Record. A decade on commodities are seen as australias savior. Rising demand and expansion plans may ease the recession. Shery lets get you started with a quick check of how market are trading. U. S. Futures up 0. 25 after a brutal session in new york. Stocks tumbling the most in three months. Every company on the dow was down today, all 30 companies down. Almost nothing was spared. The s p 500 seeing the biggest decline since march 16. At one point nearing that 7 threshold that would trigger a pause. We saw the big gainers in recent weeks like airlines, travel Companies Taking the brunt of the selling. We had concerns over a second wave of infections across the u. S. , also a lack of further easing plans from the fed potentially dampening the recent rally. The nasdaq was down or than 5 . We saw the dollar treasury surging the most since april. Lets see how things are shaping up for asian markets. Sophie kiwi stocks up more than 3 . Asian benchmarks have been slashing. A pullback looking to continue on a day that was expect it to be painful. Expected to be painful. Indian reopening take place. Tokyo lifted its virus alert. We could see tokyo stocks extent japanese stocks extend losses. Nikkei futures in chicago for tenths of 1 higher. We are looking for a down day across the board. The asx 200 likely to fall below 6000. The risk aversion playing out in the currency corner as well with the yen Holding Gains below 1. 07. Aussie back in the 68 zone after the face of the surge. 73,risk barometer correlation remaining strong with u. S. Stocks. The offshore yuan weakening past its 100 day average. Trading just below 7. 08. Jp morgan expects buying of chinese bonds to keep the currency study in the short to mediumterm. Bonds with a global rally in the Asian Session after treasuries led the overnight advance as investors buy up the yield curve, flattening the u. S. To 10 curve. Areching on the board, we watching credit markets as spreads have widened. The longest run of tightening sense since 2016. Haidi we are getting breaking news when it comes to brexit negotiations. The u. K. Set to formally rule out a brexit deadline extension on friday. The u. K. Planning a temporary light touch customs check with the eu taking place from 2021. We know the eu and the u. K. Great to intensify agreed to intensify these brexit talks, according to the government, but ruling out an extension to the brexit deadline. Lets turn to the turmoil in u. S. Markets. Stocks suffering their biggest rout in 12 weeks. Our bloomberg strategist joins us. You called this on tuesday, seeing overheated momentum. Intrinsically of u. S. Stocks changed by 2 trillion in just 6. 5 hours . Gina thank you for the credit. I think it is probably undeserved. We suggested stocks have reached critical momentum peaks. We are definitely overheated in terms of positioning. We were due for a bit of a pullback. We did not anticipate such a severe pullback so quickly. Intrinsic value depends now upon how fast you think economic recovery emerges. You think about the value of equities. It i about this forwards earnings growth. We had rerated to a level that our fair value model suggests is relatively realistic considering asked ordinary Monetary Policy extraordinary Monetary Policy. We have our policy rerating. The next leg has to be driven by improving growth prospects. That is what happened this week. You had this perfect storm of overheated momentum, really bullish positioning, combined with the fed throwing a lot of cold water on the idea that we might start to dig our way out of this recession sometime soon. That created a lot of volatility in what is a pretty fragile market. Of the rally was driven by Retail Investors . How big of a role does this play in the selloff . Gina there certainly has been a rally in which the Retail Investor has participated. We have seen a lot of inflow into some retail funds. Definitely a decent amount of volume coming from retail as opposed to the institutional space. More unusual at this stage of the rally, though frankly it is somewhat overstated. Fundu look at broad mutual flows and combine them with etf flows, you are looking at the broader picture. Equity markets have only recorded a couple weeks of inflows. It is impossible to distinguish how much a flow of an individual stock comes from retail versus an Institutional Investor at any given moment. It has certainly taken on a popular narrative. I think the Retail Investor has been trained to try to find the value in the equity market and captivated by the volatility. We have seen a new class of traders that developed over the last several months. It is not the entire story of what drove stocks. You saw institutions participating. You see some general inflow into some of the more expensive etf products. Those are institutional products. It is not the entire story, but it is part of the story. Haidi part of the story is this concern of localized searches of surges of second waves of infections. Texas one of those hotspots. Texas virus cases exceeding the seven day average of 2. 2 . We are seeing worrying numbers out of florida and california as well. We cant go back. The genie has been left out of the bottle in terms of reopening the economy. I want to bring up this chart, which takes a look at the four tsages four stages of theirs rebound since march. In blue, tech outperforming. Financial jumping into that rally which takes a look at the four tsages in the purple. In the yellow, speculative stocks rebound. What is the next phase . It cant get worse than a complete shutdown of the economy, right . That is likely not to happen. Gina i think the next phase is you move into a much choppy year market decline. Choppier market decline. More than 90 of stocks in the s p 500 were trading above the 50 day moving average. That is a signal you are moving into a more bullish condition, technically, on a longerterm basis. We reached that several weeks back. You also surpassed the 200 moving day average. 12 surpassed that once you surpass that, in the next 12 months, your price gains start to slow. That is consistent with historical experience. Once we corrected those key technical levels, it drew a lot of capital russian into the market rushing into the market. A lot of that has now reversed. We will see stocks normalize. We will question where leadership comes from. I see it differently. From the low in march, we saw a rotation into high volatility, highvalue, smaller cap and lower profitability stocks. That rotation started t o end couple weeks ago and we saw some distinction between those different style factors. He will see messy and choppy markets over the next few months as we determine where we are going with the Economic Outlook and where true leadership may emerge for the duration of the next cycle. Haidi thank you so much. Bloomberg intelligences chief equity strategist with her insights on what could be a choppy and messy market ahead. Second wave virus fears are feeding into debt markets. We we discussed we discussed next. Pressure to reopen australias stakeholders. Later. Uss that this is bloomberg. Haidi you are watching bloomberg daybreak australia. Lets take you in on the first word headlines. Oil futures plunged the most on april. Crudes recent rise is driven by opec plus production cuts in the easing of virus lockdowns. The u. S. Stockpiles are at a record. Standard chartered says too many people are too optimistic that covid19 will be a shortterm issue. President trump resumed his attack on the fed, saying he sees a better picture of the u. S. Than Jerome Powell does. He tweeted the Federal Reserve is wrong so often. I see the numbers and they do better than they do. The criticism is the latest in a long line of attacks on the fed chairman. It comes after policymakers offered a sobering view at the latest meeting. Americas top soldier apologized for taking part in president trumps church, saying he should not have been there. The chairman of the joint chiefs histaff general says presence outside the white house led to the perception that the military was involved in domestic politics. The photo op came after protesters were forcibly moved from the area. The u. K. And European Union are to accelerate trade negotiations amid fears exit talks are headed for collapse. Five more rounds of discussions to start at the end of the month. Boris johnson repeatedly threatened to abandon the process if he doesnt win an acceptable deal. The u. K. Will formally rule out a brexit deadline extension on friday. Concerns today were not limited to the equity markets. Credit risk in the u. S. And continued to rise following for german jay powells warning fed chairmans jay powell warning. Global credit at pimco. Great to have you with us. We continue to see investors losing appetite for risk. An would you go about approach for investing . We think there is a lot of demand for income in the world. We are taking a cautious stance. The positive is youre are seeing global economies gradually recover, but we have a long way to go. In the United States alone, we have 20 million jobs we need to get back. We still see a very high single digit unemployment rate, even by the end of this year. While a lot of this mobility continues to slowly improve, it is improving off a very low base. The one thing we would say is the fed is providing a lot of liquidity. These higherquality companies, particularly in the u. S. , like utilities, telecom, pharmaceutical they have strong Balance Sheets. There are a lot of risks like a second wave of the virus reemerging, but the higherquality companies have a way to get through this. That is why we want to take a more cautious approach. Shery we continue to see the number of u. S. Businesses adding to debt. We saw debt soaring by 20 in the first quarter. A record high. Are there any concerns that this easy money could lead to more bubbles and not enough deleveraging and potential defaults . Some of thesey in more cyclical companies, particularly those that are higher levered to begin with. We are expecting downgrades to continue in sectors like energy and autos and retailers and chemicals. Those companies had headwinds even before we started this crisis. If you look at a lot of these u. S. Investment grade companies, particularly in these more noncyclical areas, the Balance Sheets are unlevered, particularly areas like telecom, cable, pharmaceutical, technology companies. Bottomup story and you have to do the work on the ground. Overall we want to favor the u. S. Because of the power of the policy response by the fed and the governments. We want to favor the higherquality companies. Liquidityh greater said support fed support, that should lower the number of defaults. Are you worried about moral hazard in a market like this . Mark there is a lot of credit risk. The point that the debt has gone higher, the recovery will be fragile, the social distancing may be inay 80 place for longer. Buyers need to do their bottom up credit work. That is why a lot of these companies that are exposed to travel and tourism do have risks. Investing is not without risk. Buyers should beware and do the research in terms of which types of companies they will invest in. I want to draw your attention to a conversation we had with steve major from hsbc, essentially with the fed raising rates into next year and potentially the year after that, we are presented with a different set of Investment Strategies. The reference to keeping rates where they are through 2020, what that means is it is data dependent forward guidance. That means fiveyear bonds become the new twos. The twoyear is going nowhere. The twoyear is leading to money. You might as well by the fiveyear buy the fiveyear. In two years time, it is a three year piece of paper. Haidi do you agree that we need to reassess what we look at as Investment Strategies . Mark i think there is no question that the fed has no plans to raise rates in the next two years. That is a function of very high on a planet. We think very high unemployment. With inflation being below target, we think it will take at least until 2022, a if not 2023. It means that investors around the world facing very low yields on treasuries and low yields on government bonds in europe and japan will also want to earn income. What is interesting about the u. S. Investment grade Corporate Bond market is the hedging costs have collapsed. Investors in japan and europe can buy u. S. Investment grade Corporate Bonds and hedge the currency risk and earn yields they have not seen in 45 years. Ure Investment Grade in fo or five years. That is the conclusion from the fed being on hold for a long time. Importantt in an backstop for Corporate Bonds. Four orght in the last five weeks 4. 5 billion. We think Investment GradeCorporate Bonds will be supported in this environment. Haidi what are you making of chinas bond market . We continue to see the slowdown in new bond issuance. People seem to be concerned that easing with the pboc is not as big as everywhere else. Mark we think china will have to do more. We think Interest Rates will likely come down in china as well. Their market is struggling just like the United States. They will need to ease financial conditions. Also, their Economic Growth is way below target. They even abandoned growth targets. You will see much more Monetary Policy support globally, in china, in the United States, more willingness to use fiscal policy, particularly in the u. S. , but also in china. This low yield, low inflation environment and relatively low growth is going to continue globally. That is why you want to stay defensive. You dont want to take high investments. Those companies with strong Balance Sheets, those equities and bonds will likely be supported. Haidi mark kiesel, cio for global credit at pimco. More on the markets ahead. Nelson later eric as well. We have breaking news on the bloomberg. Planter is said to file a confidential ipo within weeks. This is a Big Data Analytics company. An ipo at this point in time would be huge given we have not seen many go public during this covid19 pandemic. According to sources, palantir will be filing a covenantal ipo within weeks. No decision has been made on palantirs potential ipo plan. Plenty more to come. This is bloomberg. Haidi the Trump Administration is continuing its push to reopen the economy despite fears of another surge in coronavirus cases. Treasury secretary Steven Mnuchin says a second shut down wont be needed. Our bloomberg congressional reporter has the details. The key question is, does this even matter . These shutdowns happen on a state level. We are hearing officials from houston are thinking of reimposing restrictions. Something at the state and local level. One of the takeaways is how important we are seeing from the trump and ministrations t F Administration for the economy to reopen. This was something trump was hoping to run on for his 2020 reelection. They dont want to see a shut down again. That is why you saw secretary mnuchin trying to make an argument today that this could be dangerous to Peoples Health of the economy shuts down, people might get fewer checkups, they might not go to the doctor for certain things. The white house is not presented any data to back that claim up. What are we seeing in terms of more fiscal stimulus coming from the government giving we have seen so many news their jobs . Jobless claims today remain elevated. Any progress on that front . Emily mnuchin said we need another round of stimulus. This is something lawmakers are talking about. There is agreement on both sides there needs to be more funding. The question isfor is for w hat . Mnuchin argued for travel and leisure agencies to get funding, also directly to american families. At this point i dont think we will see anything until late this month or july in terms of the next stimulus. Soldier. S. Top apologizing for the role he played in the controversial bible Holding Photo op with the president. Emily this is an interesting incident. A reminder to our listeners, this was when the Trump Administration used tear gas, some type of irritant gas to cle ar protesters away from the square in front of the white house so trump could take a photo of himself holding up a bible next to a church. A number of republicans todayized incident, so coming out and saying there shouldnt that the military shouldnt have been there, that is another sign of people trying to distance themselves from the president s actions at this time. Emily wilkins, our number congressional reporter bloomberg congressional reporter. It was a classic risk off day. We should not be surprised by a reprieve after a parabolic rise. Today we got some statistics on infection rates in the u. S. That caused real concern. The conversation has shifted from this economic reopening to is there a second wave . On top of what we heard from jay powell yesterday the mood. Changed the mood. Chair powell put a dose of cold water on what has been happening. I dont think this can be blamed on the fed. More likely we got lulled into complacency on the virus. It could be a healthy thing that the market drifts a little bit lower. I dont think it is surprising we are taking a step back. I dont think this is a sign of panic either. This is the reckoning that a lot of us are waiting for. We waited a long time. Some of our Bloomberg Television guests mulling the sharp switch in market sentiment. We are set to continue losses in the Asian Session. Quibi stocks under pressure. Kiwi stocks under pressure. We are looking at losses across the board in the asiapacific as the yen is holding below 1. 07 amid this risk aversion. Treasury futures edging lower this morning. Keep a close eye on that space given the bond rally overnight. It could be early to determine if this is the start of a major correction. A pick in highfrequency indicators across the economy. Activity broadly remains depressed. We are getting data from new zealand. Manufacturing pmi fell to 39. 7 . Kiwi stocks off 4. 3 this morning. Air new zealand, one of the biggest laggards in wellington today, sledding the most since march sliding the most since march 23. The aussie dollar slipping below low. Olding below june 2 orei weve got the iron price curve playing out in the story for australia. A boost in Capital Expenditures by mining companies. All of this set to boost a straw yous economy boost australias economy. The government is staring down a huge budget deficit. To what degree do we go back to the old playbook of exporting stuff we dig out of the ground to help with that . 2009, we saw the fortunes of the Mining Sector as one of the key players in the Australian Economic recovery as it does emerge in its coronavirus lockdown, albeit at a much smaller scale this time around. The nations biggest export, iron ore, this is amid supply concerns as brazil battles an awful widespread coronavirus outbreak which has led to mine closures there. We are seeing prices at these elevated levels. It is creating billions of extra dollars of government revenue at a timely moment as it is supplying this fiscal stimulus package. We are seeing greater exploration activities not only in iron ore, but other commodities. This should support investment in the back half of 2020 and 2021. Shery this means expansion plans for the big aussie minors will go according miners will go according to plan . Farandra we have seen so iron ore and the other major commodities have so far been spared. Of otherue to the lack highquality supply elsewhere. We are seeing what is appearing to be a deterioration in relations. We saw at the end of last week china issued a travel warning alerting citizens against traveling to australia. There is a risk where we see markets where there are other substitutes available globally, that they face additional headwinds. Irone moment, it does seem ore volumes should be upheld. Haidi thank you. Lets get a check of the first word headlines. Travel and leisure stocks slumped on signs of a second wave of coronavirus cases in the u. S. The easing of lockdowns have led to optimism of a swift recovery, but texas, california and other areas are reporting a spike in infections. The treasury secretary Steven Mnuchin says a second shutdown is in required, even if virus cases surge. U. S. Infections are now above 2 million. President trump rejected an overhaul of law enforcement, calling instead for economic development, Better School choice, and improved health care for minorities. He said he is finalizing an exit of order that would demand force with compassion without explaining what that means. He added the government would ensure police are properly trained. The Trump Administration formalized the years of u. S. Opposition to the International Criminal court by authorizing sanctions against officials who participate in investigations against america and its allies. The president signed an exhibit of order which would deny visas and block funds for icc staff following the courts plan to probe alleged war crimes by all sides in afghanistan. Bain capital is said to be hiding a stake eyeing a stake in italian soccer. They are offering around 3. 5 billion for eight when he 5 stake. A 25 stake. Both want to invest in the unit that controls tv rights at a time when soccer and other sports are suffering from coronavirus restrictions. Atcoming up, we get a look the state of the travel industry and how hard it has been hit amid the virus upright. Is bloomberg. Lets get a quick check of the latest business headlines. Chinese tech firms are expanding their footprint in hong kong, even as the pandemic prompts some to consider scaling back in the worlds most Expensive Office market. Alibaba and the tiktok owner signed up to take on more space in times square. The move follows this weeks secondary lifting in hong kong and next weeks debut from jb. Com. Adobe reported rising profits, even as demand falls for it advertising cloud project. The Software Maker declared income of over 3 billion for the current quarter. Operational costs fell during the coronavirus pandemic. The betterthanexpected results saw the stock rise in extended trade. Adobe has pulled its annual forecast that was announced in december. Fiat chrysler has won an order blocking u. S. Imports of a mahindra order said to be a straight copy of the jeep wrangler. The u. S. Government can veto on Public Policy grounds. Fiat chrysler says it is nearly identical to the jeep and the commission ruled mahindra has been purposefully trying to evoke the wranglers image. Lets turn to hotels and leisure. The hilton president and ceo sat down with bloomberg to discuss diversity within his company. He said leaders have to be a constructive part of the solution. I am saddened by everything going on. This is something, that as you can imagine, in an industry and company that is incredibly diverse, this is a huge issue. Diversity is not a new thing for us. We have been focused in this area for a long time. Diversity inc. Wo ranking in the u. S. For diversity. As is depicted by what is going on, here in my hometown of washington, i could literally hear the protests going on from my house, explaining to my children who ended up in the march to support their black friends in this process. This is a sad day for america. I think we have had many of these sad days over the years. To your point, it is high time we do something about it, that we not just talk about it, but it. Ct upon that means collectively as a society and a country, as we think about reform, we need to think about this and do something about it, including the criminal justice system. That means each and every one of a that are leaders across broad range of industries, we need to even if we were focused on it and recognized for it we have to recognize we have never done enough. Given what is going on, what is abundantly clear is there is so much more to do. Is me, and for hilton, it about trying to be a constructive part of the solution. I have been communicating like crazy with all of our team members, including our black team members all around the country. Have beens i hearing our heart wrenching. They are pouring our their hearts about the impact racism had on them. There is no place in society, in forindustry, in our company racism. As a company, there is so much more we can do have been hearing our heart wrenching. At all levels to create more opportunities for our black team members. That means at the very top of the ecosystem, as we are thinking about our board of directors, to the lowest levels of the company and to make sure we are creating opportunities and a feeder system to develop our teammates in the black community ina way where they can have better opportunities. This is something we were focused on, but i dont want to rest on our laurels. That we were ranked number two, that is not good enough. We obviously have not done enough. As a society, as business leaders, as political leaders, we need to use this moment to rally for change and not have it be like it has been in a number of cases in recent years where we talk, there is a burst of activity, and we go back to where we were. I have a call literally as soon as we are done with this with one of our team members who sent me the most heartbreaking email about her experiences in life. Just as i would like to talk to i you and i met once just want to be heard. I have been doing a lot of those conversations to listen and learn. I have been encouraging our team take a moment, take a deep breath, be part of the solution. The first step is trying to understand it better to get to better answers. Hilton president and ceo christopher nassetta. More on the travel industry alan watts. R with dont forget if you are away from a screen, you can find indepth analysis of the days newsmakers on Bloomberg Radio, now broadcasting live from our studio in hong kong. Listen via the app, Bloomberg Radio plus, or bloomberg. Com. This is bloomberg. Haidi a nursing professor from Johns Hopkins university told bloomberg it does look like some u. S. States rolled back restrictions too soon. He said the surge in cases means social distancing measures need to be brought back. There is clearly markers and experiencingey are the impact of early rollbacks of reduced nonpharmaceutical measures. It is a little too early to tell experiencing the impact of earlyif this willn actual second wave, but clear warning signs of the decisions of the state to rollback certain activities probably too soon. When do we know what this means . When do we know this is a second wave . Will it take weeks or less time . We have to remember that the new cases and new hospitalizations are what we would call lagging indicators, meaning if someone is just becoming symptomatic and getting tested, they were likely exposed anywhere from a week to two weeks prior. Hospitalization sometimes comes three to two weeks after infection. These surges in cases are clearly indications that something changed two to three weeks ago, possibly up to a month ago. What we need to pay close attention to is how are we thinking about how to reimplement the social distancing measures that are essential to slow the spread. Linked tonow if it is increased Economic Activity or Something Else . And can we be sure if we have a resurgence in cases in those places, will other states follow a similar pattern . I dont know how you model this. Jason our known risk factor is exposure to people with the virus. If we think about the things that happened in florida and texas, more slowly in california, but nonetheless in california as well, with the rollback of opening up various economic sectors, that gave people the opportunity to come in contact with one another again. What we saw with the flattening of the curve, there are clear indications that non pharmaceutical interventions were working. As we reopened the economy, the increased exposure leads to increased cases. From a modeling perspective, we expect those new cases if a new nexus of cases has been established, those cases will ultimately lead to new cases. We expect there will be a small bump. Hopefully only small. Is this a bump or is this a wave is a critical Inflection Point that we wont know until we have the data. Have the reopenings matched the cdc guidelines . Jason no. That is the easy answer. They have clearly not matched the cdc guidelines in almost all jurisdictions. Its many states began moving into phase one of reopening without meeting several of the metrics established by the cdc. There are other states like maryland who are continuing to see hospitalizations declining. Our overall proportion of positivity has declined to approximately 7 in the state. We were at one point upwards of 20 of cases. There have been increased amount of testing, which will lower that proportion, but we also expended to a symptomatically ymptomatic levels of testing in our state as well. You have to fully understand the epidemiology and infection rates in your jurisdiction. That once Johns Hopkins you diversity nursing professor jason farley. The Bloomberg School of Public Health is supported by Michael Bloomberg and bluebird philanthropies. Bloomberg philanthropies. Few sectors have been harder hit than travel and tourism. In australia, there may be hope of a quicker recovery. Tfe hotels is one of the truly Global Hotels based in sydney. We bring in antony ritch. Give us an indication of the sort of occupancy numbers and the impact seen over the past three months. Antony the industry has been particularly hardhit by the pandemic. Industrywide it has been a 95 reduction in revenue. That happened relatively quickly. A short period of time. Ofare now in the process starting to prepare for a recovery. What does that recovery look like . Yes, we may see reopening of state borders in the next few weeks, but it is not likely we will see a return of tourists, in particular from the main market of china with quarantine restrictions still in place. Antony that is correct. We expect to see a slow, steady recovery over the months through 2021. When you look at the way the pandemic came together and the way the restrictions came together initially, they started internationally, down to the local restrictions. We see it unraveling in a similar way, over a steady period. Initially we start with the staycations and local travel within the states before we see interstate travel opening up, which we hope to see in the coming months. A travel bubble in new zealand. Potentially other states. The international borders, we have an expectation with our stakeholders for some time. It is about Building Confidence between businesses and guests. That is why it is key to working with the government. The industry directly employs its tourism of 600,000 people or more. 90,000 of those are directly employed within hotels. There will be this lag in the recovery. Working closely with government, both on the restrictions easing as well as the economy is going to be key to see the sector recover over a longer time. Haidi you are already stunning to cater to the residential markets. How much of your assets can be transformed into these socalled Apartment Hotels . Assets over 50 of our are hotels. We are one of the leading providers in australia and new zealand. They have been relatively more resilient. They have a different type of mix. They are set up to do short and longterm. They are also selfcontained. When there is limited food and beverage opportunities available, people are able to control their own environment, do laundry and kitchens within the apartments. Forave been in that market 50 years in the Apartment Hotel sector. We see that as one of the growth sectors coming out of the pandemic. What is going to happen to your assets that were still on the Development Pipeline . You had around 30 properties or so . We actually had a recent opening in melbourne. There are probably a few layered t layers to that question. The first is from a construction perspective. That has been relatively unconstrained. Most construction is on track for our openings. From our perspective, we have strong perspective in each of the markets. We have established teams in those markets. This is about a longterm view. As an investor in australia and new zealand, germany, now going to switzerland and denmark, these are markets that managed this crisis well in their respective regions. We see the longterm opportunities in these markets being still very attractive. Most importantly, the product has to be competitive. Of the brandsoud we are launching in the tfe hotels collection. One will be opening in new zealand. Great having you with us. Thank you. Tfe hotels ceo from sydney. More on the markets ahead, plus an fx strategy and dixon advisorys alex brown later. A discussion with the Hong Kong Financial secretary on the future of the city as it battles protests, beijing tightening, and the coronavirus outbreak. Plenty more to come on bloomberg daybreak australia. This haidi very good morning. I am haidi stroudwatts in sydney. We are counting down to asias major market opens. Set toasian markets look fall after wall street saw its t since the height of the virus pandemic. On the feds gloomy forecast for the recovery. Opecs restrictions are overshadowed by week