That is just who he is. There are times when i couldnt even imagine how he did it, how he put one foot in front of the other and kept going. But i have always understood why he did it. For the doctor who convinces her mom to finally get a Breast Cancer screening, and misses work to drive her to the clinic. For the Community College student who has faced homelessness and survived abuse, but finds the grit to finish her degree and make a good life for her kids. Mom is little boy whose serving as a marine in iraq, who puts on a brave face in his video call and doesnt complain when the only thing he wants for his birthday is to be with her. Joe givesose people, his personal phone number two, toevents, the ones he talks for hours after dinner, helping them smile through their loss, letting them know they arent alone. He does it for you. Joes purpose has always driven him forward. His strength of will is unstoppable, and his faith is unshakable. Because it is not in politicians or political parties, or even in himself. It is in the providence of god. His faith is in you. In us. Yes, so many classrooms are quiet right now. The playgrounds are still. But if you listen closely, you can hear the sparks of change in the air. Across this country, educators, parents, first responders, americans of all walks of life are putting their shoulders back , fighting for each other, because we havent given up. We just need leadership worthy of our nation. Worthy of you. Honest leadership, to bring us back together, to recover from this pandemic and prepare for whatever else is next. Leadership to reimagine what our nation will be. That is joe. Will work as hard as you do every day to make this nation better. And if i have the honor of serving as your first lady, i will, too. And with joe as president , these classrooms will ring out with laughter and possibility once again. The burdens we carry are heavy, and we need someone with strong shoulders. I know that if we entrust this nation to joe, he will do for your family what he did for hours. Bring usogether and together and make us whole, carry us forward in our time of need, keep the promise of america for all of us. [laughter] im joe biden. Sorry. As you heard tonight excuse me, you can see why she is the love of my life and the rock of our family. She never gives herself much credit but the truth is, she is the strongest person i know. She is the backbone. She loves fiercely, cares deeply, nothing stops her when she sets her mind to getting something right, and for all of you out there across the country , just think of your favorite educator who gave you the confidence to believe in yourself. That is the kind of first lady, lady, lady, this jill biden will be. To join joe biden. Com our campaign. Thank you for watching. I will see you soon. Thank you. It, dr. Jillhave biden, former second lady, wife of joe biden. We had the little appearance by the former Vice President , the president ial nominee, with his wife, hugging her and expressing his great appreciation and confidence and affection for her. Rick, you said this is a terribly important moment, where we introduce jill biden in a way not people have not many people have seen. She appeared as both a mother and a teacher. It is hard to beat that. This was a really well orchestrated communication to the American Public by dr. Jill biden, introducing herself through her narrative of her family and the trajectory they have had through difficult times and created parallels about how the country has difficult times just like their family. They relied on joe biden to get them through. And the country can rely on that, too. Clearly a very good pitch to suburban women who are interested in issues relevant to education, and are worried about the education of their own children and where that goes in a covid and postcovid environment. I think it was an interesting approach, to have the night really anchored around her, and my guess is, they will see some benefit from it. She talked about the quiet being heavy in the classroom. It was for the children, and she said we have to see them as a face on a box come on a screen. She talked about childcare and the burden placed on a lot of mothers and fathers whose children are home and they have to take care of them. I was really struck by her being in a classroom that quiet and alone, talking to the American Public, because so many of us as parents, i am also a professor, i am staring at students in the box, i have kids, they are still not certain if and when they are going back and how. To see her talking about what many of us are going through, and he mentioned many people who are struggling to work and stay at home, i thought it was really effective in that regard, because of course this is what so many of us are dealing with. Is a tough speech to give. Imagine if she had a crowd there and she was at a convention where people were together. I thought she delivered it very well. I do think she humanized joe biden. We have heard so many of us about the story about his son, his first wife and his infant daughter, but to hear it from her perspective i think you cant help but be moved. It strikes me that what we just heard from dr. Jill biden, and from others, the notion that joe biden is a caring, compassionate man, that is i think in many peoples minds a true alternative to President Trump. A lot of people would say he is a strong man with strong views, he stands up things. Im not sure a lot of people have seen that side of donald trump. Side are not sure that exists. Im not sure donald trump wants to have that side. He is who he is. If anybody is wondering whether they would have a choice in this years election between two distinctly different people, theyve got one now. Theink as it relates to speech by dr. Jill biden, one week from now, we will be saying, how did dr. Jill bidens speech compared to the first lady and what she did on the stage of the Republican Convention about a week from now . So that will be an interesting contrast, also. That will be tough. I thing it is fair to say, to go up against dr. Jill biden. Absolutely. When money lonnie trump last time,er address there were portions of it that seemed to be used from the former first Lady Michelle obama. That is something she will have to contend with. It is fascinating. A fascinating evening in many regards, having former republicans speak out on behalf of joe biden, hearing from the former president s clinton and john carter, and fitzgerald kennedys daughter caroline we heard from earlier, as well. That will be doing it for tonight. Our thanks to bloombergs contributors, rick and jeannie. Coming up tomorrow, our special coverage will continue. We will bring you the speech of Kamala Harris. Also on tap, former president barack obama, speaker pelosi, and elizabeth warren. Coverage begins tomorrow at 10 00 p. M. In new york, 10 00 a. M. In hong kong. That this has been coverage of the democratic convention. Im david westin and this is bloomberg. Its a most 11 00 a. M. In singapore and hong kong. Welcome to Bloomberg Markets asia. Top stories. He hong kong markets resume trading this afternoon after a typhoon forces cancellation of morning business. We report firsthalf earnings at midday. President trump says he canceled last weekends phase one review. He blames chinas handling of the coronavirus and warns he doesnt want to talk to beijing right now. Thepeak to the head of australian cloudbased Logistics Company wise tack as shares soar on the back of earnings. This hour. Ns us the hong kong trading war restart in the afternoon after the rainstorm morning was canceled because hong kong canceled its morning trading because of the typhoon. That will resume in the afternoon. Taking a look at other markets, asian markets and the money for a third day after u. S. Stocks closed above february highs for the first time. U. S. Futures, a pretty muted open, up about zero. 1 , s p 500 capping a 52 rally from its march low. And massive injection contributing to the gains, the s p headed towards its fifth straight month of gains. Csi 300 lower by 0. 6 , the chinex set for its lowest in a week after the Trump Administration was warned. The kospi up 0. 6 percent, rebounding from yesterdays sharp slide. Samsung, one to watch, may be benefiting from u. S. Restrictions on huawei cost trading. Take a look at where we are in terms of the gti and the peak on. Both banks expected to keep rates on hold with a weak rupiah, the governor may be forced to avoid another rate cut even though the pandemic continues to slam the economy. They have cut rates 100 basis points so far. Gold futures down 0. 4 , but still gold prices above the 2000 mark. It has climbed above 2000 on demand, but down 0. 4 . New york crude slower by about zero point 5 . Oil easing but expectations for rising gasoline stockpiles in the u. S. Compounding supply concerns as ok opecplus eases output cuts this month. Lets get more on the market. Our guest says he would not add equities to his portfolios and buying on the basis that the crisis is over and we have a vaccine is not the right strategy. He is ceo of financial and Economic Advisory firm. Thanks for joining us. Been based ont fundamentals, it has been based on stimulus and it seems like governments are key to providing stimulus will do whatever it takes. The rally has lagged. Is not true. That in the case of the United States they havent agreed on the 2 trillion package and they havent agreed at all on how the package is going to be distributed. Im not sure they are ok in providing more money. The eu has. Almost out of the eu but they are thinking about it. Japan just had about the worst numbers you could think of and im sure they will be continuing doing what they are doing. It is a mixed view. If i think i should buy the stock market because the government is going, particularly in the case of the United States, the government is going to support a more direct wage to people to keep them out is not reallythis something that is going to affect directly earnings. This is the other thing that makes me smile. The idea that they continue to give American Workers 600 u. S. Per month, this is very good as far as food is concerned and possibly as far as electricity and possibly as far as rent payments. But not anything else. It is essential, but on the basis of that, im going to be buying forward earnings for 612 months, it isnt. That is why i look at the behavior of the indices and i willlearly, they and i look for considerations and different numbers. Im not saying i know better. Im simply saying what i think i know doesnt encourage me. Even though you dont really have an optimistic view, you say dont buy gold because buying gold is like buying bitcoin. Absolutely. Buying gold, why should i buy gold . Because i think the price is going to go up. Why is that . Other people are going to buy gold. Why are other people going to buy gold . Because they think other people are going to buy gold. Im sorry. As an economist and mathematician, my hair falls off. I dont have a lot left but it definitely falls off, ok . If you want to buy gold, go ahead and do it. On monday, people will say we dont think we are going to buy gold because other people are not going to buy gold. Given what we have seen so far, isnt gold still a good versa fire out there diversifier out there . If you look at the correlations come of the negative correlations with the dollar, which has weakened, as well as real yields which are continuing to head lower, would that be favorable for gold . Tactic. E try another the current cost of gold, Interest Rates are zero. Holding sotes are invertedade in the commerce, relatively cheaper. Why are Interest Rates down to zero . Because the economies are absolutely in a dead state. The reason why gold is cheap is not because it is good news, it is bad news. We will be buying gold on the basis of bad news. You are saying it is a diversifier. So our bitcoins. Im not sure i would be hanging onto it because the next question is, when will the price come down . One a lot of other people think that is not a good time to buy gold. Why they are thinking this is because they think other people will stop buying gold. I am thinking to myself, it is not a matter that i hate gold. If someone gives me a nice one kilo bar, i dont mind. But sitting and trying to explain to a client why to buy gold, i dont know. Very sad. But there you go. The record highs on the s p doesnt quite make sense. I was wondering in terms of, it is not really about the economy, what we see in the markets. It is about market cap because most of the gains we have seen have been these tech stocks. Even if we dont get a vaccine, do you think the tech boom can sustain itself . Not really. I wake up in the middle of the night in a cold sweat. I have my lovely wife with me because i always think of march last year, the world collapsed overnight. It dawned on everybody that this is really grim. The idea is, we are on around the corner from a recovery is due to the biological cycle of that little bag. It is not about economics, it is about the capacity of the virus to continue to produce and in fact. And our incapacity of finding quickly, lets a completely reliable and safe vaccine. Andved through sars in 2003 i am doing Robert Deniro to you, look at my eyes and look at my lips. We dont have a vaccine for sars and that is 17 years later. The idea of by christmas we will have an effective and safe vaccine for coronavirus, it is not built on my views. I am not a doctor, i am not an epidemiologist, but simply listening to every epidemiologist around saying dont raise your hopes, we will eventually have a vaccine but a safe vaccine and a vaccine that people will be willing to get vaccinated with, it is a long time away, if not years away. The cycle, the biological cycle of a virus hasnt gone away and that is what will continue to affect the lockdowns, the reversals and the continued uncertainty. What justifies the view that you see another march 2020 selloff just around the corner . What it would be, it is the fact, the unpredictability of the speed and variation of infection. This has nothing to do with economics. I even if somebody could justify to me that earnings come a somebody would say forward earnings, the s p is reasonably priced and if i look at the register index, it is im making this up. I would say, i follow all this, can you tell me your forecast as of thenext flareup virus . That is impossible to say. This is what you should member. By the020 was not caused virus. It was caused i the realization of what this is. The virus was there in january, february, it was only towards the end of march that it really hit us. The realization. Dont yvonne thanks for the reality check. Ok. Yvonne sorry to interrupt, we heavily have to leave it there but andrew, thank you for the reality check. Coming up, we will talk about earnings with the head of the australian cloudbased Logistic Company y tech as its shares are soaring on the back of her earnings. The ceo joins us later this hour. This is bloomberg. Yvonne take a look at markets. Big movers on the asiapacific with hong kong close, watching australia, chinese stocks as well and we have seen most of the weakness in china. China life falling the most in nearly a month after denying some reports of a possible merger with another insurer. The stock is down today. A2 milk, net income slightly missed estimates. We are watching treasury winds after china started the antidumping investigation on australian wine imports. Relations fray between the nations. Wise tech, we are talking to the ceo soon, surging the most as estimates go over the target for 2021. Chinese markets, some concerns on the back of the u. S. Warning u. S. Universities to divest chinese assets and flagging this delisting concern. Inext falling ch seen in awest we have week. Plenty more to come, this is bloomberg. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Haslinda it is 11 29 a. M. In singapore and beijing, 11 29 p. M. In new york and washington. Here are the headlines. Democrats have officially nominated joe biden after a virtual rollcall of 50 states and territories. It comes six months after he won south carolina, starting a string of primary victories after setbacks in iowa and new hampshire. His Vice President ial candidate Kamala Harris wills week on wednesday the us will speak on wednesday will speak on wednesday. July, as the coronavirus weighed on global demand. Economists had forecast a decline of 21 . Following shipments accounted for nearly 40 of the nations Economic Contraction in the second quarter. With spikes in europe and ongoing virus concerns in the u. S. , the trend appears set to continue. Havel coronavirus cases reached 22 million, with more than three quarters of a million deaths. The latest figures come amid signs of infection slowdown in florida and california, while the Prime Minister of finland is being tested, in germany says restrictions will remain in place. The uk reported its lowest death toll in 20 weeks. Hong kong is to roll out its third round of measures. Continuenment protests in thailand, calling for a new constitution enter for curbs on the monarchy and cubs on the monarchy. Several protest leaders have been arrested for sedition. Has indicated he is not necessarily against rewriting the constitution. Convene a keyll Party Meeting on wednesday to describe what state leaders this dust to discuss what state leaders described as a state issue. By gathering comes with kim jongun facing Rising Economic challenges and continuing questions about his personal health. The meeting will be the first time that the Central Committee has convened since december. Lets do a quick check of the markets right now. We have asian market hanging gains, up for a third nonetheless. Something interesting to note, asian equities are no longer in lockstep with their u. S. Peers, the verging on earnings and on politics as well. G