paul: good morning, i am paul allen. shery: i am shery ahn. welcome to "bloomberg daybreak: asia." asian stocks said to open weaker after a selloff in u.s. tech. minutes suggest rate hikes may be more aggressive with a faster trimming of the balance sheet. omicron also waiting on

investors minds with strict virus control measures. paul: currently weaker but what if of 1%, we have a staggered open insignia. the downtrend evident at the moment as one might expect after what we saw in the united states with a considerable selling on major indexes after the fed indicated a faster path of production and implication tightening as well. new zealand has been treating for a while, off by .551%. nikkei futures off but -- shery: we continue to watch the u.s. futures base, we have that selloff in stocks and bonds deepening in the new york

session, tech shares took the brunt of it. we continue to see a bit of pressure but muted at the open when it comes to futures right now. we are seeing wti reversed with some of those earlier games, u.s. inventories fell for a six week and that sent the price above $77 a barrel but we are seeing pressure right now. the 10 year yield has sort to the highest since april. we had data that companies edit the most jobs in several months, double what was forecast. we have been watching treasury yields continue to gain ground on expectations of a faster rate hike, officials were unanimous that they should be raising rates this year, a contrast from

last september when they were evenly divided. this coming at a time when they are seeing a more severe persistence of supply issues not helping with inflation pressures. paul: rising yields viewed as a weak spot for highflying tech firms, both morgan stanley and wells fargo saying this great route -- stock rotation is going to continue. right on cue, a heavy tech stock has been done 6% this week. the gainers are expected to be the big banks, industrial and transport firms. shery: they are liking those cheaper stocks. valuation not helping chinese adrs, the index falling more than 40% last year, but we had that news that tencent cut at stake in an online gaming company and those adrs continue

to push lower over concerns the companies may take similar action given beijing's regulatory crackdown. paul: let's dig into those minutes from the fed december meeting a little more underscoring this widely telegraphed decision to hike rates faster and higher. i think what surprised us was the fed's readiness to begin drinking it's balance sheet. kathleen hays joins us with the details. what are the key points? >> they make it clear what they discussed at what they decided and those minutes confirm it is going to take a more aggressive approach in 2022 in its attempt to fight inflation. let's start with one if they key quotes. participants generally noted

that given their general individual outlooks for the economy, the labor market is healing, inflation is too high, it may be warranted to increase the federal funds rates sooner or at a faster pace than participants had earlier and. they should not be a surprise to anybody. when you look at the dots, at the september meeting the last time they had updated them half of the members sought note rate hikes in 2022. december dots, all of them see at least one rate hike and some c3, one sees four. this all goes together. the surprise is really they are talking about the balance sheet run-up already. at the end of the last recession

they waited two years and started reducing the balance sheet, look at what the minutes state with regard to that. this was the surprise. some participants also noted a could be appropriate to begin to reduce the size of the fed's balance sheet relatively soon after beginning to raise the federal funds rate. the minutes also said some thought a significant amount of balance sheet treatment could be appropriate over the process. why are they doing this? the yield curve is flat, global bond yields are low and they do not want the yield curve to flatten anymore. if they start reducing the balance sheet that will put upward pressure on long-term guilt and keep them at a higher level and keep that steepness of the euro. one governor said march is a live meeting, they could

consider rate hikes then. shery: the composition of the fed so important for where the fed goes from here. we are hearing a former deputy treasury secretary could be in the lead for its opposition. -- top position. what do we know? >> at least two people close to the discussions say that she is a leading contender, quite a background, amherst graduate, harvard law school. she has what you need for this key job at the fed, vice chair for banking supervision. she was at the board of governors already. in 2010 she was nominated by barack obama.

he asked her to move to treasury. she was the highest ranking woman ever at the treasury department. she has gone back to teaching anymore, but what people like about her is she has written about aging financial risk for banks from climate change and opening the door to doing something about it. this is another thing that appears to have putter at the top of this very important list, but she brings a lot to the bid. people feel they have someone with a track record. shery: big changes coming up at the board, kathleen hays with a look at the fed. over in hong kong the city is imposing strict new virus control measures for the near -- first time in the new year as the omicron variant threatens a new wave of infections ahead of the new york winter holiday.

>> my view is given the dire situation we have a critical moment, we have to contain the pandemic to ensure there will not be a major outbreak in the community again. shery: let's bring in stephen engle. what steps are being taken right now? >> hong kong is in a pickle. in a global scale of hong kong is in a say, they did not have much of a delta outbreak, because hong kong has been adopting this covid zero approach but at the same time it has a low vaccination rate compared to other developed economies. one out of every three people here are not vaccinated, and those who are vaccinated have a vaccine proven to be less potent against omicron.

we have three weeks before the lunar new year on the date where families get together and we have already had increased cases come into hong kong and local infections of omicron, 38 cases, 34 of them yesterday were inputted -- imported, but we do have one local case that is untraceable. hong kong has had a local infection they have not been able to trace the source. maybe an anomaly. hong kong pulling out all the stops to make sure this does not turn into a fifth wave. it is if you are seeing 38 cases. here is what the authorities will be doing. starting at one minute after midnight tonight, forget your bar hopping tomorrow night. banning dining in it restaurants

after 6 p.m., closing all bars and all other credit social venues, halting flights entirely from eight countries deemed to be high-risk donna australia, canada, france, india, pakistan, philippines, u.k., and the united states. they will review these restrictions one week from now to see if they can tighten or relax. for the next two weeks as we lead up to the holiday where families gather there will be tight restrictions in hong kong. paul: our chief north asian correspondent in hong kong. more analysis ahead on hong kong's return to stricter virus curves. a german tells us what it means for the city's busy business

district. vonnie: singapore will require booster shots for people to maintain full vaccination status needed to enter shopping malls and offices. officials say they remain committed to reopening and will lean on testing to manage the bars. they say singapore will share covid statistics with the u.s. after the cdc issued a warning. a tennis start -- he has previously criticized vaccine mandates and has been granted medical exemption went to the country but federal officials say he failed to provide appropriate evidence to meet entry requirements. russia and its allies will send troops to kazakhstan after antigovernment protest escalated into violence on wednesday. a state of emergency in the

military brought in to quell the protests. the protests were started over anger of rising fuel prices and economic discontent. households in europe are said to pay an average of 54% more for energy than they did two years ago. bank of america says rising gas prices and power prices across the region it was see the average consumer expand nearly $2100 on energy. the united kingdom will see the biggest price increases. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. shery: still ahead, and australian fund is targeting the retirement wealth gap for women. a ceo joins us for our special segment. omicron's bread and threat of a

stronger dollar is clouding. we break it down. this is bloomberg. ♪

>> powell said during the press conference clearly they were going to go. >> is this a meaningful shift to the place with the federal reserve is going to raise interest rates so rapidly? >> what has changed in terms of the reaction function? >> of this is the early facings -- phase of a tightening cycle. >> the only surprise was the view on the balance sheet runoff. >> we should expect volatility to return to markets when we get unexpected results of the central bank.

>> the fed has signaled pretty significantly about their tapering plans. shery: our guest reacting to the fed's december minutes. our next guest is guarded on the outlook for fed rate hikes and is forecasting two rate increases this year. let's discuss the potential impact with gary schlossberg. thank you for joining us today. why are you expecting a more dovish fed? >> it looks dire at the moment but as we move through 2022, we think growth will be moderating. we will be going for bumps along the way, we are looking for first quarter growth to be weaker than expected and catch up into the second quarter. as we move into the latter part of the year we do see growth moderating overall, and we are

hopeful inflation will be coming down a bit, not dramatically, services inflation picking up some of the select -- select as -- slack as supply chains normalize. that takes pressure off the federal reserve to move aggressively. we are in the beginning of a tightening cycle but we think there may be more caution as we move into the back end of the year. shery: that give support for emerging market equities given that they did not have a great year in 2021, because of that we are seeing lower valuations than u.s. equities. >> valuations will be helpful as we move through the year. there are still plenty of headwinds, the kind of tailwind we had in 2021, and at the same

time we think the dollar will be firming through much of the air. on top of that you have china in a development strategy shift, moderate growth as well. we see the current year continuing to be a challenging one, but if you look through the prism of the beginning of the year it certainly looks more dire that we think it will be -- than we think it will be at the dispersion will be quite wide depending upon circumstances. paul: what is your outlook for big talk -- tech stocks? >> at the moment it is a difficult environment. wells fargo investment institute is still fairly constructive on the high quality stocks with the strong balance sheets. mega cap or the high-tech sector

in general, cyclicals particularly in the industrial sector. the u.s. market staying with u.s. stocks, large quality stocks that the balance sheets, their wherewithal to weather what we expect to see. it will be challenging as policy expectations remain hawkish. if we are right on that policy outlook and the pressure on the federal reserve does ease a bit, and keep in mind fiscal policy will not be as speculative as it was last year and growth moderates that takes pressure off interest rates and provides a better setting for long-duration tech stocks. paul: you are lowering your outlook for emerging markets in 2022. what is your reasoning? >> i am sorry, for the emerging markets? paul: yah.

>> we are neutral by and large on emerging markets. asian markets are well-placed. taiwan is well-placed with semi conductor exports but south korea as well as the supply chain continues to improve. the strength of the dollar, high interest rates will hurt some of the more heavily indebted markets, commodity producers in southeast asia may see a headwinds from the stronger dollar to some extent on commodity prices. heavily indebted emerging markets get a threefold effect. they are exporters, dollar payments to the local currency equivalent is burdensome and we could see a flow of funds from local markets, as much as we

have seen to dollar based securities forcing central banks to maintain a tight bias toward monetary policy. shery: there are so many risks surrounding emerging markets whether it is presidential elections or crackdowns in china. is there anything we were watching in 2022? >> we have seen some evidence. turkey is one prime example and economies like turkey that have large dollar liabilities where exports are improving but are not exposed to the export sector as much as some of the other economies out there. generally countries that have large amounts of dollar debt, keeping an eye on that given the strength that we expect to see, and then you get into political elements. china, the development strategy

changes, latin america moving to the left and presidential elections in other economies could create turbulence in some of those economies as well. paul: the wells fargo investment institute global strategist, thank you for joining us. you can get a round up of stories needed to get your take going. subscribe on the terminal. this is bloomberg. ♪

shery: we are counting down to the start of trade in tokyo and seoul, goldman sachs seeing the bank of korea raising interest rates next week bringing forward its policy tightening forecast from its earlier bet on the hike

in april. we are watching crypto elated stocks rebound after bitcoin's drop to around the $43,000 level and a newspaper saying samsung looking to buy a stake in the inventors of a virtual reality glass is becoming a necessity. tokyo is reportedly asking the central government for permission to implement stricter coronavirus measures, given that we are seeing that rising cases. where watching bank pmi numbers for december, retailing is in focus after a company reported a fall of more than 11% in december for japan same store sales. the yen has seen a bit of upside against the u.s. dollar but it is still holding around the five year low against the u.s. dollar. when you look at the jp morgan

gauge that follows the real effective exchange rate, that is at a record low. prices domestically could rise as much needed inflationary pressure lacking in japan, could that lead to a shift in the boj? paul: the real effective exchange rate measures at the again for inflation against trading partners. things looking a great deal worse that might otherwise be indicated by that headline number. the boj struggling to normalize policy. let's get a check of business flash headlines. hsbc's partner in its mainland china brokerage is looking to sell. it aims to cut it stake in hsbc general securities by 10% in a deal with $200 million.

nike is suing lululemon. it says they infringe on patents as far back as 1983, it's

vonnie: this is "daybreak: asia." i am vonnie quinn with the first word headlines. federal officials say a strengthening economy and higher inflation could later earlier interest rate increases. after the meeting, the fomc and it would accelerate the fed board buying program. the new schedule puts the fed on track to conclude purchases in march. authorities are keeping tabs on investors buying large amounts of foreign currency as they try

to contain the lira's slide. the turkish central bank has requested to be informed of any purchases. the leader has weakened 20% against the leader in the past two weeks. hong kong is tightening virus restrictions. the city will ban indoor dining after 6:00 p.m., close venues including bars and gyms, and cancel large-scale events. flight from eight countries including the u.s., u.k., australia, and india will be banned for two weeks. . hong kong reported its first untraceable omicron case this week, triggering fears of committees. . rio de janeiro has canceled its carnival for the second consecutive year on a new wave of infections. samba school shows will go ahead. brazilian health officials are beginning to sound the alarm again as the omicron fired, and

influenza spread through big cities. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: we have breaking news, we are hearing that a toshiba shareholder is stepping up regarding the breakup plan. this is the number two shareholder, 3d investment partners, now calling for a meeting with shareholders in order to step up opposition to the separation plan, which needs to be supported by two-thirds of stockholders. it holds a stake in toshiba. investors are also proposing that toshiba launch a new review of the separation, after toshiba announced in november that it intended to separate into three companies. we will be watching the stock when japan opens. let's delve into the pandemic in new york. governor hochul has proposed

a set of infrastructure measures designed to help the state emerge from the pandemic. the plan outlined in her first head of the state speech since succeeding governor cuomo, included bolstering -- by 20%. >> a once-in-a-lifetime pandemic demands a once-in-a-lifetime response, and that is why i am setting ambitious goals to grow our health care workforce by 20% over the next five years. and we will make the largest investment in health care in our state's history, $10 billion. we will accelerate a $1.2 billion tax cut originally scheduled to take effect between now and 2025 so that it occurs a lot earlier. that means more than 6 million middle-class taxpayers will get more money in their pockets sooner. inflation is robbing them of any gains in income.

shery: new york city's health chief says data suggests that spike in cases is yet to hit its peak, as u.s. regulators have cleared pfizer's booster for teens and officials are trying to keep sessions open. for more, let's bring jeanie buss woman. you're hearing cdc is also recommending pfizer's booster shots as well for these kids. genie: yes, that just happened. the cdc advisory panel on immunization recommended in a 13-1 vote just now that anyone and vaccinated between five to 13 should get vaccinated if it has been five months since their last second dose. now they are saying they should get it, but it still needs to be approved by the cdc director to

sign off on it. paul: we heard the governor of new york pledging to increase funding for the health system. how is the health system coping at the moment with omicron cases, and is there any sign of when things might peak in new york? >> there is data that the omicron variant is may be causing milder disease, but at the same time there is so much transmission. hospitals at capacity and there are a lot of shortages. there is a huge nursing shortage in general. and across the country, but not just nurses, this has been all across the nation and in new york, especially as a lot of them are getting exposed with this highly transmissible

variant. paul: bloombergs jeannie baumann, updating us on the situation with omicron in the u.s. earlier we spoke to an associate professor of emergency medicine at johns hopkins to discuss quarantine measures and testing guidance. have a listen. >> the current messaging here is right now we just don't have enough tests. access tests is challenging, rapid tests are expensive and also not available for major parts of society. if you are asymptomatic, given the current pandemic, you should isolate the full 10 days, because what is also known is after five days of the onset, most people will not be infectious, but 30% of individuals will continue to be infectious and there is a risk they will continue to transmit the virus. >> you are a claimed worldwide in dealing with testing and virology in poor nations.

i don't think that describes america. how did we get an spot where we don't have enough rapid tests? >> you know, i think we had a lot of tests available within health facilities. i think it was in the consumer market, only 13 rapid tests were ever approved by the fda. the number of arrests is a little when it comes to rapid testing. there was 400 known rapid tests. but then there are also issues around distribution, market share, and the pricing of the tests, which has caused delays in making sure everyone has access to a test. >> what is your sense of the cdc guidelines? john was just reading, it is clear, if you have a test, take it

and if you don't, just go on with your life. this undermine trust in the cdc? >> as the pandemic has evolved, knowledge has evolved, but the messaging has been frankly confusing. employers are not sure what to do with their workforce. test symptomatic, isolate for five days, that is fair. but what about test results? will they be available in five days? and if you do return back to the workforce, how do we ensure that the return does not put others at risk? so i think that guidance has been challenging but also challenging to implement. >> which is frankly the reason why a lot of companies have gone to pcr tests, something that is the most extreme to prevent outbreaks in offices. at what point do you see that

actually becoming issue. we were speaking with another doctor yesterday who said it is absolutely the wrong test. do you agree that it will in increase the barometer of infectiousness in the future? >> pcr tests are very specific. if you have a positive rapid test at home, there is no reason for you to get more testing, consumed that space for health that needs to be made available for others. also, symptomatic individuals that need to know for certain that they don't have access to a rapid test are the only ones that need a pcr at this time. shery: the doctor from johns hopkins, associate professor of emergency medicine, speaking to us earlier.

coming up next, we will speak with christina hobbs, ceo and cofounder of the first find founded by women for women. we will discuss gender-based investing and long-term wealth. this is bloomberg. ♪ ♪

paul: that gap between what men and women have saved shows australia's gender imbalance of wealth and creation. but one founder is hoping to protect the future investment of women. she formed the first find led by women, for women. ceo of verve super, christina hobbs join us. how do you think you can close such a huge gap between what men and women retire with? christina: i don't think one investment strategy alone can do it. it was a superannuation fund that not only invested with a gender lens, but also supported women throughout their lifecycle to build wealth in a long-term. we know there are challenges. women face pay gaps, we face pay

problems when we are on maternity leave. there are all these issues women face. so the idea is that we can support women to overcome these challenges through free financial education and coaching. we also use advocacy, ensuring that in the area of government, we are trying to bring in policies that were also some what retirement in quality. paul: you mentioned education as well. how important of a factor is that? do you notice in knowledge gap between the genders as well, if that is not an unfair statement? christina: we often see media reports talking about the gaps in financial literacy.

the issues that affect long-term wealth building are issues that affect women returning to the workforce. but there are areas where women typically fare worse on financial literacy measures and also areas where they perform better research shows that when it comes to long-term investing and long-term wealth building, that is where we start to see a gender cap. women have less confidence in that area. that aligns with interesting research that shows that parents are more likely to talk to their sons about investing than they are to talk to their daughters, women are less likely to talk to their friends about investing compared to men being more likely, so they are also social and cultural factors that have traditionally inhibited women from learning about how to invest and build wealth in the long-term. shery: tell us a bit about the

structural challenges, then? christina: what we are really looking for is policy that would support women in the long-term to build wealth. what we see in other countries, benefits being paid when women are taking maternity leave or parental leave, we don't have those benefits in australia in australia we also have some of the worst levels of workforce participation for women. it is much harder for australian women to return to the workforce none in other countries. so we would like to see some of the issues addressed in australia. really important economic issues but only at a personal level, but also issues that could help drive australia's economy in the future. we would also like to see more work being done to support women

in terms of their financial education, so that they can build the wealth that they have and also face the challenges that they face in building wealth over the long term. shery: did those challenges need to be addressed by the government or by the private sector? christina: there is a role for both. the australian government is working quite hard to address financial issues. there is an incredible government-funded money website in australia that is a great source. what we're doing at the superannuation fund is we have a unique relationship there are members that begins when they get their first job at the age of 14 and go all the way through to when they retire. we have this unique opportunity as a lifelong partner to support women and support our members. what that means, for instance, we support our members with career changes, when they go through job loss, in periods of career flux. we support our members when they

go through divorce or separation, because we know that is a vital moment that can impact women's lifelong wealth. we also have financial coaches that support members when they are starting families, to help them. and raise them. there is a role for the private sector to provide assistance as a partner to women in particular, but that also for the government to assist with some of the structural reform that is required. shery: christina hobbs, it was great having your insights, verve super ceo and cofounder. coming up, gm has entered the electric pickup battle. more from the annual ces exhibition, just ahead. this is bloomberg. ♪

>> we saw a significant impact with the semi conductor shortage last year. i would say every quarter it gets a little bit at her. we are seeing a better new one than q4, but we think it will linger and we should be further out of it by the end of this year. but we are not through it yet. >> we are continuing to see demand outpace supply. we are seeing demand for technology across the industry, the semiconductor supply chain crisis that we have been living

through is still here, however, as we said before, 2022 will be a much better year in terms of supply. paul: the ceos of qualcomm and general motors, commenting on supply chain issues at the ces forum in las vegas. we are looking at the fallout of the global supply chain krach, these are the top stories today. we also heard from other chip executives who say there is no short-term fix for the shortage. leaders from nvidia and mobile foundries on semiconductor and analog devices, spoke at a forum. they say most companies will not see relief before the middle of 2022, and long-term fixes are years away. as for the rest of the supply chain bottlenecks, they noted the issue continues to put pressure on prices. they see it lasting longer and it will be more widespread than previously thought. some of the central banks' contacts have been implementing changes to deal with

disruptions, including holding larger inventories and building domestic manufacturing capacity. u.s. president joe biden. 's port envoy wants to put more focus on exports. . he says port authorities and ocean carriers are dealing with record import volumes and need to ensure that exports are tendered during the logjam. shery: and chipmakers and car manufacturers are getting increasingly intertwined. our colleagues at bloombergnef project that electric vehicles will account for -- of auto sales by 2040. the fight over who controls the future is about to get a lot more interesting. the world's two biggest automakers, gm and toyota, are earmarking hundreds of billions of dollars over the next years predominate e.v.s. in the near term, though, a different technology may be taking the lead, hybrid car production is expected outpace

electric cars through 2024. bloomberg terminal users can read more about those stories on our newsletter, supply lines. paul: let's get more on volkswagen. $170 billion plans to overtake tesla in the e.v. race. our transport reporter has more on the story. what do these investments from volkswagen and toyota show with regard to their ev ambitions? >> so last month, these announcements for 170 billion dollars from toyota and volkswagen actually came within five days of each other. and so, within the auto industry, that was really a moment that signifies how seriously these traditional automakers are taking that. the electric vehicles. of course with toyota and volkswagen being the two largest automakers in the world. if you look at volkswagen and toyota separately, they have a

bit of a different story going into that moment. for volkswagen, it has announced pretty unmatched budgets when it comes to electrification. on the other hand, toyota has been a lot more cautious towards electric vehicles. since the announcement, toyota executives were questioning whether some parts of the world are ready for evs,, and toyota has presence in the market for hybrid cars. that that announcement from toyota in december almost doubled its sales target for electric vehicles in 2030 from just half a year earlier. so that signifies that automakers are embracing evs. shery: still, we know that they

are a bit late to the game, especially compared to tesla. so how will they be able to compete? river: so they do certainly have a bit of a time loss compared to tesla. also we have to keep in mind tesla is advanced both in its electric vehicles and its software. so volkswagen was a bit faster than toyota in rolling out the mass-market electric vehicles. what we saw from that is that there are significant software issues as well with these traditional automakers that they face when pivoting to next-generation electric vehicles. that being said, they do bring a, manufacturing experience, so while there will be points of tension going forward, toyota and others have built a presence with reliable and affordable cars, so they may just occupy slightly different segments

going forward. shery: our transport reporter river davis there. this investment partner is stepping up its fight against toshiba's breakout plans and calling for a meeting. we will have more on that story and we will be watching toshiba's stock as it starts trading in japan, as we continue to see that fight for its split. meantime, some of the other stocks we are also watching. tokyo gets underway with japanese retailers after they came back and reported december sales figures. we will be watching the uniqlo owner, fast retailing, and abc-mart. the 10 year yield has risen to the highest level since november, really tracking treasury yields higher as well. we have the market opening in

seoul and tokyo next. this is bloomberg. ♪

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>> >> we will preview thursday's

trade in asia after another tough day for u.s. listed companies. shery: japan and south korea are coming online and we are seeing the nikkei down 0.7% brought lower biotech and health care, this after two sessions of gains. the japanese yen also holding at the 116 level, the five year low against the u.s. dollar. as we continue to see the dollar strengthened and treasury yields tracking higher, we are now watching the 10 year yield in japan, which is around the highest since november. we are also watching toshiba, given that its second largest shareholder, 3d investment, is seeking a special meeting to be convened even they want to discuss their separation that was announced back in november. take a look at the kospi, we are seeing losses in that market, a

second consecutive session of losses after gaining ground at the start of the new year. the kospi is falling more than 1.5%. we are seeing the korean won against the u.s. dollar, another session of losses for a fifth consecutive session, this, of course, as we head towards that be ok meeting next week. goldman sachs saying that perhaps we will see a hike. we will continue to watch the bond space, too, all. paul: we are seeing selling in australia. the asx 200 is weaker after more than one hours trade. this is after morgan cut its price target for the buy-now, pay-later company by 31%. after pay is down 10 -- the most in 10 months. a couple of bright spots, the

materials sector in positive territory. rio tinto and other big iron or minors are in positive territory. but there is lots of red in new zealand, of by 0.6%. the kiwi and aussie dollar both giving up the gains we saw yesterday. easing, dropping to 1201, the lowest price we have seen since july of 2020. we have a more-hawkish fed back at the top of mind for investors. officials signaling faster rate hikes than previously expected. >> powell said during the press conference they were going to go. >> is this a meaningful shift to the place where the federal reserve is going to raise rates rapidly? >> what has changed? >> this is the early stages of a tightening cycle and as we know, it is not usually the first rate

hike that matters, it is usually the last one. >> the only surprise perhaps was the view on the balance sheet. >> expect volatility to return to markets when we get and expected results out of central bankers. >> you are seeing orderly volatility in the marketplace because the fed has signaled pretty significantly about their tapering plans. paul: let's bring in alex wolf, head of asia investment strategy at j.p. morgan private bank. alex, this hawkish tone by the fed in its december minutes, does it come as any particular surprised to you? is it causing you to change your outlook at all? alex: certainly, we already saw the turn, but we did see a surprise. the balance sheet was a surprise in terms of picking up the speed of that.

as well as the debate around earlier, we saw upgrades. survey slight surprise. when you look at their mandate, the inflation mandate and the labor market, the labor market is quite tight. you can see they have achieved their mandate. so it makes sense. a few hikes with rates still being quite low is still a broadly accommodative backdrop. paul: the growth picture looks reasonably good, inflation continuing to rise. which particular sectors are you positive on at the moment with that in mind? alex: we are positive broadly on e.m.. sector weiss, we like industrials and financials. we expect yields to continue to rise over 2% year-over-year, for that reason we like financials. we are also looking at further infrastructure investment, supply chains clearing up a

bit and input costs coming down, and more capex. broadly, we like industrials and financials. we think we will see strong recovery continue this year, so we expect earnings to be slightly above where they are at. shery: the recovery story includes china, we have seen the massive selloff tech stocks in the rest of the markets there. alex: we do favor dm versus em, so we like europe, japan, the u.s. with china we are more selective, broadly because we see the signs of easing. it should help onshore equities. offshore, we are still cautious on. we don't see much clarity with regards on earnings, they are still relatively weak, and the broad outlook for growth in china as well is likely with for the risks the downside. shery: alex wolf from j.p. morgan private rank, you are sticking around.

we will be discussing other issues as well. hong kong imposing new strict virus control measures for the first time in nearly a year, as the omicron variant threatens to spark a new wave of infections ahead of the lunar new year holiday. >> my view is that, given the very dire situation of the pandemic, we have to grasp this very critical moment. we have two contain the pandemic to ensure that there will not be a major outbreak in the community again. sheri: for more, let's bring in our chief north asia correspondent, stephen engle. what steps are being taken right now? julieete: hong kong is in a pickle. they have a low vaccination rate. about half of the people have taken the sinovac vaccine from china which has been proven or reported to be less effective against omicron. and also of course they have the zero covid policy, mimicking what is happening in the

mainland. . so they are doubling down on that as we had a number of new cases, 38 cases reported wednesday, 34 of them imported. but also this week, hong kong reported the first local case in several months that officials cannot trace its source, so that is a big concern. so we have three weeks until we have the lunar new year holiday when families get together. they are trying to stem a potential fifth wave and omicron spreading through a vulnerable city ahead of the holiday when so many people go out and socialize and go to their families. it could potentially in this densely populated city, ca wildfire -- cause a wildfire spread of omicron. as i said, 62%, one in three people here are not vaccinated. here is what the city is going to be doing. as of midnight early friday

morning, they are banning dining in restaurants after 6:00, closing bars and gyms and other crowded social areas like theaters, and also the two biggest theme parks including disneyland and ocean park. they are canceling large-scale events, halting all flights -- cargo, passengers, entirely from eight different countries considered to be high-risk areas, australia, canada, france, the philippines, the u.k., the united states, for two weeks. they will reveal it after two weeks, but for two weeks ahead of the lunar new year holiday, they will have restrictions. some of the strictest curbs on social interaction that we have not seen in about a year. paul: and stephen,'s work from home going to be seen again in hong kong?

stephen: yes. standard chartered said they will resume their split team approach where, half the teams will work from home and the others from the office. we are hearing from the hong kong economic journal reporting, citing unnamed sources, that the hong kong monetary authority, that the factor central bank here, as of last friday, was telling major banks to split teams so that the financial center here can continue to operate, half at home, half in the office. we will see how that plays out in the banking community here in hong kong. paul: alright, chief north asia correspondent stephen engle there in hong kong. this company's chairman will tell us what the strict measures mean for the city. let get to vonnie quinn with the first word headlines. vonnie: singapore will require a booster shot for people to

maintain full vaccination status, which is needed to enter shopping malls and offices. officials say they will lean on home recovery and testing to manage the virus. . singapore will share its corporate statistics with the united states, after the cdc issued a travel warning you to lack of information about singapore's virus situation. russia and its allies will send troops to kazakhstan after a request from the country's president after protests escalated into violence wednesday. a state of emergency has been imposed after protesters seized official buildings, sparked by anger over a rise in fuel prices. the protests escalated over rising economic discontent. . authorities are keeping tabs on investors buying large amounts of foreign currency in turkey. they have requested that commercial lenders inform them of any big purchase that

pact the market negatively. the lira has weakened 20% against the dollar in the last couple of weeks. 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. paul: still to come, we will be speaking with the goldman sachs co-head global ethics and em strategy, who says bitcoin can potentially hit $100,000. and we pivot our conversation to china as the selloff continues for chinese tech adrs. this is bloomberg. ♪

>> we are seeing a broad selloff in equities across asia. we are tracking the treasury yields going high. 10 year yield in the u.s. dropping the 1.7% level, the highest since april. . we have pretty strong adp jobs numbers in the u.s. we are also watching the korean won, it is now dropping for a fifth consecutive session against the u.s. dollar. it is now at the lowest level since july of 2020. we have seen more weakness in the previous session because of geopolitical tensions with the military saying that north korea appeared to have fired a ballistic missile. we continue to see that weakness play out given we are also expecting the u.s. december payroll data, after we got the fomc minutes today showing that

perhaps officials were eyeing earlier and faster rate hikes. . keep an eye on sony, it is falling more than 6%. the broader tax selloff which we saw in the u.s. with chinese adrs as well. we have that nasdaq, driving the china index down for a fourth consecutive session after tencent cut its stake in e-gaming company. and speculation that perhaps beijing's regulatory crop would continue, paul -- regulatory crackdown would continue. paul: we are joined by cross asset editor andrea. is it possible to see a bottom here? andrea: hey, paul. that's a good question. definitely chinese tech stocks are coming under a lot of pressure. the nasdaq 100 futures are a tad higher today. i don't know that that tells us

where chinese tech stocks are going to go. but that selloff that started in asia yesterday extended into the u.s. last night following the news that tencent cut its stake in addition to cutting its stake in other companies. of course this has triggered concerns that other companies could follow suit because of beijing's regulatory crackdown on the tech sector for its anticompetitive behavior. i think we need to keep in mind that tech stocks in the u.s. also came and i pressure last night after the relatively hawkish fed minutes that sent treasury yields higher. all of this doesn't dwell for chinese -- board well for chinese tech stocks today, but it remains to be seen. shery: andrea papuc in sydney

with a look at the chinese tech stocks, in the broader tech space as well. let's bring in alex both, head of asia investment strategy at j.p. morgan private bank, thank you for sticking around. before the break you were talking about you prefer dm's over countries in em. the valuation is pretty low given the selloff, not to mention perhaps the sectors may be protected by beijing drive, whether it is clean energy. are there any other parts of the market that still interest you? alex: there really are still parts that are interesting. like i said, you have to make a real difference between onshore equities, a-shares, and offshore equities. he has different ownership structures, different buyers, they respond differently to stimulus. most of the sectors we do prefer, whether it is industrial upgrading, they are primarily

listed onshore. you have a better sector composition onshore versus offshore, which is primarily tech and internet, which we are cautious on. we do still see some sectors that will receive tailwinds from policy support. paul: hong kong shares are to agree not a-shares, not onshore, but the hang seng tech index is getting slammed as well. very cheap. but do you buy in at this level or at any level? alex: you are right, from a valuation perspective, they are screaming cheap. we earnings haven't bottomed out. -- we think that earnings haven't bottomed out. the response from the real estate sector and the financial sector, we still seeing weakness in those sectors. we are a bit concerned about china growth, and also what we are seeing with regards to hong kong re-imposing social distancing measures. that will hurt consumption and growth here.

you do have a lot of companies listed in hong kong that any revenues from hong kong, so that leaves as a bit more cautious particularly in the near term. paul: all right, alex wolf, j.p. morgan private head of asia investment strategy, thanks so much for joining us. prime minister scott morrison of australia has been speaking about a range of things related to the coronavirus, but right now he is talking about the situation with novak djokovic, shery. novak djokovic landed in melbourne, having gained an exemption to play at the australian open despite his vaccination status somewhat hazy. he it is believed he is unvaccinated. there was a public outcry and he was not let in. he did not provide acceptable proof, according to the prime minister, that he should be let in without that vaccination. shery: quite a turnabout for djokovic in the last 24 hours or so. we are hearing from local media,

one newspaper saying that his lawyers will be appealing the decision, and that he will be flown out of the country later on thursday. paul: yeah, that legal challenge is pending, but the prime minister saying in canberra, that rules are rules. let's get a quick check now of the latest business flash headlines. we will do that for you and little later, we will be joining in a moment. stay with us. this is bloomberg. ♪

paul: let's get a quick check of the latest business flash headlines. hsbc's partner in its mainland china brokerage is seeking to sell 39% of its holdings in adventure. shanghai financial holdings aims to cut its stake in hsbc's china

securities to 10% in a deal worth $200 million the sale would allow. hsbc to take control of the measure as it boosts its presence in china. nike says mirror infringes on patents dating as far back as 1983. its digital products include nike run and nike training. lululemon but never for 500 million dollars in 2020 as pandemic restrictions force more people to work out at home. palantir and other industries are planning a joint venture in a deal valued at $25 billion. it will use palantir's data and software to improve the way its affiliated groups operate in offshore engineering. for palantir, the move could boost its growing commercial business outside the u.s.. the ceo says the software is

also helping with supply chain issues in the health care system. >> one of the interesting realities now with omicron is that we are seeing not just part availability, it is about people availability. hospitals are struggling, that is actually a supply chain problem. we are helping people manage parts and people together. shery: toshiba's second largest investor, 3d investment partners, is stepping up its fight against the company is set breakup plan. it is calling for a meeting and for a vote on the splits to be decided by a two-thirds majority. what does 3d investment want? scott: basically they want to ensure that on the breakup of toshiba is done properly. they had some concerns, some serious concerns about that strategic review that led to it. they also had some concerns because toshiba has not said,

outside of saying that they will have a vote on it on the first quarter, when exactly they will have the boat and what kind of support they would need from -- when exactly they will have the vote and what kind of support they would need from shareholders. paul: so 3d is accusing toshiba of not adequately exploring all the alternatives. what alternatives did it want explored? scott: i think from toshiba 's own disclosures, they talked about finding more potential buyers for the company. they were in talks with it mobile major private equity firm about taking a minority stake in the company. the underlying issue here is that 3d does not believe that the strategic review was done properly, and that there could be greater value created through other avenues, and that the breakup doesn't address the

underlying issues in the company, which is its underperformance. paul: our share activism reporter scott vote in new york with the goings on at toshiba. we will be speaking with goldman-s zach pandl, he recently brought up the possibility of bitcoin reaching $100,000. we will also discuss his out of consensus view that the greenback will likely lose than gain this year. and as we leave you, markets are currently trending lower across the asia-pacific. australian now off by 1%. the nikkei weaker by 0.8%. hong kong skyline this thursday morning, it appears hong kong may be about to enter a period of tougher restrictions again, a whole raft of new measures brought in to contain the outbreak of the omicron virus. vaccinations in hong kong lagging somewhat. this is bloomberg.

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♪ shery: an alert on the blue right now, we have a japan pmi services number coming in slightly higher than the preliminary number at 52.1. that is final december data. 51.1 was the per limiter number. the pma composite final at 52.5, also higher than what was expected. we have seen manufacturing pmi and factory activity rising around asia, especially north

asia, but the services side still has lacked, given we continue to see covid-19 as an issue for many countries. this would be the third consecutive month for japan to remain in expansionary territory. paul: let's take a quick look at currencies. at the moment, u.s. dollar strength, but the japanese yen holding up reasonably well compared to recently, 116 point 16 versus the greenback, the aussie dollar giving up gains we saw yesterday. take a look at the korean yuan, just about 1200. we have seen the yuan get to its lowest level since july 2020. did have north korea appearing to fire a ballistic missile yesterday, probably not the whole reason, but a factor there as geopolitical tensions rising the region. cohen continuing its slide, 43,597 right now. shery: let's turn to our next

guest, paul, because he says the dollar will slip moderately this year as long as the fed rate hikes remain. we have zach pandl, head of strategy at goldman sachs p great to have you with us again. is this still your expectation, after looking at december fomc minutes? zach: it is for the year as a whole. now, the dollar has been going up for six months, as the fed has been in a hawkish direction. the fed has been pricing in more rate hikes after tapering earlier and on the balance sheet side of things, and that has driven the dollar up. over the next six months, that could go further. we think though, for the year as a whole, inflation pressure is likely to start to ease compared to last year. that will allow the fed to go gradually, three rate hikes this year, fort rate hikes, something like that -- four rate hikes,

something like that come i think that is manageable for fx as long as the global economy holds up. we think that spells mild dollar appreciation and i think that is the consensus view. shery: how much will other central bank actions weigh on the dollar? goldman right now is expecting korea to hike next week. we are seeing the korean yuan pretty weak right now. zach: that is right, we think bank of korea goes next week, bank of england has moved, i think bank of canada comes next. so, that is another reason to think rate hikes don't necessarily mean one for one dollar appreciation. it is about differences in rates across countries, rate differentials. and other countries are raising rates as well. that is a reason we think the dollar doesn't necessarily need to keep going straight out, even if the fed can's delivering on some of these rate hikes. paul: what do you make of the

korean yuan? it is the weakest it has been in a number of months. as be ok prepares to tighten, do you think this is a short-term left? zach: i think we have priced in a lot for the korean yuan. with a rate hike next week, i think we can see some stability. asian economies wear more risk for omicron-related outbreaks than other regions, given the relatively low level of immunity. korea' has covid situation has been getting better -- korea's covid situation has been getting better, but omicron risk could be driving the dollar-korea higher. with a lot priced in, we should stabilize around these levels with a rate hike next week. paul: what about the yen weakness we are seeing, is it a lack of concern around the

omicron risk? zach: i think it is different. what is happening in developed markets generally is that we are accelerating the endgame from covid and we are seeing may a less severe disease. that is leading markets to revise up expectations for where growth is going and letting rates move up quite a bit in the u.s. and europe, at the long end of the yield curve. the yen has to weaken when we see that. i think dollar/en moving higher is very consistent with what we have seen on the right side. there is still upside risk to u.s. treasury yields, and therefore some further moderate upside risk to dollar/en. the yen should continue to be on the back foot as long as u.s. rate for shire. shery: you don't expect -- u.s. rates push higher. shery: we are seeing exchange rates push to record lows from prices in japan, what if they

start to creep up? zach: the yen is definitely cheap. it is an extremely undervalued currency, from a longer-term perspective, and we think that longer-term investors in value-focused investors may want to be looking at the yen at current levels. it is probably not going to start appreciating until we see the outlook return, however. shery: that is happening with the yuan, and your expectation is that it could appreciate, but we continue to get signals from the pboc that there could be other direction from the fed or central banks around the world that are tightening. zach: the pboc is leaning against appreciation pressure, indicating some discomfort with appreciation and intervening outright. but there is a lot going for the chinese yuan at the moment, a lot of surplus, foreign-directed investments, m&a activity, so we

think even when more dovish pbo signals, that the yuan can continue to appreciate. we have a 620 target for dollar/china. i am comfortable with that. i think we continue to see yuan appreciation despite different policies from the pboc recently. paul: gold is a bitcoin call, is 100,000 dollars a possibility? but it has been down 20% the past month, going the other direction just as powerfully? zach: bitcoin wears a to microeconomic factors just like other assets are currencies. bitcoin did not like the hawkish fmo see minutes that came out today. longer-term, we still see good prospects for that, we see bitcoin as a macro asset akin to

gold, going through a social adoption phase. we think bitcoin can continue to take market share from gold overtime. maybe half of the store of market, if you will. that would put the price around $100,000. medium-term readings are upside. paul: is bitcoin going to have any fundamental drivers or is it always going to be a function of technicals? zach: bitcoin is a macro asset that behaves like the other things i want on a regular basis, and rice action in the last day speaks to that. we tend to see crypto assets respond to things like reserves meetings -- reserve meetings, fmo see minutes, like other currencies. so cryptocurrencies very much have a sensitivity to fundamental developments. it isn't just about sentiment

flows, although those are important for cryptocurrencies as well as conventional fx markets. paul: zach pandl, goldman sachs cohead global fx and strategy thanks for joining us. still to come, ramping up production of suv's and stopping making gas powered cars and 2022. we hear from the ceo next. this is bloomberg. ♪

♪ vonnie: this is daybreak asia with first word headlines. hong kong tightening virus restrictions, the city will ban indoor dining after 6:00 p.m. and lows venues including bars and gymnasiums -- and close venues including bars and gymnasiums. hong kong reported its first untraceable omicron case this week, triggering fears of community spread. the australian government canceled the visa of dennis start novak djokovic after he arrived in elburn for the first grand slam tournament of the year. djokovic previously criticized covid-19 vaccine mandate at had a medical exception to enter the country. but federal officials say he failed to provide appropriate evidence to meet entry requirements and will be departed.

rio de janeiro canceled its world-famous carnival street parade for the second consecutive year on a new wave of covid infections. unlike last year, some events will go ahead. after a lull in infections, brazilian health officials are sounding the alarm again as omicron and influence spreads through big cities. 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'm vonnie quinn. this is bloomberg. ♪ shery: we have an alert on the bloomberg. the u.s. postal service is seeking a 120-day vaccine mandate waiver according to "the washington post" which is reporting that the service asked admiral labor officials for a temporary waiver from president biden's virus employer vaccine mandate, which was expected to take effect january 10. that would be monday next week. the agency has been struggling with lagging service, given the

hectic time right now of the year when it comes to the holiday season and packages being delivered. so, they are now asking for a vaccine mandate waiver. let's turn to commodities, oil futures pulled back two days of gains. among other issues, doubts remained whether opec and its allies will be able to meet increased output targets they just announced. bloomberg's su keenan joins a spirit what do we know? su: there is concern and it is growing about the ability of several african opec producers to meet these increased output rates. and you can layer on the prospect of faster, higher interest rates. and then come of the news coming out of russia. they will be sending peacekeeping troops, they call it, to the opec producer kazakhstan, where there are protests against the government that have broken out. that explains why we are starting to see oil pullback a bit in asia trading. if we drop into the bloomberg,

you can see that the real focus the past few days has been oil's price recovery. oil in the u.s. traded on the nymex exchange above $77, where it has managed to hold. and crude oil and bent -- brent crude above $80. but questions have arisen in the wake of opec going ahead with its monthly increases of 400,000 barrels a day. analysts are pointing out, the u.s. is continuing to pressure opec-plus to put more oil on the market, so they went ahead with this in a brief meeting. but behind the scenes, there is a lot of struggles by the african opec producers such as libya and nigeria. and some analysts point out that, while that headline number is a hike of 400,000 barrels a day, the asked -- the actual amount of extra oil put into the

market could be half that. add in the supply complaints and the latest inventory release in the u.s. showed a decline in the nation's oil stockpiles. so, a lot of mixed messages for oil investors in terms of what the supply/demand equation is going to look like in the coming weeks. paul: what about the demand side of that equation? particularly with china's renewed commitment to covid lockdown issues? su: that is a real concern. at we have a lot of oil investors and analysts trying to gauge of that is going to affect manned, with china being the biggest consumer of oil. we had peak congestion in a city of more than 13 million that has been locked down since september. there is also mainland china not yet reporting cases, most population centers untouched, but that first untraceable case

of omicron in hong kong has prompted a fresh wave of restrictions and curbs. so, we do now have some oil analysts reining in their projections for demand. ihs markets for instance has further lowered its production for china's total oil demand in the first quarter by 420,000 barrels a day. you also have energy aspects cutting into first-quarter forecasts for oil demand by 100 10,000 barrels a day, and they say there is more downside risk should there be more hotspots emerging. now, you are looking at a bloomberg chart of opec plus putting more oil on the market. they can't put it on that quickly. and then, we have real questions about demand and interest rates at the forefront. suddenly, the bulls which appeared to be on the run in the oil market are taking a pause to reassess. back to you. paul: bloomberg's su keenan taking a look at the oil market. vietnam-based oil maker vinfast

says it is going to stop -- automaker vinfast says it will stop making gas-powered cars this year as it ramps up production of ev's at factories in the u.s. and germany. the company joined us from the ces conference, where the company is introducing new electric autos. >> the vehicles to date that we unveiled, we are announcing the innovation and the benefits of, quickly. we -- benefits half, quickly. we are announcing we are going full eeev this year, so a lot of exciting announcements today. >> can you tell us the pricing yet? i ask, because it is getting to

be a crowded market. you have hundreds of billions of dollars being thrown by some big automakers into the electric vehicle space. can you compete on price? where do you fit in the ev price spectrum? >> we are definitely competing with the ev players. we are here for the consumer to make the switch to electric vehicles, to make the world cleaner. we tried a pricing model. i can't give you exact pricing yet, but for the midsize suv in the full-size suv, the pricing would be between $40,000 to $60,000 depending on the model and whether it is eco.

the other thing is, we are using the battery leasing model. basically, we make it easier for internal combustion engine vehicle users to switch to electric vehicles by making the payments equivalent. >> i know you said you don't consider yourself a competitor, but there are a lot of ev's coming to market and i am wondering, do you think that the market share explodes and there is room for everybody? or is there a market you're going after right now? >> we are building premium quality products, and it is an irreversible trend to move away

from come -- away from internal combustion engines toward green vehicles. >> you delivered your first ev in the first week of december. how did we go? >> it is great. despite all the challenges, we actually did deliver on time. the vehicles, we are delivering about 2000 by the end of january. we have a lump order of 25,000 vehicles right now that we need to fulfill, so we look to do that by the end of the year, i think. >> overall, we have seen carmakers hurt by supply chain issues and i am wondering how you see it dissolving. have we seen the peak, and how do you fix it? >> i think the suppliers do tell us what we can get better, but

with issues we have had in the supply chain, i believe we had sick cured soup -- we have secured supplies for our vehicles through 2023. shery: coming up, looking ahead to the start of trade in chinese and hong kong markets. this is bloomberg. ♪

shery: the latest business flash headlines, ford moves into second place for american ev sales lester, overtaking dm to sit behind tesla in the top spot. ford was boosted by 27,000 sales in its first full year on the market. the automaker saw sales reach a 20 year high this week as it announced plans to wrap up ev production -- ramp up ev production. amazon is teaming up with atlantis to develop software and purchase electric delivery vans. the move pits the law bank -- the automaker against raytheon -- against rivian.

shows of rivian dropped 11% on the news. -- shares of rivian dropped 11% on the news. paul: tough start to 2022 for chinese stocks, particularly hong kong le -- hong kong-listed names. it looks like the pressure will persist. let's bring in "china open" anchor david ingles. hits are coming from all sides in the market. david: they are. and granted we have only been here a few days, but it is not just that the losers from lester continue to get sold lower. we know the tech story obviously, worries over tencent, casinos had a horrible day yesterday, it is also that the winners have also been sold off clean energy, a lot of hardware makers that have managed to move against the grain are also getting sold off. you getting -- you are getting

pressure in different parts of the market and we are tracking the hang seng index right now, that is going to come up on your screen in a moment. again, it is a longer-term trend line just below 23,000. something to watch. shery: could the markets get a boost given the premier's push for tax cuts? what else are you watching? david: that is the hope. when the conversations we have had on the show as recently -- had on the show recently is, at what point do cheap valuation converge with policy shifts we have seen? there is a broad list of sectors to watch at we are looking at volume and open market operations for any indications that, as we head into the lunar new year, we will have an update on the virus situation on the mainland and here in hong kong. we will look at that and everything coming up in the next two hours. back to you guys. shery: stay with david ingles and you have those conversations on the screen coming up, our coanchor with china markets

open. that is it for "bloomberg daybreak: asia," and market coverage continues. this is bloomberg. ♪

>> people are talking about bloomberg surveillance. >> d think i need a lift? is it time? when would that be? >> who is that? [laughter] >>

♪ david: good morning from hong kong, 9:00 a.m. in the city and in beijing and shanghai. welcome to "bloomberg markets: china open," i'm david ingles with yvonne man counting down the opening of trade. ivanka: fed minutes sing dollar -- signal -- fed minutes signal earlier and faster rate increases. chinese tech shares listed in the u.s.