republican leadership council. an advocacy group that has been critical of the disproportionate role conservative christians have played in the gop. very warm welcome to the program. is this the moment that donald evaporates?is >> it's certainly "the" defining moment of his presidency. everything he has done up to this point -- we thought it would move during the campaign, the kind of rhetoric that incited this kind of behavior. we're just reaping what he has been sowing for the last four years. he has gotten so much attention every time he tweets out something that is indefensible. and so, this is his last hurrah. he seems to be spinning out of control, as is rudy giuliani. he was right there with the president telling everybody to march on capitol hill. fight this. because they are telling everybody to march on capitol hill. everything based on these lies. deceiving people for so long. unfortunately, it will be a hard row to hoe for joe biden to bring people back together. i believe if anyone can, he can. rishaad: indeed. mid romney say that now we gather -- now we gather due to a selfish man injured pride. he is deliberately misinformed for the past two months. again, this question, it is a goal for hise protesters. >> yes, this is what they have been wanting to do and they have one of the ok to do it. and he really gave it to them today. them.iuliani, the two of they said fight for it. get it back. what we saw was appalling. we like to say this is not america. but it is. it's the america donald trump today. and we desperately need to restore the balance. this is not who we have been traditionally as a people. it is not who we want to be. but right now we can't deny this is very much a part of what america means today. it is not all of america. we see people standing up and making strong comments. the thing that will be really telling and i have not heard it yet is whether the senators and the congresspeople who object to the count of those electoral votes are still going to do that. i would hope that they understood by what happened today that this is no longer, they cannot do that. this was a free and fair election. it was safe. it was accurate. and we just need to go ahead and recognize that joe biden and kamala harris will take the oath of office on the 20th of january. governor whitman, i am wondering what are the prospects for a peaceful transfer of power? >> it's not going to be an easy one because the trump administration has made it very difficult for the transition to occur. they are not allowing for instance teams, the transition teams are what we call -- they go to their various departments to start to work through what the big issues are. they can't meet without a political person being there, which is really constraining the dialogue. they also are getting blocked to access to all the information they want and need. the trump people are making this as difficult as possible but it will staff in because there are enough civil servants who are part of this government that just are not going to allow this to continue. as soon as they get the opportunity, as soon as the oath of office is taken by joe biden, they will stand up, and be willing and free to tell people exactly what they need to hear. it will ultimately be peaceful in the sense that the government's changing hands. whether it will be peaceful in the streets at that moment, for whatever donald trump plans to do on that day, he stages another event, we just don't know. that might be a little less peaceful but as far as the continuance of government, that is going to continue. and it is going to be peaceful. oflinda: what kind condemnation from within u.s. an outside the u.s. as well. what impact will this have on trumpism, will it suffer a backlash? >> there will be. you have seen some of the most ardent trump supporters in the house and the senate speaking this evening, saying how deplorable what happened today was. this is what they signed up for when they refused to constrain this president or criticize them at any point during the last 3.5 years. i do think this is a stain on him. it was deplorable what we saw today, inexcusable. it has all been donald trump. he owns this 100%. just the way he owns the fact that the senate was captured by the democrats because of of what he has been telling people undermining their confidence in the vote. georgia just over the weekend when he went down -- to support the two republican candidates for the senate. he doesn't care about the party he does not care about the country. he only cares about himself. i think people are beginning to recognize that, even his most ardent supporters. rishaad: governor, the question doeso be, it earlier, how joe biden bring what seems to be a highly polarized america together in his term in this presidency? >> i think that congress was really shaken today. if you listen to what the leadership set on both side of the aisle, what the members are saying, this was something totally out of their realm of experience and it scared them. but i think you will find that, obviously now that the republican, or democrats control the senate, chuck schumer will be the leader and he does have a good working relationship with the president but you will find mitch mcconnell much more anxious to try to make things work, to understand how far they let things drift apart and how damaging it is to the country and for their reputations of getting anything done. i think what really, anyway, this is going to make things, if you can take any good out of something as bad as this, a little bit easier for joe biden to bring people together. and when you start getting that message from the top, it helps. that is what trickles down. this is why it has been so hard in the country when the president who has control the media and the president does, as every president does that, they are the center of attention, who has been vitriolic in everything he has said in the. he has been stirring this up. when you have a president who, boring would be really nice right about now. we are ready for that. we are ready for consistency, ready for confidence. we're ready for quiet and patriotism. and joe biden has all those things. he has always shown he wants to work across the island he can work across the aisle and he has worked across the aisle to get things done. i believe he is the right man for the right time. he will have a more willing congress because they have been shaken by what happens today. and that will start to permeate down to the states and to the people in general. as to how to behave. haslinda: governor, it has been such a contentious election. is there a need for securing election reforms? >> there are number of suggestions on how to, how to reform the system, whether it is something like more of the what the president objects to which ail, making itby m easier, tightening some of the rules. there are number of suggestions out there that will be looked at very closely. obviously you do not have to be within the confines of the constitution but there are number of things that can be done to ensure that the process is open. that everyone is allowed to vote. that people are not being arbitrarily kept from the polls. i really believe you will see a number of reforms, both the state and the federal level, aimed at trying to ensure we do not go through anything like this again. rishaad: governor, where does this all leave the republican ied themselves to donald trump very tightly over the last four years and all this happens? what is the state of the republican party looking ahead now? >> i don't think there is republican party. there is a trump party made up of a lot of people who were republicans but their whole lot of republicans that left the party and have no interest in this kind of behavior, are not this type of republican. i think what you will see, remember the republican party started as a third party, the party of lincoln, as a third party. we may have to do that again for those of us physically conservative but socially moderate, and don't find a home in the trump party, there has. got to be a place for us oh, by the way there are number of democrats who are very concerned about the liberal trend the democrat party and are also looking for more centrist moment. what is scary right now is the only national party to my mind is the democrat party because the republicans are so slick. and donald trump helped ensure we were having a civil war within the party. and so, there is no longer a national party. there is no there there. so that's dangerous, because that does not lead to a good place. we need another centrist, i believe, we need a centrist or a conservative/right party and a conservative left that can or a moderate right and a moderate left that can start to work together to make things happen. the good news is within the congress and each of the houses we have members of problem solvers -- which is a group that comes together that has insured and decided that if they get 3/4 to agree to a position on an issue that they will vote as a bloc. given that the numbers in the house in the senate are so close, they would have a lot of sway. usir whole reason for being to get things done in the biggest -- the big issues. governor, thank you so much for your insights today. christine todd whitman, and a former governor of new jersey. well, news on your bloomberg. for commentary and analysis from expert editors. still to come, fixed income strategy with a portfolio manager wilford reed. we have a look at where we are in terms of, asian markets up pretty strongly. chaos andff the capitol hill. investors choosing -- the democrats taking control of the senate. the expectation of more spending. the so-called reflation trade. more to come. keep it here with us. this is bloomberg. ♪ rishaad: looking at is what is going on in the moment. these are the scenes coming from congress. we've been witnessing over the last few hours -- sarah matthews confirming she has resigned. reports coming through that the national security advisor and his deputy are considering their position as well against the transport secretary, too, looking at the possibility the chief could also resign. we have also got -- the president's deputy chief of staff considering resigning. and donald trump also banning mike pence's chief of staff for mentoring the white house. a flux of leadership in the u.s. the u.s.least-- in to say the least. haslinda: let's get to the bond markets. treasury yields broke 1% for the first time in march. some >> should be reasonable. i think it is a good sign. very literally implied a sluggish economy. and weak prospects. this is needed. this is healthy. at the same time we have to recognize that the world is still grappling with the pandemic. growth in the u.s. will be very hampered because of the virus. and so, i think growth is still going to continue to be a headwind in the short-term and that will cap u.s. interest rates from rising too quickly. at the same time the markets are not going to see any rate hike for the next 2-3 years. fiscal with -- the spend, that debate could be on the table till later. i think it is still very early days. haslinda: having said that, do you see the fed capping yields in a scenario where real to write -- where yields rise rapidly? >> sure. i think we have seen overnight in the fomc minutes, more optimism in the medium-term outlook the federal committee members. they have acknowledge that the vaccine rollout is a positive tailwind. of course, going forward the prospect of increased fiscal spend will lift u.s. growth prospect. there was no mention in the minutes of tapering just yet. fedid have, the atlanta president mentioned an earlier tapering of fed buying of assets but again, i think they have clearly on their minds this growth, employment dual mandate. the recovery is still fragile. i think the fed is going to perhaps just wait and see. look at the data and be more patient in terms of tightening policy, because i think the challenge -- they do need to get over the pandemic first. rishaad: how does the dollar play into your strategy? is it resistant to the downside? >> sure. i think if you look at the price e, even second dat half of last year, the dollar is clearly in a downtrend. and, when you think of going forward, if the fiscal spend does increase and the u.s. economy actually starts to improve. imports are going to pick up. and the current account deficit is possibly going to stay with u.s. if you put the twin deficits -- the fiscal deficits together it would seem to suggest that the u.s. dollar weakness is here to. stay for a while at the same time, i think all roads seem to be pointing to further appreciation in asian currencies, especially the chinese yuan. if you look at how well relatively the chinese economy to picked up, you continue see inflows into that market. and that is serving as an anchor for the region. the u.s., ultimately, is a ve ry resilient economy. and by the second half of 2021 we could then be looking at potentially a -- in the u.s. dollar weakness if we see growth pick up by then. wilfred, there seems to be much new risks this year. at the start of last year there seem to be fewer -- nobody could predict we head brexit and the elections. the idea of green shoes everywhere -- the prospect of a more coherent and predictable u.s. domestic and foreign policy. of course, the global vaccine rollout. what are your thoughts on all that? >> sure, i think, indeed. there are green shoots all around. despite most of the northern hemisphere still in lockdown. vaccine rollouts are happening. it's going to turn more positive -- the weather is going to turn more positive, warmer. i think it comes down to now execution of the vaccine rollout programs. there is ultimately the willingness but the ability comes into question whether or not we can get the majority of the population vaccinated in time. at the same time, i think asia is taking a reprieve. we are looking at the dynamics in u.s.- china. china seems to be offering and in recentch, comments by the foreign minister. we do want to see an improvement in policy coming from u.s. the project ability. we have many years already of a lot of noise coming from the politics. but i think markets are looking through all this. another two weeks of the u.s. an d this administration passes over to the biden administration which seems more balanced, more cohesive, and a little bit more predictable. and that is something we are looking forward to. i think china at the same time -- it has recovered strongly in that is serving as an anchor for the msce region. we want to look at 2021 as a fresher. 2020, let's all try to move on from there. rishaad: thank you for joining us. wilfred wee, the portfolio manager at ninety one. let's get back to the democratic georgiactory in expected to pave the way for another virus relief package to help household hammered by covid-19. kathleen haystor is with a look at what is expected from this new congress. inhleen: top of the list terms of additional stimulus is something the republicans oppose. aid to state and local governments. democrats wanted a half trillion dollar. let's see if they're able to add that on. extend jobless benefits and by a bigger amount. they agreed on a $300 weekly check. will the democrats get $600 a week. remember those $2000 tim this checks? $600.icans capped it at some people say those $2000 checks are very likely. if you look at the totals, something like $750 billion or a $1 trillion for 2022. that is moving closer to the $2 trillion, and another trillion dollar at the high end. that is what bloomberg economics is expecting. $600 billion to $800 billion total. it could boost growth by 1.7 percentage points. pushing the year-over-year and 25%,rowth of gdp to top 5. and keep the momentum growing in 2022. the bond market seems onboard with reflation getting the economy growing faster because five year breakevens are added to your high. -- two year high. haslinda: kathleen, the democratic majority ready -- what about their ability to provide more? think manyell, i people figure that it will. we shall see. joe biden has said, i know how to work across the senate. i used to do it, including with mitch mcconnell. he would like to boost the income tax back up again the one that trump cut for people that make more than $400,000 on income taxes. for corporate taxes he would like to take the 21% rate, put it back to 28%, it would still be below 34% that we saw before. we'll see what joe biden can do. our global economics and policy editor kathleen hays. we continue watching on the terminal. scenes unfolding in congress and life go. this is bloomberg. ♪ is almost 11 a.m. in shanghai and singapore. welcome to bloomberg markets: asia. i'm haslinda amin. rishaad: i'm rishaad salamat and in hong kong. resumes verifying joe biden's victory after protesters forced lawmakers on the chamber. a woman was killed. they call it a dark day for america. haslinda: business executives say they are appalled. tim cook announces a shameful day. bill eichmann says president trump should resign. rishaad: and china's top tech stocks slump in hong kong on an order banning u.s. investment. alibaba and tencent shoul -- cod be headed -- added to a wall street blacklist. haslinda: strong gains for some benchmarks. we have korea, taiwan up by 1%. the asia pac index up by 1.1%. investors focusing on democrats taking control of the senate and that reflation trade. u.s. futures pointing to a higher open. the global bonds selloff. 10-year comfortably above 1% for the first time since march. the dollar mostly lower. the hang seng and focused. tencent, people familiar say the u.s. considering adding them to list of companies of which americans are prohibited from investing. rish? rishaad: getting to the -- [indiscernible] for the stock exchange of thailand up 1.1%. a steady picture for the thai baht. at these historically strong levels for the currency. 29.93. and this is the bake of thailand, a resurgence in coronavirus infections are raising the odds the economy will spend less than they forecast before. authorities curbing business and travel in order to shut down the country and curb the art outbreak. taking a look at the nifty moving to the upside. india's sovereign bonds. declining as the highest crude prices in 10 months have been stoking concerns about a bigger oil import price for the country . haslinda: back to our top story. resume joe biden certification process following the storm and of the capitol. several trompe l'oeil this are concerned -- trump loyalists considering abandoning ship. it does look like trump's closest allies are ready cook to confirm joe biden. >> count me out. that was the message from senator lindsey graham. the republican from south carolina moments ago on the senate floor in which he said he tried to be helpful to president trump and they had a heck of a journey. on the senate floor and he said he ultimately had to reach the conclusion to count him out, the direct quote. he was greeted with applause on the floor of the chamber. in addition to that, a series of senators who have come out and were planning to raise objections to the battleground states have now said they don't plan to do so, including senator kelly loeffler who lost her reelection battle in georgia. just within the last 24 hours or so. to raphael warnock, her democratic opponent. so this process of certification that the congress is required to do by the united states constitution is moving actually quicker, more quickly than people had originally thought it would take. as we, it's playing out speak, but some profound, profound moments that are bubbling over after years of tense relationships amongst each other in the halls of congress, and even between the current occupant of the white house. i would say this about president trump because -- it's part of the story to twitter, facebook issuing from some regulation for the president's official accounts on their platforms. doubt something we will report on the next 12 to 24 hours. within the last hour, we should know there is -- are several resignations from the white house, including first lady melania trump's chief of staff stephanie grisham. deputy: and also the white house press secretary sarah matthews and we got reports that the national security advisor are thinking about resigning as is the transport secretary. maser we get these resignationss, what does that leave the last two weeks of donald trump'ss? 's presidency look like? >> the certification effort in the joint session of congress. there have been calls from members of the house. democratic-controlled or just your committee from members of the cabinet, the presidents cam the 25thinvoke amendment. there have been other calls to impeach and convict president trump. whether or not that garners a sympathetic ear amongst republicans as it has from one -- the national association of manufacturers which has been a staunch ally of president trump over the last couple years. called on cabinet officials to invoke the 25th them, and. i am not sure we are there yet -- they called on officials to invoke the 25th amendment. where things stand right now at this hour. rishaad: kevin, stick around with this. we have stephen engle with us. business leaders vocal in condemning in washington. our chief north asia correspondent. steve, we heard kevin talking about how big tech is playing a role in all this as well but big tech company ceo's have been out there with their condemnation as well as others. stephen: that's right. as this story has evolved to now what was originally the storing of the capitol to now the vote to certify for vice president -- president-elect joe biden. we have seen some comments from world leaders condemning the violence and now we are getting sharp comments from business leaders calling for some responsibility to be had. of appleook, the ceo computer, he said this is a sad and shameful chapter in our nations history. these who caused insurrection, his words, should be held accountable." we're also hearing from bill ackman, of -- capital management. for you to's time resign and apologized to all americans." wall street also coming out vociferously against the actions on the capitol steps. jamie dimon, who i might add previously served on donald trump's advisory council. "i strongly condemn the violence in our nations capital. this is not who we are as a people or country. we are better than this." david solomon goldman sachs ceo, he says "for years, our democracy has been -- has built a reservoir of goodwill around the world a important benefits for our citizens. recently we have squandered that goodwill at an alarming pace. and today's attack on the u.s. capitol does further damage." ally ofhwarzman, an donald trump, he was pointed. "the insurrection, his words, that follow the president's remarks today is appalling and the democratic values we hold dear. i am shocked and horrified by this mobs attempt to undermine our constitution." he reiterated what he said less in -- last november, the outcome of the election is very clear and there must be a peaceful transition of power. we got similar comments coming from michael corbett of citigroup. he's disgusted. bank of america's brian moynihan also using the word appalling. larry fink called in assault on our nations democracy and the will of the american people. and world leaders as well. boris johnson saying this. " disgraceful scenes of the u.s. congress. the u.s. stance for democracy around the world and it is now vital there should be a peaceful and orderly transfer of power." and perhaps the most pointed comment coming from the german foreign minister. he actually referred to the 1933's burning of germany's parliament building as naziism started to rise. "the enemies of democracy will be happy to see these incredible pictures from washington d.c. riotous words turned into violent acts on the steps of the reichstag and now in the capitol." the chorus of comments coming from the business world and world leaders. remarkable quiet from vladimir putin. we did reportedly get comments from mr. bolsonaro a self-avowed trump fan. the president of brazil when he was asked about what he was seeing in washington. he again reiterated his claims of election fraud in the united states. haslinda: speaking of being quiet, no reaction from china. china must be watching this very closely. beenen: i'm sure they have watching a very closely but they have a democracy issue on their own hands right here in my hometown and -- in hong kong coming on the heels of the roundup of dozens of pro-democracy advocates in hong kong. the liaison office saying that that was the right tack. i am going to go out on a limb. you will not get a comment saying democracy is under threat around the world. but we could get something. i'm sure the foreign ministry will be asked about it later today in a briefing if they hold that at the regular time in the afternoon. but the only thing we have heard so far from any chinese authorities from the washington d.c.,y in washington, urging chinese in america to watch for their safety. rishaad: ok, let's get back to our white house correspondent. thank you for staying with us. the atmosphere must be febrile. then again w then again w have more clarity. the democrats waiting those two seats in georgia. how does that firm up joe biden's agenda? kevin: a lot of takeaways. first and foremost, it increases the chances of there being more's fiscal stimulus and president-elect joe biden's first 100 days in office because of the rise of centrists and a coalition of sorts that help it together the bedrock of the last fiscal stimulus deal. i look to members like senator joe manchin. a centrist democrat from west virginia, state that president trump carried by 20 percentage points. he is the centrist in chief as it relates to centrism polities him in the upper chambers. secondly, on big-ticket items like the green new deal or d.c. statehood or structural changes to the tax code and health care laws, that is going to be a democrats tok for proceed down because of centrists. today inwhat we saw what many lawmakers across the ideological spectrum are now referring to as an insurrection is only going to embolden calls for there to be bipartisanship and non-partisanship on certain issues. pertaining to, for example, china. we saw this with significant policy changes that happened with three chinese companies being delisted on the stock exchange and honestly various reports that have come out from a bipartisan group of lawmakers ofut non-partisan areas national security to better protect democracy from the threat of expanding the communist party. the u.s. what a day in kevin, we thank you for your reporting. our chief washington correspondent. here is the first word news. rising virus numbers in japan are expected to trigger state of emergency in tokyo later. the prime minister will impose new measures which will last a month. it empowers local authorities to keep people at home or order businesses to close. 0.97%07%ency could cut of national gdp. the u.k. government says the lockdown will last several months. infection since the highest since april. boris johnson told parliament that restrictions will be lifted only gradually as the situation changes. the lockdown is expected to slash their economic growth and send the country into a double-dip recession. let'swe've indicated spring are emerges from the lockdown cocoon will not be a a gradualit's unwrapping. haslinda: the federal bank of thailand says increasing coronavirus numbers raises the chance the economy will spend less than 4 -- expand less than forecast this year. the spread of infection has been greater with the shutdown -in tourism all but gone. the economy may miss projections of 3.2% growth and hopes for 5% in 2022. tension is high in malaysia's ruling coalition after calls for a snap election. two ministers are pushing back and an early vote saying -- an election during the pandemic would be irresponsible. the prime minister says he intends to hold an election as soon as possible. but his coalition partners are threatening to dissolve the alliance if he goes ahead. and those are the first word headlines. rishaad: coming up, the rebound, india's automotive sector. theguest joins us from fada. we discussed the impact of the new york stock exchange's delisting of chinese companies of asia guest, a head strategy. let's have a look at what is happening this breaking news out of congress. senators rejected that challenge to joe biden select tour boat's in arizona. saying thee pence objection is not sustained. speaking their of the arizona electoral vote. this is bloomberg. ♪ rishaad: senior u.s. officials are debating whether to add alibaba and tencent to a list that would ban investments by americans. juliet has more on this. what is the deal here? juliette: we are waiting to see whether president-elect biden can overturn this ban from the trump administration but certainly it stays in effect, we will see these big tech players delisted from january 11, meaning that u.s. pension firms have to sell by november 11. firms have the entire $1.4 trillion market cap, twice the side of spain's gpd. we saw huge -- coming through in the adr's in u.s. trade overnight. you did see a pickup coming back in the momentum in the after hours trade. bloomberg intelligence saying that this will have men middle - minimal financial impact on alibaba because it has a lot of cash. bannalyst saying the implemented would be a massive impact on the market but we will wait whether we see this policy turned around when president-elect biden takes office. what is the latest on the new york stock exchange plan to do list the three major chinese telcos. juliette: the investors in the u.s. have been getting a lot of whiplash trying to watch this because we had the momentum coming through on the fact that nyse would be --delisting telcos. then bloomberg news reporting that it looks like new york stock exchange would go ahead with the delisting and they have confirmed it at the same time s&p 500 and the dow jones saying they will cancel the deletion of these three stocks. trend seen a big downward in hong kong trade with china 2006e falling nto -- to june lows. on the back of this news. look, of course, where there is losses there is buying opportunity and that is what deutsche bank is saying. you are seeing it into the selling we have seen since late december with these players having lost $20 billion in market cap. he's calling it the opportunity of the decade to get into some of these players. we also heard from edison lee at jeffries calling on tuesday these actions by the nyse, the back-and-forth, the most bizarre series of events he is seen and the u.s. in his career. we have reached out for, as to what he thinks now there has been yet another -- edison lee o n bloomberg television tomorrow. juliette saly in singapore. our next guest says the impact of delisting won't be listed. head of asia strategy from singapore. the stocks are down. >> good morning. thank you for having me. yes, indeed, they are down and that is to be expected but i think they would have -- had there not been any flip-flopping from the nyse. the fact that they are vacillating on whether to delist or keep these firms have basically taken out the bite from the decision. in any case that has allowed the markets to digest the fact that these firms have very little exposure to the new york stock exchange. and most of, these firms have had 2% to 5% of their market cap listed in the u.s. they are not necessarily going to be cut off from the capital markets. theinda: how do you expect biden administration to move on this? eugenia: considering the lack of clarity and the bureaucratic issues over the implementation, i would expect the biden team would delay implementation or at least they would not be rushing out to implement until they have a deeper review of the executive buy time forh could the markets and we could actually be looking at six months before they decide on implementation. eugenia, we have a democrat controlling the senate, set to control the senate. that would pave the way -- in one way. more stimulus. that means a weak dollar. have a look at the macro picture of currencies in asia. eugenia: as far as dollar asia is concerned, the market clearly wants to sell dollars and that is likely to continue. my expectation is fact is that the dollar-yuan would lead that charge. over the last three or four days, we have seen a massive move in the yuan, that in my view is a catch up -- that is a catchup, because it was on a tighter range in december. in any case, at this point considering the current momentum in the dollar, i see downside risk to my current forecast of 640. we could possibly see 620 for dollar-yuan in the first half of 2021. what are your forecasts, the biggest risk to those assumptions? eugenia: well, at this point, the growth of -- of 2% in china is all but certain. my forecast for 2021 gdp is 8%. however, there are risks to that inecast -- more importantly comparison to the rest of the world, beijing will already begin unwinding some of this fiscal stimulus. the support is already being pulled back. on top of that we have ongoing corporate bond defaults. and we have the pboc giving a clear message they are not going the entity.ting overall, that would exacerbate -- the conditions we have already seen. no matter how careful the pboc in terms of providing liquidity, it does -- it is not a full plan.-- fool proof there are challenges to access capital markets at this point. rishaad: but things could all change if we do see more defaults coming through, this drip feed approach that has kept investors calm, may not be enough. >> indeed, it may not be enough. we have already seen that some, a lot of bond issuance is that have been and the pipeline have been canceled. so, a lot of these bond issuances were from companies that were quite profitable. so, we are seeing some tracks and -- dips in the market confidence and it could pull down good credit with the bad. because right now the onshore risk has clearly been capped. and we've also seen that the bond yields in china has also started to go down. quickd: very, very question, and that is, which is eel prediction for 2021? dollar-peso that the will continue to go down considering that the philippines is likely to be the last to region,in thg-- in the even if we have a lot of vaccines available. rishaad: thank you so much for joining us. from seb, joining us. let's get to the markets as we get towards the china lunch break in shanghai. have a look at what is at the store at thep moment, not quite as pronounced in china, the gains. couple and alibaba -- a we have been watching. that, of course, the threat coming through -- along with t hese chinese telcos as well that we could see alibaba and tencent shares -- not invested from the united states. 0.09%. up by the investment community looking on what has been going on in the u.s. over the last 13, 14 hours. rejecting the challenge to joe biden's electoral votes in arizona, the latest headline. we got positivity. coming up we have a man who helped -- oversee china's initial pandemic response on camera. ♪ and we are counting down to the indian open. does look like india is set to join the party. of course this is a stock market at an all-time high. rich evaluations on the back of the longest run of gains since october. foreign investors have pumped in about 23 billion dollars worth into the indian stock market. india opening in about 15 minutes. nikkei futures pointing to higher, open by .7%. let's get the first word headlines. congress resuming its session to certify joe biden victory in the presidential election, hours after a mob of violent donald trump testers swarmed to the building. they caused lawmakers from the senate and house chambers to flee. a dark day in u.s. history. >> we will not bow to lawlessness or intimidation. we are back at our posts. we will discharge our duty under the constitution, and for our nation. and we are going to do it tonight. rishaad: meanwhile, president-elect joe has called senate candidates raphael warnock and jon ossoff to congratulate them on their close victories in georgia. democrats will have control of the senate for the first time in six years, giving vice president kamala harris the deciding vote. george is to send two democrats to the senate for the first time in 18 years. japan dropping at more than twice the rate expected. employers remain cautious amid the coronavirus pandemic, with cash earnings sliding by more than 2% from a year ago. e-commerce expected to fall just under 1%. aage declines cast doubt on recovery of consumer spending. kim jong-un admits his economic strategy has failed and that almost all areas of the economy have fallen behind stated goals. quote, ahere must be comprehensive and profound analysis of mistakes the country has made. the congress has seen kim remaining in control but observers are skeptical reach any solutions. and that is a look at your first word news. markets, pretty strong gains for a lot of the indexes in asia. investors seem to be brushing off the riots in the u.s. investors choosing to focus instead on democrats taking control of the senate. the index up by more than 1% right now. nikkei coming back from lunch break, inching upwards, close to 2% gains. prime minister zucca -- suga set to -- hang seng in focus. considering banning americans from investing in alibaba and tencent. kospi currently up by 2.3%. strong performance. let's look at where we are in terms of the fx market. dollar pairing markets. currently flat, 11.14. higher versus the usd. the yen a tad higher. improving risk sentiment. and of course we are keeping a track on bitcoin, insured -- inching upwards. currently at $37,605. gangbusters there. one of china's latest coronavirus -- leading coronavirus s -- is a seniornnian official in china and oversaw beijing's virus response until september. our coanchor tom mackenzie asked him about suggestions that the virus may have originated outside of china. liang: i think this suggestion is normal and reasonable. first, it will not hamper our effort in tracing the virus origins. provides a new idea and path for scientists to trace the virus. but eventually, scientists will answer the question of where the virus came from. tom: the food market was in focus at the beginning of this outbreak as potentially the source for the outbreak in wuhan. this is the market where they sold wild animals. what is your view of the role that market played in the outbreak that we saw in wuhan? liang: we are not able to conclude that the virus originated in the seafood market. the firsty tell reported case is likely related to it, assuming the patient was exposed to the virus at the market. we need to have further research to figure out where the virus came from. whether it is from animal or from cold chain goods, or from a human. i need to point out that the seafood market is probably not the beginning of the chain. tom: looking back, are there things that could have been done better in terms of the cooperation between chinese morets and the w.h.o., effective cooperation? we indeed have a few shortcomings. very few of our public health experts and clinical physicians can introduce our practice and communicate the information in a way that can be understood by their global peers. and few of them are familiar with international guidelines. we do need to strengthen these types of capabilities of our talents. you said yourself that you went on the ground in wuhan december 31 and were acting as though this was a transmissible disease. the world health organization said a statement there is no evidence of human transmission based on chinese data. what happened? provided thee world health organization in early january is that the evidence shows that the possibility of human to human transmission cannot be ruled out. that is to say we did not find clear evidence of human to human transmission. that was the expression, but we did not say it is not transmissible through humans. among the -- liang: among the 700 in close contact in early january, many with exposure to the market, none felt sick in the 14 day quarantine. neither did the medical staff in contact with covid patients. so there was not sufficient evidence at the time to determine human to human transmission. haslinda: dr. liang wannian speaking exclusively with our coanchor tom mackenzie. we want to bring you live pictures of d.c., where it the d.c. mayor bowser is saying she is extending the public emergency for 15 days. that of course follows the riots we saw earlier today. relative calm has returned to d.c., the capital now declared secure several hours after a mob of president trump supporters stormed the building. publicowser saying the emergency will be extended for 15 days. she says that will happen for the next 15 days. guestto come, our next sees a revival for india's auto sector in the year had. we discussed -- in the year ahead. we will discuss. plenty more to come. this is bloomberg. ♪ is bloomberg. ♪ time for our focus on vehicleth the country's registrations in november falling almost 20% from year ago. that, as -- the auto industry employs million, but it had been going through its worst period even before the pandemic. let's discuss with vinkesh gulati. thank you very much for joining us. things were bad before the pandemic, of course they went from bad to worse, to terrible. but you are pretty optimistic looking at. vinkesh: yeah. industry has seen one of the best v-shaped recoveries if you compare with other industries in india, instead of pharma, hospitals and all those things. we are very bullish. whatever initial insight we are getting, the whole industry is expected to become green except for one or two categories. it was bullish even in the lockdown. seeing some double digit growth. oil industry is also improving. so yes we are bullish, and we are hopeful for the future. much has the pandemic made people look at cars as a way to social distance? and has that helped with the demand scenario? vinkesh: that has been the biggest uptick. once we came out of the lockdown, which actually happened the first month we saw. because of ther covid and the social distancing thing -- car sales.t affected some customers went towards used cars but some who had the affordability to buy vehicle bought a new car. that has afforded us to come on the field very fast. so yes. this is still helping us. [indiscernible] i am expecting even with the vaccinations, this style of thinking for customers will go ahead for another three to six months. of course one of the biggest, much bigger than that, are people buying two-wheelers. how are things looking for motorcycles and scooters? two-wheeler segment was not as fortunate. a major issue which happened even after the lockdown was work from home. and school from home. all the new buyers which were coming in which normally happens the first thing you want is a bike. job,if a graduate gets a the first thing he needs as mobility. segment has been hit a lot. [indiscernible] the number was not so great. december we are hopeful will come in great. growth duringual work from home, i do not expect it. we expect the actual growth to then come, which i feel is another two to three months down the line. talk about being optimistic for the auto industry. when you look at the vehicle registrations for november, down about 20%. given the sense of what kind of recovery you are recovering -- expecting, give us some numbers? recovery, ther total industry will be grreat. we expect double digit growth. we have already seen that for the past five months. the two-wheeler industry came back in december, so we expect the total industry will see a growth. i'm confident it will be a growth. 75% comesyou will see from the two wheeler market. haslinda: does the auto industry need help from the government? what kind of help would you like to see? ofkesh: obviously the kind lockdowns and pandemic effect we have seen. two.viously we are seeing [indiscernible] without government support, we do not expect to cover the loss we have seen. the budget starts with allowing individual income tax payers to allow depreciation. also depreciating every year, then buy again after five years. that's what we're expecting. the last turn -- downturn we saw in december 2019. the government gave up regional agve additional depreciation. that can help a lot. other things. scrappage policy. positivity onf the ground. customers were stuck with some old vehicle. they would at least get some incentive. all this creates demand. once demand is created, we will intole to convert them sales and be positive again. haslinda: thank you so much for being with us. vinkesh gulati, president of the federation of automobile associations in india. let's see if india is joining the party in asia. gains across the board for asian indexes. yes, it's in the green. up by more than .5%. their shares of real estate developers rising after the state government reduce various levies and construction projects. it's a pretty good story for the indian market, which is at record highs, going pretty much gangbusters. foreign investors pumping in more than $20 billion. indianse that is on the story. rishaad: getting back to what is going on with regards to congress. we've got the vote taking place in the house, following from the senate who voted on the challenge to arizona. that at the moment is ongoing. 84 house republicans have voted to sustain and 50 have voted to accept joe biden's win. all democrats have voted to accept joe biden's win. the outcome is not in doubt. that is coming through from one of our bloomberg reporter's. coming up, will president trump's move to block chain these payment -- chinese payment apps disrupt their business? this is bloomberg. ♪ ♪ haslinda: let's do a quick check of the latest headlines. tesla says that he expects to launch the first examples of the china made model y towards the middle of the year. its website says basic versions of the car should be delivered sometime in second quarter, with the top range performance model coming in the third quarter. tesla set the price of the model y below some chinese rivals to maintain its competitive edge. the car had been expected. south korea's group is investing a u.s. fuel-cell maker as it looks to use hydrogen as an alternative source of energy in asia. they will provide hydrogen fuel cells systems, fueling stations, and electrolyzers in south korea and the broader asian market. recently announced plans for a $40 billion hydrogen economy by 2040. indian wireless carrier has petitioned the country's supreme court to recalculate the $6 billion of fees it owes. they are said to claim there calculation when gross revenue was determined during the ruling. the supreme court gave them 10 years to pay. it has not said when it will hear the appeal. at alibabat's look and tencent shares. two stocks leading a selloff in technologies after the trump administration was reported to be including them in a u.s. investment ban. with a combined market cap of more than $1.3 trillion, they are widely held by u.s. mutual and hedge funds. held bylibaba's adr is u.s. institutions, and unwinding that could take months. the trump administration released an exec at of order blocking transactions with chinese apps, including ant group's alipay. haslinda: speaking of alipay, president trump's executive order may cause initial upheaval, but will it disrupt ant group's plans for international expansions? bloomberg says it will not. alice has been crunching the numbers and joins us now. what is the basis for this argument? in fact, you talk about alipay. focused in the asia-pacific areas. excluding china. or also china. we see countries and part of malaysia, india. east asia may not be the biggest market for alipay. it was just ¥622 billion last year. [indiscernible] rishaad: what is your basic thesis about? he talked about the valuation plummeting. --have much tight and her much tighter scrutiny. how this allea dovetails into this particular scenario you are drawing out. francis: yeah. i think over the course of the markets --or so, the ant group is part of the story. financial regulators are imposing tighter scrutiny on different parts of these businesses. there's potential development for the company to comply with the regulatory requirement. the insuranceing business. those could have been a driver for ant group. [indiscernible] businesses are coming under the same on barela -- same expect theou may violation for these parts of ant what -- [indiscernible] what i'm expected is 10 times earnings or less. particularly ant group as a tech company. [indiscernible] rishaad: good stuff. quick look at markets. u.s. stocks up on the u.s. democrat senate sweep taking place in georgia. u.s. futures are getting a bit of a boost. dow, s&p, and nasdaq features all moving to the upside. democrats in the house and senate now. also expectations that president-elect joe biden will have a clear path to boost fiscal stimulus as well. stocks rising in much of this part of the world. we will come to the hang seng in a second. we have all this news surrounding not only telecom stocks, but alibaba and tencent which we have been discussing, all weighing on equities as we head towards the lunch break in hong kong. hang seng down by .5%. vote is ongoing but it looks like it will be a defeat for those contesting the arizona vote result. bloomberg daybreak middle east is next. ♪ >> this is bloomberg daybreak. our top stories, a dark day in d.c. both parties condemn violent protesters who storm the capitol building, pushing lawmakers from their chambers. one woman was shot and killed. >> this president bears a great deal of the blame. this mob was in good part president trump's doing.

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