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tv   Bloomberg Daybreak Asia  Bloomberg  November 16, 2021 6:00pm-8:00pm EST

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haidi: welcome to daybreak: asia. sophie: we are counting down to the major market opens. shery: i am here where global leaders are gathering to discuss challenges facing the new economy. let's get to the markets.
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shery: the asx opening with little change, we are seeing it potentially extend declines we are waiting for results. head of australian wage data, the rba dove the stance on inflation, the aussie dollar holding. we saw the greenback rise to a one-year high as bets are building for a rate hikes. check out the aussie bond market, the 10 year yield around 188 while the kiwi is trading at a one month low. taking a look at the set up elsewhere, futures are mixed. we're seeing little change after we saw the benchmark rally to a fresh record in wake of retail sales data, adding to an
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optimistic outlook when it comes to some. we have goldman seeing a more bullish outlook for stocks are not, seeing the s&p 500 at -- next year. looking the board along with e.m., delivering the best returns in 2022. investors are more constructive on global growth and earnings, but more than half are in the transitory inflation camp, though inflation and central-bank rate hikes and china top the tail risk. when it comes to china, we are seeing some of the panic in the dollar bond junk market in china ease somewhat, this as we get sentiment around the economy easing somewhat with china's tolerance for lower growth coming into the picture, with the property sector seems to be less of a key driver point four growth on the mainland. haidi: of course the outlook for
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global growth going into next year, what happens in the next phase? these are some of the themes you will be heading at the new economy forum. -- hitting at the new economy forum. shery: i miss having you by my side, but i do have haslinda. we have such an exciting week. haslinda: talk about the timing. lots of questions of whether leaders have achieved enough, on the back of a virtual summit between president she and joe biden. this pandemic has had a profound impact on the global economy. we are seeing scientific breakthroughs, acceleration in technology, but deeper divisions as well. the rich and poor divide, vaccine and equity. these are issues we have to
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address at the summit to see how we can emerge better, more inclusive, ensure we don't leave anyone behind. shery: as you say, the faultlines are deepening, and these are the key issues we need to be discussing. the poor and rich divide, u.s.-china divide. this coming at a time where we see price pressures, supply chains improving a little bit, but still not quite there yet. we have some conversations coming up. haslinda: where will relations go? we heard from henry kissinger two years ago at this location. the foothills of a cold war. we are in a cold war. what will happen next? will there be an acceleration intention or not? big questions and we have the right people to address that. we will be speaking to the prime minister of singapore, the editor-in-chief of bloomberg news that conversation. he is the man who said that u.s.
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and china can't afford to have tensions. shery: it affects other countries like australia, new zealand, we have trade ministers talking about some of this collapse of the u.s.-china relationship and how that is affecting their trade relations as well. how do you build a cooperative trade dynamic, at a time where it is really about competition? at the same time, we continue to see this crackdown within china on big tech, certain sectors of the economy, and perhaps against u.s. companies, becoming more difficult to best. in the u.s.. haslinda: amazing how we survived the lockdowns, digital transformation. the question is, how do you build, what technologies are needed to ensure we can overcome
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the next pandemic for the next prices? that is a question we are posing to the likes of the man at the heart of trying to connect the world with digital technology. shery: we have some huge bank ceos coming to discuss all of the changes happening within the banking industry. this has brought so many changes within those companies, whether it is bankers asking for more time to break away their personal lives from work lives. during the pandemic we have seen higher wages. haslinda: i had a conversation. he talked about for the first time in 10 years, he had to raise wages 10% and that is because he needs to retain talent. these are some of the headaches, some of the complications, some of the issues bank ceos are facing. shery: learning they will get bigger bonuses.
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it's not when you have to be super careful. they have done really well. looking forward to all of these conversations in singapore. haidi: getting a bonus is one way to cope with rising inflation. one of the themes is where to go now for the u.s.-china relationship, after the momentous talks that came out with not a great deal of deliverables, but very optimistic. another theme is where central-bank policy goes from here. the battle between inflation and the fed mandate, and where the policy-setting should be for the post-pandemic era. we see the standoff between the hawks and the doves continuing. in the meantime, president biden's decision on who will be the next chair. that will be coming in a few days time. let's bring in steve matthews. we know it's the continuity
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candidate, what does it come down to, and what is the decision-making process likely to be like? reporter: the decision-making has been dragged out for months it seems like, it's actually happening later than it did under the trump administration or under the previous democrat administration under obama. we have been hearing about inflation being transitory for a while, the new word is imminent. the decision is imminent according to the head of the senate banking committee and president biden today said, we will have it within the next four days, and the white house team says it could drag into next week, but we are finally getting there. as you point out, these are established fed officials.
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powell has been there for a while. it is doubtful that it has that much near-term consequence. wall street considers lyle more dovish than powell. if you read their speeches and watch what they say carefully, there is probably not that much difference. shery: will that make up for the fact you don't necessarily want to change the pilot when you are attempting a tricky landing? juliette: that 6 -- steve: that is exactly right. the next year is going to be pretty tricky. you're going to have the end of tapering, tapering bond purchases, it will be finished by the end of the year. you can have rate hikes in 2022 or 2023, the fact that
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employment, we are nearing full employment. having a soft landing for the economy as you are raising interest rates, sometimes that works out, sometimes it doesn't. it will require a certain amount of skill that has not been required over the last year when everything has been pedal to the metal, low interest rates, zero interest rates. anything we can do to save the economy. haidi: the latest on the fed. u.s. president joe biden is adding more confusion to his policy on taiwan, a day after telling the chinese president he supports the status quo and is not in favor of taiwan's independence. on a trip to new hampshire, he told reporters taiwan is independent and makes its own decisions. for the latest, let's bring in stephen engle hong kong.
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stephen: just when we thought they came to an understanding, after that summit yesterday, state media in china had a big headline that said biden opposes taiwan's independence. that is the reassurances xi wanted to get to joe biden after comments from the white house saying they united states and its allies would come to taiwan's defense if beijing were to use military force on the island. it raises a lot of questions. biden wanted clarity from xi as well as what beijing's intentions are, because there has been rhetoric on both sides. what biden said yesterday was the u.s. opposes unilateral efforts to change the status quo on taiwan. unilateral efforts, changing the
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status quo could be from beijing intervention or a push from independence with the support of the united states. the united states opposes any change to the status quo and one china policy. let's fast-forward to biden's trip to new hampshire, he spoke i am assuming off-the-cuff to reporters and was quoted as saying, remember, i signed the 1979 taiwan relations act which supports the status quo and supports the defense of taiwan, but does not call for independence. today, he said it is independent, it makes its own decisions. this throws a lot of questions up. he might have been commenting that taiwan has its own local government and does run its own affairs, but he said it is independent. haidi: let's get you to vonnie
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quinn. vonnie: activision employees are calling on the ceo to be removed following reports he mistreated women and ignored claims of sexual misconduct. according to the wall street journal, he was aware of rates that happened in 2016 and 27 in but fails to report them to the board. the journal reports he was involved in several sediments where he himself was accused of mistreatment. activision says the report presents an inaccurate view. hong kong disneyland will be close to ensure staff members can lead covid toes. visitors and staff at the park between 11:00 a.m. and 6:00 p.m. on sunday are required to undergo testing by thursday. pfizer has asked regulators for emergency authorization of its covid-19 pill, the drug cuts
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hospitalizations in high-risk patients by 89% and can be prescribed for home use. pfizer says it has reached a licensing agreement with a u.n. backed group which will allow generic cheap versions of the bill. 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. shery? shery: still ahead, we speak to a founder about predictions for commerce, climate and the world order. we are live at the bloomberg economy form. up next, we are joined by the ceo of supply chain payments platform trade shift for his view on the global supply chain outlook. this is bloomberg. ♪
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haidi: we continue to track the fallout of the supply chain crunch, and these are the top stories. china is accelerating plans to replace american and foreign technology by giving a government organization the power to it approved suppliers. the application committee will help set industry standards with about 1800 chinese suppliers invited. scott morrison is launching his own plan with a new list of 63 technologies to be protected, we are keeping an eye on the european commission meeting that they could be easing restrictions for the chip industry. shery: back to the bloomberg scoop on the tech supply
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committee, the push from local suppliers could hit intel, amd and amazon because global champions such as alibaba and tencent are sitting on the body that will approve new supply contract. sources say any company more than 25% foreign-owned will be excluded from the panel. haidi: bloomberg terminal users can read more in our newsletter. shery: let's bring in our first guest, who runs trade shift, a supply payment platform with 1.5 million customers across 190 companies. they allow buyers and sellers to connect with each other digitally in an industry that has been dominated by paper invoices. joining us is the ceo. thank you so much for joining us in singapore. tell us what you are seeing on
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the ground, because we continue to talk about how supply chains remain disrupted because of covid and how that is leading to price pressures. is any of it getting any better? guest: we think it will get worse. spike and purchase orders. normally they would get us on the quarter after, they are not. that means the suppliers are strained. we're dealing with a supply chain for the past five to 10 years with very little inventory. suddenly you have a massive spike of orders, that is stressing the system. we don't think this will get resolved until next year. we are worried about the growing delta between orders and rates. shery: it will get resolved later in the year of next year? >> 12 to 18 months of these. shery: how much of it is structural and covid?
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takeaway covid, how much better does it get? >> i think it would get better earlier if we prepared. there is no capacity for any kind of spikes. suppliers get a massive amount of water without the working capital. that system be built over the last 10 to 15 years is a source of the challenges we are seeing. covid is just the trigger. shery: how much is because of frontloading? businesses saw this coming because we experienced it for the past year. >> i think that some of it. there has been a huge consumer demand. right now, there is worried about inflation, the consumer side running hot, the cure is probably raising interest rates. the challenge is that will hit the working capital and strength suppliers even more.
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it is a challenge, because a lot of the normal tools we use to deal with the crisis we can't use here. shery: how much has it been resolved in the sense that you are digitizing payments, so what is the pace of that transformation? >> we are still only 10%, 15%, most supply chains are paper, spreadsheets, pdf. that means if you are a ceo of a fortune 500, the data you are looking at could be eight weeks old. shery: the biggest origin trade finance has been the collapse of -- how has that affected sentiment in the industry? >> there is a lot of need for innovation on the supply finance space. they went into that space, too far to d. -- too deep.
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the need for innovation is massive, you continue to see new solutions filling the gap. shery: what was the relationship between trade shift and green seal? >> we initially had a partnership with them. the suppliers are our customers, and we need to make sure the customers are reliable in the long run. shery: when it comes to 2022, how much more digitization are you expecting? >> covid kick started the digital revolution. we saw the processing could not be done manually, could not go into the office, you could not process the documents. that drove a massive digitalization and that continuing.
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now it is everyone. shery: what is the biggest change or some of the changes that are going to less than 2022? >> we will see issues on the manufacturing side, working capital, i think working capital is messily overlooked. how can we get more factories live, productions live, how can we get shipments to work? under all of it is finance. if the system is not geared for that, you will have a massive challenge. shery: we have seen the massive imbalance in the relationship between suppliers and buyers. is that going to change dramatically later on as we have experienced this pandemic? >> we need to build just in case supply chains. think about resilience,
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inventory. you need to have more inventory in case of another shot. we are not going to pay you on time. needs to be more flexible, and the model we have four supply chains is antiquated at this point in that needs to be rebuilt. shery: are we seeing a shift in mindset from everyone involved? you need to think with alternative redundancies globally. >> especially last couple of years, they have faster production. building resilience into the model. we have seen switches into mexico and latin america. massive amounts of investments going into those regions to be near north america.
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europe is getting chip capacity, they are far behind. they have a massive challenge. shery: it was great having you on with us. the cofounder and ceo. we have plenty more to come. this is bloomberg. ♪
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shery: i am at the fourth annual bloomberg new economy forum. we have an exciting week ahead. we would hear from high-profile ceos, head of dbs, paypal and google, goldman sachs join us live from singapore. we have many different topics to discuss including the u.s.-china relationship, climate, finance, cities and health. haidi: staying with the bloomberg new economy forum, we are speaking to a founder about
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the forces shaping the global outlook and demographic changes that are causing these structural shifts in labor markets. lots of talk about. this is bloomberg. ♪
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vonnie: the st. louis fed president says the central bank should speed up its monetary stimulus. the fed said it would begin tapering the bond buying program which was put in place in the early days of the pandemic. the pace of production would seize purchases by mid-2022. >> the inflation rate is quite high, the core inflation rate is about 3.6%.
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the highest it's been in 30 years. i think it behooves the committee to attack and a more hawkish direction, we could move faster, we kept optionality that we could speed up the taper if it's appropriate. vonnie: china is set to be accelerating hands to replace foreign technology, vetting and approving local suppliers. acting as a gatekeeper for sectors ranging from banking data storage. bloomberg is told 1800 chinese suppliers were invited to join the committee, and any company with 25% foreign ownership will be excluded. china has produced a landmark document that sets up the president to potentially rueful life. state media release to the text of a historical resolution passed last week after the four-day central committee meeting. he reaffirms plans to fight
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corruption, fend off the influence of western ideas, dominate the internet, and reunite with the island of taiwan. jp morgan is suing tesla linked to elon musk's attempt to take the carmaker private in 2018, seeking a $162 million payment related to a series of stock transactions. jp morgan bought -- says the carmaker is refusing to pay what is owed and full. 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 get you straight to the markets. sophie: in sydney we are seeing markets led lower by 2/10 of a percent as miners and banks continue to decline, bancshares dropping the most in 18 months, after we saw cash profit update.
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take a look elsewhere. keeping on oil, new york crude holding below $81 a barrel. we're seeing stocks and cindy trading mix this morning with the backdrop. treasury futures extend declines in the asia session, this as inflation may continue. outlook for global growth and inflation slowing. they do not see a hike until 2023. the aussie dollar under pressure, below 73 against the greenback, this as we are waiting on wage data from australia which could test the rba stance on inflation. when it comes to inflation, our colleagues are assessing supply chain risks for vietnam. that could add to pressure globally as covid infections those factories and a labor shortage tested production for
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the likes of nike, which you can see the terminal. this picture on vietnam's exports may not happen fast enough to manage the upcoming demand for the holiday season. switching up the charts with vietnam, still one of the lowest vaccination rates in asia. that is lagging its peers in the region, this as the vaccinations have picked up since mid-october. again, when it comes to supply chain risks, vietnam will be at the center of that. shery: almost two years after the first cases were reported of covid-19, one of the main forces shaping the global outlook. even before the pandemic, our next guest is the founder of an
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advisory firm. always great having you. the last time we spoke was in beijing at the new economy forum just weeks before we got the first reported case of covid-19. since then, such a huge shock for the world. what has changed and what will be the lasting changes? >> i want to focus on two areas. digitization. that was something that was accelerating before the pandemic, but has really taken off. remember we have the capacity for digital remote work before the pandemic, but now we have actualized it. corporate culture has caught up to reality, and the technologies carrying us in a new direction. let's talk about the structure of the world economy. even before the pandemic, things are becoming more regionalized and less globalized. i have a believer in globalization, trade volumes
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have reached record levels, we have seen the goods and bottlenecks. the underlying trend is the principal powers in the system really do want to nationalize supply chains, industrial policy. you will start to see over time more import substitution, a lot more critical goods whether semiconductors, auto parts, pharmaceutical equipment. to do so not only with human labor, but manufacturing and technology. i think you will have a north american, european and asian clash with china at the center. not only of the economic system, the trading system as well. shery: what will be the broader implications, at a time where we continue to see labor shortages leading to more inflationary concerns as well? >> i am not a bear on inflation
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in the sense that i think we have more transitory factors driving at them structural ones, because you look at global demographics, that would be a deflationary 10. we have a platform but -- plateau. most of the northern hemisphere, you are in sub replacement fertility, low immigration because of politics, not because of the pandemic. fertility is collapsing because of the covid baby bust. population is shrinking. inflation therefore is driven much more by the current supply chain bottleneck and pandemic related issues, i think that will smooth out. when it comes to the labor markets, what candidate and the u.s. are lacking, is young people. young people who are the taxpayers, construction workers, entrepreneurs and all of that. therefore, i do believe we will be engaging in a war for talent.
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look at the fiscal crisis, the pension systems. canada is the most aggressive migration company tree -- country in the world. shery: will they make the policy changes necessary? during the pandemic we saw in turning more inward. >> you don't have to have global cooperation on immigration, you have competition. canada is saying if you don't want to live in america because you are concerned about politics, come to canada, the education is cheaper. european countries are saying how can we stop up asian students, let's subsidize.
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we talk about populism, protectionism. there were two countries before the pandemic. today there is 75. any skilled young person from anywhere, show your college degree, you can the any country you want. the underlying trend is actually towards more openness if you are a young person. shery: you are seeing changes that are critically necessary for those economies to run, adding to that, have we seen those critical changes? >> one is we massively underestimate labor demand. look at the united kingdom after brexit. they have a shortage of 100,000 truck drivers. 50,000 nurses. the american medical system did
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not have critical caregivers. we are very stingy around immigration when we should be more generous. it's to our own benefit. climate adaptation is a major issue, because if you think about the same countries becoming more livable as, change -- climate change accelerates, they are depopulated. meanwhile, much of the world's population, most of them are trapped behind borders in increasingly unlivable places. the agenda did not talk about this. they talked about climate mitigation. only four or 5% of climate related investment goes into adaptation. we are only spending 4% or 5% of all estimated capital on things like coastal see barriers, insulation, heating or cooling.
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none of these things are getting the money they deserve. unfortunately that will continue to be a big topic. shery: let's talk about changes, because this is long-term. what about what happens next year? you mention supply chain disruptions. what this 2022 look like for you? >> we are heading into a lower unemployment scenario, people taking up jobs, a great resignation is a temporary phenomenon. people are looking for remote work. coping with burnout. more people will get back in the labor market. remember, the mobility is a huge driver of economies. the fact that americans are getting moving again, suburbs or new cities, whether it's boise or denver or nashville, that is
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a key part of the american economy. hopefully we see supply chain start to loosen up a bit. that will be a positive sign. inflation will probably come down. i have a very positive outlook. the handover from monetary to fiscal policy. we will see, europeans have far less of a struggle with this in terms of the long-term outlays are brought in new industrial policies that americans do. we have differential outlooks for >> going to happen in the u.s. versus europe versus asia. asia is very important to look at, the fact that the partnership and trade agreement comes into effect in january of 2022. a lot of that is already priced in and tariffs have come down, but we underestimate the extent to asians have rapidly evolved,
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more than 60% of traders within the region. that is practically european levels. it's impressive. regionalism is not the antithesis of localization, we can be bullish about growth. shery: always a pleasure talking to you. seems like we are going back to normal. haidi: much more later. you can hear how singapore is navigating globalization. more policymakers are among the big speakers coming up later. henry kissinger and the u.s. secretary of commerce. coming up next, bitcoin seeing its biggest drop since september. a broad-based retreat from
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recent record highs. the analysis just ahead. this is bloomberg.
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haidi: bitcoin whip starring
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below $60,000. that's bring in our guest for more. we have seen previously the pullback. >> there could be. it is hanging above the key $60,000 level, above the 50 day moving average. we had a couple of things yesterday. the infrastructure bill which has some taxation measures, news out of china they are continuing the crypto crackdown. nothing super unexpected but enough after a decent run up to take the space down a little bit. shery: what is the next technical level we need to watch out for? joanna: i would say the 50 day
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moving average is pretty key. that is also watching either. either is above it. more broadly, the crypto space is down 6% to 8% over the past 24 hours, and crypto is so volatile that is not a huge amount relatively, but it definitely is looking somewhat fragile and there were some leverage being taken out. definitely watching the downside right now to see if it can hold. haidi: how much more downside are we expecting from regulators, and potentially more punitive moves out of china? joanna: the interesting thing about china, is since they have been cracking down, a lot of businesses have moved out of there.
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there are people watching, $50,000. when we have a pullback and crypto, it can go more than 50%, it could even go to 80% when you have the crypto winter. there is the potential for some volatility. as i talked to ceo's, they are still more broadly positive about regulation in terms of making people feel more comfortable about getting into crypto. shery: let's get a quick check of the latest business flash headlines. walmart shares fell the most and nine months despite offering an earnings beat and positive outlook. the giant signaled his bracing for more pressure from the supply chain squeeze, the ceo said costs are rising faster
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than prices due to a transportation -- he added walmart is gaining market share and expects strong sales. boeing notched its first major win at the dubai airshow, a startup airline says it will order 72 737 max jets. the deal is valued at $9 billion, although discounts are usually given. they are backed by a billionaire investor and plans to take on budget carriers. indigo is weighing charges for checked ledges as the air travel market shows signs of recovery. aviation regulators started allowing zero baggage fares and be very, but indigo could unbundle the charges from ticket prices. go airlines india is also looking to separate its baggage charges. haidi: just about half a minute
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out of breaking news. machinery orders as well as trade balance numbers. the yen stabilizing at the 114 level after the japanese currency fell to the lowest level against the greenback and more than four years, we had the strong u.s. retail sales number, unexpected we better factory output data also helping spur the rally. the yen holding up, just shy of 115. let's get you those trade numbers, exports higher by 9.4% year on year for october, just missed expectations. also a pullback on the strength of the 13% gain we saw in the previous month. imports year on year, gain of 26.7%, also missing expectations just shy of 32%, pullback from the previous month, almost 37%. coming through with a trade deficit of ¥67.4 billion.
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we had been expecting the widening trade deficit for october, keeping in mind the inflated imports, higher commodity places as well. the trade balance adjusted for october coming in at 400-4417 billion dollars -- 447 ilion yen. also getting machine orders for september, that was flat month on month, expecting a gain of 1.5%, an improvement over a decline of 2.4% in the previous month. they you're on your number four machine numbers, 12.5%. the fall seems to be pressured by some of the supply chain disruptions as well as the state of emergency which was only recently lifted for tokyo. staying with australia, we are closely watching the next hour,
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markets that the rba will be forced to raise rates. let's bring in our economics reporter for more. what are we expecting in the data? reporter: we are expecting annual wages growth of 2.2%, that is the economist forecast. it is a good improvement from the prior quarter, but it is nowhere close to the three point something level the governor has been urging for. a positive surprise is going to further embolden rate bulls who are expecting interest rate hikes, there are three rate hikes priced in for the reserve bank of australia in 2022. shery: does this data move the needle for the rba? reporter: only yesterday the
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reserve bank governor said that he is going to overlook the spike in inflation if it is not accompanied by wages growth. that goes to show how important wages data has become for the reserve bank. philip lowe months to bring wages growth higher, and that is why he wants to keep interest rates at record lows for some time. if the number is strong, it will definitely embolden rate holes, but the reserve bank will probably wait for some more quarters, maybe two quarters or more, because it has said it wants to see inflation substantively within the target. just one quarter of data is not going to be enough to move the needle, but it will definitely point to the fact that the market is right on this one.
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shery: our economics reporter with insights into the wage numbers. don't miss the fourth annual bloomberg new economy forum happening here in singapore, we will share discussions among world leaders on topics ranging from finance, trade and climate, cities and health. this is bloomberg. ♪
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shery: just minutes away in the start of trading in tokyo. sophie: we are watching local media reporting the government may shorten quarantine for business travelers that have the johnson & johnson vaccine, count down to a stimulus package in japan, speculation the government is planning a budget. switching out the board, we are watching between makers and asia after home depot strong sales reports which bodes well for major suppliers. haidi: we have more coverage ahead, including the founding and managing partner of a
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ventures. this is bloomberg. ♪
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shery: welcome to daybreak asia. i'm a shery ahn at the new brake economy forum in singapore. haidi: taking a look at the major market openings across asia -- the bloomberg new economy forum beginning this hour. traders waiting gains in u.s.
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years and treasury yields after strong u.s. consumer data, but inflation still looms large. a call for more hawkish central-bank policy to offset pressures. shery: plenty of big name guests coming up at the bloomberg new economy forum. trade minister damien o'connor, u.s. commerce secretary gina raimondo and many more. inflation and supply chain issues are in focus. david solomon and the ceo of dbs all weighing in. we have a big interview with the prime minister of singapore rounding out later today. south korea and japan coming online. let's turn to sophie for how the markets are kicking off. sophie: the nikkei extending gains for a fifth straight day as stocks are hitting fresh
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record highs like toyota and nissan. this is a package from the government set to include measures to shore up japan's domestic supply of semi conductors. we also have october data to digest. it is the slowest base -- slowest pace of growth since january. given the widening rate of pictures between boj and other central banks. also on the data from japan, we did get machine orders coming in unchanged after we saw that data point for the month of august. gains pushing above 3000 as they
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march elections come more into view. morgan stanley has lowered its 2022 target for the korean benchmark. they do expect low volatility but we are seeing weakness for the kr w against the greenback right now. searching the mood for sydney, australian stocks fluctuating, lower by .1%. commonwealth bank getting hit on the back of its earnings ahead of australian wage data and we have the aussie dollar lower, trading at 73 just ahead of that data. we do have the greenback little changed, but trading at a one year high. they do see the potential for dollar strength as fed rate
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hikes are building and. at goldman, they see earnings growth for american corporate's. we are seeing them pitch slightly higher. haidi: let's get more on the markets now and start with the strength in the u.s. dollar. how did that percolate through with asian assets? we know we get that power win from the weakness in the end in japan. >> that is absolutely right. and you've seen the rise of the u.n. as well -- rise from the yuan as well. the dollar will percolate all the way through asia and even potentially if australian wage data falls short, you will see a
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stronger differentiation between inflation risks and the u.s. and australia and that could lead the aussie dollar to fall further. shery: we have seen incredible strength in the u.s. dollar. what does it mean for asian currencies on the broader market as treasury yields continue to search? simon: for most asian currencies, there is a mechanical retreat into a stronger dollar. asians also have a battle with the chinese economy slowing down and for that future export process has diminished. -- prospects have diminished. as the chinese growth outlook continues to look for -- forward , there are at -- there is
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future upside with these dollar currencies. haidi: when it comes to the fed leadership break, does the choice meaningfully make a difference or is there a realization if there is inflation, anyone who heads up there will have to take action? simon: i do think it will have an immediate reaction. so she is more dovish with respect to potential policies, so you would expect the dollar to fall she is appointed. she is much more concerned about asset price bubbles, so that might not be so good for the stock market. it could reverse some of these trends at least in the short run. shery: you can follow more on this story and all of today's trading on the bloomberg and get
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a market run down in one click and then there's commentary and analysis from bloomberg expert editors. you can find out what is in -- what is affecting your investment right now. let's go to vonnie quinn with the first word headlines. vonnie: china's communist party has published a landmark dock -- document that sets up xi jinping to potentially rule for life. state media release the full 36,000 word text in a historic resolution passed last week. it reaffirms plans to fight corruption, fend off the influence of western democratic ideas, dominate the net, and eventually reunite with the island of taiwan. china is said to be accelerating plans to retake foreign technology. a secretive government-backed organization is vetting and approving local suppliers and sensitive industries, acting as a gatekeeper from banking to data storage.
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we are told 1800 chinese suppliers have been invited to join the committee and any company with 25% foreign ownership will be excluded. pfizer has asked for emergency use operation asian of its covid-19 pill. it was shown to cut hospitalizations and deaths by 85% and can be prescribed for home use unlike other treatments. it reached a licensing agreement with the group allowing drug manufacturers to produce cheaper versions of the pill. jp morgan is suing tesla in a case involving elon musk to take the company private in 2018. the transactions were affected by elon musk three years ago. jp morgan bought the -- global news 24 hours a day on
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air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: still ahead, the bloomberg new economy forum in singapore, we get more with henry wang from the center of globalization think tank. and we discuss the beijing and washington tech tussle and implication for capital markets. this is bloomberg. ♪
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>> we need to build [indiscernible] and we need to think about resilience and inventory. we need to have more inventory in case of another shock.
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you are putting a lot of stress and i think we need to be more flexible, how we build resilience systems. >> the underlying trend in the pandemic is the principal powers in the system in the united states, european union and china really do want to nationalize supply chains, do near shoring industrial policy, so you will start to see overtime more import substitution, a lot more critical goods, whether semi conductors, auto parts, pharmaceutical equipment -- everyone wants to make those within their own borders. haidi: some of our earlier guests from the bloomberg new economy forum. let's bring in our next guest, the company has more than $6 billion in assets under management and its portfolio companies include -- joining us
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now is the founding manager and partner. thank you for joining us this early in the morning. so happy to see you again because last time we were face to face with two years ago in beijing. that was at a time when we consider -- continue to see u.s. and china trade relations and i remember vividly you telling us the impact on fundraising for dollar based funds in china was down about 75% year on year. what are we seeing right now? gary: that has rebounded dramatically. record numbers of dollars are being raised and china will probably invest $20 million in five or six startups. there is a tsunami occurring, so we will top 13 thousand to 14,000 investments this year. numbers the industry has never come close to before. shery: and in the technology space because of covid-19?
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gary: you had a significant transition to more of an enterprise and core. semi conductors, all the autonomous vehicles that type of investment, and health care has exploded globally. at this is a global phenomenon where it used to be that u.s. and china counted for 95% of investment. $300 billion is a lot of money going on a much more global basis. shery: the u.s.-china tensions we have seen, how has that affected capital markets? gary: the venture capital business has not seen much of a impact. it has largely been positive for the startup infrastructure. the fact the government
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intervened to try to break some of that apart is going to be good for those companies. the real impact will come on the liquidity side. the listing venues overseas, nasdaq and new york stock exchange, hong kong now, they are starting to talk about influencing the hong kong exchange. that will delay liquidity to investors and you would look at a decline in interest in those investors in china because it's harder to get their money back. shery: how does the new beijing exchange factor in? gary: the chinese can't help intervening. the first day of trading look like it went well but it's in the middle of a regulatory nest of beijing. speaking as a purely market oriented a fact, i don't think it's going to go down that had. i think they will intervene more than they probably should. shery: has the intervention and
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the regulatory crackdown affected your vision of where you put your money? gary: that's a great question. the vision of where we put the money, we are investing early, so we are having to anticipate where these regulatory changes are going to be several cycles from now. the chinese government has made it very clear that there are some things you don't want to invest in because you don't want to ask about will use technology or the pressure from the u.s. and china for different reasons. so it has guided the investments to areas we feel are safe. health care is a great example where half of the money goes into health care and that's an area that has not been impacted by regulatory. shery: i love the way you say as of yet because you never know with china. what are the risks? you never know when the decisions will be made with president xi jinping ramping up
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his presence everywhere in every sector of the economy? gary: all we can do is invest in chinese onto printers. chinese entrepreneurs have a you can't kill me attitude toward the government. they are fiercely competitive any energy is phenomenal. all you have to do is pick the best entrepreneurs. if government intervention ends up inconveniencing us as investors, you just have to deal with that. you don't want to do something you know is directly in the crosshairs of the u.s. government or chinese government. shery: how does it -- how does it affect your decisions investing in the best entrepreneurs when some of this could impact innovation itself? gary: the crackdown could impact innovation, but that is a long-term event. we are so early that most of the time when we invest in a company, the government has no idea it exists. governments are trailing indicators, not leading indicators. by the time the u.s. government
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has figured out one of our investments is meaningful, it is years and years after we made that initial investment. shery: are you seeing the financial decoupling we've been talking about for the past few years with u.s.-china tensions rising? gary: i don't think decoupling is possible and i don't think it's the right path. i see some impact by china, some impact by the u.s. looking to make certain types of investments, certain types of listings were difficult. fundamentally, the day-to-day operations, any corporation large or small will be trapped between the two economies. with biden and xi jinping having a rapprochement at some level, we will get things back to an engagement first mentality which i think would be good for everybody. shery: we are seeing an economic slowdown in china, perhaps a
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fading of the v-shaped rebound we saw after the pandemic. how is that affecting the vc landscape right now? gary: since we are investing in the next economy in china, we are looking at things that have to underpin china's economy and 5, 10, 15 years. we are predicting the future in a way. you look at 5% growth in china and while it is slower, if you are in a car going 80 you are suddenly going 60, you feel like you are going slow, but you are still going 60. it is still a huge market opportunity to invest into. so it is a little where you sit on the spectrum and for people coming late to the market now or judging the market on how it used to grow, it's not practical even the size. china has lots of issues and you will have many people talking about them but i don't think technology is fundamentally less
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attractive. i think technology investing -- >> -- shery: where do you see china in 2022? gary: i see china nervous in 2022. i think they will continue down their path, investors seem to be happy, but at the government level, none of the systems in the world, whether the u.s., china, none of our systems are prepared to deal with these nami coming out, so it is a hard thing for humans to about restructuring, but that's what it's going to take to get to the next 10 or 20 years and i think there's a lot of anxiety around that. shery: [indiscernible]
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gary: in order to be open-minded about this, you have to put yourself in the position of if you were starting from scratch and didn't have any current constraints, what would you do? shery: thank you so much. always great having you with us. for more high-profile -- [indiscernible] we will speak with or ceos in the days ahead. this is bloomberg. ♪
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haidi: a quick check of the latest business flash headlines. the evergrande have reportedly injected more than a billion dollars in cash. he began making injections back in july. separately, an associate pledged collateral for a loan worth $105 million. the distress debt investors says troubles have led to even more attractive real estate lending opportunities as well as a number of chinese developers struggling to refinance billions of dollars in debt. u.s. banks are set to hand investment bankers and traders their biggest bonuses since the financial crisis.
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compensation say equity in debt underwriters can get a 35% bonus above. stock traders could see a between 5% increase. wall street firms have benefited from a surge in trading during the pandemic. peloton surged after they announced plans to sell a billion dollars worth of shares. the stock plummeted 45% since its revenue projection was slashed earlier this month. peloton has been grappling with safety recalls and weaker demand for its at-home fitness equipment. the bloomberg new economy forum kicks off in singapore. we will be hearing from the chinese vice president and a host of other global leaders and policymakers. so much to talk about, given these are marks come against the
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backdrop of talks between the chinese and u.s. leaders. shery: so much to discuss and we want to hear what the vice president has to say given the report we have about cooperation between the two sides coming at a time when there are a more contentious issues. we are talking about taiwan and talking about trade. we don't necessarily have a resolution but we may have an easing of tensions, so we will be looking forward to any indication of where that relationship is going, not to mention we continue to see the rebound in the chinese economy starting to fade. we want to get any clues that we can from chinese policymakers and this will be a great opportunity as we get to that speech. haidi: as we head into what is a crucial few months for president xi jinping, when it comes to the momentum that seems to be flagging in the post-pandemic
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recovery, we are looking to some of the other major themes. how supply chain issues are going to flow into the holiday season and beyond. whether this idea of competition but not conflict was how president biden put yesterday, whether it could be part of the major economies. let's take a look at the market. largely on account of the robust u.s. consumer, we saw retail earnings suggesting even with inflation we could see a strong consumer. the nikkei not getting a bump at all from that weakness in the yen. we see the nikkei trading lower by .2%. also seeing a downside about half a cent. crucial wage data in sydney. that will be i'd in terms of how
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dovish the central bank will continue to be betting on be faster increases. lots more to come and i'm looking forward to what we get out of singapore from you.
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shery: we are live at the bloomberg new economy forum in singapore. we are discussing some key topics, including climate, cities, health, trade and finance. we continue to see fault lines deepening between the rich and poor, between u.s. and china, this decoupling happening around the world. those are some of the key issues as we await michael bloomberg, our founder, he will be
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delivering opening remarks very soon. haidi: compared to what we were talking about the last time we were together at the new economy forum, there were the same themes when it comes to competition and conflict between the u.s. and china, the widening wealth disparity in with the new economy digitization means, but what we've seen with the pandemic has been an acceleration and deepening of some of these key themes. it will be interesting to hear from the chinese vice president who will be giving the opening address and the crucial talks we had from president biden and president xi jinping with came -- which came out with no liver both, but many states a reset in the relationship and perhaps some hopefulness we could see normal strategic confrontation and less conflict. shery: especially when you have the issues around taiwan and trade and finance.
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really getting into misunderstandings that can happen in a geopolitical relationship. but what would be interesting here at the new economy forum, every year, we talk about the future, what happens from here into the next 10, 20 years and this is a crucial time given we've seen the shock of covid-19. what will be some of the lasting challenges we might see into the future and the changes as well? we are seeing a mixed picture across markets. let's turn to sophie for what we are watching. sophie: we do have some trade data from a japan to consider and prices from australia for the third quarter. that index rising and on a yearly basis, coming in line with estimates. gauging what is happening with the aussie dollar as we awaited,
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fluctuating around that 73 handle. take a look at the broader picture with stocks in the region. we see that risk on evaporate this morning. even as the yen is weaker, eyeing that handle against the dollar. we have gold bully on gaining about .1%, staffing against that inflation conversation and oil. headwinds for crude and checking on the u.s. ten-year yield, holding steady overnight. a closer look at what is going on in tokyo, we are seeing that steepen intraday and the trade data, exports grew for an eight
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straight month, but the pasted slowdown, given the supply constraint. we see declines for the index as well, attempting to test the 3000 level yet again. shery: we are still awaiting opening remarks coming from michael bloomberg, the founder of bloomberg mp and berg philanthropies. there's so much to discuss this week as we were talking about those developments around trade tensions between the u.s. and china and not to mention other topics like climate, finance as well. really a busy weekend you can hear it happen in the background right now. haidi: it is nice to hear the buzz of real-life people in a real-life environment. when the global economy has been wracked by the impact of the
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pandemic for the coronavirus has changed so much, when you talk about the social gaps, also positive changes and how the digital economy has come to the fore and how corporations have been forced to embrace that side of thing. we've just come out of cop 26 and the key talks between china and the u.s.. at the same time, we had a global inflation up before and how economies and societies are going to have to deal with this new kind of economic data as well. it will be interesting to see how these business leaders and just a month away from a brand-new year. what does 2020 to bring given the couple of years we've already had? shery: has it already been a year? we have seen the reopening of some economies, especially the u.s. where things seem to be
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getting back to normal and people meeting face-to-face. it's not all the same around the world. we are seeing that it is perhaps going to be a key topic addressed today and the difference between rich and poor economies, between the u.s. and china, the deepening faultlines and what was interesting is for the pandemic, we had seen this converging of lower income nations catching up and the pandemic through everything in reverse. haidi: fat diversions is never more clear than when you take a look at the vaccine update. the availability of vaccine across wealthier countries and developing countries. let's get straight to michael bloomberg's opening remarks. mr. bloomberg: we have the next ordinary group together in person in singapore. we have more than 300 when he
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five leaders in government and business that have made trips from all over the world from 40 different countries. to all of you, to our official partners whose names you see on the screens and our many friends and partners tuning in from around the world, thank you very much for joining all of us. at the start, let me thank the tears of our new economy forum advisory board, henry kissinger who is joining us by video and hank paulson, who is joining us by sitting right there. thank you for your continued leadership hank and henry. we also express our sincere gratitude to prime minister lee and the people of singapore for their generous hospitality. this has been one of the most dynamic and innovative countries in the world and this event wouldn't have happened without the close collaboration and partnership of the prime minister and his team. they've been very gracious hosts and i want to encourage everyone
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to be very gracious guests and abide by mask wearing and social distancing. our hosts are very serious about that and we are determined to help them. we are trying to do the right thing to protect all of us and the citizens of their country. we are glad to be here together and i want to thank everyone for respectfully following the rules. i will say when i go up the stairs and take off my mask, i realize how little oxygen you get through them, but nevertheless, i feel safe and you should as sugar families. we have gathered here on this beautiful island and having visited over the years, i've learned enough to know the name translates to peace and tranquilly. how much else i know in the language, you can imagine. as our opening video reminded us, that's quite a contrast to the world we are living in today
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and right here, there is peace and tranquility. we come together to bridge divides between government and businesses and get more leaders with different perspectives talking face-to-face or video to video. as covid continues to china a spotlight on the world's disparities, our work is to build strong partnerships east to west and take on even greater importance, a battle against something that could literally destroy the world we live in. later in the program, we are going to show another video. in it you will see we pose a question to friends who couldn't be here. the question was what one change does the world need to see coming out of this covid-19 pandemic? we find it fascinating the variety of answers we got to the question. there are plenty, but one answer is something i stretched -- i
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stressed at the u.n. climate summit in scotland earlier this month. when it comes to reducing emissions, we know what we need to do. some of us are already doing it, but we are not doing it fast enough and not everybody is doing it. we saw governments reach a much-needed deal. it was especially encouraging to see the u.s. and china find some common ground and some countries, including india committed to more ambitious goals. we saw cities and states and businesses and foundations step up and raise the bar. but as we know, commitments are words and we need action, action that can be measured, action that can be qualified, action that can become a buckley reported and action that will save lives. there are people out there every day dying, lots of people, tens of thousands of people, and we
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are sitting here. let's make sure we do something to get the right ideas and turn them into action. to make a difference, we need to win the battle against climate change from both the public and private sectors and we have to work hand in hand like never before. i don't think this forum could come at a better time. the first gathering of business leaders since the u.n. meeting in glasgow is the opportunity to build on the momentum coming out of scotland and we have an extraordinary group here to do it. leaders from many of the world's largest investors are here including banks and asset managers and sovereign wealth funds along with ministers from asia, africa and north and south america. we can learn from each other and a lot of the work we do, we have to do together. i'm looking forward to discussions on the main stage and to get some of the workshops also where a lot of real,
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practical work gets done. my foundation, i'm happy to say has worked hard with the sierra club to close coal-fired power plants in the united states. in the last half a dozen years, we have closed 65% of all coal-fired power plants in america. they are either closed or in the process of shutting down. we've expanded efforts in europe and 50% of coal-fired power plants are either coal -- either closed or in the process of closing. if the private sector can do that, you would think government could do a lot more. that's one of the things we have to take away from here, go back and tell our governments we are not going to let them off the hook and the time for just talk has come and is gone. what make this convention so successful each year is your active participation, so i want to anchor you for your continuing commitment, peace and tranquility will always be the
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ideas we aspire to -- ideals we aspire to, and they will become real only through the types of partnerships and actions we forge together here at the forum. today, we are going to hear from a number of leaders, including one we are honored to have join us at the bloomberg new economy forum. that is someone you will know and know about that we met nearly 20 years ago when he was the mayor of beijing and i was the mayor of new york city. like all effective mayors, he was a problem solver and lead his city through the sars epidemic and its appetite -- its economic impact. on the world stage, he's an influential diplomat and we are grateful he could address the forum at this critical moment. but before we hear from the vice president of china, let me welcome his one-time counterpart in government and longtime friend and mine.
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this gentleman is one of the forums advisory board cochairs and a founding member of the board of bloomberg philanthropies and we are fortunate to have the benefit of his extraordinary variance and insights. the podium and the video this year are yours. [applause] haidi: that is michael r. bloomberg making those remarks. this year talking about the graciousness of singapore being the host and calling for the strong partnership required between the east and west, talking about what needs to happen now post pandemic, the continued recovery. we are now -- let's get you some more remarks from the new economy forum now. ♪
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>> thank you, mike, and good morning, everyone. it is now my great pleasure to introduce my long-standing friend, the vice president. he is a visionary and historian, a philosopher and a man of action. and that is a very rare combination. over his long career, he has advocated for and embraced reform. reform isn't easy in a country as large and complex as china. but he has proven over and over again he knows how to get difficult things done. that takes a lot of determination. it takes skill, and it takes courage. so i'm looking forward to hearing what he has to tell today and i'm hoping china is
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going to continue to be embracing reform and opening up to competition. now, vice president of china. [applause] ♪ haidi: we are awaiting the vice president of china to take to the stage. really looking forward to hearing some of these remarks against the backdrop of those crucial talks between the u.s. and china and their leaders yesterday and we are bringing you live coverage of the new economy forum organized by bloomberg media group, a division of bloomberg lp. we just heard from michael bloomberg himself. >> half of the chinese government must extend
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congratulations on the opening of the forum and to all participating guests. as we meet, the environment is undergoing profound changes. a once in a century pandemic continues to spread. the level economy has -- it foundation is not as solid. the backlash against economic globalization have added to the uncertainties. in the face of these circumstances, the coming just party of china and the chinese government have taken into account both domestic and
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international environments and followed a corn aided response to the covid response and have made some progress. on the domestic front, we have applied the new development philosophy to foster a new developing paradigm. following the general principle of seeking progress and stability, we are focused on managing our own affairs as well. on the external front, we've pursued high-level opening up and to share market opportunities with the wider world. we explicitly upheld through
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multilateralism and defended the world, interests and moved forward the high quality belt and road corporation. international cooperation against covid-19, we've honored our commitments and lived up to our responsibility. making major contributions to the global fight against the coronavirus. last week, the committee successfully convened its sixth session. the session comprehensively summarize the achievement and historic experience of the cpc over the past century. and the party -- [indiscernible] to work even harder for building
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a country for all respects. analysis of the reality to prove china cannot develop an isolation of the world and nork can the world develop without china. china will not waiver and it has been opening up. china's development is part of the progress of the entirety of humanity. going forward, china will keep its arms wide open and provide growth opportunities to the world. and the building of a world
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economy and community with a shared future for mankind. distinguished guests, that complex global situation and economic recovery, there are some new trends and opportunities. we need to be more open-minded, think more creatively, and take more programmatic steps. to jointly create a brighter future for the world economy. we need to join hands to fight covid-19. the new dynamics on the covid situation in response policies are key factors effecting the global economic recovery. the international community
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should work in consort and follow at assigned space attitude to tackle and defeat the virus. we need to support each other's response efforts and strengthen monetary tools in research, production and recognition of vaccines. to forge a synergy against the pandemic. we need to promote fair and equitable distribution of vaccines worldwide and, in particular, step up support for developing countries. to ensure vaccine accessibility and affordability in the developing world and bridge the vaccine divide. we need to embrace science,
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firmly oppose politicized asian of issues involving vaccines and origins tracing and jointly build a global community of health for all. we need to join hands to build another world economy. openness rings progress whereas isolation leads to backwardness. we need to promote trade and investment liberalization, bring down trade and knowledge barriers, stay away from discriminatory rules and systems and keep the functioning of supply chains stable and smooth. we need to jointly make the pie of interest bigger and have the synergy of our national developing strategies and
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development agenda. and make economic globalization more open, inclusive, balanced and beneficial for all. we need to improve development philosophies and models and solve the issues of imbalanced development to make sure there are more equal develop and opportunities and make fruitful development shared by all. we need to join hands to promote a green transition and innovation driven development. uphold the principle of common but differentiated responsibilities. the paris agreement on climate change in the outcomes of cop 15 on biological diversity.
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we need to coordinate efforts and economic growth, people's well-being, energy conservation and pursue a green and low carbon transition of the economy in a holistic way. we need to follow the general direction of the technological revolution and industrial transformation in harness the power of scientific and technological innovation to drive the transformation of upgrading energy, industrial and consumption structures. we need to ask all right the conversion of technological outcomes into active productivity in the making of a stronger engine and the green transition. we need to join hands to improve
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the global governance system. a fair, just, and equitable global governance system is an important safeguard for the city growth of the world economy over the long run. we need to follow the principles of extensive consultation and uphold to market multilateralism. we need to support the reform in the right direction, support inclusive development of the multilateral trading system and the lawful rights and interests of developing members of the organization. we need to look forward to the imf governors reform to increase representation in the voice of developing countries and the emerging markets.
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we need to jointly discuss and formulate global governance rules, improve multilateral institutions for digital economy governance, establish basic institutions and knowledge extenders on transactions, border transmission and the security protection of resources. and to foster an open, fair and just environment for future development. distinguished guests, the china u.s. relationship is a matter of high interest to many. yesterday, president xi jinping and president joe biden had a virtual meeting. they had an extensive exchange of views on the balance of relations. they reached important common
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understandings. china and the united states are respectively the world's biggest helping countries and biggest bill up countries. whether they can handle the relationship well depends on the future of the world. the two sides should add, and understandings reached between the two presidents. keep their focus on cooperation and manage and control differences. but to bring china u.s. relations back to the right track of sound and steady growth, and the global economic recovery. and world peace and stability. to conclude, i wish the forum success. >> please welcome to the stage --
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haidi: the chinese vice president speaking at the opening of the bloomberg new economy forum. let's bring in our next guest, and advisor to the chinese government and a virtual delegate this year. great to have you with us and we appreciate your time. one thing that stood out to me was when the vice president talked about the development of china cannot happen in isolation and the development of the world cannot happen without china. what do you make of that and how does this dynamic of working together, will it be realized? henry: i think this is a great bloomberg conference happening in singapore. i am actually on-site and it is encouraging. the time is right and president biden and president xi jinping met virtually yesterday.
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the importance of openness and that isolation leads to records, so what we can see now is after the summit yesterday, it set a new tone and a strong it sent a strong message that the two largest economies have to work together and we have to live peacefully and coexist together. that is the message, to work positively between the two largest economies. president biden is very supportive of china and i think the meeting will be very good, and mr. bloomberg had great opening remarks

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