Transcripts For BLOOMBERG Bloomberg Markets Asia 20240711

Approaching that 103 level. That would be a breach of a technical and psychological level. . 99, 2. 7 top the upside. After the biden victory, gold as well seeing three straight gains three Straight Days of gains. Joe biden preparing to take office as the 46th president of the United States. He is moving forward as president elect, launching his transition effort and readying a plan to tackle coronavirus. President trump is refusing to concede, weighing more legal challenges. The people of this nation have spoken. [applause] they have delivered a clear victory, commencing victory. A victory for we the people. I pledge to be a president who seeks not to divide, but unify. [applause] who does not the red states and blue states, only sees the United States. Our work begins with getting covid under control. Economy, repair the restore our vitality, or relish lifes most precious moments, hugging grandchildren, children, birthdays, weddings, graduations, all the moments that matter most to us, until we get it under control. Leinz isporter kailey with us from new york. Where do present homes legal efforts stand . He has where do President Trumps legal efforts stand . He filed eagle challenges in six states. In pennsylvania, georgia and michigan another have been tossed out due to lack of evidence. Bloomberg has talked to those family with the manner the matter that the trump team does plan to take additional legal action but it but they defined to elaborate. Bloomberg reported members of trumps own team, his aides doubt any further action could actually change the result of this election. That this election has been decided. That further legal action will prove futile. Then, it all comes down to evidence and a lot of the allegations President Trump has made he has not provided evidence, publicly at least, to back up those claims. We weref the things looking at is perhaps a return to the old order in some sense, as joe biden already pledging to rejoin a number of International Agreements and organization when he is inaugurated january 20. Plans, about the return to multilateralism as opposed to unilateralism. Multilateralism is the word of the day. Biden said his 1st Avenue Office he would rejoin the world health organization, the paris climate agreement and get on the phone with alice immediately to reassure them about their relationship. With allies. Domestically one of the Biggest Challenges is the ongoing pandemic. We know biden is taking steps to prepare himself for that. Tomorrow we expect him to announce a 12 person Coronavirus Task force. We know his Health Advisors, members of his team, have met with pharmaceutical executives in regard to operation warp speed, the accelerated program to get a vaccine. So he is up and running in regard to his response to the pandemic. Thank you very much, kailey leinz in new york. First word News Headlines. Istainly this pandemic which for the moment after radio silence or drowned out, coming back to the forefront. Karina the pandemic is the other big story. Coronavirus cases past 50 million with the u. S. Seeing 126 thousand infections for the third consecutive day. Data from bloomberg and Johns Hopkins University Say u. S. Deaths were above 1045th day. 1000, for a fifth day. The peoples bank of china is discussing ending monetary easing, in contrast to its peers in the u. S. And europe. Policymakers around the world are debating how and when to time their exit, with consensus sooner is better than later. Pboc says the International Economy is recovering and chinas is better than most. Main economy has regained losses from the first half. The turkish finance minister has quit, throwing the countrys management of its already battered economy into further chaos. The position was held by the soninlaw of the president. His resignation falls the removal of the central bank chief fired saturday following the collapse of the lira. The turkish currency has lost half its value against the dollar over the past two years. Vote counting is underway in myanmar after the countrys second open election since military role with the factor reader Aung San Suu Kyi expected to win another term. 37 Million People were eligible to participate. From 91 parties vying for seats from national and local parliaments. Results are expected by late monday. Global news 24 hours a day on air and at quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Still ahead way speak exclusively to the ceo of the newly listed chinese biofarma he expects toat do with cash raised from the ipo. President of new yorkbased firm jen packed joining us for an exclusive interview, on how the u. S. Election and pandemic are being factored in. Next. This is bloomberg. Rishaad california based pony. Ai is raising 267 Million Dollars in a funding drive that will push valuation above 5 billion. Exclusively with bloomberg about how the cash will be used. We are still at the stage that we need a lot of research and development for the technology to come be commercialized to be commercialized. So the amount of money we raised will be mostly used for r d efforts. What are the new technologies you are working on at the moment that could be significant for the future of the business in the next 25 years . I think the most significant ones we are working is how do we make it to be safe enough without any driver . Inside the vehicle. The true driverless effort if you may. Ins year we had a big news the autonomous driving industry, a fleetwaymo launched of autonomous, full autonomous driving vehicles in arizona. I think thats a very defining moment for the whole industry. And we will definitely working towards that as well. , i pretty soon you should wont give a specific timeline yet, but hopefully pretty soon we will be able to do that as well. Let me put you on that, what is the timeframe then for your business . I think that timeline depends on how you define the scale of the operation. We are currently working on small skilled, limited testing. And we are looking for customerfacing, truly driverless, autonomous global taxi and maybe 23 years timeframe. Two to three years and you can see that on a small scale. Or we could start to see that in our cities here in china also in the u. S. Is not realistic . I think it is definitely realistic. We have already seen waymo the able to successfully launch operations and we should be able to do that as well. Tom talk to me about the impact. You are a business with a footprint in china and the u. S. , how are the tensions between the two countries impacting our business . I think it is on a high level, it would absolutely be fully aware of the potential impact of this tension between the two countries. Right now currently we are focusing on developing the technology, in making the product to be [indiscernible] and we just have to deal with whatever happens. So it is not going to be our focus right now. Tom do you think anything changes after the u. S. Election . Hopefully, if anything changes, it change for the better. Tom when you look at the bifurcation we are seeing, in terms of technology sectors, between the two countries, does it lead to adjustments in your is a strategy . Knowing, for exam, the u. S. Is prepared to cut off the supply of software and hardware to certain Chinese Companies . Complex system like autonomous driving, we are definitely current relying on the Global Supply chain. I think in that regard, we have to be more aware of where all the components come from, and be mindful of those, and have a plan b. Always have a plan b in all our suppliers. Other than that, i think we are still full throttle ahead. Juliette that was pony. Ai founder speaking exclusively with our markets coanchor tom mackenzie. Still ahead, we are going to speak exclusively to a ceo and looking at shares in hong kong rising 25 on their debut. 50 three times subscribed, oversubscribed, in the retail portion, raising hong kong 3. 7 8 billion dollars after pricing shares at 52 hong kong. They are now trading at 65. That exclusive interview with the ceo next. This is bloomberg. Juliette welcome back to Bloomberg Markets asia. The latest business flash headlines. The ant group could cut its value, new regulations could force at to raise mark capital and seek licenses in china could reduce its worth by half. If that comes true it would mean than two yearsss ago when it raise cash from several like and other venture funds. Business value fell for a fourth straight quarter as travel restriction made it hard for agents to sell policies. The measure of future probability in the Third Quarter fell 28 from a year ago at 706 million, klein was less than the 38 slide in the first half as some restrictions were eased and new business wars slightly up on the Second Quarter. New business was slightly up. The decline was less. Super rugbytralia, as it looks to launch a fourth streaming service. The deal worth 30 million a year will provide the bedrock for a new channel called stance sports. Nine took the right from fox which owned it for two decades. Right police and bangkok used water cannon to disperse antigovernment protesters approaching the royal palace to cement demands directly to the king. To submit demands to the king. They managed after Water Cannons to deliver letters to the palace itself. Oftens of thousands protesters gathered sunday to write letters addressed to the protestersirst time attempted to directly communicate with the king and request monetary reforms. The letters were put inside containers designed to look like post boxes and wheeled alongside demonstrators. They marched for the grand palace. Protester got close to the palace the police started using Water Cannons, to let them know not to advance past the police line. There were five injuries. Process organizers stopped the march and called off the gathering. Randy, protesters, we know, have been protesting for weeks. What is different this time . The protesters were taking their movement to a new height after four months since it began. They are trying to communicate directly with the king. Although those letters did not get inside the palace last night it is worth noting that they tried. Thistime they are doing event theyre changing the relationship between the people and the king bed by bit. Breaking taboos in thailand where insulting or criticizing royalty can lead to long jail sentences. They are making it more, to discuss the roles of the monarchy in society. Randy, are things changing . Are there any signs of compromise . Are things changing for the government itself and for the movement . Sign of not see any compromise. I think we could see a further escalation. We have been seeing this escalating h month. So far, the government has not been able to defuse the situation. Last week, the Parliament Plan to send up a reconciliation committee, the plan was rejected by protesters, who are stuck on seeing the Prime Minister ousted immediately. Some legal analysts note last nights event was an attempt to divide establishment. It was an attempt to leverage the kings power to force [indiscernible] out. Bloombergs reporter in bangkok keeping us uptodate. See a fiscal stimulus till in the United States by the end of the year. Speaking before joe budden declared victory, solomon told bloomberg, it is a common misconception that democrats are bad for stockmarkets. People are confirmed if there is a democratic majority that we will have higher taxes but i am always said even if that happens we will just have higher spending. I think people tend to parse both sides of the fiscal stale scale instead of looking at them collectively. Higher taxes, higher spending, so if you net them out, pretty good even if you get to georgia sees going to the democrats. The market may freak out because it will presume we will have higher tax rates but eventually it will get around to realizing we will have a lot bigger stimulus if that happens. I wonder about the balance out there. The last four years it was dominated for markets by the discussion of light or regulation, a lower tax base for a lot of corporations, and that underpinned valuations. Even if you get a higher tax rate, if you get the fiscal stimulus and the Economic Growth, that would go along with it, without the enough to cancel out the bite of higher taxes . I think it will. Which,et a tax increase, if it is a Republicancontrolled Senate i do not think we will, but if we got one, we are talking about basically some return to what was like before the trump tax cut. There could be higher talk Capital Gains rates. That may mean people become lager term investors rather than on a tossing stock and doing fast trading. So i do not think a Capital Gains rate impacts the bottom line that much. We will have some return to where it was in the Obama Administration which was actually good for stocks. I think are these narratives that republicans are great for equities and democrats are not, and that is just not true. It really does not matter when we look, who is in the white house or who is controlling the houses. You have to figure out how to navigate it. But at the end of the day the fundamental economics are what drive markets. We have to come off the back of this downturn, the virusinduced, the virus will end at some point. We will get back to some new normal. At Economic Activity will continue to pick up. When that happens, we will be back to the rate, i think the market is looking through that already. Juliette what is interesting to me it seems lawyers always went in some shape or form. Prior to the election it felt like m a lawyers in particular were working our guts out because everyone was trying to get ahead of potentially abided in administration. Caroline now we are going to have lawyers involved for all manner. Your perspective and m a Going Forward and Business Confidence Going Forward . I think again, people will do the things they need to do to advance their business as. They need to understand that regime and framework under which the regime operates. So at these moments, these inflection moments, where you might have a change in the administration, at a slight change of direction, it takes a while for people to figure that out. Once they do, they go back to doing what they need to, to drive their businesses. Seldom do you have an election that turns things so inside out people get frozen. We as humans [no audio] [inaudible] and as creatures of the market, are incredibly adaptable. If 2020 has taught us anything, we have seen highs and lows, more right tail and left shell events this year than most of us have seen in a lifetime and we are doing ok. Again, from the markets standpoint. I think it is different if you are running a Small Business. Even there, i think once we get fiscal stimulus which i expect to happen by the end of the year, i think mcconnell probably gets a limited, Something Limited done in lame duck. My expectation is Small Business will begin to think about rallying in 2021 as things get back to a more normal economic cycle. The ceo speaking to Caroline Hyde at romaine bostick. Lets check in with business flash headlines. Berkshire hathaway identifying its latest megadeal, its own stock. The firm spending 16 billion scooping up its own shares, more than three times its previous record. Repurchases top many of berkshires biggest investments including 2019 Occidental Petroleum financing and totaled more than it has ever spent in when youre buying apple stock. Cutsts from paris, 650 job monday at its in banking Investment Banking operations, that cuts will come after socgen reported performance in the Third Quarter. It follows its worst performance in a decade over the preceding period. Wanting to cut 500 million in cost by 2023. A look at markets as we had to the tokyo lunch break. The nikkei, the broader market, topix. Currently seeing movement to the upside. 1. 9 up. If you look at msci x agent we are putting act record hides and we are at record highs. Record ex asia at highs. Global equities heading for a fresh record. There is optimism about the outlook under a joe biden presidency. We discussed the dollar has been weakening. Monday is essentially seeing continuation of last week that down risk, and to joe budden declared the winner of the u. S. Election saturday. Looking at futures contracts also on the way up helping markets in this part of the world to move firmly into the green. This includes shanghai as well. Good export and import numbers, better than anticipated. Export numbers climbing for china. Seeing gains for the composite. Japan airlines, jl down 12 at 12 ,oment jal down saying they will raise 1. 6 billion selling shares to support its finances, as we have seen the Airline Industry ravaged by the coronavirus crisis. We are off the lows of the day, we were down 15 . A Pharmaceutical Company having a torrid time, 25 down, a drug and development to try to do something about alzheimers. That was being done in tandem with biogen. That drug has failed to win fda backing at the u. S. Honda 8. 8 up, increasing its dividend perhaps at beating analyst estimates. It is almost 10 30 a. M. Here in singapore and we are seeing singapore stocks hold at july highs and the dollar at its highest level since january, the seeing dollar. Blogd pace on the mliv that the Singapore Dollar is recording recalling its rally of 2017. Region, and sei asiapacific Index Holding at the february 2018 highs. We could see global stocks msci asiapacific Index Holding to fabric 2018 highs. Fabric, 2018 highs. We are seeing good moves in the tech players as well, msci asiapacific tech Index Trading at a high too. Strengths in that you want, yuan holding at june, 2018 highs, halfway through erasing losses since the trade war began. Looking at tech players in the region. Msci asiapacific tax Index Trading at a record tech Index Trading at a record. A lot of stocks getting a boost on biden optimism hoping the president elect could call thatchina trade war. Watching chipmakers and the Greater China area and south korea chipmakers. Itsin city holding at highest level since listing in june, 2017. In sydney. Lets head to new york with Karina Mitchell for first word news. Wastingjoe biden is not time, preparing a Transition Team and a tackle coronavirus even as President Trump refuses to concede the election and is threatening legal challenges. Biden mulally now is his covid19 team monday and will ask allies and opponents in congress to discuss a new relief package. His reported lead an undeclared states would give him 306 Electoral College votes. Spent sundaymp playing golf, his second round of the weekend while refusing to admit defeat. And weighing legal actions. He reacted to news outlets naming biden as president elect by insisting that process is far from over. Under the 1973 president ial ,ransition act, that gsa General Services administration, has to formally recognize the apparent winner and the administration has yet to do that. To announce usid to millis tool aimed at driving borrowing cost to historic lows, he is expected to lay out plans wednesday to offer cheap loans to banks allowing them to further cut letting rates. The program may start in weeks and is seen as a key step toward the rbnz cutting the official cash rate negative territory next year. Singapore offering a pessimistic view of the post virus economy saying the economy is unlikely to pick up in a vibrant way soon. Several sectors are showing improvement but aviation, transfer and tourism are likely to remain in what he calls suspended animation for some time, due to surging virus cases elsewhere around the globe. Global news 24 hours a day on air and at quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Lets move now to the witht action, mliv started mark, we have people embracing risk assets. The week has started on a strong note. The question is where has this 40 coming from where is this euphoria coming from . Joe biden . A combination of factors but certainly more clarity on what is happening in the United States is helping people. Also the fact that they are buying into this idea that gridlock in the u. S. System is actually a good thing for equity markets. People are suspecting it will be much more difficult to get tax hikes done in the United States, there is less risk of a breakup of the tech companies, and probably the Health Care Sector as well. So, although we have a bit more clarity on who the president will be, and the fact that the senate is undecided and could possibly be a similar set up to the senate we had before, that passingrsing changes changes will be more difficult. Less government interference is usually seen as a good thing for american equities. Then you also have the socalled peace dividend as well. Foreign countries are hoping that a new leader and the United States will also be better for diplomacy. Better for trade and the rest of the world. You put those together and it is not surprising for the moment, Equity Investors especially, are in an optimistic mood. Juliette yes, a lot of optimism here in asia. The dollar filtering through. Hong kong stocks at their highest level since july. What are you sing a missed optimism for the hang seng index . Thate interesting thing has happened with hang seng in particular, is its correlation with the s p 500 has been increasing since early september. What we saw this year, was that from mayearly september, the hang seng was losing touch with american stocks. A lot of local factors, of course. Hong kong was in the center of this big diplomatic row between the United States in china. There were contraction in that hong kong economy as well, a lot of local factors pushing the hang seng in a sideways to lower trajectory. But since september, people have been seeing the correlation rise with the u. S. Market. So that is obviously a good thing as we go toward year and. If the u. S. Market looks as though it is going to finish the air on a strong note, that is better for the hang seng. Over the longterm, hang seng has had a good correlation with american stocks, but it had lost it for a while, but that is coming back together, and that is certainly going to help drive hong kong stocks higher. They still have 7 or so to go before they erase this years decline. The pace at which the asian markets are improving, look at japan. Japan is having a great rise since the clarity on the u. S. Election. So it could well be the hang seng could even array even erase losses it made this year. Juliette 1991 highs for that nikkei. Lets talk about that yuan. We havent talked about dollar weakness. It looks like the pboc is comfortable with the strength in the you want. As you look on the mliv, that is helping to push up currencies such as the Singapore Dollar. We have not seen too much pushback from the pboc, fairly gentle so far. They have been using the [indiscernible] to send a message, the yuan can be strong we do not want to get too carried away. Certainly there has been a hard action from the pboc and the market is taking that is assigned that that yuan can get a bit stronger. As a sign. Other asian currency, the Singapore Dollar is on the 134 handle for the First Time Since january. The last time it had any rally like this was back in 2017, a great year for asian currencies in general and a very good year for asian equities. The sei agent pacific the msci asiapacific index almost dead 30 on the air, so people will be looking for 2017 as a template for which expect in the months ahead. That would not just be good for the Singapore Dollar but that korea one and probably the taiwanese dollar as well kore an won, and taiwanese dollar. Yuan that is good for buy, and investors tend to the currency with local stocks at the same time. Rishaad coming up, biotech firm remegen popping on its debut hong kong runup ipo. Will be speaking with this epo co about how he plans to you the co about how he plans to use the funds he has raised. This is bloomberg. Juliette remegen, chinese biofarma has popped on debut in hong kong after raising half 1 billion, making it the biggest biotech ipo globally this year juliette shares currently up i 31 . In hong kong trade. Shares currently up 31 in hong kong trade. Joining us is the cofounder and ceo of remegen. Thank you for joining us and congratulations. The ipo on the retail side 53 times oversubscribed. What you plan to do with all of the cash you have raised . Thank you, nice to talk with you here. It is a very crucial time for us, we got this experience of the ipo in hong kong. So it is great. Enables uss ipo it to, we have lots of doing for the next couple of years. We think we will launch a lot of clinical studies in china and outside china. Also expand manufacturing , building more manufacturing facilities. Programs, web programs. Activities we are very ipo and ourt this potential for the next year or two. There was concern in the market perhaps and for biofarma was starting to wear off somewhat. 53 times oversubscribed on the retail side shows a lot of exuberance. Do you expect that kind of momentum continues . And you continue to see a lot of support for the biofarma industry . Ofyes i think there is a lot interest in biotech field and biopharmaceuticals. Drugs are ingic the rising. Progressnow with the , more drug,ience targets for diseases, drugs for Global Medical needs. Lot of enthusiasm. With that we are doing innovative biologic drugs. So it is really important for many patients. Yes, i can see it is very rational. And thank you for to our investors for their support and interest. Juliette when we look at some developments, drugs for cancer, autoimmune treatments, can you tell us where you are at . And what is the most exciting therapies or drugs you have in the pipeline . Drugs. , you have over 10 two most important drugs are in 18 and also [indiscernible] a drug for [indiscernible] very important these days. In the past not much success in this area, so patients need a new drug, especially a biological drug, more safe. But it is, this area is challenging but we have. Our studies this past year. Know,have a drug that you finish a pivotal study in china. And right now we are identifying the new drug application. China, the process, we are right now the latest stage. Drug willcipate this get it through sometime before the end of this year. With u. S. Fda,e phase three, in the open, so we can, we are prepared for and initiate as phase three study in the u. S. And your best well. So this is very and europe as well. From china and then pushed to global locations to address largest chinese population and patients outside china. Also we have another drug, antipart a d. C. Drug. Avc drug. Rishaad i want to just get to the drug in our pipeline at the moment which are most excited about. What does it do . How close is it to getting onto the market . Yes. Two drugs. In china we applied the new drug [indiscernible]. Meanwhile we approved ways may be a couple of months and another a be six months. So they will come to market very soon. Global, weu. S. Side are still going to initial doing clinical trials, so still need to wait a little more. When are you going to be profitable . Uh, well as a biotech company, weep push harder into the market but we still have a lot of drugs in the pipeline. So i depends on how much you spend money on research, develop it, and how much you, you gain revenue from the marginalization. So from the commercialization. So we will probable be profitable in a few years. But this is a kind of bearer to potential and what is your revenue too, to do that. Rishaad any of those drugs you have talked about going to be able to do that . To be able to lift you into higher Revenue Growth . And also Profit Growth . At into profit, ultimately . Yes, of course, yes. These drugs to drugs actually, it is a very high medical need. And a huge market potential. And lots of demand on the patient side. And physicians want new treatments. So it is really a lot of opportunity and a big potential. Definitelynk it is will be very profitable in the future. Juliette you have only just listed. This year has shown us how a lot of Drug Companies have been working together. Do you see potential joint ventures in your future . And further backing, because we know you have been backed by fidelity and blackrock . Have youctually we know activity with some companies. Also china. So we are definitely in discussion and potential, some partnership or some kind of business relationship, yes. All right, thank you so much. Exclusive interview there with the cofounder and ceo of remegen. Thank you for joining us. Groups i. E. Ow ant oh could and regulation could shrink the fintech giant by half, coming up. This is bloomberg. Rishaad china has moved to halt ant groups massive stock to be a could reduce its value by 140dred 40 billion. billion dollars. Tolysts point to license operate across china. That is a huge cut in valuation and not everybody would agree with that. What is that based upon . Is that alicee are now saying when aunt comes ant comes back to the market and if it comes back to the market people will be viewing it as more of a Financial Company instead of a tech company, which is why it got those lofty valuations and was able to bolster its valuation to 280 billion preipo. What analysts are saying now is that if you look at their pricetoearnings ratios, it could be slashed by half. Looking at where some of the better banks are standing, which is in the teens range, that is nts valuations could slumped to. Juliette that is a story when you look valuations that much. What are analysts saying and is it going to change their outlook . Isyes, another key issue what the new regulations specifically demand. Right now even though these regulations are preliminary, people are looking at how ant could face up to 30 of funding for loans. Previously the company was able to get the bulk of its funding for loans from banks. The new regulations could require on my leading companies to drastically increase the amount of funding that is required. And also there is new regulation on Capital Requirements so ant could be looking at a 54 billion you want increase in capital for its leading units yuan increase in capital for its leading units lending units. Rishaad do you think demand for the stock will be the same as it was . It was going crazy in hong kong in the runup to the ipo. At the same level, should it come onto the market again . People will be looking at two things, one is whether the new itulations will mean that will have to function more like a Financial Company instead of a tech company and it comes back and also i think investors do want some sense of consistency in chinese regulations as well. Because this ipo was halted two days before its debut. People are asking, where the consistency as far chinese regulations, and whether if even a National Champion like this can be funded overnight, what does that mean for the longer term health, for the health of the chinese Financial Markets . Much. D thank you so Bloomberg Asia investing editor lulu chen. Suffering like the industry, trying to scramble for cash at the moment because of the effect of virusinduced aviation collapse putting before aircraft for sale. Thai airlines trying to restructure 11 billion of debt. Prospective buyers have until friday to submit bids and any sale will have to be a great under a reorganization plan approved by a Bankruptcy Court in september. Toans softbank trying resurrect its reputation as a successful start of investor and relatively unknown chinese property coming may help. Softbank invested 1. 3 billion in beijingbased ke holdings last november. The company went public in aust and shares soared, 375 return so far and it is up since the end of the Third Quarter. Apple turning around in the business with a 253 rise in profit since last year. Nubbers come in at 125 Million Dollars. Operating revenue rose nearly 30 . After apple adjusted its strategy i reducing the gap between global and indian launch dates. It also brought on the price of the iphone 11. That also signed distribution deals with partners such as reliance. Fund isn wealth changing the way it invests in japan. Abu dhabi investment authorities focusing on Japanese Equities and lees external managers as part of a passive portfolio. The Investment Funds have been chasing highyield as they battle the followup from declining crude oil prices. Juliette stocks heading toward a record high when we look at on optimismd index about what a biden presidency looks like. The risk on momentum flowing through after we saw stocks had their best week since april. Nikkei futures suggest when japan comes back after that juncker lunch break will continue to see the rally in this, index at 19 anyone highs. After lunch break will continue to see the rally at 19 ed one highs. 1991 highs. Trade data from china over the market at a buoyancy. In singapore stocks at the highest level since july. Momentum in currencies. The weaker dollar always good for asia. Em currencies and the chinese yuan its best week since 2017 on bidens victory. The offshore yuan strengthen substantially following last weeks what. 6 surge that was the biggest gain since january 2017. This currency has been on a tear since june, as we see the economy rebound in china. Some other currencies, the korean won at a 20 month high. The aussie and q8 looking solid as well. Dollar the taiwanese dollar one of the strongest em currencies and the region today. This momentum continuing. We wondered whether we would still see this risk on mood but you are seeing that come through. Japans nikkei want to watch when it touched the 1991 highs. Ex japanapacific already trading at an alltime high. Rishaad Thai Airlines trying to raise money. Singapore airlines coming out of the statement, the ceo saying there looking at ways to raise funds, to the Debt Capital Markets even of a said to have the strongest liquidity among carriers. This is bloomberg. Are you frustrated with your weight and health . 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Im juliette saly. Rishaad im rishaad salamat. Investors seem to like tube the prospect of a biden presidency. Highx japan on an alltime. Mse are china, the highest since its inception in 1995. The yuan running hot seeing its longest streak of gains since march. The pboc indicates its time to pull off with policymakers debating when and how to end the stimulus program. Rishaad and we check the ,nvestment climate in myanmar with the party expected to win another term. We assessed the application of business. Juliette we look at global stocks, looking like they could hit alltime highs, last reached in september on optimism of what a joe biden presidency could look like. The dollar continues to fall, the ms ea asiapacific mse i asiapacific index. Extra pen holding at records. We are seeing gains. Losses through erasing trade war began. We are seeing a lot of optimism in the commodity currencies. The new zealand dollar, the kiwi and the aussie leading gains. Breaking news as well from Singapore Airlines. They expect to operate 16 of Passenger Capacity by the end of december, which is quite something when youve got borders close here. Rishaad lets take a look at what is going on in bangkok with the market underway. 1. 8 to the upside. Is against the backdrop backdrop of more street protests, using Water Cannons to distribute against antigovernment protesters. Are calling for changes to the monarchy. Ninemonth highs against its american counterpart. The rupee also gaining ground. Dollar weakness following joe bidens victory. Prospects of the Indian Trading day, looking at the nifty, up 1. 3 , looking as though we will have a fairly strong day. India is likely to hit records. Indian stocks about 2 10 of 1 away from that milestone. As we look at that, lets take a look at joe biden. He has caused some ripples in the markets. He is preparing to take office as the 46th president of the United States. Hes moving forward as president elect and launching his transition, ready to tackle the coronavirus. Our work begins at getting covid under control. Economy andturn the restore our vitality or relish lifes most precious moments, hugging our grandchildren, birthdays, weddings, all the matters that matter most, until we get it under control. Rishaad kaylee is in new york. Joe biden is always already telling what he would do. Isthe pandemic, he assembling a task force. Reporter hes not wasting any time, planning to announce a 12 Member Task Force on monday led by the former Surgeon General as well as the fda commissioner, former fda commissioner, david kessler. Us far as other members that could potentially be on the task force, bloomberg has come according to people familiar with the matter, that someone from Yale University and a former Obama Administration Health Advisor could be joining as well. We will wait for the full list coming monday. Bloomberg has also reported bidens Health Advisors have already met with pharmaceutical executives regarding operation warp speed, the accelerated vaccine. O get a joe biden really trying to lay the groundwork to deliver on one of his Central Campaign promises, to get the pandemic under control. And joe biden making these plants despite the fact that President Trump is yet to concede. What kind of delays could that actually cause . Reporter that is the simple fact of the matter. Joe biden moving forward as president elect despite the fact that we still do not have a concession from President Trump, and he is threatening further action. Really those lawsuits are not seem to fundamentally change the outcome of the race. What they could do is delay and truncate the transition period. There are only 72 days between now and inauguration day, a short time for joe biden to get his administration together and get everyone read in. It takes acknowledgment from Government Services administration, which was appointed by donald trump. It may have to get that acknowledgment to get access to government offices, to funding, the things they need. That formal part of the process does risk being delayed, but joe biden obviously taking informal steps, readying to name cabinet appointees and of course, he is holding the first Coronavirus Task meeting on monday. Rishaad thank you. Kaylee lyons in new york for us. Lets have a look at the ease first word News Headlines these first word headlines with Karina Mitchell. Karina reported coronavirus cases have soared past 15 million, more than 120 6000 infections for a third consecutive day. American deaths were above 1000 for a fifth day. Elsewhere, italy is adding 3 billion to offset the lockdown effects while protests against restrictions ended in violence in a german city. The peoples bank of china is discussing ending monetary easing. Policymakers around the world are debating how and when to time their exits with a consensus that sooner is better than later. The pboc says the International Economy is recovering and china s situation is better than most. The mainland recon economy has regained all losses on the first half. The Prime Minister of singapore has offered a pessimistic view of the post virus economy, saying its unlikely to pick up in a vibrant way anytime soon. He agrees several sectors are showing improvement but others including aviation, transport and tourism are likely to what he calls suspended animation due to surging virus cases elsewhere around the world to the turkish quit. E minister the position was held by the soninlaw of resident erdogan. His resignation follows the removal of the central bank chief, fired on friday after the collapse of the lira. The turkish currency has lost half its value against the dollar in the past two years. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Karina Mitchell. This is bloomberg. Still Aung San Suu Kyi Aung San Suu Kyi ahead this hour,s party expected to win another term after myanmars second open election since the we speak totary rule. The ceo of one of their leading conglomerates about the impact on business. Bidens election victory sending Global Equities towards new highs. Markets and investments on the way next. This is bloomberg. There is a huge sigh of relief i think by the nation that we have come through a difficult period, but most importantly, that the American People have spoken. And thats what our democracy is all about. The president has every right to challenge. He has every right to ensure the votes were counted correctly. Once that decision has been made and once there are too many votes that have been cast and counted for him to catch up, it becomes the responsibility to accept the result and move on. The very first thing President Joe Biden is called to do is wrap his arms around this pandemic. This pandemic has exposed a lot of fault lines in our system. It is not just the virus. It is what this virus has been. The first order of business for 2020 one should be investment infrastructure. Not just roads and business, but also broadband. We have learned how important it is for businesses and families to be connected. Is facingsidentelect a horrible covid situation and an economy that is slowing down. He will have a divided government, if not a divided country. Most likely, and i hope it doesnt happen, he will have a complicated transfer of power. Of our guests reacting to joe bidens victory and the implications it has for markets. Lets get more analysis with Jim Mccafferty from aipac Equity Research at nomura. We are seeing global stocks getting to alltime highs last reached in september. When you look in asia, we are already at these record highs. Is this euphoria all about joe biden and can it continue . I think theres a lot of relief rally going on in the last two or three days. Also today in asia. But i think what we will see moving through 2021 is a move away from the erratic and noisy environment to more progressive longterm policy discussions involving the u. S. And asia. I think with a joe biden victory, we look at the main geographies in asia, china and japan. With china, potentially there will be less trade war disruption and for japan, more security around the treaty and korea as well. With joe biden, more of a facetoface dialogue with moon. I think Political Risk has dramatically decreased and for that reason, there is every reason for equities to continue to perform well. Juliette that Political Risk, as we start to see what kind of relationship a Biden White House could have with countries here in asia. Is it a sense of movement going through into some of these stocks that have potentially been undervalued or do you see it as the euphoric way of continuing . I think there is a genuine belief the equity risk premium being attached to markets which were u. S. Centric or u. S. Connected has actually gone down. For that reason, stocks should go up. At the same time, what we are seeing in markets like korea right now, companies which are sensitive to u. S. Exports have involved in the transmit transitive services from goods from korea to the u. S. And we expected to pick up, especially in shipping. There is hope there will be some serious fiscal stimulus and that will have an impact on trading relations between korea, japan, and u. S. Juliette it is looking like the senate will be more red, so to speak, more than people had anticipated, perhaps making some policy decisions a little more difficult in terms of congress division. You are saying that asia is far less dependent than it used to be on the u. S. , so does this matter . In matters less and less. One of the things we are looking at is the idea of selfreliance, a term north korea uses in many ways in the 1960s. If you look at asia today relative to 20 years ago, it was a different place. 20 years ago, we had the Asian Financial crisis. Korea was forced to borrow internationally. Hand, 10t on the other years ago, china on the other hand, 10 years ago, the economy was is half the size it is today. Domestic consumption as a percentage of gdp is probably double what it was in real terms 10 years ago so these countries are quite selfsustaining. The need for engagement and Economic Activity is much more today than it has been ever. Rishaad but it is still very important, the relationship between beijing and washington. Of course that is derailed by donald and the spat between them. They are saying it will effectively be a change in style rather than substance. I would agree with that, but i think the key issues we find is that if you talk to Global Investors and ask where Equity Investment is, there is still a very big underexposure to china. On the other hand, i spoke to a friend of mine in brussels and he tells me his Asset Management firm would find it difficult to get European Equity mandates. If you are a global investor, where is the growth . The way asia has handled covid i think is testament to the fact that investors, Pension Funds and asset owners who want to be exposed to markets, including china, if you look at overseas investors, is tiny. I think there will be not a wall of money but incrementally more capital allocated to east asia and china will be a beneficiary. Rishaad that brings me to the next point. Are you seeing more and more people looking at moving their money out of developed market into emerging ones, and finding these barriers that you just when they coming up least expected . The willingness is there, is it not . I think so. If you look at last week, we had more than 5 billion u. S. Committed into asia extra pan, x china equities. Taiwan and korea each getting 2 billion. That is the biggest week we have seen of money pushed into the region since 2016. The other thing to point to is the big Pension Funds like the u. K. Local authorities, those are more and more mandates being instructed for people to invest money into china directly. I think there is a realization that if you look around the world and how corporate has been handled, the fact that asia has handled this much better, we have a more Compliant Society , and it is a more fertile environment for equity markets. I do think money will be moved away from developed markets in the u. S. And europe towards asia and it gives us a very good 8 outcome for the next 12 months. Rishaad is this to be the narrative developing that if the republicans do manage to retain the senate, that there is gridlock in the pipeline and its actually good . Where is the sense coming from that gridlock will be good for the markets . I guess ultimately if there were to be complete control of the whole political system, the new government could launch a fairly substantial fiscal stimulus. On the other hand, if some of these decisions are being contested, if you are going to spend a lot of money, you have to fund it. That clearly means taxes have to go up. From the equity market point of view, you think about corporate taxation. If that goes up in the u. S. , earningspershare goes down which puts pressure on valuations. From that point of view, having two drivers at the wheel of the is a checkcal system in terms of spending commitments. I think thats the reason. Juliette Jim Mccafferty from nomura, we appreciate your insights. Thank you for joining us from hong kong. Looking at singapore shares, they are trading down into upbeat market. We have heard singapores flag carrier is looking at ways to raise funds following a briefing and Singapore Air which had its worst quarterly loss on record last week. Ofis looking at sale as part fundraising plans and they are in talks to increase liquidity. Interestingly, Singapore Air is expecting to operate 16 of the Passenger Capacity by the end of december. Borders essentially shut here but we know the travel lanes have started out for Business Travel and are also looking at the bubble for leisure with hong kong. Up next, time for the morning calls. A look at top Analyst Recommendations across the asian markets. Sophie kamaruddin and will be with us. Plenty more on the way. You are with bloomberg. Rishaad just getting you to what happening in the Hong Kong Bank rates. Falling 48 basis points. Now 0. 17 exactly. That is the lowest level we have seen since 2011. All sorts of records at the moment made on markets across across equities and offered rates as well. That is one thing to monitor. Lets look at some of the morning calls. Lets get to Sophie Kamaruddin and for postelection views. We heard from jeffrey solomon on the potential path to a normal economic cycle. Not everybody shares his optimism. At barclays, they are saying the economy is losing momentum and the resurgence of covid may add further damage. Covid is closer to the 10 million mark so barclays is recommending 20 year treasuries with limited room for yields to rise higher after they top 145 bids. Markets trading with a divided government baseline so they slashed their year end target to a baseline to 75 from 105 and explict expect replacement to be in the Second Quarter of 2021. Juliette the yuan continuing to rally but volatility pulling back. Some bullish forecasts piling up instead of renminbi. Sophie and Morgan Stanley joining that camp. Being bullish is becoming the consensus, but they know the access in the Options Market with positioning not too heavy yet. Morgan stanley recommending going long the offshore yuan against the japanese yen at 15. 56 with a target of 16. 5 and a stop of 15. 4. There are three reasons, one being Economic Performance unfavorable payments. The second reason, broad dollar performance. Three, lower risk premium from trade tensions between the u. S. And china. Morgan stanley things there is reduced risk of the pboc leaning against appreciation. They see potentially breaking against above 96. Sophie kamaruddin in hong kong. Lets get a quick check of the latest business flash headlines. Installed ipo could cut value by as much as 140 billion dollars according to analyst estimates. Morningstar others saying new regulations that could force ant to raise more capital may reduce its worth by half. That would mean its worth less than it was two years ago when it raised cash from server link silverlake and other big funds. Japan air hopes to raise 1. 6 billion through a sale of new shares. The stock dropped more than 15 at one point in tokyo, and plunged more than 60 this year. Jal hoping to emerge from the coronavirus slump without any major job cuts and will use the funds to repay and invest in aviations post covid fauci chirp. Nine post covid future. Looking to launch a dedicated sports streaming service. The deal is worth 30 million a year and will provide the bedrock for a new channel. Rights from fox tell which would own them for two decades. Overall, looking at all sorts of records. Global equities approaching record highs. Weve got the msc i asiapacific index excluding japan at record highs. 1. 1 to the upside. All of this as we continue on from last week where we certainly have seen discontinuation of last weeks embrace of risk. We have joe biden being declared the winner of the u. S. Election saturday and also support of whats going in asia. S p futures up 1. 5 and dow futures, the stimulus gain. Ozzie markets also doing well. Lets go to china markets. Its a bit of a mixed bag but certainly one to watch is the yuan. The onshore yuan. If we look at offshore, it is still likely onshore to extend recent rally. Dollar weakness is in essence what this is merely about. The offshore yuan with. 16 . Week,take a look at last it was one point six move 1. 6 moved to the upside, the biggest gain since january 2017 for the chinese currency. Shanghai is off for their lunch break. More is on the way. This is bloomberg. I feel like were forgetting something. Let me check. 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Given the nifty contract in percent. Is up 1. 25 we drink join Karina Mitchell with first word news. Karina joe biden preparing a Transition Team and new plan to tackle the coronavirus even as President Trump refuses to concede the election and curtains legal challenges. Biden will announce the makeup of his covid19 team later monday and will ask allies and opponents in congress to start discussing a new relief package. Is reported lead an undeclared states would be within 306 Electoral College votes. In thailand, police fired Water Cannons to disperse antigovernment protesters as they try to approach the royal palace in hong bangkok. They were calling on the team to accept changes to the monarchy power. Medical services in the city say to people and one officers were injured. President trump spent the day playing golf in second round over the weekend while refusing to admit defeat and weighing any new legal actions. He reacted to news outlets announcing biden as the new president saying the Legal Process is not over. Servicesal administration has to formally recognize the apparent winner and the administrator has yet to do that. To announce aset new stimulus tool aimed at driving borrowing costs to new historic lows. Is expected to lay out plans on wednesday to offer cheap loans to further cut lending rates. The program may start within weeks and is seen as a key step thebnz cutting into negative territory next year. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Karina Mitchell. This is bloomberg. Juliette lets take a look at the markets because the risk on momentum continues, global stocks nearing alltime highs. Japan holding onto 1991 highs. Im looking at the asiapacific msc i because its trading at record highs. About 1. 5 off an old type alltime high while also seeing record highs in the infotech sector in asia as we continue to see money going through into tech. We are watching what happens when india opens today because it looks like they could hit records. The singapore futures up more than 1 and continuing to see momentum in the offshore yuan holding at its highest level since june 2018. We have the offshore up about one third of 1 against the dollar amidst this broad dollar weakness. The yuan halfway through erasing losses since trumps trade against china began. Rishaad myanmar holding its second election since direction military rule, aung san suu ky s party expected to win another term, that the economy will face strong headwinds. Our next guest runs myanmars leading conglomerates. Director and executive and joins us exclusively. Joining us. R predicted a few years ago myanmar would have a vibrant and fast growing economy have been disappointed. What has gone wrong . We had a successful day yesterday, a smooth election in the midst of covid. Surprisingly to all of us, there was high voter turnout, which gives a strong mandate to further reform. I think the last few years have been difficult. Investors have felt things were slower than expected. We have to remember the government came from the wilderness and Aung San Suu Kyi was under house arrest many years. When she won the election five years ago, it was at a time when she did not know much about the administration. This time around, i think she has a much better handle on the government administration. There are clear roadmaps on economic reform. The government has not gotten enough credit for the roadmap they put in place which i think lees a Great Foundation for the next few years. Needs to be done . What reforms need to be enacted to get myanmar back on to the Economic Growth pass . Path . Simple, lowome very hanging fruit. Infrastructure vote is one. Myanmar has been lacking power and infrastructure needs which to caused manufacturers delay manufacturing here. We are seeing some of that be reversed. Also are going to have a lot more Power Capacity that will come in this we year. We are seeing manufacturers from china and other places move into are gettingowners more excited. I think the Financial Sector that has tremendous Financial Sector reform, the central bank is much stronger than before and you have seen more foreign banks branches. O foreign fintech has grown substantially in the last few years and we are seeing the impact of that. A lot more money moving from informal to a formal channel. During this covid period, a lot more people having access to the formal financial market, whether it is banks, fintech or micro finance. I think it will unlock a lot of the blockage we have seen in the last five to 10 years. Me about your company, yoma holdings, and different companies. How bad has covid19 been on the country . We have actually been quite lucky. We had our first covid case at the end of march and since then, the government has taken it seriously. Were close to the border and took strong action. By june, july, and august, we are basically back to normal. Estatempany in real sales and development, real inate has hit record highs july and august. If you look at car sales, it was a record level. Our mobile money business has never had a higher volume than july and august. We came out of the first wave of covid in pretty decent shape. We now have a second wave that has hit us in september and we are starting to come out on that as well. I think all countries are hit by covid, but we remain one of the Fastest Growing countries in the world. I think we are projecting a fast growth of 1 or 2 . Heading into next year, there are some obvious things that will happen. There are some infrastructure constructions that have been approved or started. We see a huge amount of pentup demand. Surprisedte quite even by domestic tourism. Coming out of the first wave of covid, we saw a huge number of people coming into our hotels and using the facilities. I think it bodes well for the next year. Juliette you sound quite optimistic, worth noting you did have to leave myanmar due to political instability and now you are back and showing all this strength. But in terms of some of the concerns overseas investors have about investing in myanmar, how did that turnaround in the concerns about political stability or Reputational Risk . Myanmar is certainly not for everyone. Its very clear there are regulatory risks and the laws are changing regularly. For all the criticism, it is really about things not moving fast enough. Directionally we have seen an economy a lot more open and clear, and transparency is a huge part of what we see now. Theses a lot less of thoughts about corruption and the government efficient level, things are cleaner. I think those are positive but we still need a lot more progress. We are starting from a low base. Myanmar juliette sorry, i wanted the sq ask you, whether or not a biden win helps and whether or not there would be a stronger relationship between myanmar and the u. S. I think myanmar received very good support from the u. S. And many other countries, whether it is china from the belt and road initiatives, or japan, or regional countries. The u. S. Historically has not been a direct investor in the do seerge volume, but we benefits from the regionalization of these supply chains. The u. S. China trade war has pushed a lot of people to move the manufacturing seville facilities into Southeast Asia and myanmar as part of that. I see support in the western countries and certainly a more consistent and stable Global Environment bodes well for me and mark. Myanmar. Rishaad have you on the program, thank you. Melvyn pun, from yoma. Next, talking about what india could be a neglected engine. Capital. Ancial indias financial capital. Juliette indias economy has been one of the hardest hit by the pandemic, but there is one often neglected sector jumping to its rescue, rural demand spiking with a bump and harvest. Lets get more from our new delhi bureau chief. How is the farm sector helping the overall economy . Reporter good morning. In asias thirdlargest economy, the other sectors are services that account for half of the economy and manufacturing has completely been devastated by the lockdown, possibly one of the worlds strictest. Thats around the last week of march into june. In that quarter, the only thing was the monsoon rains. , more disposable income in the hands of the farm sector in india. Agriculture is only about 20 of indias gdp. That is not enough to neutralize the effect of the pandemic which has hit india i think as the worlds second hardest hit nation. What other levers of growth can actually be used . You are right. The idea is even though its about 15 to 20 of the economy, but it accounts for a large population. India has a very smart farm small farm holding, but nearly 60 of the population is dependent on agriculture. Job also have an additional so presumably you are seeing increased income in the hands of nearly 60 of the population. It might be small, but good enough for a resurgence or orand for items of daily use consumer durables, bikes and motorcycles and bigticket items like televisions. Numbers for the last month, you saw that there has been optics in the past few months. His is actually the peak time what we see is a large part of the demand coming from smaller. Owns we would have a broadbased economy as more sectors come into play. Rishaad just to get you up to the upside, weat are approaching record highs for the sensex and the nifty. Not taking to account these gains, 510 points right now sensex at a record high and then nifty just shy of it. Just to show you, we have both of these indices posting fiveday gains. Krishna industries and united today aftereacting market hours on friday and over the weekend. Coming up, softbank and the spotlight ahead of its earnings correlator, Masayoshi Son expected to highlight winners in the tech portfolio and show its worst days are over. We will have a preview next. This is bloombergs. Juliette it is risk on across asia and we are checking on the Indian Markets on the open. Hittinglike the sensex records the highest since april 1979. We are looking at the nifty trying to get toward record levels as well. The sensex friday was 400 points away from the record high. Point jumped open by 526 and we have looked at the nifty indicator as well that we are trying to hit in terms of whether or not it hits a record high, looking like it is getting close to the record territory. Ipc acting to help the broader momentum you have seen an Indian Markets. There are no nifty earnings though coming through today. Of course global stocks on a whole headed for the fresh record high. Its all about the optimism about the outlook under a joe biden presidency in the United States. Thisad lets get to california company. We will actually go to softbank fiscal. The Second Quarter Masayoshi Son expected to point to the rebuild of the quarter. Lets get to our Bloomberg Intelligence body reporter. What should this tell us . Reporter for this september quarter, because tech stocks, they have a good run. Softbank should benefit in terms gain. Estment. Having said that, we do expect the company to record some paper losses because they issued alibaba prayed prepaid phones and shares before they suspension of the ipo. It actually works against softbank in terms of paper profit or loss because they had to deliver alibaba shares to settle the loans in the future. It is a mixed bag, but the directions should be improvement in the outlook because of the tech valuation. Juliette what about the impact of softbank spat on equity derivatives . Reporter when it comes to a good time like the bull market for tech stocks, probably investors will be more forgiving. Still there are a lot of issues with transparency and disclosure concerns. That explains why softbank at a valueo trade discount which is something the chairman has been unhappy about. The more they invest in these , the discountives will still be stickier than before. The reason being that shareholders could actually invest in derivatives themselves. They dont need to pay extra to then who willand invest in derivatives they dont know what exposure and risk they are doing . That should be a concern in the long run, although the company recentefit from improvements in sentiment on tech stocks. Rishaad what about the vision funds . Softbank vision fund. I believe they will set up one of these specialpurpose acquisition vehicles. Tell me something. This is all the rage on wall street right now and they want to get to the action, but why . This is something that the Softbank Fund probably wants to that they exit those in a quick way and boost the ipo valuation. The good thing about this setup can gather allk the cash they want and when they see something interesting, one of the tech unicorns they want, they can easily acquire the company and get them right away. It explains a lot of the credit in the market, a lot of investors, even retail investors, are interested in tech unicorns. Its a good way to gather these fund flows. Rishaad thank you so much, our Bloomberg Intelligence analyst. Lets look at the latest business flash headlines. For asiness value falling fourth straight quarter. Travel restrictions making it harder for agents to restore, dropping 28 from a year ago. U. S. Illion declines are less than the 30 slide in the first half where some restrictions were eased and new businesses were slightly up from the Second Quarter. Berkshire hathaway seems to have identified the latest megadeal. That is its own stock. The firm spending some 16 billion scooping up its own shares in the first nine months of the year. Thats more than three times the previous record. Purchases topped many of their biggest investments including deal, Petroleum Financing more than it has ever spent in one year by apple stocks. Today mainlylater as the Investment Banking operations. After better come than expected profit in the Third Quarter, following its worst performance in a decade in the preceding period. The bank said they wanted to cut more than 500 million in cuts by 2023. Looking at tech, sony music said to have held separate talks about buying the podcast maker wondery. It would be the biggest deal in the nascent market. Sony, at least four companies have said to have discussed a deal. Spotify perley has been the most aggressive podcast by her but the mostodcast uyeressive podcast b recently but opted out. Juliette juliette we are watching this rally to kick off the trading week as we got clarity on the u. S. Election. Looks like investors are buying into the biden presidency. 2. 4 onei we saw, up friday reaching 1991 highs, continuing to add to the gains. Highestwatched the level since the index started in 2001. Into the close, looks like it paired a little bit off those levels but still a solid showing x 50. The nz 2 . 300 up by over today we had trade data over the weekend from china, once again positive from the Economic Growth story. You can pretty much say all of higher. Ets tracking asx 200 tracking by 1. 6 . The sensex hitting records on open. It is a story of dollar weakness. The taiwan dollar with a black box around it showing a strong move in terms of standard deviation. It is leading em currencies and asian fx today and the korean won at a 20 month high. Itsway through erasing losses since trumps trade wars began as well. The aussie and kiwi leading in terms of g10 currencies. Risk on moving across the board, little weakness in some of the if you look atut the big gains in malaysia and indonesia in bonds today. Rishaad we leave you with these pictures of hong kong hang seng, levels not seen since june as we head into the lunch break. Gains across asia. East is next. Le [narrator] this is kate. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Yousef this is bloomberg daybreak middle east. Our top stories this morning. Market get a biden bump. Futures rise with asian equities as the president elect prepares his Transition Team. Tackling the coronavirus pandemic. Global cases of corona 19 of covid19 have now surpassed totals. The pboc is indicating it is