600,000. Los angeles is facing a new lockdown. Tokyo and hong kong reporting record numbers. Australia is set to deliver a new budget, may be the biggest blowout since world war ii. Lets take a look at how we are setting up when it comes to markets. Ures this is how it is shaping up when it comes to the future contracts. A Third Straight week of gains when it comes to the s p, managing to withstand the lakesession latesession wound. Slow but steady rotation away from growth in tech. Much more going into value. Futures are up by about 0. 1 . Positivity when it comes to the trading in tokyo, just about 0. 2 higher. Chicago nikkei futures are higher, all eyes on whats going on in brussels with now three days of negotiations in the eu to reach this agreement on the stimulus package and hand out details. We are hearing details, including that the netherlands and austria remain the strongest holdouts in the eu recovery talks. A bit of anxiety playing through when it comes to the eurodollar trading. New zealand is up by about 0. 25 so far this morning. Markets remain very much preoccupied by three things earnings, ecodata, and the global coronavirus pandemic, where we continue to see these grim milestones continue to rise. Global case is now sitting above 14 million. Deaths globally over 600,000. Nonmandatory in milk now mandatory in melbourne. Infections continue to rise, meanwhile, in the u. S. Record numbers being reported in hong kong and tokyo. Yvonne man joins us from hong kong with the latest. Are we calling this a third wave . Certainly a serious wave of the infections sweeping hong kong. Yvonne this is the third wave in hong kong. That record number, 108 new cases. We havent seen numbers like this before in the previous wave. This surpassing about 1700 here in the city. I know in the grand scheme of things, it seems like these numbers are small, but hong kong is a very dense city. The concern is still about the amount of local cases that have spread. That has forced the government to fight step up their virus fighting. Bars and restaurants will be dyingout dineout only. Gyms will still be closed. Masks must still be worn in indoor areas. Civil servants will start to work from home starting today. There was a press briefing yesterday, saying that the situation is very severe. There is no sign yet that this is under control. Out of those 108 cases, more than 40 of those are of unknown origin. The wave is worse than what we saw and perhaps a sign that we havent seen the worst just yet. We continue to see these new records in tokyo, and the japanese public, really not happy with the government. Yvonne yeah. There are these new polls that newspaper,om a saying that more people are unhappy with the governments response to this virus. About 60 , compared to the survey they did last, which was about 50 of people that thought so. They said preventing infections should take priority over economic activities. Most are calling for localized state of emergencies to come calling forven the nationwide state of emergency to return. We saw a record numbers in tokyo for a second straight day, 188 new cases now as of yesterday, according to the nhk, and total infections now in the capital reaching more than 9400. The same rate, we are seeing abes Approval Rating has also alling 32 percentage points, while his disApproval Rating has risen to 60 . The government is planning to kick off this campaign to boost Domestic Travel by offering vouchers out there. 2 3, thoughtabout they should suspend this campaign for now, not just for tokyo, but for parts of japan as well. Nearly 20 said, yes, you can kick this off, but exclude tokyo. Only 6 thought this plan should include the capital. Another poll also suggesting that 1 5 of the public thought that next summers Tokyo Olympics should go as planned, while the remaining thought they should be canceled or postponed. For the most part, the japanese are still quite concerned about this whole issue. Lets also turn to the response in the u. S. , because President Trump continues to play down the record infections we are seeing here. Take a listen to what he had to say. Pres. Trump many of those young cases many of those cases are young people who would heal in a day. Many of them. Dont forget. I guess its like 99 point 7 . People are going to get better. Like 99. 7 . To contend this is just a sniffle. More than 140 thousand people dead across the United States already. Yvonne President Trump did say in that interview, look at the mortality rate. The u. S. Still has one of the best mortality rates in the world, according to him. When asked about his relationship with the south Infectious Disease expert, dr. Fauci, he said dr. Fauci is an alarmist, but the two men have a great relationship. Members of the Trump Administration have criticized fauci and his comments. But as we see, the number of cases in the u. S. 2. 2 , a rise of about which is above the daily average. Weve seen the death toll reaching, 140000 the death toll reaching 140,000. L. A. Is on the brink of another stayathome order. Deaths have slowed in parts of arizona and florida. There are still some signs of improvement. Overall, still a big problem. Kongonne man there in hong with the very latest on the virus front. Still ahead, scotia bank sees asia leading the Global Economic rebound, but says some nations are still facing great difficulty. Iss, signs that crypto gaining traction. With zhao cuss changpeng. This is bloomberg. Watching daybreak asia. The government leaders in the u. S. Are expected to trump,ng President Senate leader mcconnell, and treasury secretary mnuchin. The administration is balking at new funding to help with Virus Testing and tracing. It also opposes allocating money to the cdc. The eu remains split on a virus rescue package with the netherlands and others under pressure to get in line. We are told nations are arguing over the method of dispersing about 800 billion worth of aid. Fiscallyrlands and its conservative allies are being accused of holding the bloc to ransom over the precise wording. Meanwhile, the Australian Government is set to deliver a new budget that may be the biggest since world war ii. A Bloomberg Survey expects the treasurer to forecast a deficit of more than 190 billion, around 10 of gdp, for the 12 months from next june. Resurgent virus cases have undermined plans for the economy. Reports from north korea say kim jongun has met military leaders to discuss whats being called a war deterrent. Have been released about the weekend meeting. Kim reiterated the determination theres little chance of an immediate summit with President Trump. Global news, 24 hours a day, on qu and on bloombergs icktake. Im karina mitchell. This is bloomberg. Shery Economic Data from asia continues to suggest the recovery from the pandemic could take longer than hoped. Many are battling new coronavirus infections. Lets discuss what to look out for in the week ahead with scotia bank head of asiapacific economics tuuli mccully. Great to have you with us. The idea has been that asia was the first into the pandemic and will be the first out and will lead the global recovery. There are many nations that face quite challenging times. Tell us a little bit about these countries. Tuuli good morning. Faceshe original economy major Downside Risks especially related to the covid19 pandemic. If there is another wave of lockdowns, it could be quite terrible for the regional economy, given that largescale bankruptcies could potentially destabilize the banking systems. This is something that we really need to monitor closely. But for the time being, asia is definitely leading the global rebound, reflecting the firstincome firstout dynamic dynamic. In, firstout we have this new wave of infections across the region, so it is definitely quite concerning and the recovery will be very fragile. What are you expecting out of south korea . The expectation is that this week they will go into a technical recession. Tuuli i agree with that. I expect that we will see around 2 contraction in quarter over quarter trends in the second quarter. This means that south korea will meet the technical discussion technical definition of a recession. I think the worst is behind us. Economy is starting to show signs of recovery. Weve seen some highfrequency indicators improving in june and july. Recovery should be underpinned by expansionary monetary and fiscal policy. When we look at the second half of the year, we should have a fairly decent rebound, but its not going to be Strong Enough to offset the loss in the first half of the year. The annual growth rate for 2020 ,ill still be fairly negative but i think the worst is behind us at this point. Uli, we continue to look to china for the most robust recovery, the most domesticallydriven recovery. Last week, those numbers were encouraging. How much more risk is therefrom a lapse is there from a lapse in that rebound . Tuuli there is a significant risk. When you look at the recovery dynamics in china and elsewhere as well, the industrial sector has been rebounding quite nicely. Of course, it is fairly easy to pursue factory production. But the Services Side of the economy and any sectors that rely on consumer spending, thats a lot slower to recover, because Consumer Confidence is taking a lot longer to rebound. I think thats what the main risks are that consumers just dont feel confident enough to get back and start spending. We could see a very long, slow recovery after we go through the first the first data will show a fairly quick rebound, even though we saw significant contraction. After that first rebound, the recovery might be quite fragile and take a long time. Case, we thats the have also seen credit expansion in china, plotting plodding along in not a terrible way. Do you expect authorities to do anything, or will it be this slow and steady commitment to loosening the lending caps weve seen so far . Tuuli i think the chinese authorities will maintain an accommodative monetary stance for a while. I think the loan crime rates will stay on hold for now rates will stay on hold for now. I think it will come in the form servicet to banks requirement ratios. I think thats where the stimulus will likely come from, also from fairly robust credit growth. At this point, the lpr will likely stay on hold. We will continue to see the rising tensions between the u. S. And china. If we consider the fact that perhaps multinationals will think again about doing business in china, given the ongoing tensions, how we continue to see more companies also considering diversifying away from china, not only because of this pandemic, but also because of the ongoing trade tensions how much of a quantifiable impact will all of this have on chinas economy . Think the elevated tensions with the u. S. And china are the secondbiggest Downside Risk to the original outlook. The first one is, of course, related to the covid19 pandemic. The tensions between the u. S. And china remain elevated, maybe even intensify, ahead of the november elections. The conflict is becoming broader. It has spread from a trade conflict to a technology conflict and lately to more of a political conflict. Its clear that these tensions are not going to go away anytime soon. They will make every day operations more difficult for Multinational Companies that have operations in both the u. S. And china. This definitely is a major risk to the outlook. How they would quantify it is, its very difficult, but it definitely does not help the Global Economic recovery. Scotia bank head of asiapacific economics, tuuli mccully, we appreciate your time and insights. We get more on chinas Economic Outlook ahead. Ingill also be hearing from a little bit later in the programming. Eu leaders disagree on how to structure a massive recovery fund. We will get the latest. This is bloomberg. [speaking foreign language] translator im fully aware of the divergences, but also the determination needed to overcome them. It will require compromise from all sides. The whole world is watching whether europe is able to stand united. Are eu leaders speaking ahead of what has dragged into three days of talks on the massive recovery plan. Our Global Economics and policy editor has the latest. We are hearing that the biggest holdout is austria and the netherlands. What is being contested after these three days of talks and a couple of pretty dramatic walkouts . Its all about grants versus loans. Are you going to give the nations hit hardest by the virus , countries like italy in the south are you going to give them money outright . Are you going to stick to low interest loans . What is the balance going to be . This is how they are split right now. Remember, this is their first inperson meeting since february. They are really buckling down. We have to pass this 750billion euro Pandemic Recovery plan. They are working into the night. Its in danger now of becoming a fourday meeting, the majority, led by germany and france, want grants. The eu councile president has president has voted a plan for that number. Led by the dutch Prime Minister, are insisting that it has to be significantly grants, higher number of loans. There was a 50 chance of passing the package put on the table. He was somewhat optimistic. His prediction has proved he has been so entrenched on this position. The Eu Commission president ursula von der leyen has said that this is critical. You have to get this plan to ensure european recovery from the damage from the virus. The italian Prime Minister said in a statement on sunday that europe is being blackmailed by the hardliners, by the hawks, as he referred to them. Talks continue. Bilateral talks. Earlier in the weekend, germany and france walked away from a meeting with the netherlands Prime Minister, when they couldnt agree on anything. Much tougher than some people thought. G20 has beenhe grappling with the impact of the coronavirus this week. When it comes to the worlds poorest countries, what have officials decided about debt relief . Decided theyy have are going to wait to really decide how much they extend their support beyond december. Right now, everybody is implementing this Debt Service Suspension initiative through the end of the year. The saudi finance minister said over the weekend that this debt relief plan will make about 14 billion available to the poorest nations to fight the virus, because they dont have to pay the debt servicing. That can be very high. In fact, 42 countries are getting to debt relief right now. There has been about 5. 5 billion in suspension of repayments. The head of the world bank said over the weekend that the g20 has to extend the debt hrough the end of next year. He warns of rising poverty, increasingly desperate situations in poor nations, as they use what little resources they have to fight the devastation of the virus. He says time is short. We need to take action on debt suspension, Debt Resolution mechanisms, and that transparency and debt transparency. Some who are watching say that the suspension is not going to be enough for the poor countries. It looks like, in terms of their agreement, they are punting for now. Our Global Economics and policy editor, kathleen hays, with the latest from the eu and the g20. Lets get a quick check of the latest business flash headlines. Boeing is running out of space to store newly built planes at its factories. Dozens of planes are said to be sitting idle. Boeing delivered just three dreamliners in may and june as the airline rethinks longhaul strategy in the coronavirus. Boeing has lowered its output to 10 new dreamliners a month, from 14. The Global Demand for electric cars, particularly built by tesla, is boosting a south korea battery maker, that is now the worlds number one. It has surged more than 60 this year to a valuation of about 30 billion and it is now the sixthlargest stop on the kospi sixthlargest stock on the kospi index. Disney, the number one advertiser on facebook, has slashed ad spending. Than 200ent more million on facebook in the first half, but has pulled back. A growing list of Major Companies have pulled ad spending over facebooks handling of hate speech and misleading content. Up next, australias biggest blowout since world war ii. We will discuss expectations for the treasurers budget released on thursday. This is bloomberg. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. You are watching bloomberg daybreak australia. Youre watching bloomberg daybreak asia. U. S. Avirus records in the with deaths surpassing 140,000. Los angeles on the verge of a new lockdown. The pace of totalitys has slowed in arizona and florida. New york city aims to move to phase four of reopening on monday. Local cases are buffed 14 million with deaths topping 600,000. Inonavirus cases are surging asia with tokyo reporting 200 new infections for Third Straight day. Hong kong had 100 new cases on sunday about with masks obligatory and public areas. India afterise in the total surpassed one million last week, with deaths approaching 27,000. And timera, delhi allowed to have half the total cases. Nadu have half the total cases. Allies in suspending extradition with hong kong after china security crackdown. New zealand and the u. S. Are reviewing their policies. Foreign secretary dominic raab will brief Parliament Monday on that u. K. Response to beijings treatment of uighur muslims. Floodis bracing for a emergency as water levels on the Yangtze River reach new heights. The three gorges dam was built to ease flooding concerns, but it is under increasing pressure as rain continues to fall. Millions have been forced to leave their homes. 140 are known to have died. The flood limit, damage 50 meters above safe levels with more rain forecast. Australias government will announce its biggest budget blowout since the Second World War as a rebels with the resurgence of coronavirus cases. What do we expect from thursdays update . The australian treasurer, Josh Frydenberg delivered an update that will provide an update of economic and fiscal outlook and address the pandemic with a package. A package that provided subsidies for wages and payments to those unemployed. These programs were due to expire in september. The finance minister, but hes, signaled over the weekend there would be ongoing support for businesses through the job keeper program, but there would likely be partial tighter eligible to criteria. It could be the job keeper payment is only for businesses with a larger fall and revenue or only available to certain industries. We will find out on thursday. The key question is, where with the unemployment benefit be taken . The bonus job seeker payment effectively doubles the previous unemployment benefit which was widely called to low prepandemic. Not roll outan did changing it once it ended. In september. Currently it is five hunter 50 and the payment would still be sick get rise from the previous unemployment benefit. Alexandra, with the stimulus, where its the budget position expected to land . Our Bloomberg Survey of economists found economists ausdct a budget deficit of gdp, theound 10 of largest budget deficit. We expect the government funding arm of the Australian Office for Financial Management to step up its issuance to form just you funds pending and this would follow a record quarter of issuance in the three months up to june. Gets the rba minutes and speech of the rba government this week. What are you looking out for . The rba minutes are from the july meeting were rates and yield target were unchanged. So much has changed in the past few weeks that new virus growing the numbers especially in melbourne and victoria, the greater focus will be on the governors speech tomorrow. We expect greater caution on the Economic Outlook given the lockdown. We are seeing in melbourne and border closures. Expect the government will emphasize uncertainty as he has throughout the pandemic. A lot comes down to the confidence [inaudible] and confidence again out its been a keep spending. So we asked act greater and more caution to enter the governors words tomorrow. Us, thendra joining Bloomberg Economics editor with the latest on australia. Take a look at what markets are doing at the moment. We are now seeing u. S. Futures , after we saw another risk on wake with the s p 500 rounding out the third week of gains. Now we see the nikkei futures to afterside of. 25 percent two sessions of losses for japanese stocks. The japanese yen has held steady throughout most of the week. Even when we had the broader dollar weakening against most major currencies. We have the japanese yen staying in the now range after that boj last week kept main policy levels unchanged and we are watching for the june trade balance to come in the next 20 minutes. When it comes to the euro we are seeing an upside of. 1 , as we continue to wait for any agreement on the 750 billion euros stimulus package, after two days of sparring in brussels. Theng up, it going shot at 10,000 level is waning. The price stuck in a narrow range. Other smaller cryptocurrencies may gain in what some have dubbed the old season. We will get the outlook next. This is bloomberg. Selina this is bloomberg. Lets get a quick check of the latest is in his flash headlines. Japan is looking to boost its chip industry with an International Tie up. Tokyo is considering allowing Taiwan Semiconductor to partner with one of its own makers, a research institute, according to that know me youre a newspaper. Iyuriovernment nom newspaper. The government could offer funny is looks to protect stateoftheart technology and National Security. Apple is expecting to have a new iphone producer in china, and is setting up a clash with the antimainland administration washington. Lakshir precision is buying operations from taiwans wistron corp. It is already biggest makers of apples air pod and one of the top performers in asia last year. An investigation into last weeks highprofile twitter hack found several Staff Members were manipulated into providing sensitive information, allowing passwords to be reset for some users. The hackers are said to have tried to sell some usernames, but twitter insists data was not downloaded. Targeted accounts include a former president obama and several leaner business leaders. Holding steady at the moment continuing to trade above 40 per barrel despite the ongoing surge in coronavirus cases in part of the u. S. Su keenan has more on this. We did see a slip at the end of last week but we are seeing a degree of stability despite the demandside concerns coming through with the virus situation. Correct within buyer electronic trading opening in asia we have oil relatively flat compared to how we ended the week. It is in the mid range above 40 and . 60 after dipping a half percent friday. If you look at the fiveday chart you can see last weeks soft Economic Data we had, soft Consumer Sentiment and labor market indicators that did cast doubt on how fast the worlds biggest economy can bounceback from the pandemic. So you have had oil having difficulty breaking above 40 and if you look at the big picture, we are starting week toh oil again struggling break out of the range it has been in. Aboutth fresh concerns the spread of these coronavirus cases. The mayor of los angeles warning the city is on the brink of a new stayathome order which would directly impact demand for energy. A new cases in california are accelerating. The good news is texascases have dropped and new york city is entering face for, taking a four, sontering phase there are positives. But a big focus for the week in oil trading will be how these coronavirus cases, the resurgence of them, is tracking and whether lockdown orders are reinitiated in parts of the country. The volume of oil trading declining. What are trait nerd thing about that . Waterth prices treading and we had the ferocious bounceback of oil being below zero, there has been little to get excited about in recent weeks for traders. That may have something to do with the fact that volumes on the global brand benchmark in july as well as wti in the u. S. But mainly brent heading for their lowest months since 2014. For deby ti, the quiet is month since 2015. For wti. This is the calm after the storm of trading with serious questions about where oil goes from here. Russians exports are expected to stay near julys historically low levels next month, a signal that russia is serious about keeping extra crude it plans mystically and then draining key refining markets. There has been a focus on opec as it eases out of its production curbs. We are hearing opec very much focused on the fact that if there is a resurgence of cases in the u. S. , they do not want to put too much oil on the market to push prices lower. That is the latest, back to you. We will have more to come on daybreak asia. This is bloomberg. Bitcoin has been gaining since the big drop off at the start of the coronavirus pandemic but has been unable to breach the 10,000 threshold as it climbs its way back. We are starting to see the emergence of smaller alternative coins gaining steam and what some are dubbing the alt season. Print update cash for an update we are joined by the founder and on, great to see you again bloomberg tv. What would it take to see bitcoin break out of the range we are seeing . And what is your explanation for why we are seeing more alt coins . Some create more dominance than others in this market. Great to be back, thank you. I honestly do not know what is going to take bitcoin to practice. There are number of factors that could happen and i think it will probably just be time. With all the macroeconomic things happening, the amount of quantitative easing and flowing into the economy sooner or later it will break out. Right now, bitcoin has been stable. People have been calling the stable coin now. Is very muchws it our season now. More than 60 s, comp from alt coin, higher than before. Come from alt coin, higher than before. To june 31st,h 31 june 30, of the 200 coins, only three went down. What is fueling it is anyones guess. There are number of factors. Tweeting about dodge coin could be a or part of it. We do not know but it is active now. Laugh when dodge coin was created and it has been an extra ordinary story. I want to get your views on the twitter hacking last week and the direction people were told to direct bitcoin into three accounts. There is more of a paper trail. But does this give more fire to those who criticize uses a bitcoin for being supporting a lack of transparency, and the fact that theres more criminality when it comes to Transactions Associated with bitcoin and alt coins . Bitcoin is more transparent i think than traditional fiat. If somebody robbed a bank it is quite difficult to trace eight fiat cash. Where with bitcoin there is an audit trail. People know their addresses and people are tracking them now. Given thedent that way the track is done and the crime is done, people will be able to track it with a high degree of certainty. The case happened a few days ago, so hopefully, even time, lawenforcement i think well have a good chance of cracking it. Again, this is not a case where bitcoin did something wrong. It is that the hacker wanted a bitcoin because it is valuable. So when people rob a bank we do not say the cash is wrong, just a bad person wants cash. I think that is the situation. But at the end of the day they did not refer this scam to a bank account, or to cash. Deliveries. They used the degree of anonymity bitcoin provides to engage in this criminal behavior. Will this have an impact when it comes to the reputation of cryptocurrencies . I do not think so anymore. I think people nowadays understand it is not bitcoin during the crime, it is just bitcoin is valuable, that it is of that better form of money than fiat. It is more transferable. It is more anonymous. But bitcoin is not leave a clear and easy to follow trail on the blockchain. It is public and it is permanent. With this instance, bitcoin got a lot of publicity. President s,u get x elon musk or whoever else tweeting about bitcoin. Although we wish the creamer positive news. Any news is good news sort of the idea there. Although we wish it could be more positive news. About another idea crypto does yes go to, the idea cryptocurrencies connect a safe havens, especially at a time when you want to hedge in this, against the macroeconomic environment when you have inflation and the like. But then, during the pandemic we have really seen bitcoin, a cerium, behaved like other assets. At one point in the pandemic we movingcoin and etherium in lockstep with the s p 500. What has the crisis shown us about what this cryptocurrency had can mean . Hedge can mean . I do not think people should take the meaning of that type of asset to literally. There are always factors affecting the price. As theimagine bitcoin famous to float and there is a titanic sinking beside it, if there is a rope tying that float to the titanic, the flow will sync with the titanic even of the float does have looking properties, it is just not able to sustain that kind of a load. I think when we look at traditional markets, on march 12, the whole market crashed. Stockmarkets probably a thousand times bigger than bitcoin markets. When that goes down, a lot of people are losing a lot of money. Many of those people who have crypto investments will want to convert those investments into cash. Has an effect when a large asset category is going down. When you look at the longer time horizon was so much quantitative easing and so much fiat floating around, i think the Safe Haven Properties of bitcoin will come through overtime. You make of chinas cryptocurrency ambitions . I thicket is great. Tui i think it is great. Two years ago when we talked on this forum for the first time, i would not have imagined Central Banks or the central back of china, would be looking at cryptocurrency so quickly. I think regardless of how good the currency is, you should buy them. Many chancest too of educating 1. 4 billion people. This is the central government, the central back of china doing that now. So not 1. 4 billion people will be educated by the government for blockchain currencies. And i think once people use it, once people understand how blockchain currencies work, it will naturally learn about bitcoin and other crypto currencies as well and i think that is great exposure and great for our industry. Likes of others involved we know how quickly Digital Finance really can grow in china and get taken up by the demographic. Thatere a real opportunity sometime soon we could see a chinese Digital Currency replace the rmb even, incoming Consumer Usage . I think it is likely. It is also easier in china than most people outside china think. Chinas currency is already very digital. Most people pay with qr code scanning and you just need to apps, scanning and a qr code and very few people use cash even as two or three years ago in china. It is already very digital. Is aifference now is there blockchain component added in that thereand with is a small hurdle to jump for people to understand latte now. Understand blockchain now. After that is a small step to understand bitcoin another cryptocurrencies. I think it is the most guaranteed to happen, so the chance of that happening is very high in my opinion. Before we let you go, give us an update on interesting trading patterns you have seen during the pendant 00 down or pandemic lockdown or regional differences . Now compared to 2. 5 years ago, we see a lot of differences. Finance time we spoke was a crypto spot exchange. Now we are also biggest futures exchange. We see a lot of money moving to futures, trading cheaper and you get more leverage. That is also overall the market. There is more futures exchanges this time. We are seeing more and more of these, it defines a hot space so there is a lot of activity in the de fi. There are a lot of potential risks there and i want to warn your viewers, if you going to those areas, go there with caution. Thank you very much for binanceus today, founder and ceo. Breaking news out of japan now. We are getting the export and import numbers. Year onplunging 26. 2 year in the months of june. This is a bigger punch than expected and it is the third to consecutive month we are seeing japanese exports fall more than 20 , the fourth consecutive digits. Double downside of 14. 4 year on year. Given that the import numbers have beat estimates, we have seen the trade deficit has billion yen. 8 these would be unadjusted for thannal factors, larger what was expected adjusted for seasonal factors, 423. 9 deficit. For theirj and its june policy meetings with some member saying the markets are starting to calm while still a little bit nervous. Markets have a bit to be nervous about as they watch these developments out of brussels, the stalemate goes into a third day to try to find the funding for the recovery package will be for the eu. We are looking at a moderate upside for trading in new zealand,. 1 . Also session highs in that market going into the start of trading in five minutes in sydney. We are seeing futures pick. 25 and an upside of half a percent, taking the lead from wall street friday hanging onto gains on the s p 500 despite a late session swoon, we saw third week of gains. Starting to watch the rotation away from growth and tech into perhaps more value and the unloved parts of the market. 4 percent digesting the trade numbers as well. On the next hour of bloomberg daybreak asia. More signs of economic recovery is vulnerable. What happens among its trading partners and we discussed with citigroup. Inst, the market opens sydney and tokyo and we will talk about the Trading Outlook with the director of Capital Markets on where this goes next. This is bloomberg. Its pretty inspiring the way families redefined the word school this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Good evening from bloombergs Global Headquarters in new york. Asias major markets have just opened for trade. Welcome to bloomberg daybreak asia. An uncertain start with futures sliding in tokyo. Level equities have seen three weeks of gains as investors bet on support for post virus recovery. Global infections 14 million with deaths above 600,000. Los angeles facing a frack lockdown. While a fresh lockdown, tokyo and hong kong report numbers. Kong,ition with hong dominic raab set to address the comments later. Japan, south korea and australia coming online. Lets get you started without japan has kicked off trading. ,he nikkei up. 3 Communications Stocks and materials and tech leading the gains among japanese stocks as we saw the export numbers for 26. 2 , aontraction of third consecutive month of 20 or more. We are getting the boj lines from the gym policy meeting saying some efforts want to the june policy meeting saying some embers want to keep supporting companies as the japanese yen holds flat. It has been trading at a narrow range after we saw the boj leaving main policy levers unchanged. Take a look at what south korea is doing with an upside of. 1 , while the korean won is getting. 2 against the u. S. Dollar as we continue to see broad weakness across the board when it comes to the greenback, which is now headed to a fourth week of weakness. We have seen to be ok Holding Steady as expected last week, and this week the focus is we holding statusok expected and this week the focus is on numbers out of south korea which is expected to have plunged the economy into a technical recession. Haidi lets look at the start here in sydney. We are flat at the moment,. 10 percent. A new week for aussie traders, a speech from the governor where a lot has changed in terms of economic circumstances since the last meeting, where the hell policy study. We are all could where they held policy study. We are concerned about the lockdown in victoria. We are also taking a look at the economic and fiscal update, the budget update we are getting thursday. We expect to see a budget deficit around 10 of gdp for the 12 months through june 2021, the biggest blowout since the Second World War. The aussie dollar now strengthening, holding about the. 7 u. S. Level after weakness earlier on and watching the 10 year yield at 0. 89. The sovereign site has been preparing his war chest for spending ahead with the extension of the shopkeeper and extending a loan program for small businesses. 60 billion and aussie bonds through to june, doubled up previous quarterly record. 25 . 025 d trading. In europe the excitement has been as we continue to away for resolution out of brussels. We have three days of sparring between european leaders over the 750 billion euro dollar stimulus package. Merkel andla Emmanuel Macron saturday walking out of the meeting with the dutch Prime Minister and we are hearing still the netherlands and austria are holding out when it comes to how much of the packet should be dispersed, and whether we are talking about handouts or loans. We are seeing the strength in the euro start to look shaky if we do not get that resolution. Shery and it is a new week for Chinese Markets after the worst week since february. Our next guest says investor should be ready for chinas consumer demand, from the pandemic contraction. At institutional strategist for etf provider direction investments. Sylvia, we have seen this strength when it comes to growth stocks, tech stocks around the world. Is there where youre putting our faith in . For the Chinese Markets . Great to speak with you today. There is definitely some uncertainty, between the u. S. And china. That might lead to volatility in the market. And copyrights along the way. And some bumpy rides along the way. There have been bright spots from china and one is the economy began to grow in q2 after a deep slump earlier in the air. With the fiscal support in the market and more fiscal support percent,dp rising 3. 2 better than 2. 5 expected, it is a positive note for china. The potential headwind to this is covid, and the recloser of hong kong, lets see where that goes. The rate closing of hong kong, lets see where that goes. We need to look at consumer demand in china that did not pick up as much as we hoped to see but it did pick up and china is one of the largest ecommerce markets. And the Global Pandemic an increase in online digital shopping, looking at Companies Like tencent, alibaba, will likely reflect the success weve seen in the largecap u. S. Stocks in that space. I would think ecommerce has real room to grow in china. The offshore yuan at the moment holding a hair below that afterlevel at 699, this the third week of gains for the offshore yuan. Where you see the direction of the renminbi going, especially when we have a structural weakness for the dollar . Again, i think theres probably range around volatility coming our way. What is interesting about this, i have been following this story, is the bond has not been considered a stored value currency that enticed the yuan has not been considered a stored value currency that entices people to get into chinese assets. I think it is going that way, with msci global indices, and shares, there opportunities that will support the currency in the long term as well. The earnings beat continues in asia this week. What are you looking at a particular as to the earnings that will give you a macro direction as to the state of recovery . Oute had Bank Earnings come and we saw some of the largest banks with notably positive results, but notably uncertain and sort of murky outlook for the future. Tech nameshave coming out this week and it will be interesting to see how that goes. I would we have all been optimistic on the top five names in the s p 500. They have been driving the market. The cash flow is there. They have held up where cash and bonds, there is not a return option outside equities now, or has not been as much is there has been in those top five names. Consumption of cybersecurity, the cloud, on Nine Communications demand, document sharing, all the things that cloud supports that we optimistic positive sentiment for the market. Longterm the big thing will be what happens with the virus . Willoughby contained . Willoughby contained . If will it be contained . If it isnt, we have states in the u. S. Like texas and california getting to pullback. As long as we go through those kinds of things it runs into the risk of unemployment. There is a lot of uncertainty suffer the earnings are surprisingly to the upside. There,t of uncertainty but so far the earnings are surprisingly to the upside. Went a tech darling or new economy darling gets priced to perfection, is there more of a risk of downside disappointment at this point in that sector . Netflix story for me was interesting. When we follow netflix earnings it is always about the subscriber number and that blew it out of the park. They are becoming more cash efficient. A lot of production for the top shows us has slowed and that set things back. Me to understand why the outlook for the subscribers for the rest of the air is so low. I understand the forward number everyone was sitting at home and downloaded already, but i think the world is going to a place where we are going to be the office thing or having hybrid versions of the office and d that will lead me to believe on the pullback there could be upside for netflix in the future. Deschooling. The penalty for the earnings reaction on the price was surprising, more than i wouldve expected it to have fallen. Sylvia, great to have you, institutional strategist at direction. It sounds like people will be sitting on the couch watching netflix the weeks and months to come. Still ahead, the outlook for china, assessing the economic rebound, gdp numbers. Citigroup with us, plus a third virus wave in hong kong. The government announces measures as the city posts biggest single day jump in case numbers. This is bloomberg. Youre watching bloomberg daybreak asia. First word headlines. U. S. Government leaders expected to open talks on a coronavirus stimulus package monday, including President Trump, Steven Mnuchin and mcconnell. At administration is bunking 25 billion in new funding to help with testing and tracing and allocating money to tracing and prevention. Toldhile split and we are nations are arguing over the method of dispersing 800 billion dollars worth of aid with grants or loans at the center of discussions. The netherlands and physically conservative allies are being accused of holding the block to ransom over the wording of the plan. The Australian Government is set to deliver a budget that may be the biggest roll since when were to, as the coronavirus drags recovery. A Bloomberg Survey expects treasurer Josh Frydenberg to gdpcast deficit of 10 of for the 12 months through next june. Resurgent virus cases have undermined plans to reboot the economy. Global news 24 hours a day on air and at quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Haidi staying with the virus story with global cases now above 14 million and deaths over 600,000. Infections are rising in victoria with masks mandatory in melbourne and people facing steep finds if theyre caught without one. Deficit india nearing 27,000. Infections in hong kong and tokyo are hitting records. Coanchor yvonne man joins us with the latest. This is the third wave in hong kong, back with a vengeance. What is the government now having to do . Yvonne they are stepping up the virus find after record 108 new cases sunday, the total now 1,777, which surpasses the tally in the city during the sars epidemic. We have seen social distancing measures extended. Restaurant restrictions and bar closures remain in place for one more week and gyms closed as well. Masks must be worn indoors. Civil servants will work from home starting today. Carrie lam saying the situation [], no sign it is under control at this point in the main issue is the local cases. 40 are of unknown origin. This wave is worse than the previous wave, perhaps a sign we have not seen the worst of it yet. On the others we are seeing china, beijing is planning to relax restrictions, after it saw no new cases for the last two weeks. Tokyo record virus cases and the public is not happy. According to one poll, 60 are unhappy with the government response to the pandemic compared to one month ago, saying preventing infections should take priority over economic activity. Calling for a return of localized state of emergency, some calling for a nationwide one. This is after we saw a billion factions in the capital reach records for two straight days, new casesting 188 yesterday when the Prime Minister shinzo abes Approval Rating has suffered, down to 32 , while his disapproval ready has risen to 62 . The government is kicking off a campaign to boost domestic tourism, by giving out vouchers. According to another poll, to third thought it should be suspended, not as for tokyo, but parts of japan. 20 say kick it off but exclude tokyo. Asthe Tokyo Olympics, to the Tokyo Olympics, only 20 thought the next summer games to go on as planned. Yvonne man in hong kong. In the u. S. , President Trump continues to play down coronavirus saying the country has quote the best mortality rate, and that many people experience nothing more than a sniffle. His handling for the pandemic is a key topic for voters and medical experts. A Johns Hopkins professor told us the response to the buyers has been a failure. Being prepared for this antenna, having seen for this pandemic, having seen the first large number of cases that came to the country, we should have been better prepared to deal with the eventual surges and small outbreaks that are occurring now. It is incredibly disconcerting to see the level of cases that are coming up and places, and the lack of real responses, to get those case numbers down. This is not the way you deal with the pandemic. We have been prepared from our own experiences and those of other countries. We know how to intervene here to get case numbers down. There seems to just be a lack of political will or personal will, to implement those tools. Ill go with personal will and we have seen articles this week showing the percent of ask where he and societies, what are we going to see in the next week or two . I was ripped up on twitter looking at the death dynamics, the first and Second Derivative of the log path of deaths. Help me with the death dynamics lagging the case dynamics right now . Yes, we know because of the course of the disease, we will see case numbers increase first. We will see hospitalizations like that, anywhere from 710 days. Then we will see deaths like that, by another seven days or so. Now, the initial cases are in a younger population, so those surges are coming up in terms of healthier individuals who may not suffer as much death. But what we are going to see, is the transmission of virus from those individuals to more susceptible individuals. That is going to mean the hospitalization and death rates are going to increase on a further delay. So we are expecting to see the surges and severe cases lag further than we have in the first wave in the country. By the time we see that search it will be almost too late to intervene, because of the delay in terms of monitoring cases. That would be a serious situation. Dr. , in terms of the severity of cases, is it really true cases are less veer for young people . You see a lot of less severe for young people . Using anecdotal evidence, on social media, people talking about frightening symptoms that recur for weeks or months on end . Yes and this is important to understand for things like when people use case for tally rates or hospitalization rate case fatality rates or hospitalization rates. It may be if you are younger the percent of people who suffer is lower across the population. But we have to remember that virtually the entire u. S. Population is susceptible to diseases. To this disease. Even a small percent of severe cases, amplified by the entire population of the u. S. , turns into a large number of cases. That is the important part to remember. It is not just most young individuals will not suffer severe cases. There is enough young individuals that the number of severe cases is going to be large. On top of that, they are efficient transmitters of the disease so you will see the severe disease and other populations we know suffer from severe disease. This is not a common cold like virus, the severity of the numbers of large susceptible people that will translate into large number of severe cases. On the transmission, the view ho still looking into whether there is airborne transmission who still looking into whether there is airborne transmission of covid19. What about the immune response, do we know whether people can build up immunity to this as we wait for a vaccine . Trials, we vaccine have had good results, still per limitary still preliminary off small population sizes. Vaccines that have been fast tracked generating the immune response we want to see that we assume will protect us from infection. Professoropkins speaking to us, the Johns HopkinsBloomberg School of Public Health is supported by michael bloomberg, the founder of bloomberg lp and bloomberg philanthropies. Plenty more to come on bloomberg daybreak asia. This is bloomberg. The influx of investment in indias tech sector is encouraging its own mega startups to go public. The first one might be the online insurance platform, policy bazaar, backed by softbank. Elstrom,r from peter bloombergs editor in tokyo. India has a tightly regular to Financial Services sector, so how is this come to be . As you say the Financial Services sector has been tightly regulated. From but what you have seen is regulations have loosened up, and there is an intriguing crop of startups trying to peel off segments of the industry and trying to bring Innovative Services and lower cost to them. Is one of them, and Online Platform for buying insurance, from Health Insurance to property insurance. It matches buyers and sellers, and the platform will followup on claims. A reporter interviewed one of the cofounders of the company who said theyre looking to 250m now as they prepare for an ipo next year, and they are targeting september of 2021 for the ipo, and evaluation they are seeking is 3. 5 billion so they are aiming to make this a big deal for india, an example of this an important sector for the country. Are there Lessons Learned when it comes to this . How important is the ipo for softbank . Policy bazaar has an interesting light up of backers including softbank and one from singapore. Deal,ftbank this is a big they ran into a bunch of trouble with it startups at the end of last year, particularly wework that ran into trouble, try to go public and had such enormous losses it was a problem. That was followed by coronavirus and softbank shares tanks at that point. People were concerned the founder was losing his touch, but now what we have seen is a series of companies that are going public or heading for the public markets, that have shown success. One of those successes was lemonade, also an Online Platform in the u. S. Policy bazaar is adding to that track record, one more step forward if theyre able to go public in a successful offering. Bloombergs executive editor for asia technology, Peter Elstrom in tokyo. Next, the u. K. China stat is about to get uglier, foreign secretary dominic raab is close to announce a suspension of its extradition treaty with hong kong. This is bloomberg. [announcer] imagine having fuller, thicker, more voluminous hair instantly. All it takes is just one session at hairclub. Introducing xtrands. Xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. Theyre personalized to match your own natural hair color and texture, so theyll blend right in for a natural, effortless look. Call in the next five minutes and when you buy 500 strands, you get 500 strands free. Call right now. upbeat music lets take a look how its shaping up ewhen it starts to start of the trading session. In asia this sunday morning. Were seeing asian stocks resurgence in virus cases. Nikkei just steady as we see tokyo infections showing exports continues in japan. That brings us a korean gdp data that could confirm a recession fiscalf australia policy. Groundes largely gaining falling on production update which flagged full year. To check out the board on the euro this morning. Fluctuation of the currency above 114 with e leaders divided on the Debt Recovery package. Seeing slight pick up. The hong kong dollar just steady losing traction last week as yield appeal seen waning. Waiting on jobless numbers numbers. The best run in six months on economic recovery. This morning s p just nudging higher start of the week. That was the earnings wrap up airlines and tech giants on the docket. Jump into the terminal, we are for if earnings in asia can justify the performance stockseen in regional with investor pointing to track valuations. Asian stocks will win more allocation with the virus cases the global count since march. Resurgence infections could bullish narrative. Switching out the terminal chart, earnings expectations in asia are still lagging global peers. Narrowing the gap that were the u. S. And europe revisions turn positive from the may. F banninglitics after may furtheru. K. Inflame tensions. Foreign secretary is expect to announce the move later monday parliament. Joe, what exactly the u. K. Here . Ing this looks like today, the in the u. K. Is going to announce a extension of u. K. s extradition treaty kong. Ong this would really mark a very the confliction in between the two countries. Huawei. Kes on also possibility sanctioning abuses. Er human rights this is going on several fronts now. Suspending that andty which australia canada done as well over the National Security law. That would put britain in camp of countries that are really taking some serious moves to distance themselves from china. Seen the kindeve for tat. Review tit whats beijing response has been . Theres a growing tension. Ambassador to london threatened u. K. Retaliation. Bowing to u. S. O pressure by banning huawei from the 5g network. China is irked by president boris johnson. Inviting three million hong kong residents to apply for that u. K. A path top and theanent citizenship out of u. K. s measures they were taking with the National Security law that was imposed on hong kong. And ambassadors and no theyre making are clear that they are not happy about this. Seek retaliation which has been their stance against canada. Australia and jodi on that move, tiktok building its Global Headquarters away from china. Whats the latest there . This really interesting. Tiktok is building Global Headquarters in u. K. Video app have been in talks u. K. Aboutals in the building a global base there. Followupuggest a from u. K. Position to ban huawei that could cost people jobs. That coulda report saying the government huawei theold decision stems from u. S. Pressure, british officials getting the impression it could be reviewed later if President Trump does not reelected in november. Secretary of state mike pompeo to visit london with huawei and hong kong and other on the table. Joditernational editor schneider. China continues to lead the worlds economic recovery. Us whatearly gone tell to expect next. You can get roundup of the and youro get your day brand new week going in the day break. Its available on the mobile in app. Loomberg anywhere you can customize the settings so you get just the news and the you care about. This is bloomberg. Youre watching bloomberg daybreak asia. First word headlines. Are surging ines asia with tokyo reporting 200 new infections for a third day. Ght hong kong had more than 100 any masks nowunday with obligatory. Infections continue to rise in surpassedr the totals a million last week with overall 27,000. Pproaching they have more than half of total cases. Meanwhile, virus cases are rising in melbourne prompting to wear a face mask in the city. More than 360 new infections were recorded sunday. Mandatory for are anyone leaving home with victorian officials ordering beee Million Masks to delivered. Japanese exports fell by more than 20 for a Third Straight even as key markets to reopen from the coronavirus shutdowns. The value overseas shipments plunged 26 from the year earlier which was slighting worse than forecast. Hardest hitrt was falling by 47 . Signaling for a hope of recovery. China is taking further steps to integrate its bond markets which reduce complexity and track foreign investment. Traders on the interbank Market Exchange can trade bonds listed in both venues. Regulatories will allow agencies to connect trading and settlements. China 13. 7 trillion bond market is now the worlds second largest. A new floodcing for thegency as water levels on Yangtze River reach new high. Its under increasing pressure there. Continues to fall millions have been forced leave their homes. Are known to have died. The dam is at 50 meters above the safe level. Hours a day and powered by more than 2700 analyst and more than 120 country. Bloomberg. Were staying with china, the economic recovery there remains vulnerable with key trading partners from japan to the u. S. Joining us now from hong kong is city group economist, we signs ofto see kind of the green shoots of the recovery from china with the gdp numbers last week. Thedomestically focused is recovery and can that continue to do the heavy lifting in we see economic weakness across trading partners. Youre talking about the u. S. Or europe or japan . Good morning. We do think that the china recovery will continue but a even path. Second half of the year, we will reach gdpa aroundtinue to third to ratethrough 4, growth could be around 6. 3 . Think thats a 2. 4 annual growth can be reached. However, you look at chinas recovery, we do see production infrastructure in the second half. While consumption and business spending will remain fairly sluggish. Result, we think that the pti inflation will become more entrench with the forecast around 2. 1 deflation. Inflation well have very again. On effect this then requires fiscal policy the second half, to the solidify china in the second half for gdp growth. In that case, what do we expect when it comes to monetary settings with the lpr, weve seen pretty steady approach . Is still commitment there . Necessary given weve seen the credit expansion since first quarter. Policy, itstary half. Iddle its very much undone. Ofexpect in the second half to have, well continue lending and reserve the second ratio in half of the year. That 20 bases points could be possible for triple half. Each. Nk thats 50 bases we speak,ow, as ligang were getting latest line on the bloomberg that china stock level fell on second on friday, 1. 33 trillion. Weve seen this leverage spike continue to see that market rally. We have seen the chinese stock ofkets under a little bit pressure. Let me ask you this. Rally thates the were seeing in the equity threaten tohina divert some that funding and realal away from the economy . To that as wesk have been seeing that financing been surging and there have irregularities. Gular learning steam to be from the equity bubble in 2015 that have at theearly to crack down irregularities. Up the can beef regulation, keep those banks in this bullalong market, perhaps china wont the 2015 scenario. We are confident that the bull continue tocould flow out because market, well be driven by two things. One china is the first country emerge from the Economic Contraction and number two, china Monetary Policy will continue to yield. Synchronize and way banks liker central boj. Ederal reserve and in this kind of environment, look at the chinas duration bull market now average about 14 months. We are still under early lag of market. L what were seeing these moves into stock market, we have seen the offshore continue to gain against the u. S. Dollar. Gains. Eek of are we headed towards direction thee we will eventually see currency. E looks like a structural weakness greenback. One, you look at the last Global Financial crises after down. Rket start to settle turned on the weak side. This runontinue to see at this movement, the conditions of a weak dollar is fairly clear. A fairly, china given fast economic recovery. Mostly open financial and participation in second half of the year. We will continue to see large inflow into the chinese equity bond market. Well have 6. 95 and 6 to 12 appreciate the 6. 9. Ally to when do you expect to see due to thiseffect bubble, but the rally, that wevery rally seeing again . , well healthy effect be shared evenly. Equityre some numbers market. Its not very large. The previous years number was around 8 . Market ine that bull china, we benefit those upper families. Ome what youll see, worsening income inequality. Would like to mention that some of the money equity market, chinasinitely flow to healthy market. Be y market appear to saw a rally for chinese investors. Great having you with us. You. Citigroup chief china economyst. Well have more next hour. Ings iris pang. Up next, who will get a preview of the market opening hong kong. Also more insight on the impact of the new National Security law. This is bloomberg quick check of the headlines for you. Boeing is running out of space newly built 787 dreamliners out of washington and south carolina. Beens of planes set to sitting idle packed on parking lots. Boeing delivered just three dreamliners in may and june as the airlines rethink long haul coronavirus era. Boeing has lowered output ten dreamliners a month. Investment in Global Real Estate a third as coronavirus pandemic battled economies. Asiapacific took the biggest hit with volumes down 45 . Fell 36 in americas and 19 in europe, the middle and africa. Hotel investment was down 59 fallingail property 41 . Japan is looking to boost a chip with an International Tieup. Allowingconsidering Taiwan Semiconductor. This according to the newspaper. Under the plan, the government could offer funding, support and the billions of dollars as it looks to protect stateoftheart technology in nationalest of security. Were just over half hour of trading int china and hong kong. Tracy, we are seeing little bit of mixed picture across markets in asia. What are you expecting at the kong . N china and hong sure, good morning. Last week was largely about the Chinese Authority trying to cool down this astonishing rally that chinese equities. They were moderately successful. Days ofbout three consecutive decline on the csi300. We saw it starting to pick up steam again and two thirdsike almost percent. It is sort of an open question which way it will go this weekend. So far its a mixed picture on futures. As we just got back for a second, it has been really fascinating to watch Chinese Authority orchestrate this rally and attempt to fine tune it. In the u. S. , we boost risk the portfolio rebalancing channel, quantitative easing. Through they do it front page commentary, op eds that. Ings like the big question here, how far do the authorities want this what point do the cost of the rally start outweighing the benefits. Talk were far away from that point. Thats part of it its about capitaling china market. In a way that attracts additional foreign capital. Very far from that cap level. In market werethe meantime, tracy, getting more analysis how this National Security will impact the market. Yes, thats right. Security in auture Commission Said statement on sunday that it is that thef any impact new security law is having on the slow increment in the market. Is slight vaguely worded. Remember, hong kong is or has a globalorically International Financial center independent analysis. Everything should continue as normal. Were even having this conversation right now, would suggest that the uncertainty of the law has arguably already had Chilling Effect already. In hongthat analyst kong have been selfcentering order to appease predominantly Mainland China climate. We see that hong kong is a growing moreter integrated with the mainland. Future. M to be the integration both the chinese and hong kong market. We continue to see earning gear. Kick in high what will investors be watching out this week across asia . Well, its same questions that weve seen being asked in the u. S. Did have chinese gdp last week coming in better than expected. This concern over the health of especially the chinese consumer. Thats something that people are going to be closely watching. Any clues as to how consumers feeling at the moment, i did mention where we started the theersation talking about big rally. One of the reasons chinese authorities are keen on the has this Wealth Creation effect. The domestic population start wealthier and start feeling better about the world. Up consumption. Its going to be all about consumers. Bloomberg news executive alloway there. Openmberg markets china is next. This bloomberg. It is 9 00 a. M. In beijing and shanghai. Marketso Bloomberg China open. Ingles. Avid im were counting down. Stories today asiapacific thed as investors waits for post virus recovery. Euro edging little bit higher as argue how to roll