-- do not they can't get a seat on the plane to come back. are you in talks with any airlines to increase the capacity to allow travel? >> i would just pointed to the new south wales experience. get vaccinated. get vaccinated. that is what puts the protection in the community. in addition to how new south wales has been in lockdown for some time now. we have seen the growth in cases come off and fax start to fall. this is slightly above. continuing to increase the vaccination rates in victoria when we hit those marks. 80% vaccination across the population in bacteria is the same of the populations across

new south wales. it will have the same protection and same impacts and it will afford the same opportunities. they have to do what they need to do for now but the most important thing is to get australians in all station territories vaccinated. that is the deal of the national plan and that is the deal we need to honor. quite screen glenn said it will not open his border until it receives a big cash injection to improve its hospital capacity. what do you say to this considering they just had 18 months to prepare for the inevitable open of the international border question mark >> 80% vaccination in new south wales, it is lower in queensland. queensland and western us really lower vaccination rates that

have not moved into phase c. that should not stop people from new south wales or victoria being able to travel or comeback back in large numbers. the question is how can you go to barley or fiji but you can't go to queensland? when vaccination rates hit 80% in queensland, there will be opportunity for queensland to join when they hit that mark. i have noted the comments being hit by the hospitals. the states have increased their spending by just over 40%. if they would like to match us, i am sure they will be able to

close the gap. there has been a lot of talk about what the response abilities of the states are. one of them is run your public hospitals and get them ready to deal with any surge demand that will come. there has been a lot of opportunity to repair for this and it has been a high priority of the cabinet. i don't think the pandemic should be used as an ac is for shakedown politics. they need to get on with the job, get there hospitals ready. we have showered the states with cash. when it comes to supporting their industries and economies, whether it be the more recent economic support or the covid disaster. the commonwealth has more than stepped up when it come -- when has come to carrying state economies through this crisis. their job is to get the public hospitals ready to go. >> that was the australian prime

minister there, scott morrison lining up plans to open up their court -- to open up the economy. just three minutes past 11:00 here in hong kong. we will bring you michael mager. >> i want to bring in paul allen. he is still it with us in sydney. you have been talking about that framework to reopening. no improvement. the asx is still down more than 2%. it does seem like the investors are trying to figure out how this is all going to work out. >> a lot of uncertainties. the prime minister really spoke to a few broader themes. one of them was logistic. it would happen once each state

hits 80%. the closest state to achieving that is new south wales. then we get into the questions of how the quarantine system works. then comes the questions of which countries you open up to. the prime minister spoke about new zealand being one of the first candidates for quarantine free travel but that is where it gets interesting. new zealand has eliminated this. it is the situation we are seeing within australia as well. western australia and queensland.

the idea of opening up or a spiking cases. they are not politically appealing to them. we will have to see how the internal debates shakes out in australia. airlines have been making noises about opening bookings for december. some issues to be sorted out around the recognition of vaccines but the prime minister making an appoint point in that regard as well. that is a symbolic gesture by countries like china and india. >> looking at scott morrison following his speech there. the premier there has resigned.

this is after the investigation that -- she was investigated between 20 -- 2012 and 2018. this was really about a breach of public trust. she said she had no option but to resign. >> it was surprising but there was a sense that perhaps this was coming. she has objectively doing a very good job. those who arguably did not tell them the truth of some of the investments there. the corruption investigator. how much she knew and when.

on top of everything else, we have the very popular and successful premier of new south wales dipping down. the story is still evolving and we will have to wait and see what happens next. >> singapore is in the same boat. pretty challenging reopening plans there. let's look at where this is. we have allies in australia in positive territory. not the same case for the benchmark. down more than 2%. they had the flight center. a sea of red for asia kicking off october. the likes of japan are here.

we have the cosby index down 1.4%. china and hong kong on holiday. take a look here. 10-year gilts below 1.5% treasuries. treasuries edging slightly higher. cries that might be active there as well giving this -- given this move. we are seeing a little bit of a rally take place. there was a terrible month last month here. they are getting a little bit of ground. we are looking at this up in.

>> a bita headache here in the markets. they have printable global investors. it does seem like investors are freaking out. quiet good morning. thank you for having me. -- >> good morning, thank you for having me. we see this as a natural pullback. next month, it is likely to be relatively volatile. i think we will end it here. >> do you expect this to be volatile from here? we have heard from jerome powell explaining the trajectory for tapering. >> our expectation is that yields will melt up from here.

we are looking for this to end somewhere around 1.6. that is only 10 basis points or so from where we are today. not a big move. i don't think that will cause too much concern for markets. >> let's look at what you have been looking at here. you are seeing -- saying that you are training the vaccine curve. what does that mean in the reality? we think the virus continues to dominate the mood of the market. the good news is the delta variant was a larger hit on market sentiment and lockdowns overall but we do appear to be coming out of that both in developed markets and here in asia. we would expect that reopening

story to be a positive tailwind for markets but we are not out of the woods yet. that would be our biggest concern. particularly as we go into a northern hemisphere winter and the emerging responsibility of another variant. >> not just that but we have this energy crisis taking place as well. let's look at that and also how the united states has gone past its growth level and also how other places in this neck of the woods are seeing a factory reopen phase and starting to get their act together. >> i will do with those one at a time. in the u.s. we do believe we are past peak growth but we are still operating above trend growth and we expect that to continue this year and going into next year.

that will still be very supportive for markets. we do believe we opening -- the reopening story will become more apparent in markets such as here in asia and that will take over the baton in terms of investment opportunities. from a portfolio perspective, we are overweight urging markets and we do a spec that to be an outperformer. in terms of energy, there are a number of supply issues at the moment. that is causing commodities overall to be well bid at the moment but i expect that will dissipate over time. we do expect oil to come back to $70 a barrel. that is probably around second quarter of next year.

>> very quickly, i know that you like high-yield and emerging-market debt. i am just wondering, given the risk of statistic inflation, will that way on em's? >> we are going to have that at some point. we are past peak growth and we'll see further inflation. from a high-yield perspective, there are very good opportunities. more than ever before, being an active stock picker will be key. there are some zombie companies out there. >> the recent announcement of this package in australia and the u.s., it is still being reverberated globally. let's get to that story and the rest of the first word news.

>> still calculating that. the newspaper saying it postpones the next round of negotiations for free trade agreement with australia. there are unnamed officials. unresolved issues means the 12 round one happen until november. that decision to scrap a summary deal and join the new security pacts with the u.s. and the u.k.. nancy pelosi has postponed the vote on bipartisan enter structure legislation. the hospital reconvene as they look to strike a new deal between the republicans and democrats. incoming japanese prime minister will report the name and finance

minister. they held the post longer than anyone else in the modern era. india's moved to this over services exports. the current account, the broadest measure receives trade. $6.5 billion. the account was in a deficit of $8.1 billion in the january and march time. global news, 24 hours a day on air and on bloomberg quicktake. powered by 2700 journalists and analysts in over 120 countries. i am vonnie quinn, this is bloomberg. >> still ahead this hour, china

has ordered is top energy funds to supply them at all costs. more details on that overhead. >> counting down to the open of the trading day in mumbai. this is bloomberg.

>> we are looking at these energy stocks at the moment as we get more details on that severe energy crisis in china. bloomberg learning that officials have ordered top energy companies to secure supplies for this winter at all costs. >> let's get into it. dan, we know this crisis, the

energy crisis could last for months. what more can you tell us? >> this week, they give them one message. blackouts will not be tolerated. that message is trickling down now to the chinese energy firms. it states that natural gas companies have been putting tenders on the market to import lng even the prices are at a record high. the state owned companies are going to do every thing they can to ensure the lights stay on and the heat stays on this winter. quiet how much of this is self-inflicted and how much is it out of the government control? >> it is both.

globally, we are looking at shortages of coal and natural gas. there was flooding in australia earlier this year. there has been some coal issues everywhere. china is the world's biggest coalminer. it also had a tough time keeping up. it decided >> attic we just lost dan. some news from customers of ever grand wealth management projects. let's bring in mark cranfield. how does this wealth payment for into the overall one question markwest good news if you are unsure in china. it is another sign they are

getting improvement in the quiddity situations there. i regret has been saying for some time that their problems are ones of the quiddity rather than solvency. they said they are going to raise some money from a sale. they appear to have started reconstruction of about 20 properties in the area as well. there are signs in china itself that various things are happening to get ever grand back on track. a lot of? about whether they can pay everybody and whether they will pay them. the u.s. dollar bonds. there was another payment due yesterday. it looks like that oneness -- that one was not met.

there seems to be a bit of a divergence here where people investing offshore with ever grand are in a secondary situation to those on shore. this is early days in the process. the government will help to clarify how people get treated but it is a very complex case. any sign of improvement must be seen as a good one. especially for people who have invested in you on products of ever grand. >> look at high-yield. there is the long worry list. china slowing down the debt ceiling. the argument going on in the u.s.. we have the withdrawal of money here. central bank liquidity. compounding that. what gives for high-yield credit in asia? >> of very tough situation. particularly because of the refinance issue.

yields are around 15% on average. if you are a company that needs to refinance in the next year, those are the levels you can't afford to pay. some people will not be able to do that. that puts a mess pressure on the whole sector. it spills over. the people have nothing to do with chinese property bonds as well. until we get more parity on how or where they can do this, it is a major part of those sector. >> thank you for that. it is that time. we will check in with sophie

kamaruddin. we are focused on commodities. some of these base metals -- you want to look at copper. why mark -- why? >> they are incrementally bearish on copper in light of the rapid rise on energy prices. the bank is still strongly believing in the copper super cycle with opportunities to buy in the next three to six months. >> a volatile week for iron ore. goldman calling the end of the bull market. why is that? >> this is just a market from the deficit here.

i or is facing a push and pull in the short-term and china's changing economic structure. goldman has cut its forecast for iron ore. that was sophie kamaruddin having a look at some of the morning calls. let's check in with macau. we have revenues do a bit later today. this is what is going on and what has been happening with these casino stocks. they have had a torrid time of it this year. this is the start of the golden week holiday. in turn, that is a huge money spinner for the territory. a lot of this will be down to the covid 19 situation. apparently we will be seeing plenty of casinos ahead of all of this on the movement to the

upside yesterday. that is a look at macau. that is also a look at the year to date, numbers for those gaining stocks. this is bloomberg. ♪ wawa wawa mahwah while wawa wawa wawa while kill me kill me (announcer) looking for a better way to lose weight and feel good?

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>> just to get a look at what is going on at 11:29 in hong kong, we are looking at asian stocks really going in one direction only. that is to the downside. we will be getting the reopen of japan after lunch.

the asx 200 is down 2.1% there. that is despite the outline of plans to open up that economy. we are looking at these futures with the u.s.. they have started this month on the back foot. they were capping their biggest month of the selloffs. it is march of 2020. we have china out of the mix today. as indeed is hong kong. we have a weeklong holiday. >> definitely a risk off. we have a 20% downside. japan is back from lunch, down for a fifth day. better for a fifth straight order. investors watching out for the new cabinet by the new prime minister. we have the nikkei 225 down about 2%. 10 year yields hovering close to 1.5%.

i want to point out the asx index lower by 2%. remember, they had their best day in 11 months. it does look like it is happening there. chinese tech and focus. let's look at how painful it has been. this is the worst quarter since quarter three of 2015 and looking at this. analysts cutting hong kong tech by about 25%. rising u.s. yields prompting investor demand ultimate tighter china regulations. >> investors certainly not looking to dip their feet into this market. risk off mode, the markets will make their cabinet picks. we will hear a couple of names

reported by local media here including the former liv-ex minister. this will replace his brother,. let's get to the economics reported in tokyo. thank you for joining us. the brother-in-law could take the place of the man who has been the longest-serving finance minister in the longest -- in the modern era in japan. >> there is not too much change to the ministry. he is one of them nominated for a party leadership. this is a continuation for the time being.

there will be a major shakeup at the ministry. >> suzuki, inherently it becomes if he takes of deposition, he will inherit an economy that needs reviving. >> absolutely. the recovery has not been as fast as other advanced economies.

>> thank you for that, coming to us from tokyo. let's get the first word news with vonnie quinn in new york. vonnie: australia is moving to ease its cover travel restrictions, planning a seven-day home currency. it currently mandates a 14 day hotel stay regardless of inoculation status. the new system could be introduced as soon as november but only in states that reached 8% vaccination rates. us really says it will add sinovac to its list of recognized covid shots. bloomberg's vaccine tracker shows more than 55 countries are yet to hit the 10% covid inoculation target. the number is seen as a crucial milestone to narrow the gap in vaccine access. it also illustrates the challenges of covax to send

shots to every corner of the planet. it now has production delays, export bans and hoarding among the issues. the unprecedented spike in european energy prices is amplifying concerns about public support for the most ambitious climate reform. we are told environment nesters will debate the crisis early next week following the call to carefully consider its impact on an economic overhaul. the european parliament will tackle the issue at a sitting. china central government has ordered state on energy companies to secure supplies for this winter at all costs. bloomberg sources say the order came directly from the vice prettier who supervises the industrial reduction. the order was issued during an emergency meeting earlier this week and says blackouts will not be tolerated. global news, 20 rows a day on air and on bloomberg quicktake, powered by more than 2700

journalists and analysts. i am vonnie quinn, this is bloomberg. >> we are counting down to the open of the trading day in mumbai. this is bloomberg. ♪

>> india is fast emerging as the hotbed of unicorns in the first nine months. india had 28 companies that have surpassed valuations of a billion dollars. the stock market has had a massive interest from investors. this is one of the benchmarks among major global markets. let's get to the indian ceo. this is a u.s.-based global investment bank. thank you for joining us. it has been quietly year in terms of the stock performance for indian markets. we have had many people on this program suggesting we could see a multi-year bull run in india. are you in that camp as well? >> thank you for having me. you are seeing the effect of the

changes. the bank balance sheet is strengthening. the digital economy has been laid up by the government. i think that has led to systemic change and the market is really about that excitement. that is why i think this is justified. >> all right. the fact is what are the unknowns that could halt this rally? >> i think these are tapering off. geopolitics is a risk in india. i think in terms of the unknowns or what the market should focus a bit more on other physical infrastructure. they should keep based on what is happening. you mentioned the excitement.

i think the digital economy is on a really strong track. but we need to do is ensure that that infrastructure and manufacturing capabilities also keep pace. we don't want to be relying on keeping up with the digital economy. i think government spending on things like power should sustain that so we don't only provide for that but the world as a whole. >> this has been a very exciting year in terms of fundraising, nested fundraising for india. thanks are saying that 2021 could be the best year for fundraising in the past decade. what is your take on that? >> evidently. i think what we have seen in the last decade was a strong private equity flow.

the private markets were pretty strong. not just in the digital world. what we will see our lackluster public markets. public markets are not being sustained by fii inflows but domestic flows to domestic money that would get caught in mill estate and all other physical assets. that is not flowing into the stock markets. i think that is very heartening. it was about five years ago that i remember when every time the money would fall out, the first time i see that it is enough to keep the market strong. i think we will continue to see this number of ipos. i ticket is a good and happy time.

>> the question is why the public market? they always tap the private market but why the change? >> you see these unicorns that we mentioned that were smaller in size. this has created a lot for these businesses. we expect them online and the financial inclusions that have been set are -- that is for these businesses growing very rapidly. i think a few years ago, the

only companies that could ipo in india are the ones that would show up in the past -- i think the market is understanding that these businesses are valued very different. you value them for the growth they provide and as i mentioned, the size and scale. the markets are willing to take those investments. that is great. it is really important to see this exhibited and the public markets in india. it would have to be a u.s. ipo. i think this is funny and exit through the public markets as well. >> you alluded to but you did not really go into, you

mentioned covid. how is covid actually changed this? changed mindsets. >> it definitely changed mindsets. the people that move through the digital natures, i think everyone has migrated into this world. irrespective of the lockdowns, this forces people to move into the digital world to move your financial transactions online, to your savings online. everything online. i think that is what really changed. people are very comfortable with what is happening in the virtual world. i think that is a real positive. i think india was adapting to technology because of all of the encouragement from the government and the digital framework. it has just been clicking the pace and making people's habits change forever.

>> i want to take a look at the m&a activity in india. what you think of the themes? >> i think you are seeing the large gaps. especially the digital economy getting very well capitalized. also, you can look to companies in the physical world. i think companies in the digital world -- it is not just digital that wins but physical. we are seeing the likes of large companies go and apply to off-line businesses. i think i.t. services will continue to acquire companies for skill, markets.

you see these guys go out and do this. as i mentioned, this was mostly led by private equity. we were basely betting on the domestic consumer. and last, i think the bankruptcy opportunities happened, i think the government is very serious about the bankruptcy process. we saw the large business fall yesterday. different pockets of m&a but i think that activity will come in the next 34 months. >> great talking to you. let's take it to the open in mumbai quickly, looking at it -- looking at what is happening

with over a trade. we are looking at some of these markets as they fall over the rest of the region. they are dragging these indices down. i am also looking at these gas related inequities. the oil and natural gas company. this is moving to the upside. we see a few to messy fields for the first time in two years. we are looking at oil expiration up 1.5%. 20 more on the way. this is bloomberg. ♪

we will bring all of our top interviews from this week in tech. >> do you ever take any tips and give it to your first coat? >> no. >> i will stand up for canadian interest. i will only sign a deal that is good for canada. >> coming up on bloomberg best.

>> what is keeping the top and in wall street awake at night? kathy wood told bloomberg that while many investors are worried about inflation, she is most concerned about the opposite problem, deflation. >> all of them have been very, very concerned about a deflationary bust. we agree with them in this respect. we think it is going to be balanced by a deflationary boom. that is where we differ. but where we agree is there are companies who thought the world would never change and have been

catering to short-term shareholders who wanted that extra penny or two in earnings. they got it by having the companies leverage up and take more debt and shrink a number of shares. they have also been focused on dividends. they are probably settled with products and services that will become obsolete because of the record-breaking amount of innovation taking place today. in order to service their debt, they will have to cut prices and move those goods and services that are on their way out anyway. i am concerned about that. i think there is going to be a lot of confusion around it as well. that is why we keep our eye on the innovation ball.

that is going to balance these issues out to a great extent. what it will also mean is the traditional gdp numbers we are going to be seeing are going to be very low. growth will seem very scarce. i think it will proliferate over time and that some of the companies that we own, the stocks we own, they are not in any index out there. a lot of public market investors are not exposed to them. we think there will be a lot more of those opportunities going forward. >> we are going to get to australia and look at gender equality data there. the paradox that maybe costing the economy aliens. in terms of women's educational attainment, it ranks among the

rest for female participation. it is behind kazakhstan, serbia and zimbabwe. >> we wanted to bring in our financial report. she crunched the data. what did you find out about how this compares? >> australia definitely has a woman problem and it does not compare very well. even when you compare with countries that are its cultural peers like the u.s., the u.k.. what is worse is that australia is actually going backwards. not only has it not made enough progress in recent years, it has gone backwards. it is still the number one country for women's educational attainment. when it comes to women's participation in the economy, it is ranked at number 17. just in 2006, the country was ranked number 12. you can see the drop off their quiet dramatic. when you look at female ceos

among australia's top companies, that number has also fallen over the past four or five years and that is in the stark contrast with the two other developed nations. >> in this climate around the world, it is astonishing that australia has gone backwards with this. what are people putting this down to? especially the gender pay gap? >> that is absolutely right. it is amazing that we are having this conversation in 2021. that australia has gone backwards. what people are talking about with the gender pay gap which now stands at 31% when you take into account full-time, part-time and overtime of all workers. a lot of that can be attributed to the fact that australia has a very gendered workforce. you see men working in industries like construction and mining, women working in industries like nursing and care

and those industries that women tend to work intent to be much lower paid. you also have to -- you also have strata sexism, gender pay experts say about 40% of the gap can be attributed to that. there is also this issue of child care and about people, women and men, whether they take parental leave or not. and the fact that childcare is very a in australia. it is often that you see the woman drops out of work and gives up their career to take care of children. >> all of this is coming at the cost of the economy. right? >> that is exactly right. it is not just small. it is billions and billions of dollars. goldman sachs has estimated that just by closing the gap between male and female employment rates, australia could generate an extra 8% to its gdp.

that is about $114 billion. you also have the issue of sexual harassment. we know that one in three australian workers say sexual harassment in the last year, fixing that problem, the sexual harassment issue, that is costing australia $3 billion per year. in a time like this, and companies and countries are looking for in advantage, here is your way to make $117 billion per year. >> let's do a quick check of the latest business flash headlines. rejecting an all-star acquisition offer from zoom. at 30% to client in zoom shares since the deal was announced in july. zoom sought to buy that subway provider to boost is popular or comforting app in the face of stiffening competition.

it will continue to operate as the standalone publicly traded company. korean allies are spreading approval to buy this rebel carried by years and. the chairman told aviation week that this integration will take at least two years with only the most efficient plans retained. they are unlikely to remain in korean heirs fleet much longer but they will only be useful during a short search in travel demand after the pandemic wanes. >> let's quickly check in with these markets. we would normally be going to the lunch break in hong kong. we are looking at a downdraft across the board at the moment with the accused coming from that week finish in the u.s.. this is the scene. it is coming through here from the airshow. this is the country's biggest airshow. it is almost at a time when aging tries to push the meter to

retool its military to modern warfare. this week, we have seen the likes of j 20 powered by an indigenous engine. that is the stealth plan. that is the scene at the moment. this is bloomberg. ♪ [singing]

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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. this is a paid at for csn. >> many times i been out here and asked for a drumroll. in the past it's been nothing but hyperbole. this time a really would like a drumroll and i should have one. this is i think the