>> welcome to dave eric australia -- daybreak australia. take a look at another slightly quieter period of trading as we get lots of these markets closed due to holidays. asian stocks set for a firm are open despite underperformance on wall street. we are awaiting u.s. inflation. bitcoin up as etf's boost mainstream acceptance of crypto. aussie earnings in focus. csl's first half bottom-line beating estimates. let's get you to those markets as we get the start of the open and australia. 0.1 percent higher, high expectations in terms of valuations. we have been trading sideways when it comes to aussie stocks at the start of the new year.

quite thin on the ground given we have had a number of market closures but the markets that are trading close to open higher, japanese markets back online after the holiday and all focus on the u.s. inflation do later tuesday. japan and australia, japanese futures indicate higher. new zealand, downside of 0.25%, a bit of weakness playing through and the aussie dollar holding steady at 65.30. we will be watching dollar-yen, trading below the 150 threshold. we could see a bit of a move depending on the cpi number. the markets that are closed, china, hong kong, taiwan, vietnam and nepal are not trading. when it comes to u.s. futures, we had a bit of sideways trading in the u.s., hitting the ball

after another milestone for the s&p 500 and another record high driven by the trading we have seen in tech stocks in particular. u.s. futures looking softer. nasdaq 100 showing weakness. oil seeing a bit of upside after a weaker start to the week. the bloomberg dollar index is stuck in the attached trading range before we get the u.s. cpi data. depending on what we get from cpi, we are paying attention to the fed speakers. >> i think it is too soon to have an expectation or to measure or project when and how much i think we might be lowering the policy rate. the progress we are making on inflation is very positive. as long as we have continued progress at the current policy rate, at some point it will be appropriate for us to lower the federal funds rate.

i don't see that in the immediate future and i don't want to prejudge our decisions going forward. haidi: that is the fed governors saying it is too early to consider rate cuts. let's bring in an investment advisor here in sydney. the bulk of the focus remains on what central banks do and the pricing of what some would say are excessive expectations from the fed. >> the inflation rate in coming tomorrow will be important for rate cut expectations. the market has four priced in from the rest of the year, down from a high of seven in january. the number of rate cuts contributes to the amount of liquidity we see in the system. that is one thing we think has pushed up the valuations of the magnificent seven and nasdaq in the past few months. it has been a wave of liquidity

from investors in large part, retail investors investing after brand name's they recognize. while we are seeing strong fundamentals from the magnificent seven we are seeing survey reports that say up to 9 million new or additional u.s. households are investing in shares for the first time in the last 2-three years. we are seeing that in combination with this cash stimulus from covid pushing liquidity and rate cuts are related. haidi: when you look at the fact that we are coming off a base where the magnificent seven and a lot of tech growth are still outperforming despite a tighter rate environment. what happens with liquidity loosening and rate cuts coming eventually? do we see a trickle-down effect? >> there is scope for the magnificent seven to continue re-rating and multiples but what is likely to come in accordance

or combination with that will be a trickle down into smaller caps. we are seeing the huge divergence between large and small cap performance. it is at an historic high of a discount of 30%. there is opportunity for investors in the small cap part of the market. the liquidity will trickle down and the most opportunities are to be found. haidi: in australia, the economy is resilient. we are waiting to see the balanced messaging from the rba. why aren't we seeing bigger moves with stock performance? >> and australia we have seen muted performance compared to the u.s. and if you look that the composite of our ai sex we have less of awaiting to tech industries. if we look down to the small cap differentiation, aussie small caps are still trading at a small premium to large caps and that is different to the u.s.,

where the discount is larger. when we look at the small-cap opportunities, the u.s. is where we are looking to deploy capital. haidi: when you look at values, it is hard to get past china but it feels like there is a brick wall of poor sentiment. few people are willing to be selective with opportunities. you see green shoots despite what is expected to be a protracted multiyear slow down. >> we have seen a large selloff in chinese markets. this year we have seen over $1 trillion wiped off chinese stock markets. promisingly, last week we saw signs from the government they might be willing to step into provide stimulus that before this point, they had seemed reticent to do. we saw the body fund created with an approximate value of 2 trillion rmb, starting to be deployed for etf's so we saw

support there. we saw the government stepped in and sacked the market regulator. this has happened twice before. that predated a large market rally. while fundamentals locally in china and large fallout in the property sector, there are certain reasons to be wary in china but given market positioning is very bearish, short chinese equities, if the institutional money decides who's benchmark or where decides to go to neutral, that will see lots of liquidity back into chinese share markets. the moves we saw last week from the government might be enough to do that. haidi: you seem optimistic when it comes to the consumer. >> trip.com, looking at the liquidity, there is a lot of concerns around the economy. you want to look at high quality

businesses. trip.com is the largest online travel agency in china. it has large volumes. it's growth plays on a multi-decade travel growth story in china, particularly in the middle income classes. they are seeing uptick, particularly offshore. there have been issues with u.s. passports, and we are seeing that ease. there are short term catalysts for trip.com and we feel confident putting money that. haidi: more upside views on china. lucy, great to have you. let's look at the early movers in this session in australia. a lot of earnings related names like csl trading to the downside of about 8%. the first half income coming in as a beat on estimates, the first half net income beating estimates of $1.9 billion. that is a gain of 17% year on

year against estimates of 1.86. interim dividend per share of $1.19 versus $1.07 year on year, better than estimates. a bit of downside when it comes to csl. mcquarrie group, a bit of a selloff. following due to reduced activities across commodities trading in particular as well as global markets. the veteran head of the commodity global markets, stepping down. earnings for those nine months ending last year substantially down on the previous year. we are seeing negative reaction from macquarie trading this morning. you can get the earnings and stories to get your day going. terminal subscribers can get that in the bloomberg anywhere. you can customize your settings so you get the news on the

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haidi: international condemnation is growing over a potential ground strike by israel in rough, where one million people have sought

refuge. israel's military launched airstrikes monday with health officials reporting dozens killed. michael joins us for more. we are seeing more in terms of international condemnation, given that by some estimates half a million people went there to cut -- escape bombardment in the north. >> that is right. we have seen the international criminal court worn -- warn both sides that it is watching. this is another layer of a more serious nature than the u.s. warnings and the arabs, who are saying israel must clear the area of civilians before they undertake a ground offensive. the pressure is mounting on israel. the bombardment yesterday was part of a special operation to get a couple hostages out, a

rare bit of good news for the israeli public. two israelis were released. they are said to be in good condition. that is not a prelude to a ground operation. it is interesting, i was looking at is really media who noticed there is not a lot of reparation -- preparation for ground operations. watching what happened, their argument is that netanyahu tried to get on the public bandwagon about keeping the were going until the end. there is a mood that israel must stand up to international condemnation. but they will have to be more careful in terms of this area. egypt is on the others. a lawmaker close to egypt's president warned the peace treaty with israel and egypt could be at risk if they don't coordinate.

there are serious warnings israel is getting. haidi: the warning coming from close to the leadership. is there a sense that regional leaders may have more influence or is it the domestic political pressures driving away -- driving where this conflict is going? >> there are two sides in that sense. if the israelis want their hostages home, they believe hamas, if they are in charge it is difficult to create a two state solution. there is a strong undercurrent in the israeli politics that says we fight to the end. the greatest pressure will come from the u.s. and i think the u.s. is reading the room that we are, the world is at the end of its patients in terms of being

able to give israel the benefit of the doubt in terms of the civilian casualties. they want a more coordinated approach to dealing with civilians, particularly when you look at half a million people with nowhere to go. haidi: we saw president biden met with the jordanian king earlier. >> the king and i discussed today, the u.s. is working on a hostage deal between israel and hamas. it would bring immediate and sustained period of common good to gaza for at least six weeks. haidi: is he talking about a cease-fire? >> that seems to be the case. the mentioning of six weeks and returning the hostages seems to be almost a u.s., perhaps this is a u.s. push coming out. it is unclear. israel seems to reject the hamas

suggestion of a 90 day cease-fire, because it involved pulling all of its forces out of gaza and that was unacceptable to them. this seems to be a new offer on the table, the idea being you would give civilians time to get aid and recalibrate. and perhaps form the basis of a permanent peace. haidi: michael, with the latest. nikki haley criticize donald trump's popular stance towards nato as well as his pledge to increase tariffs on china and other countries. she told us it was a mistake for the former president to say he would abandon nato members if the allies failed to meet spending commitments. >> nato is a success story. we have not had war in the region and if you look, russia has never invaded and nato country. they invaded georgia and ukraine and moldova.

we want to make sure, do we want nato to pay more? of course but the last thing we are going to do is side with a dog. -- a thug. putin has arrested a journalist who is sitting in jail just for doing journalism. this man has wanted to destroy america for years. i dealt with russia every day. it is a mistake for trump to this -- to side with putin after our allies. we needed friends after 9/11 and we need to remember that. it takes a friend to get a friend. >> i'm sure you have seen comments from marco rubio and lindsey graham. do you feel like you are at -- out of step from members of your own party? >> the goal is never to follow the polls. the goal is to make sure you communicate what is right. we need to have an alliance that is strong. our goal is to prevent war. that is the main thing.

if you look at russia right now, the reason people should care about ukraine is because it is a pro american freedom loving country, and listen, said once he takes ukraine, poland down the baltics are next. those are nato countries which puts america at war. this is about preventing war and keeping an alliance strong. this is about bringing in more friends, not pushing them away. donald trump doesn't get that. we can't have that. our goal is not to blame the american people for feeling the way they do. it is to make sure we get our message out on why they should care and why this is in the best interest of america. for politicians refusing to say that, that is a disservice to the people they serve. >> if the goal is to bring in more friends, would you agree president biden did a good job expanding the nato alliance? >> first of all, i think yes, he understands the importance of nato but he doesn't understand

the importance of preventing war. he could have prevented putin going into ukraine. this would not have happened if we wouldn't have had the debacle in afghanistan. we left bagram air force base in the middle of the night without telling allies who stood shoulder to shoulder with us, because we asked them to be there. think about what that told our friends. think about what that said to our enemies. it is no surprise putin invaded ukraine. there is no surprise we are seeing iran push proxies to do evil. there is no surprise hamas invaded israel and china is intimidating taiwan. they see the u.s. is weak and they don't trust it. the fact that we are watching jill biden and decline isn't helping bet. russia, china and iran are watching the decline of joe biden. this is bigger than a party. this is about the fact that we have to look out for the national interest of our country

. that is when you put all of this aside and say, what do we need? we don't need 280-year-old candidates running for president. we need someone who can serve eight years, disciplined and strong, no volatility or drama, no vindictiveness. get the job done for the american people. haidi: nikki haley they speaking with bloomberg's reporter. political headlines we are tracking, the eu is proposing trade restrictions on two dozen companies accused of supporting russia's war efforts in ukraine. a list includes companies in china, hong kong, serbia, india and turkey. if adopted, the restrictions would be the first time e.u. has imposed on mainland chinese firms since russia invaded ukraine. pakistan's major family controlled political parties are moving closer to a coalition that would thwart another group. the jailed former prime

minister's candidates won the most seats in last week's election. the parties of these clowns say they agreed in principle to save the country from what they called political instability. president biden's reelection campaign launched a tiktok account. the channel was unveiled during the super bowl. it is the first time biden has joined the platform. the bipartisan leaders expressed concern over the move because tiktok is owned by a beijing-based company. plenty more to come on daybreak australia. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns.

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haidi: take a look at bitcoin, which is gaining momentum as we see still trading just under the $50,000 level but up 0.1%.

it was climbing above $50,000 on the back of the bitcoin renaissance. funds breaking $2.8 billion in net the likes of loud rock -- blackrock infidelity. this is the first time in two years we have seen it jump above $50,000. quite a comeback from a series of industry setbacks. let's get more from hannah. what are we seeing as the drive of this recent rally? the question is, is there sustainability? >> there is optimism around bitcoin. they -- there are healthy inflows and -- into etf's. people have celebrated online and they are saying i told you so. bitcoin's back but we have to keep in mind it is still off from the $69,000 hi from

november 2021. haidi: what is next when it comes to crypto etf's that have driven the latest rally? >> now, everyone is awaiting approval for ethereum etf's. ethereum is the second most popular cryptocurrency and traders are looking forward. they think bitcoin has paved the way with bitcoin etf's. maybe we will see other cryptocurrencies have etf's. there is excitement on that front and we will continue watching etf's as it continues upward. haidi: hannah miller with the latest on bitcoin. a reminder, china, hong kong, vietnam and nepal remain closed for public holidays. japan is back online after its long weekend. a number of markets are still on the lunar new year holidays but we see the markets coming back

online, including trading underway in new zealand and australia. broad gains across asian equities that are trading today. japanese markets resuming trading. all of this, head of u.s. inflation data due out later tuesday. japan futures looking more positive, s&p 500 little changed after reaching a milestone and another record high in the previous session. tech stocks, a bit of weakness for the nasdaq 100 after a record high on friday. ozzie stocks about 0.1% up, a weaker yen helping japanese futures, up over one .5%. plenty more to come. this is bloombe

haidi: look at consumer

confidence numbers crossing the bloomberg. australia west bank numbers really strong, rising to 86, 6 percent month on month. consumer sentiment up six point 2%, current conditions of eight .4%, of -- expectations with a gain of 5% month on month. there was previously a contraction of 1.3% so i bounce back there. consumer confidence index tracking a little higher. when it comes to the economy, expectations are year ahead, big gain of almost 9%. five years ahead 4.4%. family finance, expectations looking better as well. we continue to watch weakness, trading flat when it comes to australian stocks. whether that consumer confidence ways into rba expectations is one to watch. with recent signaling from the

governors saying friday before parliament that they won't necessarily wait for cpi to be inside the target before cutting rates, there is a way to go to reach the cpi target. that balanced view tend not ruling out a high but not ruling it in either at the moment. when it comes to trading in australia and new zealand, bonds at the moment, we have seen a move when it comes to the aussie dollar, given that the u.s. dollar, range bound but the aussie has managed to hold gains . u.s. futures are shaping up at the moment, a bit of a pullback overnight after the big session friday where we hit a record high in tech stocks in particular. inflation, muted trading across s&p, nasdaq and dow futures.

the medium term inflation expectations are the lowest in 11 years of data. bloomberg economics expecting that inflation release will likely show cpi running at a similar pace for the past few months. that should underscore the progress jerome powell and his colleagues made beating back pressure and feeding into expectations they will find rate cuts perhaps more palatable in the coming months. let's bring in a senior economist. how much should we manage expectations of what inflation looks like? how much will it change or not change when it comes to expectations? >> looking at the reports, we are looking for headlines to be slower. 3%, and core inflation to take lower as well so this will be a report that will affirm the inflation trend in place. the fed has said they want to see more good inflation data but

i think this is one good report for the fed when it comes to the inflation outlook. we will focus on some of the trends in inflation, three and six months. if we continue to see inflation momentum in the economy, the ship -- the fed should be well-positioned to ease monetary policy and cut interest rates before the middle of the year. haidi: geopolitics has been at play for oil prices. how much do you expect energy to be a wild going forward? >> looking at the report tomorrow, we expect energy to be a drag on headline cpi, which helps explain why we are expecting a 0.2% spread. this has created lumpiness in the inflation price and we should expect going over to continue to see bumping us. we are talking rising

geopolitical tensions and rising tensions in the red sea leading to disruptions in shipping and increased shipping prices. there are risks on the geopolitical front that could lead to more bumping us in the inflation trend going forward. haidi: there are potential shocks to the upside if we go by the monthly readings. ultimately, do you think the disinflationary factors might be stronger this year? >> there is an inflationary environment that remains in place. when we look at the outlook for this year we see inflation getting closer to the feds to percent target by the end of the year. a number of factors are important in terms of driving inflation. we are expecting more shelter for inflation. this has started to pay off. it has been slow so they should gain momentum this year. we are expecting rebalancing in

the labor market leading to more moderation and wage growth. that will help push inflation lower. don't forget, the monetary policy is that a restrictive level. that will continue to weigh on economic activity and demands and will be a factor that will help bring inflation lower. haidi: what about expectations feeding into inflation and wage growth or wage compression depending on consumer spending? >> when we look at the jobs report we got for january, it was strong and we saw a renewed momentum in wage growth. part of that was some noise. there was impact from the weather, which led to a drop in hours worked. part of that was noise but when you look at the wage indicators,

we have seen moderation already and that is because the labor market has rebalanced beneath the surface. we are still seeing solid job growth, 3.7% but we have seen the labor supply coming back online and less labor demand and less of that. going forward, the pace of job gains we saw in january. i don't expect it to be sustained so i think we will see slower job growth, no retrenchment in employment but more of a slowdown in job gains and less pressure on wages. haidi: how much are you watching geopolitical risk and domestic u.s. political risk? donald trump is the republican front-runner and he threatened steeper, more serious tariffs on china and other trading partners. how does that play into the domestic growth and inflation picture? >> there will be a lot of policy

noise this year. geopolitical noise as well. we are expecting tensions to remain elevated. as we move into the second half of the year, with the u.s. elections, we expect more policy noise. the outlook when it comes to the economy and inflation, the key drivers, the trajectory for inflation and what happens for the fed which will be critical for the outlook. we are expecting the fed to start getting interest rates in may and we anticipate 100 basis point rate cuts. when it comes to the economy, we see some positive economic dynamics. a slowdown in economic activity, but we should continue to see positive economic momentum and the economy should grow at a decent pace this year as well. haidi: great to have you with us, lydia.

joining us ahead of u.s. inflation numbers. you can get more on the bloomberg for the latest analysis on the u.s. cpi. you can get commentary and analysis from our experts. rising defaults in the commercial real estate market are putting investors on edge after a small banks from new york to tokyo took hits. the worry spread to europe when a lender from germany slumped because of exposure to the u.s. market. the german finance minister spoke with bloomberg about those risks. >> we are witnessing an adjustment period. the interest rates are much higher than expected, and so many companies are worried and have to correct expectations. i think we have to be aware of the situation, and from my

perspective, for example, the ecb, as european supervisor in the banking sector, they decide what is necessary. >> do you worry about possible stability? there are a number of smaller lenders and germany that have been through troubled waters. is that commercial real estate, lending practices? how are german banks doing? >> german banks, which are involved in this business, are under the supervision of the ecb , so i'm not involved in this, but from what i have known, the market as a whole is stable. unless there is a need for new priorities, and to rearrange projects due to higher interest rates. >> i know you get questions on the german economy.

in davos, you said germany is tired but not sick. there are questions about the german industrialists that in the past had their glory and now, are coming down. how did that happen? >> germany has some structural deficit. these deficits have been covered by low interest rates and demand from the global markets, and budget -- the cheap fossil energy we imported from russia. the situation has changed. the german economy has to find a new basis. i think there is potential for a fast turnaround, given the human capital, the intellectual property, the substance of our economy. but since the circumstances have

changed, we have to improve the framework conditions for our businesses, which means the labor market, which means less red tape. we need investments in the public infrastructure, and the digitalization of our public administration. and of course, i think we need a reform of our corporate tax system. >> do you accept that the industrial age of germany's superpower is gone? >> look at the figures. we are still quite strong. we are in the process of transformation. digital technologies are becoming more important. we have the challenge of decarbonization of our industrial basis. but we are doing quite well and

i'm very optimistic. we are investing a lot in the green transition, and if we managed to improve the framework conditions this year, i expect an economic upturn very soon. but we have to improve the framework conditions. we have to decide on actual reforms. haidi: the german finance minister speaking with francine lacqua. more ahead on daybreak australia. this is bloomberg. ♪ but it's so much more than that. with gusto, paychecks are deposited in just a few clicks. gusto calculates and files your payroll taxes automatically. gusto offers health insurance for nearly any budget. and gusto even connects you with certified hr experts. it's fast, easy, and affordable. gusto is payroll and benefits built for small businesses. get started for free at gusto.com

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haidi: the aviation industry is working on developing engines that run on electricity or hydrogen. these may live short distances during the early days but they could cut emissions by 40% by 2050. our aviation analyst joins us now. this technology has been the missing puzzle piece when it comes to the energy transition for aviation. how important is it and what progress is being made? >> right now the aviation industry is prioritizing jet fuel, the primary option of

reducing emissions. the supply is the biggest challenge for this field. we expect the supply will increase. the demand will increase as well. it is difficult for the industry to meet the jet fuel demand with just this new fuel so it is important to have different options. another reason is emissions that have significant global warming effects. the burning of kerosene and similar jet fuel admits these omissions, like nitrous oxide. zero omission aircraft like hydrogen aircraft have lower co2 emissions. that is why it is important. haidi: none of these aircraft have blown yet. we have expectations in terms of timeframe? haidi: --

>> for small aircraft that could fly 500 kilometers it is going to be about 25th -- 2030. for larger aircraft it is beyond 2035. we analyzed the potential for flight data and technology for aircraft. there are more than 43,000 potential airport -- air planes. in scandinavia and latin america these aircraft could cover more than others. this is because of the location of the airports. haidi: what are the implications for the energy industry if we see hydrogen powered aircraft becoming mainstream? >> the aircraft that could be

powered by hydrogen could be fully deployed by 2050. we expect more than 40% of jet fuel demand will be displaced but this means we need a lot of hydrogen, especially at airports . airports will need hydrogen infrastructure. told -- to use clean hydrogen we need large amounts of clean power. we need land to build clean power infrastructure. haidi: our aviation analyst there. you can catch up on past interviews at tv and dive into the securities on the bloomberg functions. join the conversation. send us instant messages during our shows. do check it out at tv . this is bloomberg. ♪

haidi: japanese markets are coming back online after the national holiday. futures, looking more optimistic as we start to head into this start of trading in tokyo. waiting for price inflation numbers crossing the bloomberg now, ppi year on year for

january, a gain of 0.2 percent so a bit faster than expectations of 0.1%, picking up from no change in the previous month readings for december. the ppi month on month survey, expectations are 0.1% and we are waiting for that number. the previous month we saw an acceleration of 0.3% month on month, not much of a move. no change on that month on month number. lots of implications as we watch dollar-yen holding at the 149 level. a bit under the 150 threshold for three months when it comes to trading in dollar-yen. expectations are building that we should break that level and hold above potentially on tuesday if the u.s. cpi tops estimates, or in the coming sessions if we see yields extending the year-to-date advance and rising towards new 2024 highs as has been the theme for yields this year.

150, considered important because that is where we have seen that intervention risk intensify. we will be watching cpi numbers and the correlation when it comes to u.s. treasury yields as well as whether we had above the one for the level. looking at the movers we are tracking in this trading session , 15 minutes into the start of cash trading, csl has been of the laggards, falling early. this is the pharmaceutical giant , beating expectations of the 17% jump. paul allen is looking at the results. with the stock price notwithstanding, what are the takeaways? >> csl was -- results are pretty good. csl bearing takes care of plasma collection. this is an important business and remain strong. took a hit post-covid because lockdowns made it difficult to gather plasma so watching costs

but donor compensation, gathering the plasma, those costs are down. the other big businesses, one that looks after vaccines and the other that looks after rare diseases, have had a tougher period but numbers were good. 17% jump in net income, 1.1 billion for the half. that was a beat. the interim dividend was a beat. for the outlook, csl maintains guidance, 30%-70% growth. 2.9-3 billion for the year. haidi: you wonder if the drop comes off the back of monday, where shares took a hit. disappointment when it comes to not meeting primary endpoints with quote -- clinical trials. haidi: basically, csl was working on developing a drug that would prevent the recurrence of a serious

cardiovascular event and the high risk period, 90 days after a cardiac arrest. huge study, 18,200 participants across 49 countries, double-blind trials, csl said it was the most ambitious study in the company's history and it didn't work out. the drug was no more effective than the placebo. there was no material financial impact from the trial concluding but the market didn't like it and we are seeing the selloff continue. haidi: paul allen with the latest on csl. other headlines, macquarie group, profit falling due to reduced activity across global markets. the veteran head of the division stepped down. profit at the annuity business fell. the firm said earnings for the nine months ending december 31 were substantially down on the previous year due in part two exceptionally strong results in that prior period.

woodside energy remains open to additions when it comes to the lng business following a failed attempt to merge with santos, which would make it one of the biggest producers in the asia-pacific. they are not averse to deals with energy companies including aramco, which is diversifying into natural gas. trekking across broader markets, the laggards when it comes to trading in australia, we are seeing trading here flickering to the green when it comes to sydney, up by 0.1%. a muted handover from the wall street session. s&p 500 running up against the wall after starting a new record friday. that was muted ahead of the key u.s. cpi reading. some gains by financials, utilities and real estate, but

the biggest drop in health care, csl dropping 4% in the session. overall sector drop of 2%. communication zantac also seeing -- communications and tech seeing a pullback. more positivity with nikkei futures, up 1.7%, playing catch up with the rally on wall street friday as japan returns from holiday. other markets, still closed on account of holidays. china and hong kong, taiwan, vietnam and nepal as this week continues. many of those markets continue to enjoy holidays. this is bloomberg. ♪

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