>> a very good morning and welcome to "bloomberg daybreak:

australia." annabelle: we are counting down to asia's major market opens. shery: good evening. china reports 60,000 covid related deaths since december spurring calls for more data as a country grapples with a wave of infections. the bank of japan returns to the spotlight as markets looked towards a dilution of data out of china and the gathering in davos. shery: more classified documents discovered at president biden's delaware home. u.s. markets away on holiday on monday but the friday close was encouraging. talking about the s&p 500 crossing its 100 day moving average and it was one point away from 4000 level. thanks kicking off earnings season. and the nasdaq 100 saw the longest winning streak since

2021. we have the 10 year yield above 350 level and we have risk on sentiment from friday spreading to the oil space. the biggest weekly gain and the few months already since october i believe and this as we see more renewed optimism about the reopen in china. it is really to do with the earnings picture as well because we are expecting more earnings to come out this week. we are also watching what is happening with the inflation expectations and the easing of cpi numbers helping stockmarkets. it is not just cpi numbers that also expectations as well because we are talking about the biggest drop since 2021 when it comes to the university of michigan numbers and that has helped propel the consumer sentiment number two a nine month high. we are seeing the easing inflation numbers in the u.s., easing inflation expectations helping the risk on sentiment across markets. annabelle: the inflation

expectations big data set for traders in asia. we are looking more mixed ahead of the open. aussie opens to a high. new zealand already treating in the red. it is down to inflation data. and what does it mean for the fed? what we see a 25 basis point hike at the next meeting? in asia, there are other things that could upset the apple card. a wildcard. the first one will be what happens with the boj. most economists not expecting change to the key rate but a big shift -- citigroup sees it being scrapped entirely. the meeting on wednesday is a real wild card for the week. the yen trading like this. the other big central bank we are watching is what happens with the pboc? we have the one year mlf decision due on monday. bloomberg intelligence is one of

the true outliers seeing a slight touch. the policy rate is guidance. the average loan rate 2% higher. we do -- hoping to spur the economy in china which has been hit by the property downturn but also by what is happening with the coronavirus. haidi: not surprising that we expect more moves coming from policy makers with china's announcement of almost 60,000 covid related deaths in the month spurring new calls for data on the wave of infection sweeping the country. this comes as threats of mutation of the virus continue. what are we expecting from china? we know the transparency with these numbers is not a done deal in the country. >> that is right. it is interesting they have come out with that 60,000 number. it does suggest they are recognizing the pressure they are getting particularly from

international bodies like the world health organization and the u.s. around their covid data which has been either nonexistent or meaningless in the last month. that said the number they have put out has raised questions. when you are talking about 30 million new cases a day which is what the government was talking internally about a couple of weeks ago, 60,000 cases a day is not a huge number and it is well below some of the molly -- modeling the likes of barclays has done. a lot of questions there. haidi: the details about the types of people that have suffered fatalities fits in with the broader narrative about how covid is not dangerous to the broader population. these are elderly people and the

majority of them have comorbidities. >> got is not a surprise given what we have seen to covid for tallies elsewhere in the world. -- covid fatalities elsewhere in the world. particularly when you think of how low china's vaccination rate and booster rate is. it is no surprise that a lot of these fatalities are in that age group. that is what we are hearing from our reporting on the ground. overwhelmed crematoriums. people are being told that elderly parents did not die from covid but from other comorbidities as you mentioned. haidi: emma o'brien with the latest on covid in china. the reopening story in terms of the market perspective has emerged as global investors

hedge against a u.s. recession. let's bring in our mliv contributor, garfield reynolds. that is a big narrative. is there a point to which we see the enthusiasm turn into caution particularly when it comes to future earnings prospects are big tech now that they have gotten this new lease on life? garfield: it is surprising how quickly the narrative has turned a bit more cautious on china. full me once, full me 10 times -- fool me once, fool me 10 times, fool me and 11th time and shame on me. you are only one polyp borough tweak away from running into difficulties. -- you are only one politboro

tweak away from running into difficulties. getting into areas where it is no longer a no-brainer. people begin to worry about have i missed out? if i jump in now and my handing over my money to smart people that have already made it and i am lost -- left with losses? there has also been a strong performance from u.s. equities to start the year and there is a lot of optimism that the u.s. will not be hit i a severe recession, -- by a severe recession -- on that basis also, china is a good hedge against the u.s. but how much do you put on as a hedge because there is perhaps less of a fear factor when it comes to u.s. and other developed market equities. shery: we have already heard some warnings about what happens if china comes roaring back.

the rise in demand of factories operating at full speed. the inflation it could export, how big of a concern could this be? garfield: it would have to be a fairly large concern. if you think back about a year ago that inflationary impulse we had that a lot of people were raising red flags about, china expected initial economic acceleration in 2022 and it did play a role in that. it also ended up being that china's supply shock difficulties played a role as well. but at a time when you are seeing a welcomed slowing down and the inflationary impulse in a lot of places, if china reversed that, that would be a major concern. you only have to think to how

welcome in many corners that the negative ppi rating out of china was that we had the other week. we hide the australian government bonds -- we saw australian government bonds running strong because it was taken as another sign that we can believe inflation is slowing down for the u.s. and elsewhere globally. sufficiently so that central banks could become notably less hawkish. a strong turnaround in china, consumer demand with factory demand could upset that particular apple card quite strongly. haidi: inflation is not slowing down and japan. we expect to double -- maybe it is not the inflation that the boj wants garfield:. it is hard to rule out any policy tweaks after the last boj meeting when there was little expectation that they would do anything. they did come out with a tweak

and they came out with it in such a strange way. most people took this as being a move away from ultra-loose policy. they tried to sell it as this is a tweak to improve market function. it has not achieved that aim. the bank of japan is set to buy even more bonds especially in the 10 year space appeared to the point you wonder are there any left or will there be any left? that has been a series of goals for the bank of japan and that makes it hard to work out what will happen even if they do do nothing. how do they then sell that doing nothing? how do they respond to what is most likely to be a lot of investors out there piling in two bets on the yen and against the japanese government bond yields staying down?

without being the case, even if the boj does nothing, it will still have to do something to address all of that. haidi: garfield reynolds. over to vonnie quinn. vonnie: after two years of pandemic disruption some of the world's richest people gather in davos, switzerland for the annual world economic forum. 116 billionaires are registered to attend the event but none from russia or china. wall street will be well represented with the executives of jp morgan, blackrock and blackstone among those on the guest list. a republican lawmaker has called on the white house to turned over visitor logs to president biden's home in delaware after classify document's were found there. james comey are made the request in a letter to the white house chief of staff. the white house said on saturday that lawyers had discovered more classified material at biden's home than previously announced.

the prime minister from japan has declined to say if his government will join sweeping -- over the weekend he said he would deal with the semiconductor trade responsibly. washington began limiting chip exports to china in october. nepalese authorities say at least 60 people were killed when a yeti airlines flight crashed on sunday. the twin engine turboprop take off -- took off from kathmandu. aviation authorities say the weather was clear and there was no distress call before the crash. 15 foreigners were among those on board. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. shery: as president biden praises japan's military spending increase, when asked what that means for china and

the regional balance of power. we discussed market opportunities as investors start to test central-bank messaging on p rates. this is bloomberg. ♪

shery: we are seeing u.s. inflation expectations cooling not to mention we are heading towards another week of policy decisions from the be og and

turkey. investors are testing central-bank messaging on peak interest rates. let's discuss where the market opportunities are with cameron branch. good to have you with us. how much our markets pricing where central banks are going from here? there seems to be a lot of optimism and a rally we have already seen at a time when we are heading towards running down central bank balance sheets. cameron: that is certainly true. if there has been a dominant theme in the first couple weeks of this year it has been investors pouring act into u.s. bond funds and other bond fund groups. really, in anticipation of the fed and the ecb pivoting far earlier than they have been signaling. and it is always slightly risky to fight the fed and other major central banks.

but at least for the moment, people seem willing to do that and we are also seeing the bank of japan being challenged by markets on where its 10 year yield should be. in terms of the big theme we are really noticing early in 2023, that is its. shery: do you find opportunities given that investors are challenging the messaging at a time when we have seen them really not play out? markets have gotten ahead of the policy moves. cameron: right. i would certainly be very cautious. you can make the case for both that we have reached the point where pivots are justified but there are an awful lot of wildcards ranging from the pace at which china reopens to russia's next energy gambits. i suspect that they may be

jumping the gun. haidi: when you look at china in particular, the tech sector, there is a relief rally. even with the run-up we have seen, does it feel investors are a little more cautious given the profit outlook for big tech in china is not going to be what it was before this crackdown? cameron: interestingly, we have seen the interest build. dedicated chinese tech companies have done well. i think while the day to day fundamentals can be fairly volatile, the underlying fact that investors have keyed on is china wants its technology companies to succeed and now they have imposed a certain degree of political discipline, i think it is a fair expectation

that they will do what they can to support them. haidi: the conflict -- russia's war in ukraine continues to drag on into the new year. is it market underestimating the amount of disruption we could still see? do you still see this as a major risk for the year? cameron: i certainly do. i will preface that by saying i was among those who thought the russians were going to get enough of what they wanted that it would not get beyond siebel -- saber rattling and invade. the dynamics where there and concerned me in terms of being too comfortable about where it will go. the fact that the non-core military group seem to be leading. it was hard to track the

political dynamics. and if the weaponry that ukraine has been promised in spring and enables it to squeeze the crimea , i do think we may be underestimating the level to which putin and his supporters will go. shery: is that related to why in your notes you like turkish multinational offense companies? that is --multinational defense companies? i find that fascinating. cameron: overall the turkish economy does not really have much more room for red flags but at the corporate level you have good quality companies paying their domestic costs at a cheap currency. and some of them deliver services that are much in demand.

there is going to be at some point an enormous reconstruction story in ukraine which turkish companies are well-positioned to benefit from. i certainly think that while buying the whole market is not something i would recommend, a careful look at turkish companies will throw out some real opportunities. haidi: cameron, great to have you with us. coming up next on daybreak, we will hear what wall street bosses are saying about recession risk in 2023. tougher times seem to be ahead for consumers. this is bloomberg. ♪

>> our baseline scenario

contemplates a mild recession. >> we continue to see the u.s. going into a mild recession in the second half of the year. >> we will prepare for a downside scenario if we see broader deterioration. >> we are very much on track to reach the medium-term target. >> we are carefully watching the impact of higher rates on customers and expect to see deposit balances and credit quality continue to return to the pre-pandemic levels. >> we have -- i think even in a real recession, the [indiscernible] haidi: ceos of some of the biggest wall street leaders talking about recession risks. american bengs see tougher times ahead for consumers who are drawing down on savings and piling up balances on credit cards. this may not be so bad for the banks. is there a shift in behavior

towards taking on more debt, storing up and kicking the can down the road? >> on the one hand consumers are wanting to take on more debt -- there is across-the-board evidence on how credit cards are being taken on. but it is not a sign of a stressor. there are no signs of people falling massively behind in their payments or struggling to repay some of the extra. they are taking on. it is indicative of where we are in the cycle. banks are happy to take this as part of their business, it is doing well for them in this area and it is not screaming a recession or an imminent, sudden downturn. they are able to balance that. that is what you heard from most of the ceos across the banking system. it is about balancing the need for customers to come to them with more lending requirements

but not necessarily any signs of immediate stress. shery: but the key question is when down the line we could see that downturn. how are they positioning? >> if you listen to brian moynihan for example, he believes there is plenty of cushion left. it gives you a sense of time. there is something built in to what they are seeing in the coming months. it is something they will need to closely monitor. they will need to monitor the stress points as they do but as we go into a downturn it will be even more important. there is no acute sense of immediate problems. the commentary you are hearing and what we heard on friday was overall there is a balance. and shareholders are taking it pretty well with most of those stocks doing pretty well on friday. shery: item with a wrapup of bank earnings. we are in the midst of a

earnings season in the u.s. headlines. credit suisse cutting more than 10% of its european investment bankers adding to hundreds of job losses in london and zürich. the swiss lender has been reducing headcount after announcing plans to cut 9000 to report its second consecutive annual loss next month. apple's manufacturing partners have included southeast asia in their expansion plans for 2023. both companies are adding more production capacity outside of china after they encountered ser as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year.

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>> you are watching daybreak australia. after two years of pandemic disruption some of the world's richest people gather in davos, switzerland for the annual world

economic forum. roughly 116 billionaires are registered to attend the event but none from russia or china. wall street in particular will be well represented with the executives of jp morgan, blackrock and blackstone among those on the guest list. china has announced almost 60,000 covid deaths since december, renewing calls for beijing to provide or data about the wave of infections sweeping the country. the who says it is analyzing the data while urging china to share more detailed information, including on subvariants and definition of deaths. studies show that the number of fatalities could be much higher. malaysia's deputy prime minister is set to keep his party's top job for another term. the junior party in the coalition says their top two posts won't be contested. the move is expected to strengthen the coalition government, which relies on support following november

elections that resulted in a hung parliament. the united arab emirates plans to invest 30 billion dollars in hydrogen projects in south korea as the asian nation seeks to boost his climate goals. it will focus on production, transmission and storage, and were announced during a visit to the gulf, the first by a korean leader since 1980. 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: president biden's lawyers have discovered more classified documents at his home in wilmington, delaware, deepening the crisis ahead of the expected launch of his 2024 reelection campaign. let's get the details from washington. tony, this is just disclosure after disclosure this past week. what are we talking about in terms of how sensitive these documents are, and if there was

any attempt at a cover-up? tony: cover-up of course is an explosive word, but even republicans are not really using that term yet at all. the problem is, the problem for the white house is nobody seems to know what is in these documents. so far we have been told officially it is a relatively small number, but in a way that doesn't matter. the whole affair has become this very much self-inflicted crisis for biden and his administration , largely because of the way this has dribbled out and also because it came out that this was known, the first initial batch of documents were discovered a few days before the midterm elections in november.

but of course, word on that only came out last week. so that in a nutshell, you have the political risk and some of the missteps, if you like, that have characterized the crisis management here. haidi: we saw president biden delivering a sermon in atlanta over the weekend, testing the waters when it comes to expected reelection. this crisis, self inflicted as it appears, does it impact to this? tony: we don't know yet and biden hasn't given any sign. there was renewed speculation in recent days that he is getting very close and that could happen that he could announce he is running for reelection in 2024 may sometime in february. the only thing you can say is this is not helpful.

for example, we heard from a stalwart democratic senator, debbie stabenow of michigan, on sunday political talk shows, who when pressed said this is embarrassing and i am sure the white house would have preferred things to go very differently. at this particular point in time. shery: this will be great ammunition for republicans especially at a time when the democrats have been criticizing president trump for his issues with classified documents. tony: it will be but at the same time, we ought to remember that former president trump is under criminal investigation for a similar, or if you like, larger case of feeling to turn over -- well, of taking classified documents with him. we remember the fbi raid at mar-a-lago last year.

it seems that republicans can only go so far in hammering biden over this because of course, democrats can immediately say exactly what i said, you have your own former president in this case who did something even worse along the same lines. say the democrats. but it does feed into this effort by the republicans, which they promised before the midterms, to investigate the bided administration. -- the biden administration. this is an easy intro into another strand of those investigations. we heard from some republicans now saying it is a matter of national security and we need to look at this and the white house news to be more forthcoming. haidi: tony there with the latest. president biden has praised

japan's postwar military building, including a 60% increase in defense spinning over five years. joining us now is christopher johnson, an adviser and japan chair at the center for strategic and international studies, previously the director for east asia at the u.s. national security council and the principal director for south and southeast asia at the pentagon. christopher, great to have you with us. following the friday meeting between the two leaders, and i know prior to that you had been talking about the need to modernize the japan/u.s. alliance and these agreements reflect i guess the modern challenges of the region. do you think that conversation reflected that reality? christopher: yes i do. thank you for having me. it has been a remarkable few weeks in the u.s./japan relationship and for japan itself. as you said at the outset, in december, japan released a new

national security strategy that included a number of announcements that represented unprecedented change in the postwar period. they increased -- they release plans to increase defense spinning, shattering a 5% gdp limit that had been in place since the 1970's, and they announced plans to acquire capabilities, including long-range missiles, as well as other capabilities they've never had and have avoided deliberately as a matter of policy for the entirety of the postwar period. this is quite a dramatic change. the capstone to that worthy events this last week in washington. first, a meeting of secretary austin and secretary blinken, with their counterparts, in which they also announced a series of steps to further deepen the u.s./japan defense relationship, all of which was warmly welcomed by president biden. just a remarkable series of

pathbreaking events the last few weeks in japan and u.s./japan lesions. haidi: also remarkable, the push from the u.s. when it comes to semiconductors and high-tech. kishida was measured, he said he would be deciding whether to join the push. should japan form that part of the alliance? christopher: this is really an emerging issue of focus i think for the united states and japan as well as other important u.s. allies in europe and asia. this question of protection of critical technology and managing the economic and technology relationship with china. i think the japanese at the end of the day will be fundamentally in alignment with the united states on this, in terms of restricting, controlling the transfer of semiconductor related technology to china. but to the extent the administration seeks to expand

those controls into other sectors -- artificial intelligence, quantum computing, biotechnology -- these could become more challenging to manage not just for the united states and japan but other allies as well. all of our partners have their own deep economic relationship with china. navigating all of this i think will become quickly the issue of the day in the relationship. shery: how does the u.s./japan alliance compared to others, say with south korea and the u.s., and how far is the japan/u.s. alliance from evolving into a military alliance? christopher: i think that's what these changes signify. as you said, in comparing the u.s. and korea with japan, the u.s. and japan is not a traditional alliance and that is rooted in the reality that after world war ii, there was never any expectation that japan would become a true military partner of the united states. our relationship evolved

accordingly. therefore, while there are particular relationships that are quite strong between the u.s. navy and japanese navy, for example, we don't have the same deep operational relationship that we do with south korea. these new changes, these new policies and capabilities that have been announced, they represent a future of a much more integrated u.s./japan alliance, much more in the election of a traditional military alliance. from my point of view, that is positive for regional stability and deterrence. shery: when it came to the semiconductor side of things, not surprisingly, we heard about local semiconductor companies in japan pushing back against, and japan helping washington on this. what role will industries play when you have the semiconductor side of things, not to mention defense companies and perhaps japan's own rules on it comes to export transparency? christopher: this will be an important issue, i think.

i think at the end of the day japan will choose to align with us on export controls related to semiconductors and semiconductor related technology. no question they are important commercial equities at stake impacted by this but i think in the end the pain will see a compelling national interest to align. but a lot of japanese industry has a very deep connection with the chinese market. china is by far japan's largest trade partner and continues to be an important location for japanese foreign direct investment. the commercial interests are very strong for japan today and going forward. that's why i do believe that as we consider other measures here in the united states to address technology control and promotion, this will be a complicated issue to manage it again, not just with japan, also south korea and economies in europe. taiwan itself. but a complicated issue certainly. haidi: christopher, we

appreciate your time. christopher johnston. the world economic forum's annual meeting begins and dabo's on monday, the first in person gathering of the global economic elite in three years. be watching for our interviews with bankers, industry leaders throughout the week. this is bloomberg. ♪ troducing the new sleep number climate360 smart bed.

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sophie: we are looking ahead to trading in -- shery: we are looking had to trading in ems. the best week since 1998, that was the aftermath of the asian financial crisis. china's reopening easing u.s. inflation, not to mention the dollar's four week slump driving these gains. the question is whether momentum can continue through the year. the key factors from last year haven't really gone away. em stocks also sing the best start to the year since 1990, investors are wondering if they've gotten ahead of themselves. there are some idiosyncratic cases, not to mention that from egypt to argentina, political uncertainty and debt distress, leading some to believe that 2023 could be another

challenging year. haidi: yeah, that's stick with em stocks when it comes to morning calls. do we see that this will return to the heights of its former glory? annabelle: that's the question amongst investors and the call on this is perhaps we might not see those days making a comeback ever. the reason for that is there are still a lot of risks in the market, the first is beijing doesn't appear to want to see the freewheeling growth go on unchecked. the other factor is this is a sector that is continuing to mature. some investors, including those at fortune hill, saying you should be looking at this as yes, there will be growth, but not at the levels we saw before them a and you should be putting this sector into something a little better than utilities but more stable than cyclicals, so perhaps like consumer discretionary.

if you look at this chart, you can see on a forward pe basis, alibaba has been trading -- trailing utility stock and has only just surpassed it recently. also when you take a look at valuations, hang seng, at the peak was 46, compared to now, which is 17. perhaps a long way for this sector to make a big comeback. shery: what about u.s. stocks considering the concerns into an earnings and economic recession? annabelle: that's right, there is still history on the side of investors because we've actually only seen back-to-back annual losses twice since 1950's. there was a recession in the early 1970's and also the dot- com bubble. investors could get a breather coming into this year, there are inflation expectations that are continuing to moderate. that is one factor the fed will

be watching closely, the latest university of michigan survey. if you look at what investors are saying for the year ahead, barclays is saying there are a lot of reasons now to be more positive on the outlook for inflation and that means as well in turn you can ignore perhaps a little bit of the hawkish rhetoric coming from central-bank officials at the fed. haidi: hmm. the former treasury secretary larry summers says the u.s. economy is still facing recession this year despite encouraging news in recent weeks. he also told us the fed's inflation fight is much closer to being over as it heads into its next policy decision. larry: one has to be careful of false dawns. if you think about it, the good news was inflation running in the sixes. that is still on conceivably high -- inconceivably high by the standards of a few years

ago. i would stick with my view that a recession this year is more likely than not, but certainly looking at some of these trends, one has to think that the fed's job is much much closer to being done. it feels much closer to being done in terms of disinflation, than it did a few months ago. i think the more optimistic possibilities, while they still would not be my bed, look more plausible today than they did several months ago, and that has got to be encouraging. we will be watching the data very closely and the most important day of this month by far from a macro economic point of view come a will be the last day of the month, when the implement cost index comes out. that is the gold standard measure of labor costs and wage pressure, and that is a number they will be studying very closely at the fed, and i

suspect on wall street. i will certainly be up early that morning to get that number. haidi: former treasury secretary larry summers. next, we tell you who is attending this year's world economic forum in davos and who is not. this is bloomberg. ♪

shery: a shifting geopolitical landscape, level -- global headwinds and crypto, these are some of the themes that will be addressed at the world economic forum this week. here is a look at what to expect on the ground at davos. >> snow-covered alps, private jets and coveted badges. the world's elite dissent on davos for the first winter meeting since 2020. let's break down the agenda. the top three things that will dominate this year's agenda. number one, all about inflation. the post-covid recovery crashed headfirst into surging cpi in 2022. supply chains stretched to breaking point and prices soared, putting pressure on consumers. the fed and central bank's around the world responded with aggressive rate hikes, taking the possibility of recession in their stride. were they behind the curve? number two, a shifting

geopolitical landscape. russia's invasion of ukraine forced many nations to choose sides and shore up energy supplies. russia was absent from the forums summer gathering in may and will not be there this year either. china-u.s. relations are hitting a rough spot over taiwan. will china receive a warm welcome? number three, crypto and regulation. a late addition to our top three things to the implosion of ftx in november. sam bankman-fried's arrest and extradition to the u.s. has given regulators more ammunition to rein in the crypto industry. are we passed peak crypto? the big question maybe more about the event itself with criticism about its relevance. can this year's davos produce anything more than talk? haidi: francine lacqua there

ahead of davos. things are changing when it comes to the billionaire guest list of those heading to davos. it is a shakeup after two years to reflect how much the world has changed, how much of fortunes and power has shifted. once russian billionaires at davos was a fixture, as ubiquitous as a puffer coat. over the last two years of pandemic disruption, ukraine war, the west efficiently -- effectively banishing the oligarchs. shery: not to mention chinese billionaires will not be inside. we have the covid surge after the exit from covid zero policies across the country. interesting, we will see roughly 116 billionaires registered to attend this years's event, 40%

more than a decade ago. filling that void, many coming from the gulf. we know rising oil prices have helped the region. not to mention india, a consistently big presence in the past few years, but we do have others there as well. haidi: americans still the largest group, 33 billionaires set to attend, including some who skipped last year. wall street in particular well represented. stay tuned for conversations with some of those guests on number tv, our coverage of the world economic forum. lots of interviews to -- through the week. speak to the qatar investment authority, blackrock, saudi arabia and sabic. shery: renault is offering some concessions to nissan as the automakers work on a deal to reboot their alliance.

nissan's board will meet to consider the proposals, including reassurances easing concerns over shared intellectual property. bloomberg has learned wells fargo posted higher-than-expected fourth-quarter -- jp morgan says the net interest income will be lower than expected as the economy shows signs of slippage. america's biggest bank at nii at $74 billion below an estimate. that's it for "daybreak: australia." "daybreak: asia is next." this is bloomberg. ♪

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