haidi: a very good morning. i'm in sydney, we are counting

down to asia's major market opens. shery: good evening from new york. the top stories this hour. top officials from washington and beijing sit-down for days of talks to ease tensions. the chief seven leaders look to take a stronger stance on china. haidi: treasuries rally after u.s. data shows a jumps in markets, building. the campaign may be having an effect on inflation. shery: jp morgan's jamie dimon says it is time for regulators to put an end to turmoil. in the banking industry. he predicts more regulations on the horizon. >> we need to finish the bank crisis. he -- we have had policies on the verizon deal. the fdic, the federal reserve, whatever they need to do to make it better, they should do. shery: u.s. futures coming online. muted at the open, after we

finished regular trading session. the s&p 500 under pressure. we had, pacwest slumping, deposits fell. the nasdaq 100 stayed above water. we had good performance by alphabet after it released new ai tools. it was about eco-data, jobless claims reaching the highest level since october, 2021. industrial production, producer prices rose less than expected. you had a picture where you are thinking inflation is trending lower, growth weakening a bit, does this mean the fed might be able to pause soon? we had treasuries rising, the 10 year following -- falling below the 33 level. it was about what the fed may do. oil prices with the economic indicators being bearish, fell. in the asian session we are seeing a rebound up .8%. haidi: well, top officials from

the u.s. and china met in vienna setting the stage for a possible call between president biden and xi jinping. both sides describing beijing's talks constructive after the security advisor, jake sullivan, held two days of talks. the white house says the issues include tensions over russia and taiwan. jp morgan's jb -- jamie dimon is weighing in on ties on the two countries. he says u.s. and china have differences and that is ok. >> this is a serious subject. anything that relates to nasa security i am a patriot first. but that aside. with the government, what it should do, and wants to do, and going to do, they will have tough conversations but they should be thoughtful. certain things are security and certain things are not. we should not confuse the two.

the u.s. and china have a lot of common interest, antiterrorism, global stability. and we have differences. we are capitalist, they are not. it's ok. we need to keep the western alliances together, not just around war and ukraine, but around strategic, economical leaderships including trade. we can't take trade off the table every time we talk to europe or asia. i would go back to the tpp. i what's around the world. i would want to keep their world safe for democracy and have open markets. when i was here last we passed the ara act. there are things i don't like, like too much of the social engineering side of it. it pissed off our allies. >> if china does more noise on finance does that hurt chinese growth? >> probably. you have seen -- it is not trade, but you have seen

investment going both ways coming down. that's ok in the short run. in the long run, the government has to decide. this is not going to be business companies deciding. when congress criticizes business, there may be truth to that. they have to decide what is ok and what is not ok, what they want. that is around trade, investment, sharing ip. >> i give you one million pounds, where you invest? >> jp morgan. i would not buy sovereign debt anymore. >> why? >> i think there's too much. the amount of fiscal stimulus that took place and that is surging in the system, the amount of qe, those were extraordinary numbers not just in u.s., but europe and other parts of the world. i mean extraordinary. i think there is a chance to get more inflation. while the fed controls short rates, they don't control longer rates. you could see longer rates ticking up, because of higher

inflation. even if there is a mild recession they continue to take up. a lot of us experience that in the 1970's and 1980's. rates are kind of low. spreads are kind of low. >> you are not putting them in sovereign, where are you putting that million? >> central banks. shery: jp morgan's ceo speaking exclusively to francine lacqua. ties between washington and beijing were in focus at the g7 finance ministers meeting in japan, with janet yellen saying she is hoping to discuss a new set of possible restrictions on outbound investments to china. our chief north asia correspondent, stephen engle joins us. what else did secretary yellen say? stephen: well, yellen was front and center with the first press conference afternoon yesterday, it kicked off. the gathering here. all the topics that jamie dimon spoke with francine lacqua were

on the table throughout meetings here at the g7. behind closed doors, yes, but mostly about financial system security and stability following the svb may collapse. central banks are in focus. we talked about other -- with other top economic officials among the g7. sources are telling us they are gearing up for the end of next week, the leaders summit in china, while -- and that china is not represented in the g7, it is the top center of focus at least for the u.s., trying to show some unity and get the europeans as well as the japanese, the other members, on board with maybe some tougher messaging on china. any particular communique coming out of the leaders summit in hiroshima. the concern is about china's alleged growing economic coercion.

that's the language the u.s. would like to see, other g7 members adopt. the europeans have been using the phrase de-risking without decoupling. there have been indications that the u.s. have soft and their stance. -- softened their stance to not provoke china. janet yellen addressed these issues including trying to get support for what we are hearing would be an investment restriction, executive order, coming as early as next week's leadership meeting in hiroshima on key investment in china sectors that could potentially pose national security threats to the u.s. i am talking ai, semiconductors, quantum computing. she says it is going to be narrowly scoped, and at technologies that pose a threat. this is what janet yellen said at the press conference which i attended yesterday afternoon. >> this should be national

security focus. it's not focused on undermining china's economic competitor -- competitiveness or ability to advance economically. haidi: yellen addressed an invasion of russian sanctions. what is the strategy going forward for the g7? stephen: i think they want to choke off evasion of those sanctions. russia's ability to a beta the -- of aid the sanction, a clear concerted -- invade the sanctions -- evade the sanctions. they also put pressure on companies and jurisdictions. her words, known for facilitating the evasion and shutting down challenges. we've seen a surge in chips, integrated circuits and other technologies from other third parties like kazakhstan, the

uae, turkey, china. they did not name those countries but they are trying to choke off russia's ability to evade those sections and perhaps tighten those sanctions. no indication whether there will be a further push for sanctions. she also praised the cap on crude oil prices for stabilizing the global economy while also limiting russia's ability to wage its war in ukraine. by the way, on that china element, i need to bring in beijing's perspective. they are not represented here. the ministry of foreign affairs spokesperson did address the g7 yesterday at the regular briefing in beijing, saying -- dismissing the g7 as a small click that puts the u.s. first, the international rules the g7 talks about our western rules that only serve the interests of the g7 and a few others. china is not represented here, by trying to be heard. shery: stephen engle there,

joining us from japan. we will be speaking exclusively with secretary yellen from the g7 summit later. do not miss that conversation at 5:30 p.m. in sydney and 3:30 in hong kong. we will also be speaking with oec secretary general mathias cormann in the next hour. in the u.s., softer than expected producer prices and higher than expected new jobless claims could be pointing to a slowing economy, even as these numbers failed to convince one tough fed official that the inflation fight is over. our global economics and policy editor kathleen is here with the latest. the markets are pricing in recession this year. but neel kashkari thinks prices come first. kathleen: everybody in the fed figures they come first until recession brings them down. let's look at the consumer.

that is one thing that pleased investors so much after better than expected consumer price index numbers this week. on a year-over-year basis, the headline was up 2.3% in april, that is down from 2.7% in march. the core, takes out food and energy, up 3.4%, down from 3.7% in march. services are sticky, especially air transportation and health care. that is one of the reason fed officials may not say all clear for producer prices. let's put in jobless claims. they have been rising. he suddenly jumped to 264,000. the highest since october of 2021, that is up from 242,000. neel kashkari speaking at an event early -- earlier, he is president of minneapolis. he said they were surprised at how inflation got and how persistent it has been.

it is coming down but not enough. let's listen to what he said. >> inflation has come down. but it is still well above our 2% target. we have seen some softening in wage growth nationally, but it is very mixed. kathleen: very mixed indeed. wage gains in the latest jobs report, days ago, accelerated in april. average hourly earnings were up 4.4% year-over-year from 4.2%. that is the theme, neel kashkari, a voter this year, is looking at. heidi it is not surprising people think, maybe this is closer to the peak in inflation or it is starting to come down. the fed has a bit of time to see more numbers before the next meeting in june. for neel kashkari, he is not convinced. haidi: our global economics and policy editor, kathleen hays. front and center of expectations in terms of how asian assets have been tracking. we will be tracking any further

strength when it comes to the dollar index. that has repercussion for asian earth day. the dollar seeing its best day since march. the boe signaling the pause may lift the broader currency index. the pound seeing its worst day against the greenback since early march. this is the picture when it comes to asian currencies. a bit of upside when it comes to the aussie dollar, a top 67 u.s. dollars. we're watching dollar-yen, sitting at 134. when it comes to equity, muted start to trading. futures about .1%. kiwi stocks to the downside, following broader asian stocks falling in thursday's session. traders are weighing the inflation numbers out of china as well as the u.s., we are through the thick of earnings season as well. we did see the broader asian pacific index falling by about .5%. continuing to watch when it

comes to tech, after we saw that is a major drag on the broader embassies. let's get over to vonnie quinn. >> thank you. president joe biden's debt ceiling meeting with kevin mccarthy and other congressional leaders have been pushed from friday to next week. according to white house officials the postponement is a signal that the staff level talks are making progress and the push to reach a deal of the debt ceiling is approaching. the president will meet with congressional leaders next week. the largest bank space -- faced millions of dollars to replenish the government's nourishment fund. it stems from the regulators decision that all deposits from svb and signature bank. that move costed deposit insurance funds about $15.8 billion. turkeys made oppositional alliances accusing russians of meddling in the presidential election. the presidential candidates --

candidate said russians were behind conspiracies and deepfake content. another opposition counted it has -- candidate has withdrawn from the race after an alleged sex tape. thailand's consumer confidence has risen to the highest level in more than three years, climbing to 55 from 53.8 in march, a steady increase for 11 months. the university of the tide chamber of congress -- commerce says tourist arrivals are contributed to spending. -- contributed to spending. 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 around the world. i'm vonnie quinn. this is bloomberg. shery: still ahead, we have more from our exclusive interview with the jp morgan ceo this hour, jamie dimon explaining what regulators should do to put an end to the making turmoil. this is bloomberg. ♪ -- banking turmoil. this is bloomberg. ♪

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>> actual default. that is potentially catastrophic. you can go through a million ways, but everyone -- i don't think it is going to happen because against catastrophic. the closer you get to it, there

is panic. the treasury markets will have their own problems. it is amazing you have certain -- trading 5%, this is not good. haidi: jp morgan's ceo talking about the u.s. debt ceiling. we've heard president biden and the u.s. house speaker kevin mccarthy's meeting to discuss these debt negotiations slated for friday has been pushed into next week, to allow more substantial discussions to take place. let's get a view on how all of this is infecting investor sentiment. the ceo of ershares, joins us from boston. always great to have you with us. there is a sense we are seeing stability, or at least calm in u.s. markets that belies the risk of what would happen going into next week. we see that being reflected into assets. are you thinking that there is less volatility than potentially

is warranted by this risk? >> i think we don't see any volatility in the last couple of days. the market does not pay attention to what is happening to the debt ceiling. most of us realize it is mostly political game. as jamie dimon said, it will be catastrophic to not raise the ceiling, to begin with very few countries around the globe have a debt ceiling. it would be irrational for the u.s. not to raise it. most of us understand that this is a political game. i don't think the market really pays attention to it. haidi: political games have impact on things like the u.s. dollar. we saw the best day since march for the broader dollar index but before that, weakness. the likes of goldman pointing out that the debt ceiling issue could deal a risk to the reputation and strength of the greenback. how does that impact asian assets across emerging markets for you? >> i think, as you said, there

are a lot of ramifications globally. we see the russia/ukraine war, you have these macroeconomic tensions between the u.s. and china, and europe. we see some interaction between countries that are not very favorable. it's interesting to see, asia's side, the stock market has been flat. part of this is because of the macroeconomic games. the global economy is very sluggish. we see demand coming down as a result of tightening in europe and the u.s. china is a manufacturing country. that has significantly affected their output. ppis coming down. the price on the producer side is coming down. that is affecting the way traders are seeing china. shery: because of those echo numbers -- eco-numbers, we are seeing traders pricing and a potential pause from the fed and

rate cuts. will we see more speculative trades becoming more popular? >> that is right. that's the case. if you look at the yield curve, it is interesting because it is the first time in a while, we are seeing a twist on the yield curve, on the short-term rates, their coming higher. on the long-term, rates are coming down. very interesting. the short-term rates, the one today reached 5.8%. on the long-term, you see the five-year has dropped 19 basis points in the last two months. that's favorable for loans and assets because these are the equities they will get their profits down the road in the future. it's beneficial for them. that has been the proof with the stock market since the fed announcement. we have seen the and -- the stock market soared. the companies that have led the way have been high gross speculative companies.

shery: we have seen optimism this year when it comes to emerging markets. we are headed towards to big political elections this year in turkey and thailand. do you factor in political risk in some of these economies? how invested are you in those stocks outside of the u.s.? >> so, we have a very low, significantly low weight in international. it's not common for our portfolio management. we have been significantly overweight in the u.s.. we think the u.s. is still a safe haven, just because of all the global ramifications you mentioned before. when it comes to the u.s. again, we see rotation out of cyclicals into growth. again, growth with profits, growth at a reasonable price. growth without refinancing risk, which is important, especially with the banking crisis. this is our concentration. we are seeing a lot of risk locally.

the safest bet is the u.s. right now. shery: eva ados, here. always great to have you with us. all the stories we have been discussing including the risks eva mentioned you can find in today's edition of daybreak. you can go to dayb , you can customize your settings so you only get the news on the assets you care about. this is bloomberg. ♪

shery: a quick check of the latest business flash headlines. elon musk is transitioning his role at twitter to executive chair and cto, where he will oversee products, software and system operations. he has selected a new ceo and indicated it is a woman, but did not reveal her name. she is slated to begin in six

weeks. carl icahn's holding company authorized the buyback equaling 27% of his shares trading on the open market, potentially boosting the stock price, as he feuds with hindenburg research. the short seller has hit again at ichan enterprises. the corporate failed to disclose enough in response to questions raised in its earlier reports, according to newburgh. plenty more to come. this is bloomberg. ♪

haidi: we have some breaking news out of new zealand, the business new zealand manufacturing pmi doing better than the previous reading,

climbing to 49.1 from 48.1, still under the 50 level that separates expansion from contraction for april. this, as we see some signs of food inflation coming down for new zealand. but there are still expectations of potentially that we will see further tightening from the rv and said. -- rbnz. he was giving his prebudget speech saying there shouldn't be inflationary tax cuts. with the manufacturing pmi seeing weakening of the qb economy. jamie dimon says regulators should do whatever they need to do to end the banking crisis, in an exclusive interview with france will -- francine lacqua. >> the debt ceiling is catastrophic. that's a whole different issue.

hopefully will not happen. the banking crisis will sort its way through and it is not anything like 2008 or 2009. only a couple of people off size, which you knew about. hopefully it is getting near the tail end. >> if you are janet yellen, what would you do differently? >> i don't know. we need to finish the bank crisis. we found an uncertain pause on mergers, the first horizon deal. we have to assume there will be more. whatever the fdic, the federal reserve, whatever they need to do to make it better, they should do. be very forward-looking. do not be surprised constantly. some of these things we have known about for a while. we've had all three, svb, signature, first republic. >> are you asking -- >> the regional banks, who are have been speaking to, they are quite strong. they are worried because of the

run to deposits but the financial deposits are good. they are ok next quarter. they are earning money. they have very good clientele, very diversified. they are quite strong. >> so you're asking janet yellen to get the job done, what does that look like? >> i'm not asking for a solution. just be prepared for problems. we don't need a comprehensive solution. >> we are doing this right now. do we need regulators to look at short-sellers of banks? >> yes. with my folks, they would tell me that is not the problem. if you analyze stocks and short sales, is not that big of a deal. they may partially be wrong. as you know, some people are unscrupulous and use other means to go short. if you look at the details, the sec has the enforcement capability to look at what people do by name in options, derivatives, short sales. if someone is doing anything wrong, people are in collusion

or going to make a tweet about a bank, they should go after them and vigorously. the should be punishedy, to the full extent the law will allow. my experience in life has been the, do not assume too much. >> do you think things will change because of this? >> i think it will get worse for banks. >> what do you mean by that? >> more regulations, more rules, more requirements. i hope they do it thoughtfully. we love the community banks. we're the biggest banks of those folks. if you overdo certain rules, requirements, regulations, some of these community banks say they have more compliance people than loan officers. it makes it harder for them to do business. they're already hundreds of rules in place. if you're going to change liquidity may be not cap. maybe not capital, then liquidity. maybe you should do something with deposit insurance. they should sit down and have a thoughtful conversation about what those things are and what we want the outcome to be.

if you look at the present outcome, a lot of people are leaving banks. if that's what they want, so be it. but it should be done with forethought, not because you're putting rules and regulations in place and you don't know the consequences. shery: jamie dimon is speaking exclusively to francine lacqua. the largest u.s. lenders will face billions of dollars to replenish the bedrock deposit insurance. the move comes after the funds were tapped to uninsured depositors after the collapse of signature bank and silicon valley bank. let's bring in su keenan. we knew this was coming. su: the bad news is the big banks are going to be paying the lions share of the billions it is going to take to replenish this fund, which was drained by the multiple rate -- multiregional bank failures. let's take a look at what the proposal laid out by the fdic called for. the largest banks will take the

biggest hits. banks with more than $50 billion in assets will be off the hook to pay 95% of their fees. again, the fund was drained by these recent sprays -- recent bank failures. in particular, the special assessment that the fdic is placing on these banks, that stems from the extraordinary decision in march to ensure all deposits at the two failed lenders, svb, silicon valley bank, and signature bank, to ensure all deposits where normally the fdic only ensures deposits with up to 250,000 in an account. the cost of making that decision to go outside the typical bounds of what they cover is about 15.8 billion. the fdic chairman said that in general, large banks with large amounts of uninsured deposits

benefited the most. the rational goes, they should be pitching in the most. the payments can be made in eight installments, quarterly, starting in 2024. the agency predicts 113 banks out of thousands in the u.s. walked to face the fees. again, they are staggering the deposits as a way to mitigate any liquidity concerns or claims of liquidity concerns. haidi: what kind of political battle lies ahead? su: it is going to get ugly. there is no question the proposal immediately pours fire -- or fuel on the fire that has been let in washington over the fdic, who will pay to refill the fund? that has been raging. there also a side debate on whether they should have ever raised the $250,000 floor as they did in this particular situation, and whether it should

have been raised. in any event, a lot of controversy. notably, a lobbying group for the smaller banks, who have really been working hard to make sure they were not hit by any special assessment, they command the fdic for this decision. the agency is going to take comment on its plan for a few days and make tweets, holding another vote to finalize the plan. they've made it clear, the big banks are on the hook for most of it. that's unlikely to change. shery: su keenan with the latest on the banking sector in the u.s.. we have an alert on political, reporting that janet yellen will be meeting with a top wall street banker in washington. this as we continue to have on top of the risks and the banking sector that scramble to reach a deal to avoid a debt default. the treasury saying that yellen will talk with jamie dimon,

citigroup, and other board members of the bank policy institute to discuss the impasse over raising the government's borrowing limit. this, of course,, very important as the biden meeting with congressional leaders has gone delayed until next week. let's get to the first word news with vonnie quinn. >> the bank of england has raised its benchmark rending late to the highest level since 2008. more increases may be needed if inflation persists. the central bank lifted its key rate a quarter-point .24 .5%. officials delivered the biggest upgrade to growth projections since 1997 dialing back on their previous forecast of a recession. >> we are approaching a point when we should be able to accept rest. in terms of the level of rest. we have not seen the evidence to give it a stronger sense of the read of that. that is why i am clear that we have to be evidence driven. >> the u.s. national security

advisor and china's top diplomat met in vienna as both sides work towards improving relations. the two days of talks cover tensions of russia and taiwan. the u.s. and china both described the meeting as substantive and constructive. pakistan supreme court ruled the arrest of the former prime minister was illegal and ordered his release from custody. the dramatic turn in the political saga comes after khan was arrested in an investigation sparking protests across the country. the court ordered that he stay in a secure location before he appears on the high court -- in the high court on friday. the president admits there has been no real project -- progress on asean's plan. myanmar is a lingering problem, as violence continues in that

country. the block has a policy of noninterference in its members affairs and remains defiant -- divided on the issue. 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 around the world. i'm vonnie quinn. this is bloomberg. haidi: indian conglomerate adani may sell new stock after four months after allegations of fraud. annabelle joins us with details on what would be a major test of investor confidence. we're looking to these board meetings for adani units. anabelle: we've got adani enterprises which is the flagship business unit and amendment him of other -- and a minimum of other companies to meet on saturday. any possible fundraising plans may be discussed. we don't know what figures are being thrown about or who adani could be working with on possible deals, but it is an interesting time to tap the equity market. people have not forgotten about that hindenburg research report.

adani enterprises, you can see, trading 50% lower than its peak last year. other group stocks have not recovered. so, on the one hand, you have investors saying, this is a signal that the adani group needs cash now. on the other hand, investors are saying if adani can pull this off, it would be another step towards repairing some of the reputational damage. shery: any idea where shares could be priced? anabelle: we've got a couple of estimates coming through, but we are looking at around 1700 to 1900 rupees a piece. that would be realistic given where the stock is trading. we are looking at an up to 15% discount. but a stunning drop when he compare that to where we were for the rest of the share sale being floated back in january. we were near 3300 groupies a piece. at that point it was pulled. the question is what sort of

volatility can we expect for adani ahead in the day. we saw stocks moving, as details of this fundraising plan came out. in the last hour, there has also been that news coming through that msci india is dropping to adani group companies from its index. this is adani transmission and adani total gas. really, big drop in the last six months. that could further hinder investor confidence. you will see further selling pressure as investors rebalance their portfolios. haidi: if the share sale proceeds, who are we seeing as likely buyers. anabelle: we are looking at could -- cornerstone investigators, firms that could put in extra cash. gq g, the u.s.-based fund to put nearly $2 billion into adani back in april. that was the most significant show of support from a major

money manager since the ford allegations surfaced. another poppel -- possible by would be adani iec. bloomberg reached out to ihc, and they said they're not planning to take part at this point. if they do so they will inform the market in due course. based on where the stuff is trading, it is that a significant discount to record highs. overall, investors might not be too negative on adani just yet. shery: annabelle with the latest on adani. coming up, we turned to takeda pharmaceutical, expecting a dip in earnings after reporting net increase. this is bloomberg. ♪

shery: takeda pharmaceutical reported profits that missed estimates. it flogged a decrease in the coming year with one of its key drugs facing competition. let's discuss with the president and ceo christophe weber. i know you had net profit surging almost 40% in the past fiscal year. but there are concerns on what happens next. what are your expectations, one can profit recover after taking this hit?

>> in 2022 pleased with that. we reduced our debt level to where we are targeting. that's not a concern. therefore we can focus on growth . 2023 is difficult for us. there is a slowdown of growth. we are considering our grow -- growth outlook in the future. shery: one would you expect moffett's to make a comeback and rebound -- expect profits to make a comeback and rebound? >> after 2023. the slow down is linked to an exposure on two key products, that we watch, and we will regain growth right after. that makes us confident about our long-term outlook. shery: there's a lot of concerns with the generic competition

over vyvanse. tell us about when you expect sales to bottom out. how do you expect the generics to come out and eat into your sales? >> this is something we are predicting for a long time. it's not a surprise. usually you have a washout of a product like that in 20 months in the u.s. that is why it is a one year issue. we're expressing our confidence for the long-term, by increasing our shareholders. haidi: how strong do you expect the profit recovery to be in the year after? >> we start from a high base in 2022, our profit margin is close to 30%. we start seeing it. w'e -- we are including this level of margin from 2024. haidi: what about shareholder

returns? do you have plans for buybacks, what would be the catalyst for doing that? >> in the last few years we focus our capital allocation on growth, reducing our debt, and shareholder returns. we just achieved our debt prediction, from now on, we focus on growth and shareholder return. with the strong cash flow we are generating, we are increasing, we decided to increase our dividends from 180 to 188 per share. we're progressing on policy. shery: what is in the pipeline right now? we know you made big investments to try to support that competition coming from generics? >> we are investing in our pipeline, we have 40 products in clinical stage right now, late

stage, very significant progress. the last few months we've had the approval of vaccines in europe, in other countries like indonesia, brazil. we have products progressing as well. i would mention our line, a product treating autoimmune disease. our pipeline is really progressing. it will help us grow in the long-term. haidi: it is fascinating to me because of the use of ai to discover this compound in so much less time than what it traditionally takes. how do you see artificial intelligence and new technology as being able to streamline the business and potentially take some of the lag time out of research and developments? >> it is a revolution for us

happening. we're becoming a digital, tech biopharmaceutical company. it is transforming entirely the way we conduct our manufacturing, all are operations. in three years, the way we operate will be different from how we operate today. it's very exciting. but it is also challenging, and we are embracing it. haidi: having said that, the schedule for this is quite behind compared to rivals, when do expect to file in for phase 3? >> we are expecting to start the phase 3 program this year. and filing with the tech base later, possibly fiscal year 2025 to 2027. we're not the first in class.

but we believe this molecule has the best in class, potential. haidi: great to chat with you as always. christophe weber ceo at takeda pharmaceutical. be sure to tune into bloomberg radio. you can hear from the big newsmakers there, get analysis from our daybreak team, broadcasting live from our studio in hong kong. you can listen on the app or bloombergradio.com. much more ahead. this is bloomberg. ♪ go optimizing data. go efficiency. go results. emerson's plantweb digital ecosystem is the brain for smarter, safer and more sustainable performance. go plant go. go boldly. emerson. a streaming service... movies and shows, live tv, more local sports. this is your big three that crushes cable. and he changed the batteries on all three smoke detectors. fubo!

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haidi: thailand heads to the polls this weekend with contenders focusing on populace proposals. they will need to wind 75% of the votes. we will take a look at why the odds may be stacked against them. >> lives and livelihoods are dominating the election discourse. with just a 2.5% growth last year thailand's economy, is trailing neighbor -- is trailing neighbor's like the philippines and malaysia. the key sectors driving foreign investors away. similar parties are promising packages, higher wage and suspension of debt repayments.

52 million voters will be electing 500 members to the lower house of parliament. it's a crowded race. even with polls showing the main opposition for the party in the lead, forming a government will be a herculean task. the choice of the prime minister is decided by the lower house and 250 members of the senate. unelected and mostly handpicked by the military. in theory, the opposition will need 75% of the vote. the candidate is packed by the billionaire and his sister, both former premiers, living in south exile. the current prime minister, who has been charged since leading a coup in 2014 is running again, with the new political party. the military is packing his deputy. the opposition wants the military out, accusing it of failing to stem corruption and

mismanagement during the pandemic. the democratic values have also been casualties and the young want more freedom of speech. thai politics is divisive. the nation has seen more violence than many other countries. haslinda amin 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 around the world. -- haslinda amin bloomberg. shery: that is it for daybreak australia. daybreak asia is next. this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights

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shery: you are watching "bloomberg daybreak asia".