Company ipo in a year, if approved by President Trump. Is this ride hailer. Eeking to shore up cash haidi lets look at how we are setting up for the final trading session of the week in asia. After a pretty lackluster session, we had u. S. Stocks passing some of those parsing some of those losses, still dropping for a second day but finding support after bouncing off the 50 Day Moving Average on the s p. S p futures seeing a little positivity on the u. S. Fridays session, about 0. 2 higher. Tax leading the client is apple, facebook and peppe microsoft are weighing on declines. We saw a Little Movement in treasuries as well. In asia, the nikkei 225 is seeing an upside, 0. 1 when it comes to futures trading in chicago at the moment. Dollar weakness yen strength will be an issue, the. We have the yen appreciated to the strongest level in six months across broad dollar weakness. The u. S. Dollar index falling for a fifth straight session. We are also keeping watch on the dollar and how it is trading against the hong kong dollar. Hma intervening this week as cash demand has been growing. Is eyeing, bytedance a listing in hong kong. So a little bit of the liquidity crunch is weighing on the currency. U. S. Treasury, bytedance and oracle have agreed to terms to keep tiktok operating in the u. S. But the deal still has to win the approval of President Trump and china. Lets get more from our market beijing. Tom mackenzie tom, what kind of revisions have been made and what are some of the challenges that are still there . Tom there are still challenges. We have had the u. S. Treasury Steve Mnuchin secretary Steven Mnuchin revising the deal. Sources, rightr downs and oracle have at least to the changes. Would still be a majority holder in the new structured business with headquarters in the u. S. Oracle would take a minority stake. Part of the provisions would be an independent board as part of the business that would be overseen and approved by the u. S. Government. They would also as part of that be a National Security committee involving all u. S. Citizens and leading, chairing the National Security committee which is ached into that business would be a Data Security expert who would link that business and cfius, the with community of Foreign Investment in the United States. Oracle would have oversight over the data to ensure there are no back doors. We are also hearing that as part deal, is that if it gets approved, they will be looking to ipo in the next 12 months or so. We spoke to president we saw President Trump speaking at the white house, saying that he and his team have been in conversation with oracle, with walmart, which still want one of the business, and also curiously, microsoft as well. Shery we are really getting conflicting reports on what this means, right . Also, tencent is under scrutiny. What are the concerns there . Tom going back to the committee for Foreign Investment in the u. S. They have written to Gaming Companies across the United States to ask them for an update on their data protocols when it comes to any links that they have with chinese businesses. Of course, one Major Chinese business is tencent in the gimmicks ace, in fact, the Worlds Largest gaming company. It has stakes in hundreds of Gaming Companies around the world and many in the u. S. , in which it has a 40 stake, and riot games, which it owns outright. So they are looking at investment in these Gaming Companies to make sure the data is secure. It is a reminder that all Chinese Companies operating in the u. S. , particularly those involved in technology, are coming under greater scrutiny from the trump administration. It could ultimately lead to reviews of some of these deals. That is probably what weighed on the adrs for tencent which moved lower on the back of the news. Tencent is also the owner of the wechat app, and there is an order which bans u. S. Businesses that. Sing we are awaiting specific details about the implications of that executive order, which we are expected to get on september 20. Shery our markets kurt, Tom Mackenzie in beijing. Regard to Karina Mitchell for the first word headlines. Karina global coronavirus cases have passed the 30 million mark, with more than 940,000 deaths, as the World Organization warns of a resurgence in europe. France is reported the most new daily covid cases since the end of the lockdown in may. For the second time in less than one week, there were more than 10,000 new infections. The northeast of england is introducing tough restrictions. Meanwhile, the highest level of u. S. Officials to visit taiwan in decades has made a second visit in a week, prompting the threat of retaliation from china. The u. S. Undersecretary of state arrived thursday evening to meet the islands president , premier and foreign minister, as well as to attend a memorial for the countrys former executive. The fed says it will decide in two weeks whether to prolong the limits on its biggest u. S. Banks. The measure was announced in june and were due to last until the end of the third quarter. The bank of england has given the clearest signal yet it may consider cutting Interest Rates to below zero for the first time in its history as it rattles the coronavirus and risks of a nodeal brexit. Governor Andrew Bailey said last month, the policy is part of a toolkit. Markets are betting that next 10 basis points of easing will come in february, with similar most shortly thereafter. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Lots of breaking news especially around ipo news. Shery Unity Software is saying that they will be pricing their ipo above the range, at 52 per share. Unity develops software used to design videogames. They said on monday they were willing to sell shares at a price range between 44 and 48 per share. Now they they are actually pricing their ipo at 52 per share according to us forces speaking according to sources speaking to bloomberg. News. And here is more we are about a year away when it comes to the lg battery unit ipo. The company saying the better battery unit listing will take a half year. Kem would bet lg willing to split off its vehicle battery business into a separate entity. We heard they were trying to do that to cut out value across the Global Electric vehicle demand side of things. That business is the top maker of car batteries globally. We are now hearing that the company is planning a battery unit ipo which will take about a years time. Really eventually it will allow focus on that fastgrowing part of the business and allow investors to make more targeted bets on the battery business. A little more details including that Shareholder Meeting to seek approval for the split, coming up at the end of october. Still ahead, renewed interest. Value is looking at the best month in nearly 20 years versus growth stocks. We look at where where the rotation has led, next. This is bloomberg. This is bloomberg. Shery we are saying u. S. Futures up 0. 1 , reversing the earlier declines in the new york session when we saw the attack selloff intensify. The nasdaq losing more than 1 the tech selloff intensify. Ofare joined by jay pelosky tpw investment management. We have been talking about the tech selloff for quite some time now. When you see where we are standing in terms of growth against value, the chart on the bloomberg is showing really historical lows for value stocks against growth. Actually the lowest since 1981. When can we start to see some of this rotation actually be sustained . Jay that is the great story, it doests that when the move happen, and we believe we are in the early stages of a very important rotation phase both securely and geographically, it is going to have legs and it is going to have a long way to go. We think there are two drivers in the near term. First is fiscal policy in the United States. We think there is going to be a deal. The white house is desperate for deal. Science, the speed of which we talked about before on your show, the speed is a signature in the covid age, and the speed of science means we are going to have a vaccine in the near term. These two things combined, the Interest Rates go higher. Interest rates are the fulcrum that leads to the shift from technology to financials, and i believe rising rates in the vaccine are kryptonite for the Technology Growth sector because they spurred the move into cyclicals on the one hand. And on the other hand, they actually detract from the Valuation Case of financials, which is built upon lowrates, making the cash flows of Tech Companies ever mobile global. Higher rates work against tech and work for financials. That is going to drive the rotation trade. Shery what about rotation in terms of region . We have seen the u. S. Supremacy, whether in the market levels or economic growth, postpandemic, what could we expect . Jay that is exactly the right question. If you move from within the United States intersectoral rotation, or even factor in style rotation to geographic, as you point out it has been the u. S. For 10 years. We think the recent weakness in the dollar is the precursor to a broader move away from u. S. Equities. I would just note that the u. S. Is very checkheavy, the rest of the world is not, the u. S. Is very techheavy, and a rest of the world is not. That has been the reason why the rest of the world has not performed that well. But the asian markets, both japan among the developed economies, as well as south korea and taiwan, we like all three. We also like china. We are keen on the e. U. We think the negativity around europe is completely misplaced and we are quite keen on european equities. Haidi to that point, in terms of the equalizing of the weighting, i want to look at the s p equal weighted index, it is a matter if apple gets the same waiting as everybody else. I just want to get the chart up to take a look at this, here ago. Bigtech is actually lagging if you look at how this is kind of presenting itself year. I am wondering, how much does this rotation that we see is the frost being taken out of tech and how much is the convincing rotation into other parts of the market . And if it is not the latter what do you need to see as a catalyst up, do we needg a better handling of the virus situation, more convincing news when it comes to vaccines . Jay that is a great question. We have been calling for a healthy pullback for the last month or more. Pullback iss healthy. It does take the frost off. One data point is the vix, the volatility index, now under 20 today, after being as high as 29 in the beginning of september. In two weeks, the volatility the roughlys fallen by one third. We are at the tail end of this correction. And it is a correction that is helping to drive rotation. We say that, when you look at the spread of, say, the equal weight versus market cap, as you showed. Also, look at s p growth for example, down 6 month to date versus s p value, which is down less than 1 . This is a significant rotation going on underneath the tech selloff. If you look at transports, which u. S. , aeen on in the new high yesterday look at airlines. Investors are starting to move into the things that has not worked. Look at airlines in the u. S. , there is an etf called jets, it had a nice move in the last so. H or it is still down 30 to 40 commodities are still down 30 . Inancials are still down 30 we need to see the fiscal stimulus. The fed is bullish, that is what the markets have told us the last two days. We are past peak fed. We need fiscal stimulus. This is an issue around the world, and the fact that the u. S. Is struggling to pass a fiscal stimulus package months before an election actually the election is a ready underway. The early voting in the u. S. Has already started, so the reticence in the white house is very surprising. I think that has changed over the last couple of days. We need a fiscal package. The rest of the world does not have the us these are the political uncertainties the u. S. Has the next several the rest of the world does not have the political as entities the u. S. Has had over the last few months. We saw that in europe in the last few weeks where france, germany and holland came up with new fiscal packages. So the u. S. Is a regional regard. In this haidi we always appreciate your time with us, jay pelosky, chief Investment Officer of tpw investment management. Lots more to come. This is bloomberg. This is bloomberg. Shery pressure is mounting on Drug Companies to rush covid19 trials as global cases top 13 million. But one Johns Hopkins professor tells bloomberg how important it is to collect enough safety data first. Take a listen. First and foremost is, trials are growing quickly. Does it mean we have the full technology we need to determine safety. Clearly, we have had the astrazeneca vaccine out of oxford that was stopped and halted early. It has not resumed in the carry. It has not resumed in the u. S. Due to further safety reviews. In that case, there was a case inflammation of the spine and we dont know yet whether or not it was related to the vaccine. We dont think so, but that is the kind of reviews that have to go on. It has to be thoroughly vetted. That vaccine will take over one month likely in the u. S. To go vetting. Full it depends on the safety profiles and the signals we see participants. Are you comfortable that when a vaccine is available, it will be 100 safe, and unless we have one, how many people will want to be vaccinated . I think it is important. There is so little that we ingest 100 without side effects. You think about it this way, taking into much water, that increases the amount you need to look to the bathroom at night. Everything has some level of negative impact if taken in the wrong way or at the wrong dose or wrong structure. Vaccine safety is no different in that regard. We just need the data. We need to understand. The flu vaccine, for example, causes many to have a sore arm, slight temperature elevations, and that is in no way a live virus vaccine. The vaccines currently for coronavirus, they have a mechanism used to put the protein in your body, which can cause fevers, chills in some participants. It is nott be possible to have a fully that isfree vaccine just not generally how it works, but we want to reduce the possibility as much as possible and have longterm followup on people to know that when we say to people here is a potential side effects after does 1 or dose 2 of the vaccine so that people know what to expect. And we can provide them anticipatory guidance. Haidi that was the Johns HopkinsUniversity Nursing professor, jason farley, speaking to francine lacqua. We stay with the push for the vaccine. The montana founder and partner thetech have in making details of their vaccine test public. The push to increase disparity comes after astrazeneca denied a separate report that a volunteer in the trial developed a nerve disease. Lets get more with our correspondent. Tell us about the move to release due to information about vaccine trials. It comes as policymakers and the public are concerned that speed might be coming at the expense of safety and potentially efficacy when it comes to the vaccine. Michelle , we are seeing here in the United States a huge push to get a vaccine to the market urgently, and especially before the election coming out in early november. There are concerns that there is a political layer on top of the scientific push that has been truly remarkable, the speed with which these companies have started developing vaccines. We have a dozen in Clinical Trials already, late stage Clinical Trials. It is remarkable. The question is, as you were talking about earlier, whether there is any compromise with it comes to safety. The companies that we know of moderna, biontech and Even Astrazeneca are saying now that they will start disclosing everything, giving 10050 page document detailing everything because they want it and sure that they want to assure the public that everything they put out will be safe. Shery meantime, china faces and deadline. What is the view as to whether china will sign up to the w. H. O. s global inoculation initiative . Michelle the world needs to put some effort into making sure that developing countries get their vaccines to protect populations, because that is what we will need in order to get coronavirus under control. China has not signed yet it will participate in the initiative, as todays program is intended to help those developing countries get the vaccine they need. The u. S. Said they will not participate. China indicated it is willing to , that it views it important. They say the vaccine developed in china will be made available. Whether or not they will participate in covax, however, we dont know. The decision will come any day now. Haidi bloombergs Health Care ReporterMichelle Cortez with the latest. We are finding out more about Sri Lankan Airlines outlook is being affected by the pandemic today, speaking is possibly with the chairman about Safety