Also his rhetoric reiterated when it comes to china, saying china should have kept the virus where it was and could have stopped this virus spread. These are the latest lines coming through, the president saying trump the u. S. Can deal with the flareups. We are seeing with stocks we are basically coming off some of the lows but still heading lower today, u. S. Futures extending losses to more than 1 now. Jakarta coming online. We have a Bank Indonesia decision today, expect some type of rate cut. When it comes to india we are watching the standoff on the border with china. Besides continue to talk. They are pledging to deescalate after the deadly clashes. Here is what we are watching out for, not a lot of catalysts. Looking at the dollar, it is very much on the stronger side and youre seeing the likes of the aussie dollar reacting to those unemployment numbers which was a big miss. U. S. 10year yield, seeing bonds that are up as well and the china 10year yield is what we are watching the most. The pboc in the last hour cutting the 14 day reverse repo rate. We are seeing the selloff in bonds in china easing off. We see yields dropping after the cash injection and the rate cut. Now we are seeing yields drop, at one point the most in a week and watching oil, still a story, a drop after opec saying fuel demand will remain under pressure for the second half. Haslinda big day for jd. Com, hong kong. 618 longalso the Online Shopping festival. The ceo spoke to us about the event and prospects of Revenue Growth and why he is optimistic about chinas recovery. Jds Main Business is in Mainland China and in places in asia. Our main customers and asian investors are familiar with this market. We hope to see our investors from china and asia better understand jds concept, services and future development. Hong kong is one of the best free economies in the world. We hope to have many mature institutional and individual investors to share j. D. s growth. Tom how would you like to prioritize the use of the funds that are raised in this ipo . What do you want to direct it to in terms of spending . We would like to strengthen our investment in retail, particularly in the all channel sector. We would like to strengthen our supply chain which is a foundation for j. D. Group, not only j. D. Retail. The process to build up a supply chain is timeconsuming and costly but we want to make it better. It will bring a better user experience. Been any here tom have there been any internal discussions about delisting from the nasdaq . No. This is something that is far. Way with lots of uncertainties our business focus is on the customers. Tom we have got trade tensions between china and the u. S. , beijing and australia and canada. How much of a headwind are they for j. D. . J. D. Has not seen any changes or negative impact from working with Global Brands and trading partners. For my personal perspective i would like to see more open and free Global Market which could be beneficial not only for chinese customers but level customers, manufacturers and traders. Know better than most that this is a competitive sector and you have got pinduoduo which is moving into electronics which has been a strength of jin dong and alibaba moving into build out its logistics. How much of a threat are those moves by your competitors . Competitors take different steps at different stages which i Pay Attention to. It does not change our strategy because we dance with our customers and ourselves, not with our competitors. I wanted to ask you about pinduoduo because four years ago it did not exist. Its market cap is roughly the same as j. D. s now. How do you deal with a threat like pinduoduo . I dont care much about a Company Founded four years ago but there is value for a company that exists in the markets. It is not up to me to determine if the market the value is sustainable. We should leave it to the customers to decide. Yvonne checking the j. D. Shares, we have lost a little bit of momentum after the strong start we saw with shares up 6 , higher 3. 5 but certainly a strong investor appetite for these chinese tech giants. We have seen alibaba and jd. Com. Today also, chinas biggest Online Shopping extravaganza, a big test to see if there will be pentup demand in the whole China Consumption story. Will it be enough to make up for a dismal couple of months . Walk. Bring in can ken wong. We are seeing shares up on 3 or so. Would you change the stock . For Retail Investors it was overly subscribe to greet are getting a retail push. We would be more careful now given where valuations are. Earlier this year january and february jd. Com was around 28 times earnings. Now you look at sort of 2021 earnings, valuations are now sort of much higher. Given where the sectors are, msci china discretionary around four times forward pe. You have to be careful. Chinese investors still cant get their hands on some of these chinese secondary listings as well in hong kong. Could that limit the upside . It can. With more and more adr companies coming back for secondary listings, that could pave the way for the opening of some of these stocks for stock connect. This will be a key thing because we have the hang seng index incorporating these shares, or it will be in august. That is a key element. At the same time, when we get the exchanges to allow for these to have a secondary listing, it will be much more important. We just have the numbers for the 618 so far. Soy say 228 billion yuan far. Surpassing the 2019 total. This is not surprising given the pickup in online commerce, i suppose. It is not surprising at all because of the Service Industries, it has picked up right of it. The Service Industries are coming back online at similar levels to what we were in 2019. So what we are seeing with the 618 numbers is not surprising given the fact there has been pentup demand in china over the First Six Months of the year. A 2 billion. Has buyback land which is applicable in the next 24 months or so. Does it make sense it is raising almost 4 billion and then buying back to offset the light dilution in shares . It can. The money they raise, what they are doing in terms of using it in an appropriate way he will be interesting to see. It is an option to buy back the shares. That,they do see value in that might be a good way to do it. But raising that money could be good in terms of future chaps as well. Seeing Technology Use shifting. I know you saw the overweight with i. T. And communications services. How do you take advantage of that . Do you focus on ecommerce, cloud . What are the sectors . For us it would be predominantly i. T. We have seen a runup in tech over the past couple of months. Some of the hardware names are looking attractive. When you look at indication as well as i. T. , they are still trading around 21 times forward compared to lower the discretionary stocks. There are some opportunities in it internet related and hardware names in china. Yvonne msci Global Equities trading at 19 times earnings for next year. Do you think earnings are going to have to support those valuations, or is that Wishful Thinking . Eventually, but we are looking at because of the msci global to do with the u. S. Stocks and the large weight if you look at 2021 and forward earnings, it is actually not that bad. Said, if we continue to see further declines in earnings expectations for 2021, that could pose a problem. You have to be skeptical and still, mindful of where valuations, the earnings could be for the second half of 2020. Yvonne thank you. I want to bring some lines crossing through, getting the response from beijing on President Trumps move to sign this legislation calling for sanctions over chinas treatment of the uighur muslims. China is saying they vow to retaliate if the u. S. Moves with the weaker rights bill. Bill. Hur rights this all happening around the same time the National Security advisor of President Trump, john bolton, wrote some explosive allegations in his latest book, which we will talk about. Youre seeing we are shaky ground here with asian equities. The renminbi is weakening. Have got the rate cut from the pboc with reverse repos. 1. 25 rightdown now. Karina mitchell. More than 1200 flights in and out of beijing have been canceled as a fresh wound of coronavirus has round of coronavirus has affected the city. Additionally schools are shut across the city and travel curbs have been imposed on People Living near the market where it began. European union is moving to protect industries from tank over by companies and from takeover by companies from china and other foreign powers. It could lead to a ban on Companies Making acquisitions were divesting assets. This could restrict the limits on state aid to businesses around the world. The indian Prime MinisterNarendra Modi says he will defend his countrys sovereignty after deadly clashes with chinese troops in the alias in the himalayas. Pieceaid india only once e, but only wants peac when provoked will answer. The fed chairman is urging lawmakers not to pull back to quickly on relief for the coronavirus amid increasing debates over whether to servicesouse Financial Committee he thinks it is a concern if they were move support they were move support to soon remove support to soon. North korea has released its own pictures of the destruction of its joint Liaison Office in a border town. Warning of further potential action against south. The office was opened two years ago and was not occupied at the time of the explosion. North korea will send troops to the border and resume military exercises at frontline areas. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Ahead, china and india agreed to reduce border tensions despite both sides stepping up the rhetoric. And the u. S. Secretary south asia. Where things go from here. Yvonne President Trump signs a bill punishing human rights violators in one area of china. China promised retaliation if the u. S. Acts on it. This is bloomberg. Trump haspresident signed a bill that calls for sanctions over chinas treatment of uighur muslims and chinas threatens retaliation if the u. S. Moves on it. This came at the time he is seeking injunction to stop a book being published by his former National Security advisor. John bolton claims trump asked xi jinping to help him with reelection. Trump denied is allegations and said bolton broke the law with his revelations. Lets bring in derek wallbank. Several explosive claims in the book. What jumped out the most . There is a couple of things that jumped out. One of the biggest things is how much donald trump in john boltons telling was willing to accommodate u. S. Policy on china for what he perceived to be a direct electoral benefits. We are talking about agricultural purchases from like in the farm states michigan and wisconsin that happen to be swing states walking into the november election. We are talking about donald trump downplaying taiwan as maybe not wanting to get involved in hong kong, not issuing a tiananmen statement on the anniversary because he did not want to do anything to upset the balance towards a deal. We have been talking for years now it feels like about what trump the market expectation that trump might have some , fortive towards the deal the u. S. Election and how much that might play. This book lays out the real,tion reportedly in really detailed fashion. , really detailed fashion. Yvonne there are a lot of implications with the relationship with beijing. Is trump pursuing the soft touch plan . Most of the headlines have been harder. The white house signed trump signed the weaker uighur muslims bill which calls for punishing chinese officials for imprisoning more than one million is funds, and this is there is a little bit to go. The bill is signed, but there are actions where you have two physically identify who is the person you want to sanction, what did they do so there are some steps. You saw the reaction from beijing on this. Here thatn assessment electorally in the United States , there is no consequence for being too hawkish. Joe biden, the democrat put out trumpement just blasting for all of these claims that ,ppeared in john boltons book saying he was trading the u. S. Security posture for perceived electoral advantage. Donald trump now, even though you may have assessed there was benefit on the trade front, there is political implication in terms of trying to be tough on china. China is in an interesting position. It could be trump were biden but both are signaling toughness both arebiden but signaling toughness. Haslinda what are the options that china could possibly do . It is hard to say. I think the key question has been whether or not the trade, the phase that had been agreed, it is like a truce more than a deal. The question is was that going to stay intact . So far it kind of has even though agricultural purchases may have lagged. There has been inching momentum , but that is two one of the key places to watch here. Editor withsenior the latest of the trade tensions. Bolton spoke. Jd. Com as we have been talking about made a debut in the city, opening 6 higher before they paring back gains in hong kong. It is listed in new york and raised 4 billion u. S. From the secondary shares sale. They followed the Successful Listing last week at a time when easing the rising tensions are threatening to curtail access to Chinese Companies that have u. S. Capital. Plenty more to come. This is bloomberg. Haslinda what do it check on the marketshaslinda , asian stocks are mostly lower. The biggest drop the first drop in three days. This benchmark is down. Plenty news to mull over. We have the aussie jobs number, the anzs first recession since 2010. Investors are reassessing where they are putting money. Hsi is down. 3. 9 billion m of secondbiggest ipo that has hit globally. Chinese take a look at where we are in terms of the dollar index, 12. 15. The yen is rising on haven demand after a resurgence in virus cases. Thisound volatility, decision day for the boe, except it is expected to boost its bond buying program. Investors want to see if there is any hint of policies like negative rates and yield curve control, the yield curve in a deep recession. Take a look at the 10 year yields. Treasuries holding on to gains. Plenty more to come. This is bloomberg. 10 29 a. M. In hong kong and shanghai. 10 29 p. M. In new york. Im Karina Mitchell. The white house taking legal action against former National Security advisor john bolton to seek injunction against him publishing a new book. He says that President Trump made Foreign Policy choices to benefit himself politically. The president s Campaign Team dismisses the claim as absurd. President trump turning up the heat on china, signing a bill accusing beijing of interning muslims in camps. Broughtslation has support and requires the president to sanction any chinese officials found responsible for oppressing uighurs and other minority groups. Beijing says they will retaliate if the u. S. Moves ahead with the bill. The u. K. Government is planning ,n Information Campaign to prepare companies for exit hoping twominute drill minimize disruption. With the u. K. Bettered by the coronavirus and already in recession, the government fears a new economic shock. The group of seven countries are calling on china to reconsider its a planned security law for hong kong, saying it will jeopardize what has allowed to the city to flourish over several years. A statement says its essential to have open debate, consultation, and respect for rights and freedom. This is a show of unity after recent strains of President Trumps plans to hold the next facetoface. New zealand has entered its first recession and almost a decade with gdp falling 1. 6 from the Fourth Quarter through march. New zealand , and the like other countries, is expecting a much worse period through june after the pandemic for state to close borders and shut down the economy. The government has pledged 40 million u. S. And fiscal support to aid the recovery. 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. Taking a look at the markets, a down day when it comes to risk assets. Taking a look at what the markets are focusing on, seems like once again there is a refocus on the narrative when it comes to coronavirus as fears of a second wave increases and we see more infections popping up. Beijing still a focus. We are seeing asian stocks lower. Southeast asia also. U. S. Futures down more than 1 p or the moon by session could be volatile as well. Moon by session could be volatile as well. Big centralbank decisions coming up like bank of england, indonesia, and the taiwan centralbank as well. Watching for the pboc action. Some reaction from china, still resilient in the face of what we are seeing. Chinese stocks flat. Hang seng down to 40 points despite a solid start for jd. Com today. 10 year yield reacting to the rate cut from the pboc and an cash. Ion of we are seeing a bit of a pause in that route. 286 for the chinese 10 year. Offshore renminbi weakening on the back of the centralbank decision. Some boards we are watching, jd. Com as we set. We are off the highs, off as much as 6 earlier. Up still close to 4 right now. Take