tv Bloomberg Daybreak Australia Bloomberg April 21, 2021 6:00pm-7:00pm EDT
haidi: a very good morning and welcome to daybreak australia. shery: good evening from bloomberg's world headquarters in new york. haidi: australia cancels belt and road deals with china saying they're inconsistent with the country's foreign policy. beijing calls the move unreasonable and provocative.
australia is under fire over its climate change policy. the biden administration say the plans are insufficient and is pushing scott morrison to set more ambitious targets. shery: this is the picture across wall street. we are seeing u.s. futures under pressure after stocks rebounded in the new york session. that is reversing two of losses. we had row material, energy and financial shares leading the charge. the russell 2000 outperformed. they have been trailing the major benchmarks this month. bloomberg intelligence say the revenue is set to grow by 8.7 percent, beating the s&p 500. we had the dollar falling again. all eyes were on the loonie. performing all of its g10 peers. unchanged at the moment. this after surging when bank of canada took a hawkish turn and
has turned the most since june after the bank said it plans to lower assets to wti crude extending losses after we saw an increase in crude inventories. let's turn to sophie in hong kong for a check of the asian markets. sophie: climate talks and geopolitics top of mind. watching action in australia. canceling a belt and road agreement with china. sydney futures settling higher. asian stocks may snap a two day drop. we will keep an eye on commodities and industrial names after those sectors led the s&p higher on wednesday. offshore yuan trading below 650. holding an eight day gain after reaching a five-week high. deutsche bank saying the vaccination rollout will be supported by the offshore yuan given high correlation with a common currency. pulling up the chart on the
terminal, following contagion concerns, the pickup in caused ted we have seen spreads tightening in the region on a report the pboc will support the bad debt manager. indication that steps are being taken to address risks. with that, pulling up the board right now on the screen. the financial watchdog in japan continuing to question potential losses in risk management related to archegos. facing losses of $2.4 billion. haidi: let's get you to new york. vonnie quinn is there with the first word headlines. vonnie: u.s. regulators are said to be considering a tougher plan for investment firms after the implosion of archegos. sources say the sec is exploring
how to increase transparency for the type of derivative beds that sank day -- derivative bets that sank archegos. president biden says his administration has achieved its goal of administering 200 million vaccine shots in his first 100 days in office. the president is asking companies to do more to boost the inoculation effort. he is encouraging small businesses to take a vantage of a tax credit that will help pay workers for time off to get vaccinated. >> i am calling on every employer large and small in every state to give employees the time off they need with pay to get vaccinated. anytime they need with pay to recover if they are feeling under the weather after the shot. vonnie: sources say the biden administration will soon restoring california's power to
limit in missions -- limit emissions from vehicles. the move would reverse two trump era policies and allow the state to mandate zero emissions vehicles. california's requirements are followed by more than one third of the u.s. auto market. the former police officer convicted of murdering george floyd is reportedly being held in solitary confinement for 23 hours a day in minnesota's only maximum security is impaired -- maximum secured he prison. he will be sentenced in june. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haidi: relations between australia and china look set to worsen.
paul allen joins us with more. this was somewhat expected, but what has canberra canceled? paul: this relates to a couple of documents signed in 2018 and 2019. big -- victoria the state signed a framework agreement with china on the belt and road initiative. it was aimed at increasing the infrastructure projects. since then, we have seen relations between china and does draw you get worse over the 5g buildout. the call from australian for investigations into the origins of the coronavirus. last december, australia passed a law allowing agreements between the state and china. now the law has been exercised. those deals have been canceled. the foreign ministry saying she considered the arrangements
inconsistent with foreign policy and adverse to foreign relations. no surprise that china is very unhappy about this. and email from the chinese embassy calls this and other unreasonable provocative mood -- provocative move. shery: how likely is it china will take further trade actions against australia? paul: history suggest it is pretty likely and probably just a matter of time to the broader question is what is left? china has already hit a wide range of australian products. iron ore is still untouched. that is important to china's infrastructure goals. curbs on that would be bad for both sides. china would be forced to find lower grades elsewhere. china's displeasure with the way australia is behaving as on frequent public display. we had yesterday china's deputy head of emissions speaking about
canberra. australia might not be done with china either. last month, the parliamentary committee recommended australia cancel the 1990 lease on the port of darwin. it looks like the australian china relationship has plenty of potential to keep on getting worse. shery: it will be watching very closely. plenty more analysis ahead on those tensions. we will speak to the author of several books on relations between china and australia including one bestseller. plus, a prominent climatologist tells us about changes we may see out of president biden's summit. scott morrison will be among the speakers. next, outlooks from jp morgan.
shery: this is the picture globally. the bank of canada hawkish. they plan to lower asset purchases by a quarter. the bank of canada also indicated it may hike interest rates as early as next year. this would be the first major economy to indicate they could start scaling back emergency stimulus. the japanese yen holding steadily. we have some warnings from as a rev bank saying we could see strength if tokyo declares and another state of emergency. the aussie unchanged. let's discuss all of the fx currencies with the executive director director and global fx strategist at jp morgan.
great to have you with us. should we get started with the can and it's incredible strength? i understand you have been long petro anyway. give us your outlook. >> not so surprising given the fact that the oc has not accepted the trend. that is the first step toward normalization away from some of these extraordinary and historically large stimulus that was delivered during the pandemic. they taper. not only that they pulled in their expectations. that is when the first hike will be. they are in full position. this is a year where rather unexpectedly, the topic of divergence of policy, who will be going first, who may be tapering, who may be delivering more stimulus, that is coming into focus. it is driving relative currency
performance. shery: given we continue to expect from the federal reserve saying they will continue to help the economy to support the economy, this gtv chart on the bloomberg showing how the dollar is below all of this major moving day averages. does that mean the downward trend will continue? >> i think the fed is an interesting one. we think for the fed, the topic of tapering will come up formally in their communication quite soon. we think perhaps as early as the april minutes, that kind of discussion will be there. you have said the dollar has given back some of its gains, some of its impressive gain we saw in the first quarter. first quarter was about pricing in u.s. exceptionalism.
seeing that reflected in back up of yields. that driving the dollar quite a bit stronger. we have seen the pull up at the beginning of this quarter. we think this is a temporary consolidation. we do see that the u.s. exceptionalism story driven by large fiscal stimulus. we think that is a durable theme. we think yields will resume higher. we think the dollar will be well supported particularly against other peers. haidi: what about differentials when you look at dollar aussie and dollar kiwi? >> they have been two countries where the rates market repricing has been quite large as well. perhaps markets got a little too excited about what might come in terms of policy normalization.
if anything, we think the risks are to the downside. in terms of those rate prices or that rate pricing scaling back a little bit and then causing a bit of a weakness in the aussie and the kiwi. haidi: i'm curious to get your thoughts on the digital yuan and how much we could see this head of aiming full effect globally. -- see this have a meaningful effect globally. >> bitcoin and dogecoin, that has generated a lot of attention. cryptocurrencies in the quarry financial system and how we traditionally think and use currencies is still very much at the margins. this is something that will gain a lot of attention. to the effect that it actually impacts how traditional currencies perform and behave, that is still driven by the traditional factors.
macro monetary policy. i think it is still on the margins. obviously important to watch. not really factoring into how we are thinking about forecasting overtrading the traditional trading. shery: jp morgan has just called the yuan overvalued. we had seen cnet again strength but a little more weakness recently. i explained this call and where it is headed especially with dollar weakness. >> we think dollar weakness is temporary. the rise in u.s. yields will resume as a major factor for markets. this will be a challenge. higher u.s. yields will be a bit of a challenge for dollar cny. the renminbi having been a very strong currency, we have shifted our view on that. our forecasts are in the medium-term. we think there could be some weakness in the near term. we see some of the drivers
pushing renminbis strength earlier. the chinese exceptionalism in terms of how they exited out of the pandemic last year. strong bond inflows. we think there might be more pboc resistance to more women be strength on a basket basis. we think that means the best dates for the renminbi are probably behind us. haidi: executive director and global fx strategist at jp morgan. still more fallout at credit suisse in wakes of the archegos mess. bloomberg has learned the point salesman was also assigned to oversee risk-taking in the prime brokerage unit. let's start off with the latest of the sec. su: the implosion has prompted
regulators to take a close look on how firms reveal their holdings. the sec is now exploring how to provide or increase transparency for the type of derivative death that sank archegos so spectacularly. it involved a multibillion-dollar loss for many banks as a result. the review we are told is in the early stages. here is some of what we are understanding is in focus. public documents, they typically reveal the big stock holdings of hedge and family offices. investment firms that hold shares have to file a 13 maybe that shows -- 13 b is required after the ms a large stake exceeding 5% in any one company.
archegos did not appear to have ever filed a 13f or a 13 b. they amassed a huge off book position including an estimated $10 billion wager on viacomcbs. the blowup left many banks holding the bag and regulators asking significant questions. we know the sec is under pressure from capitol hill in wake of the kim stock mania -- wake of the gamestop mania. it appears they are moving swiftly on this front. shery: after the blowup, it appears there has been much focus on the prime services risk unit. give us insight into him and what we can expect. su: executives had given the
point salesman for archegos capital the new responsibility of overseeing risk-taking in the broader prime brokerage unit. this is according to people close to the matter. those collapsed spectacularly. they crossed credit suisse's loss of 4.7 billion. the salesman had apparently nurtured the relationship with archegos. he has stepped down. it leaves a lot of questions. credit suisse has replaced a -- or is engaged in sweeping shakeup of the executives involved in any kind of risk management. seven have been forced to leave the bank or been replaced. big questions are left in the wake about little-known areas of risk control. they're typically
behind-the-scenes functions of any bag. we should point out it is not typical for revenue-generating employees to switch to risk oversight roles but some banks do do that. in terms of the earnings, archegos will be front and center. shery: plenty more to come on daybreak australia. this is bloomberg. ♪
shery: chinese antitrust regulators have put most of china's largest internet platforms on notice to curb anti-competitive behavior or face a similar crackdown as alibaba. our chief north asia correspondent takes a closer look at how quickly things have changed in a new bloomberg television special, red lines, china and big tech.
>> companies like ours, we invest more than 15% of our total revenue every year to do r&d. in the meanwhile, i think antitrust is also good for innovation. you cannot imagine the number one and number two guy gain 90% of the share in the u.s. that happens quite a few times in china. that is not good for innovation. the antitrust approach is kind of justified chain >> one way they grew their girth was by pouring billions into many of china's next-generation tech unicorns. sometimes even cross investing in the same startups. it further inflated the big platform's offerings but arguments could be made on both sides whether the m&a closed off or cracked open competition.
>> if i don't do it, i am at a disadvantage. i think some methods to make the ground clear, that would certainly be helpful to us. us meaning invest into early stage technology companies. new technologies to possibly disrupt some of these companies. >> more competition might be helpful to the perception of alibaba. we see that with gd -- with jd. we also see it with streaming sites. if you have all this traffic on the tiktok's of china, you actually see a real opportunity for these companies to make a
dent in e-commerce. it is happening. there is competition on the margin. >> it is important to note many of these investments flew under the domestic antitrust radar because nearly all the chinese companies listed outside of china are done through a variable structure. >> did not match any cases involving a structured. a fear of brand illegitimacy. they have always operated in a legal gray area. as a result of that, you see the duopoly you just mentioned. alibaba and tencent have made hundreds of acquisitions without making any notification to the antitrust authority. the authority is sending a signal and make it very clear that cases will no longer be exempted. they are going to scrutinize
these deals. some may say it is a little too late. haidi: you can see more of our investigation into how far china will go in writing in ed's national tech champions this friday on bloomberg television. -- in reining in its national tech champions this friday on bloomberg television. you can always watch it online at bloomberg.com. don't miss an exclusive interview ahead with the bmw. assessing the aipac outlook. in other exclusive will be following that conversation. rising virus numbers in india. coming up next on day because jonah, australia axes -- on daybreak australia, australia
♪ vonnie: you're watching deborah kostroun you. the uk's transport secretary says he holds regular talks with his u.s. counterpart. he says the case for travel between the two highly vax it in countries. the ban imposed by former president trump would need to be loosened. numbers were down 99% this month compared to two years ago. u.k. aims to resume nonessential international travel in may. term and lawmakers have approved angela merkel's controversial
lockdown law. officials are struggling to contain a fresh wave of coronavirus infections that is putting pressure on hospitals. it will give federal officials the authority to impose tighter restrictions and virus hotspots including nighttime curfews and closing schools and nonessential stores. the united arab emirates is considering restrictions on people who have not yet been vaccinated despite being eligible. this is sparking widespread criticism. both the daughter of dubai's ruler and uae prime minister say imposing the move would mean robbing people of their rights. the uae is one of the world's fastest inoculation programs. 10 million doses have been administered. president vladimir putin warns countries not to cross russia's redline, saying if they do they will regret it more than anything they've regretted in a long time. he did not single out any rivals individually though tensions
between moscow and washington have escalated. he touted new nuclear weapons and renewed an offer to talk with world powers to increase strategic stability. russian police arrested nearly 1500 protesters throughout the country amid demonstrations demanding the release of a kremlin critic. the nationwide rally was -- he is set to -- said to be in severe decline after a three week long hunger strike. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. i'm vonnie quinn. shery: the s trillion government has torn up the belt and road agreement with china, saying it's not in the countries national interest. beijing has reacted swiftly. let's get some analysis now from
clive hamilton. great to have you with us. the reaction from the chinese embassy saying that this shows a lack of sincerity and the willingness to improve the relationship. can it be read as such? we knew this decision was probably likely to come. clive: i think it's a decision very consistent with the petition -- position the us trillion government has taken over the last three or four years. he's putting in place a range of measures to shore up australia's sovereignty in the face of beijing attempting to gain influence in australia. it was very protectable. we had to wait for how beijing will react materially. haidi: is the acquiescence to the agreements, as others have framed it, a propaganda gift?
is this coercive diplomacy? something that is harmful foot -- for national interests. clive: the belt and road initiative is very much a strategic tool to advance beijing's influence around the world. they want to make other nations and governments dependent on beijing. i think the effectiveness of it is illustrated in the state of victoria, with its agreement. what we've seen from the premier and ministers in victoria, along with top business and bureaucratic, is the reproduction of china's propaganda. when talking about the relation ship with china. victoria was seen as one of the weakest links in australia.
it was targeted by beijing to gain influence which is very consistent with beijing's broader program of pursuing influence through policy that is known as, use the countryside to surround the cities. haidi: we've seen studies done about chinese influence in other regions. many of them show that perhaps chinese engagement doesn't necessarily automatically lead to strategic outcomes for beijing. in the sense that it doesn't automatically win the hearts and minds of the local population. what would you say to those people that don't believe that, just by engaging in all of these different parts of the world, beijing will gain a positive advantage? clive: in this part of the world, there are good examples. on the one hand, beijing engaged in a very sustained program of
gaining influence in australia. it has backfired because the australian public and various agencies decided that sovereignty was worth more than that. on the other hand, in new zealand, we've seen china's communist party influence following the same kind of methods working extremely effectively. to the point where the alliance of intelligence sharing is now under question because new zealand is adopting an extremely beijing friendly stance on these questions and breaking away from much stronger position being adopted by australia and the united states. the u.k. and even canada. we can see that beijing's strategy does not always work but it can be highly effective. in particular, could i just add
that this belt and road agreement with victoria is very inconsistent with australia's attempts with japan and the united states to counter china's influence in the asia-pacific region through the belt and road agreement. western countries and japan are very worried about beijing gaining influence through this infrastructure investment. they are starting to counter it. it's contradictory for us to really get to have its own belt and road agreement. shery: there's a reason that these localities engage with china. a lot of them are economic. what is the federal government have to do to compensate for that? clive: in the pacific, australia has always been a major power. as has new zealand, when we think about small pacific island states. that has been important historically. also strategically.
also, there are very deep bonds of friendship between the two nations. or the several nations, i should say. as china pushes its way into that region, it's really destabilizing and upsetting the historical relationships which have been really important for stability within the region. for example, peacekeeping missions sent by australia to various nations in the pacific when they run into trouble. beijing's activities in that region are very worrying. the united states is very concerned that beijing wants to stead up a neighbor -- set up a naval base on the western pacific. that has major destabilizing effects. shery: thank you very much for join haidi: it's time now for morning calls with sophie kamaruddin in hong kong. the big news in the fx space was the cac's jumped the best day
since june. what does it mean? sophie: over at bank of greg anderson was surprised that we did not see pushback from the central bank on the loonie strength. pointing out that the boc noted the currency has been tracking the rise in commodities. they don't see depreciation in the future. in ing, the central bank decision bodes well for its profile. markets are tightening next year for canada. that should support a rally once the domestic virus situation improves. igc being hit. in the short run, igc and the currency struggling to emerge from the recent stop and momentum giving the re-rating of growth expectations. that could reverse some of the sessions gains by the end of the week. haidi: coming up next, the prominent climatologist be
has dramatically increased. the future potential cause to the economy has skyrocketed. we are now in a situation where climate change is an existential risk to our future economy and our way of life. haidi: yellen sounding the alarm on climate change at a virtual conference. global temperatures careen past critical levels. the world's two biggest economies locked in a geopolitical and economic chess match have been sending parallel and equally ambitious admissions goals. will climate change turn them into unlikely allies? will it be yet another point of conflict? >> china has an ambitious goal. while it currently accounts for one third of global emissions, president xi has pledged china will be carbon neutral by 2060. beijing plans to slow emissions growth, hitting a peak by 2030,
by boosting nonfossil fuel sources and green tech, reducing pollution, and pushing to electrify everything while hooking more industries up to carbon free energy. not to be outdone, joe biden is aiming to be china by a decade. he wants net zero emissions by 2050 and in emissions free electric grid in 15 years. both countries have picked key paris accord figures to lead their respective climate strategies. china has a record of deals with the united states. john kerry initially took a slight at beijing's stance but he hopes the u.s. can work with china. parallel policies and key personnel could open up a new front of cooperation between the two economic giants. chinese diplomats have warmth that working together will depend on biden stance on issues including trade, hong kong, and taiwan. >> those issues will never be traded for anything that has to
do with climate. that's not going to happen. >> the two countries are also finding their own journeys to net zero problematic. china acknowledges it will be an uphill battle. china's total coal use is still rising and it needs to balance economic goals with rating and pollution. partisan divisions in the united states may force biden to compromise on big policy leads. whether the two major economies clash or collaborate, one thing is certain. zeroing out emissions is a key aspiration for both. shery: ahead of president biden's covid -- summit, our next guest was based in sydney during the bushfire crisis and he says that the transition will be hard but it's not too late frost really a to avoid a dystopian future. michael mann joins us. great to have you back on the show.
the last time you spoke, you were in australia. that dystopian future seemed to worsen with every fire season. what can meaningfully be done, given the lack of political will or direction here and australia? michael: we can still prevent the worst from happening. i lived through the black summer. it had a profound impact on me. in my latest book, it's about the challenge that we face today in averting catastrophic climate change. one possible future is one in which we don't make the reductions in carbon emissions that are necessary. australia does ultimately resemble a dystopian future. but that future can still be averted. that's why this conference this
week, this climate summit in the united states, is so important. the major players all coming together to talk about what we can do to ratchet up those paris commitments so that we get on a trajectory that does keep warming below catastrophic levels, avoiding 1.5 degrees celsius warming where we start to see the worst impacts and australia, the united states, and around the world. we still have time to do that but it will require dramatic action. we have to bring global carbon emissions down by a factor of two within the next 10 years. haidi: to get there, are the commitments made by the government enough? 26-28% on 2005 omissions by 2030. hopefully getting to net zero by 2050. is that enough or doesn't it need to be more ambitious to be able to do what you are saying? michael: certainly.
australia's actions have to be far more ambitious than what scott morrison has described. i characterized it as smoke and mirrors. while morrison is now talking a good game on climate, because of the pressure he's feeling from researching u.s. where the u.s. is now once again leading on this issue, is putting more pressure on other entrenched actors like australia. he's talking about her game. he's talking about being net zero by 2050. that's kicking the can weigh down the road. 2050 is a long ways off. what we need to see our actionable policies that will lower carbon emissions by a factor of two or more over the next 10 years. right now, we see no evidence of that. scott talked about the natural gas led economic recovery. that is fundamentally incompatible with the reductions in carbon emissions that are necessary to avoid catastrophic
warming. shery: secretary yellen spoke about the role, the critical role that the private sector has to play in all of this. we know australia has the highest per capita rate of solar penetration anywhere in the world. is renewables a key part of this? what are some of the components that bring this together for people that look at climate change as something that seems difficult to defeat, very hard to think about? michael: the smoke and mirrors i was talking about are references to suppose a technology for sucking carbon back out of the atmosphere. these geo-engineering schemes. we've heard reference to that from scott morrison. what we need our policies that get us off fossil fuels and do so rapidly. australia had a very successful in emissions trading scheme for two years that was lowering carbon emissions, getting it on the right track.
of course, the incoming liberal government tony abbott got rid of that. we saw carbon emissions come back up. we need to put a price on carbon so that we level the playing field. renewables can compete fairly against fossil fuel energy. renewable energy that isn't destroying the planet in the same way needs to be able to compete in the marketplace. that's also why we need to provide subsidies for renewable energy. morrison has alluded to the possibility of a half billion dollars. that's a drop in the bucket. we need major programs that will incentivize wind, solar. australia has all of those amazing natural resources. it has the wind, the sun. it's crazy for australia not to be leading the way, leaving the rest of the world when it comes to the clean energy transition. shery: in the u.s., we are seeing big plans coming from the biden administration. the only problem is that we are seeing pushback.
this is what the ranking republican on the senate energy committee had to say. the last thing that the economy needs is higher energy prices and fewer jobs. the president's team will cost more -- working families of fortune. how do you counteract that logic? michael: with the facts. that is simply not true. we've heard that dishonest rhetoric for too long. the cost of not acting on the climate crisis is already far greater then any cost of taking action. we see that in unprecedented superstorm's that have attacked our coastline, the wildfires, the bushfires down under. we had our own experience over the last several summers with unprecedented wildfires in the western u.s.. these extreme weather events that have been exacerbated by climate change are costing us hundreds of billions of dollars. let's talk about jobs. there are far fewer jobs available now in the fossil fuel
industry which is mostly automated. there are far more potential jobs in renewable energy, installation of wind and solar. it's a win-win. if we move away from fossil fuels towards her noble energy, we provide more jobs, we lead on the economy, and we address the greatest threat that we face right now which is the climate crisis. haidi: how much momentum do you expect this climate summit to create? especially when you consider that the u.s. in fact come a depending on who's in the white house, can come and go from the paris agreement. will others follow america's lead? michael: it's a great question. the first step is the leadership and diplomacy that john kerry has. john kerry helped negotiate the bilateral agreement between the u.s. and china that laid the groundwork for the product -- paris accord which he helped negotiate. it is so important to have that leadership. it is so important for the biden
administration to be doing everything it can through executive actions. we are seeing that. we also need legislation to codify those policies, to make sure that they can withstand the vagaries of our next few presidential election cycles. that's going to require the use of the bully pulpit. joe biden using every tool available to him to put pressure on some moderate republicans who will hopefully join with democrats to pass some commonsense consensus climate legislation. we can get something passed through the congress that will complement the executive actions that the biden administration is taking right now. haidi: always so great to have you with us. michael mann. we have more big guests ahead.
a first interview of the day. a company collecting elements from the seafloor to make batteries. speaking of oil and gas. we are getting an update when it comes to agl. we are hearing that the ceo has resigned. the current chairman has been named interim ceo. a nonexecutive director has been named as chairman of agl. he has resigned after almost 15 years with the company. he has been ceo for the past 2.5 years. that takes place effective immediately. we get more head on daybreak australia. this is bloomberg. ♪ ♪
shery: funds from the central bank. sources tell us the pboc unit may assume more than $15 billion of assets to help they clean up its balance sheet and refocus on its core business. it's offshore unit is also said to be in the process of transferring assets into a separate offshore entity. bane oaktree and white oak are said to be in talks to refinance
some of its borrowing from retail capital. bloomberg learned the funds are weighing credit of $333 million. they are into insolvency. a deal would provide relief following the demise. jp morgan is adding almost 190 workers to its investment banking branch as wall street firms try to reach -- he's the burden on junior bankers inundated with work during the pandemic. the bank hired six he five analysts and 22 associates globally and is planning to hire 100 more bankers and support staff. haidi: coming up, more markets analysis with erin brown. that's it for daybreak australia. daybreak: asia is next. we have lots more ahead heading
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♪ haidi: very good morning from sydney. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories this hour. asian stocks are posted bounce after wall street snaps a two day drop. bargain buyers emerge. china faces pressure on several fronts with australia canceling belt and road deals and the