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tv   Bloomberg Markets Asia  Bloomberg  May 27, 2021 10:00pm-11:00pm EDT

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currency. plus, as parts of asia see resurgence in covid night teen infections, the goal of zero cases is the right strategy. we discussed that -- discuss that. yvonne: friday, a bit of green on the screen, global stocks sat or a second week of gains. csi 500 flat but on the course for the best week since the market reopened up to the lunar new year break. the break out chinese equities continues. u.s. futures up .3 percent. it seems investors right now are focused more on growth prospects. solid data out of the u.s.. they are pushing away inflation concerns, at least for now. japan the leader on the board, up 2% despite the country extending the state of emergency there one month before the olympics.
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it seems traders are focused on the weaker yen story here today. we also had the big deal on the hang seng, jd logistics, and a beat as well, down 1% after a bumper week so far in that market. watching the renminbi blockbuster we come a weaker fix from pboc, not really changing direction on the currency. 6.3726 for offshore renminbi. seems like we are heading a lot of mail -- lot of milestones here. currency nearing pre-pandemic levels against the yen and 1.61 for treasuries right now, 3.08 for your china 10-year and once again, a bumper year as well as week for commodities, base metals, they resume that rally, trading just under $70, steel futures up 3% this morning.
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haslinda: commodities by the way rising for an 11th month out of 13. so what a way to go. the focus as well on jd logistics making its debut in hong kong, rising 18% on day one, now up 14%. let's bring in china correspondent and markets going to tom mackenzie at jd headquarters in beijing. tom, put it in context? tom: what you saw was a price around $40, 40 one dollars hong kong, now trading above $45 hong kong. you saw very heavily over -subscribe. in hong kong, concerns about
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inflation and valuations have started to bubble to the surface. it doesn't seem to be affecting jd logistics right now. i sat down and spoke exclusively with the ceo. he started his career working on the warehouse floor. i asked him about extension plans, getting profitability, taking on the competition and his reaction to this. >> we regard the market valuation is our starting point in the capital markets. i believe jd logistics will see growth in the long-term. tom: you have raised $3.2 billion u.s. what are your priorities then, for putting that money to use? >> first, we will spend the money on keeping building our warehouse network, especially in china's lower-tier cities. i can, we will spend on building warehouse networks overseas. third, we will spend on
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technology. jd logistics is a company that emphasizes long-term investment in technology. we had invested over 780 million tech knology -- $780 million in technology for the past three years from 2018-2020. tom: give us a sense of your envisions on what you are targeting from -- in terms of market share from this business? >> according to reports, our market share in the the just x industry is 2.7%. jd logistics stay on a relatively high growth path for the next several years. tom: jd logistics is still loss making. what is the timeframe for focusing expansion over profitability, how long? >> we will focus on business expansion and revenue growth for the next several years. our net margin will keep improving in the long-term. frankly speaking, the focus for the next few years will still growth.
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tom: i just want to ask about broader economics, because some of the data around china's economy now suggests the recovery is starting to slow. there is a big focus on the consumer. you have your finger firmly on the pulse given the da maboud you are seeing right now across the business? >> china's gdp growth has been seen as strong. we see brands and business models keep evolving in china's consumer markets. local brands are rising and fast-moving consumer goods areas in recent years and local clothing brands have made big growth. the market is good overall. tom: i have seen reports as well, and you touched on this, expansion in europe. how aggressively will you be pursuing that plan in europe, the expansion you already started to lay the groundwork
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for? >> in fact, we have completed communication with many local partners in europe. i predict we will part bubbly -- we will probably see some jd logistics centers there within one year. it will probably be in operation by then. tom: we are in the middle of the big antitrust crackdown from regulators here in beijing, on the tech sector. one of the biggest regulatory challenges facing jd logistics? >> the b2b sector is a perfectly competitive market. jd logistics is doing better than any other companies in the sector in terms of ensuring the benefits of our front-line workers and regulatory compliance. from our point of view, we don't see much potential risk from regulation. tom: this ceo of jd logistics, talking about a long-term to
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reaching profitability. no near-term urgency on that, doesn't seem to be putting off investors at this point. they have to invest heavily to fend off the competition in a very fragmented market with less than 3% market share. they want to grow the pie. they think the money they raise today will help them get there. yvonne: great interview, tom mackenzie our markets coanchor in beijing for the jd logistics debut. we will have more and then asked to chat with io. we have first word news with vonnie quinn in new york. vonnie: china's biofarma has published a long-awaited vaccine study and appear-reviewed journal that shows detailed funding from a late-stage trial. the study published in the journal of the american medical association shows china's two vaccines prevented infections by 73% and 70%, in line with what the state-owned drug maker had announced.
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the japanese government recommending an extension of the current state of emergency in tokyo and other major cities until one month before the olympics. the current emergency is due to expire monday. but tokyo wants it. at least until june 20. the olympics are due to begin on july 23. a final decision whether to hold the games must be made by the end of june. president joe biden is reportedly set to unveil a budget friday that will hike federal spending two $6 trillion in the coming fiscal year. the new york times says the proposal will reduce deficit -- will produce deficits of 1.3 trillion dollars each year over the next decade with federal debt rising to 170% of gdp. the president plans to meet publicans next week on his infrastructure spending plan. the senate voted to move forward on a bill aimed at bolstering u.s. economic competitiveness and confronting china's rise. the plan calls for more than $150 billion to be pumped into r
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&d and semiconductor manufacturing and has measures targeting china over human rights. the senate makes a final decision. 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. ♪ haslinda: still ahead on "bloomberg markets: asia," whether the goal of zero cases is the right strategy. we talk about policy with the coalition for epidemic preparedness innovation. yvonne: looking to rake the depreciation cycle of a currency. more on that next. this is bloomberg. ♪
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yvonne: the yen relentless rally this week, strongest level since march 2016 on the back of trading partners and raising expectations that it has levels last seen before a stock valuations. let's talk about the direction of the renminbi. we got the warning shot from the pboc yesterday. what is the messaging? >> that was a rare statement from the pboc. they had a meeting with the fx market participants and others to talk about valuations one way on the yuan are not condoned by the central bank. also, importantly, they were saying currency will be used to offset the impact of inflation, but it also won't be weakened to boost exports. so this is very much a two way currency market.
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and don't speculate strongly in either direction. there was weakened and the offshore yuan market after the statement came out, but then that weakening was paired. so it is not a very strong signal -- weakening was pared. so it is not a very strong signal, just a signal not to put your dance in the yuan direction. yvonne: it puts in quite -- haslinda: it puts in question where the yuan goes from here. we have the likes of citi saying to expect the likes of 6.2 by the end of the year. sofia: yeah, one analyst was calling for six, strongest and's 1992. increasing inflation pressures for the yuan. the chinese interest rate for the rest of the world is a yield of more than 3.1%.
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it is an attractive market for foreign capital and that is not going to change soon. china is on a tightening path when the world is in an easing mode. today was interesting because there was a slightly weaker bias, but still not a very strong fix from pboc. it seems that is what the central bank wants, not really to send any strong signal to the market, and let the market do its thing, appreciation pressures are there, but the idea is, the kind of speed of the rally will be controlled. it is a central bank that is seeking to manage expectations of the yuan i not managing the yuan itself. haslinda: chinese correspondent. -- chinese correspondent sofia horta e costa.
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let's talk with kirk west. we are watching the yuan very closely -- where does the pboc want the yuan to be? kirk: the pboc once the currency to be stable. there was a lot to like with the yuan, strong economic growth, yield pickup, and in terms of the equity markets, we particularly like a lot of the a-shares, so there is a lot of reasons for capital to be flowing into china at the moment. from the pboc perspective, they want stability. so maybe you will see them start to allow more capital outflows through the quote is to achieve them. yvonne: -- haslinda: we heard sofia say it is managing expectations, not the currency, anyway you look at
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it, is it manipulation? kirk: eight only appreciated 2% year to date. over a full year, going to 11%. i think they just want an orderly currency. they are not so worried about the direction, they just want to get there in an orderly manner. and that would be the case for central banks in all developed economies, or all economies. yvonne: we are seeing a lot of interest when it comes to mainland equities as well, break out in chinese stocks, csi 300, is there a stronger focus on the equity market there? kirk: well, we are fully invested and we continue to look for overweight equities. in terms of emerging markets. we like those economies which are going to benefit from accelerating global growth. and china fits right in there. so china is a market we like. we particularly like the a-shares within china, and we
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all understand some of the regulatory issues surrounding the new economy. but in terms of the real economy, we see real opportunities. yvonne: it seems right now we are seeing a bumper week, two weeks of global equities. it seems to be riding on this reflation story that perhaps growth prospects are looking much better and the inflation scares seem to have eased for now. do you think markets are more willing to set the view that inflation is transitory now, kirk? kirk: the markets are divided. i think the markets are comforted by the fact that there is strong fiscal policy and strong monetary policy. and as economies open up, there is a lot supporting the markets. that is what is providing market participants with comfort. in terms of inflation, you are seeing two camps and some believe it may be transitory but others expect we are going to be
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getting into a higher inflation period i had of us. and that is -- ahead of us. and that is what central banks are looking to do with monetary policy, so we shouldn't be surprised. haslinda: what is the best hedge against inflation, jamie dimon overnight saying the economy could tip over next year. kirk: well, we are leaning into growth assets underway from defensive assets. we have overweight equities and we remain overweight on growth as well as some cyclicals. we are getting those from mega cap exposures. and in terms of alternatives, we are very much overweight real assets. that would be physical assets such as real estate and invest months such as commodities. that is how we are playing this
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reflation story. haslinda: kirk, oil trading sideways for the most part. that brings us to our question of the day, where do you expect it to go, $60, $80 first? kirk: you will see it melt up before you see it go down in a meaningful way. that is supported by the reflationary story. as we see more economies open up and as we see some of these fiscal programs start to come into action, that has continued to support the entire commodities complex, and oil within that. yvonne: kirk, i am wondering when it comes to commodities, what comes next? you have china essentially trying to cool down prices on everything from iron ore, copper, corn this week. what is next? kirk: personally, i think there
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is already quite a lot already in the price. but as i expect, we will see a pickup of acceleration in global growth. so it is not surprising in any asset class or currency, if you include that as an asset class, for the authorities to try to talk it the way they would like it to develop. you will see the commodity complex continue to be very well supported, it might not be all commodities, but you will see continued demand for copper that will be well underpinned as we start to go through green investments which are coming through the infrastructure packages. and again, oil will be very important as part of that. i think you will see it gradually melt up as economic growth accelerates. yvonne: kirk west from critical
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global investors, thank you for joining us from sydney. you can use our interactive function tv . check it out, tv . this is bloomberg. ♪
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♪ haslinda: you are watching "bloomberg markets: asia." atm planning to go public in india's largest debut ever. the digital payments provider is aiming to raise $3 billion in an ipo late this year, backed by investors including works are hathaway and ant group. it is targeting a $25 billion-$30 billion valuation with morgan stanley leading the offering.
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i spac deal for acorn valued at $2.2 billion. the acorn pioneer merger transaction includes a $450 million private placement. it was founded in 2014, offering an app investing in banking products for a relatively low monthly fee. acorn says over 4 million -- has over 4 million subscribers and counts dwayne the rocky johnson as an investor. a company plan to go public the respect deal is successful. garrity's filing shows it was awarded shares worth more than $245 million at the current price of the acquisition which is expected to merge with the shared office space provider. it was awarded to neumann in february as part of his exit package. and sbc sees robust profits in the quarter, indicating
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consumers are still spending on laptops ahead of office reopening's. it has fiscal fourth-quarter profit of $.85 a share, beating analyst estimates. hp shares grew 20% -- 27% in the previous quarter. yvonne: we have the lenovo ceo joining us in the next hour to talk about earnings. it seems right now, we are leading to a happy friday in the markets, two weeks of mobile stocks in the green, up .8% for the asia-pacific, japan the clear winner up 2%, the weaker yen boasting equities, nifty futures continue in the green after a record on the nifty yesterday, u.s. futures a touch higher. renminbi strengthens marginally, 637. the dollar-yen story one o 9.89
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and kiwi weakness after touching big milestones this week, given what we heard from the rbc. austria 10-year old -- 10-year yield taking higher at 1.69. jd logistics in hong kong up close to 12%, another company earnings out later today and next digital down 7% after it surged 50% yesterday after it resumed trading. hong kong warning hsbc and citibank of jail time over jimmy li's accounts, the next development in this saga. and south32 gold minders up 6%. haslinda: coming up, inflation a different beast today than it was in the 1970's. find out why central banks can't wait to react to price pressures.
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plus, our guest from coalition for epidemic preparedness innovation is parts of asia see resurgence in covid cases. keep it here with us. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it.
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♪ haslinda: 10:29 a.m. in hong kong -- vonnie: 10:29 a.m. in hong kong, 10:29 p.m. in new york. here is first word news. the democratic progressive party is calling on lawmakers to approve $15 billion in initial funding, pressures moving quickly after the virus surge in taiwan. ♪
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the u.k. health secretary says local spread of the coronavirus variants first identified in india means it is too soon to say whether india moves to a full reopening -- whether britain moves to a full reopening as planned. remaining restrictions will only be lifted if it is safe to do so. the latest count shows infections rising over the previous 24 hours. germany is the latest country seeking to expand covid an jabs and children as a way -- jabs in children as a way out of the pandemic. it should be approved for adolescents in the coming days, and would be voluntary. we are watching shares of jd logistics after the debut in hong kong this morning.
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the chinese giant raised money in its ipo make it the second-largest in hong kong this year. it says it will use the money to expand its network of warehouses outside china in new markets overseas. we spoke exclusively to the ceo yu rul. >> we will focus on business expansion and revenue growth for the next several years. our net margin will keep improving in the long-term. likely speaking, the focus the next two years will still be growth. vonnie: 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. ♪ haslinda: taking a look at markets, pretty much risk on in asia on the back of strong eco-data out of the u.s. and biden's $6 trillion budget plan. this index up .8.
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crude $67.12 copper futures. commodities are sent for an 11th month of gains out of 13. the yuan firmly in focus and maintaining gains, pboc saying we are watching levels closely. currently at 6.7, citi betting on 6.2 by the end of the year. 10-year yields at 3.085. the reserve bank of new zealand took a big step this week, flagging a rate increase ahead of the pandemic. governor adrian orr spoke to bloomberg's emily chang. >> that has put us in a good starting position for the economy.
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we had the june quarter last year plus september 14, we are almost back to the level that we were at pre-covid. that has put us in a good starting position. but what has given us more confidence as been the global covid position. vaccines are being rolled out. the horizon can be seen. it is still some way off, but it is removing some of the most extreme downside risks to the economy that all of us have been struggling with. so we are now in a more balanced manner, we are in a position where we can say, look, subject to the covid vaccine rollout as explained in our documents and many other assumptions, we see improving conditions. >> if you do hike the key rate 25 basis points in september 2
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one .5% by the end of 2023, which is also part of this official cash rate projection, you could be in front of the federal reserve. because the federal reserve has not given any signaled there is a consensus to move their key rate up for the end of 2023. could there be negative repercussions like a currency that continues to strengthen? adrian: relative economic diversion since are always -- economic diversions are always something we need to think about on the are determined by what is going on globally. we need to see global economic growth. we know it is supported by monetary policy in the u.s. and around the world. it is baked into our projections. we need to see that support going, to make sure they really to anchor sustainable growth, to
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be purchasing our goods and services and for tourism and trade to normalize. that is a big part of it. how and if we get ahead of other central banks, that is a lot of water under the bridge. financial markets, the exchange rates and economics should be reflecting relative inflation differentials and relative productivity differentials and those, there is not a lot of the divergence globally because of the common economic shot we have all seen -- common economic shock we have all seen. kathleen: what are you going to need to put the key in the door and unlocked the rate hike? adrian: monetary policy always has to be forward-looking. the discussions, some central banks said we are going to leave
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things unchanged. have never done that. we have said it is conditional on what we are observing. a key thing we will be observing is if employment is at or very near its maximum employment level. it was at that level prior to covid. there is still unemployment. so we are doing more work in that space. kathleen: i want to jump in and ask about wage pressures and the pipeline because of the tight labor market? adrian: we certainly are, but only in some sectors of the economy. this is a global challenge as well. the first thing many businesses tell us is labor shortages. we know on the other hand that there is also an employment. so the variances between sectors of the economy and between countries worldwide are very large. on aggregate, we are saying in
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some sectors there are without doubt still shortages. we are comfortable you should see wage growth, a natural part of the markert working -- market working and a natural part of the economy picking up. our real challenge is, how quickly can labor move? how flexible is the labor market from super search to -- surge to labor shortages? yvonne: reserve bank of new zealand governor adrian are speaking to kathleen hays. we have heard several chinese commodity firms have cut their bullish bets at the request of
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the government here. over the last two weeks, according to people with knowledge, at least four major firms including commodity merchants and steel mills have cut long positions in locally traded products including iron ore and coal, after attending meetings with government officials. this goes to show concerns policymakers have when it comes to the rise in raw materials and how that is feeding into producer prices that could be feeding into headline inflation as well. once again, a sign of a possible cool down effect from beijing. we will watch that story been you the latest. but we are still seeing a pretty decent day when it comes to commodities, futures of iron ore up report 5% today. the australian state of victoria is in its fourth state of lockdown with hesitancy among many to take the shot. australia and several asian
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nations have adopted a zero covid policy, but is that the right one? let's bring in jane halton, who served as a who board member and is currently with the coalition for epidemic preparedness innovation. we talk about any flareup or cluster, and they quickly impose restrictions like where you are in australia right now. and you look at the u.s. and europe where life goes on despite the fact they get hundreds of cases a day. is a zero covid strategy sustainable? jane: longer-term, zero covid is not sustainable. what we have in australia and other countries is a short-term window. it is a privilege to hopefully get our country to herd immunity, in other words with enough protection from vaccines so that the real risk of severe disease and deaths are not there
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when covid ends up in our community. but you are right, it is a tricky policy to manage. and it is one thing in the u.s. at the moment, but if we look at many other countries, people are locked down. we need to understand it is not on or off here, a number of countries are currently locked down and still have a lot of covid. yvonne: you mentioned it is not sustainable, but it all depends on the vaccine rollout and in many countries you highlighted, they were not very successful writing covid and there seems to still be very low vaccination rates. can asia catch up? jane: i think so. one thing we need now is to make sure all these company -- all these countries get good public health advice that informs the vaccine rollout. hesitancy, which we have sadly seen more of, is the enemy of protecting health. hesitancy is complicated.
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it is also the reason people might feel nervous. we have to think about how we give people the right information, the right assurances, and do it in ways that are relevant to them to encourage people. in the u.s., we have seen everything from the million dollars lottery to free beer to the ski resort run, have a hot chocolate and vaccine. there are going to be people around the world. we haven't gotten to that point in australia yet, but everything could be on the table when it comes to incentives for people. haslinda: i am sure freebies are a popular incentive. as economies prepared to open, we are seeing diversions is in terms -- divergence in terms of policy, something you don't need to wear a mask as you return to the office. what is the right policy as you reopen? jane: incentives, what you're saying there, you are fully
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vaccinated and your risk of contracting the virus personally is very low. in the very small number of instances you might catch the disease, the chance you might in fact but elsie's also significantly lower. so what is the benefit to people of having a vaccine? some people might say, i am young, pretty healthy come i can see why i should do this. apart from the fact you don't want to infect your grandmother or your mother and you don't want to infect someone in your family who has cancer and is immune compromised, you want to go back to your own life and if you get something for this, either the million dollar lottery of the opportunity not to wear a mask in the office, that is a really good. i am a big fan of incentives, including measures such as the ones you are talking about. haslinda: some economies, some countries want to speed up the vaccination drive, but can't because there has been a lack of vaccine, in particular the
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production out of india. how much is that impacting covax? jane: a great challenge we have right now is the challenge in india. that is pain we are all feeling on behalf of our indian friends, family members and colleagues that you are right, some vaccine we were hoping to get from an institute in india has been redirected to that awful situation we see in india to protect people in india. so global access is a challenge, but the good news is that the global vaccine manufacturing world is ramping up to produce many times more the traditional amount of vaccines produced. it will probably take most of this year to do it. but i am expecting three times or four times the number of vaccines will be produced globally by the end of the year than we would get in a normal year. that is coming from the u.s.,
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from europe, india, many countries. and that is what we need to get the whole world vaccinated because while it is still going on in one country, we need to think about everybody around the world and make sure we can deliver those vaccines to people, regardless of where they are. yvonne: it brings a bigger question about vaccine diplomacy, jane. we heard from taiwan this week for the first time saying china was blocking it beyond tech vaccine deal. to what extent our politics at play -- biontech vaccine deal. to what extent are politics at play? jane: it shouldn't come with strings attached. we want to protect the vulnerable all around the world
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and if it is done in a way that tries to give a benefit or prevent other things happening, that is not what we want globally. this should be about global cooperation, global goodwill, everyone itching in to help regardless of where people are in the world. haslinda: we are in it together, thanks for your insight, jane halton, coalition for epidemic preparedness innovation and former australian health department secretary. we continue to follow the biggest vaccination campaign in history, one billion shots administered across 76 countries. do check out the bloomberg vaccine tracker on the terminal and bloomberg.com. yvonne: coming up, jd logistic'' ipo, trading debut, i should say, up 11%. find out what is driving the ipo waving hong kong, and how long can it last?
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that is next. this is bloomberg. ♪
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♪ haslinda: checking that trading debut in hong kong today, jd logistics with a solid start, up 11%, off some highs. this is the delivery arm of e-commerce giant jd.com, jd.com
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slightly lower on this friday morning but once again, a pretty strong start, pricing on the lower end of the range, $46 apiece for the stock, raising $3.2 billion, but a lot of question about what the pipeline in hong kong has. haslinda: it does show, yvonne, that there is still appetite. before the debut, there were questions about whether there would be appetite for it, given gang buster we saw earlier. let's talk hong kong ipo market joined by bloomberg intelligence senior research economist for diversified financials. they have had a strong start this year, what is driving this? >> i think from time to time, with market sentiment, it does change. hong kong had a great start to
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the air but fundamentally, longer-term the outlook is very good. there are three key drivers. one is the huge pipeline of unicorns coming out of china. jd logistics is a great example of that. secondly would be listing rules in china and antitrust crackdown. a lot of applicants are now looking to hong kong as an alternative pathway to raise capital. last but not least would be a lot of secondary offerings from u.s. and chinese companies looking to hong kong as well. you mentioned -- yvonne: you mentioned unicorns. what sectors are going to drive the pipeline? sharnie: the new economy companies. for example shared economy, e-commerce, logistics, following the tighter regulatory scrutiny on fintech firms.
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some reportedly coming to the market may include cloud village. but one key risk is that the chinese securities regulator, earlier this month it was reported they could tighten rules for these companies from overseas. they denied this news, but i think it is a risk going forward read in the near term, we may see a lot of these companies expedite listing plans in case of these rules change later. haslinda: sharnie, what about chinese companies listing in the u.s. on the back of the u.s. clamping down on chinese tech. sharnie: it is continuing, but like the sentiment, it has cooled versus earlier this year. the u.s. is a huge, active, liquid market with a broad investor base.
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one company filed a confidential application to list in new york and also they are considering a secondary listing in hong kong. despite the fact there is risk of delisting, chinese and u.s. reg leaders have a lot of time to work on joint rules -- regulators have a lot of time to work on joint rules, so right now, it is not a huge concern. haslinda: sharnie wong at bloomberg intelligence. still to come, ceo's on capitol hill with lawmakers grilling them on everything from e-commerce to china's economic dominance. this is bloomberg. ♪
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♪ yvonne: wall street ceo's concluded the second day of testimony before lawmakers and d.c.. while they were hit with tough questions, their stocks rallied, gaining $23 billion in market value. bloomberg's su keenan joins us. this was another grilling. su: absolutely. jp morgan's jamie dimon came across as the most outspoken of wall street ceo's, commenting on the biting tax plan, critical of
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that, to diversity and inclusion and whether banks should be independently audited to determine whether their policies adversely impact minorities. he dismissed the audit as bureaucracy and bs. citibank ceo jane fraser says her firm is reconsidering the idea and goldman's david solomon says there should be more plain language disclosures with stocks. all observers leave the lack of fireworks was a positive for the banks in that it helped achieve their goal of avoiding pr disasters. you may recall, after the 2008 financial crisis, it was a very different story as washington aggressively tightened the leash after ceo testimony. haslinda: the bank ceo's appeared to be warming up to crypto. what is the story? su: the ceo's of both j.p.
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morgan chase and goldman said they personally remain dubious about investing in crypto. they call that a buyer beware product but both said their firms would be working on making the currency available, digital currency available, to their clients, due to increasing demand. but they did say washington should work on setting rules for this largely unregulated area, which is still the wild west in terms of volatility. yvonne: su, thanks for the update paid let's look at an update on your markets. australia, the benchmark reaching a record on the asx 200, 7160 eight right now. csi 200 at march eyes, slightly under pressure today but overall looks to be a pretty happy friday. coming up, our exclusive interview with the lenovo ceo on company earnings and how they are dealing with the global chip
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shortage. they had another good earnings report on the back of the covid work-from-home wave they have been writing. plenty more still to come. this is bloomberg. ♪
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announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i am emily chang in san francisco. this is "bloomberg technology." president biden chose cleveland to deliver a speech on the economy and his proposed

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