tv Bloomberg Daybreak Australia Bloomberg July 12, 2020 6:00pm-7:00pm EDT
♪ >> good from bloomberg's world headquarters. we are counting down to the major market open. welcome to daybreak australia. here are your top stories. as they focus on earnings. a peck futures are moving higher with global equities at their highest since the pandemic struck. global infections continue to grow with the u.s. recording its highest number so far. florida sees its biggest one-day
rally, and some of hollywood's biggest names test positive. and singapore's ruling party takes almost 90% of the vote, and it is still not happy. the prime minister says the result is respectable, but it was not a feel-good election. shery: let's get you started with a quick look at how the markets are trading. futureseeing u.s. extending gains, up 0.5% after closing the week in the green. this comes after surging coronavirus cases with states continuing to see record numbers of cases. the s&p list by banks. -- the s&p led by banks. they outperformed the tech heavy nasdaq 100 on friday for the first time in almost two weeks. we continue to see the diversion between tech stocks in the rest of the market. the nasdaq composite the highest on record. take a look at what oil is doing. a little bit of pressure, falling to $40 a barrel level
after we saw oil finish in the green last week. the international agency bolstering its demand for oil, but warns the recovery could be derailed if we continue to have these infections. we have the opec-plus panel meeting this week to review their progress. let's see how markets are shaping up for the asian open. stocks have a higher open. kiwi stocks adding 0.5% at the start of cash trades, the momentum building as foreign buying picks up. apex futures have climbed the most in two weeks. the benchmark is around 6000. we have rate decisions from the be ok, boj, and ecb. all expected to hold rates. today atching the caucus
after a company filed for chapter 11. chinese futures settled higher. a look at the us post lockdown rebound. seen rebounding in the second quarter as policymakers ramp up stimulus. jumping into the terminal, stocks hit a speed bump on friday to end an eight day streak. even after the rally, the composite is trading cheap compared to global stocks, trading similar to april 2015. haidi: let's get back to the top story, global infections approaching 13 million. 560,000.s above in the u.s., florida reported its biggest one-day rise in cases over any state since the pandemic began in the u.s. more than 15,000 new cases
joined the running total, topping earlier records from new york, california, and texas. tom mackenzie joins us with the latest on the virus story. even as we continue to see the overall rate of infections start to come down in the u.s., florida continuing to set these milestones. tom: that's right. 15,000 new virus cases reported out of florida. you mentioned new york, calvin you, and texas. 15,300 for florida versus 12,000 for records and the other states. that shows you how high these numbers are getting. there is a 6% daily rise in the florida compared to an average increase of 4.8% over the last week. importantly, and this is something analysts are looking at, the death rate in florida drops to 44 from 45 the day before. people are hoping that trend
continues, even as the infection rate rises. officials saying it will not be long before hospitals in the miami area reach capacity. they do have surplus icu beds, but clearly pressure on the health system in that state and others. california reporting another almost 8500 cases, but the rate of increase was below the seven day average for the state of california. in arizona, deaths rose there for the third day while the increase in new cases slowed in arizona. overall infection rates rising still in the u.s., even if in some states the death rate is to be slowing. shery: give us an update on what is happening in asia because thailand seems to be making progress on a vaccine. tom: thailand says it will begin vaccine human trials in september. that would make the country one of the first outside of high income countries to start vaccines in human trials.
that is after they did trials on monkeys and mice that generated these antibodies. some positive results in those animal tests. now they are going to move it to human trials in september. if those are successful, you could be looking at a vaccine in thailand by the second half of 2021. some progress on the medical front for that country. in hong kong, there is renewed concerns about the number of cases in that city. 38 new virus cases, and there is a concern about local spread. you have 30 cases that were locally transmitted, including 13 of unknown origin. it is causing concern in hong kong. you see the government tightening some social distancing measures for businesses over the weekend. in japan, cases rising in tokyo. czar says the company needs to remain on high alert for further outbreaks.
you have seen cases of unclear origin and transmission routes. japan's number of covid infections spiked in the past week with tokyo reporting about 30 straightses for days -- for three straight days. tokyo and hong kong are major areas of concern for this part of the world. mackenzie inor tom beijing. let's get you a check of the first word headlines. australia is restricting the number of citizens allowed to return from overseas as virus cases spread, forcing the state of victoria into a six-week lockdown. returnees will now have to pay for their own accommodation in the two week quarantine period. it was previously paid by the government. infections are surging in india, with almost 29,000 new cases reported sunday, including 550 deaths. it pushes india into third lace
on the global tally behind the united states and brazil. cases include a ball he would start and his son -- a bollywood star and his son. india has reported more than 2000 virus cases a day for two weeks. singapore's ruling party says it is not a great result of the election. it was overshadowed by criticism of the government's response to the coronavirus, and the final worstis the party's showing since the 1960's. this was not a feel-good election, but one where people are facing real problems and expect more. it is not a strong a mandate as i was hoping for, but it is a good mandate. the popular vote, 61%, is very respectable in these
circumstances. haidi: opposition parties in hong kong say more than half a raised people coronavirus in the elections. three times as many people turned out than expected, 13% of total registered voters. opposition groups have defied local election results. ahead, more on the coronavirus impact with the australian industry group, representing more than 60,000 businesses. the ceo joins us later this hour. plus, galaxy investment founder says the stock market is in a bubble and is "unhinged from reality." an exclusive interview next. this is bloomberg. ♪
mike novogratz says we are clearly in a tech field bubble and smaller investors should get out before it bursts. he told us why he thinks markets are unhinged from reality. >> this is a bubble, certainly in the tech space. i don't think jay powell will be saying that, given he wants the market higher, but we are kind of unhinged from reality in a little way here. the economy is grinding, slowing down. yet the tech market makes new highs every day. tesla is up 10%. that is a classic speculative bubble. lots of liquidity. we are at really dangerous valuations on the gross side, on the tech side. orit is zoom or tesla whatever stock has a story, everyone is rushing into it, and that gets me worried. reporter: what does that mean for the retail investor here? we have been doing a lot of work
on the mom and pop investor coming into this market. are you concerned they may get really burned here at some point? >> certainly. this reminds me of the crypto currency markets in 2017 where we had this crazy rally. lots of people bought in and it collapsed. but these stocks are not like crypto. they are real companies. they are just getting valued ahead of what i think reality will be. endsly these markets, what bubbles is central bank action. in this case, we have a big election coming up. joe biden, let's assume he wins for a second, and all of a sudden capital gains taxes are raised, corporate taxes are raised, high-end income taxes are raised. that is good for the market. we are in this stage of the market going up every day,
fueled by tons of liquidity. reporter: i want to talk about that idea of biden because just yesterday he was saying he does not believe the shareholder capitalism can continue. bakere investors going to in that thinking? >> wall street was already moving that way. paul jones has a thing called just capital. larry fink is on the train. moving people have been that way and saying we need multi-stakeholder capitalism. just shareholder only is not working. the rich-poor gap is getting too wide it is leaving people behind. there is a rise in esg funds. almost every fund wants to be an esg fund. i think biden will be moving
towards wall street. wall street was already moving there. that is not a concern for the market as much as the tax code. reporter: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? said inend of mine markets like this you want to be on the airplane but in the seat closest to the exit. the reality is i missed this tech move. at least i was smart enough to not keep fighting it, but i have not been participating. i've got a lot of friends that are making more money than i am these days. i have a whole bunch of gold and bitcoin. that is also participating in this liquidity driven bubble. there will be longer term in the bubble. it is not catching this mania you are seeing in these storied stocks. .hery: that is mike novogratz
sayingt guest disagrees, that it will continue to fuel the market. great to have you with us. we continue to see this rally, especially in big tech. the nasdaq composite ending on a record high. whether you are looking at valuations or technicals, it looks like we are seeing something we saw back during the dot-com bubble. why do you think we still have room to go? guest: thank you for having me. social marketplace for all types of traders. we are seeing a frothiness in the nasdaq market here. we are looking at some type of pullback. i believe there is a complete disconnect. you are seeing the nasdaq make new highs, the dow jones industrial average is 3900
points from the all-time high, the snp are a few -- the s&p are a few hundred points away. you are seeing a complete disconnect here and people are piling into gross tech stocks. we are expecting some kind of a pullback in the months ahead. we do believe the lows are in for the year, but we do believe these companies like amazon, microsoft, netflix, will have great earnings going forward. tohink that is what is going push the markets up even further in the months ahead. shery: we are just around earnings season right now. we are kicking off things with big banks. where will you be focusing your efforts on as you head into earnings season? guest: my focus is not into the banks. the banks will have some struggles here in the next few quarters.
23 is amazon,july july 22 microsoft. we think you have to look at the earnings there and think they will have blowout earnings. amazon was trading at 1627 dollars and announced they would hire 100,000 new workers. it was so clear and evident. in 37 years in the markets, i never heard a company come out with such a bullish tone. it gave such optimism. as i told all the viewers on our channel, this was something our company was announcing, that they are seeing gigantic growth. you saw the stock rally, north of 1500 points from there. technically, these are phenomenal, bullish trends. bute trends tend to last, get severe pullback in the weeks or months ahead. i do agree with your last guest
that the nasdaq is way ahead of itself. i do believe there will be a sharp pullback. we are looking for a pullback and more or less think money should be taken off the table at these levels in the nasdaq. ?aidi: do you buy the dips if you look at the potential for some of these tech names to climb, especially as the pandemic issue is not going away anytime soon. major risks ine the market that you cannot ignore. a second there is coronavirus wave that could shut down cities or curve economic activity. unemployment stays stubbornly high and numbers will not come down. was 11.8%.yment rate risk for geopolitical china resulting in ongoing trade tensions, and obviously the
presidential election. investors believing too strongly in the poll data. if we do get the pullback i am expecting, i believe the nasdaq is the place to put your money in. that kind of bifurcation is expected to continue. gauges of consumer sentiment here at bloomberg has been trending steadily weaker. is there concern for the broader recovery if consumer and business sentiment continue to be hit with not just new waves, new infections, mortality rates, and reopenings? what does that mean for stocks going forward? guest: you are seeing the economy grinding very slowly. if you look at the consumer confidence number, we had a reading last week at 98.1%. if you look at retail sales, we have an unbelievable number, 17.1%. you are seeing a contradiction.
you are seeing some sectors coming to a path of recovery, but then you are also seeing some industries really booming here. market where you have to be very careful in the names you are picking to go forward to enter for long positions. haidi: great to have you. steve kalayjian there joining us. next, hundreds of thousands of hong kong residents expressed concerns over social distancing and the national security bill. we will be getting the latest next. this is bloomberg. ♪
participated in the primary elections. what does that message send? sayingr: organizers are the hong kong people over the weekend did perform a miracle in showing the world that more democratic candidates need to be part of these elections come september. you mentioned the numbers. more than 580,000 people turned up to vote on saturday and sunday. that makes up about 13% of registered voters in the city and almost triple what organizers were targeting. that is despite the concerns about this national security legislation that was imposed two weeks ago. haddespite the fact we these social distancing measures put back in place amid the flareup of cases in the city. there were worries this might deter some people from coming out to vote, but it seems like
everything went relatively smoothly. there were some minor scuffles. on friday, we did hear from police that they rated the public opinion research institute. pollster widely cited -- organizer, i should say, of these primaries. officers.raided by they said they got complaints about a possible hack that could have leaked information. there was a warrant, but no arrests were made. that did delay voting on saturday by a few hours. overall, i said this was a -- the goal is whether the pro-democrats can ride the momentum they had in november during those council elections, the decisive victory, and can they secure a two thirds majority when these elections happen two months from now? if they can do so, the pro democrats can have the power to
block sh the chief executive' agendas and force her to resign if they reject her budget proposals. this has a couple weeks to go. the results should come out later today. that: there are concerns taking part in the primaries could violate the national security laws. what happens to democratic candidates in september? yvonne: we did hear some mornings as well from the mainland. the secretary for mainland affairs said taking part in participating and planning these primaries could be a breach of the national security legislation. also, that fuels concerns that the government might disqualify pro democratic candidates from winning those seats as well. we have seen this before. since 2016, the government has blocked at least nine candidates
from running because of their support for hong kong independence. the democrats say this primary was not an act of secession or collusion because they did not have the agenda of splitting the country and were not sourcing funds externally. instead, they have been doing so by crowdfunding. say they haveats been trying to bolster support, but as of friday they only achieved half of their month-long target of $450,000. at this point, there are a lot of questions about how much momentum they will have in september. haidi: yvonne man with an update from hong kong. we will have more on those primaries with one of the leaders of the pro-democracy parties. he joins us later on daybreak asia. coming up, we look at one australian company limiting the fallout as cases spike in victoria. we will discuss with our guests,
you are watching daybreak australia. coronavirus cases in the u.s. rose to more than 3.25 million with almost 56,000 new infections. florida reported the biggest daily rise in any state since the pandemic struck. exceeds records set in new york, california, and texas, although deaths fell over the weekend. global infections now approaching 13 million with fatalities about 555,000. the u.k. to spend almost $900 million on new border infrastructure with brexit now less than six months away. the cabinet insists everything
will be in place for the final split, despite london and brussels so far failing to agree to terms. concerns secretary had about the border. show thes in poland presidential election is too close to call with both candidates claiming victory. as a liberal versus a conservative. initial estimates gives both about 50%, within the margin of error. official results may be released later monday or tuesday. former nissan boss carlos ghosn says he is helping those who helped him flee japan last year but is refusing to offer details. two u.s. citizens are in detention wanted by japan for facilitating his flight from tokyo to beirut. comment on to claims he made hundreds of thousands of dollars to a company to one of the accused.
global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. haidi, over to you. haidi: business leaders in australia city country cannot afford more hard lockdowns and a warming against if soft start approach to reviving the economy. says a newest melbourne lockdown will smash consumer confidence and cost jobs. australian industry group is a national employer association and its ceo, innes willox, joins us now. i do not think anyone disagrees about the severity of the economic impact, specifically on the state of victoria which relies so heavily on tourism, arts, culture and events. but what other choice did the premier have? this is always going to be a tough balance. nobody walks away from that. but the fact is we now have melbourne essentially cut off
from the rest of victoria, and victoria cut off from the rest of australia. so you have an island within an island within an island. and melbourne has produced about one third of the jobs in australia. ofs responsible for over 20% the businesses in australia. isthe economic damage here going to be enormous. moregoing to be a much community-minded approach rather than a sledgehammer shutting off the entire economy. that is a sledgehammer that victoria is taking to itself, but also a sledgehammer other states are taking to victoria as well. there's going to be massive economic -- the reality is we are going to have pop-ups of the virus from time to time. innes, i am sorry but the
quality of the phone connection is not very good. we will try to come back to you, but that was innes willox. we will try to reestablish the connection. in the meantime, disney has begun reopening his flagship theme parks in florida despite the state hitting yet another record in new daily virus cases. the magic kingdom and animal kingdom parks were open to the public saturday, with epcot and hollywood studios set to return wednesday. earlier, business chairman of its theme parks business told us why he is choosing to reopen now. >> the guests that are here today and the magic kingdom, there's a lot of trust. people trust we are going to open up in a responsible way. also our cast members trusting us to communicate to them effectively. i think we have done a really nice job of that. we have been down for four months. we were one of the first theme parks to close here in orlando,
and we will be the last to open. and we spent a lot of time programming the experience to make sure we uphold our responsibility in the trust guests have enough. >> that said, you have cases and deaths in florida hitting record highs and you have a lot of people not happy about reopening. a lot of people are asking why. why not just wait out a few more weeks? normal.his is our new this is the world that we now live in. as i said earlier, we have flexible really operating environment here where we are in control. we have new safety protocols in from peoplething wearing face masks like i am come at the social distancing, to nuke lending this standards. and even a reservation system. if you want to show up today at the magic kingdom there is a reservation system in place so we can control the number of
guests. this is the new world we are operating in, and we feel like we have a way to operate in that new world. shery: we have been seeing photos of circulating on social media, the line at the seventh horse mind train, no social distancing. awkward pileups. >> with the new environment that we have created in controlling sttendance on the park, there' responsibility both for our guests and are operating environment. we are adjusting and modifying what we need to modify. i would say in general if you were to walk down main street today or look around the merchandise shop you will see a very different experience than you ever have before. have hong kong, tokyo open. has their many -- >> our protocols are so detailed. everything is 100% compliant
with cdc guidelines, 100% guidant -- compliant with government guidance. we speak with medical officials all the time from a national perspective and within specific markets. we even have our internal medical staff on the disney staff. so we are making sure we are in complete compliance and we are confident about that. emily: epcot center, hollywood studios in paris set to open next week. what is the plan for california at this point? >> california right now, the government has not issued guidelines for theme park reopening's. what i can tell you is having the benefit of new theme parks around the world and watching how they operate, we are very paired. as soon as the marketplace is ready for us to open, we will be opening in disneyland, but we do not have a date at this time. that was of course the chairman of disney theme parks
speaking to us. we have breaking news. dow jones reporting that multiplan is set to merge with churchill capital in an $11 billion deal. this transaction which includes $3.7 billion in new equity and convertible debt and $700 million from existing investors, $2.6 billion from outsiders. among them, foreign wealth funds. the health care services providers deal with churchill capital valued at $11 billion, and plans to use that new money for purposes of paying down debt, buying a portion of the current balance sheet. this new use -- that's according to a report from dow jones according to people familiar with the matter. let's get back to our guest,
innes willox. innes, i wanted to get back to what we were talking about. in terms of the severity of the lockdown, we know in the case of new zealand, a sharp lockdown does work. could that not be the best case and area in terms of giving certainty to the victorian economy, rather than sort of leaving it semi-open and risking clusters emerging? we know how fast these clusters of infections can take place and spread. innes: i think the concern here is this is our second lockdown in victoria. we have gone through this now since mid-march. we have been in various stages of lockdown and we have a slight reopening, which was a full reopening, and now we are back into total lockdown. i think what we would call here nature oftart reopening is really impacting business sentiment. so what we are saying is that
you have to find ways to adapt and to live with this. is not going to go away anytime soon, unfortunately, but there have to be more alternatives, more nuanced, more localized alternatives to shutting down entire cities or entire states. that is just going to cause us massive economic damage. what are you hoping the government will do in order to support businesses? innes: there is a lot that needs to be done to in support visitors of various sizes. you talked earlier around tourism, for instance. that area is being completely slashed, so they will need support. the aviation industry obviously. all the public-facing businesses are doing very tough at the moment. seeing a lot of closures occur. requireds going to be
is short and long-term assistance from government. government of course has its job paper program. it can't continue for every business, obviously, but there has to be targeted support for businesses, and their needs to be targeted support too for employees to keep them engaged with workplaces. we fear there will be a second can i mike -- second economic wave which will come across the economy later this we're -- this year, impacting construction, parts of manufacturing in the economy which have largely escaped unscathed. that is where we think the next dangers are. that, interesting you say sense -- since it's looked better around the world. we have seen the faster recovery in australia's economy and yet wages remain blake. i wonder what you heard from members when it comes to jobs
and wage plans. innes: a lot of just hanging on at the moment that is occurring. some sectors are doing quite well. if you look at an area like food manufacturing, which is a quarter of manufacturing in australia, it is doing well. but other parts of industry are not doing well. so it's a mixed and varied picture. the issue our members are looking at is a path line -- if the pipeline was filled up for work later this year that would have been filled through that first quarter or second quarter of this year, this has not occurred. so that is where you are going to get the secondary impacts occurring across the economy. -- wageve remained growth has remained relatively suppressed. we have low inflation and low productivity growth. put those together in the current uncertain environment, there's not likely to be much
significant wage growth for a long time to come. haidi: how important is it then that we get some clarity on the future of job keep up, particularly as to the degree of uncertainty over a number of industries and sectors that you represent, including aviation? ores: i think job keeper, the decision the government makes, will be undoubtedly the most important economic decision during this term of government. how it decides to retain job keeper, in what form it does. importantg to be very and business will pick up that signal very quickly. of course to government will make an announcement on that in the next week or so. business will pick up on that, because people are just hanging on in the business community, and job paper has kept a lot of people connected to their
employer. but businesses will have until the end of september to make decisions around business models. possibles quickly as -- it is important we get clarity as quickly as possible. also being given certainty around cash flow and the like so they can make decisions around what steps that will take to survive, to merge, to grow. i think the next three months will be crucial to how australia recovers from the economic situation. innes willox, thank you so much for joining us, an do join us again soon. coming up next, a business week ahead on the eco-and commodity fronts. what investors are looking out for as asia gets set to kick off the trading. this is bloomberg. ♪ this is bloomberg. ♪
shery: let's check in on how markets are faring. u.s. stocks at the end of the week extending that gain and for the first day in a couple of weeks we saw the s&p 500 actually outperforming the nasdaq, which is not really been something we have had. optimism about a new treatment from gilead that looks to reduce mortality of covid-19 by 52%, which sent the markets rallying. a big week ahead when it comes to bank earnings.
banks are one of the big performers in the friday session. futures up by about .5% when it comes to trading in the u.s. new zealand up by about .8%. a pretty positive start to trading in asia. sydney futures looking up by 1. 6%. new cases coming out of victoria over the weekend. crude is another key market to watch. still over $40 a barrel, although lower by about .6% going into a week where we see another virtual meeting of opec and friends facing this age-old problem, how to avoid a taper tantrum after they doubled crude prices over the past few months. now looking to pull back on some stimulus measures. oil, although we have some breaking news. is set tolog devices buy a company for more than $17 billion according to sources
that has to the dow jones. all stock sales of maxim could be announced as soon as monday according to sources speaking to the dow jones. more details as we get them. let's stay with oil. haidi: yeah, let's get more on what to expect from opec-plus, because that will be crucial. what else we are watching us trading gets underway with alisha -- with asia. how reviewinge, this opec-plus meeting and what are traders expecting in terms of this potential for a taper tantrum? adam: yeah. i think it is difficult to underestimate just how much of a big deal this is, not just for energy markets this week, but also as it pertains to expectations for the demand-side and supply-side, as oil is six to 12er the next months. the meeting on wednesday will be more about giving a more about just howg
much of an unwind outcast curves will be. they have varied quite a lot. the sense is there is a certain amount of expectation in the price. oil this morning trading a little bit but still holding around $40 a barrel. brent at $43 or so. that is still that feeling this unwinding is going to happen, but the extent of it and how much of a change if they will be on those curves is a bit of an unknown. that is what makes this meeting such a big deal for this week. and as you alluded to, the idea about that similarity about what they are doing when they first started to tighten policy in 2017, that taper tantrum idea. it speaks to the uncertainty that remains the market about how far they are getting to go this week. shery: and of course we are
watching china's data dump on thursday. what are the key things we should be looking out for when it comes to what the markets will do? adam: i think the main thing really for that thursday data dump is just a sense that the economic recovery is going to be so bumpy. -- thecourse we're going excitations are industrial production continues to show signs of acting up and the same on the retail sale side of things. economy first into the crisis is certainly first out, among the majors. the point is how bumpy that will be. in asset markets in china, a huge ramp up in equities certainly on the mainland. 8%have a big gain of 7% or on the main indexes last week. but that level of caution coming at the back under the week that, yes, authorities are explicitly
backing this rallying risk assets. also slightly nervous, a a bit more clamping down on margins, a little bit more selling from some of the state funds, not wanting to let this rally go too far. if you get a set of numbers on thursday that are largely in line with what people expect and speak to the idea of a continued bumpy recovery, that may even still be enough to let this rally continues somewhat in china. shery: adam haigh with a check of the markets. next, singapore's ruling party old onto power, but there were surprises in the election. we will add up the results, next. and don't forget if you are away from a screen, you can always find in-depth analysis and a day's big newsmakers on bloomberg radio, now broadcasting live from our studio in hong kong. plenty more ahead. this is bloomberg. ♪ this is bloomberg. ♪
haidi: singapore's ruling party retains a firm grip on power after latest elections despite suffering its weakest performance in 55 years. the people's action party won all but 10 of the 93 seats on offer but just six he one of the popular vote. let's get more with our chief international correspondent for southeast asia, haslinda amin.
what are some key takeaways from this election? haslinda: it had the makings of a watershed election and it turned out to be just that. performanceorst even though they campaigned on a strong mandate. the opposition has doubled. it was quite a big surprise. what was an especially big blow for the pap was the second grc, a group constituency, and lost to a young team. the people of singapore voted for change. becamereans say they politically apathetic during a pandemic, they were not going to vote for status quo. but that did not happen. also possibly very unsettling for the pap is the disappointing performance of an economist set
to take over as prime minister. he and his teammates won 53.4% of the popular vote. in his defense he was moved at the last minute. still, it may be a cause for concern as they have always polled above the national average. that may raise questions about pap's leadership transition. haidi: what now for the opposition? it's the closest thing they have gone to a mandate since they became independent. haslinda: hopefully they will make a difference. there have been growing concerns about the pap groupthink that has dominated politics for more than five decades. they have little tolerance for divergent views. it would promote a more divergent discussion. at least that is the hope. the opposition leader thinks there is a lot of work to be done. on a number of issues including
policies aimed at hope out -- at helping low income workers, minimum wage. they are expected to put pressure on the government to strengthen the social safety net, tweak foreign policy. immigration has been an emotional issue in the country. the pm hinted at some changes. government policy must reflect the aspirations of the younger generation. haidi: chief international correspondent haslinda amin with the latest. a lot more to come on these results from the singaporean election. up ahead, speaking to sylvia lim at 8:40 a.m. in hong kong. then finian tan will also be joining us later today with his views. coming up, from china's gdp to a trio of central-bank decisions, we will be joined to run through
♪ >> good morning, we are counting down to asia's major market open. >> welcome to "daybreak: asia." market open a new week with investors trying to put viruses fears to one side to focus on earnings. highestuities at their is the pandemic struck. level infections continue to grow with the u.s. recorded some of its highest numbers so far.