More Domestic Travel to a little more overseas travel now. Theaad lets get to markets and have a look at what is going on. Nikkei, in with the leading japanese shares, just seeing stocks drifting to the upside. We did see jobless numbers come out. Slightly better than expected, looking for a 3 jobless rate, but 2. 9 . Looking elsewhere, retail sales out of hong kong, looking also at the futures for the u. S. , pretty much flat. Asian equities drifting slightly to the upside. Looking at the shanghai composite, lets look at how the gpi is behaving as well. Just about flat. The shanghai comp, 0. 2 lower. Chinese Economic Activity continued to rebound. Expansion in manufacturing activity, just slowing slightly there. A Rate Decision out of australia later on. Expecting the rba to keep rates. And the singapore market 0. 6 lower. Quick check on the currency is, weve got a fifth straight monthly drop for the dollar. Bloomberg dollar index down by 0. 25 . The yen, a tad weaker. Euro currently moving to the upside, as is sterling. Just got to tell you that weve got bullish bets on the euro. Lets look at what else is moving these markets. August,allying hard in despite calls for a correction. Big tech at the forefront of this. What are people suggesting . Can tech continue to outperform . [indiscernible] momentum this august was so strong. Changesee things will the way they were changing. [indiscernible] surprised to see some coming in. But any major correction is toely in the tech sector continue to be the core of the bull market. What is happening now is something interesting. Some signs of rotation into the value sector. Concerns. Help ease china, especially in the trend is clear. China is one of those markets that is functioning normally. Materials, industrials, and Consumer Discretionary sectors are leading the market. Some moreere will be interest in these sectors that , keeping ongoing positive progress. What has been underpinning this rally has been the weaker dollar, with the bloomberg dollar index registering its fifth consecutive six monthly decline. And other currencies really benefiting now. What is really going to be next now . That is right. Dollars path lower looks clear. New fedlearer after the policy framework. It has been a kind of game changer, and what the everyday inflation target means for the dollar and other assets, the fed is committed to keeping rates lower for longer and keeping liquidity in place until a recovery in employment. Roleuro played a key driving down the dollar index. May be driven by the chinese currency. There are fundamental drivers that make a compelling case. Economic growth is recovering faster than any country in the world. And the stimulus is quite different from the fed approach. What i think is most important [indiscernible] i think theres a good potential that they can drive down the dollar index in the future. Rishaad thank you so much. You can follow more on that story and all the days trading on the bloomberg terminal. You can get a market rundown in one click. You can find out what has been affecting your investments right now. The first word news, talking about global coronavirus cases, we are heading towards 26 million with the u. S. Tally now above 6 million. Astrazeneca has begun widescale human testing of the vaccine in america. The European Union is to contribute 400 Million Euros. Canada is buying 100 million vaccine treatments from novavax and johnson and johnson as the who says the only solution is unity. Hong kong is launching a mass coronavirus testing plan amid calls from activists and Health Care Workers for a boycott. Half a million residents have already volunteered for the test. It is billed as an attempt to ward off a new wave of covid19 infections. India has reported the biggest Economic Contraction among Major Economies with a surge in covid19 infections dragging on the prospects for a recovery. A fractionht under 24 , the sharpest fall since new delhi begun publishing figures in 1996, worse than any leading nation tracked by bloomberg. The median analyst estimate was a contraction of 18 . President trump and joe biden are trading barbs about racial inequality and subsequent protests. Dealresident is vowing to with violent demonstrators and while his rival says the white house has whipped up the growing anger, the comments come at a time as the president prepares to visit kenosha, wisconsin, where jacob blake was shot last week. He intends to go ahead despite the fact that state officials want him to stay away. Still ahead, we are taking a look at more exclusive interviews coming through from the Hong Kong Exchanges biotech summit. We will speak with christina. Plus, the ceo of the science and technology corporation, albert wong. Rishaad and later, the outlook for india after it posted the worst gdp slump among all Major Economies. This is bloomberg. You are back with Bloomberg Markets. The latest business flash headlines. Young china launching its stock sale in hong kong. The stock will continue to trade in new york, but will enter the Hong Kong Exchange under the code 9987 hk. Young china seeking up to 2. 5 billion in the sale and the public price will not be more than 468 hong kong dollars apiece. A top developer has seen debt rise this year after vowing to remake itself as a leaner company. Bloomberg data shows no net debt swelling to a record among weaker cash prefers. Operator hong kong says it has received interest therenvestors, adding will be a good chance it will find the funding it seeks next year. They reported a firsthalf net loss of 687 million u. S. Dollars. Earlier this month, it suspended all payments to creditors, blaming a virus triggered cash crunch. Hong kongs Exchange Operator kicks off its Virtual Summit today, bringing together Industry Leaders, global investors, and market stakeholders. Guest, whoo our next looks after Hong Kong Exchanges. Christina bow is head of global issuance services. Thank you so much for joining us. It was just two years ago when Hong Kong Exchanges changed up the listing rule. We have really seen health care go on fire here in the markets. There were some initial concerns for these companies. It is hard to value rnd. They dont make much revenue, let alone profit. How do you think it has evolved since then . [inaudible] yvonne christina, i think we have some issues with your sound. We want to hear you clearly. We are going to try to reestablish your audio. We will talk to christina after this short break. Stick around. This is bloomberg. His time as director general of the wto has come to an end. He helped negotiate a trade deal with the u. S. And canada. He has the experience to lead, but faces some obstacles. He worked on creating the wto and his career spans the world bank, imf, and universities in china. He talked to bloomberg about bringing the United States and china back to the negotiating table. The trust has been lost among negotiators. Intohas turned itself nonnegotiations. Which is always the soul of the process, negotiations. Negotiations have broken down. The system is not functioning anymore. Pandemic,u have the the u. S. China crisis, the chaos in trade. If you were able to jumpstart and get people talking, how would that affect the u. S. China trade war . To try to find ways to help them in the dialogue. You need a director general that knows the different sides well, which i do. I just negotiated with the United States. I have worked a lot in china and europe. I would seek to bring them to the table and find ways to move forward on negotiations. I have ideas. It doesnt feel like they want to talk to each other. How would you get them to come to the table . Toughrybody has to be when you are negotiating, but i cant imagine china not wanting to sit down. China has benefited hugely from the wto. If the wto ceased to exist, china would be the main one suffering the inner radel the unilateral actions of everyone else. Alsonited states is speaking very loud, very tough language. Confident with caution of being able to bring them to the table to figure out how we move forward from here. How do you feel like your role would play in Something Like tiktok that isnt necessarily trade, but it is intellectual property. How do you think you could play a role in that conversation . You said on Technology Questions . On tiktok. So if china doesnt want to sell the u. S. Portion of tiktok because of the ai, etc. It is for them to work it out. There are different entities in the states looking to take it over. It happens all the time. If it becomes a u. S. Controlled as farhat would be fine as international is concerned. If anybody places obstacles it is a very complex issue. It is basically a corporate issue. So less of an issue for you. Have you spoken to the u. S. Trade representative robert sighthizer and his ca counterpart in china . Those things are confidential. I cannot say. We can Work Together very well. , the usmca, the u. S. Mexico canada agreement, it was he and i negotiating. I believe he also approves of my approach. That was mexicos Deputy Foreign minister for north america speaking with bloombergs alix steel. Lets try to get back to our guest, Christina Bao from Hong Kong Exchange. Christina, i hope we can hear you clearly now. We were talking about how much the market has evolved since these new listing rules came into effect to benefit these health care companies. Tell us what sort of evolution you have seen. Christina indeed, there are a lot of evolutions going on. Intoong Kong Exchange came a better stature in the Health Care Sector at the right time and the right place. Raising a total of 48 billion hong kong dollars. This is benefiting the entire ecosystem as a whole. The Health Care Sector currently kongs at 2. 6 trillion hong dollars. In this market that we observe, a lot of variety of diversity. Not just in terms of geographical locations. For example, there are specialist exams, which are really professionals investing. That actually sets a very good benchmark in terms of valuation. There is much more coverage on this sector. Yvonne and the goal for Hong Kong Exchange initially was to try to go after Global Biotech companies, including those in the u. S. If you take a look at the listings here, they are mostly china focused. What do you think is the missing link here . Christina i think it is natural for any market to take off at a very early stage. Almost kind of certain that we are gaining on a journey. In addition, i think it has a lot to do with the recent reforms in china, which encourages development at a rapid pace. There are a lot of talents also coming into china to develop their own career. Of environment. We are also actively looking at opportunities here. We are also looking at the international potential issues, not just from Southeast Asia or the asia time zone, but potentially into europe and the u. S. There are International Collaborations in this field. All very common practice in this industry. There will be good news from the International Side very soon. There Different Things that chinese Biotech Companies need versus nonchinese Biotech Companies . Is the Hong Kong Exchange going to have to do more . The industrythink is very much globalized. I think theres very little difference between what can work in china and what can work elsewhere. Ambivalent in terms of providing the regulation, providing the guidance, but in terms of specific sectors or subsectors, i would say that they would be different. China has a lot of investment go into oncology. This has a lot to do with the prevalent cancers that are going on in china. Demando the marketing putting more money into a particular area. Of the profitmaking model, a lot of them are in common. They are setting out their own manufacturing. Rishaad this is risch in hong kong. With the amount of companies coming onto the board here, it is tough to really go through all their Balance Sheets and do the due diligence. What do you think about scrutiny of these Companies GivenSomething Like total education group, and avoid fraudulent Balance Sheets . Christina you probably partly that because the Balance Sheet is the same range, the same sort of essence. A lot of the Drug Development to becomeyears revenuegenerating. Focus has been given to Clinical Trials. Only companies passing Clinical Trials are cleared to go into phase two, and we also require investments in the private realm for them to be eligible for the hong kong listing. In addition, as i mentioned before, the specialist investors are critical. We couldnt expect all the investors to have full knowledge of this specialized area. Is why specialist coverage and specialist participation is critical. Our listing has found rishaad christina . Christina yes, sorry . Rishaad can we get very quickly to what is going on with them marketing themselves very aggressively. What advantages do you perceive for the Hong Kong Exchange over them for people to list in hong kong . Christina i believe a lot of really verys are international. ,hey do actually focus a lot whether or not they could receive international recognition, especially from the firms that are operated globally. If you look at the current listings already that is a particular strength in hong kong. Essentially, i think, its important to have the sustainable founding for these companies because the bank consumes cash usually and consistently. Regard, hong kong is extremely convenient. Here. Ld see it over very markete oriented approaches that would support hong kongs attractiveness in this area. Have you had any taking a dimple view of the Hong Kong Exchange since the National Security law . Is it putting people off of china . We have been operating in this region for a number of years, for decades. Years, its actually, you know, extremely resilient of a market. Extremely deep and liquid. In addition, i think the of the regulations around listing would provide a lot of uncertainty in this area. We are very much looking forward to a fruitful 2020. Thank youhristina, very much indeed. Hong Kong Exchanges head of global issuance services. Lets get you the first word news. Australia confirming china working with a mainland government station as relations between the two countries worsen. Canberra says it was informed on august 14 that had been arrested. She has yet to been charged. To have been charged. South korea saying it is expecting its debt ratio to reach a record next year for a further increase in spending to support an economy reeling from the coronavirus. Boostvernment plans to fiscal expenditure to 470 billion in a draft budget that would push debt to 46 of gdp. Koreas debt load was less than 40 . Germany is set to be seeing the economic fallout from the virus not being as bad as anticipated this year. The economy would contract more than 6 before rebounding by 5 next year. That would be germanys worst recession since the second world war. The economy minister will present the new forecast later tuesday in berlin. Than 6s seeing more billion in new trade as it moves towards normalizing relations with goal state. Talks are planned for later this week following an initial accord with the uae and the firstever direct flight between the two countries. They will focus on economic matters with issues left until later. This week stocks will deal with tourism, trade, and finance. Protests erupted in mongolian communities in northern china. Requiring classes in school to be mandarin. Beingis rising at that taught in the language of chinas han majority. Critics say it is the start of a drive against mongolians. Snd also amongst uighur ancient jane. In china. You are seeing a bit of red on the asx 200, down 1. 8 . Other markets like korea and the philippines for example doing better with the kospi advancing after news that the government is going to be boosting their budget for 2021. You are also looking at a flat u. S. Future as well as india futures, just a touch higher ahead of the open in mumbai. Flipping the boards, it is the dollar weakness story, seeing the greenback on the back foot, and we are watching the euro moves here. 15 month ties for the euro. The aussie as well, from ahead of an rba meeting, not expecting change, but looking for comments from policymakers on the overall outlook for the economy, especially that lockdown in melbourne as well as the offshore yuan extending gains, at the highest since may of 2019, and the yen below the 1060 handle. Take a look at japanese markets. Take a look at the lunch break, flat for the nikkei. 6 . Slightly lower by more news from the lbp today as we see this list of contenders growing. I will get an update from tokyo in just a bit. That is coming up next. Rishaad. Rishaad exactly. Looking at this resignation, where it is less than the lbp, it is scrambling at the moment to come up with a possible leadership candidate as it were here, too, as well. Shinzo abes abrupt resignation last week, they are trying to f