♪ haidi: good morning and welcome to "daybreak: australia." we are counting down to australia's major market opens. shery: the top stories this hour. u.s. stocks extending the rally with strong earnings, more than 85% of the s&p 500 companies reporting so far have beaten this week. haidi: bit -- bitcoin gets a

boost at a crypto conference. shery: australia will host the olympics for the third time in 2032. we will speak live with the sports minister. u.s. futures muted at the open after the s&p 500 gained ground for the second consecutive session. financials leading the gains. tenure yield again moving toward the 1.3% level. when it comes to wti at the moment, under a little bit of pressure but after seeing its best day since mid april. we had a report showing u.s. fuel stocks declined and bitcoin holding after surpassing the 30,000 level for the first time in a few weeks.

we have been keeping an eye on bitcoin, but we've seen it fluctuating between those gains. we have more repot -- positive marks coming from the likes of elon musk. take a look this chart on the bloomberg because it's all about those cyclicals that have led to gains for those economically sensitive stocks. now we're seeing s&p 500 earnings estimates surging, surpassing the 40% jump we saw in may and it continues to remain elevated. so it might vote for better results with those measures coming from the markets. investors are really more optimistic when it comes to those earnings results. haidi: we continue to look at the technicals and what history shows us us well. it seems to tell us that u.s. will markets don't just die of old age. it's not a longevity issue that

we're concerned about. this is what we're hearing from investors like scott minerd, saying he sees the fall or autumn, by the end of october being a challenging year. and a lot of the concerns have to do with the resurgence of covid-19 and the delta variant, derailing the recovery. dave, our markets overestimating or underestimating the longevity of delta and potentially whatever the next variant is? >> with the resurgence of the delta variant, we saw markets react negatively on monday. there's information that it was spreading rapidly in the u.s. along with many other places in the world. what i find interesting is the resilience of the market, it shows you especially the

resiliency through all of this. it's quite remarkable, we have central bank liquidity, economic growth being robust. with that being said, there are some questions about how long it will continue. for the time being, the momentum continues to rule the day. haidi: have we had a point in the recovery where the uncertainties are putting pressure on some of the value rotation names? >> we certainly saw those reflation names and value stops -- stocks that were hit so hard in 2020 at the expense of technology and growth and small caps really stalled out. much of that stalled out in march when we saw the u.s. tenure yield effectively peak.

throughout all of this, the value rotation was not a long-term positioning. because of the fact we are still in an environment where there is significant uncertainty, even with the economic data we continue to see, to we have clarity on what the inflation picture is going to look like, it's going to be hard to see value and continue to see robust gains. shery: the inflation picture right now on top of everyone -- everyone's mind. materials inflation is the highest in over 35 years. when will these elevated calls for both materials and labor repriced into margin pressures

for these companies that are reporting really solid earnings so far? dave: as of now companies have been able to maintain those robust margins. it's been possible to have -- impossible to have earnings a strong as they are without the great margins we've seen. the question is, what is transitory and when does it end? we will see the deflation of acceleration pressures into 2022. areas were receiving the stickiest inflation are on the wage side. it's not necessarily a bad thing. inflationary forces are really robust. part of that is simply because of demographics. innovation is happening across every industry. as it begins to work through,

think we will see inflation come down. look at all the attention that was paid to the lumber market and other areas of the economy, coming way back down at some of that is being worked through and we see the impact that consumers begin to reset some of those expectations. shery: we are also watching bitcoin right now, after passing the $32,000 level as elon musk and jack dorsey spoke with the panel on the future of the digital currency. laying out conditions for tesla accepting bitcoin as payment. >> we want to do a little more diligence and usage is most

likely at or above 50%. there's a trend toward increasing that number. shery: on the others out of the coin, scott minerd was much more bearish on the biggest cryptocurrency. >> i think something in the neighborhood of $15,000 is where we are going to end up. the standard bear market for bitcoin has been at 80% retracement. given all the uncertainty and the new competition from new coins and everything else, i think there is more downside to go. shery: mike, we had the bitcoin conference, but any change in the fundamental outlook for either bitcoin or ethereum?

mike: i think you just added to the bullishness. you mention cheerleaders, but they pointed out some of the key things that are bullish about bitcoin. elon musk pointed out his disdain of negative rates in his bank account in europe. that is really a bullish factor for bitcoin. bitcoin is kind of hovering around a support level. the biggest risk is the global macro risk. i see bitcoin more likely to use the area of 30,000 as a launchpad and eventually get back toward 60,000. haidi: has anything changed when it comes to mining? >> that was a big factor. elon musk initially said payments would be pulled back a little bit for tesla.

that was before china banned all the mining. a lot of the mining was done but it's all going to renewable anyhow because it is cheaper. it's good for bitcoin. it is just a matter of time. that is the key thing that has changed. it's just a matter of time. he said yes, we want to do our due diligence. is just a matter of time until it cracked back above 50%. the stain will amount is well above 50% now and that includes nuclear. shery: kathy would had something to say on how environmentally friendly these crypto assets could become. >> she always make some really good points. bitcoin is enhancing the expansion of renewables, solar and wind. but also from a social

standpoint it's really helping with remittances. anyone in the world who's had problems with the currency being debased can get bitcoin access on the phone. so it is really helping that area. kathy woods points those out. haidi: mike there with the latest on bitcoin and crypto. it's available on your internal test -- on your terminal and on mobile. we'll have report on the summer olympics in just a few minutes time. and a top vaccine negotiator, we ask him how and where he plans to secure more vaccine doses. this is bloomberg. ♪

>> you are watching "daybreak: australia." we start with u.s. deputy secretary of state wendy sherman. she will meet with the foreign minister in china. bilateral relations are strained over hacking accusations and sanctions on chinese officials. they will discuss areas of concern as well as mutual interest. bloomberg has learned that jay powell enjoys broad support for his nomination as federal chair though the decision is not expected until later this year. we're told the matter has not yet been foot -- putting front of president joe biden.

other terms are also up in the coming months. meanwhile the death toll still rising from floods ravaging hunan province in central china. state broadcaster cctv said more than two dozen have been killed and anymore missing. at least 12 people died when a subway was hit by wall of water in the provincial capital. at least 100,000 people have been evacuated. finally, johnson & johnson and distributors have agreed to settle thousands in government lawsuits. the companies and state attorney said the deal calls for them to pay almost 21 million dollars to resolve allegations that they turned a blind i to suspiciously large shipments.

global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. shery: we have an alert on the bloomberg. we are now hearing that singapore has found a new covid cluster, now saying the casino will close until august 5. we know that singapore has been tightening restrictions on dining and social gatherings again and halted indoor exercise from thursday given the record number of covid infections. we have also seen other clusters, 179 new cases detected coming mostly from an existing cluster at a fishery port. the latest is that they've also found this casino cluster in this facility that will be closed until august 5.

haidi: we been watching brisbane, it's been selected to host the 2032 olympics. the decision announced on wednesday evening and makes australia a three-time host of the summer games. talk me through the fact that brisbane was the sole bidder. does this indicate the appeal of hosting the games has diminished in recent years? >> it is all to do with the new process, the new normal that's been developed the ioc to reduce the cost of hosting. the objective of encouraging more cities and midscale cities like brisbane and southeast queensland for hosting the game. is part of a new bidding process that has been developed by the ioc and something that obviously brisbane, queensland, and

australia gauged comprehensively in and were absolutely delighted as it occurred last night. haidi: it's really good news for australians under lockdown at the moment to be able to celebrate. talk me through the infrastructure investment involved. i know they will focus on using existing infrastructure rather than building a big white elephant. do you know the cost benefits at this point? >> a lot of that work remains to be done. there was detail in the bidding documents submitted to the ioc. one part is the reuse of existing infrastructure. 85% of the infrastructure is already in existence and will be temporary for the games. that will reduce the cost of

eating for an hosting the games. the ioc were concerned and encourage more cities like brisbane to be able to participate. there's a partnership being developed between the austrian government and the queensland government to assess and build the infrastructure that will be required. shery: there has been a lot of skepticism in recent years over the economic benefit for stadiums. it seems like we lost you for a second. i was just asking about the economic impact for brisbane coming from the games. >> the projected economic impact for queensland is in excess of $8 billion, as projected and $17

billion for australia nationally as we come out of covid and recover from the last 18 months or so. in terms of employment, it's about 120,000 jobs, 90,000 of those and southeast queensland, so a significant contribution to the growth and development of southeast queensland and of course in that context, the economic development seems really positive for those local communities. haidi: and of course you are in tokyo, where we've seen at last count over 70 cases of people within the olympic athletes village and within that complex testing positive for covid. i'm just wondering what the experience is like for athletes and for the australian delegation there this year. >> is certainly very different to any other games that have been experienced and because of

that, there's very strong protocols to manage the virus. people are being tested daily. it's a very strong testing regime and in the circumstances if they test positive they are being isolated. so it's a very different games. i think it will be memorable for the fact that they were conducted during this covid environment. tokyo is a very different -- different city from what i've experienced because of the restrictions around covid. a lot of effort is being made are the ioc to ensure that the separation between the athletes in the community here in tokyo protect the community and the athletes and considerable effort is being made with quite strong protocols to support the games continuing safely. haidi: at the same time, you are

minister for health care services as well. there's been considerable dissatisfaction with the rollout of the vaccine here in australia. has the government let down the aged care sectors for vulnerable people and the people that look after them? >> one of the big differences between this year and last year is the fact that every age care facility has had two visits to ensure that the residents have had the opportunity to take a vaccination in the vaccination rate for residents and age care is now over 85%, which is really good news. we are in excess of 40% for vaccination of staff and continuing to ramp up that section of the community as well. in the rollout itself continues to pick up pace as we increase the availability of vaccines. that was always going to be the case, and the effectiveness and importance of vaccination i

think has already been demonstrated. i'm pleased to see that the vaccinations that are being administered or having a positive effect. haidi: but the broader vaccination rollout remains incredibly slow. it probably should've been done months ago. what really is the hold up, if there is ample supply coming into the country, why wasn't it done earlier? >> the supply and the supply rates of vaccines coming into the country has stepped up over the last few weeks and supply has always been one of the constraints of the rollout. we have had to contend with the administration of astrazeneca and that has had an impact on the way we've conducted our rollout in the age group it's

been recommended for. and the impact of health at bass -- advice into the rollout of age care. we had initially planned to vaccinate staff and residents at the same time. we learn from international experiences that we shouldn't do that as we learn about side effects on staff attendance and care. with had to contend with the number of issues that have popped up during the process of the rollout. we have to meet all those challenges as they occur including the changes in health advice around astrazeneca. we all want to see as many people as possible vaccinated as soon as possible. and we will do that. we will provide the opportunity for every australian or everyone leaving australia who wants to access the vaccine to do so. we think the vaccine supply figures and even the vaccination

numbers that are coming out on a regular basis, about a million a week we are getting through now, so that number is growing rapidly as we open more outlets and as we get more vaccine available, that will make a real difference. shery: thank you so much again for joining us and congratulations on the brisbane games. this is bloomberg. ♪

haidi: we do have some updates, copper production coming through a just over 38,000 times.

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>> jay powell's chances for a second term may be growing as top white house aides increase their support his renomination. kathleen hays is here with the latest developments, so what are we hearing right now? kathleen: people familiar with the matter talking about the fact that fed chair jay powell in february of next year is going to see the end of his first four-year term. will joe biden, the president of the united states, give him another term? it's not just jay powell.

richard clarida, the fed vice chair, his term is up in january. his term will be ending in october. they were all appointed by donald trump so that is one reason why a lot of people say that you cannot leave these people picked by a republican president in these important seats. the team around joe biden, a lot of them are his canonic aids and advisors, paying that we can put our stamp on the fed now. joe biden is expected to make this decision probably by september, three or four months ahead whoever is the sitting president because there is a whole process to nominate, get voted on, etc., etc. shery: one of the reasons why janet yellen was pushed out as chair, she might have an influence. kathleen: she was a democrat and

trump was a republican but on this, absolutely. she has said that she is pleased with how he has been stirring in the economy through the pandemic. she was on cnbc and she was asked would you support him or a second term and she said that is something i will have to discuss what the president. she had a plum job once she left as secretary of the treasury. i would not be surprised if she comes down on the side of supporting jay powell. haidi: what are the arguments for making a change? he has done such an admirable job. kathleen: a lot of people think that the president, people on his team think that we can satisfy various camps of democrats, particularly the

progressive wing if we nominate someone who is not a man but is a woman or person of color and she is on the board of governors. she worked with janet yellen. in fact, a lot of people thought if hillary clinton had won a race to the white house, lael brainard would have been hillary clinton's choice to head the treasury. this is why there is so much spotlight for her. she is in as the likeliest person to get this job. people have talked about rafael bostic. as for -- the vice chair of bank supervision. senator warren, a liberal democrat, every time she can, when he testifies, and she got after jay powell last week as well for being too soft on the banks so that is a voice which

will be urging the president to go ahead and pick somebody else to take this seat. maybe we will find out by september but there's going to be a lot of voices. i think what is interesting is because she is a woman, because she is so well-qualified, a lot of people figure she is the first choice. when it comes to the markets and invest is and maybe even janet yellen, at a time like this when the economy is still coming out of that deep recession, we are still worried about jobs, etc., market stability, maybe it is better to keep a solid, successful fed chair in place, and his name is jay powell. haidi: kathleen hays. let's get you over to su keenan, who has the first word headlines. su: we start with china's internet regulators. they have slapped fin on severales -- fines on several companies.

they were asked to remove the offending account and pay an unspecified amount given finds -- in fines. meanwhile, the is mulling a tariff on carbon intensive imports from china and other countries to fight climate change. john kerry urged beijing to slash greenhouse gas emissions and shutdown call giant. tax could further fuel tensions between the two countries. china is the world top emitter of greenhouse gases. to indonesia, the country says it will implement a movement restriction strategy to try and mitigate the spread of coronavirus before easing restrictions next week. the initiative will vary from city to city based on how badly

implanted they are. the government says it will start to remove the limits on july 26 if the number of new virus cases continues to decline. other countries are at the highest levels. finally, the australian city of brisbane has won the right to host the 2030 two summer olympics and paralympic games. brisbane was elected by the international on the committee under a new process. it is the only candidate. the previous process was overhauled in 2019 to prevent bidding wars among cities and encourage host to use a high percentage of existing and temporary venues. 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: staying with the pandemic, chile has just relaxed restrictions in santiago as cases relaxed to the lowest. let's bring in the chilean vice

minister who is also in charge of obtaining vaccines for chile. minister, great to have you back. i was just wondering if you will need to reconsider your vaccine acquisition strategy given that we now know that some vaccines like the pfizer, moderna, they are more effective in tackling variants. >> i will tell you that out of real-life data, the vaccines we are using, sinovac and pfizer have been extremely efficacious. we saw 90% out of sinovac and 95% out of pfizer. i think we have used a good mix. this discussion of the booster or the third dose, the options are open. we expect to adopt a booster strategy to keep tackling the

pandemic and the new variants. shery: with right now and sit or some local production as well? rodrigo: with sinovac, it accounts for nearly 70% of the total doses that we have acquired. the country already has 4 million doses to date and that means that 85% of our population either has one or a single shot and 35% of our population has treatment, so when thinking forward, we are talking with sinovac. -- option to establish a plan in chile that would serve the region but we are interested in rna technology.

that is leading the conversation with potential interested pharmaceuticals so we are talking with pfizer, ex-d ending the existing contract, moderna, and sinovac along with astrazeneca and also sputnik five. it got emergency approval in chile. haidi: does that mean you could eventually use a mix and match when it comes to future boosters? in thailand, they added a booster of astrazeneca after using the sinovac one. they are changing sinovac to pfizer as supply comes in. is that the kind of ship that could take place in chile as well? rodrigo: that is exactly what the ministry of assessing. also, the united arab emirates and bahrain are doing something similar and what we have been is that mixing and maxing vaccines from different technologies

improves the immunological response so that is what we are considering. >> do the procurement plans include a plan to vaccinate all children under the age of 12? rodrigo: we are considering that following the back needs that are available and approved for that. sinovac is one of the candidate for that as they have shown very good results. it is extremely good. we expect to start vaccinating that population probably around august or september. now, we are vaccinating teenagers at 14 years old and up. and we expect to get the coverage throughout the remainder of the year. shery: minister, that's veer to

trade -- let's veer to trade. we have heard from the biden administration that we could potentially be a digital trade agreement covering the end of pacific. would chile be part of it? rodrigo: we have been at the very forefront of this discussion with the digital economic partnership agreement that we launched with singapore. canada has announced it interest join officially. and we had conversations with the minister of trade because korea is to take also a decision very tuned in joining. this is a first of its kind agreement. certainly, we will expect to participate in all digital economy or trade agreements and we have discussed this with the u.s. as well. our ministry of foreign affairs met with secretary blinken last week, and we have very close

contact with all of our trading partners. we believe it will -- diversification strategy. shery: the understanding is if you do have this other digital trade pact, it would be sort of, in a way to keep china in check. of course, china is your major trade partner. how do you balance the two? rodrigo: we don't believe in excluding from trade anyone. that is the conversation that we have with all of our trading partners, provided we have the same principles in terms of the architecture, the internet, in terms of free data, flow of data, and avril corp. principles of that. as long as that exists and is shared, we believe that there should be no exclusion. also a discussion on e-commerce

for the wto should be central and we are pushing very hard in meeting two with the group in preparation for -- we hope there is an important deliverable from the wto on e-commerce negotiations. shery: rodrigo yanez, chilean vice minister of economic relations. he is also in charge of procuring vaccines for chile. we have an update when it comes to santos. they have forecast 87 to 91 million barrels of oil. that is higher -- on the higher end of expectations. that range was 84-91. they have also foreseen up string -- upstream production costs. still seeing full year capex at $1.6 billion. and of course, we have heard santos making that. -- that bid that has been

rejected and we will continue to see whether any more of these takeover approaches will be made. katherine tai says washington stands with australia in its ongoing trade dispute with china and supports rules based on international trade. she made these comments after meeting with the australian trade minister. paul allen joins us now with more. the top of the agenda here. some company words from australia's major -- comforting words from australia on how exposed camera has been. paul: this meeting taking place in washington, d.c., and really a reiteration of the u.s. stand when it comes to this speed between australia and china on trade. katherine tai saying after that meeting that they stand with their allies to address nonmarket practices that harm our workers, businesses, and citizens, and there will be ongoing discussions about this and the words economic coercion

not mentioned as well. china has put in place a number of trade barriers against australia including tariffs on wine, barley, barriers on coal as well, and lobster. these put in place after australia band china's huawei from -- banned china's huawei. the trade minister also put out a tweet after that meeting. he did not mention china by name but he said there is a sharing of perspectives between the u.s. and australia. shery: products are still finding their way around china's trade barrier? paul: yes. amusingly, in fact. wine, one of those products i mentioned that china has imposed tariffs on more than 200% in some cases. however, interesting statistics out of hong kong which shares a border with china. australian wine exports to hong kong more than doubling to $137 million in the 12 month the end

of june. last month, we were talking about something some of with australian lobster exports, increasing by 2000% during the same period. the implication here, obviously not that hong kong residents are eating a lot more australian lobster and australian wine, but rather, or into china. -- but rather, across the border into china. australian minus finding your markets and enlarging market to singapore, malaysia, taiwan, and south korea. what will soften the blow? shery: paul allen joining us from sydney. johnson & johnson raises its annual forecast after a strong quarterly sales rebound from a year ago. we will have more on the data. this is bloomberg. ♪

shery: time now for morning cause ahead of the asia trading day. we are taking a look at crude, king a of pressure on the wti after its best day from mid april. td securities noting the third quarter will see deep deficit and the shortages will continue for the second half of the year. strategists see demand remaining firm and the monthly bop of 400,000 barrels per day will not be enough to meet at at least

for the next month. take a look at this chart. still suggesting that either this potential tightness may not yet be fully baked in to prices into the current projections or that they may be causing significant upward price pressure. current consensus forecast for oil in the recorder of the year have taken a dive to below $70 a barrel with wti seen below $65 as well. we are also taking a look at the u.s. dollar. it really affects what happens to commodities prices. citi noting the bloomberg dollar index has been climbing past the top of a pattern. technical analyst see that as a decisive move that suggests a bullish path ahead for the greenback possibly all the way to the 1200 level. haidi. haidi: a study found that johnson & johnson's single-dose covid vaccine produces

relatively low levels of antibodies against the delta variant. a strain that is spreading rapidly across many countries -- many are seeing that. we spoke with a cfo. >> we now have vaccines on the market. johnson & johnson is proud to be part of the solution set despite last night's report. we think the data shows that this is very effective against many variants, inclusive of the more recent delta variant, and hospital systems and health care professionals are much better equipped to address pandemic situations. as they mentioned, elective teachers last year were put on ponce. it turns out if you are one of the people suffering, it is not all that elective so hospitals and health care administrators have done a fantastic job in being resilient and we are much better equipped as a society to handle any variants that may come down the pike. >> does that mean that

potentially the second half could be better than you assume in your guidance? joseph: we feel really good about the guidance. there is obviously the mathematical comparable favorable we were looking into that was truly expected but if i look at each of the business is, operationally, we are gaining shares, expanding markets, introducing new products, so we feel pretty good about where our guidance is today. we are going to aspire to have better results right now, if you look at year on year growth, taking out even the comparable mass, each of the divisions, pharmaceutical, medical device, and consumer, they are very strong relative to where they were in the second quarter. >> let's stay on the vaccine. do you expect to start making a profit from your vaccine next year? joseph: yes. when we came out with the pricing for the vaccine, when we identified candidate, we discussed early on about offering that at not for profit. we did not want cost to be an issue for folks when considering

getting vaccinated or not. now come to an end towards the end of this year and then we will look to responsibly price as we do across our entire pharmaceutical portfolio, what might make sense. >> you said analysts take that away from their models. do they need to start thinking about adding that back into their models when it comes to looking at your numbers? joseph: the caution we provided on the guidance was around the pacific's we can give at this point in time. there's a lot of questions with all the vaccines on the marketplace when and if a booster might be needed, just how long a duration is. we are proud of the eight-month duration at least that we have demonstrated through peer-reviewed clinical data that was published in the journal of medicine but there's a number of variables that have yet to play out across the entire market space. >> just staying on that, in terms of the delta variant, that study your

done your own study specifically on the delta variant and tag onto that question is are you developing a booster and do you think it will be meeting and mrna booster -- meeting an -- needing an mrna booster? joseph: that data -- that article you reported on was not peer-reviewed. it was a test tube study that looked at one level of protection. when you consider the data we have, we are looking at all the different antigens -- the antibodies, i should say, neutralizing antibodies, as well as cell activity, so the complete protective response. that is much more valuable than what this for work which came out last night indicates. i think we have to caution everyone just to rely on health officials who have all of this data at their disposal. they have not declared if or when a booster may be needed for any of the vaccines at this point. shery: joseph wolk speaking with

our colleague, alix steel. be sure to tune into bloomberg radio, broadcasting live from our studio in hong kong. 20 more ahead. stay with us. -- plenty more ahead. stay with us. ♪

shery: almost every day, we are getting more headlines on china

evergrande, the world's most embedded developer. continue to see stocks and dollar bonds under pressure. at around the $.50 on the dollar. this after bloomberg learned that a top hong kong banker is not providing those evergrande mortgages buyers anymore and that that is really interesting as we are now seeing this action together by these banks to stop writing those mortgages but no, the chinese market is very attractive. we continue to see the pressure on treasury yields area the treasury rally on a pause but the 10 year yield at around eight february low and every time we have seen yields fall, we have seen the bond rally in china just to get another leg up, haidi, so we are watching those fixed income markets very closely. haidi: particularly as we see that haven seeking as a result of what we see play out with the likes of evergrande.

coming up in the next hour, australia is releasing its quarterly update. we will hear from the executive director plus more markets insight on cap. the ups managing director will be with us. "daybreak asia" is next. 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 ♪

haidi: a very good morning. i am haidi stroud-watts in sydney. york county got to asia's major market opens. -- we are counting down to asia's major market opens. shery: strong earnings taking the focus of virus concerns. bitcoin gets a boost. the elon musk, jack dorsey, and kathy would touting the token at a c