tv Bloomberg Daybreak Australia Bloomberg July 19, 2020 6:00pm-7:00pm EDT
♪ shery: good evening from bloomberg world headquarters. i am shery anh in new york. haidi: i am haidi stroud-watts in sydney. here are your top stories this hour. uncertain start with future sliding in tokyo area global equities seeing three weeks of gains as investors bet on support for the post virus recovery. global infections topped 14 million with deaths above
600,000. los angeles is facing a new lockdown while hong kong and tokyo have new record numbers. australia set to deliver a new budget that may be the biggest -- since world war ii. shery: let's get you started with a quick check of the market trading. after upside of .1%, this another risk on week. the s&p 500 ending higher on the friday session, seven out of 11 s&p 500 sectors were led higher by utilities. we have the dow losing .25% and the nasdaq was up .3%. it was interesting it was the first week of 2018 with a nafta -- nasdaq was down and the others were up for the week. the third-down week for the dollar, we will get another week of weakness for the dollar that will be the first time this year
, a whole month of weakness in the greenback. take a look at how oil is doing, holding steady at that $40 a barrel level. you have some weak eco-data. u.s. consumer sentiment posting a decline in july that was factored into the oil markets. now we are seeing it unchanged at the moment. this is a busy week of earnings season kicking into high gear with reports including from ibm, microsoft and intel. continues,airlines we have got data out of asia that could give more of an indication where we are looking in terms of the regional and global recovery. we have futures looking at the moment. trading at chicago, looking positive, japan trade numbers coming out later on today as well as south korea trade numbers which is that canary in the coal mines for global trade
conditions. looking at sydney futures, we are unchanged but still that sets us up for a gain. following the lead from wall street, despite the last session, we saw the gains holding up pretty good for the start of the asian trading week. new zealand already trading is underway, let's get back to our top story. cases overnavirus 600,000, infections rising in the state of victoria with masks mandatory in melbourne and people facing steep fines if they are caught in public without one. infections continues to rise in the u.s. and record numbers are being reported in hong kong and in tokyo. let's get to hong kong. yvonne man has the latest. these numbers continue to climb unabated. especially in hong kong
where the third wave is getting more serious from what we saw. you mentioned the record numbers we got sunday, 108 in total for that day. it forced the government to extend social distancing measures to the restaurant restrictions will be in place for another week. you have gyms continued to be closed and masks must be worn in indoor areas. this is beyond what they said a week ago where you should wear them and public transport. -- in public transport. civil servants will be working from home starting today. we heard from carrie lam saying the situation is very severe. at this point there is no sign this virus is under control. the big concern has been the 40% areses of the 108, local cases that are of unknown origin.
that is still the big issue right now. among those we have learned it was four employees who are working at an eye center -- i center very one of the employees was doing tests -- center. one of the employees was doing tests. this pandemic has no signs of easing anytime soon. shery: we are getting the latest from japan's public broadcaster saying japan will expand the scope of publicly funded virus tests. what a difference in the response to these countries in asia from here in the u.s. the trump administration wanting to block new funding when it comes to helping states with testing. yvonne: and we are seeing people in japan are discontent with how the government has responded to the virus.
some report by a newspaper, 60% hasnot happy with how japan responded. compared to a month ago it was half of that number. preventing infections, they say should take priority over economic activities. most are calling for localized state of emergencies to come back into play and some are calling for the nationwide state of emergency to come back. you mentioned the record numbers in tokyo, reached numbers for two days straight. aresays total infections 9400 in tokyo. and this as we see the prime minister's approval rating coming down to 32% and his disapproval rate rising to 60%. haidi: we continue to see numbers reach extraordinary s in the u.s. as we see
the politicized debate over masks. said it is nih chief bizarre that wearing masks has become a partisan issue where people are not wearing them, which is not something we see in this part of the world. in the fox news sunday interview, president trump spoke on a wide-ranging interview about the virus issues. he is playing down the virus rise, saying people are experiencing nothing more than sniffles, positive tests are only assigned they are doing wider testing. the u.s. response is the envy of the world, he says. asked about his relationship with dr. anthony fauci, he said that sometimes dr. fauci can be an alarmist, but he says they have a great relationship. we have seen members of his
administration also criticized fauci and the comments he made. see casesint we will rise to present or so, still above the -- 2% or so, still above the daily average. yvonne man in hong kong with the latest. we will get more on the virus resurgence with the university of new south wales advisor. will victoria's move on masks be enough to turn the tide? saying longategists when it comes to global stocks. this is bloomberg. ♪
daybreak australia. u.s. government leaders are expected to have talks on a new coronavirus stimulus package monday, including mitch mcconnell and treasury secretary stephen mnuchin. the ministration is bulking at $25 million of do testing and tracing and proposals allocating .oney to the cdc the australian government is set to deliver a new budget that may be the biggest rollout since world war ii as coronavirus drags on the recovery. ofomberg forecasts a deficit $190 million. around 10% of gdp, for the 12 months through next june. the resurgent virus cases have undermined plans to reboot the economy. the u.k. says it may join international allies in's is ending extradition hearings -- extraditiong hearings.
the u.s. is reviewing policies. dominic raab will brief parliament on the uk's response to beijing's treatment of uighur muslims. and china is bracing for a new flood emergency as flood levels reached new highs. it is under increasing pressure as rain continues to fall. millions will be forced to leave their homes and 140 are known to have died. one dam is 50 meters above safe levels and more rain is forecast. and reports say kim jong-un met with military leaders to discuss a war deterrent. state media say he reiterated the north's determination to boost its military options. pyongyang says there is little chance of an immediate summit with president trump. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.
i am karina mitchell. this is bloomberg. start the. stocks week looking for a fourth start -- straight weekly gain. and the nasdaq was down for the week, but the s&p and the dow were up. the reality check for tech stocks eggs the question, what to buy now -- bigs the question, what to buy now. chart look at this gtv for our viewers. it shows how the tech outperformance may be fading when it comes to the tech sector ratio against the s&p 500. was this inevitable given how overextended we had become on the tech sector, and where the investors go from here? >> thank you for having me. to a certain degree it was
correct, it was overdue considering the strength of the moves we had seen previously. two large degree it is also reflecting the fact -- to a large degree it is also looking at chinese recovery accelerating and recovery outside the u.s. gathering momentum. gross stocks like the tech sector, then to underperform a little bit because investors don't need to be as much growth. so what we are seeing on a go forward basis is to continue to bet on the sectors that will be the most improving global growth involved industrial production. materials, very attractive in this environment. european equities that fit the mold as well. we continue to see a trend with the u.s. dollar
continuing to weaken for a fourth consecutive week. when you have the weaker greenback, what is a sure bet? >> the weaker greenback fits in the context of stronger global growth. the dollar is defined by its [indiscernible] the best way to bet on the weaker greenback is to bring back -- would be to continue again with the materials equities which would low a lower dollar -- love a lower dollar. if the dollar breaks down, that would be favorable for continuation of the recent underperformance of tech stocks. initially -- additionally we see the non-us stocks outperform u.s. stocks when the dollar depreciates, not just because of the translation effect but the slower u.s. dollar favors
response to global growth strengthening and favors the strengthen global growth because -- factors, the materials, industrials, towards lower financials, tend to benefit more. you find more waking sectors in europe and emerging markets and in japan than in the united states. that has explained why when the dollar depreciates even in local currency terms, u.s. stocks underperform. japan and europe will take advantage of that as well as materials and industrials. haidi: we see after three days of sparring, e.u. leaders failing to reach an agreement on this stimulus package. does that impact your view on the euro and european equities at all? or does that rely on being able to secure certainty for what the
stimulus handouts will look like? >> our review on the dollar, which is negative, is the relation in brussels. it is more a function of global conditions. when itising to a deal comes to securing financially for the foundation will help the euro and the peripheral equities and european equities in general. our view has been and remains it is unlikely we get a deal signed this weekend. which is why macron last week had already hinted at the fact it might take until the end of the month of july before they arrive. that is the pattern of negotiation of treaties and action in europe, where the european leaders really argue to the last minute before arriving
to a consensus and at the package. we do not think the absence of weekend is the death knell of an agreement. we think there will be generous grants afforded to the southern european nations. is it going to be 400 billion euros? likely here. at the end of the day the most important players in europe, germany, france, spain, italy and the european commission all see eye-to-eye. when those forces are aligned, the deal down the road is very elevated. we would not be discouraged when it comes to europe arriving at a deal. haidi: always appreciate your time. strategy at bca research.
♪ shery: virgin atlantic resumes passenger flights this week after winning a rescue package for its $1.5 billion. one officer told bloomberg virgin doesn't see travel demand returning to pre-virus levels for at least three years. >> the flights have been operating cargo only and they have been operating successfully and have contributed to our bottom line. the have contributed to our cash. help.extra customer will we also have the experience of some of our partners that are
flying limited transatlantic flights. there is demand for essential travel. there is demand and although there are concerns about travel rebuildill have to confidence step-by-step and to do what we can to ensure aviation is the safest form of travel, we believe there is pent-up demand and step i step, we will -- by step, we will grow. will prepare for different scenarios, but it is good to return. will youort of demand see? a lot of companies are not willing to put their people on planes yet. word is corporate ultimately go in terms of the demand -- where does corporate go in terms of the demand picture? >> corporate will recover, aviation will take time to recover. we agree with most of the things people are saying, at least three years to get back to 2019 levels. people need to travel for their
job, some people need to repatriate to where they live or we see hong kong chinese students returning to the u.k. for studies for example. they will be willing to quarantine. there are people that need to get to another country and where they need to be and that are happy to travel with us. >> what is the worst case scenario? heavy travel restrictions in place, from your point of view. you have gamed out a scenarios list. what is the most difficult? >> we are funded and prepared for all scenarios because that would be the responsible thing to do. we need to see. it is your guests is as good -- guess is as good as mine. will be prepared. haidi: that was the chief customer officer.
let's get you a check of the business flash headlines. boeing is running out of space to store the newly built dreamliner's in factories in washington and south carolina. thousands of planes are sitting idle. boeing delivered just three dreamliner's in may and june. they will rethink the long-haul strategy. boeing has lowered its output to 10 from 14. several staff members manipulated into providing sensitive information at twitter, allowing passwords to be reset for some users. they said data was not downloaded. targeted accounts included president obama and several billionaire business leaders. shery: european union efforts to agree on a $750 package appears to be stalling with talks
deadlocked. how much should be distributed through grants versus low interest loans? our reporter joins us from rome. officials are saying denmark is ready to accept a $400 billion euro grant. give us the latest and what the just -- the jist of the dispute is. [no audio] shery: we are waiting to connect to john who is joining us from rome. we have the latest, but there has not been agreement by european union leaders were meeting in person for the first time since february on what will billion eurot 750 stimulus package. this after two days of sparring
in brussels. we are trying to get an understanding of what the dispute hinges on. what we are hearing now is the much of thever how package should be dispersed as grants and how much as loans. germany and france are said to have insisted 400 billion euros should be handouts. the hawks from northern europe push for a lower figure. right, we have john now joining us from rome. as i was saying, we were talking about what the dispute is here. it to us. -- explain it to us. >> basically there are several points of dispute. the leaders have not yet abandoned hope of finding a solution. the key is as you mentioned the loans.f grants and
and who should control the spending. the other issue -- there are other issues involved. they are at a break right now. i laterals are going up -- the bilaterals are going on. they could break up without a deal and it could go on tomorrow or another time. it is very uncertain. the point when it comes to euro traders, is this -- if they don't get a deal this week, they go back for talks next month? >> there was one date floated possibly in late july, but that is not set in stone. if things break down after three days of talks, perhaps more time is needed before in other summit. -- before another summit. haidi: our reporter there in
you are watching "daybreak: australia." i'm karina mitchell with the first word headlines. the coronavirus continues to set new unwelcome records with u.s. cases rising more than the past week's daily average and deaths now passing 140,000. los angeles warns it is on the verge of a new lockdown. here in new york, the city aims to move to phase four of reopening on monday. global cases are at 14 million. meanwhile, cases are surging in asia. more than 200 new infections for
a third straight day. hong kong had more than 100 new infections on sunday, with masks now obligatory in all areas. infections continue to rise in india after the total surpassed one million last week with overall deaths approaching 27,000. virus cases are rising again in melbourne, prompting a mandatory order to where face masks in the city and surrounding areas -- to wear face masks in the city and surrounding areas. in theirnd a woman 90's succumbed to the virus. 3 million masks will be delivered in the coming days. 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. the netherlands and its fiscally conservative allies are being accused of holding the bloc to
ransom over the precise wording of the plan. global news, 24 hours a day, on air and on bloomberg's quick take. i'm karina mitchell. this is bloomberg. shery: staying with the virus outbreak, president trump continues to play down the coronavirus saying the u.s. has, quote, "the best mortality rate." 's handling of the pandemic is a key topic for voters and medical experts alike. a johns hopkins professor told us the response to the virus has been a failure. >> being prepared for this pandemic, having seen the first large number of cases, we should have been better prepared to deal with the eventual searches and small outbreaks that are occurring now. it's incredibly disconcerting to see the level of cases that are coming up in places and, more
importantly, the lack of real responses to get those case numbers down. this is not the way you deal with the pandemic, and we have been prepared, not only from our own experiences, but from the experiences of other countries. we know how to intervene to -- to get these case numbers down. there seems to be a lack of personal or political will to implement those tools. tom: we've seen some good articles this week showing percentage of mask wearing in societies and all that. what are we going to see in the next week or two. -- or two? i was ripped up on twitter, looking at the appdynamics -- at the death dynamics. help me with the death dynamics lighting the case dynamics now -- lagging the case dynamics now. >> we know, because of the course of the disease, we will see case numbers increase first. we will see hospitalizations lag that by anywhere from seven days
to 10 days. we will see deaths lag that by another seven days or so. the initial cases are in a younger population now. those surges are coming up in what we call healthier individuals, who may not be suffering as much debts, but what we are -- deaths, but what we are going to see is the transmission of the virus from those individuals to more susceptible individuals. the hospitalization and the death rates will increase at an even further delay. we are expecting to see these surges in severe cases lag even further than we have in the first wave in the country. by the time we see that surge, it's going to be almost too late to intervene because of that delay, in terms of monitoring cases. >> that would certainly be a very serious situation. in terms of the severity of cases, is it really true that cases are less severe for young people? you see a lot of anecdotal evidence, particularly on social
media, of people talking about really frightening symptoms that recur for weeks, if not months on end. >> this is the important thing to understand about things like when people use things like case fatality rates or hospitalization rates. it may be that if you are younger, the percentage of individuals who suffer those severe cases is lower across the population. we have to remember that virtually the entire u.s. population is susceptible to diseases. even to this disease. even a small percentage of severe cases, amplified by the entire population of the u.s., turns into a large number of cases. that's the important part that people have to remember. it's not just about, well, most young individuals won't suffer severe cases. there's enough of these young individuals that the number of severe cases is going to be large. and on top of that, they are efficient transmitters of the disease. you will see the severe disease
in other populations that suffer from severe disease. this is not a benign disease. this is not a common cold-like virus. is severity of disease covered within large numbers of susceptible people and will translate into a large number of severe cases. >> on the transmission, the who is still looking into whether there is an airborne transmission of covid-19. but what about the immune response? what more do we know about whether people can build up sufficient immunity to this, as we wait for a vaccine? >> yeah. so, with the vaccine trials, we have had some good results. still preliminary results. still results off small population sizes. but it seems like many of the vaccines that have been fast-tracked are generating the immune response that we want to see, that we assume will protect us from infection. >> that was a johns hopkins professor speaking to us. bloomberghopkins
school of public health is supported by michael bloomberg, the founder of bloomberg lp and bloomberg philanthropy's. -- philantrophies. masks will become mandatory in melbourne. they will restrict visits to aids care centers -- age care centers. joined by a professor and advisor through the world health organization, mary-louise mclaws. great to have you with us again. we really do appreciate your time. the mandatory mask rule in victoria and across melbourne -- do you think this is enough to avoid a stricter lockdown? start.uise: it's a great with this approach, they have done a lockdown on july 1. we are already starting to see the benefits. you are looking at a rolling 14 days, which is two incubation
periods. for the speed at which this is growing, it seems to have settled down and plateaued. that has helped a lot. they've got infections coming from three areas. yes, they had to quarantine hotels. that was breached and went into the wider community. community,into the into retail. but now we've got health services. and so, there are many people that work between health services, particularly age care, so they all need to wear a face mask, without exception, or a face shield. this will decrease the risk dramatically. other researchers have found that mask wearing can reduce the r, the reproductive number, by 200-fold, just in a
few weeks, if everyone wears a mask. so, it's a great addition to their previous decision of a lockdown. so, does that mean states like new south wales should also be leaning towards wearing masks prophylactically? we are starting to see the nascent beginnings of clusters. should we be waiting until there is widespread community transmission before masks are being advised? i talkedse: so, when about the lockdown in melbourne, that was in hotspots. it's easier to do it when you know there are areas in the city that have increased numbers. 'ut in other cities epidemiology, it was around the social venues and clumps, and then people dissipate to all sorts of geographical locations throughout sydney, so it's very
difficult to say where we should do knockd -- lockdowns. getting back to a question about mask use, we have not gotten to a level yet of 100 cases over 14 days. int's what epidemiologists outbreak management look for to they areer or not close to containment or elimination. we are close in new south wales at 75, but i wouldn't suggest a widespread mask use, except for in public transport or catching the lift or your work condition, where you just can't change the built -- the environment. knew that of reopening of economies around the world would actually lead to another resurgence of the virus, but when you look at not only australia, but places like here
in the united states or hong kong or japan, are we still within the range of what's seen as acceptable after reopening economies or are we past that? mary-louise: every country that lifts restrictions has resurgence, because it's hard or near impossible to -- you will have this background level. it depends how low that background level is as to whether or not you can contain these little spot fires of increased numbers. so, in places like america, it's going to be nearly impossible without 100% of americans all wearing a face mask and potentially having stay-at-home orders rolling on and off for a couple of iterations of a generation, say
14 days on, 14 days off. ,ut in countries like hong kong australia, new zealand, lifting the restrictions and the 14-day rolling average, a total of less than 100, means you should have to wear masks and you can potentially lift restrictions without this incredible surge of numbers that other countries have expected. >> is eradication still a goal in places like hong kong that seem to have done a very good job, just to find out that now they have this spike in cases and many of them without a known origin? mary-louise: yes. well, of course, having a known origin is very difficult when around 20% of cases -- we're not
exactly sure of the number. around 20% of cases will remain ptomatic, and then, of course, all of the other cases remain infectious around two days before they get symptoms. and so, you are always going to have this background of small numbers. in hong kong has done particularly well. -- and hong kong has done particularly well. 400 to 500ptick of cases. but they should be able to get that under control with 100% of face masks. they are asking people to go home after work, because they were able to control it the last time. when they are at peak, there were 700 -- it's going to be hard work, but they should be able to do this.
but this is why you have to act earlier. you have to act before it becomes a large number. and i think it is about 100 over 14 days. if it is more than that, it's an incredibly high -- hard job to get the numbers back down, because of the 20% that could be asymptomatic and the 80% that are infectious a couple days beforehand. we are more proactive than reactive. hong kong could have started to around early july, when the number was 110, and then they may not have this big challenge they've gotten ahead of them to not just contain the 500 active cases they have at the moment, but those potential second generation cases. so, professor, with that goal
of eradication, does that realistically mean some of those easy measures that we just talked about, that gave rise to these cases, things like pubs and restaurants with large gatherings, cinemas and theaters -- these sorts of public venues where large gatherings take place, not to mention international borders -- all these things will not be able to return to normal if we want to eradicate this virus, at least until such time as we get an effective and widespread vaccine? mary-louise: yes. i believe that the closest we will get to eradication is less than 100 over that two-week period. otherwise, you are not going to be able to have life back to normal. that, if you allowed people to go to sporting venues, to work without a face shield or face mask, to the movie
theaters, then if you have the numbers down, what i call close to eradication, less than 100, you if you did get a spike, will find it much easier to contain, rather than if it's in the 100's. i think we can get, let's call containable eradication. if you are just going to go for and same level of over 100 sometimes 600 or 700 each day, it's a challenge you may not meet. it may be too difficult before you get a vaccine, if we get one in the near future. haveofessor, finally, we seen the who now formally conceding that covid-19 may linger in the indoor areas. they have also unequivocally
acknowledged that asymptomatic people can actually transmit the virus. that happened just last week. you advise the who. whether it comes to these two points or even mask wearing, have they been a little too conservative for the wider public? mary-louise: first of all, the guidelines that i've been associated with, the mask guidelines that were updated on june 5, were fairly clear. its just that who has made a piecee clear with that they've given to journalists and the public to be able to read. they've always acknowledged that there is been a potential for airborne. it's just it doesn't happen or it's very difficult to prove that it's the main cause of spread in communities. certainly, they have
acknowledged that, in close, confined areas, such as a restaurant, it's possible with more ventilation -- poor ventilation. they've made it quite obvious that you have to have good ventilation. --y suggested face mask now they have suggested face masks now, when the infection rate is high. they waited till june 5 because they were waiting for good measure analysis. doesn't make evidence. this particular analysis is quite difficult to do. there were groups around the world doing these analysis, to bring these studies together, to masks are better than no mask at all. once they had that evidence, they then put it out there. who developed guidelines that
are based in evidence, not necessarily just best practice or one or two studies. so, i'd suggest that it's best to be very careful about how to interpret the occasional one study looking at air samples or one study in a restaurant. a restaurant before we start making it good evidence. they have now put it out. the countries were always able to make their own decisions. certainly, america made their own decision early on. who is now teaching people how to use good cloth masks, three players, -- layers. now, the evidence is out there. >> thank you for joining us. professor and advisor to the who mary-louise mclaws. we have been alert from the
bloomberg regarding that european union talk, when it comes to the stimulus package. officials saying that the dutch and austrians are looking isolated on that recovery deal, and that the netherlands and austria are the strongest holdouts in those talks. of course, we have seen that dispute over whether the 750 billion euros stimulus package would be dispersed as grants versus loans. hawks have pushed for the handouts to be a bit smaller. we have more to come. this is bloomberg. ♪
>> the biggest weekly loss. sophie kamaruddin is in hong kong with the latest. sophie: we are looking at a quiet start with muted price action. nikkei futures holding a two-they drop ahead of japan's june -- two-day drop ahead of japan's june data. no tweak expected in china to loan crime rates. ates.ime r the hong kong dollar is a steady after last week's retreat from the strong and of -- end of trade. now, check out the euro fluctuating early in the asia
session, on those protracted eu debt recovery talks. a larger euro selloff is anticipated, likely to be avoided with leaders downplaying the chances for a deal. that's the set up in australia. futures are little changed. a second weekly gain in three. a unsw business school study cited flag -- cited co ncerns. ahead of tuesday's rba minutes, the aussie dollar is hovering around 70. also bes this week will on australia's fiscal policy update. we will wait -- watch to see if stimulus will be expanded following this morning's announcement. switching out of the board, i made this global policy support, -- amid this global policy support, asian-pacific companies have sold more than $1.2 trillion in bond sales year-to-date, a record as
businesses hoard cash. this buildup in debt is prompting more bankruptcy warnings. global default could top 2009 levels. the creator of that score warns many firms are just delaying the inevitable. haidi: alright. we will get more on this budget update. australia's government is set to announce its biggest physical blow out the second world war as it grapples with the resurgence of coronavirus cases. paul allen joins us now with more. the government is set to release the statement on thursday. what are we expecting? paul: 191 billion aussie dollars, about 133 billion u.s., or 10% of gdp for the 12 months getting through to june 2021. a lot of that gigantic fiscal hole comes from the payments of $1500 a fortnight to employers, the results of the on -- the
increased unemployment benefit. those payments will keep things going during the lockdowns. the future of both of those schemes, which are due to end in september, are going to be in focus. the finance minister has said ongoing support is going to be needed. there's also the possibility of a loan scheme being expended as well. australia has a aaa rating, a relatively low jet -- low debt to gdp. how much longer can we expect support to be extended, given rising?ections are paul: we will have to wait and see it until thursday. it's likely it will go beyond september. infections are now rising. melbourne had another more than 600 new cases on the weekend. hotspots are popping up in new
south wales as well. we will have compulsory face masks in melbourne as well from midnight on wednesday. victoria, where melbourne is, that accounts for about 1/4 of australia's gdp. 1% of gdp forck the whole country. support is likely to be needed for some time. we might get a few clues about that from the rba governor, who will make remarks on tuesday. >> all right. paul allen in sydney. weing up in the next hour, break down the week ahead when it comes to asian ifo, south korea's gdp release. bitcoin has been in a relative slumber amid market volatility. what will it take to push past the 10,000 mark? more to come on "daybreak: asia." this is bloomberg. ♪