>> a good morning and welcome to "daybreak: australia." sophie: we are counting down to asia's market opening. kathleen: good morning. for the top stories this hour, christine lagarde tells bloomberg will be guidance on monetary stimulus in 10 days, signaling a new measures might

be brought in next year. we will have that interview in a few moments. haidi: china takes its most concrete step yet to crack down on foreign listings, against internet giants. kathleen: sydney's covid lockdown may continue. they are reportedly at a critical point as people are warned to stay indoors. haidi: i know you are monitoring this closely, christine lagarde telling us a july policy change is possible for 2022 measures as well, it may be followed by a transition into a new format. we are also hearing from the ecb president lagarde that we should repair for monetary stimulus in 10 days. new measures might be brought in next year to support the economy after the current emergency bond program finishes up. that guidance will come from the july 22 governing council

session, but she talks about interesting variations and changes happening. let's get you more of that conversation, we spoke exclusively with christine lagarde. >> we have a framework. we have a new framework that is unanimously approved by the governing council and we are going to look at, as we always do every six weeks, we are going to look at the circumstances, what forward guidance we need to revisit, we are going to look at at the calibration of the tools we are using to make sure it is aligned with our new strategy, and i think given the persistence we need, forward guidance will be -- francine: it was always a big meeting, but it is a bigger meeting because it is not a technical change? >> it is an important meeting

because number one, we will communicate differently. what analysts, journalists will see is a slightly different presentation of our monetary policy decision, and i very much hope it will be clearer, simpler, crisper to the point, and as little drug on as possible. that is one. two, there will be a forward guidance review, because we have to align with the strategy review we just completed my sense is it will continue to be determined by maintaining favorable financing conditions in our economies, because we want to continue to support this recovery underway. so yeah, there will be some interesting variations and changes. francine: when is the right time to talk about an exit strategy? ms. legarde: not now, it is not the right time to talk about

exit strategy. we are still forcefully developing under these exceptional circumstances and using exceptional tools, which is the pandemic emergency purchase program, which i expect to last at least until march. and possibly to transition into a new format after march. that is what we see at the moment, but i think we need to be very flexible and not start, you know, creating the anticipation that the exit is in the next few weeks. sophie: that was ecb president christine lagarde -- kathleen: that was ecb president christine lagarde. we have other big news, we forgive you if you did not see the top of our show, italy winning the euro championship, eating england -- beating

england 3-2. let's look at the pound, because boris johnson has put a lot of hope in a win. the first time for the u.k. and 55 years. instead, a heartbreaking loss when you see your team losing and penalties. the pound pretty much unchanged, a little lower. we want to harken to the important remarks made by christine lagarde. the euro a little weaker against the dollar. she seems to be signaling perhaps more stimulus is coming, no hurry to start removing it. in terms of stocks, the s&p 500 with a big day, record high after three weeks of gains. maybe optimism continues, covid variants might be spreading but there is hope. last year, snapping a two-week rally, 1.36%.

just under that level now. it is interesting to see how that shapes up in asian markets. haidi: we could see a bit of a lift not just from what we saw in the u.s., wall street overnight, the fresh highs we saw, that could give a boost to the asian session, but there could be sore heads and tired people watching not just football but tour de france and wimbledon over the weekend. futures, looks like we will have a pop at the open, over 1%. new zealand up one tens of 1%. there is a call for tightening in the coming year. chicago fed futures trading flat at the moment. the dollar rising slightly in the early part of the session. dollar china pretty steady. kiwi outperforming peers. not too much of a mood when it comes to the euro. china has taken its most concrete step yet to crack down

on overseas ipos, authorities proposing new rules on saturday that would further tightening oversight on internet giants. sophie kamaruddin has the details. sophie: china is moving rules that would require all companies that want to list overseas to undergo a private security review, this on the basis of national security. this after a debut last week, even after the cybersecurity administration was said to have sought a delay to the listing. these new rules announced saturday, they would apply to companies that hold data on a more than one million users, which could affect ipo hopefuls like bytedance. several companies had already stopped plans for listing overseas, like a medical data player. for companies that have already listed like alibaba, regulators are reportedly considering rules that would require them to --

additional overseas sales. we topped the tally last year. kathleen: how is this tighter scrutiny affecting china's entrepreneurial elite? sophie: they are feeling the heat, as regulators seem to be concerned by monopole listed behavior and stability and data. it has put a drag on chinese internet stocks. last week alone, they lost $200 billion in market cap. china's riches lost $16 billion in combined fortunes in the first half of this year. in the chinese tech space, some investors are smelling a buying opportunity and it could provide some positive support for risky assets. kathleen: i guess every market cloud has a silver lining. sophie kamaruddin in hong kong.

china's economic recovery might be weaker than it seems with the central bank shifting into easing. the people's bank of china moved to cut its triple r rate, in a surprise move, pumping extra liquidity in the market but also raising concerns about the growth outlook. let's bring in our correspondent to discuss. what is behind this turn by the pboc? >> like you mentioned, it came sooner than expected and was broader than expected, much bigger than analysts were chatting about last week. 150 billion u.s. dollars, and it signifies now some official concern at the pace of slowing in china's economy. there is the expectation that the export boom in the coming months, we know the consumer story has not gotten back to where it was before the virus, and that is with the virus well under control in china. there is a feeling that the

official sector is stepping in to get ahead of the slowdown, a preemptive move. this ahead of important data later this week. we get a reading on second-quarter gdp and industrial output. i think economists are reading this as a surprising and preemptive move haidi: deleveraging is on the back order -- back in her. what do we expect going forward? enda: no sooner do you make these points and people turn around and say the pboc will only go so far. in their own statement friday night, they said they are sticking to monetary policy. they are not signifying broad-based easing. there are technical aspects in that there are some funds that need to be rolled over. the bigger picture has to be there is still a shift, an unexpected one. the council spoke out about the

need for smaller and medium-sized enterprises. there was a 50 basis point push to banks in all sectors of the economy. it is not a broad-based easing, but it is a shift number and a notable one. haidi: always great to have the context. let's get you over to vonnie quinn for the first word headlines. vonnie: a governor says monetary policy could be tightening next year, including interest rates moves. the central bank kept it at a record low since february. the strategy is to gradually reduce liquidity in the financial system, where he says a rate move could happen if policymakers -- inflation and ongoing recovery. >> the next year, there might be some -- but this is really

uncertain. vonnie: u.s. treasury secretary janet yellen has had -- has set a rough timeline for when the biden administration hopes congress can take up parts of the tax guidelines. she believes it will choir at two thirds vote in the senate, and impossible hurdle without republican support. >> written names to be negotiated. maybe it will be written already in the spring of 2022, and try to determine at that point what is necessary for implementation. vonnie: sidney reported a record 77 a new covid-19 infections on sunday. the new south wales state government says that means it's lockdown is unlikely to be lifted next week as scheduled. some economists estimate this is costing 70 million u.s. dollars. australia's national government

has pushback plans for a travel bubble with singapore until at least the end of the year. billionaire richard branson and virgin galactic have successfully completed a long-awaited test flight into space. branson and five employees experienced a few minutes of weightlessness as the space plane reached peak altitude, about 85 kilometers above the earth. it kicks off a landmark month for space tourism with jeff bezos also set to fly a record made by his company, blue origin. >> we've got to get building as many spaceships as we can as fast as we can, so one day kids will have the chance to have a similar experience to what i had. and that will do. vonnie: 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: we have breaking news,

just elaborating on what we heard, calling for monetary tightening in the coming year. there were growing calls among shadow board members for the central bank in new zealand tightened monetary policy conditions, given what we have seen in the pickup and inflation pressures, that is according to the new zealand institute of economic research. many see the tightening at the july meeting as appropriate, and beyond that, the overwhelming majority things monetary policy should be tightening in the coming year. this is adding to the chorus of banks and analysts that see by november a rate hike for the rbnz. still ahead, we will be discussing the g20 development over the weekend. the former deputy chief of staff and u.s. treasury department will be with us. next, we have the market outlook with a strategist. this is bloomberg.

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kathleen: fed chair jerome powell has to capitol hill this week for two days of testimony on monetary policy and the economy. we also have the june cpi report due this week, expected to be hot. for more, we are joined by scott crowe from center square investment management. the fed, jay powell, a lot of this emphasis on keeping stimulus in place, buying 20 of bonds and being reluctant to stop doing that has kept interest rates low, mortgage rates low, and helped create a fire under the housing market. what do you expected jay powell to say that could throw more

fuel on the fire or cool it off? scott: he will try to be as dovish as he can as long as he can. that is one of the reasons the fed has been describing the current inflation numbers we are seeing as transitory. the big risk out there is is inflation really transitory? the longer it goes on, the less transitory it will be and more sticky it will be. one place we've seen a lot of inflation in the u.s. is the housing market. right now, supported by fundamentals, partly because supply is very low, and that is a consequence of all of the shutdowns during covid, and supply chain bottlenecks. the other thing supporting the market is while prices are up, supportability is good because interest rates are low. thirdly, a lot of people are in motion in the u.s. prior to covid, we had millennials moving to the suburbs, and we know a lot of

people are moving to different parts of america, not just to the suburbs but away from the coast and northeastern california to the sunbelt and southeast. as people moved to new markets, they will need new homes. kathleen: i also wonder, the impact of the stock market and increase in wealth, not just for the wealthiest americans, but a lot of people have made money in stocks the past year for a variety of reasons. there is a debate in the stock market, are we getting to the top? the economy won't be growing quite so fast, will there be more rotation to put a lid on things? how does that relate to the housing market, how do you factor that in? scott: it is all linked.

we know it tends to create imbalances in the market, but i don't think we will see any of those build up and come home to roost this year and probably not until 2022. but it sets up risk as the cycle continues. right now, the biggest risk is if the inflation data continues to run too hot, powell will have to shift. the market does not like that. haidi: i want to look at the underperformance that has become stark with the asia-pacific versus the rest of the world, particularly as we get u.s. exceptionalism and europe recovering as well. we are seeing the msci asia-pacific flat. i know you don't have a huge exposure to asia other than australia, about 12% there. does the value part of the equation make it more interesting? scott: it certainly is getting more interesting. we focus on real estate, real estate investment trust, and is

certainly the relative performance between the u.s. and asian markets is making those markets more interesting. again, there is a fundamental reason for what is going on. what is going on is the u.s. is vaccinated and open, versus parts of the asia-pacific, including australia, having a harder time of it and closing down. that will just be a function of growth. the hope is, once we get wider vaccination across the world, other parts of the world catch up to the opening we are seeing in the u.s.. haidi: always great to have you with us, scott crowe. coming up, richard branson's trip to space. we discussed what the successful test flight means for the business of space tourism. this is bloomberg. ♪

kathleen: billionaire richard branson has made history as one of the first non-astronauts to experience spaceflight and weightlessness after a successful test flight of virgin galactic's unity space plane. our correspondent joins us from new mexico. mission successful. walk us through the events on the ground. he spoke to richard branson -- what did he say? >> it was a plan that executed perfectly. the eve, named after richard branson's mother, took off at about 8:35 local time carrying the unity. it climbed 45 minutes to about 50,000 feet above the earth and them separated. the unity ignited its hybrid

rocket on a steep arc up to about 50 miles above earth. at that point grandson and crewmembers experienced a few minutes of weightlessness, and then traveled back to earth, where jubilant branson ran around space port america singing his success. haidi: you spoke to the man of the hour. what did he have to say after this extraordinary day? ed: he has been working on this since 2004 and has talked often about what he wants to go into space. he found it hard to put into words, have a listen. >> i have been practicing words to say to kids on earth for some time, and once i had done those words, just being able to unbuckle and take off and look out of the massive windows, and the spaceship was upside down, and take in the earth from

space, it is something i have dreamt of since i was a kid. it was... completely and utterly awesome. yeah, one of those dreams come true. i still think i will wake up any minute and it will be a dream, it was extraordinary. ed: you said the feeling of weightlessness was indescribable. can you at least attempt for me? mr. branson: well, it is just the most... it is just -- it wasn't floating, but looking at the other three beneath me floating as well, and looking out through gigantic windows at this stunningly beautiful earth below . pristine sky, the strength of

the blues and blacks, and we were in space. you know, i have never -- i have always pitched what it would be like, the ride up and back, and never realized the whole experience would be so vivid. woo. ed: beyond the satisfaction of your own goals being achieved, what doesn't today symbolize for the company and all of the children present earlier -- what does today symbolize for the company and all of the children present earlier? mr. branson: for the children, we got to get building as many spaceships as we can as fast as we can so those kids have a chance to have a similar experience to what i had. and that we will do. we also launched a raffle today so that two kids, $10 for a pair of tickets, if they win, they

can go up, and that money will hopefully enable many people to go up who could never have dreamt of going to space. haidi: ed ludlow speaking to richard branson in new mexico. we have more to come on "daybreak: australia

sophie: -- told investors to prepare for monetary stimulus in 10 days. vonnie: she also signaled measures might be brought in a year to support the economy, after the current emergency program ends. ms. lagarde: it is not the time to talk about exit strategy

because we are still forcefully delivering under exceptional circumstances, using exceptional tools, the pandemic emergency purchase program. which i expect to last at least until march, and possibly to transition into a new format after march. vonnie: the imf managing director says the eu's carbon border tax would be a protectionist measure. she had backed france's proposal for a minimum floor price for carbon around the world, saying that would be more efficient in curbing emissions. another minister said a single global carbon price would be ideal but it would be difficult to reach an agreement. malaysia's deputy prime minister says the country should be able to return to normal soon as a vaccinations take up. new cases hit a record saturday, five weeks into a nationwide

lockdown and strictest restrictions yet. the prime minister is embroiled in a battle with a rival, and there are warnings the economy is at a breaking point. china has posted new laws that would require nearly all companies seeking to list in foreign countries to a cybersecurity review. it is a move that would significantly tighten oversight over internet giants. it would apply to companies holding data on over one million users, with regulators saying they could be exploited by foreign governments. italy has won the european soccer championship, eating -- beating england. this is the first time italy has won the euro since 1968. 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: a covid-19 outbreak in australia continues to worsen, with new south wales premier expecting more than 100 new cases to be reported on monday. sydney reported its first death from the virus ends april. paul allen joins us with more. what are we expecting? paul: we had 77 cases reported to 8:00 p.m. yesterday, but the premier expect that to rise, considering 83 were infectious while in the community. that's why she says she would be very surprised if there were not more than 100 cases reported when we get the numbers at 11:00 local time today. as you mentioned, we have reported our first death since april, a 90-year-old woman given the virus by a family member. she was unvaccinated, and that goes to the root of the problem. vaccination numbers very low here, only eight point 5% of

australia fully vaccinated. a graphic new ad campaign is intended to scare people but it doesn't address the vaccine shortage. it is difficult to get one. people who have had one dose of astrazeneca are told to bring fort -- forward the date of their second dose, it does offer more protection in the presence. the lockdown was do to end this coming friday, and it seems very unlikely that will happen. kathleen: australia was hoping to open a travel bubble with singapore in the next few weeks. needless to say, that is not happening now, and i guess the future does not look very bright at this point. paul: it does not, the trade minister was talking on this over the weekend, he said that will be pushed out to the end of 2021. the intention was to have the

singapore travel bubble up and running either this month or in august. 55% of singaporeans are vaccinated, that compares to the woeful numbers here. we have someone -- of the trade minister is visiting several countries and was due to visit indonesia as well, put on hold because of a surge in infections. they are saying a vaccine passports will be a reality for years to computer meantime, to soft in the economic blow in new south wales, we are expecting a package to protect jobs and his misses. we could get that as soon as today. kathleen: paul allen joining us from sydney. bank indonesia could begin monitoring -- tightening monetary policy next year as policymakers see signs of inflation.

the governor told haslinda amin that the central bank is reassessing the growth outlook. >> we are forecasting our economic growth will be 4.1-five .1%, growing about 7% in the second quarter, and 6.3% in the third quarter, and over 5% in the fourth quarter. you are right, we are in the process of reassessing what the impact of the increase of covid-19 cases. haslinda: there is a downside to your 2021 forecast? >> economic growth, mostly stemming from domestic, the impact of the increase in cases and the policy that needs to be done by the government and all

of us to control covid-19. the regulation of mobility around bali will need to be assessed. human mobility, and finance. because exports have been the driver of our economy, and thanks to the economic recovery in the u.s. and china, we are looking to also recovery in europe. haslinda: the current situation is getting worse. what scenarios are you preparing for and how will you safeguard indonesia's recovery? >> we are working very hard, ranging from the economic

minister, minister of finance, myself, and we need to support the economic recovery by assessing sector by sector what more needs to be done. fiscal stimulus, social programs, and the central bank. haslinda: might you consider a rate cut given the restrictions, the worsening outbreak, has hit the economy badly? >> our policy on the monetary this year, as you know we are focusing on -- because of the impact on global. but our interest has been low, 3.5%. as well as we will continue ensuring liquidity in the

financial sector, as well as -- we are focusing more on how to ensure the effectiveness of our policies. haslinda: so a rate cut is off the table? >> for this year, we are assessing. 3.5% is the lowest in history. what we are focusing now, we are asking -- haslinda: the fed has started talking about tapering. when will you start thinking about tapering? >> if there is something -- provided the economic recovery, we will be thinking about reducing some liquidity in the financial sector, gradually.

and then later next year, maybe some interest rate. but this is very uncertain. haslinda: is there a risk of capital flight from emerging markets like indonesia? how do you assess the risk with that? >> it is hard to assess the markets [indiscernible] given some room for adjustment. comfortable and most of all stable. that's what we are doing. haidi: that was our exclusive conversation with the indonesian governor. later, we will speak exclusively to malaysia's finance minister about what they are doing to boost the economy as the country grapples with the pandemic. next, the g20 baxley global corporate tax -- backs the

global corporate tax plan. we will look at the hurdles when it comes to implementation. this is bloomberg. ♪

>> remains to be negotiated. maybe it will be ready in the

spring of 2022, and try to determine at that point what is necessary for implementation. we see the tax agreement as being strongly in the interest of all members of the european union and the world more generally. i will use the opportunity to try to explain why we think the few remaining european union countries that have not endorsed the inclusive framework, why we think it is in the world's interest and their interest to be part of the agreement. kathleen: u.s. treasury secretary janet yellen putting a timeline on whether the biden administration hopes congress can take up to key portions of the global tax agreement endorsed by the g20 over the weekend. the deal would impose a global minimum tax rate on corporations of at least 15%. joining us to discuss is our

editor. tony, how difficult will this be? has the g20 got the process any closer? tony: the difficulty is going to be, one of the difficulties certainly will be the u.s. congress, and that is what janet was talking about just now in venice. there are two parts to this deal, and the more difficult one has to do with revamping how companies and corporations that are taxed worldwide, that is something where we got a timeline for the first time in some detail from the treasury secretary, who says this could go into next year. and of course, you have to remember there is a political calendar in the united states, too, with midterm elections next

year. and the democratic majority for the entire project is always a fragile thing. haidi: yellen's next stop is brussels. how does the eu fit into the big picture here? tony: that has to do with the countries in the eu, which does not have a unified position on this. the countries that have and a fitted from low tax policies, the one that comes to mind is ireland, which has done well out of this and fueled economic development that way, that has always been very controversial inside the eu. certainly a country like germany has been eager to rein that in. yellen needs the eu to get that together and get united so that

the entire project can proceed. like i was saying, there will probably be considerable pressure on these countries inside the eu from some of the big economic powers in the european union. haidi: our editor with the latest over the weekend. let's talk about these developments i the g20 -- by the g20 with our guests. tony spoke earlier about some of the domestic and political implications of trying to push this deal through. how is the road to implementation? >> it is going to be a long one for sure. it is important to understand that this is so important

because it represents a complete change in how international finance communities see tax policy. until now, it was seen as positive competition and healthy for the world. we are now changing that and say it is about collaboration. the biggest challenge is in 2022, all countries have to change the domestic tax policy. the u.s. is complex, as you mentioned, and the eu no easy feat getting all members on board. in particular, hungry has been -- hungary has been complicated. haidi: the imf have said this needs to be simple for implementation to happen on a truly global basis. is it possible to have a global, comprehensive and simplified tax code, do you think? >> um, no. it is difficult to have any tax

code simple. but 15% across the board, there is still a lot of discussion, 15 might not be the ultimate number. it gets more complex. there are two different industries that are exempt from the tax. there's also a piece of this that makes it appealing to other countries, which will allow for companies over $20 billion to be able to give some back to the countries where the revenue is made. the u.s. would lose revenue for facebook and google, but again revenue from volkswagen and other german car manufacturers. that is not simple. kathleen: you were the deputy chief of staff, executive secretary for the department of

-- part of the team from 2006 and 2009. in some ways it was different going into a terrible recession. the u.s. and the world trying to climb out of the deep hole. if you look at how the political forces lineup in the u.s. and overseas, are there similarities or differences? is there something that gives you hope? taiya: the complication now honestly is trump. when we were going into the financial crisis, we had a lot of folks coming together, a desire to fix things, it was a guarantee everybody knew what the problem was and worked on fixing it. covid has even us that hope and people understand a similar problem. the solutions are not quite as easy and simple. the biden administration has focused very much on bringing everyone together. i think the positive voice is

going to be from the trump administration, they were dealing globally, they did not want to work with everyone. there is a wonderful honeymoon with the biden administration and folks feel that, the energy from janet yellen and others, the desire to partake in a global solution. that said, whenever a country has to do something domestically, it is hard even with the best will to make it happen. this is a conversation that has been going on for many years. i think the fact that the biden administration, led i janet yellen, has made this happen so quickly with so much unity in the current situation, gives hope to push it forward. again, divisions in the u.s. make it hard. kathleen: a lot of discussions about climate change, various discussions around how to tax it, price it, raise more

financing for emerging-market nations to launch sustainable climate change, or fixing climate change, remediation programs. do you see anything significant that came out of these particular talks? taiya: these talks honestly seemed light on the climate. we were hoping to see a lot more and a lot more specifics coming out of it. it is similar but not as far as where the g7 was when they had their meeting. a lot of energy going in but not a lot came out. we are hoping to see from finance ministers, financial assistance for countries to afford technology. we did not see that coming. maybe that isn't a surprise when covid is on the tip of everyone's tongue and had to be dealt with. the decisions around the imf and the fund is an important piece for dealing with covid.

and of course, all of this goes back to climate. sad not to see specific references to climate, but we are understanding that everything that did come out of this meeting ultimately will feed into how we deal with climate change. kathleen: thank you, taiya smith. former executive secretary for the u.s. department of the treasury. time for morning calls ahead of the asia trading days, sophie kamaruddin joining us from hong kong. sophie: following the pboc cut on friday, mixed views from investors. one head of equity strategy says it increases the possibility of strong growth into next year as china has taken up monetary and fiscal policies. on the terminal, there could be a boost to stocks this week in the wake of the pboc move, on second-quarter duty -- gdp

reports, it could have supply chains disruption. others say the pboc is neutral news. switching out the charts, an investment company saying given the tech crackdown, it could present an opportunity for some chinese names trading below valuations or at a steep discount to international peers. you can see the line in white on this chart, up about 32% from the high in february, compared to the nasdaq m a trading at record highs. the specter of more regulatory scrutiny has someone else seeing a discount that has to be higher for chinese stocks. haidi: coming up, the talk all this morning, italy fans celebrating their first european championship since 1968. much more on the victory and

england's heartbreak, just ahead. this is bloomberg. ♪ ♪

kathleen: looking at live pictures, rome, where celebration is taking place after the 3-2 victory in the european cup championship, italy

over the u.k. in extra time, determined by penalties. the crowd looks as happy as if they had won 6-0. it was a frustrating finish, depending on who you were rooting for. haidi: yeah, and you have read so much of what has been written already, the idea of a redemption story for italy being complete, but of course heartbreak for england. that into newington go on. there had been -- that continuing to go on. there had been so much expectation, they thought they might get an extra bank holiday if england were to win. we are watching markets in currencies as well. we were talking earlier about how tight breaks are the hardest to watch in tennis, but penalties are hard way to go out. kathleen: speaking of italy, barrett teeny almost pulled it

off, he had a victory over novak djokovic at wimbledon. and of course ash party, we have to say something about the australian tennis champ. haidi: a proud weekend for australia. that is it for "daybreak: australia." ♪

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haidi: welcome to daybreak asia. sophie: we are counting down to the asian market opening. kathleen: and good evening from bloomberg world headquarters in new york. our top stories this hour -- china taking those concrete step yet to crack down on flooring listings. ecb president christine