Transcripts For BLOOMBERG Bloomberg Daybreak Asia 20240711

Sparked by a regulatory crackdown. Tencent earnings are out later today. Kongs of hong prodemocracy lawmakers resign as beijing tightens control. Carrie lam supports banning those not deemed sufficiently patriotic. Lets look at how things are shaping up when it comes to the start of the session. It continues to get some of that rebounding onring concerns might want to stick to. Rade could berecovery somewhat stop start. It did not move on rates and did at stimulus and effectively pushed back expectation for the timing of relative rates aired the kiwi market not pricing that in all of 2021. The nikkeis little bit negative but the top x are wiping out all of its losses for the ear and looking like that momentum could be sustained. Take a look at futures up about s p hittingsaw the the 10 week i. High. Prodemocracy lawmakers in hong kong are set to resign en masse after beijing passed a to ban politicians not sufficiently stock. I would not say that for members remaining in a Legislative Council we will have a representative legislation. I welcome diverse opinion in a Legislative Council. I respected the check and balance response ability of Legislative Council. The is clearly written in basic law as the constitutional duty of the Legislative Council. Of these duties have to be exercised in a responsible manner. Shery beijings move sends a message to joe biden that no amount of pressure will prompt the communist party to tolerate sent. Our chief north asia correspondent joins us now. What do you think of this already fractional fragile movement. Just listening to carrie lam are there still going to be this checks and balances . Keep in mind a few short months ago before the law was imposed by beijing, there was optimism to get a significant number of seats up for direct election. 70 seats in the council, 35 are directly elected. There were going to be elections in september and because of the groundswell of support, there was optimism that perhaps they could be close. A prodemocracy camp routed a pro step can earlier in the year, but as we all know those Legislative Council elections were postponed on concerns of the coronavirus per one year. Now, we have optimism a few months ago potentially 35 of the to zero pandemic prodemtes candidates. So there will deftly be some politics involved and who feels those seat that will happen to the movement candidate for the so whound of elections will be disqualified by this new law . It basically mandates that members must be patriotic to china. Subsequent four subsequent legislators were disqualified yesterday. As wellc Party Members as the Accounting Industry constituent. All four are known as moderates and not necessarily advocates of independent. We heard from carrie lam and we heard from the National Peoples Congress Chairman who says the decision is conducive to the longterm peace and stability as well as the prosperity and development. They said the regulation unmasks does not change the decision. This is what the last british governor of hong kong told Bloomberg News just a little while ago. Replica turning into a of the surveillance state land china and im afraid it is a reminder of the fact that you cannot trust any sign of promises. Theyre sniffing out the last remnants of democracy in hong kong. The u. K. Has dominic raab putting out a statement saying chinas move is an assault on hong kongs freedom we will be speaking to people from all spectrums throughout the morning, including a pro establishment lawmaker a pro democratic lawmaker including a member of carrie lams cabinet. Haidi we also have an expanding response from the u. S. The National Security advisor issued a statement saying this is just another fig leaf for the ccps expansion of a oneparty dictatorship. Response senator rubio saying democracy in hong kongs quote gasping for air what is this potentially mean for a Biden Administration . The timing is interesting because is there enough category for the administration to respond to this adequately . We did hear they will continue to put the pressure on beijing over numerous issues including on hong kong. A lot of people thought the Biden Administration would allow. Or a reset of tensions andalled xi jinping a thug has vowed to fully enforce laws to punish beijing for eroding hong kongs autonomy. The campaign trail is very different than when you go into the oval office when you tent to temper some of those harsh criticisms. We are hearing from a professor at baptist university, with this decision, china shows it does not care about the west. It is going to be very hard for biden to relax for sanctions sanctions. When we get that official news, we will bring those to you. Haidi Stephen Engle in hong kong with the latest. Lets get you to Karina Mitchell with headlines. Australia needs knows what needs to be done if relations are to be eased. The minister of commerce says beijing is pragmatic and healthy ties must be nurtured on both sides. Ties worsened after Prime Minister morrison called for an inquiry into the coronavirus. Traders to stop buying seven commodities. The latest act has georgia handng for a hand for recount that should be completed by next week. It concluded with joe biden leading by 14,000 ballots in a state where 5 Million People voted aired the Trump Campaign has claimed widespread a regularlys but has offered no absence. Near states closing bars and restaurants starting at 10 p. M. As u. S. Hospitalizations set a record. Europeanis the first country to surpass 50,000 deaths what germany its highest daily fatality. Elsewhere, brazil is resuming trials of its vaccine claiming the original band was political. Ban was political. [laughter] still ahead, we get insight into the timeline on the fight against covid19. Dr. Robert gallo joins us later this hour the first, we talk markets which has over a trillion dollars in assets under management. We get the calls and the key risks ahead. This is bloomberg. Haidi asia set to open higher after a resurgence of tech shares. But value is at a record low. Take a look at this chart showing exactly that. The debate will continue to rage on as to whether this is prime time for value. Saira manages trillions in global assets. Thank you for joining us. It feels like it will be more stop start. How much of a risk early seeing in the emergence of a new wave of virus cases in the u. S. And how much does that threaten a potential Recovery Scenario . The currentthink wave of the virus is a threat, especially in the shorter term where there is going to be a bumpy road and we dont have any stimulus in place. Value has been outperforming growth for a couple of months and this week we saw a violent shift. In 2016, we saw one of the biggest value rallies and the growth by 10 . We are about they are now and we expected to normalize. Rates, red interest higher interest rates, higher inflation and all of that is still a few months away and we think inflation will stay low. From here on out, we will see more where earnings and companies are putting up a good number rather than just value and growth. Are you looking at corporate fundamentals or are you better off looking at the u. S. . Companiesia, you have that are already seeing a strong recovery and have already managed to, if not beat, managed virus. Managed virus. We expect a flat to weaker dollar and valuations outside of the u. S. Are contracting ranging from areas from taiwan to korea which can benefit from a demand for the u. S. And china and also going into areas like thailand. Also see consumers going back to gaming stocks as the economy reopens. Less fans of europe. We think europe will struggle with the newest wave and trying to jumpstart the economy. They are not a very techheavy region of the world. Haidi global head of equities, we seem to have lost her. Coming up next, shares in tencent and alibaba could be set for another beating is China Threatens antimonopoly regulations. Much more to come. This is bloomberg. We have a Treasury Department statement when it comes to bytedance. Remember, a tiktok deadline to sell the u. S. Assets to oracle and walmart was supposed to be on thursday. That was the deadline mandated by the Treasury Department, coming out saying their focus on reaching a resolution on the but the security risks they are referring all questions regarding the litigation to the department of justice that is coming at a time when we have the thursday deadline. At this time, we have seen bytedance asking for an extension but that request went unanswered so what they did was go to the federal Appeals Court in washington to prevent the u. S. Government from forcing them to sell the app. Of course, this comes at a time of domestic pressures joining alibaba in a nearly 300 billion selloff after beijing signal its intention to rein in big tech but tencent may be better shielded from any potential crackdown. Tom mackenzie joins us now from beijing. What makes tencent look like it is a better prospect Going Forward . There are a couple of issues executives are likely to emphasize to say look, we are not going to be hit by the same things they are. A couple of things they may highlight about for example just the Business Structure of tencent is very focused on gaming. The other part of it is online advertising. Neither of those really impacted the real economy and thats an argument they could make. In terms of the Financial Technology products which they sell through the we chat app, those products are not significant in terms of their scope. It is something that they are also likely to push as they defined themselves. Theres also this aspect for the key man risk. He had given this pretty inflammatory speech hitting back at regulators just before the ipo group was canceled. Many suggest that was part of the reason why regulators stepped in. Tencent, they take a much lower profile and theres less of a risk on that front as well. Youre looking at growth of around 27 in the earnings come out and the conversations start. Haidi it seems there singles day went very well. It a pretty surprising number. Billions in sales in a year when the pandemic battered china. Versus 38n in sales billion in 2019. This was 11 days versus just 24 hours and within there were two windows for purchases. There seems to be a lot of demand for smartphones as a result of the 5g upgrade but also travels or hotel bookings, flight and cosmetics as well. I sat down with the Vice President of alibaba and how sustainable he thinks demand is Going Forward. Chinese consumers are fond of foreign brands. Those from the middle class or those with strong purchasing power from tier one or tier two cities already have a big appetite for shopping. In light of the travel restrictions, i think we could see higher enthusiasm for online consumption. We get back tonk prepandemic levels of retail sales . Perspective wes are not only looking at online sales but paying a lot of attention to offline sales. In offline sales has been very good and has exceeded many peoples expectations. Offline has not reached prepandemic levels but it has recovered very well. For online sales, we have seen custom growth in Customer Behavior and brand participation. Together,erything offline sales will recover at a better level but if we only look at online sales, i believe it has already returned to normal. Unveiledhas antimonopolistic regulations and many have viewed this as a way as an attempt to rein in the power of Companies Like alibaba. We just noted this new regulation over the past couple of days. I think we will need to further study the draft. To accommodate this new regulation imposed by the i dont think this is a surprise. As you know, the Chinese Market is in the process of constantly regulating. The government would like to regulate markets and age more research in all sectors over recent decades, they keep improving laws and regulations. We have been growing during this process. We have also seen changes around internet finance. There are concerns it may restrict the ability to offer consumers and Financial Transactions will be seen to have more oversight. What do impact of that is on the ecommerce space . We have been encouraging our consumers to be rational their purchases on the basis of meeting their needs. The Vice President of alibaba are really downplaying the potential impact of these regulatory changes but there are clearly . Super investors and businesses Going Forward. Theyre still reading through the rules and trying to understand what they might mean and jp morgan saying it may come down to how aggressively these rules are applied. Way, talking of jp morgan and bring tencent back in, they recommended buy tencent in the last few days. When will have plenty more it comes to those chinese tech earnings, including tencent and the crackdown. Multiple guests will join us in the coming hours. And here is a quick check of the latest headlines. Facebook is to limit political ads in the u. S. For another month citing continuing concerns about messaging related to the election. The decision will narrow the advertising window for runoff votes in georgia. Says they are working to reduce misinformation about election as a publicans dispute the outcome. Vietnam is accusing netflix and streaming services of failing to pay taxes and harming local media companies. The minister told a hearing of the covetous party the foreign streaming services are also not complying with local content rules. The Ministry Says fords streamers generated 45 million in revenue last year alone. Approvalhas one formal to carry astronauts to the International Playstation space station. The certification enables capsules and rockets to start regular through rotations. The program was hit by a failed test launch in december. Honda has clinched approval for ,n automated driving feature making it one of the first major automakers to do so. Sedan willry luxury be given what is called the traffic jam pilot feature which will allow it to drive itself uncrowded highways. Honda system is capable of automated driving but only under certain conditions. Next, a hong kong Legislative Council member joins us to discuss the political future as democrats prepare to quit in protest. Bloomberg. I clearly will say that it is unfair to the pro establishment members that once the 90 members left the Legislative Council, than they will become a rubberstamp of the hong kong government. That will not happen. A result, that is the basic argument why we say that is today the end of the one country, two system. It is turning into a replica of the police state, the surveillance state in mainland china. I am afraid it is a reminder of trustct that you cannot anyone. Haidi some key voices speaking after beijing passed a resolution letting hong kong authorities dismiss officials who are not deemed sufficiently patriotic. Stephen i wanted to bring in michael tien, a hong kong legislator and also of course a businessman here in the textile trade as well as Hong Kong Deputy to the National Peoples congress in beijing. You have always been a Straight Talk with me. On hong kong on edge, you gave valuable insights into how beijing abused the situation in hong kong. As the pragmatist here, is this a sad day . Even though you are pro establishment, which means probeijing, is this a sad day for hong kong . Michael i dont think so. It is not desirable. I would like the democrats to continue. Even the legislators who are disqualified. And for the whole world looking at this new development, i hope you understand it is not anything new at all. This was supposed to happen in august. These four legislators, when they run for reelection, were disqualified in august for entering the race for the next term because of the action that they took in the last four years. That they arece not honoring their oath. Pledging allegiance to the basic law of the hong kong government. I think probably the biggest one is going to form governments asking for intervention and help in our domestic affairs. In my understanding, that is beijings biggest dissatisfaction with the government. The ground for disqualification for entering the race. At that time there was already a about should these people be qualified to stay on. There was no Legal Framework to disqualify a sitting legislator. Framework for disqualifying pledge who swears to allegiance to the basic law when they enter a new race. But not a sitting legislator at that time. So now, empty seats providing that framework so that what some people really expected to happen in august now finally happened. So it is not a brandnew thing. It is just something that was delayed for two months. I find it very bizarre that they could not do the whole thing at the same time. That would minimize a lot of misunderstanding and that is asian, which is really misunderstanding and accusations, which is really what is happening today. This should have happened in august. Michael, let me take the devils advocate here. Why is there little room for dissent on matters related to beijing, especially when it seems as though, on the surface of things, that beijing is handing down more and more edicts to hong kong and bypassing the hong kong Legislative Council . Why is it wrong to voice displeasure with beijing . On july 1 when the National Security law was imposed, you said, you warned the people of hong kong, stay out of politics. But Legislative Council is where politics should be held. Michael lets talk about two types of politics. One is our role to monitor the government, to speak out while we oppose anything that they do, and to criticize them. In that category it is absolutely no problem. The other aspect of politics is at the national level, it is about sovereignty, it is about National Security. The main crime supposedly for these four legislators is they went to the u. S. To get intervention and help at a time when the u. S. And china is going to war at the trade level, and i dont know whatever else level. The whole world knows that. So this was really something that the Central Government cannot accept, and it is not simply a matter of a dissidents voice. This is a huge issue. This is crossing the redline. The only two things beijing is sensitive about and i can share with the, i was criticized in the broke government and the progovernment camp as the most liberal, almost opposing voice in the camp. So i have to tell you, the pandemic has gone overboard we talk about some of them, talking about independence or having our own way of doing things. Right . Socalled soft decision or whatever. The the other is going to the u. S. To ask them to intervene. These are the two big crimes. You are not talking about dissi dent abuse. Stephen but these four individuals are widely regarded as professionals. They are widely viewed as more moderate within the pandemic cap. Camp. Would you say that they were calling for independence whether they went to the u. S. Or not . That is a call for independence . I think they were calling for an upholding of the basic law, and the democracy tenants that are promised there. Michael you are absolutely correct. These four in particular, they were going to the u. S. To ask for their intervention. It, in a sense paralyzed the working of the government because the House Committee was without a House Committee in operation, you cannot bring any bill to the main committee. So any one of them has their whole set of reasons for this, which was revealed in august. Now, i am not going to go into details on every one of them, but at that time there was a clear clarification of each of their socalled actions. Right now one of them, most people think, and to some degree even i would have the opinion that it seems like everybody was a disappointment. What exactly did he do for disqualification . But at that time all the reasons were laid out. Now, why is this happening today, after everything has settled down, or why were these four disqualified in august for entering the race. I assume from the gist of your question we are looking at the second issue. The second issue, we need to go back to those four individuals and the allegation against them at that time. What does this mean for the Business Community . We have to talk about that, because of course there are concerns in the international Business Community that this is another undermining of the promises laid out at the end of the basic law, and that that invisible hand a beijing is not so invisible anymore. Michael as far as i am ofcerned, the definition socalled crossing the redline, where is the lead line where is the redline . No talk of independence from hong kong. Stay away from getting form government to intervene. Can tever you do, you i actually totally agree that calling is not a problem. It is our view to set in the council, or have people present in the council all the time. There were several times where if my name was on their, i would be very ashamed. I would condemn the other side. This is ok. All right . Then interrupting any bill that they do not like is ok. But for someone to come in and paralyze the working of the council, like not being able to elect a chairman of the House Committee for six or eight months, that, to me, is tantamount to pure opposition regardless of the issue and the nature of the issue at stake. That begs the question, why do you want to run for office . To be against the government . Then you are going against the oath you swear, which is pledging oath to the government. Then it is how widespread and whether it is objective and whether you can convince people. Stephen michael. Michael. Speculationre was they were going to disqualify more than these four. Then i think it is a big issue. But now they are really doing something they should have done in august. Michael how can the stephen how can the Legislative Council reclaim that someone say the legitimacy, if there are not these checks and balances in the legislative body with the opposition camp, how do you reclaim that legitimacy . As carrie lam said, this will not just term into a rubberstamp body for the National Peoples congress of north . Michael you are absolutely correct. I would not like to see the pandemic rat resign as a group. Dont like tog i see. I do not think they should do it. These four people were disqualified in august. They all knew it. It is something that should have happened in august and it was delayed for two to three months. Stayed in theve council. I always supported the governments bill. Socalled my camp has said are you blue or yellow or whatever. There are people in our camp continue to play a role in monitoring our government. You have to look at it from these legislators point of view. Sure, maybe pro establishment lawmakers does not like the filibustering tactics and the delaying and the obstruction tactics and the like. But again, there are still tenants of independent judiciary here and of democracy here, at least on the surface of things. Shouldnt these four disqualified lawmakers have Legal Recourse in the hong kong courts to appeal their disqualification . This is the second time now in the last couple of months the mpc has bypassed the local legislator with their laws on hong kong. Some certainme put things in perspective. Have triedocrats their best to slow down the discussion at the council. Have been several amendments passed. These are all noncontroversial items. If the way the pandemocrats vote on these items, some are. Es and some are no everyone of them is a complete no. A complete no to government amendment of bills that are sorely needed in hong kong because they were outdated and is totally noncontroversial. So it shows that they are there. They decide to go for one more year simply to blindly oppose government. You call that carrying out their role monitoring the government . I dont know i dont. This is what carrie lam said. Not say opposing anything the government brought forth is an issue. The point is you make it clear you are going to oppose everything and you make it very clear and the vote is always unanimous regardless of the nature of that particular amendment, then what signal are you sending . You are not monitoring the government. You are taking a purely damaging opposing role for that one year. Future pandemocrats will remember this. They should at least pick their give the not impression they are that opposed. Stephen michael tien, always great to get your insights. We are going to get insights across the aisle from a pandems lawmaker. We want to be fair and thank you so much for your insights as always. We will bring you back on as the story develops. Michael tien, thank you. Shery our thanks to Stephen Engle with a very candid and important conversation at this time. In fact, we will have more on this conversation. Claudiacracy politician mall will be joining us in the next hour, and Edward Gallagher join us later. For now lets get to Karina Mitchell with the first word headlines. Karina heres a look at some other news today. India has entered technical recession with the economy having shrunk for a second consecutive quarter amid the coronavirus follow. 8. 6 in september having collapsed 20 april through june. The government is to publish official date at the end of the month. The rbis as it respects a return to growth in the current quarter. The gurney the talent government wants to coolly rally threatening exports amid a slump in tourism revenue. The finance Ministry Says the bank of thailand is quote, taking care of the currency after it rallied to a 10 high against the dollar. It has surged on most 5 this quarter. Largest Opposition Party is rejecting really rejecting results of the election calling for a fresh vote amid allegations of fraud. It is aligned with the former really military and claims bias from officials and fraudulent ballots. The Election Commission dismisses the claims, and the ruling Party Remains on course for a landslide win. The European Central bank says it is focusing on emergency bond purchases and longterm loans, effectively ruling out lower weights lower rates. President Christine Lagarde says all options remain, but the emergency purchase has proved their effectiveness. Single market is mired in its worst recession on record. Global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. Vaccineext, a development showing signs of progress. We will be hearing from the Global Virus Network cofounder dr. Robert gallo. This is bloomberg. His is bloomberg. Shery lets get you a quick check of how markets are trading across asia. Kiwi stocks gaining ground. Australian stocks being led higher by communication and tech stocks. They are at their highest since february. Kiwi stocks also at record highs. Nikkei and u. K. U. S. Futures also higher the moment. Haidi we are getting japanese Inflation Numbers as well as machine orders coming through. The topics wiping out all its losses today. Japanese markets seeing the vaccine driven momentum. We are awaiting ppi numbers as well as those cool machine numbers to get a gauge of what corporate is looking at. Lets look at coal machine orders month on month for september. We see a contraction of 4. 4 which is much works than the fall of 1 we were expecting. Year on year that number come a contraction of 11. 5 , slightly worse than expectations. Clearly we are still not seeing corporate japan feeling particularly confident enough to splash out when it comes to capital spending. Capex investment. Numbers,inflation still waiting for those to come out imminently. Rbnz, we are getting some lines through. The assistant governor speaking after a day they left rates unchanged. Markets have pushed back expectations when it comes to the amount of stimulus along with when negative rates come through. The rbnz said they can still use it as a policy tool if retired. We are just getting the Inflation Numbers from japan. Contraction of 2. 1 year on year. A contraction of. 2 . Both slightly worse than expected. Shery of course all of these eco numbers, what Central Banks are doing all to do with what is happening with a global pandemic. Just days after pfizers positive vaccine claims, now it may be modernas turn. Announcing close to announcing early findings. Experts believe it will likely prove to be highly effective. Joining us now is dr. Robert gallo. One of the codiscoverers of the hiv virus. Octor, think you so much for your time today. Of course we have a lot happening on this vaccine race on all different fronts. From what you are seeing so far, how optimistic are you on the timeline of when we could get a vaccine . Dr. Gallo certainly i am not in any position to give you a precise timeline. I can say obviously the news is positive news and they are going to work very hard to getting it out fast. But if you are speaking of the u. S. , it would be one thing if you are speaking about the world. It presents other challenges. The good news on getting a lot of it out in a relatively short time is related to what you just said, a second company, and a Third Company and a fourth company. If they all have the kind of efficacy that pfizer has reported, we have not seen the results ourselves yet, no one thatthen you can expect you can cover many millions of people. When that would be global, i cant really even guestimate, let alone estimate. That depends on a variety of things. Number one is cost. Some placeses and may not be able to afford it. That is maybe a problem. And itcan maybe pitch in would not be as big a problem. The other is the cold chain, which is how well it survives in warm weather. The answer for that will not be very good. They know what they are doing, they know how to keep it intact, but getting that to all places on earth will be problematic. It will be a challenge, lets put it that way. So the answer really is you cannot say what you expect by spring of next year. Within a year we will be in good shape. Shery what happens to the world going sort of back to normal . People traveling, people going overseas, when you dont have perhaps all these developing nations, third world countries that do not have access to the vaccines, as soon as more developed economies . One islo i think no going to be in a position to go back to normal for quite some time yet. That is with everything going perfectly well. From the beginning, i have any concern, and i still do, that the antibodies to this particular protein, this spike protein of this virus, may not be longlasting. Their ability might be a problem. I am not saying it is a problem. We do not have that information yet. But from the science that i see from this, lets just say i am concerned that it might not be durable, the antibodies. Therefore you may have to boost, and maybe you will have to boost frequently enough. Maybe each year this thing stays around and we do not get rid of it entirely, it will have to be like the flu being vaccinated again, and hopefully with something that works a lot better than the flu vaccine works, and there are early claims that it does. We have to keep these things in mind. Also, everyone says it is safe. It is safe acutely when you get it. We want to be sure that in six months from now, we do not see that minor infections occur and have longlasting effects, or there are deleterious effects. I do not think that will happen. I am more concerned about durability. So, theres other good news besides this. I can tell you that in our own institute, a professor came from china, works in america, works with us at our institute, made a spinoff company, they are going to be announcing i think before december a very Major Development in therapy. People that normally would have serious pulmonary lung problems, and facing death, i think this drug is going to make a huge difference. So thats also positive news. So there are positive things, no doubt. The report from pfizer is a positive thing. But there will be other things coming. 90 efficacy rate is so tantalizing, but is there a concern that we dont have many more subsets of data from pfizer. We do not know who was given this. Do the most vulnerable also have 90 efficacy. Is it crucial to see that data . Dr. Gallo i know you are asking me because you know the answer yourself, and of course yes, you are right. I have not seen anything. Most of us really do not know. Inould hope that pfizer, giving such an announcement, has taken those things into consideration. I think they have. I think they have. Haidi we really appreciate your time. From the university of Maryland School of medicine, dr. Robert gallo. Gallo. Welcome to daybreak asia from bloomberg World Headquarters in new york. Im shery ahn. Markets haveor just open for trade. Our top stories this hour. Asia looks set for modest gains. Stocks inching up in sydney. Futures pointing higher in taco in hong kong. In tokyo and hong kong. At 290 billion selloff sparked by a trade crackdown. Tencent earnings are out later today. Hong kongs prodemocracy lawmakers are set to resign. Carrie lam is supporting the banning of those deemed not sufficiently patriotic. Lets get straight to the Market Action with sophie kamaruddin. Sophie muted gains in japan. The nikkei 225 adding 4 10 of 1 . More gains for japanese stocks. Topics. Or the 20,000 for the nikkei. Erase 2020benchmark losses. Now fluctuating. Keep an eye on sony this morning. Playstation 5 going on sale. Yen near a three week low. Lets switch out the board to check in on korea. Downside moves for korean stocks this morning. The market cap of benchmark hitting record as we saw a pickup in foreign net buying. Watching for reaction to reports that regulators may enact a ban on short selling in march next year. Pressure coming through. In on activities. Aussie shares extending gains. Gold miners under pressure in sydney. Boy and holding below 1900 an ounce. Kiwi stocks extending gains to an eighth straight day. Think that 69r i level. Crossing not just moments ago. The bank has upgraded its forecast on the currency. In on u. S. Futures this morning after we saw stocks rise to a 10 week high. Futures slightly higher this morning. Treasuries coming back online after the veterans day holiday. Move in treasury futures in the wednesday session in asia. Take a look at oil. It is Holding Steady around 41. 7 this morning. Stalling after some gains on the back of a report that opec is likely to delay next years plan output increase. Haidi more on the markets now. Thank you for joining us. Lets start with japan. Theyve been on a tear. That search for a value seems to have landed squarely on japan. This chart showing the incredible assent that we saw in the past few days when it comes to the nikkei. Andgside the russell 2000 the u. S. You called for an upside on japanese stocks of 15 . Is there still room to go higher . Yes. Good evening. January was a long time ago. A lot of things have changed. In principle, the market narrative is really focused on whether or not value can develop versus growth. , we are at the beginning of the trend. Not near the middle or the end. That speaks highly for Japanese Equities and european equities as well. Shery how much does it help bill other emerging markets across asia . We continue to see a weakening u. S. Dollar. that tide is lifting most boats. I would be more cautious. We arent in a position where we want to go all in and by emerging markets en masse. Has a moreern asia attractive features relative to southeast asia. Now, europe and japan would be my preferred bets in a cyclical upswing for markets. Haidi does it feel like the dollar bear market has breached a peak . It doesnt seem like theres a lot of impetus for further leg down into a protracted selloff. Stefan im not so sure about that. I think the dollar will be in a multiyear slide. We have to remember that the United States is going to carry very significant twin deficits for a long time. Is in a slightly different situation. Us, valuation basis, for ppp on euro is 130. Our forecast is 125. I think theres decent downside for the dollar left to go. Very selective when it comes to the em exuberance. How much of that opportunity is in asia . A lot of economies are well on the path to recovery, thanks to the anchor of china. Also getting the virus management side of things under control. Stefan that stands out. A lot of investors do ask, what about asia . Thecovid situation in region is a lot better than you see in europe and the United States. The seven Day Moving Average of new infections is still accelerating. It is a question of overall risk that theand the idea availability of a vaccine is probably more likely in europe and north america over a shorter time. Its a bit muddled. Thats basically where people are looking at. Shery how much of the regulatory crackdown on whether it is chinese tack or europe . Does that were you when it comes to tech giants . Stefan regulatory headwinds, never pleasant. That will linger with us for a while. It comes at a time where you growthe value versus transition. That was not helping tech. Overnight, you can see the rally in tech took place in the u. S. Investors do seem to want to pick up when they see better valuations in some of these longerterm trends. We also have a longerterm bias in favor of some of these disruptor companies. Pandemic, the world may go back to some degree of normal. Some things have changed permanently. That speaks in favor of tech over the longer run. Haidi odt bank asia md chief investment strategist. Shares,ook at sony trading at the moment. One of the movers we are watching on ps five release day. We are seeing upside of just about 1. 5 in the early part of trading for sony. The playstation 5 has become a longterm cash cow for profitability. The console going on sale on thursday. Its a big test of the companys ability to sustain what has already been its biggest Growth Engine during the coronavirus gaming boom. A reversal in some of these gaming stay at home tech related names. Vaccine news coming out as well. This is considered to be the most important new gadget since the walkman. Remember those . Lets get to Karina Mitchell new york. Karina thank you. Financial markets in the philippines will be closed as another powerful storm has across. One person has been killed and currency stock trading has been suspended. The 21st storm to hit the philippines this year. Wind gusting to 250 kilometers per hour. It is forecasted to track towards vietnam. The latest act in the u. S. Election drama has georgia calling for a hand recount that should be completed by the end of next week. Joe biden leading by about 14,000 ballots in a state where 5 Million People voted. The Trump Campaign says it found widespread irregularities but offered little hard evidence. Surging coronavirus reports prompted new york state to close bars and restaurants at 10 00 p. M. Starting friday. U. S. Hospitalizations set a record. The u. K. Is the first european country to surpass 50,000 reported deaths. Highly reported its claims the original was political. Regulators in china vowing to ramp up their crackdown on ecommerce and Fintech Companies , promising to eliminate monopolies and strengthen risk controls. More online Financial Companies do not change the fundamental nature of the industry and risks of digitalization must be addressed. Recordsetting a dual ipo. Global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. This is bloomberg. Shery still ahead, tencent earnings preview. The tech giant could be better shielded than its peers from beijings crackdown. More on that later. Opposition lawmakers in hong kong vowed to create a mass protest. China giving local authorities power to one see politicians. We discuss with a prodemocracy voice. This is bloomberg. Turmoil in hong kong, prodemocracy lawmakers set to resign en masse after beijing passed a resolution to disqualify politicians who were not patriotic. Cameo carrie lam her critics. For membersot say remaining in the Legislative Council, we will have a rubberstamp legislation. I welcome diverse opinions in a Legislative Council. I respect the checks and balances responsibility of the Legislative Council. That is written in the basic law of the constitution. All this responsibility has to be exercised in a responsible manner. Shery beijings latest move sending a message to joe biden and the rest of the world that no amount of pressure will prompt the communist party to tolerate dissent. Jodi schneider is in hong kong. Weve had reaction from the National Security advisor. A number of senators and mike pompeo slamming this latest development. Where does this leave the hong kong prodemocracy movement . Legislatureves the effectively run by one party. The opposition has effectively been neutered here. Disqualifiedur lawmakers. In addition to that, they were banished. In that 70pposition seat Legislative Council resigned later in the day. Have any, you dont Opposition Party in the legislature. This was really the last Democratic Institution under rule. s role this leaves a situation of effectively saying that there will not be the sent. Dissent. Despite what carrie lam said yesterday, that she doesnt think it is a rubberstamp. It is hard to see it as being anything but that. Given that there is no opposition in the legislature. Haidi what message does this send to western democracies . Especially the United States. We have a new Biden Administration coming into office. Jodi yeah. Its a pretty clear message. The timing on this is may be coincidental. It is certainly interesting and telling. President xi is saying to joe biden that they are not going to tolerate dissent. We are going to rule as oneparty under the communist party. Even though we will allow there to be a legislature, we wont allow any this sentiment. Dissent in it. Pressure will continue under joe biden. The message from china is that it wont matter. Kongll and dissent in hong as well as the mainland. This action yesterday is very clear on that point. Shery our Senior International editor, jodi schneider. More perspective on hong kongs feature later. Claudia mo joins us in about 10 minutes. Investor hasran said that the Dollar Strength will determine the direction of emerging markets in the short to mediumterm, not the Global Recovery from the pandemic. Interview, he gave his outlook for Technology Stocks and the impact of the u. S. Election. Democrats will try their best to raise taxes for the wealthy, the people who invest in the stock market. The change that has taken place in the last few days was the discovery of a vaccine that works. Thats complicating this picture. On the one side, we might be inrish with this president terms of his tax policies. On the other side, the vaccine. This is a very happy scenario for a lot of people, if they are able to solve this covid 19 crisis. Nevertheless, i believe emerging markets will probably do better simply because the u. S. Dollar index is not doing so well. A lot of these currencies, particularly currencies in asia, korea, taiwan, china, are doing better against the u. S. Dollar. That will move people over into these markets and other emerging markets. Maybe is another one that hopping up and terms of better performance. I was thinking about this before we started this conversation. One thing occurred to me. I dont know whether this will turn out to be true. Is there a sequence affect, in terms of those that were likely to get the vaccine first . Those are likely to be the developed markets that have the money to buy the vaccines. As a result of which, the Economic Outlook will come there first. Is there an argument against some emerging markets . They are not going to get the vaccine as early as others. The economic consequences are likely to remain more negative for them for longer. Look at emerging markets generally. They have young populations. There resistance to covid19 is higher than develop markets where the age factor is very important. I think theres a balancing act. On the one side, emerging markets might not get all the vaccines they need. On the others, they are much more resistant because the younger population. None nevertheless, i dont think the real picture is related to whether theres a vaccine that gets into peoples arms, so to speak. Its more the picture of a vaccine being available. Thats what makes people very optimistic. Goodnk the sure looks very beginning next year. As i mentioned many times, i think we will have a vshaped recovery. It is based on the fact that covid19 fear be over. Something that happened over the last couple days with chinese tech stocks, the government saying, you guys are too big. Doing something out of the blue that europe and the u. S. Have been flirting with. What did you make of that in the selloff . Globally, there is a trend in europe and the u. S. , china and other countries, towards regulating these very Big Internet Companies that have become very powerful. Really, powerful on the back of not being regulated in any direction. Competitors,heir people they are taking market share away from. Think this will continue. It doesnt mean these companies will have lower profits or will fail in any direction. I believe the valuations will begin to be present in some of the stocks. Mobiusthat is mark speaking to our colleagues. Coming up next, more progress on the vaccine front. This time, madura in the spotlight. A key goal on efficacy. Experts are expecting similar to results to those we had from pfizer. This is bloomberg. Haidi its madura missed turn in the vaccine stoplight. Speeding along madura zone tests. Hascompany says it accumulated enough volunteers to allow a preliminary analysis of the shot. Michelle cortez is on the line. What are we expecting from madura . The vaccine uses the same technology that pfizers did. Hasnology that basically the cells turning out a piece of protein. The immune system goes after that. Everyone is expecting that modernas results will be similar to pfizers, somewhere in the 90 range. 92 . Thats what russia has said there vaccine does. Across the board, we are hopeful that we will be getting very high levels of efficacy when we talk about these vaccines. Haidi this comes as covid cases are roaring back in the u. S. Yeah. Le its unbelievable whats happening in the United States. You would think that people didnt know, that we hadnt been warning about this for the last nine months. About how it was thought to be a second wave but of course, it is the third one we are seeing now. We are hitting exponential growth. That means each person who is infected is passing it along to numerous other people and the spread is continuing unabated. At this point, especially with it being weeks or months before these vaccines become widely available, there isnt anything external that can protect people against coronavirus. Early in the outbreak, there was a fear of god. If you got it, it would be catastrophic. Now people are used to having the virus around. We know it better. People are less afraid and therefore taking more risk. New grim milestones being reached in europe. Tell us how bad the situation is there. Michelle yeah. 50,000 deaths happening now in different places. In the u. K. And spain. Italy is climbing in the numbers. Hospitalization rates are already crippling metal will facilities across europe. That we are getting phenomenally more cases and not the same increase in deaths is true. That are with our testing. We are catching more cases. Truth is,stock it doesnt mean that they are not dangerous. People get really terrible infections and their bodies cant handle it. We know better how to treat it. Theres no cure for this. Theres no definitive care. People have to protect themselves, do everything you can to make sure that you stay healthy and that your immune system is strong and you are taking care of yourself. Shery we dont know whether we are seeing high levels of efficacy for the vaccines in those highly vulnerable people. Michelle cortez there with the latest. Lets get you look check of the latest business flash headlines. Indias second biggest carrier is deferring payments. One of the top buyers of boeing 737 max and is renegotiating various contracts. Coronavirus continues to batter air travel. The enduring Indian Government has resisted offering financial help to airlines. Thailands National Carrier will resume commercial flights to 10 overseas destinations. Airlines around the world look to get back in the air. Among the destinations will be london, frankfurt, and sydney. Has pushed approval for an automatic driving feature for one of its models in japan, one of the first major automakers to do so. Will be given a traffic jam pilot feature that will allow its driver allow it to drive itself on crowded highways. Prodemocracy politician claudia mo joins us next. This is bloomberg. Karina this is daybreak asia. Joe biden has held his first calls with political leaders in tokyo and seoul. The japanese Prime Minister says he congratulated biden on the election and called for stronger ties. He says he wants to meet biden as soon as possible. The korean president also called for a Stronger Alliance with the u. S. , expressing hope for progress in denuclearization efforts. Talks between opec and its allies are set to be focusing on a delay to next years planned oil output hike. Saudi arabia and russia have already indicated they are reconsidering the easing of production cuts in january as a research in the coronavirus pandemic continues to hit demand for energy. Opecplus will make a final decision at its next meeting another three weeks. The European Central bank says it is focusing on emergency bond purchases and longterm loans in its next wave of stimulus. Effectively ruling out lower rates as a way to boost the economy. Christine lagarde says all options remain. The Emergency Purchase Program and longterm financing have proved to be effective. The Single Market is mired in its first recession on record. India has entered technical recession with the economy seeing ranking for a second consecutive quarter. Slumped 8. 6 gdp in september, having collapsed 24 april through june. The government is to publish official data at the end of the month. They are b. I. Expects a return to growth in the current quarter. Global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. This is bloomberg. Shery all hong kong prodemocracy lawmakers are to resign later today after the removal of four of their colleagues. This follows beijing passing a resolution that allows the citys government to dismiss politicians not deemed sufficiently loyal. Lets bring in our chief north asia correspondent Stephen Engle who was standing by with a special guest. Stephen lets bring in our guest. Good to see you. Catch us uptodate right now. Have you submitted your resignation yet . Why is this the best course of action for the pen programs . Claudia i am still writing my resignation letter, which i will be handing in later today. We have to quit. Finals probably the very and complete crackdown on hong kong dissent as far as beijing is concerned. So socalled resolution is encompassing. Anyone fromply ban making any political noise from now on. Left. E not much choice we need to show solidarity with the ousted colleagues. We have to protest against this. This is not even a bylaw. This is a decree. Handed down on hong kong. We have to quit because we have to lost the minimum number block any further legislative toempts inside the chamber oust any more of us. Let me play devils advocate. You know about that. You are a former journalist. Arent you paying playing into beijings hands . They want you out of the legislative authority anyway. Claudia well, you could say that. Its a trap. To fall into it. What other choices . If we stay on, we will be ousted one by one. Theres no point in that. Stephen do you think there were missteps . We had michael teen on. Hes a pro establishment. Go ahead and have some water. I know what its like being on tv and having a scratch in the throat. He a pro beijing lawmaker. Really that this was about two main things. These four legislators who were disqualified yesterday by decree from beijing, by the hong kong government, they went to the United States and tried to get u. S. Support for their cause. They also spent their entire works and not the support any legislation. Are those claims from others on the other side of the aisle valid . Claudia no. [laughter] not at all. What he said is a pack of lies. He knew i knew he knew. Is simply ane done expression of wanting help, assistance. Right . Had they actually done anything specific in any way to harm anyone . They have a right to talk about what they believe in. Every right to do what they think is good for hong kong. Its all up to their interpretation. If you look at are very controversial National Security do orain, anything you say could be a crime and you could locked behind bars. Fourth. D so more there is so much room for political interpretation in every way. This time, they didnt even bother to use their very controversial National Security law. Said, you people are unpatriotic so off you go. But the legislature. I order you so. Allegations these that these individuals tried to enlist u. S. Support, is that unpatriotic . Is this a frontline of the cold war that has developed between china and the United States . Hong kong squeezed in the middle as the proxy for this cold war. Youve been caught up in that. You have a british husband, for goodness sake. Youve been targeted as well. Claudia [laughter] yeah, thats true. Pawn in thes been a china u. S. Relationship. That is obvious to all. That we areact talking about basic freespeech. Scottishalk about independence in the u. K. , quebec independence in canada. The same in hong kong. You are based here. You knew. How many people actually talk hong let alone advocate kong and defendants independence who have been armed with ak47s and tried to conduct guerrilla warfare here. The whole thing is a sham. Is controlnt to do hong kong. Stephen you know these gentlemen that were all disqualified. Youve been arm in arm with them. Did they had all, in private or public, advocate independence . Claudia no. Not at all. Not to my knowledge. Stephen whats next . You all resign. Some say it is now a rubberstamp body without any opposition, any checks and balances. What is next . Redoubling the camp and coming back whenever we have elections again. Or is that it . The last british governor of hong kong said, this is the snuffing out of the last remnants of democracy in hong kong. Lookia things might fairly dead in the shortterm. Its obvious, they can take advantage of this coronavirus situation, not to have to worry about 2 million hong kong people taking to the streets. Thats not going to last. There are so many scars, so many wounds still that need to be healed. Underestimate hong kongs determination to fight for their future. Especially our young. You can see the anguish. It is so raw and pure, in a way. They need to fight on. We will be there for them. Its exactly. What are you going to do . We will see. There are unexpected events in history. We just need to keep faith. Keep telling ourselves that if you fight, you may not get what you want. If you dont fight, you definitely wont get what you want. Need to embrace hope and stay convinced that we can do this. Stephen very quickly. Will you and the 14 others that will be resigning today, will you again resurface and restand for elections when they come around the corner . Claudia it is too soon to tell. Its a long time in politics. Any time now, a day, week. We dont want know whats happening in the next year. Never say never in politics. Stephen right. I will let you get back to drafting your resignation letter. Thank you for giving us the time in this very tenuous time in hong kongs history. Back to you, heidi. Haidi the hong kong prodemocracy politician claudia mao there speaking to us ahead of that resignation expected from the prodemocracy lawmakers. We are getting opinions from across the entire political spectrum today when it comes to hong kong. More perspective over the next hour when the commerce and Economic Development secretary will join us for another exclusive interview. Breaking news when it comes to joe bidens situation starting to take shape. He has selected his longtime aide as his chief of staff. He served as bidens chief of staff during the opening years of his vice presidency. He is seen as a top prospect for the job and has been confirmed. Particularly when it comes to his interest in ebola sponsor Organization Court nation. He has taken interest in the response to the coronavirus pandemic, the top priority for the Biden Administration. Setting up that task force happening in the last few days. Biden selecting his longtime aide as the gatekeeper to his presidency as his chief of staff. Coming up next, chinas tech giants are out over the past few days. Tencent earnings front and center. Greater focus today. We preview the numbers. This is bloomberg. Shery the picture across asia mixed right now. The neck a to gain. Juneighest level since 1991. The topics was declining earlier. It is now reversing declines and gaining ground. The kospi still under pressure. Cap swelling to a record on foreign buying. The asx 200 being led higher by communication. I gaining streak since june. Kiwi stocks at a record high. Broad upside when it comes to asian markets. Continuing rallying despite this headwind. Beijing has stepped up efforts to rein in chinas most powerful companies, sending alibaba, tencent stocks tumbling. Is the director of international equities. Skewed to thely downside . Beijing has made it a policy priority to break up monopolistic behavior. Billy yes. The first thing we have to really consider is that this draft is still very early. It is to let the consultation phase. Look at the current draftings. They are very vague. That is something we have to know. The consideration here is that this is going to be an ongoing overhang for internet stocks. I agree with you. There will be a Downside Risk on that. If you look at the draft, theres a few keywords which we have to know. Pricing, data, fairness. Look at the examples provided in the draft. A lot of it is actually pointed toward ecommerce or consumer platforms. I think thats where we are seeing more weakness or pressure. That is one aspect that will be part of the undoing of financial records. Intencent in a better place terms of the regulatory backlash because it has a smaller Consumer Loan book . Billy yeah. You are correct in saying that. We cant comment in terms of scope of the regulatory authorities. You are correct in saying, look at tencent. 40 revenue. Even more from online games. We have the social aspect of the business which is still large. You are correct in saying that. In terms of lending, the risk of lending is smaller than tencent compared to other firms or platforms. Tencente already had under pressure because of changes of regulations in china. How well have they made a comeback since then . Billy i think theyve done quite well. Theyve complied. Theyve been very compliant in all aspects, not just gaining. In terms of the gaining side, we saw the worst in 2018. We recovered in 2019. We have seen a normalization or better level for the Online Gaming Community Sector for this year. Tencent has done a good job in terms of recovering or complying with all these new regulations. In addition, they do have very strong gains. That has helped its overall business and gaining side of things. Haidi what about risks stemming from the United States . We have an executive order trying to ban we chat. We are entering the Biden Administration. What will those sort of risks look like . Billy sure sure. I cant comment on all of these regulatory things. , ithe current sentiment seems that the risk of these executive orders or ongoing orders, pressure from the u. S. Side is diminishing. Thats the sentiment im getting from the chinese side in terms of their companies and rhetoric. Does the improvement of pose someic situation difficulties for some of these stayathome, pandemic darling names . Billy sure sure. There were a few things that happened, if you look at the peak of covid19 in china. A big push into online activities. Gaming was one of them. At the same time, there was also a lot of platforms that suffered. Such as food delivery. If we fastforward to the Third Quarter right now, we see many of these recoveries. At the same time, online games have come down as well. The Second Quarter is a relatively weak quarter in terms of Third Quarter. Kids returning to schools. We also see a lot of major events in quarter four. There will be a lack of payment activity. A lot of advertising is back up the fourth quarter. Weve seen a normalization in quarter three compared to early this year. Time, same, same quarter three is relatively unexciting. Shery great to have your insights. Thank you. Playstation isw pivotal to sony. We assess whether the console will become a longterm cash cow, next. This is bloomberg. Haidi sonys playstation five starts to hit shelves on thursday. The most important gadget since the walkman. Gaming. Othing about i know nothing about these councils. Tell me, what is so exciting about the ps five . Billy theres been a lot of buzz even without a big retail launch. Ive seen people tweeting photos this morning. They are excited. So far, the new controller seems to be getting tons of buzz. It is called dual sense and it vibrates better than it did before. If you are playing a racing game, it takes more effort to push the gas button if your car is damaged. The games dont look much different from how they did on the ps4. They run faster. Is gettingtor smaller with every new generation. Haidi microsoft is in the mix as well. Will be winning the console war . Kurumi early on, sony is looking stronger with the ps five. Microsoft didnt have the best launch on tuesday with its new xbox. The consul debuted without its flagship title halo which has been delayed due to the pandemic. And awere Network Outages general lack of new games. On the other hand, ps5 is Getting Better reviews for its bigger Game Selection and innovative hardware. Longerterm, sony does look vulnerable. Microsoft has so many more resources. It is 15 times bigger. It is worth 1. 5 trillion. Sony is just over 100 billion. Microsoft has a new subscription service, the netflix of games. It is becoming really popular. It offers more games for cheaper. Not sure if sony has that Balance Sheet to compete with it on price. Shery how does it compare to the Nintendo Switch . Kurumi nintendo doesnt have much competition in the portable gaming space. This which doesnt seem directly threatened by this launch. The ps5 is still a home console. It is not billed for portable gaming. This which is getting older. It was less powerful than the ps4. The differences is even more obvious. Many for Developers Many developings have given up releasing their games on the switch. It is too weak graphically. The pressure is on nintendo to release a more powerful version of the switch next year. The ps5 is not a huge direct threat. Launch day. Ps5 lets take a look at the rally we are seeing in other stayathome stocks. We just spoke about nintendo. It is holding up pretty well. Earlier this week, it fell the most since march 13 along with the selloff we saw in the pandemic related stocks. Mccarty, the Online Shopping platform, is trending higher as well. We saw a rally in stayathome stocks in japan after the country confirmed more than 1500 new cases nationwide. Thats the first time above that 1500 mark since august. Yamato Holdings Trading higher as well. Facebook is to limit political ads to the u. S. For the another for another month. The decision will narrow the advertising window for runoff votes in georgia that may determine who holds the majority in the senate. A top official in vietnam is accusing netflix and other streaming services a failing to pay taxes enough. The minister for information and communication told a hearing that the foreign streaming services are also not complying with local content rules. Coming up, we have an exclusive interview about hong kongs political future. The commerce secretary will be joining us for an exclusive conversation in just a moment. Chinas tech giants are out almost 300 billion over the past few days. Investors mulling worstcase scenarios under beijings crackdown. We discussed the implications. Thats it for daybreak asia. We continue to see that rally somewhat in asia. Our market coverage continues as we look ahead to the start of trading. This is bloomberg. You can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. 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