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tv   Bloomberg Daybreak Asia  Bloomberg  April 18, 2021 7:00pm-9:00pm EDT

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haidi: very good morning, we are counting down to asia's major market opens. shery: welcome to daybreak: asia. our top stories this hour -- cryptocurrencies plunged as the mania surrounding last week's coinbase listing goes into reverse. looming regulations from the u.s. spook investors. in asia, talks with several
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countries as they look to get foreign visitors back to the islands by july. you'll hear exclusively from the tourism minister. we are live in shanghai with china's biggest auto show. the spotlight on electric vehicles as recovery accelerates in the biggest auto market. haidi: let's take a look at how we are setting up, go to the trading week, things are looking buoyant so far in asia. >> more like a mix to start in asia, we are keeping a close eye on crypto space, given so we saw in bitcoin. there is cryptocurrency turnover rising over the past month. what we are seeing with bitcoin prices has regulators considering speculation about that. the secondary listing in hong kong, after rates of $1 million, the yen holding below 109, when
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it comes to those figures, japanese exports expected to have bounced back in march. the domestic outlook rising sections and slow rate of vaccination in japan, looking at the board you have stocks in the s&p 500 and the ftse, investors are looking at vaccination rates as part of a factor for investment decision. yet, you can see the promise of extra supply from pfizer, that could help lift and push japanese of higher. more immediate concerns could be the possibility of tokyo announcing a state of emergency. global stocks are capped, fresh record high on friday. this has pushed the global index , the most that we have seen
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since about january. we have seen momentum mostly for develop markets by the u.s. and australia. haidi: let's get back to the mania that drove crypto assets to records -- coinbase. it went public last week, turning on itself over the weekend, sending bitcoin tumbling. the biggest cryptocurrency plunged as much as 15% in a day. the exception has been so-called alt coins, john joins us now. nothing should surprise us about what markets do this year, but what are some of the potential factors in the drop? and why we sing a haven play when it comes to the likes of dogecoin? >> there was a big run-up when it came to coinbase listing.
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a little bit of speculation about potential extra regulations about crackdown from treasury, things like that can take on a life of their own. especially with liquid trading on a weekend. there was so much frenzy leading up to coinbase, probably some errors being let out because of that. shery: put the drop in context for us, how unusual is this? >> it's the biggest since february. this is part of what you get when you are in crypto, there will be ups and there will be downs. of course, in the broader context of things, everything is still way up. bitcoin is still real around 56,500. things have come back, you are going to get volatility when you have crypto. it is part of how things are right now. haidi: what about the impact
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across a broader crypto universe? set it up in terms of -- is this something we expect, the volatility? >> right, exactly. the crypto market cap had gone above to trillion dollars and then, actually overnight it went below 1.9 6 trillion. so, everything went down. as you say, don't squint is still hanging in there. it has a market cap over $42 billion at this point. we have bitcoin, ether, a lot of these coins were down. when there is something like this, kind of a sentiment shipped, it does affect the whole space of this coin. shery: joining us for more analysis on the crypto world, not to mention the broader market, is the ceo -- coo and
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chief investment strategist at ar shares. great having you with us. after a crash in the last few days, what does the pressure on cryptocurrency mean? not only for the crypto world but a broader risk appetite? >> there was a return to the risk appetite last week. it has reached above $100 billion in market capitalization. to put that in perspective, that is about $70 billion, more than nice egg. you can only trade about 50 securities, mostly bitcoin and ether. what we are mostly focused on is the economic regulations, as the
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calling sent said, there have been volatility in the crypto space. over the weekend, prices drove up to 15%. people should look at the bigger picture. china came up with their own cryptocurrency, more regulations, thinking about banning either the ownership, the transaction, the mining of cryptocurrency. as the rules unfold and more government focus on cryptocurrency and exchanges, we think there is going to be even more going forward. shery: talk to us about the digital yuan? will that mean for cryptocurrencies and regular currencies, they're not looking to replace the dollar but could actually be a risk?
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>> that's a significant development. it's interesting to see, finally we have a digital currency, china the first come up with it. in the short-term, that is mostly for the convenience of the chinese consumer. for the long-term, we also have our eyes on the global trade and global transaction. as of now, most of them are happening via swiss payments. we know they are denominated by u.s. dollars. if the digital yuan takes over, the significance of the economy of china will increase significantly. haidi: does the climate costs associated with bitcoin mining in crypto mining ultimately put the cap on how far this asset class can go? >> what we are seeing, of course a product of mining that has a
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standard supply. as u.s. treasury has already pointed out, we probably won't use this for transactions either. the closest we can related to his goal. in that case, it would be a commodity. in terms of supply and demand, we have more supply. when it comes to crypto, we all know there has to be a democratic system. there is an unlikely scenario the supply of bitcoin mining can change. the other issue, countries such as china and mongolia have already discussed banning mining. so, i think investors should be
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very careful from now on, governments already have cryptocurrency, and coming up on a weekly basis, these are volatile. they can move a lot. investors should be very careful from now on. haidi: speaking of volatility, what are your expectations in terms of where the rally goes? given that there is optimism in all of these concerns about an uneven vaccine rollout and new variants as well? >> what we are seeing, as economists say, we have good conditions now on a global level. we have vaccinations, interest rates, right now we have the support from central banks. of course, we have pent-up
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demand, the covid. , we think it is a great time to be an investor. all conditions remain equal. as we see vaccinations not working with new intentions. the interest rate starting to create up again, they create tension again in the market. what we see is a pattern, we believe it is going to follow in asia. it starts with the least risky class. those are up about 10% today. with earning such a square, and then it moved to hybrid growth companies with earnings. one third of u.s. tech is hybrid growth with no learning. when it comes to china, half of
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china's tech is hybrid growth with no learning. we will be looking at whether the same pattern continues in china. haidi: always great to have you with us. the ceo and chief investment strategist. we have an alert, the funding commitment up to 3 billion australian dollars, saying they haven't seen the merit of the oaktree offer. funding of up to 3 billion aussie dollars has been made by an unsolicited, nonbinding proposal. so we are hearing in recent days, blackstone, these
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conditions at $6 billion australian buyout proposal as well. there is a lot of uncertainty when it comes to state licenses. approval when it comes to gambling licenses. a number of issues recording up -- a number of issues including alleged linked to organized crime. putting forward that proposal to buy back shares to the tune of a funding commitment of up to 3 billion australian dollars being considered by the board. still ahead on daybreak asia, the outlook for the largest market. we are live at the shanghai auto show later. coming up next, the global death toll from covid-19 exceeds 3 million and hospitals are vaccinating. latest in the fight against the pandemic. this is bloomberg. ♪
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vonnie: this is daybreak asia, i'm vonnie quinn with the first word headlines. internationalizing the yuan is not an attempt to replace the dollar but to give markets another option for international trade investments. the central bank says the efforts to create digital yuan are for investment use. amid concerns that it could replace the dollar. u.s. and china say they are committed to operating on climate change and able leading the paris agreement. the joint statements came after both sides messed -- both sides met last week. u.s. president joe biden will host a virtual climate conference with world leaders this week and chinese president will participate, according to
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dow jones. the u.s. has warned russia that it will face consequences if alexey navalny dies. the outspoken putin critic is in his third week of a hunger strike. he is in critical condition and close to death. he had gotten germany from a near fatal chemical poisoning attack in serbia last year. u.s. and a officials are saying they are moving closer to ending a standoff over the nuclear deal abandoned by the trump administration. they called the talks in vienna constructive. negotiators, which include the european union, russia and china say talks will continue this week. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries.
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i'm vonnie quinn. this is bloomberg. shery: more than 3 million people have now died as a result of the coronavirus pandemic. the pace of death is quickening with the 3 million mark coming just three months after crossing the 2 million morrow according to john -- two million mark according to johns hopkins data. we are talking about two different milestones this week. one, a grim one, the 3 million global debts i mentioned. also a more positive one, the u.s. having half of american adults receiving at least one dose of the vaccine. what to these milestones tell us about the state of the pandemic now? >> you can see them, obviously they are not related in any formal way. there are related data points here. it shows the burden of death basically, is going to be
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increasingly shifting for countries. brazil, india, mexico, turkey y. that brings the second data point, which is why is that? partly because the u.s., which had suffered a tremendous death toll, most of the world. it has gone down, 50% of americans, adult americans now have had at least one dose of vaccine. and we have seen it plummet. and if you look at the data, particularly older people, vaccines do prevent deaths among older people for the most part. the burden of death is shifting. and in a shifting in a way we can't afford with sony vaccines, basically.
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-- with so many vaccines, basically. shery: we heard from anthony xiao jie that the j&j shot will likely be resumed on friday. what are the applications for the u.s. and the rest of the world? >> is basically, in the u.s., a trade-off between safety and vaccine hesitancy, basically, undermining the confidence in the vaccine. u.s. officials posit because they said they had safety concerns. at the same time, when you say safety concerns with -- seneca vaccine, people are more scared to take it. there is already a lot of hesitancy out there. but, it should be said, this is maybe not a nice thing to say, the u.s. can afford it, because has a big pipeline of pfizer and moderna vaccine's.
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a relatively small portion, about 10% of the u.s. vaccine supply. and what that means for the rest of the world, there will likely be much more jobs for the rest of the world, it's a one-shot vaccine. johnson & johnson had tremendous capacity to, at some point, manufacture vaccines. so, in theory, maybe it's good for the rest of the world because if the u.s. doesn't take these vaccines, they will go elsewhere. haidi: our bloomberg editor ian fisher with the latest. coming up next, the world's biggest automakers flocking to the shanghai auto show. electric vehicle models will be there on the ground next. this is bloomberg. ♪
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>> it's a serious topic, the whole industry is affected. for all players, like the automotive industry, and electronics. >> is a year of execution. the issue with chips is a short-term issue. >> you have to decide, you can look at profit markets -- profit margins, put them into vehicles where you have the best margins. it will be chaotic and challenging but we can navigate through it, still able to hit retail targets for this year. >> actually, it has been impacted since the end of last year. but the impact isn't too big.
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>> we saw almost half a million electric vehicles sold between january and march of this year. putting on a record number of 1.3 million that were sold in the total of 2020. the demand for a letter vehicles remains very strong. we talked about the fact the incumbents will be here. that is in focus. unveiling and showing the letter vehicle push. for many, it is the year when the incumbent start to challenge tesla and others at that front. then you have the new entries for those companies who have no history in the car market. also making a play into the sector. some saying that points to froth. you are hearing from executives in the string earlier about the semi conductors the chip shortages. that will be a major point of
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discussion. you see a number of automakers around the world that have had to cut production as a result of those chip shortages. there is a lot that is going to be discussed between now and april 28 when the autoshow ends in shanghai. shery: tom mackenzie at the shanghai autoshow with the latest. we will hear from the porsche china president and ceo. here's a quick check of the latest headlines. u.s. authorities are investing in the fatal crash of a tesla in texas, saying no one appeared to be driving at the time. one victim was found in the front passenger seat and the other in the rear after it ran into a tree and burst into flames, killing both. it is unknown if the autopilot future was on. federal officials have criticized tesla for not doing enough to keep drivers from using the driver assist function inappropriately. ant denied it is exploring ways to find jack ma --
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reported earlier officials from the pboc and insurance regulatory commission had talks with jack ma and ant regularly with the possibili
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shery: we are counting down to the start of trade in seoul and tokyo. resumed production after its semi conductor factory was shut down. this happening over the weekend. the reopening two days ahead of schedule. output at the facility has been halted after a blaze broke out on march 19. the company will hold a briefing to discuss the progress at the plant today. the -- a newspaper reporting a pharmaceutical company is planning to apply for approval
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of a covid-19 treatment in japan. the medicine is currently being used to treat rheumatoid arthritis and has completed trials for covid patients with severe pneumonia. japan's vaccine czar says pfizer will increase doses for japan by the end of september. pfizer's vaccine is the only one approved for use in japan and the country and oculus and rollout has been slow -- country 's and r. kelly she and rollout has been slow. haidi: china looms large on the agenda between those talks between u.s. president john -- between joe biden and the japanese prime minister on friday. they agree to take on the challenges from china and plan to work together to address other key issues including climate change in the chip shortage. >> we also have serious talks on china's influence over the peace
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and prosperity of the pacific and the world at large. >> we are going to work together across a range of fields of promoting secure and reliable 5g networks to increasing our cooperation on supply chains for critical sector is like semiconductors to driving joint research in areas like ai, quantum computing and much more. haidi: let's get more appeared we have our east asia editor joining us. we expected china to loom large over the meeting. what was addressed? >> in the meeting, they talked about various issues from joint security of the indo pacific, supply lines for semi conductor chains, north korea, the tokyo olympics. it was a wide-ranging agenda. the primary focus was the joint concern these two countries have
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about china. shery: what did the u.s. end up taking away from the meeting? it seemed that china was one of the key priorities that the biden administration was hoping to send a message towards. >> i think for this, the u.s. is looking for assurances it would be able to -- its main security ally in asia, japan, would stand by its side as it shifts its focus mode toward the indo pacific. it came as biden announced the withdrawal from afghanistan. japan provided assurances it would work with biden free things like trying to -- biden for things like trying to support supply lines for semi conductor chips. there is some things where japan is limited like sanctions with regard to human rights violations.
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china has been very sensitive about the criticism of its uighur minorities. the u.s. is looking for help to apply pressure on china for things such as human rights and also hong kong. japan is limited. japan has a difficult balance because china is it stiff -- its biggest trading partner. haidi: our east asia governor -- east asia government editor. thousands in new zealand are set to board flights today. get over to our editor in melbourne. as we see these flights commence, what are some of the concerns but also opportunities with this limited travel corridor? >> it is great to see we have the bubble. it is the first quarantine free travel between australia and new zealand in more than a year since the pandemic forced the
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closures. people seem to think opening this border should benefit the national carriers. we are seeing not so much follow-through at the moment. all these stocks are pointed higher today although the dollar in new zealand and australia are slightly lower. it is a bit of way and see on how this progresses. shery: what are we expecting from australian leaders meeting on the vaccine planned to speed up the rollout? >> we have that meeting today. there is going to be a lot of focus on what the next stages of the plan are. we have had concern surrounding the astrazeneca vaccine. that is the vaccine australia has relied on primarily. the rollout has faced a lot of criticism because it has been beset by delays. there will be some strategizing around what to do once we progress into that vaccination schedule for the other 50 cohort.
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-- for the under 50 cohort. that will mean more reliance on pfizer and novavax vaccine. shery: indonesia hopes to welcome back foreign tourists to some of its islands by the end of july appeared it is planning to speed up vaccinations. the creative economy minister spoke to haslinda amin about the plan. >> we are right now focusing on three related green zone's, safe zones. the three locations are in bally. -- are in bali. that would be accessible by the airport. there would be two other locations we are working very
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hard on in the last few months. these locations would then have the struggle with the originating countries. right now, we are in discussions with zynga or, -- with singapore, china, south korea, dubai and qatar, the netherlands , also with india. we are going to be completely religious with the data. if the data shows us we can do this and we would proceed. if the data says you cannot do it, then we will not hesitate to announce to the world we are not yet ready. >> bali is a popular destination within the asian nations and overseas.
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there is an indication from the president himself suggesting bali could be open after july. could you give confirmation on that and is there a sense that could be derailed? >> we are working hard. the president gave a clear timeline we need to work. june and july as the target date. that would need to be based on certain preconditions. he has been very clear also that we need to have a level of vaccinations that would be comfortable in saying that bali could be very much having 70% of the population vaccinated. >> even as you talk about the reopening and travel bubbles, singapore has said a travel bubble can only happen if and when the two countries have the same level of control. right now, in singapore and
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indonesia, there is a great transparency. >> it has to be apple to apple. first and foremost, we understand and we respect the decisions of our arrangements counterpart. we want to make sure we are not rushing. we want to make sure everybody feels comfortable. >> china is a key market for you given how strong growth has been and how it is emerging from the pandemic very well. >> china is huge for us. here for instance, it has been a favorite spot for china because within two, three hour flight
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from the south part of china, probably 200 to 300 million people, potential markets could visit. we are developing this special economy zone that is geared toward tourism. other than bali and the other traditional spots, they would begin area we are focusing to market to chinese tourists. chinese tourists have been growing at a steady number. the number looks very healthy. we need to make sure we are ready to receive the chinese tourism. haidi: in denisha's creative tourism industry minister. -- indonesia's tourism industry minister. take you look at these
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devastating pictures out of this lake. these mountains of plastic waste. it has been named the lake of plastic. volunteers have said the lake is more plastic than water. you can see they are trying hard to clean that up. shery: i am a bad bolivian. i have never been there. i know about -- bolivia has gone through such an expansion when it comes to the cities growing. my hometown is so different in the past decade. we have seen conventions, international agreements to conserve these wetlands. at least we know this week president biden is hosting a virtual climate summit on thursday and friday. sources telling bloomberg he will announce a plan to allocate billions of dollars of aid to developing nations so we can
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deal with some of these environmental challenges. haidi: right, to hopefully help them embrace clean energy and to deal with some of these pollution issues. we also saw in the japan and u.s. meeting they agreed to collaborate on climate issues and with ease tensions between washington and beijing that china and the u.s. have released a statement saying they will continue to collaborate on reaching these global climate goals. shery: we will be bringing you plenty on the climate change story this week. great conversations ahead. up next, china's longtime rates highlighting another biggie -- another busy week. the central bank decision do in indian asia and key trade figures out of japan in a few minutes. this is bloomberg. ♪
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vonnie: this is daybreak: asia. tallies from covid-19 surpassed 3 million over the weekend. the current death toll comes three months after reaching the 2 million mark. more than eight months to report the first -- the real death toll from covid-19 likely higher than 3 million due to underreporting data around the world.
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america's top infectious disease expert says it is unlikely the country will cancel use of the johnson & johnson vaccine which is currently on pause over where a clot concerns. dr. anthony fallacies says the decision on how to resume the shot is likely to come by friday. that is a faster timeline than other officials indicated. last week, the head of the cdc panel said more time is needed. dr. fauci says u.s. officials will likely determined by the end of the summer weather people will fully vaccinated against covid-19 may need to get a booster shot or get new vaccines aimed at emerging virus variants. moderna and pfizer have indicated booster doses may be required or that the covid vaccine could become annual events like flu shots. hong kong's government says it is banning flights from india, pakistan and the philippines for 14 days starting april 20.
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the move comes as five or more arrivals from the nation tested positive for a highly transmissible mutant strain of covid-19. hong kong reported its first two variant cases over the weekend. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: we are less than 50 minutes away from the start of trading. let's turn to sophie in hong kong with what to watch. sophie: checking on currency markets are really in the asian session. the aussie dollar on the back flight. the best week since november. the offshore yuan holding onto a five day gain. the pressure was ramped up. ahead of the open in japan, nikkei futures in singapore, little change. the yen is holding below 109
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this morning. trading close to a three week high. jp morgan staying along the dollar versus the yen. even so, the yen is set for its first monthly gain this week. looking ahead, may to september is historically strong for the yen and weak for the nikkei. it has lost steam with the topics over the lows cut -- over the last two months. this as japan's pace of vaccinations has been slower. raising the year end target for the nikkei 225 to 30,000. haidi: coming up, we do get trade data at of japan that will likely swing the balance to a surplus. china's loan primates -- prime
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rates for april -- would help the pboc proceed with its gradual stimulus tapering without having to remove support for the economy. let's bring in in our senior asia economist. what we saw last week in the activity numbers was the drag from services that a pickup -- is there any reason for the pboc to dramatically adjust policy? >> on balance, we saw three things out of the jeep -- out of the jp numbers last week should we sell growth rebounding on a year on year basis. on a sequential basis, we saw gdp coming in flat. that was the result of all the disruptions are covid-19 cases. -- disruptions around covid-19 cases.
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we saw retail picking up significantly and putting toward a shift toward consumption and away from exports. in manufacturing, we do think that consumption data could be skewed toward the upside. recovery is not entirely broad-based as the pmi numbers suggested in march on the employment front, the remain some weakness. excessive tightening can lead to some pressure on the credit market front. while there is no need to shift gears in terms of making policy more accommodative, as we head into april, we will see the pboc perhaps adopting a more prudent approach to the policy tightening with the view of continuing a gradual tightening or deleveraging effort that will take place in the remainder of the year. haidi: the lpr is predicted to stay where they have been for some time. what are the biggest challenges
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in terms of maintaining momentum in this recovery right now? >> we do not expect the loan prime rate to change. there are some things that pboc could do to continue to maintain liquidity. we saw last week they predicted through the lending facility just enough to offset some of the debt that was maturing. not in excess to continue fueling the bubbles. we do expect to see the growth momentum slowing slightly as we shift from exports and manufacturing to consumption. slower growth but a better quality. in q2, we will see gdp slowing to 6.1% on a year on year basis and 5.1% for the remainder of the year. although we do expect to see a pickup in sequential growth. depending on which figure you are focusing on, it is good or bad news. there are three key risks to this outlook going forward.
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the first one is excessively aggressive pace of policy tightening. the second is delay on the pace of vaccination rollout. the third one would be ongoing geopolitical tensions between the u.s. and other partners. shery: we are getting japan breaking news right now. this is export in japan. year on your growing 15.1%, which is beating estimates of growth from around 11%. it is a reversal from the previous month when we saw a contraction in japanese exports. imports beating expectations, growing 5.7% in march year on year. a slight easing of the gains from the previous month. this leaves us a surplus adjusted of 200 and ¥87.8 billion for the trade balance in march. this is coming from a revised 11 billion trade deficit in the previous month. just to say that the numbers are
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better than expected. let's go back to our guest and continue this conversation. let me ask you about japan because we are now seeing great numbers when it comes to exports to china. rising 37.2%. the u.s. moderating, 4.9%. a gain year on year. how much will japan be helped by all of the strength we are seeing in trade in northeast asia especially from demand coming from the u.s. and china as well? >> definitely both markets are key export markets for japan. with markets are going to lead in this global recovery out of the covid-19 pandemic. japan is one of the countries in the region that will benefit the most from increased demand from china and also the u.s., especially in the first half of the year. notwithstanding, this export led growth, which has been under
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pending the better momentum in the japanese economy since q4, bit of a dip in q1 as a result of the state of emergency measures extended into may. we expect this will remain supportive this year as well. what is going to be a drag for the japanese economy is a pickup in demand. all eyes on the tokyo olympics. given the progress with the virus and the vaccine rollout there, it may not add up as much to activity as we expected. shery: japan seems to be helped by a weaker japanese yen. what is the trajectory? >> we do expect to see a little bit more upside to the japanese yen predominately as a result of the u.s. dollar narrative. we have seen the u.s. dollar
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appreciating slightly in the past weeks. that has not been in the same order of magnitude as the pace of u.s. yield curve is deepening. that is something that is helping a lot of emerging markets in asia. for japan, we do not see the yen appreciating significantly. we also do not see the yen appreciating because we have this ongoing debate with the u.s. dollar where long-term weakness as a result of the widening deficit with imports increasing in line with the economic recovery domestically in the u.s., that is going to exert pressure on the dollar in the second half. once the optimism of the recovery is over, it is going to be time to reckon with the public debt. shery: that has been a perennial question. senior asian economist at ubp. plenty more to come on daybreak
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asia. this is bloomberg. ♪
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haidi: we are looking at asian markets looking to start the session this week. global markets close to record highs. this is what we are seeing when it comes to new zealand. 3/10 of 1% off the session highs.
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that index goes close to a record high as well. we have australian federal state leaders meeting today on the vaccine rollout. nikkei futures a little more muted as we head into the start of trading in tokyo and seoul. lots more to come. this is bloomberg. ♪
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shery: welcome to daybreak asia from new york. haidi: asia's major markets had just open for trade. our top stories this hour. the u.s. entered last week at all-time highs, investors focused on the economic recovery despite mounting concerns about new covid-19 variants. china headset u.s. and japan,
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beijing saying the two are ganging up after president biden's meeting with the prime minister. the pboc says it has no intention of placing the dollar. it says the digital yuan will be aimed at domestic use. shery: it looks like a mixed picture at the open. japan, south korea and australia. sophie: we have japanese trade data. exports rising more than expected. japanese stocks are opening to the downside after tapping a two week loss. we have seen the nikkei lag between the u.s. and the u.k.. given the slow pace of vaccinations and japan, over the weekend, we learned the government is looking for more supply from pfizer. again's resurgent strength could be a way for japanese stocks as well, the currency heading into a historically strong period.
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let's keep an eye on aaa stocks in tokyo, after output stopped on saturday. samsung seeking to return to full production at a texas plant by the summer. we are seeing little change in the kospi after a four-week gain. the korean won seeing some weakness this morning, but we will be looking to wednesdays trade data from south korea which could provide a lift for the currency. we are also watching crypto and the lake of bitcoin's tumble. regulators are considering guidelines to curb speculation around bitcoin prices, in south korea you have the premium. top of mind and south korea. speaking of the board, you are seeing stocks with little change this morning in sydney.
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keep an eye on one company after a $3.1 billion merger. we're also keeping an eye on those a place -- real estate place. take a look at u.s. futures, looking to the downside. the dollar seeing a little bit of strength but holding onto a five day drop. haidi: let's get to market analysis. let's bring in the joint head of research, good to have you with us. what is the next driver for these markets, sitting close to record highs, given we have talking about the reflation trade, vaccine rollout. guest: one of the things we are looking at are the global asset allocation strategies. sovereign funds, big pension funds of the u.k.. one of the things we have discovered is that many of these
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big funds have tiny exposure to china. i think that is a bit of a disconnect, when you the get china's for us place in the world, by 2028 the chinese economy will be the same size in u.s. dollars terms as the u.s. economy. with a global investors need to reconsider how they allocate money to asia, in particular china. that is the big thing we are looking at right now. haidi: what are you liking in particular? in the tech sector there is a lot of uncertainties, but there are still huge opportunities. you are saying stay away from financials. what are the lower risks with still high growth potential? guest: one of our guys in singapore, the head of strategy for the region, he has been looking at 21 stocks that he identified in the asia region in general, including japan.
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tencent, alibaba, the major tech plays are actually inexpensive on a ratio. we think those have decent returns, in terms of growth adjusted value plays. we are comfortable with these names, but even in the bank sector, i was talking to a financial person, he said to me if you look at chinese banks like abc and china commercial bank, these companies have a rocksolid dividend. in the context of global vanke -- bank valuation, chinese banks are inexpensive. we have seen a lot of global investors are guided by the msci and don't have to pay too much in hedge to china. if you are a rational investor and you look at china's place on the world, i think these stocks will get more scrutiny, and that is when values adjust. shery: to your point, this chart showing china's gdp and the
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percentage of the u.s. gdp. it is topping 80%. estimates are that in a few years it will actually equal the size of the u.s. economy. when you look at investors getting into the chinese market, whether institutional or pension funds, how much exposure to they have to china? guest: if you look at one of the top three sovereign funds around the world, largest in norway, it specifically has 3% of its equities in china. a very tiny percentage. i think a lot of these asset allocations are guided by index providers. msci, for example. they have a category for all of asia and japan in a mix with something called emerging markets. i would argue given the scale of china, if you take the next six years, which you see china and u.s. parity in terms of gdp, it
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is times for -- it is time for a new index for china and the same way we have for japan. shery: let's talk about japan, you have updated your target from 30,000 to 32,000 last week. we are very close to that 30,000 level for the nikkei 225. at the same time, when it comes to vaccination, japan is really lacking. not to mention we have a few technical indicators showing that the cyclical rally we saw in japan maybe a little bit stretched. your thoughts? jim: a couple of factors. if you take japan's earnings, 50% of earnings for japanese companies come from outside of japan. four japan, china's biggest global partner, trading partner, the u.s. economy has a big influence on japanese companies. many japanese companies have assets in the u.s.. the fact this big fiscal policy support in the u.s. will be to
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upgrade for japan, and we have the survey by the boj last monday, use of a confidence level since 2013. what we are seeing with japan is momentum, earnings have been strong. we have also got a government and big business which is more supportive of foreign ownership of japanese companies. we saw that with toshiba last week. there is overall a better appetite, and a more, let's say, open appetite towards foreign investors. shery: the joint head of aipac, always great having your thoughts. let's turn to vonnie quinn. reporter: global for tallies surpassed 3 million over the weekend as the pace of debts continues to accelerate in developing nations. the current death toll comes three months after reaching the 2 million mark, by comparison it took more than eight months to record the first million. the real death toll is likely
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far higher due to underreporting and patchy data around the world. the cdc just said more than half of all adults in the u.s. have received at least one covid-19 shot. it is another milestone in the nation's largest ever vaccination campaign. almost 84 million adults, about one third of the population has been fully vaccinated. the u.s. and about 52,000 cases saturday. the pace of infections has accelerated, fueled partly in cases by younger people. the u.s. and china say they are committed to cooperating on climate change. the joint statement comes after envoys from both sides met last week amid growing geopolitical tensions on issues ranging from trade to human rights abuses. joe biden will host a virtual climate conference with world leaders this week, and the chinese president will participate, according to dow jones. the u.s. has warned russia it will face consequences if alexey
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navalny dies. the outspoken critic is in a third week of a hunger strike. allies say he is in critical condition and close to death. about nate jailed outside of moscow and's march for violating parole rules. he had gone to germany to recover from a poisoning attack. the u.s. claims russia for that, which denies involvement. soccer team's have announced a new breakaway super league and a move that has prompted confirmation from fifa and barge johnson -- boris johnson. it will be an alternative to the champions league, and said to comprise at least 15 permanent teams. the european body has vowed to stop what it calls a cynical project, which has funneled billions of dollars. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn.
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this is bloomberg. shery: take a look. shares in tokyo, we are seeing it fall more than 6%. the company now denying a report of a possible acquisition. they say it is not true they are considering a sale of part or all of its business, and they have not received any such proposals. they are saying the social media report regarding multiple potential buyers is not true. this is of course the maker of final fantasy. it had jumped on report that it may be an acquisition target. right now, the stock is falling more than 6%. haidi: china hits back after president biden and his japanese counterpart criticized beijing's policies. our next guest joins to discuss. the yuan is facing a $68 billion
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roadblock. we assessed whether it can withstand a new wave of selling pressure with dividend payments coming due. this is bloomberg. ♪
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haidi: toshiba is trading, falling more than 6% at the moment. shery: around 5%. it was falling as much as 6.5%. this after a report from nikkei that the buyer proposal is delayed. the report saying that capital partners will postpone sending a formal proposal for the time being, after the japanese company named a new chief executive. remember, the last executive step down, in the former chief operating officer becoming its new chief executive. cdc believes the new manager will need more time. downside on the stock of more than 5% at the moment.
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haidi: china signaling it is open for business, the resumption of the annual high-profile form conference, the opportunity for the government to renew his push to lower foreign investors in the post pandemic world. table also be its first major meeting to be held in person this year. has got to our economy editor who is on the ground. give us an indication what it is like this year. people expected to be doing the same things? what are we expected to hear from the government? reporter: it's very strange to be back at n international conference. 2000 delegates here on the ground. it is just people who are already in china attending this. it is sort of like business is back to normal. in some cases it is before.
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it is great to be back into normality in a sense. from what people are expecting, the expectation is that the government is going to announce something on climate change. the wall street journal reported that the president will be speaking. is unclear if he is coming or on video. there are rumors that he will be coming, at the noblest -- there will be some announcement on climate change. the chinese and the americans had a meeting last week to talk about climate change. president xi jinping also spoke with angela merkel on the same subject. china will maybe use this to roll out some kind of big change. shery: there has been a lot of international concern about the digital you want which the pboc is testing right now.
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james: they poured water on these concerns, that the yuan replaces the dollar. they have been very clear, they spoke last night and said that the digital yuan for the moment is for domestic reasons. really they are just testing it, they have not announced any timeline of when they plan to well it out officially. they might allow some of the international athletes to lose it -- use it as part of those tests. as i have said, they are clear it is not for international use, purely for domestic use. shery: our china economy editor.
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that you want is facing a new wave of selling pressure after rebounding from its worst month since 2019. hundreds of companies are preparing to exchange the currency to pay dividends. our greater china executive editor joins us with the details. how much pressure are we talking about? john: there is a fair amount of pressure. every year, there are many chinese companies listed overseas, every year around this time they have to pay dividends. so they need to pay cash in dollars, in the case of hong kong, hong kong dollars, and 82 pay that to the investors. we are looking at quite a large amount. obviously, the recent weakness in the yuan has been more attributable to the strength of the dollar. haidi: we also saw janet yellen refraining from labeling beijing as a currency manipulator, but they are honing in on the role
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that state banks usually play when it came to under the hood currency intervention. john: the currency has been an issue for a while between the two countries. the report did not name any country manipulator, it did not name china a minute later. china does not meet all three requirements to be labeled a manipulator. one of those requirements is that the intervention is about 2% of that country's gdp. based on the data made available by the pboc, it is not doing that amount of intervention. but of course it is a suspicion that there is a lot of intervention happening to the state banks, and that lack of transparency is but the u.s. is concerned about. haidi: our greater china executor. coinbase went public last week scented bitcoin tumbling the
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most since february, the galaxy digital founder said in a tweet on sunday, that with hindsight, it was inevitable markets got too excited, coach going were all signs of the market going to one-way. he spoke to bloomberg about where he sees the potential in the crypto grays. -- praise. -- craze. >> i think bitcoin has had it cycle. we had a crash in 2017, and now we are on a massive adoption cycle. bitcoin i think is going higher. same thing with ethereum. had went from 1300 to 80, now it's all the way back. the amount you need to spend to use it is going lower and lower, use cases going higher and higher. the bulk of nft's are being
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built on a theory of. the book of central bank stable coins are going on ethereum. a lot of the other projects are being built on ethereum. it's going to get out like a network. the more people that use that number, the higher the price is going to go. in the nft space we have some easy prices. that money is coming from this crypto economy. it without a classic or prior to bid 69 million dollars. there is over $2 trillion of wealth in crypto that did not exist 10 years ago, did not exist three years ago. that israel money. -- that is real money. we're going to see these two economies merge. we are about one half a percent of global wealth in crypto. that is going to before percent in the next few years.
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this economy is only going to grow. >> as it gets there, growing pains. the potential for washouts. as you put together and etf, how might some of those valuation corrections hit the retail market and that retail investor? >> bitcoin and a theory him are both 80 vol instruments. that is a lot of volatility. right now, that is four times stockmarkets when stockmarkets are valuable. it is eight times the currency market. peoples allocation should be made with that in mind. we expect volatility. the frothiness we are seeing isn't in a theory of, is not in bitcoin, not in coinbase, it is in smaller, what they call altcoins. dogecoin rally up to a $50
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billion market cap. reminiscent of the gamestop thing. it is a memecoin, there are lots of young people that love doge. both elon musk and mark cuban are pumping it up. it does not really have a purpose. it has a community and maybe they can keep value there. i would be very worried if one of my friends was investing in dogecoin at these prices. i do think there are pockets of retail fraud. srp, which is under investigation by the sec, there .1 from $.40 to one dollar and $.60 in one month. does not make a lot of sense to me either. there is a retail frenzy. it is not really being seen in bitcoin and a theory him, quite the opposite. money is coming out and moving into these other points for mergers and excitement. shery: the galaxy digital
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founder into the bloomberg. you can get more on the crypto moves and other stories as well in today's edition of daybreak. bloomberg surprised her -- scriber's can go on the bloomberg anywhere app. customize your settings so you only get the news on industries and assets that you care about. this is bloomberg. ♪
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haidi: a quick check of the latest business flash headlines. antwerp denied a report that is founder jack ma is giving up control. it was reported earlier that forces from the pboc [indiscernible] had recently agreed to overhaul its business and will be regulated more by the bank. the italian government owned
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industrials and it talks to sell its bus business to china's groups. that decision was welcomed in france, the finance minister noting how he and italy's economic start working together to maintain europe's manufacturing interests. a hong kong company is planning a new transit hub that box and where than 300 cities in mainland china. the south china morning post as the hubble work for buses, taxes and rail transit in the mainland by the end of this year or early 2022. there also discussing nt while it used with payment platforms\ and other asian companies. the shanghai auto show continues. we're hearing from the porch china president and ceo. coming up next on daybreak asia, china hit back after president biden and his japanese
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counterpart criticize patients policies. the bookings director director joins us to discuss. this is bloomberg. ♪
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reporter: this is daybreak: asia. america's top executive disease experts say it is unlikely the country will cancel use of the johnson & johnson vaccine, currently on pause. anthony fauci says an official is likely to come on friday. last week, the head of the u.s. cdc panel says more data is needed, and the halt could last several weeks. meanwhile, dr. fauci says u.s. officials will likely determined by the end of the summer weather
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people fully vaccinated against covid-19 may need to get a booster shot, or get new vaccines aimed at emerging virus variants. moderna and pfizer have indicated booster doses may be required or the covid vaccine could potentially become an annual event like flu shots. the number of the virus cases in turkey has spiked with 318 fatalities report on sunday, a 10% rise from the previous day at the highest number since the start of the pandemic. turkey's death toll now stands at nearly 36,000, with its daily case counts ranking third globally the 20 india and brazil. health official site new professionals -- measures are starting to slow the spread. japanese exports posted a double-digit increase for the first time in more than three years in march, as their recovery takes off. the value sees six point -- 16.1% from a year earlier.
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economists had forecast an increase of around 11.5%. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: let's take a look at the market. sophie: shares in australia set for a fifth day of gains, the paschi above 30 -- the kospi above. we are seeing downside to the nikkei despite the pickup we saw for experts. -- for exports. we are seeing weakness for some quick go -- crypto relator plays. japanese online broker falling more than 8% this morning. it owns a crypto exchange.
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turning the board up. minors are gaining ground in sydney. galaxy resources agreeing to a multibillion-dollar merger to create the world's biggest chemical producer. shery: let's turn to some diplomacy. joe biden and the japanese prime minister are pledging a tighter relationship after their meeting at the white house. one of the primary talking points was china. it was bidens first in person meeting with a foreign leader since taking office, as he refocuses american foreign policy towards east asia. we are joined now by the director of the center for east asia policy studies at the brookings institution. great to have you with us. how successful was the summit in
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achieving both president biden and the japanese prime ministers goals? guest: i think it was a very ambitious agenda. that goal was to reposition the alliance for a new era. and i think it is a message that both leaders wanted to send, is that of confidence democracies. working together, tackling real problems, covid-19 response, climate change, competitiveness and innovation. with our projection of a coordinated effort to address very specific problems. shery: one of those problems and challenges has been china. what do you make of what is being said about beijing, whether it is taiwan or hong kong? guest: china was essential to the meat. it was important for both
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countries to discuss closer alignment. we did see some of this. i think japanese side was prepared to more directly call out chinese behavior that undermines the international order. i think it was a priority for the united states and japan to make reference to the importance of stability of the taiwan strait. but also to add to that, it is important for a peaceful resolution and to keep dialogue with china. i highlight this because japan is very concerned with china's behavior in the east china sea, south china sea. japan also wants to pursue carefully and not be uncoupled from china and create major frictions with that important neighbor. haidi: how important was this meeting for the prime minister domestically? guest: very important.
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the prime minister is having a difficult time at home. covid-19 cases continue to increase. following emergency protocols -- japan is planning to host an olympics in 2.5 months. there is a lot of skepticism as to how this can be done safely. he also faces the public. there will be a national election by october. it is not yet known when. this is an important summit to elevate himself, to send a message to the public that he can be careful, and at depth steward of the most important relations for japan, the security relationship with the united states. i think he was able to get a boost from the meeting. we will have to see what public opinion of polls say in the next few days.
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haidi: the mention of taiwan was interesting. deliberately open to interpretation. was this walking the line on what the u.s. wanted in terms of a more aggressive statement on taiwan, and the prime minister who perhaps wanted more moderate language? guest: that is probably right. already a few weeks ago there was a meeting for what we call the two plus two. and that statement you saw the taiwan strait referenced. after that has been laid out in black and white on paper, there was a lot of speculation as to whether the annual summit statement would go further than that. i think it stayed pretty much within the same bounds. it is again, about sending a signal that as not china is pressuring taiwan directly more, this is a concern to the allies. but again, not deviating from
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established policy, indeed sending the signal for been careful at the same time. shery: we have heard about a series of meetings. u.s.-japan summit, top diplomats meeting, going to asia, meeting in japan, meeting in korea. we continue to see this trend of the biden administration trying to bring allies together. what is next? guest: it has been a very robust diplomacy outreach. as you were saying, this has been a very active calendar. there is going to be more. next is the climate summit later this month. it is a very busy calendar and asia. there will be a number of meetings, east asia summit. we can expect that american diplomats will continue to go to the region. is also important to watch what
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happens with the quad effort. there is likely to be another leaders meeting in person later this year. these mechanisms trying to tackle so many areas of concern for the region, in a very pragmatic, problem-solving attitude. i can expect very robust, figure risk diplomacy. i think that the region's problems require this elevation, had more broadly what comes through is that the biden administration is thinking first and foremost of the indo pacific when it talks about what should be the top priority, where should our energy be focused, what are the most significant challenges. getting china policy right is essential, but then tackling the broader set of regional issues is important as well. there was a very important economic agenda that we can also asked discussed -- discuss.
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supply chain initiatives. shery: when it comes to bringing all of these allies together, with economic relations between china and all of these asian allies, is this the key challenge in aligning them with washington? guest: that is a critical issue. we have asian economies who are deeply integrated with china. china is recovering very well from covid-19. the china market will continue to be very important, and nobody wants to let go of that opportunity. on the other hand, it is fair to say that china's behavior on many fronts, as i have been detailing, creates concern. getting that balance right. having the united states be a force for stability but not disruption is important to that. it is also important to see the united states is going to be having a more proactive economic
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engagement trade agenda, so the united states is seen as an important source of economic opportunity for the region. haidi: always great to have you with us, the director for the center of east asia policy settings -- studies at brookings institution. plenty more to come. this is bloomberg. ♪
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haidi: indonesia hopes to welcome back foreign tourists by the end of july. is planning to speed up vaccinations and establish a series of travel bubbles. are risen and creative economy minister spoke to bloomberg about those plans. >> we are in, right now, focusing on three green zone's, safe zones. [indiscernible] the three locations are in bali. that would be accessible by airport. there will also be to other locations that we have been working very hard the last few months.
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[indiscernible] the five locations would then have arrangements with originating countries. right now, we are in discussions with singapore, china, south korea, dubai and qatar. the netherlands, and also with india. again, we are going to be completely religious with the data, if the data shows us that we can do this, then we will proceed. if the data says no, you cannot do it, then we will not have -- we will not hesitate to announce we are not ready. >> bali is a popular destination. there is an indication from the president himself, in our conversations, suggesting bali could be open after july.
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could you get confirmation on that? >> we are working hard. the president gave a very clear timeline we need to work. june ends the light -- june and july are the target dates. he has been very clear that we need to have a level of vaccinations that will be comfortable in saying that bali can be very much having 70% of the population vaccinated. >> even as you talk about the reopening, singapore has said that the travel bubble can only happen if m1 the two countries have the same level of control. right now, between singapore and indonesia -- >> singapore should be compared with the place that has zero cases.
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it has to be apples to apples. first and foremost, we understand and respect the decisions with our counterparts. we want to make sure we are not rushing, we want to make sure everybody feels comfortable. >> china is a key market for you, given how strong growth has been and is emerging from the pandemic very well. >> china is huge potential for us. here for instance, it has been a favorite spot for china, because within two hours three hour flight from the south part of china, is probably 300 million
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people, potential market to visit. we are developing this special economy zone that is geared towards that. other than bali and the other traditional spots, this area we will be focusing to market to chinese forest. -- chinese tourist's. chinese tourists have been growing at a steady number and the data looks healthy. we have to make sure that we are ready to receive between 5 million to 6 million chinese tourists. shery: we will also be watching the travel stocks when hong kong opens later, especially start trading after raising over $1 billion in a second vesting. the company increased the retail portion to two oversubscription.
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our chief market per respondent has the details. what are we expecting at the open? reporter: looking at trading for friday, looks like the stock closed up 3.7%. positive open is expected for, a secondary listing. the retail trench was increased, but again, it was only 17 times oversubscribed. it seems like a lot but if you consider baidu was 100 times oversubscribed, and billy billy, three times oversubscribed, it does look like retail investors in hong kong are kind of losing their enthusiasm for secondary listings from chinese firms. may the market is getting saturated. haidi: what are we hearing about the potential recovery, especially when it comes to tech related stocks? reporter: is a difficult time to
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be investing in tech. there was a broader selloff generally, globally, because of rising yields. these are the stocks that were the most expensive, the biggest run-up. they tend to selloff faster. and's hong kong and china, these companies are obviously under scrutiny from the chinese government. was among the 34 mainland chinese firms summoned last week by regulators, and asked to look at themselves and conduct self checks to rectify anticompetitive actions, so as to avoid the scrutiny and fines slept on alibaba. there were reports last week that antwerp -- ant group, jack ma's stake was going to be sold, which the company has since denied. again, beijing's control of the tech sector is obviously a
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significant respect of four mainlandnese companies. haidi: our chief markets corresponded. don't miss our interview with ceo, as the company's shares start trading in the next hour. be sure to tune into bloomberg radio to hear more. you can get in-depth analysis from the daybreak team. we are broadcasting live out our hong kong studio. you can listen by the app or much more ahead. this is bloomberg. ♪
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haidi: a group of the world's richest soccer clubs have announced plans for a european breakaway league. it is the sports figure shakeup in decades. let's get the details with our senior editor. is it just about the money? reporter: i think it is very much about quite a lot of money. i think one of the biggest things that people are missing as they start looking at this proposal and debate, is this is about security. this is a new concept to americans, you have to earn your way into the top-tier competitions.
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in england, that means you have to come in the top four to get into the champions league, which is where the best clubs in europe play, in those big-money matches. there are six clubs in england that every year budget and expect to be in the champions league. if i tell you six are expecting and, for are going to make it that matt does not work. -- that math does not work. this league would -- founding clubs are never going to miss out for the rest of forever. they will always have their spot locked-in. that security, in an age when the money is even bigger than it has ever been in world football, is a very disruptive one, and one that is not sitting pretty, specially with the fans of the clubs that did not get the invite. shery: many people upset by the change. what can the like of fifa do about this?
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reporter: i think they are going to fight it tooth and nail. we have heard some talk about pretty aggressive sns, either banning them from playing in european club competitions from now forward, or maybe even blocking players on those club from representing their countries at the world cup. it is unclear exactly what they are going to be able to do, how far-reaching this is able -- going to be, poor if all of this is negotiating tactics. the prospect of it is the most disruptive thing in world football, easily since the start of the premier league in 1992. how do you look at this from a trading perspective? invent this is publicly traded and it is one of the finding -- funding members. if you are looking for ways to look at this as we go into the european market, those are
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things i might suggest. shery: our senior editor. . a quick check of the latest business flash headlines. bitcoin continues to plunge after falling the most in more than seven weeks, falling as much as 15%, to fall below $52,000 before pairing losses. at comes just days after under record at $55,000, as coinbase went public. the second largest token dropped almost 18% before recovering. several reports attribute the drop to speculation the u.s. treasury may crackdown on money laundering through digital assets. u.s. authorities are investigating a fatal crash of a tesla in texas, saying no one appeared to be driving at the time. one victim was found in the front passenger seat and another in the rear after the model s ran into a tree and burst into flames, killing both. it is unknown if the autopilot feature was on at the time.
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the audio-based social network has revealed it has most in new round led by 8 -- bloomberg reported earlier this month that the latest round would value the startup at about $4 billion. bloomberg lp, the parent company of bloomberg news has invested in this company. haidi: let's take a look at some of the stocks we are watching. sophie: bear watching shares of alibaba. also keeping an eye on entertainment, following the deal to buy blackstone australian logistic assets. keeping an eye on pharma as well, china reportedly planning to approve the beyonce vaccine before july, working with the german company to deliver those doses. china power scheduled to report
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earnings. we are watching shares related to beverage. the asset group said it would prefer its listing in singapore, which was expected to raise around $2 billion. shery: that is it for daybreak: asia. we are looking ahead to the start of trade and hong kong, shanghai, and shenzhen. this is bloomberg. ♪
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tom: it is 9:00 a.m. in beijing and shanghai. welcome to bloomberg markets china open. i am tom mackenzie and live at -- where we will be tracking the recovery at the world's biggest automobile market. david: good morning. we are counting down to the open of trade. le


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