welcome to daybreak asia.hour, a risk off mood sweeps the markets as a hawkish fed and omicron way on sentiment. crypto looks to make a comeback after taking a hard hit. evergrande's long-awaited debt restructuring may finally be at hand, posing a fresh test

is the set centre of gravity, and northeast asia on the indian border... secondly and more

we are counting down to asia past major market opens. shery: welcome to daybreak asia.sian markets set for a cautious open as investors weigh a third day of gains on wall street. >> investor concerns over omicron ease as pfizer say a third vaccines -- vaccine dose neutralizes the variant. >> kaiser enters close to bondholders with the financing deal. >> i am stephen engle live at the hong kong exchange. in hong kong, we speak with talk executives focusing on asia's transition to a cleaner economy. the head of sustainable finance during's me in a few moments. >> up next, the start of trading in sydney after markets had their biggest gain in over two months in the wednesday session. this is what we are seeing. we are seeing not any reaction when it comes to the bitcoin and crypto adjacent names after we heard from the governor for low saying there is no strong need for central-bank digital currency after the treasurers comments. new zealand seeing downside. warning of stress from new homebuyers as we see this increasing rate environment. that was the big story this mornin

shery: welcome to "daybreak: asia." paul: asia's major markets just open for trade.ries this hour, the overgrown overhang, more fragility weighing on investors. the buyer is not deterring hong kong's plans to reopen, and bitcoin, the slide extends into a fifth week while tokens are slumping even further. shery:essure on the broader asian market with it nikkei and the topix down lower, were talking about a reversal from the previous session with the japanese yen holding. we do have the boj policy decision but reasserting their stance, not tolerating the bonds and short-term rates at zero. take a look at the korean stock market because the kospi is down -- down .5%, losing ground for a third consecutive session. we've had some regulation concerns over korean gaming stocks leading the index lower. the korean won is also under a little bit of pressure against the u.s. dollar after rising in the previous session. we are waiting for those jobless -- jobless rate numbers later in the week. paul: a quick look at the markets here in australia at the moment with the anc weaker

asia is coming off lows. short term you might really see more pressure in volatility across the equity markets. a strong dollar story overnight. the pound pushing 13 month lows. equity futures are doing this. some money taken out of some of these loans yesterday. iran or is a good exude -- iron ore is a good example. looking at guilds pushing lower. in the u.s., we are seeing the opposite. ahead of the fed and we are looking at that. have a look at your yield curve. your fives in your 30's. as we approach that, you can look at it in many ways. one question would be, are we up against a wall? is the fed hiking into a slow down or is this a natural progression of markets? yvonne: on the back of all that, you're dealing with what has been going on. the roiling of the property sector. the bonds are tumbling once again whether it is there women be bonds. yesterday, we saw the dollar tank. this is what we are seeing today. does not look like we are seeing any let off. take a look at the stocks. you are seeing that

♪ shery: welcome to "daybreak: asia. haidi: we are counting down to asia's major market opens.all street has its worst two-day selloff in over a year with volatility spiking as the u.s. confirms one case of the omicron virus strain. jay powell warns of the risks of persistent inflation but says the fed's will adapt. we speak exclusively to the cleveland president, loretta mester. and china is looking to close a loophole used by tech firms for for foreign ipo's. shery: let's get you straight to south korea. cpi just crossing. we are seeing a faster pace of inflation on the consumer side than expected. 3.7% is that you're on your number, beating expectations and -- 3.7 is that year on year number, beating expectations. a month, poor -- .4% inflation. the core number two point 5%, still higher than expectations. that is the highest since december 20 11. price pressures are really just mounting. we have seen the bank of korea changing their tone and the way they talk about inflation and tight, and that certainly is not going to change given that we will continue to see these ongoin

>> asia does see lockdowns again.e have already seen some scaling back in mobility, broader reopening being delayed in the region. mainly because vaccination rates are so low. and you kind of see boosters and start looking at vaccinations for children. the region is still grappling with getting those vaccinations delivered. but because of the risk of further lockdowns, if we see the kind of threat we see in europe right now, we can see another bout of supply chain disruption for the first half of next year. haslinda: we also have to look at china. most of asia depends on china for growth with china adopting zero policy two years on. what is the downside risk. >> i think we are starting to see more downside risk for china, which based on our outlook,, as well. in terms of our zero covid policy and higher transmissibility of the omicron variant, there is a real threat consumption recovery will be revealed in china. but also, we are quite skeptical of the property sector crisis in china. the can is being kicked down the

in asia.top on the trip, and the us and china have often seen southeast asia as a crucial battle ground for regional security. what's the point of mr blank and's visit? the americans are certainly trying _ blank and's visit? the americans are certainly trying to — blank and's visit? the americans are certainly trying to bring _ blank and's visit? the americans are certainly trying to bring southeast i certainly trying to bring southeast asia closer to the us. the american grand strategy for managing the rise of china has shifted from the trump years into trying to encourage allies to get closer to the us. but there's a couple problems with that from a southeast asian viewpoint — one is from the american way of looking at things, northeast asia is the set centre of gravity, and northeast asia on the indian border... but secondly and more importantly, is that while the asian nations wish to be known as trustworthy and reliable, they like to chart a middle course between china and the us. china w

that east asia and south east asia are willing to move on trade with or without the support of the u. s. and i think it's very important for you to reflect upon itself and figure out what its policy is going for on economics and on trade. more generally speaking, jan, how is this our step deal different from the trans pacific partnership deal or t p. p. as it's knowing which involved the u. s. in which they tried to get off the ground, but then they pulled out of right. so i think that's a good starting point. the t p p is no longer what it was. it's now the c p t, v p, which is se significantly watered down version of what the u. s. had initially proposed now after it pulled out. and so, but still, even in this watered down form, it is a much more ambitious agreement than that. we have with us the, the membership of asset is so diverse. you have very rich countries like singapore, you have very poor countries like lauzon, cambodia, the populace nations. so you cannot, you have to cancel that diversity by allowing flexibility. and flexibility translates into generally lack of prescrib

southeast asia, it is gloomy right now. travel season for southeast asia. so given the back drop of what you have described, what is your outlook for 2022? described, what is your outlook for2022? for southeast described, what is your outlook for 2022? for southeast asia and travel companies and the travel sector? sector? that is a tough question. 0ne that is a tough question. one of the golden rules we learnt and travel over the past two years is to not make too many long—term predictions. things happen so fast in a dynamic and fluid situation. we would have to say that globally right now 0micron is in control that the coronavirus has taken control over travel again. you mentioned of course that this is the peak season so looking at the year—end christmas and new year bookings. if we could go back slightly to october and november you would remember that some countries in the region were starting to open more liberally. thailand, singapore was scaling up its vaccinated travel lanes. cambodia and the philippines, they wanted

we are counting down to asia's major market opens. shery: welcome to "daybreak asia."he fed's most hawkish pivot in years. >> we are phasing out purchases more rapidly because with elevated inflation pressures and a rapidly strengthening labor market, the economy no longer needs increasing amounts of policy support. shery: more signs of distress in china's property sector. another developer asking for an extension. and investors looking for any reaction from the fed to the spy in covid cases. haidi: we did have that record high for new south wales. let's look at how markets are pricing all these in. that ultra hawkish pivot as we could potentially look at it from the fed overnight. that staggered start to trading. and pick airbus to replace its aging fleet of boeings. that stock reported a loss for the first half. we are watching new zealand but did get better than expected gdp numbers showing a better-than-expected impact of recent lockdowns. also watching out for labor market data. that is expected to be quite positive as well. we're protecting maybe that surge in em

telling was at the forefront of reopening tourism in southeast asia and pretty much asia—pacific.at were as open as thailand to international business. it's been open since the beginning of november and numbers were starting to increase, perhaps not reaching the levels that were expected and certainly nowhere near the levels of 2019, but there was some growth. when sleep we are moving into the key season, the peak season of december, january and february for thailand's of these measures to be taken now, that each of the seriousness that thailand is taking 0micron before the tourism industry, it takes everything back perhaps a year but that's where we were a year ago and for the industry not just in thailand but the signals that sends out across southeast asia and asia—pacific, it's gloomy right now. asia-pacific, it's gloomy right now. ., , ., ,., now. indeed, and if you point out this is— now. indeed, and if you point out this is the _ now. indeed, and if you point out this is the sort _ now. indeed, and if you point out this is the sort of - now. indeed, and if you point out thi

we focused on developments in asia pacifica, where over the past years, elements of instability have been accumulating, which could undermine the universal framework of corporation. so she was young, we will as a nauseous, and we express our concern about the activities and that was taking place in this region under the slogan of india pacific strategy. so where with he here all non inclusive block. so the latest example is all close to military technical alliance between the united states. great and britain and australia. and there are a lot of questions. so please, what are they plan so to supply to australia or make an australia, nuclear submarines, nuclear power at submarines. and this is a good question whether these plans them to comply with the i a he ain't norms and non proliferation ration rules. and from a regional perspective, from to what extent will australia stick to its obligation on the nuclear weapons free zones in this south and pacific there bruce and this specific agreement has been signed by a trailer to this effect. as an is also a nuclear weapons free zone. so

they are not a part of central asia, they're not a part of asia, and therefore they cannot impede to grow. they cannot impede cooperation. they cannot block trade between these different countries and the russian indian relationship right now, i think, can serve to ease tensions also between india and china and to create a general and more a more positive approach towards the broader objectives of the shanghai cooperation organization. among other asian centric organizations for professor miranda, i wanted to ask you because right now when it comes to the iran nuclear deal, for example, america has a sanction brown in oil and right now with the oil prices around the world. and joe biden, having an energy crisis in america, it might do them some good to allow iranian oil to come back on to the market. but i wanted to ask you about the $5.00 trillion dollar game. let's bring in a pipe, leanest on angle here, that of the chalice gas field in the caspian sea. you know about this. it's worth of a 5 trillion dollars. this is a huge gas field in the caspian sea that russia is going to help

that's why there's so much concern from northeast asia, the southeast asia, and from the me con river them civic islands, about visions aggressive actions. claiming open seasons there on the storing open markets through subsidies to its state run companies denying the export. so revoking deals for countries with policies, it does not agree with engaging in illegal on, reported, and i'm regulated fishing activities, countries across the reason why this behavior to change. we do to a florence louis is following the story from calling them poor for us. how significance is this intervention for months? me blinkin it is significant, and this is the us wants to reassert its influence in southeast asia. it wants to reset ties with nations. here. this is a region that was largely overlooked under the previous administration led by former president donald trump. but now the biden administration, si se asia, as vital to its efforts to push back a rising china. and earlier this year, we've already seen several high ranking us officials visit, including us defense, secretary lloyd austin, as well

we are counting down to asia's major market opens. shery: welcome to daybreak asia. asian stocks set to open off the back of u.s. gains. oil gains with opec-plus adding an escape because to its hikes. a tumble in a new york debut after a record-setting spac deal. the biden administration inches closer to booting a company off exchanges. plus, the former new zealand prime minister talks about the preparations for the next pandemic. haidi: the pandemic and the omicron variant is top of mind for the market. let's look at the start of trading here in sydney. we are reversing some of the losses that we saw thursday. new zealand stocks extending a second day of gains. a mixed future across the rest of asia. we saw dip buyers picking up some of those gains and driving a robust recovery on wall street. also sentiment when it comes to oil when the opec-plus agreement goes through with the supply increased also escape clause giving oil traders and energy traders -- on the session today. shery: take a look at oil prices because they are opening higher. $67 per barrel in asian s

welcome to daybreak asia. our top stories this hour, a risk off mood sweeps the markets as a hawkish fed and omicron way on sentiment. crypto looks to make a comeback after taking a hard hit. evergrande's long-awaited debt restructuring may finally be at hand, posing a fresh test to president xi. china security watchdog downplays overseas delisting concerns as adr losses since february topped $1 trillion. haidi: let's get you straight to the start of the open and sidney on this monday morning. we are seeing expectations that we will see with volatility and risk aversion sweeping across the asia open. while we are seeing downside at a quarter of 1% when it comes to trading and seek me -- and sydney, we are expecting them to say how they view economic momentum and if they address the gap between market expectations and when the rba thinks they will start that tightening. and it comes to new zealand, we are seeing downside pressures. chicago nikkei futures looking positive. we are hearing from people familiar wit

asia, and it did.nvergence? give us a sense of why you see convergence for these markets in 2022. vikas: i think from both sides of that trade. at the outset of this year, that is one thing i would have been surprised by, and i am surprised by the relative over performance of north asia to southeast asia. that underperformance in southeast asia sets us up well for 2022. as you see larger and larger tech companies becoming part of the constituents in southeast asia, i think those companies still haven't figured out exactly what they will be in 3, 5, 7 years. there is a deeper market in north asia, and that is where we are focusing. juliette: their is a huge underperformance from asian stocks versus global fears this year -- global peers this year. does that continue into 2022. vikas: this is something i would be surprised by, if i year from now we are still talking about the same thing. juliette: let's hope we are still not talking about covid in a years' time. all right, vikas pershad, m&g investments

that's why there's so much concern from northeast asia to southeast asia, and from the me con river to the pacific islands. about visions aggressive actions claiming open seasons there, all the stores, open markets through subsidies to which they run, companies denying the export. so revoking deals for countries as policies. it does not agree with engaging in illegal on, reported a non regulated fishing activities. countries across the reason why this behavior to change. we do to florence louis following this one from colombia to they are florence. how significant is the sort of intervention from antony blinking? well, it's a significant the u. s. wants to reset its relation to the southeast asian nations . it wants to reassert its influence. here, this region was largely neglected by the previous administration under former president donald trump. the biden administration sees a se, asia, as fighter to its efforts to push back a rising china, and in a already this year, we've seen several high ranking us officials visit. we had us defense secretary lloyd austin, vice president pamela

that is it from bloomberg markets asia. middle east" live from dubai is next and this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. ♪ >> from the heart of where innovation, money, and power collide. in silicon valley

say 60 dr. news asia i'm british manager. as 2021 comes to a close, we're taking a look back at some of the biggest stories of the europe. for me, none was bigger than seeing my own country india struggling to breathe in the us. devastating bout with gilbert 19. that took away people. i knew.

that's why there's so much concern from northeast asia, the southeast asia, from the beacon river to the pacific islands about asians, aggressive actions claiming open seas as their own. the starting open markets through subsidies to its state run companies denying the export. so revoking deals for countries as policies, it does not agree with engaging in illegal and reported and unregulated fishing activities, countries across the region, what this behavior to change we do to florence louis has more from coloma for the us as trying to reset its relations in se asia, this region was largely overlooked by former us president donald trump, but the biden administration fee, se asia as vital to its efforts to push back a rising china. now in his speech outlining the u. s. as in the pacific plans secretary of state, antony lincoln said the us will work with its allies and partners to descend the rules based order. he was forthright in his remarks saying, countries are concerned about china's actions. and he listed some of these, which include china using his, its economic strength to puni

it is down against asia. the fed relief rally seemed to hit this kid when it came to tech stocks overnight. hong kong down 120 points. commodities looking better with the weaker dollar. we are seeing sovereign bond market sealed -- mixed. u.s. treasuries as well. it has been central bank actions with big spreads in the currency market. euro-dollar around 113.21. sterling starting to stabilize. offshore maybe seeing strength. a retreated on the back of that bill that was passed. the turkish lira, fourth time they cut rates. 100 basis points this time around. record lows for the lira right now. solar and glass, one of the biggest underperformers today. also falling on the back of the bill that was signed. 10.8% or so lower this morning. rishaad: just to reiterate what's been going on, the bank of england was not a surprise in some corners. certainly a decision where people thought that the bank would stay packed given the threat of the virus. in fact, a hike of 25 basis points. a mixed bag of news from the ecb.

trends in asia are exceptional.ative outlook on the world or the chinese government to feel there is still a lot of downside. u.s. tech remains exceptionally expensive and overvalued, especially when many are selling their shares. for u.s. tech, the risk reward is unappealing. a lot of these names are solid. good cash generators but i do not think they can outperform like they have in years. i think asian tech could be an exciting story in 2022. haidi: four bitcoin -- for bitcoin is saying they expect 50,000 as the level to be reached, have the fundamentals changed? what have you observed about the correlation between how crypto and bitcoin trade in relation to volatility in the market? mark: i do not think the fundamentals have changed at all. but i think a lot of these are arbitrary. talking about the moving average, excluding the fact that it crossed 18 times and it did mean anything. so some of it is irrelevant. but this space has a massive bullish underlying sentiment that tends to be exposed to high leverage.

welcome to "bloomberg markets -- asia."nts remaining under pressure despite china's stock regulator downplaying delisting fears in the u.s. yvonne: evergrande shares tumble to an 11 year low as it moves towards a long-awaited debt restructuring and new payment deadlines looming. rishaad: and we get the supply outlook for the asia-pacific and speak exclusively with dell's regional president. yvonne: you have the evergrande affect and you wrapped that all in one and you see plus the omicron variant news that risk continues to be mostly lower when it comes to asian equity. we are off some lows for the benchmarks but the one thing you can focus on his u.s. futures continue to be higher by about .4%. perhaps we are seeing some signs calm is returned into the markets what we saw that 10 basis point drop in 10 year yields friday. we are recovering just a bit. bitcoin continues to be volatile. pretty much a stabilized today but after a 20% plunge on saturday, people are wrapping their heads around it and figuring out what is next.

the onshore yuan is asia's best performing currency.do have those trade numbers faster than expected. exports and imports. let's get the view of mark cranfield. yousef: -- yvonne: will of the rally continue to hit more highs? >> the central bank and china are watching this closely. it is something that has not been there since 2018. probably the kind of number that will ring a few alarm bells in the pboc head office. i would not be surprised if we don't see a pushback from the pboc during today's trading. their favorite time is usually close to the finish of onshore trading late in the afternoon. if they do anything about it, we might see it later in the day. it is certainly a move they probably don't really want. the yuan is already strong on its basket, and they don't need it trading against the u.s. dollar. but the trade data still supports substantial inflows into china. chinese companies are earning such large amounts of foreign currency, they will continue to convert back into yuan. certainly there is a flow pressure from that poi

we are counting down to asia's major market opens. shery: welcome to daybreak asia.s set to open off the back of u.s. gains. oil gains with opec-plus adding an escape because to its hikes. a tumble in a new york debut after a record-settinsp

china is very critical for asia.ly different policy initiatives and what is happening in the developing markets. this will come more on the fiscal side then necessarily monetary. after the fiscal easing and the increase in spending. we still do not see a credit cycle developing. there will be more rate cuts and so forth. china would be able with some risk to start to ease on the credit cycle. juliette: let's talk a little bit more about that divergence. that is the key issue here. what that means for the yuan and the other emerging market currency. >> the interesting thing is this diversions is not new. when one tends to think about currencies as a price, what is important here is to realize this is part of china policy. a large and very stable thing this year. i think it is the recycling of that surplus. it happens after a policy push. dependent on china's zero covid strategy. do they open up the borders? i think that will be far more deterministic on the currency then these differentials. i think there is some disc

europe, the united states, asia -- it's all the same.hat means there are opportunities to position within the different regions and different segments of the marketplace. it is very much a somatic focus of hours, something i think is an area of opportunity for a global macro investors such as ourselves. shery: we will have two have you back to discuss those opportunities. thank you so much for your time today. we have do more to come. this is bloomberg. ♪ shery: here's a quick check of the latest business flash headlines -- toyota planning to invest $35 billion to supercharge its push into electric vehicles. carmaker is aiming to roll out 30 ev models by 2030, by which time they hope to be selling 3.5 million units a year. elon musk says tesla will accept those going for some product on its website. in a tweet, he said some merchandise would be viable and he will see how it goes. it's the billionaires latest support for the meme crypto currency which features a picture of a shiba inu dog. paul: bloomberg has learned wall street's top dea

east asia most west northeast asia. so how exactly did we get here? the clue is in this geography. because if you look very carefully it is all about geography. geography is destiny when it came to korea. he will see here i tried to put a little bit of a dagger to the best icon i could find. what you see as that for centuries actually for a millennia for well over 2000 years the korean peninsula the geographical jutting point that is the last point on the map on the asian continent that is the furtherance east. it is essentially a peninsula dangling on one of these wonderful historians describe korea like a foot dangling off the first child asian continent. that is exactly what korea has been. but you are looking at here is essentially the peninsula has served as the gateway for the pathway to essentially japan as we see here. and interestingly enough you will see korea husband described as a dagger pointed at the heart of japan. meaning japan has always felt it was a threat this through the korean valencia numerous emp

risk off in asia.e territory, under pressure on a slew of demands including the omicron viruses parking renewed restrictions, rising u.s. tensions. looking at where we are for u.s. futures, all in negative territory. we have nasdaq futures down about 1%. russell 2000 down almost 2% on the back of news to resistance to bidens economy plan. we are tracking real estate developers in china. kaisa down almost 12%. china estate plunging. we have evergrande currently down by 4%. a snapshot of the markets right now. rishaad: all right. a chinese ai firm has an ipo after delaying. what is the difference between the first and second round? >> this time, they have to rely more on cornerstone investors. in a previous round they were 450 u.s. dollars, now it is upside to 110 million u.s. dollars. you see a lot of state backed funds. obviously it is interesting you see capital. they also have the hong kong science and technology park. haslinda: you've got to worry about that appetite and interest in how it rolls int

asia i think you have so. compare the oral histories that truth and europe with those the pacific, i think you get a sense of this. it's a very difficult war and very different war and perhaps some of the europe. persisted in the story of occupation to japan begins in mid august 1945. japan announces its intention to cease fighting. in may of 1945 >> with elation all around the world because it basically means that world war ii is over. the allies have one and both of these major theaters. i think for some people victory seemed very complete at this point. a few people probably thinking about what happened next in terms of japan has been at war since the 1930s its economy is pretty much shattered at this point. they use the term burned planes to describe the country. sixty-eight japanese cities have been wiped off the map. sixty-six of those due to conventional bombing. to do to the atomic bomb. schools, hospitals, transportation infrastructure, communication, they have largely been destroyed or terribly damag

asia is fast-growing and singapore — on. asia is fast-growing and singapore seen _ on.s a - on. asia is fast-growing and singapore seen as a digital. on. asia is fast-growing and i singapore seen as a digital hub in the region and it is small but she has acknowledged convincing bigger partners in bigger trading blocs will be a lot harder. thank you, mariko oi. let's go back to our top story, the impact of those renewed covid restrictions in england on hospitality and entertainment. a major west end theatre operator, trafalgar entertainment, has welcomed tightening the rules on mask—wearing in venues but has warned new restrictions could amplify concern for some theatregoers. it is concerned that some customers may simply stay away over the crucial christmas period. dame rosemary squire isjoint chief executive of trafalgar entertainment, the second biggest theatre company in the uk. she's in sydney, australia, where they are launching a new alanis morissette musical. are you seeing cancellations? we have had some people ring up concerned but i think the important message

haidi: we are counting down to asia's major market open. >> welcome to daybreak asia. haidi: dr. fauci says he does not expect locked out in the u.s. to cause a spike in covid cases. asia-pacific airlines director general. president biden's economic agenda takes a blow as a key senator rejects his $2 trillion spending bill. >> fairly busy knows flow -- news flow. we are coming off of steep losses in friday, we are stabilizing and that is a good thing. everything coming in the next few days have sure we are ok in australia. peters are coming online. we have our mixed futures and tenure futures, we will get that up if we can on the back of this report is -- of this repricing. pricing is coming in march of 2022. it is very quick, let us have a check on the fx market. keep in mind we are coming off of what, seven straight weeks? against the turkish currency as we can see at the moment. we are continuing to see the trade is one-sided. haidi: as we get closer to the holidays this is the unwanted risk from the virus omicron. also, delta cases are starting to spike. new york is getting c

is trying to reset its relations in southeast asia. this region was largely overlooked by former us president donald trump. but the biden administration fee, se asia, as vital to its efforts to push back a rising china. now, in his speech outlining the u. s. as in the pacific plans, secretary of state, antony lincoln, that the us will work with its allies and partners to defend the rules based order . he was forthright in his remarks saying countries are concerned about china's actions. and he listed some of these which include china using his, its economic strength to punish countries as policies. it disagrees with, and china laying claims to large parts of the south china sea countries across the region. want this behavior to change. we do to that's why we're determined to ensure freedom of navigation in the south china sea, where beijing's aggressive actions there threatened the movement of more than 3 trillion dollars worth of commerce every year. think and stressed that the u. s. is not trying to make countries choose between the

rishaad: chief north asia correspondent stephen engle.ese trust firms. $5 billion in high-yield products linked to china evergrande and bracing for a cascade of losses. i don't know much about this, but we've got them unable to meet their financial obligations and where they are left. yvonne: it goes to show how tangled this web is, beyond onshore/offshore creditors, we have some of them that have hidden debt. the trust firm is still in the question mark of what to do. they are holding these emergency meetings about calculating what the risk is at this point. but that is still the next thing to watch, on top of all the other things. rishaad: smoke-filled rooms and back offices, i suppose. yvonne: if you are a bloomberg subscriber you can use our interactive function tv . you can join the conversation by sending instant messages or questions to biggest throughout the live show. check it out. this is bloomberg. ♪ yvonne: a quick check of the business flash headlines. toyobo will build its factory in the u.s. and greensboro, north caroli

we are counting down to asia's major market open. >> welcome to daybreak asia. asian stocks -- on speculation omicron will not derail the global recovery. studies show the latest strain may be less harmful than the delta variant. president biden says they have averted holiday season crisis. haidi: as get closer to the holidays, we are seeing volumes across the board. it looks like we are marginally positive at this point. when it comes to the virus front, no good news. new south wales recording a record high of over 5700 new cases over the past 25 -- 24 hours. this as we are getting into the start of the holiday travel rush. we are seeing new zealand posting moderate gains. chicago nikkei futures have turned negative as we see asian stocks setting up for a steady open. get the dip in the dollar. economic recovery despite disruptions from the virus outbreaks. good news when it comes to approval of the fda pfizer pelt. vonnie: let's look at u.s. futures. we are set up for a positive day tomorrow. today was in the green despite low-volume. as you said, it's countin

more to come on daybreak asia.loomberg. ♪ haidi: a quick check of the latest business flash headlines. investment management-- and equity partners are considering a joint bid for the citrix. elliott already has a 10% stake in citrix, considering using the portfolio company -- as part of the transaction. citrix is valued at $10.4 billion on has been a slowing options including a potential sale. insurer swd has officially scrapped plans for an ipo. the ceo asked for consent to withdraws filing considering other alternatives. swd has switched his focus toward the potential hong kong listing after its u.s. plants were held up by intense wrigley tory scrutiny. -- intense regulatory scrutiny. in a deal valued at $3.6 billion, the private equity giant will buy a reet for $24.25 per share, a premium of 124% over its closing price. blackstone is extending its push into u.s. rental housing with the deal, which gives them 30 multifamily properties. in a victory for organized labor, -- has agreed to negotiate with this u.s. un

does your overweight in asia also extend to china tech?a: it is normal overweight, but we have to be very much selective across countries and sectors, and you are right. i would say, going back to omicron more generally, if it is spreading and spreads to china, given their zero-tolerance policy, we might see more lockdowns, and that is not going to overall be good for growth and risk in general. there are risks in particular from regulation and omicron, given the policy, it is likely to be more supportive, so we are overweight for now. manus: goldman sachs are cutting their growth forecast for the u.s. over the weekend. what do you think in terms of growth going into 2022 overall? are you of the normalization camp, but nothing too dramatic on the downside? anna: i think there are risks to the downside, modest and nondramatic. i think there will be differentiation between countries that will depend on the government's reaction to omicron. here in the u.k. in europe, we have seen restrictions that will have an impact. for the u.s., it is unc

ms eia should down for the day. -- ms eia asia -- mscii asia down for the day. nasdaq bounces back. even though several companies took a smashing in the market. the one stock we are tracking on record is now down 31%, this is a builder in china, down 31%. and his royal highness tells the market, don't short this market. let's talk about the rest of the risks on the board. boris johnson is not ruling out more covid restrictions. goldman sachs saying to employees, work from home if you can, in an effort to curb the spread of the omicron variant. let's bring in rachel chang. how much of a shift back to remote working are we seeing? it is a narrative in the u.k. but it is not dominant theme globally. rachel: it is not and i think different places, the level of control of the spread is different. in hong kong there has not been a local case for months. what we are seeing in the u.s. and europe is a disappointing reversion to what things were like a year ago. there were so much excitement after the vaccine rollout, people were going to go back to work and normalize. you had eggs calling f

i think whether update next here on the usa, then on his 1st stop on an asia pacific tor, the u. s. secretary of state reaffirms america's commitment to pushing back against china at a footballing giant as give it a super sized tribute in his home town. son, i will be here with that and the rest of the day sport ah, with hello, thank you for joining us. we'll begin in the middle east and eventually get your staff. erica, hang tight. first. got to talk about disturbed weather in the levant, around the red sea, both sides. it's energy will pivot further toward the east stand. so there is the risk of seeing some showers in kuwait, even power ups and thunderstorms on friday. but look your temperatures well above average. it should be 8 degrees overnight, but we've got you in for 17. off the boxes sound right now. things are settled safer, a few showers in snow showers through the foothills of the himalayas. we do have some snow showers in cobble with the high of 3 degrees off to turkey. really unsettled here cyprus in the levant, which we are speaking about. but really, saki weather

and unchanged picture on the msci asia-pacific index.some of these markets perform quite well, the likes of korea doing quite well. and futures for volatility down by around two basis points, here as well as some of the other markets we've been looking for. i was hoping we might have a quick look at some of the asian equity markets. i mentioned that we south korea doing quite well. taiwan up by about .5%, so the weakness mainly coming through in the likes of japan, hong kong, and china. let's get the first word news with vonnie quinn. >> the first confirmed u.s. case of the all micron virus has been detected in california. the patient has mild symptoms after traveling from south africa. south africa's daily cases almost doubled in one day to more than 8000 as the strain takes hold. fed chair jay powell has set for the second time in two days that officials should consider -- he told the house financial services committee that inflation has become more persistent and policy will continue to adapt. >> going into the september meeting i tho

(upbeat music) >> this is bloomberg markets: asia.re tracking the global supply chain front and these are your top stories. nike has reported sales that beat global analysts, overcoming supply chain issues to entity -- allete production in vietnam will normalize after facing obstructions in covid-19 outbreak there. toyota will suspend some applet do to supply issues but will keep a target of producing it hundred thousand units. the temporary halt is due to a shortage in conductors and a tightly just ask a tightly justice situation in japan. global merchandise train zips by -- trade zips by. that is according to a report from the wto. the wto said north american and european imports were weaker than expected and omicron has tipped the balance of risk to the downside. >> let's look at this chart. the chart shows that no matter where you are in the world, you're celebrating christmas, the holidays. it will probably more expensive than ever before. every major food group's prices surging around the world. this is all beca of the labor sho