In fact, he said and i quote, that many of the ideas he fought for that just a few years ago were considered radical are now mainstream in the democratic already democratic party. At the root of their agenda is the belief that america is driven by envy, not aspiration. That millions of americans harbor ill will towards our neighbors instead of loving our neighbors as ourselves. The radical left leaves that the part left believes the federal government must be involved in every aspect of our lives to correct the american runs. They believe the federal government needs to dictate how americans live, how we should work, how we should raise our children. And in the process, deprive our people of freedom, prosperity and security. Their agenda is based on government control. I agenda is based on our agenda is based on freedom. [applause] where President Trump cut taxes, joe biden wants to raise taxes. Where this president achieved Energy Independence for the United States, joe biden would abolish fossil fuels, end fracking, and impose a regime of Climate Change regulations that would drastically decrease the cost of living for working families. Where we phone for free and fair trade and this president stood up to china and ended the era of economic surrender, joe biden has been a cheerleader for communist china. He wants to repeal all the tariffs leveling the Playing Field for american workers. He actually criticized President Trump for suspending all travel to china at the outset of this pandemic. Joe biden is for open borders, sanctuary cities, free lawyers and health care for illegal immigrants. , he secured our border and built nearly 300 miles of that order while. Of that border wall. Joe biden wants to end school choice. President john believes that every parent President Trump leaves that every parent has the right to choose where their children go to school, regardless of their income or area code. [applause] trump has stood without apology for the sanctity of human life every day of this administration. Joe biden, he supports taxpayer funding of abortion right up to the moment of birth. When you consider their agenda, it is clear. Joe biden would be nothing more than a trojan horse for the radical left. The choice in this election has never been clear. The stakes have never been higher. Saidweek, joe biden democracy is on the ballot. The truth is, our economic recovery is on the ballot. Law order are on the ballot. But so are things far more fundamental and foundational to our country. Election, it is not so much whether america will be more conservative or more liberal. More republican or more democratic. The choice in this election is whether america remains america. It is whether we leave to our children and our grandchildren a country grounded in our highest ideals of freedom, free markets, and the unalienable rate to life and liberty. Or whether we will leave them a country that is under mentally transformed that is fundamentally transform to something else. We stand at a crossroads. President trump has set our nation on a path of freedom and opportunity. Would set america on a path of socialism and decline. But we are not going to let it happen. [applause] President Donald Trump believes in america and in the goodness of American People. The boundless potential of every american to leave out their dreams in freedom. Every day, President Trump has been fighting to protect the promise of america. Every day, our president has been fighting to expand the reach of the american dream. Every day, President Donald Trump has been fighting for you and now, it is our turn to fight for him. [applause] on this night in the company of heroes, i am deeply grateful. Deeply grateful for the privilege of serving as Vice President of this nation and to have the opportunity to serve again. Them and be worthy of i will give that duty all that is in me. 2020, the American People have had more than our share of challenges. But thankfully, we have a president with the toughness, energy, and resolve to see us through. Traits, those traits actually run in our national character. As the invading force learned on approach to this fort, in september of 1814, against fierce and sustained bombardment, our Young Country was defended by heroes. Not so different from those who are with us tonight. The enemy was counting on them to quit. But they never did. Fort mchenry held. And when morning came, however flag was our flag was still here. [applause] my fellow americans, we are going through a time of testing. But if you look through the fog of these challenging times, you flag is still there today. [applause] that starspangled banner still waves over the land of the free and the home of the brave. [applause] from these hallowed grounds, american patriots and generations gone by did their part to defend freedom. Now, it is our turn. So lets run the race marked out for us. Gloryfix our eyes on old and all she represents. Lets fix our eyes on this land of heroes and let their courage inspire. Eyes on thex our author and perfecter of our faith and our freedom. Forget that where the spirit of the lord is, there is freedom. That means freedom always wins. [applause] my fellow americans, thank you for the honor of addressing you tonight and the opportunity to run and serve again as your Vice President. I leave here today inspired. And i leave here today more convinced than ever that we will as americans have done throughout our long and storied past, we will defend our freedom and our way of life. We will we elect our president and principal to Republican Leaders across the land and with President Donald Trump in the white house for four more years, and with gods help, we will again. Erica great again thank you. God bless you. And god bless the United States of america. [applause] and president mike pence concludes his prepared remarks to a standing ovation at fort mchenry in baltimore with the American Flag flying above with a light on it. He went through the various things that President Trump did to meet his promise to the American People including putting up the military and dealing with the economy. And also making sure we had our religious freedoms and rights to life. And now, here we have a small surprise. We see the president of the unites states with First Lady Melania Trump walking down the hallway. We hear the anthem for the president of the United States. The president now is moving toward the podium, walking up streets Vice President , mike pence to greet his Vice President , mike pence. Applauding one another. Tie. Dent trump with a blue Vice President pence with a red tie. Both of them with white shirts. All added together, that is red, white and blue as i figure it out. The crowd continues to stand. Shouting four more years. The president and Vice President pence are now receiving accolades. And now, the first and second lady joined their husbands on the platform. We have the National Anthem. See by thecan you dawns early light hailed at they we twilights last gleaming stripes and bright perilous fighthe watched ramparts we were so gallantly streaming and the rockets red glare airbombs bursting in nightroof through the that our flag was still there does that starspangled banner yet wave free andland of the the brave . [applause] that was mr. Trey atkins, a very popular country singer, singing the National Anthem at the conclusion of Vice President mike pences speech. The audience stands at applause as well. The president saluting the wounded veterans that are in the audience referred to by Vice President pence. They got a standing ovation as well. We want to bring back in jeanne zaino and rick davis. When you give us your thoughts what i give us your thoughts . Jeanne you cannot notice help but notice this beautiful night at fort mchenry. One the thing that struck me in contrast to the democrats and joe biden was they were doing this in front of a live crowd. S of four more years and applause. I think the Vice President gave a very strong speech tonight. He hit all the right points. He reintroduced himself and his family. He personalized the president. He talked about the issues of the day, both hurricane and covid. You can argue with some of what he said about each. He talked about covid, about the fact that the president had relied on and had strong relations with the governor. That was not exactly true. I also think he did a good job of reiterating what he thinks they have done in the last four years. What i did not hear about was their plans Going Forward and what they hope to do. I think he also made the case over and over again contrasting President Trump with Vice President biden that Vice President biden is what they call a trojan horse, that he has been taken over by the social, liberal left and if you elect him, dystopia will reign. That is the major message of this convention. David before the speech, you were wondering what mike pence might do in terms of attacking joe biden. I think he attacked him pretty effectively. He called him a cheerleader of communist china. I am not sure what he is referring to. Im not aware what he did. Did he measure up in your estimation to the attack the president needed on Vice President biden . Rick i think he hit the major themes. They are trying to radicalize the most moderate candidate in the democratic primary field. Asy have to go over and over the captives of bernie sanders, captives of the liberal left, captive of the articles. He went through the Foreign Policy criticisms. He went through the domestic criticisms. I think he did it in a nice way. I do not think he was overthetop in any way, shape or form. He for sure laid out the arguments against pence in a logical fashion. David i want to bring in kevin cirilli. One thing that strikes me, i wonder if and Vice President pence seems to be doing they are not even running against jode biden. He is saying against jode did. They are saying he is almost a cipher. On Economic Policy, absolutely that is what they are doing. In Vice President pences speech, that key moment coming what he raised the question that joe biden called himself a transition candidate but a transition into what . In terms of Economic Policy and reopening the economy, Vice President pence sought to contrast the Obama White House recovery with the recovery the Vice President says President Trump will be able to usher in in second term. There is another key issue on foreign coronavirus policy that is going to come to a boil in the debate. That is over the restriction, the travel restriction that President Trump ordered on january 31. April,not until early april 1 or second, in which the Communications Director for the Biden Campaign said they were in favor of that. The speech tonight, Vice President pence raise an issue about whether or not biden would have enacted those travel restrictions from china. That is going to be dissected every which way as the coronavirus handling becomes increasingly politicized. David stay with us for a moment. I would like to talk about subbing we have been talking through the evening. T is the the nba coming on saying they would not play tonight. Even as Vice President was speaking, minneapolis, one of the places he called out, minneapolis announced a curfew because of disturbances in the downtown. The l. A. Lakers and the clippers, the two nba teams, have voted to not play anymore this season. The rest of the teams will be playing. Vice president pence did address the riots. This is part of what he said. Let me be clear. The violence must stop. Whether in annapolis, portland or in minneapolis, portland or kenosha. Too Many Americans have died defending our freedom to see American Strike each other down. We will have law and order on the streets of this country for every american of every race and creed and color. David there is not much ambiguity in what the Vice President said in that speech. The issue. I am not sure there is a lot that is going to call him some of the troubled waters. Whether that is the nba, kenosha or minneapolis. Rick youre going to see a cultural reaction that is going to sweep across the country on issues of social injustice. I do not quite understand why there is no more room in the republican message for some sort of reconciliation messaging. The idea that the only solution to these problems in the cities is more troops, more police, more law and order, just does not make too much sense considering what debates are going on in these communities. Whether it is in the sports community, the business community, schools, everyone is talking about this. For whatever reason, they just do not seem to be willing to take a step in that direction. Jeanne you know what is so fascinating about the clip, it was the biggest applause line he got of the night. Yet you look at the polls and they say the two most important issues, coronavirus and the economy, law and order and crime, way down because while we are hearing about unrest in the city, crime overall in the United States is down. I cannot help but wonder how much of a play they have on this law and order theme if you look at the polls given what we know. David kevin cirilli, you have covered the administration so carefully. Certainly they believe what they are talking about. They believe law and order is paramount. Nobody wants violence on the streets of america. At the same time, is there some political calculus as well that maybe they are appealing to people in the suburbs beauty to the suburbs being worried about the violence . Kevin theyre playing to the people watching the unrest in the cities on their cell phones and Television Sets in the suburbs and who are watching this through the prism and the argument they are making is that the democraticcontrolled political machine in the cities have not been successful in addressing many of the issues that are boiling over. In contrast to that, there is a National Dialogue going on. Veryessives as well as a as well as other leading voices have raised concerns about a series of institutional inequalities across industry. That is what is going on for the cities. In terms of the nba, i spoke with a senior aide to senator marsha blackburn, a republican from tennessee who spoke tonight. She sent a letter earlier this summer to nba commissioner silver with regards for pressing to questions on the relationship with investments to alibaba on the relationships to having Training Facilities close to the detention facilities for the weaker Minority Group and for the uighur Minority Group and for the silencing of officials who tweeted support for the hong kong. For hong the nba is about to step into a conservative culture war. David thank you so much to kevin cirilli. Please stay with us. We will have our final thoughts coming up next. This is bloomberg. David welcome back to special coverage of the Republican National convention. We are going to wrap up with a few closing thoughts. I want to start with rick davis. Rick i thought that Vice President pence, his speech was a combination of the first two days of the convention where they really focused on shoring up their base. Tentsresident is a big christian conservative. They wanted to nail them down tonight. Where they are going to get the extra votes is not being addressed. They are affirming their base up. I would expect that would give him some help. David sets up president for tomorrow night. What did you think . Jeanne i thought Vice President pence and the first lady both addressed the covid pandemic and the impact on the American Public in a way we have not heard. Im curious as we look forward to tomorrow night as to how the president handles it. It is the biggest drain on him in the polls. It is the number one issue on peoples mind. I am curious to see if he follows their or think it was it follows there or if he goes with the other speakers at does not address it. David many thanks to rick davis and jeannie zaino. We are going to do it one more time. Coverage of the final night of the Republican National convention will begin and 00 p. M. Eastern time will begin at 9 00 p. M. Eastern time. Withrow 12 30, i talk commerce secretary wilbur ross. This is bloomberg. Welcome to Bloomberg Markets asia. In hong kong, china offering all concessions and in the midst of tensions with the u. S. Has been demanding business transparency and threatens to dealers mainland companies. The fed prepared for a virtual jackson hole. Of continuingns lose policy. Rishaad oil markets bracing for ill wins as hurricane laura strengthens to it near category 5 to a near category 5. It may be the strongest in 160 years. Haslinda the global stock market rally stalling in asia despite the s p and nasdaq reaching yet another record high. As we set the focus now on jackson hole and fed chair Jerome Powell. He is expected to shed light on the inflation. Targeting investors not looking for a hike to come. To 25 down by three nikkei 225 down by 3 10 of 1 . Thai finance minister says the worst is over for the economy. We are taking a look at the korean yuan. The be ok pretty much cutting the bl k cutting the estimate. Governmentwill buy bonds in case of access. Get to events in the gulf of mexico. Currently, we have hurricane laura. It could it is near to reaching category 5 in its power in its strength. It is on the verge of becoming the most powerful hurricane to ever strike the louisiana. It is tread that is it is threatening the region it is threatening the region with deadly storm surge. It could inflict more than 15 billion worth of insured losses. What we know is it has wins of 150 miles per hour. 240 kilometers. That is about seven miles shy of the most powerful storm category possible. Matching the previous record breaker, which was the lost lostrcane of 1856 island hurricane of 1850 sex. There are no signs 1856. Of can watch the progress hurricane laura by going hurr go on the bloomberg terminal. The public convention. Topics inone of the mike pences speech. It comes on the backdrop as tensions flare between beijing and washington. China conducting missile drills. The u. S. Imposing sanctions on companies that have ties to beijings expansion. Stephen engle is with us to have a closer look at what we know. What is the latest state of play given also what mike pence is talking about . Stephen you mentioned the publican National Convention the Republican National convention. The activist said the u. S. Must use values of freedom, democracy and bill of law to develop a coalition to stop the chinese comets party aggression and gave an endorsement of donald trump to get reelected for the sake of the world. That is not going to play well in china. What is also not playing well in the tensions between the countries is the military test that the chinese will terry did. A mediumrange the Chinese Military did. Four missiles were filed were fired. . Es rishaad carryon. Saying one of the missiles was a df21d. That is known as being the carrier killer for being able to take out an Aircraft Carrier with a single strike. It is ratcheting up the political theater. We had the u. S. Communist department as well as the state department announcing new trade and visa restrictions on companies, 24 Chinese Companies, that allegedly take part in the buildout of the south china sea. That is adding to the entities list. Wilbur ross saying the entities have play dates never can roll in chinas construction of the artificial islands and must be held accountable. Hsbc caught between a rock and a hard place. The u. S. Blasting hsbc for allegedly siding with beijing over the future of hong kong. What is the allegation . Stephen mike pompeo is accusing hsn bc of aiding the crackdowns on hong kong. He cited reports that they had stopped executives of next media from accessing their credit cards and personal thank you cards personal bank accounts. He is blasting hsbc also for continuing to provide services to those individuals that were sanctioned in hong kong by the United States. You can see his quote right now saying the bank is maintaining accounts for individuals who have been sanctioned for denying freedom for hong kongers. Hsbc has denied a comet. Denied to comment. Haslinda chief north asia correspondent stephen engle. Up next, we get the outlook for emerging markets with deutsche bank. This is bloomberg. Haslinda investors will be watching for clues from Jerome Powell and other federal bankers when they hold their jackson hole symposium virtually. We spoke to the Kansas City Fed president who says it is still too early to tell if the economy needs more support from the central bank. I think trying to gauge what else does the economy need is probably premature. We are beginning to see signs of a recovery. We are beginning to see where the economy may have shortfalls. Where it may be doing ok. That is going to take some time. Thinking about what those other things are has been a useful discussion. Whether it is time to activate those things is something we will be debating. Rishaad lets get to sameer goel. Thank you for joining us. Jackson hole is going to be closely watched. What you think is going to be of particular interest for emerging Market Participants and also, what are you looking for as to what they say about inflation, which is becoming more and more closely examined . Sameer good morning. Of course, i guess for the fed like you said, the key focus really is on whether jay powell able to talk in some form that he might summarize the key policy, which the fed has. It is hard to say if he summarizes formerly or hints to some i would still argue it is hard to see how he would be able to outdo what the market is pricing in. It would require some sort of material upsizing of qe for there to be any important impact on markets at this point. From an emerging market perspective, i would argue we have entered a point where a few things become critical. Globally, there has been a big bounce we have seen over the last couple of months. Whether that can sustain. Have data continue to validate positivity and risk sentiment we have had. What kind of hurdle Central Banks have in terms of being able to cut rates any further. Riskf course, a widening when it comes to u. S. Elections, which are only 10 weeks away. Caught inarkets are the middle of this. Underperforming. I was still argue it is less about the underperformance of the asset class as a whole. It is a bit more about the divergence within emerging markets, which has become pronounced the last few months. The dollar is rishaad the dollar is going to be in focus given the decline so far, which is a relief for people who have issued debts in dollar terms. Where does the dollar go from here and how does that play out in the emerging markets recovering . Overall, i would argue the dollar cycle has topped out. Orshink a lot of the fact that have driven the exceptionalism of the dollar are passed us. In terms of if you might cyclical advantage we have seen over the last couple of years. Having said that, we are at a point in the near term where potential it is also hard for the dollar to come off sharply while we were are in this while we are in this environment. The policy cycles are moving concurrently with each other. It is not the divergence in rates. Yen overall ase an asset class underperforming. The dollar for sure. What is remarkable is how much sharper the underperformance in highyielding performance markets is. We have got to a point where what will be interesting over the next few weeks as to whether we can see a convergence in that performance will start to take place where valuations become a lot more supportive for some of the more highyielders. Haslinda we talk about dollar weakness. In terms of euro strength, that stalled as well. Will that put a lid on emerging market currencies . Typically, one has seen euro as an antipoll to the dollar and a broader risk sentiment indicator. Yes, to some extent. The fact that the euro is not able to make much headway. We have gone into a range bound move on the complex. Makes it even harder for some part i will go back to the point a lot of the trade orientation currencies [indiscernible] as compared with the higheryielding currency. What we are looking at here is less a broader asset class move. It does come under pressure with the euro move. More importantly, it is the divergence within em. Highyield to be able to take advantage of the cheapness, which has happened over the last few months rather than overall the asset class to have a big move. Haslinda thank you so much for your insight. Chinas security regulator is making concessions to let the u. S. Audit some of the Companies Listed in new york. In an interview with bloomberg, the vice chair of the Chinese Regulatory Commission told us he is hopeful both sides can resolve the issue of the chinese etrs. That it is not going becausedecoupling Financial Cooperation between the u. S. And china is good for both sides. Companies listed in the u. S. Right now numbered at about 250. Return of the companies from the beginning of 82 . To right now is s p roseme time, the by about 35 . For all the u. S. Investors who have invested in these Chinese Companies, they have made a lot more money than the average market return. It is good for the Chinese Companies as well because they excess. Ess have listing in new york helps raise the standards of these companies. This threat of delisting, a lot of it has to do with this dispute over there has been a recent example. Lucky coffee. It revealed a reflate of its revenue. The u. S. Would say we need to protect investors. We have the public oversight board. Their job is to make sure companies checked the accounts of listed companies carefully. They cannot do that for Chinese Companies at the moment because china is not giving them access to the documents they need or to do the inspections they need to do. How would you describe the situation . Luckin coffee is an extreme case. Financial fraud occurs everywhere. Not just with respect to the Chinese Companies but with other companies. Americans have similar problems. B issue is something [indiscernible] we totally agree with them at they have a right to inspect that they have a right to inspect and papers. Do auditing work for the chinese Companies Listed in the u. S. Worknt to facilitate their to make sure they can have a factory inspection of the auditing firms and the auditing papers. Because manyhand, of these Chinese Companies are haved in the u. S. , they operations that have to do with government and in some cases, have to do with the Chinese Military. Sure in theirmake inspection of these auditing papers, we want to protect National Security, Sensitive Information contained in these auditing papers. Csrc made a the proposal on how to facilitate that cooperation. Part of that proposal was the csrc said that china was willing to let companies send the auditing papers after they got approval from chinese regulators. This is something the pc aob rejected. It said this requirement for the preapproval by chinese regulators was an attempt to limit their access. How would you describe that situation . They do not reject that out of hand. They want to make sure they can have an effective inspection. Papers working [indiscernible] or when they were presented to the examiners who come to china, we want to make sure all of these National SecuritySensitive Information have been filtered out. Most with the companies, it has nothing to do with National Security issues. Letexample, we have already two companies without any reduction, without filtering. One was a real asset company. The other was a general manufacturing firm. Devices used in household. That was in 2017. There are a few Companies Like alibaba. They have a lot of contracts , sensitivevernment agencies in china. It is these companies we are still working with to find an effective way. Bs complaintco as we have taken out too many papers. They say they may not be able to fulfill their goals. Issue that we can work out. Rishaad we have the india open. Checking on that. Having a listing having a look at what the sense exited. This is bloomberg. Haslinda a trillion payments provided. After pay has seen its stock rise. We spoke with the cofounder about how the pandemic accelerated trends in ecommerce. I think it is a combination of a few of those aspects mentioned. With prettyerate steep growth rates. That has compounded. As a result of covid, we have seen two compounding effects. The first was this shift away from offline towards online. Rates that took 10 years previously. Impacty, the positive the shift away from credit to debit cards has had is strong. If you saw the latest numbers in may, credit card had 21 growth. Debit cards had positive 12 growth. 90 of our customers use debit cards. We sell that result in people moving to after pay. Wehow much of a concern have been talking about the fiscal cliff and what happens when we get the aspects and the support removed. Is it feasible to see this level of retail spending when youre talking about a potential 13, 14 of unemployment in australia . Is it inevitable you see that come down . What one thing this pandemic has taught all of it as we do not know what is around the corner. The beauty of our business is we see a huge amount of data in realtime and we see repayment succession in short succession. The ability to see repayment history quickly and keep our finger on the pulse as it relates to retail spending, we are growing quickly. Delivered. Alone, we 4 billion in gme. We only launched into the market two years ago. We retain a growth rate of 300 year on year. It is going to be a outside, we stay as close to the numbers as possible. Growing at stage at such a clip that it eclipses expectations of relators. Are you concerned about the aspect review and what would come out of it and whether that would curtail your natural pace of growth . What we have learned from our history in australia is regulation is a core part of our business to engage with the regulators, to communicate and explain to them exactly the way our product works. Naturally, our product is built to be the opposite of a traditional credit solution. A lot of the frameworks like when you are late, you cannot keep shopping on the platform. It is about how we make sure our product is understood by all the stakeholders and ongoing engagement is key to our business. You have recently gone into europe with an asset purchase. You have already made infrastructures there. You are in the u. S. As well. What is your priority going into the next six to 12 months . I think the priority over the last two years was getting the u. S. And the u. K. Right in proving analyst trillion business can go global. Now we are fortunate to partner with some of the biggest Global Brands today we announced a partnership with lululemon and many others. The ability to go global with those Retail Partners and the leverage our Current Business reflects. From us, it has been how do we continue to work with these partners and for them to take us global . You mentioned into canada. That is a natural part of our success over the last two years in the u. S. Many of our brands have a strong presence in southern europe. Hence the acquisition we announced earlier in the week. We have had a Good Foundation to keep expanding internationally. Pay cofounderfter speaking with our colleague. A quick check on the markets. The trading day in asia is characterized by [indiscernible] we had a global record high on the msci index. Hang seng as we go to lunch, six tens of 1 lower. A bit of a pause. Treasuries did hedge higher. Hong kong seems to be one of the hardest hit equity markets. Nikkei down as well. Haslinda that is right. Stay tuned for our coverage of the jackson hole coverage. Including the jay powell muchanticipated speech. 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