Rally has fed into crude. Propelled thates price. People look beyond the covid to a look beyond to a returned to normal. Gold pretty much stable appeared bitcoin at record highs. Up about two thirds of 1 . We have a u. S. Dollar index unchanged. Lets have a look at the copper price. Copper advancing. The highest price and a more than six years. It is under president elect joe bidens formal transition. The hope is there will be a move toward a Lower Carbon Energy future. That britain the outlook for its demand. As has what is going on in china up. Joining in all of that. Lets have a look at the transition in more detail as we get over to new york and join Karina Mitchell for the first word news. Introduced biden has his foreignpolicy and Security Experts as he seeks to calm relations with International Friends and foes. The president elect is promising a multilateral approach, reversing the America First tragedy of the Trump Administration. He will prioritize ending damaging executive orders and investigations into President Trump. Steven mnuchin is putting into an account. He is planning to put 455 billion into the general fund, which could make it hard for janet yellen to access on her own. The Joe Biden Transition Team called the demand for the return of the money deeply responsible. Japan and china have reached agreement to lift some virus travel restrictions, restarting flights for Business People by the end of the month. The Chinese Foreign minister will meet with the new japanese minister. That is ahead of jode bidens inauguration next year. The two sides remain far apart on disputed islands in the east china sea. The chinese premier says he expects the economy to see positive growth despite the sharp downturn in the first quarter. Speaking after talks with the world bank and the imf, he said china has been hit hard by the virus but is on the path to full recovery. He reiterated that further reopening and allowing consumptions to play a bigger role will not drive expansion. As the end of the year approaches, based on current data, we can say with certainty and confidence that chinas economy can achieve positive growth in 2020. We look forward to a reasonable operating range next year. Karina 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. Extending stocks are wall street gains as news about joe bidens transition boosts sentiment. The msci all country index is on track for the best month since its inception 30 years ago. Its get more on this rally lets get more on this rally. Thank you for joining us. Our markets eating ahead of them are markets getting ahead of themselves . I think the market has good extend this risk rally because now we have clarity of the peaceful transitions of the new leadership in the u. S. We have positive vaccine development. Havelikely we would deployment of vaccines and a the first half of next year. Have key risk events of the u. S. Election totally behind us. Investors focused on the recovery outlook and we do have and we do expect economic recovery would sustain with accommodative Monetary Policy remaining an effective backstop for the financial market. We wouldhe risk rally prefer next to go. More importantly, earnings recovery in 2021 would be a key fundamental for the risk sentiment. So if you see that continued rally, how do you allocate to be best positioned for that . I know you are overweight in the u. S. Where in the u. S. Is looking attractive for you at the moment . A we have had a shift to cyclical sector. Positioning in the quality growth stock. Fromecent sharp rotation quality to value stocks have driven strong rally of the small and cyclical counters. We still stick with our portfolio strategy to focus on the structural growth winners. Sectork the technology would have further room to deliver outperformance because the structural trend [indiscernible] would likely stay after the crisis is over. We are currently overweight industrial, i. T. , materials, health care and Communication Services sector. Upgraded Consumer Discretionary in the u. S. Market to better position for the post Pandemic Recovery. Rishaad just to get your feel here, if we look at emerging markets, we cem asia outperforming the other gambit other e. M. Markets. How long can i go for . What are they looking for in particular . Where are they finding value . I think the asian equity sustain other parts of em mainly because of the leadership of asia in the current rung of Global Economic recovery and with the strong rebound in Economic Activities in china, this will further reinforce the recovery momentum across the region and we are expecting around 25 earnings marketsn asia equity for 2021. With the signing of the Regional Comprehensive Economic Partnership that is the Worlds Largest free trade bill, this is going to promote intraregional thee and also enhance revamping of supply chains within asia. This is going to reinforce the recovery outlook of the region. This will bode well for asian equities as well as asian credit market. Rishaad some would dispute that we would have that we have had at least one test on the program saying it is a lowquality trade deal and it does not move the dial because many of those socalled items which have become free of freefs were in fact also of tariffs in the past or subject to minor ones. The question is, are people looking at that bill with perhaps too much optimism . We just look at the absolute magnitude of the tariff quota,on or removal of it does not seem dramatic in terms of change. The freetrade deal would actually add momentum to the intraregional trade in tandem with the revamping of the asian supply chain. We do think that even after the u. S. Election, we do not expect a quick uturn in u. S. China relations. This means that the trade uncertainty between the u. S. And china would likely linger on. This would actually provide a seekyst for china to opportunities to reconfigure its own supply change supply chain as well. We would expect china to import more from the rest of asia. Strong believe that structural growth within the region the power by the strong fundamental in the region reopening andthe the rebound in Economic Activities going into 2021. This will actually provide a strong investment appeal for asian asset class, especially for those economies which are wellpositioned for the economic recovery. China is going to kick start with the fiveyear economic cycle. The plan will kickstart next year. This will add additional policy initiative to support the domestic consumption growth in technology upgrade. Growth and technology upgrade. This would be an additional driver going into the new year. Thank you so much for joining us. Much. You so we are a couple minutes away from left off from spacex. Nineve the falcon hunting at 16th starling commission. A little bit of wind at the launchpad. This could delay it slightly. At the moment, this is what we are watching out for. The falcon nine launching its 16th starling mission. We have these webcast images just before liftoff in Cape Canaveral in florida. That is what we are looking at at the moment. The spacex at the moment. The first altitude test as well. After success last week with the International Space station. We have another lunch. Another lunch. Tom we are being told the fuel is now loaded. This will be the seventh flight for the reusable falcon nine rocket. That is the key part of the spacex project is these reusable rockets. This is the seventh flight for this particular falcon nine as we count down to the liftoff at Cape Canaveral in florida. We know that the fuel has been loaded. H was talking about the weather conditions. We are a few seconds away from the launch in florida. You see some steam from the side of the falcon nine. Rishaad of course, against the background last time of elon musk actually witnessing the successful launch. He became the worlds second richest person as a result. I believe we have a countdown. We have about five seconds to go before liftoff. There we go. There we go. Falcon nine launching. Taking some 60 satellites into space. Literally up quite into the sky. We have blastoff. It is the 16th starling commission. The seventh flight of the falcon going into the clouds above as you can see in the lefthand as of, speed increasing course naturally and obviously altitude is as well. Successful launch thus far at least. Wishing them well. Turning to some other stories. President elect joe biden has introduced the team of foreign. Olicy experts he wants he is promising a multilateral approach to the pandemic and Climate Change to, relations after to calm relations after Donald Trumps presidency. It is a team that will keep our country and our people safe and secure. It is a team that reflects the fact that america is back, ready to lead the world, not retreat from it. Once again sit at the head of the table. Ready to confront our adversaries and not reject our allies. Ready to stand up for our values. Rishaad we are joined by jodi schneider. Bidens National Security team has been chosen, what does it look like in terms of what we can expect and especially how they will approach beijing . The america is back aligned seemed to be a direct the trumpe of administrations approach to Foreign Policy. When joe biden is seeking to do in the choices and the rhetoric is to say we are going to engage in a much more traditional kind of style of working with our allies, of basically trying to engage people on the International Stage in a diplomatic way rather than saying we are just not going to engage and we are going to basically send things like tariffs as Foreign Policy. The Biden Administration is expected to be tough on china. That is not expected to change the Trump Administrations china. Even in Biden Administration, though people like tony blinken who he has named as his secretary of state if confirmed are the kind of people who have a lot of Foreign Policy experience. Tony blinken was a deputy secretary in the Obama Administration for the state department. It is clear he is looking to experienced Foreign Policy hands and looking at a more traditional way of dealing with allies and adversaries on the world stage. I want to ask about the treasury putting aside the treasury just reporting we are expecting to see these boosters from the falcon nine rocket landing. Of course, it is as we know the seventh flight for the falcon nine. They have launched about 60 satellites, bringing the total in orbit to about 900. The booster is scheduled to land on the flooding platform in 44 seconds. Any now is what we are being told. Any time now is what we are being told. Just before the shutdown of the falcon nine upper stage engine. It will deploy the satellites and it will pass four minutes past take off. We are seeing those images of the boosters and we are waiting for them to land on this drone as spacex calls it. They expect the separation to take place any minute, any second now. They will be targeting a landing on spacexs drone ship, which is called of course i still love you. It is northeast of Cape Canaveral. The booster scheduled to land on that platform about eight minutes into the mission. 44ple as eight minutes and seconds. That is moments before the shutdown of the falcon nines upper stage engine. Link0 flap panel star satellite, that should take 14 minutes after liftoff. We are four minutes into the rocket landing. Three minutes to go before we see the boosters return to earth and land on the flooding platform, which is called of course i still love you, the drone ship. Tom. Yeah, we are still on these pictures of the rockets as part of the falcon nine, waiting for the boosters to part from the rocket and land on this drone ship. Some pretty impressive pictures and of course, at the moment they start to depart or detach and land on the drone ship, we are going to bring you those images. So far, it seems it is another successful launch for spacex, adding to the number of satellites in orbit. The total they brought up today was 60 satellites for this mission. We can listen in to some of the commentary from the spacex team. First stage is continuing to but nd it uses nothing for that steering and occasional nitrogen gas bursts for attitude control. Side of thehand screen, we will see the entry burn beginning. And entry burn has begun. This will last for another 20 seconds. Again, this is the first of two maneuvers that the first stage will perform tonight. Entry burn shutdown. Shutdown of first stage entry burn. Designed to slow the booster down significantly as it reenters the upper part of the earths atmosphere. The next maneuver will be the landing burn. It is the final one where we tognite one single engine make a soft landing on top of the drone ship. Earlier, this is the seventh we just hired the booster is no transonic as it is entering the earths atmosphere. This is the seventh successful launch for this booster and that will make this the seventh recovery attempt. Everything is continuing to look good on the second stage. Engine has begun to throttle down. Landing burn startup. We heard the call that landing burn has begun. We should see that coming to this green momentarily. Two the green momentarily. Landing legs have deployed. Landing legs have deployed. Here it comes. All right. , thise seventh time falcon has landed. 61st successful recovery of a falcon nine first stage. As the smoke clears, we can get a good view. We just heard the call out that we had second engine cut off one. At this point in time , thefor the seventh time falcon nine boosters landing on the drone ship after a successful launch of the falcon nine rocket, which was taking 60 satellites to the star link mission. Adding a total of 900 satellites. Another successful launch and another successful recovery for spacex. Lets switch back focus to the stimulus conversations in washington and what Steve Mnuchin is doing to make life potentially more difficult for janet yellen who is the nominee for treasury secretary under the Biden Administration. What is happening in terms of the stimulus . Why and what is mission doing what is Steve Mnuchin doing . It is about 465 billion worth of unspent money from the care act, which is the stimulus let earlierad been this year. He is putting it in fund that janet yellen if she becomes treasury secretary will now to help theto use economy. She would have to get congressional approval. Steve mnuchin claims he is not trying to make things more complicated for the incoming Biden Administration and get in the way of their economic revival attempts democrats say that is just what he is trying to do. The Biden Transition Team calls it deeply responsible to make that money unavailable to the next treasury secretary and that he is playing politics with the economic recovery of the u. S. Democrats are saying this is an illegal move. The white house and the treasury secretary is saying it is perfectly legal. He is trying to do this to make the money available in a general way to make the money available for the treasury. This is yet another of the skirmishes we are seeing between Congressional Democrats and the Current Trump administration in about six weeks into the Biden Administration will take over on january 20. President trump has refused to concede he will load he has lost the election. Clockore wrangling as the ticks down on the trumpet administration. Lets bring you the latest headlines. Smartphone maker shall me has followed us has posted its fastest growth of revenue rate. To 11 billion with more than half originating out of its home market for the first time. It has been a major beneficiary of the u. S. Drive against huawei. J. D. Health has released details of its Hong Kong Ipo to raise around 3. 5 billion u. S. Dollars. It is going to offer 382 million shares. Six cornerstone investors have agreed to subscribe to around 1. 4 billion of stock including Singapore Wealth Fund gic, hillhouse and blackrock. Pricing is expected december 1. Listing on december 8. Rishaad we are also talking about a santa claus rally. We may be getting it early. Global equities on course for their best month ever. The rally picking up steam wednesday. We have shares across the asiapacific on the way out. Equities leading those gains. , closes on sentiment wall street. The formal start to President Joe Biden president elect joe bidens transition. Pattern, we have bed news being shrugged off trade we have Services Producer price index falling below zero for the First Time Since 2013. The largest drop we have seen since 2012. That is a look at ppi. On top of that, the bond market in focus as we get 40 year bonds. P. M. Forts are 12 35 the auction. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more th