haidi: good morning and welcome to daybreak: australia. i am haidi stroud-watts in sydney. kathleen: and from new york, i am kathleen hays. they risk move sweeps across the market. crypto is taking hard-hit. haidi: of saudi arabia raises oil prices for asia and the

u.s., signaling it sees demand staying strong. kathleen: australia raises pandemic restrictions as it confirms a local transmission of the variant. paul: and evergrande's long-awaited debt restructuring posing a fresh test for president xi jinping. kathleen: let's check the markets. this running from risk. the fact that the jobs market report on friday, even those payrolls fell far short, but did not make one say the fed will slow down. so where do we see one of the most hardest hit places? let's start with bitcoin. now trading at 49175. it started on saturday, trading as low as 42,296.

it is not just the move by cryptos, it is the move out of the ipo's. and the 10 year yield was one of the beneficiaries, rallying. the yield is at 1.3 for now. if you look at oil, actually oil has settled for the sixth straight week, the longest string of decline since 2018. omicron. what will it do to the global economy? what will it do to demands. a hike in output, that is another issue and another kind of risk that really hit hard, starting in asian trade on friday, carrying over to u.s. trade. the decision by didi to do list out of the new york stock exchange, start procedures to list in hong kong. there was a 12% drop in trade on friday in china tech stocks, but the nasdaq china dragon index fell another 12% on friday, a big move down. all these things.

we are waiting to see, how do they filter through asia trade on monday? kathleen: yes, all these things are building. the wave of volatility is playing out that, is the theme going into the start of the trading month. when it comes to central bank decisions as well. kiwi stocks were up 0.4%. we had some building numbers out. sydney futures are of a positive after a week or finish it friday. we are looking ahead to the reserve bank of australia's statement likely to highlight the interval between building economic mentor him, to these latest round of lockdowns, as well as the impact of inflation. the expectations are for the cash rate to be laughed at 0.1%. but there is a differential between what markets think and what the rba says.

shirley: for more on our top stories, let's bring in su keenan, mliv editor garfield reynolds, and our chief not asia correspondent stephen engle. su, what is behind the white knuckle weekend for crypto investors? quite a wild ride? su: it certainly was. many were saying to the newcomers, welcome to crypto, this is the way we roll. you are seeing bitcoin trying to make a comeback. the drop was stunning. and a shock perhaps to some buyers, these dip daredevils the who have been doing well. many market saying that this could cast a battle for stocks. buckle your seatbelt volatility is ahead. how some of them are trading, as you can see, a lot of red on the screen. but not in the magnitude we saw over the weekend.

bitcoin plunging as much as 21% saturday from friday's close, pushing it near the 42,000 level, well below its record high of close to 69,000. it has moved back up to 49000 and above. the selloff was widespread, across the crypto universe -- dogecoin and shiba inu both lost as much as 1/5 of their value. ether, the second largest crypto, also tumbled as much as 17%, but is really emerging as the star of the show here, outperforming bitcoin by regrading almost all of its value since this weekend. it is not unheard of for crypto to have these wild swings. of course, we had thinner trading over the weekend, also a market structure that involves hundreds of disconnected exchanges all over the world.

but what we have here is probably the fact, many observers say, that leverage plays a role. many highly leveraged players that were likely forced out of their positions. the selloff was possibly tactically driven. there has been a correlation between bitcoin and some of the high beta stocks that sold off on friday. haidi: garfield, the outlook for inflation and central-bank tightening is a little different when it comes to asia. what is your expectation on how the markets trade? garfield: pretty rough to the asian zone, because those nuances that we were mentioning are not necessarily going to make too much difference. some of the moves on friday, the drivers of the most have this ongoing situation where we have

a very difficult transition going on in federal reserve policy where the fed is going to keep the taper, and everyone is wondering, are interest rates following that? then we had a jobs report that had not very positive numbers. in the wake of that, at the same time, covid-19. what is going on with that? asia in particular, some of the emerging asian markets got hit very hard by the delta outbreak less time around, and they are being sold off both because of the concern over omicron, but also because a lot of them are very exposed to tourism. kathleen: you are saying that if omicron doesn't prove to be that serious, it might discourage people from traveling. people also worried about demand. we saw another weekly decline in crude oil last week, garfield.

the saudi's said they will boost their price a bit. garfield: looks like they very much want to stick with the program and bet that the omicron variant will not hit demand strictly in developed markets. saudi oil actually has a bit of a demand dynamic working in its favor at a time when various industries are looking to ship their fuel balance towards less carbon emissions. the saudi's want to stick with the bullish outlook to justify continuing to increase production. $70 a barrel is still a long way

from the dire straits of when it was $50 a barrel. so i think the saudi's are saying you're going to hang tough. of longer-term outlook for crude demand remains where we had it a couple of months ago. haidi: one of the other things we are watching is what happens with evergrande. it has been months of volatility and speculation. could we be finally close to a resolution? stephen: it looks like they are coming to a head -- sorry, is garfield commented? [laughter] if you want to comment, garfield, by all means. obviously, it has been a calm few weeks of late for evergrande and for other developers be it kaisa, or another it yesterday that announced it was

defaulting on $9 million of debt and interest payments. so there is that contagion risk. the hind all of this is what we have dabbed the evergrande effect. the developer with $300 billion plus in liabilities and this announcement they made to the stock exchange on friday, perhaps is the clearest indication yet that while they have been able to meet their short-term obligations up until now, going forward, because of that debt pile, they might struggle to make further payments. one of the biggest payments that will be focusing is a 30 day grace period on two bond coupons. it is due today. normally do on december 6. now december 6. time to pay up. they made a statement on friday saying that they will actively engage with offshore creditors on a restructuring plan. immediately after that announcement, the stock exchange, we got a flurry of different announcements and statements from various authorities in china whether the

pboc or the guangdong government, the government summoning that owner to explain that this has to be an orderly debt restructuring. they sent a team of government officials to evergrande which is based in guangdong province, to ensure daily operations. the pboc also put out a statement, very rare, essentially blaming evergrande for causing its own problems through its own mismanagement, feckless expansion. so the government is officially not going to bailout, not giving any indication that they will bail them out, but they are concerned that this is an orderly debt restructure. haidi: su keenan, mliv editor garfield reynolds, and our chief north asia correspondent, stephen engle, thank you. let's get to vonnie quinn with the first word headlines. vonnie: good morning.

china security watchdog as it respects company's choices on where to list stocks. sources have told bloomberg news that such a ban is in the works to address data security concerns. reports are misleading, that regulators are promoting u.s. listings. ray dalio has taken to social media to say he had "sloppily answered a question about china" during an interview on msnbc. the founder of bridgewater compared china to --, when asked about the disappearance of dissidents. australian health officials confirmed the omicron variant of the coronavirus is circulating in the community. 15 cases detected such far. a new south wales health officer

says he expects an uptake of cases in sydney. australia authorized vaccination of children aged five to 11 years old, with the rollout due to start in january. 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. kathleen: thank you. his influence in asia may be receding as the country turns more inward. our guest joins us with more on that. and next, we look at the biggest economic indicators on top this week with anz's chief economist. this is bloomberg. ♪ ♪

>> we are starting to see cases literally every few hours to a day or two in the united states,

and as we approach the weekend, we will probably see more. once it is here, there is no way that you're not going to see more cases. haidi: with the omicron frack looming large in australia, the rba is set to keep policy unchanged. it will be a similar story for the rbi on wednesday. meanwhile, china data is giving us plenty today just as well. trade numbers are expected to remain strong, with robust demand. consumer inflation could jump to percent, but that gives the pboc some room to increase stimulus? kathleen: that sets us up for the main event, november u.s. cpi data.

consumer prices are expected to show the largest advance in decades, keeping pressure on the fed to deliver tightening. that comes after chair powell ditched the transitory tag last week, along with a mixed bag jobs report. >> much better than a headline would suggest. >> the headline number was softer than expected. >> job growth was disappointed. >> looks like seasonality and the impact of seasonal flows. >> it is the type of report the fed wants to see. >> the fed has a window to move and obviously they will take advantage of it. >> they have to start moving. >> they have to move. >> our base case is for the first hike in june. >> they have to make up the lost ground. maybe that means faster hiking of rates. >> if you go faster than you want to go, you are wasting something. >> the fed is looking at racing rates. we think they will have a hard time doing that. >> the fed is going to have to be very smart, both in what it

says and it its policy implementation. haidi: that is your week ahead. kathleen: saw a very mixed picture for the november u.s. jobs report, in stark contrast to a steep drop in unemployment rate. the fed will still move towards faster tapering and more rate hikes, here. let's bring in richard yetsenga. e.r.a. economist. is that the right thing for the fed to do to speed up the taper and look at bringing the rate hike up faster, sooner, may be doing more rate hikes? is that what needs to be done to fight inflation? richard: i think so. this idea that central banks are

running a risk-less strategy by waiting for information to be fully in evidence, well entrenched in their target ranges, before they start to move monetary conditions, i think that comes with a lot other wrists. you need to move more quickly, you need to get rates neutral. you don't want to risk the possibility of another accident? kathleen: so the reserve bank of australia which meets tomorrow is in a different position. although inflation has picked up. to the economy is looking brighter even with omicron hanging overhead. not expected to do anything. what about communication? persistent inflation in the u.s., a major central bank saying it will speed up tightening, doesn't have implications for the rba? richard: probably not.

that bank has really sketched out a different perspective and given a range of pretty solid reasons as to why inflation in austria is like to be different from the u.s. and other places. but that is their narrative. remember, this is a central bank that has shortened to inflation target for long period of time. i think for the reserve bank of australia, there are risks they don't want to take, because you don't want to have the risk of overshooting. haidi: is there a credibility gap, when you look at market expectations on when the tightening cycle will be? richard: credibility has probably quite a strong way of

saying it. i think for the reserve bank, particularly the way that -- has caused consternation among market participants, they were supporting the official three year bond target and it ended prematurely and in a very disruptive way. so there's is always some skeptical questioning of central-bank forecasts and expectations. i think there is probably more questioning and expert missions, given the way the three year yield target ended. haidi: i wanted to get your views on china. this is a big week. we have inflation data as well as trade expecting to stay resilient. but the biggest focus is how they will come to ever solution on the property sector in terms of debt restructuring. what risks do you assign to that, particularly in terms of regional impact?

richard: property is a big focus, no doubt about that. markets decided on this idea that there will be a relatively orderly reduction in leverage, and -- in the chinese property sector. our gdp forecast for next year is four point 6%, the lowest in modern history, certainly in this period where china has become an integral part of the economy. but of course, the property restructuring is part of a broader policy shift. the shared prosperity agenda is the biggest market watch for china. what structural implications does that have for china in the next few years. shirley: when you look at -- kathleen: when you look at stock and bond markets around the world, in the u.s., it has pulled back from risk. is there any contagion to other

economies if we see this proceeding more broadly? richard: a little bit. but asia, i would say, is well placed to cope with a fed tightening cycle. china economically is softer, but there is a great indexing story internet which is tracking capital. the small markets in asia have not seen this avalanche of new investment, it has actually been the regional investment story. really it has been a china story. economic fundamentals in the region look good. so the fed can hike and we will find where in the global economy there are vulnerabilities. i don't think china is it this time. haidi: richard, always great to have you with us.

you can get a roundup of the stories you need to know to get your day going, in today's edition of daybreak, at dayb on your terminals. it is customizable, so you get the news on the industries and assets that matter to you. this is bloomberg. ♪ this is bloomberg. ♪

kathleen is now a quick check on the latest business flash headlines. this is among international brands named in a report on chinese state television which says it adopted a different policy between china and other markets. the report says louis vuitton merchandise purchased at chinese stores are nonrefundable, contrasting with its policies elsewhere. chinese teslas supplier says it is working with the electric car maker to test and replace parts that prompted every centrica.

tesla recalled almost 22,000 model y's made in china this year, after defects were discovered to increase the risk of crashes. the supplier says the potential of any part being defective could be as high as 1%. some of toshiba's biggest shareholders are reportedly trying to pressure the board to avoid talks on a full buyout. according to the financial times , there were two valuations that were 20% higher. shareholders are planning to vote against plans to split sheba into three parts. plenty more to come on "daybreak: australia." , we will be taking a look at a report, and it shows that surprisingly, the u.s. is actually gaining power in asia, in part because of the way it is handling vaccines, in contrast to china, which is starting to

lose power as it turns inward trying to increase, prosperity, reduced equity, and more. very interesting report, with potentially big implications for u.s., for china, and for the region. mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2

vonnie: you're watching daybreak australia. saudi arabia has raised oil prices for buyers in asia and the u.s., signaling a cease demand staying strong despite the spread of the omicron variant. the move comes days after the opec surprise traders with the decision to boost crude output. saudi aramco boosted the prices for all crude, raising out of light grade from customers in asia have basic 60% in december. evergrande's debt restructuring may be at hand with the plan to

actively engage offshore creditors. this is being seen as acknowledgment of $300 billion of liability has become unsustainable. regulators are trying to's quell containment fears assuring that markets are under control. -- will shut the taiwanese unit this month. at marks the end of the influential media empire brought down by china's crackdown and china's pro-democracy movement. the taiwanese unit will run out of funds in december with about 300 staff members receiving severance packages. global news, 24 hours a day, on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: china security watchdog is downgrading -- after a plunge in dv and others.

they say they respect companies choices on where to list their stock. let's bring in our bloomberg asia editor for more. it has been quite a roller coaster, in terms of the reporting on the story. do we expect to see some calm to be restored after this latest statement from the csrc? >> i think that is definitely the bigger question from investors today after we saw that roller coaster ride with china trying to come in and downplay those reports. in making the point that you have some domestic chinese companies still actively working with chinese and foreign regulators that have shares listed in the u.s. there is still so much uncertainty around what's going on in china. as perilous for investors to try either way.

xi jinping's campaign to remake the tech sector, and the broader term for chinese economy. there is still so many uncertainties about that. you also have a few details about how they plan to go about this. i think it's really, really difficult to say that, whether we will see some calm, because it's the major question. we have seen xi jinping's campaign and it's taking investors by surprise from one day to the next and we saw at happened earlier on. so a lot of unknowns at this stage. kathleen: some of the unknowns, immediately, our technical ones. how do you delist the stock in the u.s. and relist it in hong kong? they say they will do something for the shareholder, but how would that work in the bigger question is, how far as the chinese government ready to push

this to get it done? will they slow it down or will they be patient? andreea: exactly. a lot of that is playing on investors minds. even though chinese stocks have had a rough ride and they are relatively cheap compared to other parts of the world, it's very difficult for investors, at this stage, to jump in their. it's very much -- there. it's very much a wait and see approach to see how this is going to develop. haidi: bloomberg cross asset asia editor andreea there. the u.s. has defied the pandemic to make it a first gaining comprehensive power in asia in four years. cementing its position of the lower institutes annual power asia index. the report found that it lost ground and has no clear path to undisputed supremacy in the region. let's discuss with the program

director who joins us now. always great to have you with us. how much of this was down to the pandemic and also a change of government in the u.s.? >> the pandemic has played a large role, not only for the united states and china, but for the region at large. what we are seeing is that no country, not only in asia, has been untouched by the health and the economic impact of the pandemic. that means most countries are less able to respond and shape their external environment. that matters here in asia because we are dealing with an increasingly contested international system in which superpowers are buying for influence in middle power and smaller powers are being left behind. generally the pandemic and geopolitics have combined to negatively impact most countries

prospects in the region. the surprise, however, is that the united states has beat this regional downward trend, that it appears to be resurgent and more competitive than it was one year ago, and that's a result of political factor, the change of the administration, the fact that the biden administration has put more emphasis than the trump administration ever did on u.s.' ability to answer climate action to covid-19 vaccine to developments finance. on top of which, it's also structural, to do a faster than expected recovery in the u.s. economy, which has improve the u.s. prospects throughout the decade, right into 2030. united states is now the only major global economy predicted to be larger in 2030 than we had originally anticipated prior to

the pandemic. almost every other country will be smaller as a result of the pandemic. china had withstood a recession last year and held onto its position that's position as the number two ranked company -- country in the world. it is still behind the states, but rather than growing it as we have seen a do every year since 2018, it has actually registered some losses across four of our major measures of power. which is significant. it suggests that there are political and structural factors that has been in china's fortunes. an abrupt turn of fortunes for the u.s. and china. haidi: those foundations for china are interesting. when it comes to the nuances of where china goes from here, the report says that, at some point there will hit the maximum amount of economic growth they will be able to have. at the same time you see this

unclear path to supremacy. what is that mean in terms of risk to the leadership and their behavior for a potential policy mistake there? herve: one is, we don't mean to undermine china's formidable global power and its influence in asia, but it does rest, as you say, on narrow foundations, on its economic power, on the ability of china to connect and shape the choices of other countries through economic interdependencies. that is really the strength of china. in other ways, however, it is losing friends. it has gone down in some of the systematic influence. xi jinping has not left the country in two years. the global economic initiative to joe biden in the pandemic and the way in which china has responded to the pandemic by virtually closing its border and having one of the strictest

quarantine systems in the world has severed a lot of people exchanges. fewer people are traveling to china. fewer students are attracted to china and that is having a negative result for china's cultural influence in the world and region. it suggested for china and the political system that still spends more effort and more money on power than it does on its expenditure. kathleen: i would like to get a couple other points in here so i want to get quicker answers and questions. you are talking about asia's deepening security dilemmas presenting a significant risk and you say partners are enhancing their collective initiatives. the u.s. military is concerned about china's growing military power. we know the u.s. has backed away

from any trade agreement that could have brought geopolitical forces together. in a nutshell, what is the risk of war and why? herve: there is a risk of war, and it is significant. it comes from the fact that the best of hostilities in the region, not just between u.s. and china, between japan and china, vietnam, india, the rest of u.s.-china competition, which spans all power, cultural, and the fact that there are multiple flashpoints in asia from taiwan to the east china sea, the himalayan border, india and china. any one of those could present a security risk for the region. obviously, australia, and other u.s. partners have tried to contribute more to collect the deterrence -- u.s. led deterrence effort against china.

but it's not clear that those efforts will really result in more stability or more deterrence, that awaits to be seen. there are no safeguards between the u.s. and china, unlike the old cold war between the soviet union -- kathleen: yes, i hear you. quickly, you say the pandemic is making the region more bipolar, japan and india falling behind china. australia is growing more reliant on the u.s. what about the role of india, quickly? herve: india is the only country that can demographically match china scale, but it has been particularly hard-hit by the pandemic. it will be about 11% smaller in 2030 than originally anticipated prior to the pandemic. it's rise of major power in our region and war has been delayed significantly. on top of which, it's an underachiever in terms of its

economic diplomacy. its relative power compared to china has declined, not risen. the region is becoming more bipolar. more u.s.-china driven. you see that in response to the middle powers hunt, like australia, who has taken a bolder stance to align themselves with the u.s. kathleen: so many points in so much analysis we could begin to cover today. anybody could find this report on the lowy institute website. he is the director for power and diplomacy. rising u.s. omicron cases are guaranteed in the coming days. that conversation is just ahead. this is bloomberg. ♪

kathleen: ahead of the asia trading day. goldman sachs has cut its forecast, citing modest downside drag from the omicron variant. goldman economist now see gdp at 3.8% this year instead of 4.2% in 2.9% in 2022. a scenario where the virus spreads more quickly in severity against the disease is only slightly weakened. haidi: emerging market traders

are taking an approach with southeast asia and omicron, dumping shares from the region that was most impacted when the delta variant arrived. it has fallen more than 4% since omicron first emerged. still, they think that the markets may rebound quickly once there's more clarity on the new variant. looking at rising u.s. omicron -- kathleen: looking at rising u.s. omicron cases, they are guaranteed in the coming days. it's according to president biden's top medical advisor, anthony fauci. dr. fauci: they are getting more and more information into friends. one is what's the profile of people who are getting infected. in other words, we are trying to find out if there's any degree or of protection, whether or not you are unvaccinated, versus vaccinated, versus having been previously affected -- infected. the ultimate question that will

be important for us here in the united states is, if you have been vaccinated and boosted, given the mutations that this new variant has, what is the chance of protection against infection, and if not infection, against severe disease leading to hospitalization? we are learning about the severity of the infection in the profile of the people who are getting infected. as you well know, we are starting to see cases, literally, every few hours to a day or two in the united states. and as we approach the weekend, we will probably see more and more. once it is here, there is no way that you are not going to see more and more cases. the real question is, and the fact that we have a background of delta variant, which is very dominant and has essentially pushed all the other variants off the board, where is omicron going to be in relationship to delta? will it take off and become the

dominant variant? or will it essentially get a bit smothered by delta? the only way we will know is to wait and see. but we are getting important information from our colleagues in south africa. david: the number of cases is going up in south africa, which is not a surprise. the number of hospitalizations is not going up as dramatically. should we read into that, or is it a matter of delay? dr. fauci: i think the latter. in order to get a feel for the relationship between infection, a high degree of symptomatology, hospitalization the -- hospitalization and death, you have to have patience get infected and follow them for several weeks. although it is encouraging that they are not seeing any concerning signals, like all of

a sudden, a lot more hospitalizations, that is comforting but not definitive. we really need to wait until a lot more people are recognized and identified with getting infected, to be able to make any determination about the degree of severity. david: if we go all the way back to monday, a whole five days ago when we saw you with president biden, what do we know differently from what we knew then about this omicron? dr. fauci: we know it's in the united states. [laughter] which, wasn't anything brilliant on my part, that we predicted that when you see it spreading throughout countries in europe and asia, obviously, you will see it in the united states. the real big question that we don't know now is what i mentioned a moment ago, is, how is it going to fare in a world, in the world being our country, and the world in which delta is the dominant variant?

that will be a very interesting situation to watch. david: on monday, you said it's going to come to the united states and you were right. community spread, is it inevitable? do we already have community spread in this country? that may affect questions of travel restrictions, right? dr. fauci: we absolutely have community spread in their country. we have community spread with the new york-minnesota case. where someone in minnesota went to a conference in new york and got infected with people he had contact with, also infected. there is no doubt that there is community spread. haidi: anthony fauci speaking with bloomberg's david westin. health officials confirmed the omicron variant is circulating in the community. but the two largest states are committed to keeping their shared border open. allen joins us now for more. a big relief for those of us wanting to travel for christmas, but what's the latest when it

comes to the new variant? >> 15 cases in the community, five of those community transmission. the new south wales chief medical officer saying the cases are linked to a school in jim. -- gym. the health minister said the symptoms are mild. that's perspective for new south wales. the premieres of those two states exchanged text messages over the weekend and will not pursue an omicron zero policy. the border will stay open, there will be free movement through the christmas and new year holiday period, and restrictions will be continued to ease in both states, despite omicron. the new south wales premier said going into lockdown, closing the borders is not the solution. getting the vaccine is. kathleen: another big story, australia has given approval for vaccines to be given to children between ages five and 11.

what's the plan, and what's the activity of this among parents and australia? paul: we will have to wait and see, but the therapeutic groups administration has given the go. it will be a one -- one third dose trial. it gives good protection, symptoms, side effects are mild compared to wet adults receiving the vaccine have experienced. that starts january 10. very deliberate timing to get those five to 11-year-olds all done before school returns in february. 20% of all the cases in australia so far have been in children under 12. while all the symptoms are mild and hardly ever result in hospitalization, children can pass it on and there is a rare condition that affects one in 3000 that leads to very rare immuno logical conditions if they have not received the vaccine and do contract covid, and that could cause severe sickness, lasting for months. there is still some urgency with

getting those vaccines into the arms of the very young here in australia. haidi: a lot of parents in this country don't want to go through another round of homeschooling. paul allen and sydney with the latest. we are looking at other stories in australia and new zealand. the bank and new zealand is due to release its november export prices. we will give the latest read on inflation at the melbourne institute. the review is reporting that it is set to start the sale of its -- in february. we have more ahead. this is bloomberg. ♪

haidi: a quick check of the latest business flash headlines. chinese developer sunshine 100 defaulted on close to 180 million dollars in debt and interest payments due on sunday. the company said it cannot make the payments due to liquidity issues arising, including the macroeconomic environment. sunshine's problems highlight the ongoing stress among developers amid fears of the default whisk -- risk comments big arrival, evergrande. hong kong is planning to open a small office in new york as soon as next year. it will be the exchanges first presence in the u.s. it has offices in singapore, london, shanghai and beijing. the financial center has been coming under pressure as beijing

tightens its grip. the group is said to have a sale of logistics. they are working with evercore to gain interest, including from investment firms. those close say the marine petroleum trust for company could fetch about $600 million, including debts. he will take up the road from february and also assume the post of the reports. he will stay on as aunt -- on the board as of next year. coming up in the next hour, tribeca investment partners join us as omicron concerns way on investors. on that last topic will speak about the global response to the spread of the variant, whether the current vaccine strategy is working, whether availability is up to the job. that is it for daybreak

australia. "daybreak asia" is next. this is bloomberg. ♪

hey, angie! you forgot your phone!

hey lou! angie forget her phone again? yep. lou! mom said she could save up to $400 on her wireless bill by switching to xfinity internet and mobile. with nationwide 5g at no extra cost. and lou! on the most reliable network, lou! smart kid, bill. oh oh so true. and now, the moon christmas special. gotta go! take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes switching fast and easy this holiday season.

haidi: good morning, i'm haidi stroud-watts and sydney. kathleen: i'm kathleen hays in new york. welcome to daybreak asia. our top stories this hour, a risk off mood sweeps the markets as a hawkish fed and omicron way on sentiment. crypto looks to make a comeback after taking a hard hit. evergrande's long-awaited debt restructuring may finally be at hand, posing a fresh test