third-largest in the world, with the 2000 trillion yen worth

of financial assets held by individuals and the tses with ample liquidity. you don't have any other market like this in asia. with that background, we have been promoting asian companies, targeted those cross-border companies, what we would call cross-border companies. they have three types. one is both companies are abroad. this companies originally are based abroad but we established ourselves with the japanese companies and the third case is the japan-based company with ces. from the beginning of this year, we have all of those three types of companies listing ipo's in japan and we have so far today

16 cross-border companies listed on tse and we have a couple more in our pipeline this year. i believe that, you know, the tse listing is the optimal way for cross-border companies to improve their market cap or corporate values so we will continue to work on people in the ipo business in asia to continue promotion. >> the biggest corporate news is about toshiba and how it worked together with the japanese government to influence the shareholder meeting. tell us what you think about this issue and whether or not the tse is considering any measures against this problem. >> we have been watching that toshiba situation carefully, especially since the independent report came out about last year's agm. obviously, if this issue has a

negative impact over the flow of investment by overseas investors, that's not good for the japanese capital markets. from the prospect of jp x, we strongly suggest that toshiba disclose its -- this appropriately and promptly, any information needed by shareholders or investors for the information related to the unfairness of last year's agm. haidi: president and ceo speaking to bloomberg. shery: let's turn to china's corporate credit market, the world's biggest after the u.s., and it is also one of the safest. china's government has backstopped even the most reckless spending where they were arguably long-overdue and this is the total chinese local bonds coming to that need to be

repaid this year and next. those days of unlimited rescues could be drawing to a close as beijing forces more accountability on its weakest companies so take a look at this. bloomberg launching a new metric to shine a light on stress in the riskiest corners of china's onshore and offshore credit markets. bloomberg's credit tracker using proprietary and public data in historic context. put simply, the higher, the more trouble the companies and skittish the investors relative to historical averages. you can check it out on the terminal or on bloomberg.com. we will be getting plenty of insight on the outlook for china's credit markets. the cohead of asia fixed income and a ceo will join us later. haidi. haidi: coming up in the next hour, taking a look at the market outlook. george joins us and tells us why he is staying underweight when

it comes to growth stocks. plus he joins us to discuss the opec breakdown and what it means for oil prices from here on forward. that is it for "daybreak australia." "daybreak asia" is next. this is bloomberg. ♪

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haidi: hello and welcome to "daybreak asia." i am haidi stroud-watts in sydney. shery: i am shery ahn in new york. our top stories this hour. fears of a price war in global inflation as opec-plus abandoned its meeting with no agreement on boosting oil output. the rba is expected to pare back emergency stimulus at tuesday's meeting