U. S. One report says the case has already been pulled. Jack ma seeking more than 17 billion in hong kong as a dual listing. It says it does not need cornerstone investors. We have the latest on this blockbuster sale. Shery he was futures coming online flat after u. S. Stocks fell to an eight week low in the regular session. Warnings from various fed officials of the need for more fiscal stimulus. We saw the selloff continuing. Volume below the average over the past 30 days. 11 sectors on the s p 500, all of them lower by more than 1 . Energy the worst performer as we continue to see Dollar Strength rising against every g10 peer to a seven week high. Oil is extending its losses. We saw some gains earlier in the new york session stop bullish york session. Gains limited by fed speak over the economic recovery. Haidi lets look at how the Asian Session is shaping up. Taking a look at new zealand stocks, we continue to process the rbnz rate decision. A steady beat of the drum roll toward potential negative rates. A downside of 4 10 of 1 . The nikkei 225 looking pretty flat. Futures in chicago, a bit of weakness in the yen as well. Bloomberg dollar index jumping shy of 1 overnight. Sydney futures looking negative. We will be watching westpac. Westpac just confirmed they will pay a fine to settle an antimoney laundering suit. This had been reported in local media yesterday, but now confirming they will pay that civil penalty of 1. 3 billion australian dollars. The westpac ceo says he apologizes sincerely for the banks failing and they are dedicating to strengthening Financial Crime capability. We are also watching australia particularly close. We saw that dive in the three year yield and rally and aussie bonds and stocks overnight after westpacs influential forecaster throwing his weight behind these ofls the rbn to a record low 1 10 of 1 . Aussie dollar getting a little bit of a rebound from the weakness we saw. Shery lets discuss everything happening in the markets. Always great having you with us. In the u. S. Session, it was the fed speak and concerns over not having another stimulus package. Part of the markets catching up with are the markets catching up with the realization we will not get another round of fiscal stimulus measures . What will the repercussions be in the Global Markets . I think it is. The fact that you had jerome powell, steven mnuchin, a number of federal president s talking about that the fed has done as much as they possibly can. They said they will continue to support the u. S. Economy, but we need another to millis from the fiscal side. Another stimulus from the fiscal side. Depending on whether the election is a contested process, depending on what the winner looks to do from a fiscal policy perspective, there could be room for the market to move. Many factors beyond that, not at least a potential second wave of covid. Shery what does that mean for investors . Should you stay in the relative safe havens given the tech giants with a huge Balance Sheet have done well during the pandemic . Ann there are a couple companies that have shown their Business Models have been accelerated through the covid period. I think they might move forward and win no matter what happens with a lot of global macro noise. If you take a company like doc you sign docusign, one of those tech businesses. That is the kind of business that is playing into a longerrange shift toward convenience. People can use that product if they are traveling. It is all about increased data security. There are a couple models showing themselves to be favorable in this market and will stick no matter what. Haidi has it been a bit of a reality check when it comes to expectations of when a vaccine will be rolled out, how effective it will be and how quickly we can get back to reopening traits . Trades . Ann one of the good news is that came out today was Johnson Johnson moving to phase one trials of a new vaccine. We have seen this show before. Months ago it was gilead everyone was getting excited about. Until there is more visibility on the efficacy of a vaccine, things will continue to be volatile. There is the question of takeup. As a vaccine becomes a highly politicized process, even if youve got Great Strides in science, you have to win consumer trust. Unless you get there, you could see a delayed response to great scientific vaccine news. Haidi at the same time we are heading into a conditions political into a contentious political battle in november. Is there a real sense that that added to the fact that fiscal stimulus isnt coming, that we could be setting up for the kind of lofty growth and recovery expectations not materializing . Ann it is a couple things. You touched on a great one, partly the u. S. China dynamic. Will that change if there is a change in the administration . I dont think the Biden Campaign has come out with a prescriptive position one way or the other. I was just in d. C. This weekend off the back of the passing of justice ginsburg. You can see that is becoming an enormous factor into which way this election will go. The other piece of this too is looking at this global interconnectivity and maybe what happens in europe. We are seeing signs of further outbreaks. The u. K. Has locked down again. Until there is more clarity on how there might be a coordinated approach to containing covid further, with or without a vaccine, it will be hard to call how this plays out. Shery we continue to see Dollar Strength. This chart illustrating just that. With Dollar Strength, we are seeing Metals Prices getting hammered. Gold, which has been a favorite for investors, falling to the lowest in two months. What would be the global repercussions . Ann it is hard to say. A month ago the conversation was that the dollar was really week and that boded weak and that boded really well for those who had investments in international markets. The pace at which the dollar is moving makes it hard to make any longterm bets on the currency alone, and by extension the commodities. Haidi our Cornell Capital partner ann berry. Lets get it over to Karina Mitchell in new york with first word headlines. Trump adds thent senate should confirm his nominee to replace ruth bader ginsburg. He criticized mailin voting big, again, saying it is vital to have nine justices on the court bench in case the result is more political than it should be. The president is to announce his pick on saturday. The grand jury has indicted one policeman in the killing of Breonna Taylor but declined to file murder charges against any involved. An officer is charged with wanton endangerment for firing into an apartment, but two officers avoided charges. Taylor died during a no knock raid. It was the wrong address. Antigovernment protesters in thailand are expected to rally thursday. Lawmakers debate possible amendments to the constitution. Parliament will vote on proposals to review the military written constitution after the 2014 coup. Thousands of demonstrators gathered in bangkok, ending limits on the monarchy and scrapping of the army appointed senate. The u. K. Government is warning of enormous freight disruption and what it is calling a brexit worst case scenario. A Cabinet Office minister told ons could be cut if operators are not prepared for new controls. Global news 24 hours a day on air and on quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. Haidi still ahead, count Goldman Sachs among those calling for an rba cut. An new zealand economist tells us why he sees a move in the next two months. Tiktok owner bytedance asks the court to block President Trumps ban has the deadline comes ever closer. The details are ahead. This is bloomberg. Haidi tiktoks chinese owner is asking a federal judge to temporarily block the trump and ministry and from removing it. One case says it has all ready been pulled. Tom mackenzie joins us from beijing. What is bytedance hoping to achieve with this injunction and what do we know about the status of this case . Execution a stay of is what bytedance is looking for. If there isnt a deal this weekend around the oracle plan, in theory their app will be pulled from app stores in the united states. That is linked to an executive order signed by President Trump affecting that app because of National Concert he of National Security concerns about data being accessed by china. What we are hearing is the case will be heard later today, if indeed we get to that point. As you said, there is contradictory reporting as to whether this injunction has been pulled by bytedance. Is arguing is the Trump Administration has overreached and this ban on the app would cause irreparable damage to the business, that it would affect them very badly and that the administration has exceeded its authority. Tencent filed a similar injunction and won that preliminary injunction, arguing a similar case and as a result wechat the app in the u. S. Has not been banned. Oracle i pointed to the uncertainty. It still needs to be signed off and needs crucially the backing of china. Shery also complicating the tiktok deal, chinas shifting stands on that agreement . What do we know . Tom state media, including the china daily labeling the plan, the tiktok deal as a dirty and underhanded trick. It is a change in tone for the media, as you say. Earlier on the back of the steel we had of this deal we had others be grudgingly accepting the terms of the deal. What has changed is you have bytedance coming out after treasury secretary Steve Mnuchin described the details of this deal. 20 ownership by walmart and oracle in this new global tiktok business. The data would be held in the united states. The algorithm would remain in china and remain under the ownership of bytedance. Bytedance said we will continue to be the majority owner. Then you have President Trump saying if bytedance is the majority owner, i am not going to sign off on this deal. Consequently you have china state media saying if you are going to force this tiktok selloff to majority ownership by the u. S. , china is not going to stand for it. There are broader input patient beyond this deal implications beyond the steel, that this deal, that beijing does not want to be setting a precedent over technology and the competition we are seeing. It is looking uncertain. The opinion piece in state media saying if bytedance is forced to give up control, china is unlikely to sign off. Shery coming up, in the bag. Confident it can pocket nearly 18 billion in a hong kong share sale. Details ahead. This is bloomberg. People familiar with the impending blockbuster deal listing say the firm is confident in demand for the 17. 5 billion portion of the ipo wont be strong enough. We are joined in hong kong by our chief north asia correspondent stephen engle. What do we know about the level of certainty they see here . Stephen they are confident demand is going to hold up. By all indications, it looks like that will happen. 35 billion total listing is with the company will seek to raise in this mega ipo. 29 will top saudi aramcos billion. If Market Conditions are favorable, they could get 17. 5 billion from hong kong and 17. 5 from shanghai. Shanghai regulators approved it. We could see the listing by as early as october. Why no cornerstone investors . This is what we are hearing from people familiar with the listing here in hong kong. Because the demand is said to be high, they may save or invite those cornerstone investors for the shanghai portion of the listing to help mitigate against some of the more common Price Fluctuations we see on the mainland. Deveined in hong kong from institutional and demand in hong kong from institutional and Retail Investors could be enough. Cornerstone investors are more common in hong kong than other markets. They provide stability. Monthhange for a six lockin period. It doesnt always work out. I believe Budweiser Brewing asiapacific tried to buck the trend and got burned. Ant financial, this is a behemoth. This is a company that could be u. S. , up to 250 billion twice the valuation of citigroup. Only of the u. S. Maine financial companies, only j. P. Morgan chase would be valued at a higher valuation at 290 billion. Shery that would be the valuation of the Financial Institution or the tech company . Stephen that is the big question. It straddles both. Billionpany had 10. 7 u. S. Dollars in first round revenue. Online payments is a bulk of its business. In junelion dollars worth of online payments. They are going more into these quick consumer loans. Companies and quick consumer loans have helped chinas spending on the which in turn feeds into alipay, which in turn feeds into the Parent Company alibaba. They have the ecosystem wrapped up in tech, and now a financial juggernaut. Shery we will be watching closely. Lets get a quick check of the latest business headlines. J. P. Morgan is poised to pay almost 1 million to resolve market manipulation investigations by u. S. Authorities into its trading of metal futures and treasury securities. Sources tell bloomberg the settlement could be announced as soon as this week. The payment would end probes by the doj and the sec to whether jpm traders rigged markets. Peloton rose after amazon said it is not working with Echelon Fitness on a rival home exercise bike. Machineunveiled a 500 it said it developed in collaboration with amazon. That price is under have the tag pellet gun half the tag peloton charges. Amazon denies the link and has told hi echelon to stop selling the bike. Haidi three women have snacked senior positions under japans Prime Minister. One of them is hoping to challenge them for the leadership next year. The exec of acting secretary general spoke exclusively to bloomberg about her approach to the new role. Corner is a job in the of the headquarters. You have to keep the Prime Ministers Office and party instep. I dont think we can lead the ldp has it is. It needs internal reform. That is my role. At the same time,i stand in for the partys leader and secretarygeneral to convey to the people of this country through the media what the ldp has to offer. After eight years of the abe administration, which often talked about empowering women, we have a new cabinet with only two women in it. What message does it convey to japanese women . Even though Prime Minister abe took the lead and talked about womens empowerment for nearly eight years, i think people around the world understand how little japan is able to empower women. Lets not forget he was the first ldp Prime Minister to talk in public in parliament about how womens empowerment was needed. But both men and women need to be aware of the depth of the problem and find answers. The fact that there are so few women is a result of the fact that women are not seen as necessary in politics. That is why there are few female lawmakers. When women become cabinet ministers, unlike male lawmakers, they are required to have some skill. No one knows what this skill is. For japan to gain the diversity it needs in the face of a shanking population of a shrinking population, i want to be beside the Prime Minister to support working women. You have not been able to run in this ldp leadership race so far in your career. I believe there is an opportunity a year from now. Are you aiming to run next year . I think all lawmakers, not aim to become Prime Minister when they enter their career. People in this country dont think women are qualified to be Prime Minister. If women dont do it, we will be able to stop the population falling. That is the flag i want to waive as we head wave as we head to the next Party Leadership election. Do you think at some point japan might have a female Prime Minister . If you look at japanese mythology, women are seen as strong. Japan will have a Bright Future if women can take control in a powerful way, not just an emotional way. Ahead, we will hear from a tokyobased d. C. Fund that raised nearly 18 million from overseas investors. Its partner joins us in the next hour. Here is what markets are looking like. U. S. Futures pretty flat with kiwi stocks falling 0. 5 . This as we saw kiwi stocks at a three week i. Week high. F 1 . I futures up 1 10 o Richard Clarida says the u. S. Economy still in a deep hole. We discuss. This is bloomberg. Haidi you are watching bloomberg daybreak australia. A u. S. Judge will hear tiktoks call for President Trumps ban to be halted thursday. Chinese media say the oracle deal is a dirty and underhanded trick. Forcing an unreasonable deal on a legitimate company. The global times calls the oracle deal a gambit and accuses washington of extortion. The u. S. Is tightening sanctions on cuba. Travelers will no longer need to be allowed to bring home cigars and rum at hotels owned by the government. The president says the new measures will ensure u. S. Dollars dont flow into cuban authorities, but reach ordinary people on the island. Cuban expats are a crucial voting bloc in florida. Leader claims he has enough support to form a government. The Prime Minister rejects that and is challenging him to prove his claim. Malaysia has been in turmoil. A Subsequent Coalition has just a small majority in