scarlet: joe sobczyk, thank you for that. you have an watching the arrival at the u.s. for former president george h.w. bush. he will lie in state until wednesday morning. bloomberg will have special coverage of the funeral starting at 10:00 a.m. in new york. plenty coming up. don't miss daybreak asia. this is bloomberg. >> good morning. i'm paul in sydney where australia markets have just opened for trade. >> good evening from bloomberg's global headquarters in new york. >> and i'm in hong kong. welcome to day break flverage asia. -- "daybreak: asia." >> our top stories this tuesday, u.s. markets maintain the trade truce rally. the s&p and the dow both rising. more than 1%. the dollar weakens again. the optimism extends to oil with crude surging the most in the five months and

paul: congress editor joe sobczyk, thank you for that update. oil is the big story as well, saudi arabia, russia and other members of opec class group are defining president trump and recommending a cut in oil production. details need to be ironed out. our reporter is in vienna. she joins us on the line. we got an agreement for output curbs but no decision on how big area of wine all the circumstances? -- how big. why all of this? theyter: they agreed, but could eventually remove maybe one million barrels a day. someone else was saying some members need smaller reductions are adequate. when it comes down to it, it is how much they will cut, who will bear the burden and what level they will cut. different levels from the month of producing this year and the deal in 2016, you will end up with a friend numbers of actual oil hitting the market. it is coming down to the wire. what could end up happening is what happened in 2016 with president putin and the crown prince having to make a phone call and make a decision how they want to proceed. we will

the trade in some of the product suppliest why way huawei why way -- supplies. ,aul: all right, joe sobczykhanks for keeping an eye on that. there will be more of developments unfolding on the while way chief financial huawei cfo. ♪ ♪ paul: it is 9:30 in sydney, markets opening in 30 minutes time, setting up for a modest bounce. wednesday's drama is where we -- .75%.up point shery: you are watching daybreak australia. let's get to first word news with jenna dagenhart. ceo has: the huawei been arrested on suspicion of violating u.s. trade tensions against iran. she was detained in vancouver last saturday at the request of u.s. authorities seeking extradition. a bail hearing will be set friday. there could be a publication ban. saudi arabia and allies are at a curb onrecommending oil. they ask for donald trump to keep the tax open and the price only. this, but theyng were not specific. agreement would include one million barrels a day removed from the market. this man is optimistic about the trade truce agreed by presidents trump and xi at the g20. both sides are seeking to deescalate tension