On whether to support the impeachment inquiry against President Trump. Lets get you started with a quick check of the markets. We are seeing u. S. Futures Holding Steady after the s p 500 closed at a record high, taking out its july alltime high. We had trade optimism with President Trump signaling the signing of a deal may be ahead of schedule. At the same time, a heavy week for earnings. More than 160 Companies Reporting this week, about a third of the s p 500 companies. 80 of the around 200 companies that reported have beat analyst estimates. We have tech and also communication stocks leading the s p 500. Today, the nasdaq gained 44th consecutive session. The Energy Sector weighing on the energy. Wti crude falling for five days after we have had signs of u. S. Stockpiles expanding. To see how things are shaping up for asia, sophie. Sophie the stock rallys look set to continue in asia. Aussie futures approaching record highs. Valuations in the region. Singaporeth korea and with a strategy of mixed value and growth plays. Japanese stocks will be looking at the boj for clues on whether to buy into financial shares. Earnings season rolls on. We will get numbers from several companies, all on the docket. In australia, coles First Quarter sales are due. Muchl minors will be very on watch after indonesia surprise with an early export been on nickel. Lets check in on bonds early this tuesday. After mondays moves which saw chinese 10 year yields jumped the most since april. Cracks in chinas bond market will have traders watching with 35 billion in maturity. We are seeing aussie 10 year yields up by about five basis thets as we are awaiting on Central Bank Governor do to speak this morning. Haidi Sophie Kamaruddin in hong kong. Lets get the first word news now. Ritika Boris Johnson will try again on tuesday to get parliament to allow an early election. To get the two thirds majority failure to get it through. Force johnson will submit a similar version of legislation which will propose a date for the election that will need only a simple majority to be approved. Earlier monday, the u. K. Accepted a threemonth brexit extension offered by the eu. That eliminates the possibility of a no deal exit this week. The house of representatives will take its first votes thursday on whether to support the ongoing impeachment inquiry of President Trump. The vote aims to nullify republicans main complaint that the inquiry process is illegitimate. It will be the first chance for all house records to be on record of supporting or rejecting the impeachment process. The European Central Bank President mario draghi has hand over the baton to Christine Lagarde in the form of this golden bell. Lagarde will take the helm this friday. It is traditionally used to call for Central Bank Policymakers to order. Speaking of the hand over, draghi signed up for the call of more fiscal action to stabilize the regions economy. Today, we are in a situation where low Interest Rates are not delivering the same degree as in the past. Because the rate of return in investment in the economy has fallen, Monetary Policy can still achieve its objective. But it can do so faster and with fewer side effects, negative side effects, if fiscal policies are aligned with this. President e chilean has fired eight members of his cabinet following 10 days of riots and protests. The interior, finance and economy ministers were dismissed. The president named a younger team to replace them, saying the government has a loud and clear message of protesters who wanted more fair and more inclusive society. Global news 24 hours a day on air and on tictoc on twitter. Powered by more than 2700 journalists and analysts. This is bloomberg. Shery thank you. Lets dive back into the market action. A combo love bullish events from strong earnings to merger news to optimism over u. S. China trade deal, pushing the s p 500 to a record. Su is here with more. We have seen it come very close on the past few sessions but finally, the s p 500 taking out its july record. Su one strategist said when you have stocks hitting new records, there is optimism all around hitting a lot of investors and we saw that in the rise. Lets take a look at some of the big movers. What you will notice is the size. The beneficiary of merger news. Lbmh making a bid which boosted the stock. At t benefiting from a board shuffle. Microsoft benefiting from a contract, a big pentagon contract. Pg e moving on another direction on consume of liability with these wildfires that are raging across northern california, and even hitting downtown l. A. Take a look at some of the other big moves. China came out and said it is making these bond buys. Really boosted a lot of chicken related stocks. Tyson foods. Qualcomm pacing the gains of the semiconductor stocks. A lot of this related to the trade news. After hours, very big news. Two marking names. Alphabet down on some factors we will get to in a minute. Beyond meat posting a profit. Their sales were up significantly, however concerned about the lockup period expiring. Quickly on the bloomberg, hasles website news continued growth but that is not the issue. Their heavy spending on Cloud Computing business denting a lot of the earnings. They have future growth and that is resulting in operating income almost 3 below the expectation. Haidi another big week, big day for boeing. The ceo preparing to speak to the senate later on tuesday, excited to say his company made mistakes. How are we imagining the stock will react . Su we are not expecting the senate to give him a warm welcome. Some believe it can be very harsh and that could impact the stocks indefinitely. It has been down in a big way, from its peak this year. We know we made mistakes is part of the advanced testimony we have that we know mullen berg, the ceo, will be giving to the senate. He says we have done some things wrong. We own that. He is expected to say we are fixing things. The questions are likely to be what the date no, when did they know and to delve into these mistakes. Again, tuesday and wednesday, big focus for boeing. Shery thank you so much for the latest on the markets. Joining us now for more his wells fargo Senior Management manager, margie patel. How much of this upside we are seeing in the stock have to do with the trade war being priced in, potential fed rate cuts this week . And how much of it has to do with actual earnings . Margie earnings have been pretty decent. We have had some ups and downs but Even Companies that had a little shortfall, it is very much attributable to foreign currency, more capx. Or more importantly, they are keeping the fullyear earnings intact. Companies are pretty optimistic. I think it shows the uptrend we have in the economy since the fed began cutting rates and i think that will continue to drive the markets for the rest of the year. Shery we have seen this uptrend on the russell 2000 with small caps that have largely underperformed the broader market. This chart on the bloomberg showing the russell 2000 is now above its 200 day moving average, perhaps moving back to the 1600 level. Can we expect more gains for these u. S. Centric companies . Becauseyes, i think so it looks as if the u. S. Is going to grow probably close to 2 for gdp which is pretty good when you look at Global Growth and slowdown. We have the advantage of the fed continuing to provide liquidity, very sensitive to the economy and financial markets. They will not slam on the brakes and slowly economy. I expect to see these surprises to be on the upside for sales earnings and company outlook. Interesting an pattern we are seeing in terms of growth versus value stocks. I want to pull up this chart on the terminal, looking at American Value stocks rally into a record. This is we have seen faster growth names falter. Is this uncertainty as to what the fed does beyond this week . We know when it comes to another move in december, there is more uncertainty. Shery right, it seems like you are not getting her question. She was asking you about this sector rotation we are seeing from growth to value, so what can we expect . Margie i think growth is going to continue to lead the parade because that is really where growth is in the economy. That trend will continue. I think it is more people looking over for bargains, looking over for companies that may be have been left behind that didnt have spectacular growth. I think we will see that. As people become more optimistic, that is why you are seeing small caps moving ahead. The russell 2000 is a great example of that. Haidi if you can hear me this time, im wondering as we have seen so much optimism and calm priced it because of the expectation of the phase one deal, the confidence that President Trump is displaying at the moment. What about phase two . Is it also going to start the idea of pricing in what other assets are going to rally coming a little quicker than what we thought . Margie i think that the trade pact is going to have a very marginal impact on longterm 2 10 of 1 maybe increasing optimism but i am not really looking at that as the main driver. I think we are going to see a rotation by u. S. Companies away from china, pretty much regardless of the trade talk what is more important is what is the outlook for the market, it is pretty good. The fed is being supportive. That is why i think you have to look for the surprises on the upside. Haidi what really comes in terms of sparing the next leg in this rally, given we are at the end of the cycle . Do we need to see the Economic Data impress a bit more . Margie it looks as if we have really put a much hit the bottom in some sectors and we should actually be near an inflection point. If you look at the market, we have the fed cutting rates premuch all this year. It takes a while for that to feed into the economy. We have had other Central Banks that easing moves this year. I think we should look forward to starting to see in the Fourth Quarter some pick up looking for 2020 and let about of acceleration in growth. I think the worst is pretty much behind us in Global Growth. The upswing may be small but i think it will be sustainable and will continue into 2020. Shery is that why we are seeing cyclical fever with the breakout of the s p 500 industrials . Margie yes, they have had a very convincing recovery. They are looking more like longterm growth stocks. I think it reflects the fact the earnings are up. Decade, they have fundamentally restructured so they are in a better position to improve their Profit Margins or keep them high. They are very flexible in sourcing their Raw Materials and their components. I think we should look for Profit Margins to stay very high. I think they may will of continue to be above average for the next year. Haidi always a pleasure having you on with us. Margie patel there joining us. Still ahead, House Democrats set to vote on whether to go ahead with an impeachment inquiry of trump. We are joined with more on that. Shery Boris Johnson loses his third bid to call an early election, but a december vote could be in the cards. This is bloomberg. Haidi we are counting down to the start of trading in sydney. Expecting the asian sessions to carry on the optimism from u. S. Stocks. Building towards that optimism, implications potentially for a trade deal being signed into agreement sooner than expected. We are getting pretty solid corporate earnings as well as fet expectations this week of another cut. Futures just shy of. 5 of the open today. Im haidi stroudwatts. Shery im shery ahn. You are watching daybreak australia. Boris johnson will try again tuesday to get parliament to allow an early election after failing on monday to get the two thirds majority he needed to push it through. That after the u. K. Accepted a threemonth brexit extension offered by the eu, eliminating the possibility of a no deal exit this week. We are joined on the line by jess in london. Mr. Johnson not giving up. He says he will try again, so how long will you need to wait . Guest we could have an answer potentially as soon as tuesday. The reason Boris Johnson has tried three times now since he became Prime Minister in july and failed to get an early election is because the law requires he needs two thirds majority in parliament. What he is likely to try to do tomorrow is try to amend that law so he only needs a simple majority, half the house, to back that. It is looking quite likely that he will indeed get that. That proposal was first put forward by some of his opponents and they have tweaked it a bit. It is still up in the air whether his opponents, the democrats and this national ty, will be able to upset whether they can accept that is really the main question now. Haidi what is the biggest risk then if this does finally get through . Over at the moment is a fairly simple framework for brexit, is the biggest risk is that it opens up and becomes extended again . Jess well, i think the government sees that if we dont have an election, brexit could be extended well because parliament voted against no deal and has not been able to pass any other deal. Three times, they did not vote for theresa mays deal when she was Prime Minister. Johnsons to boris deal as quickly as he wanted it. They are saying brexit will be extended either way. What we need is a majority of probrexit mps in the house of commons to push through a deal or no deal quickly. Shery even if you get a snap general election, what are the chances Prime Minister johnson gets what he wants given how fractured the state of the u. K. Political system is at the moment . Jess great question. Things are really uncertain at the moment and that is because of brexit. Lastof all voters in the 10 years have not stuck with one party. Beenin for decades has loyal voters sticking with certain parties, but now things like the financial crash into thousand eight and brexit means people are looking around at some of that will give them answers to specific problems. We have seen a series of electrical shocks over the last elections. Boris johnson is doing well in the polls at the moment. It is becoming harder and harder to trust the polls. Shery thank you so much with the latest on brexit. You can get a roundup of the stories you need to know to get your day going in todays edition of daybreak. Go to your terminals. It is also available on mobile on the bloomberg anywhere app. You can customize your settings so you only get the news on the industries and assets you care about. This is bloomberg. Haidi this is Bloomberg Technology global link. I am howdy stroudwatts in sydney a long time shery ahn int new york and taylor riggs in san francisco. Lets take a look at the top level tech stories. Taylor the u. S. Federal Communications Commission is planning a vote on whether to bar huawei from a government subsidy program. The proposal restricts wireless operators from buying why we equipment and requires some Telecom Giants to ban any gear they may have installed. Huaweis u. S. Customers largely rely on federal subsidies. The fcc is set to vote november 19. Spotify jumped the most since its first day of trading after adding more subscribers than expected in the Third Quarter. The music streaming giant added 5 million paying subscribers in the quarter. The overall base is 113 million. Spotify has been spending heavily to maintain its lead over apple and amazon, and claims to be growing more quickly than both of them. An ipo in hong kong as soon as the First Quarter of next year. The chinese startup that owns tiktok chose hong kong over new york. The report says it will sell its u. S. News feed business and hire a chief officer with links to washington to counter u. S. Concerns. Those are the top global tech stories we are watching. Shery alphabet shares are settling down around 2 in late trading after reporting Third Quarter results. Investment in googles Cloud Computing business which is trying to catch up with apple and microsoft weighed on earnings. Gerrit de vynck joins us in the studio. We just finished up a Earnings Call. The chart on the bloomberg the website and revenue continues strong growth but it is the cloud that may be weighing on the company. Tell us a little bit of what is happening. Gerrit two major themes and depending on your quarter, the core advertising business doing quite well. Growth is actually accelerating after decelerating the beginning part of the year which was a big concern for people at the beginning of the year. This time, they are maybe not as excited about that and more focused on cost that continued to grow. This company is hiring thousands of people every quarter. This quarter alone, more than 6000 new employees. Those are engineers and salespeople mostly on the cloud side. They are trying to build products really quickly to complete on the offerings of microsoft and amazon. And to actually sell market share. Idea at a we have any distant third what else they can do to keep up with amazon and microsoft when it comes to the cloud . Gerrit i think google would argue they are doing everything they can and they dont need to catch up tomorrow. Theres obviously a very big market. Cloud services is going to keep growing and growing. A third player can do quite well even if amazon and microsoft continue to grow. There was one comment from the ceo saying they are still focusing on actually building up their product offerings. I think you might see a few smaller acquisitions from google. This Company Still has to kind of build out new things. There are certain product areas they cannot even compete, that they cannot even say our product is better than amazons product because they dont have an analogous product. There is the sales cycle but also the engineering cycle in building the new products. Shery will any of those products include fitness tracking . Any on that rumor of fitbit . Gerrit google made an offer for fitbit. Google is not talking about it. We spoke to the cfo. She said it was a rumor, she did not want to talk about it. Hopefully we will get some news either way on it. Taylor quickly, any antitrust concerns . Gerrit i think investors, although it is in their mind, something they are not really concerned about. They are looking at growth, looking at cost. There was one comment from the ceo about antitrust investigations, saying we think we have made the world a better place for consumers and small businesses. He said some of the new businesses they enter into, they are taking market share and 90 might be one of the criticisms. Thank you. Ett event, that was Bloomberg Technology global link. Dont miss Bloomberg Technology 5 00 p. M. New york. Plenty more to come on daybreak australia. This is bloomberg. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. Save up to 400 a year when you switch. Plus, get 50 off when you buy any new lg phone. Xfinity mobile. Click, call or visit a store today. Haidi it is 9 30 a. M. In sydney. The market open 30 minutes away. Futures pointing to a pretty upbeat open. Once the staggered start begins. We did see some optimism trickling through in the u. S. U. S. Stocks rallying on prospects of solid corporate earnings. President trump suggesting the phase one many trade deal that china signed quickly than expected and things progressing well. Weak when it comes to Monetary Policy expectations. We are also on bank of japan watch as well. Im haidi stroudwatts. Shery im shery ahn. You are watching daybreak australia. Lets get the first word news. Ritika bowling ceo Dennis Muilenburg is set to admit the plane maker design mistakes on the grounded 737 max 8. He will testify in front of the senate on tuesday. According to the advanced copy of his statement, he insists the Lessons Learned will contribute to savor aircraft in the future. The testimony coincides with the oneyear anniversary of the lien air crash which killed 189 people. Israeli Prime Minister Benjamin Netanyahu says his country is being targeted by iran. He says iran has placed missiles in yemen that can hit any target in the middle east within a radius of five to 10 meters with the goal of hitting israel. Speaking before a meeting with u. S. Treasury secretary Steven Mnuchin in jerusalem, netanyahu claimed tehran wanted to set a more missile operations in iraq and syria. Now a top pentagon advisor argues u. S. Restrictions on recruitment and information sharing with the country are counterproductive. University stanford calling for access to chinas top scientists. The Trump Administration weighing more export bans on Critical Technology fields. Chinas ban on individual travel to taiwan could see the number of visitors to the island fall for the First Time Since the sars outbreak of 2003. 26 ade traveling down to in december. China banned individual travelers from traveling to taiwan entire lif in july. Global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Shery thank you. The Australian Market opens at the top of the hour. Lets turn to sophie for what to watch. Sophie aussie bonds already on the move and we are seeing the global selloff continue with aussie yields climbing four to five basis points. This morning, another grim read of Consumer Confidence in australia. When it comes to stocks to watch, bhp in view with the copper mine in chile another hall of operations. Nickel minors on watch after the indonesian government and local producers agreed to stop nickel exports immediately. Chinas imports rose to a fiveyear high december. Postings on watch after First Quarter sales. The company indicated probable sales growth which is turned into what we are seeing the last three months of fiscal 2019. On watch after the First Quarter profit downgraded, fourth profit downgraded in 2019 which prompted ratings. Citi cut the stock to neutral and cut the target by more than 30 to 2. 90. The Company Seeking to raise funds at a discount that is uninspiring. Haidi Sophie Kamaruddin in hong kong. Lets get more on what we are watching as trading gets underway in asia. Andreea papuc is with us. Volatility is very low across this part of the world. We have two big Central Bank Decisions this week. Andreea that is right. We are likely to see some gains today after that record on wall street that i think investors will be faring bets and the boj. The reason where we s that is equity swings have really gone out of the market. We have a chart that shows the realized 30 day volatility for the index is now at its lowest since early may. Anything can happen, it is very hard to read this market but it is worth noting there has been some positives that have soothed investors to some extent. Trade, brexit earnings out of the u. S. Have been somewhat better than expected. Still, the outlook is deteriorating with the Fourth Quarter forecasts. A brief respite but hard to say what we are going through here to the fomc. The fed largely expected by the market deliver the third rate cut this year. The big question will be where do they go from here . That is what investors will be looking for. Is this going to be the end of this rate cutting cycle or fitted leave the door open for more . That is definitely going to be a big focus for investors after that fed meeting this week. Move, with this risk on we have seen the selloff of chinese bonds continue with the 10 year yield jumping the most since april. How far can it go . Andreea hi. That is right. We saw tat acceleration in the selloff in chinese bonds yesterday. It was the biggest jump in yield since six months. A few reasons for that, and one of the main ones is this expectation and this hope of some sort of a trade deal. On a more technical note, the central bank yesterday refrained from using a target tool to inject oneyear cash into the system. That effectively took some funds out of the financial system. Investors are paring bets of some ingressive Interest Rate cuts in china. All of those things came together to see the selloff in chinese bonds. Also worth noting, it is not in isolation. We have seen that jump in u. S. Treasury yields, the 10 year yield at its highest. Yields in australia also jumping higher. Andreea with us. For another look at the charts, you can head on the bloomberg terminal. Shery lets now turn to beyond meat that has had some sizzle in his latest earning reports. The plant based meatlike company has posted profits, crushing revenue estimates and boosting its outlook. Shares are down more than 9 at the moment after hours. Tatiana follows beyond meat. What is hitting the stock . Tatiana it is almost like an earnings deja vu for investors because what they are eating is what happens tomorrow, it expires in six months. They are both awaiting to see if they will finally lock in some gains and sell shares. Haidi looking deeper into the numbers, the company in terms of its performance last quarter, how did it compare to the previous period . Tatiana some strong results. Millioncame in at 92 compared with estimates of 82 million. At 92 million, up 250 yearoveryear. They also boosted the forecast average 275 above the analyst price estimate we have on the bloomberg. Also strong but that was largely expected. Analyst estimates were much higher than the company was forecasting before earnings two. Biggesthat was the focus on the Earnings Call . Tatiana a lot of it on competition. Not had a, they have lot of partnerships. Dennys this morning, mcdonalds. Has alsost competitor extended the partnership with burger king. Competition is heating up and that was the main question during the call. The ceo has said has not seen any evidence that interest is diminishing in his product. He even got in front of that and said it in his prepared remarks. Haidi was there much discussion about International Plans . Tatiana a lot of it, yes. Beyond meat said it wants to aggressively expand in europe and asia. And sell to be there and manufacture in europe. We will hear more about that soon, the ceo said. 18 of the figure as beyond sales come from outside the u. S. And canada so that is a big focus. Meat, beyond borders. Thank you. Coming up next, the impeachment fight is escalating as pelosi prepares for the first house vote on the inquiry. We will be getting you the latest next. This is bloomberg. Haidi i am haidi stroudwatts in sydney. Shery im shery ahn in new york. The house of representatives will take its first vote thursday on whether to support the ongoing impeachment inquiry of President Trump. The vote aims to nullify republicans main complaint that the inquiry process is illegitimate. Joining us now for the latest is joe sobyck. We have the white house going on the offensive saying this is finally nancy pelosi admitting this was actually illegitimate. Joe the republicans have declared victory somewhat in this. Essentially what policy has done is she is challenging the main rationale from the white house for his refusal to cooperate with the inquiry. I had argued that without a house vote they had argued that without a house vote and all the hearings done behind closed doors that it was not a valid investigation. The House Democrats are getting set to battle over some testimony of current and former officials, as well as seeking documents. This also will set up some procedures Going Forward for what the house will do as far as the impeachment process, including public hearings and the eventual referral to the Judiciary Committee to draw up articles of impeachment. Earliere also learned that senator marco rubio was planning a bill to block federal pensions investing in china. What do we know . Joe this has been bubbling up for some time. The board that runs the federal savings plan which is the 50 billion retirement account for federal workers which includes military and civilians, they were planning to create an index fund that mirrored another all country index that included Something Like 7 of its investments in chinese companies. They have put off that decision and in the interim rubio has said he will introduce legislation to block them from doing that. The big concern is that the of federal employees Retirement Funds have been investing in companies that potentially might be acting against u. S. Interests. Whether it is through surveillance or spying, or otherwise challenging the u. S. Economic interests. This does have quite a bit of support both from the administration, democrats and republicans. It does not have any sponsors. It is still a ways off but it is probably enough of a threat for the savings plan to hold off action. Haidi thank you so much for joining us, joe. Lets get back to the impeachment story with veteran political strategist joining us now. Hoover institution director of domestic policy. Great to have you with us. Is there a sense we are finally getting momentum behind all of the talk of impeachment . Do you think even though we are seeing record stocks hit record highs that there are people out there underplaying or under appreciating the amount of Political Risk . I dont believe so in part because i believe the outcome is somewhat preordained. Republicans have always indicated that the vast majority of them are going to be supporting President Trump and voting against impeachment in the house of representatives and voting against removal in the u. S. Senate. I think markets have figured out exactly where this is headed. I do think we are going to see a lot of turbulence in terms of the rhetoric and backandforth, but the fundamentals in terms of what will happen, that i think is relatively preordained and productive all. Haidi does it build momentum for 2020 . We are hearing from a lot of veteran investors, one of the latest to come out and say i potential Elizabeth Warren victory means a 25 tanking when it comes to u. S. Stocks. A lot of people starting to navigate the possible of a warren does. Does impeachment noise build a mental for a Democratic Campaign . Lanhee i think the more we hear negative about President Trump and the more that comes out about the situation with ukraine, those are not helpful things for its campaign, no question. We have to take a step back and realize that for most americans, their view of dental donald is relatively predetermined. Additional things we hear in the impeachment proceedings may affect things slightly on the margins but i dont see that impacting what i think will be an economy driven election. The state of the economy is ultimately going to affect peoples views of President Trump and whether they vote for him or not. In that sense, it is fair to worry if one is an investor about the impact of a warren presidency but i see that as being less likely event. First, she has to get through the primary and then beat President Trump and a time of relative economic success. Shery what is interesting is polls are showing there is more American Public support for the impeachment process then there was for the mueller investigation. Does this change the dynamics a little bit . Lanhee here again, i think it is important to understand the National Polling on impeachment is one thing. You are right, there is more public support for that. If you look at specific statebystate polling on impeachment we are starting to see this come out in states that are crucial to President Trumps reelection like michigan, wisconsin and other states like that, what we are seeing is there is support for the inquiry. There is support for people learning more about it, but still a majority oppose removing President Trump from office which suggests to me at least that is support for impeachment is much wider than it was deep. If you look at states specifically, there is much less interest in removing President Trump and that gives one a sense he is still doing relatively better in these swing states that will determine next years election. Shery when it comes to the swing states or trump districts, how big of a risk is the fact the democrats are going on the record with a public Impeachment Vote when there are low makers lawmakers that have to run in those states or districts . Lanhee this is why nancy pelosi wanted to avoid this public vote for as long as possible because it does put vulnerable democrats on the hook. Theyve got to be on the record now stating whether they support or impose oppose the impeachment process. That will be challenging in districts where things look marginal. At some of these districts in Southern California where democrats won by a very small margin. That vote on impeachment could affect their ability to get reelected. This is something nancy pelosi wanted to avoid. The question Going Forward is how these votes will impact the marginal members on the house side. Haidi it does seem like soonernt trump might be than quicker claiming victory, saying we are ahead schedule of signing the phase one deal. Does that tell you that phase ii might come sooner than expected or is that a different amount because they are not the easy, low hanging fruit issues for phase one . Lanhee that is right. I think phase one will get done when we get to probably the apec summit coming up in chile in a few weeks. I dont think that means phase ii is shortly after it. Quite frankly, the issues that remain have always been the more challenging issues. The broader questions around intellectual property theft, policy. While systemically important to the u. S. China relationship, they are not important enough to necessarily create more tension as we get into an election year. My view has been the president wants a victory on u. S. China phase one. There is no real reason for him to poke the bear and tried to look for additional concessions from the chinese which could only set off more alarm bells on the trade front. Haidi is it a big enough victory for his opponents not to be able to use china . Lanhee i think the president is very skillful at whatever he might have done that is an accomplishment, making that into something that is potentially bigger than it actually is. I think the u. S. China trade relationship is an example of that. I would expect him to advertise it big and that would be enough to take it off the table for his opponents. Shery always great having your insight. Thank you. If you missed any part of that conversation, tv is your function. You can watch live and catch up on past interviews, dive into any of the securities or bloomberg functions we talk about. Become part of the conversation by sending us instant messages. Check it out. This is bloomberg. Shery i am shery ahn in new york. Haidi im haidi stroudwatts in sydney. Thats get you a quick check of the latest business flash headlines. The french owner of the Louis Vuitton confirmed he held talks with tiffanys about a takeover. Tiffany shares closed more than 30 higher on monday, the biggest single day gain ever as analysts say the jeweler may attract bids. Tiffany is advising shareholders to take no action. Shery chinese buyers may have found a way to get canadian canola oil after beijing banned direct imports earlier this year. Farm link says canadian canola is being shipped and exported to china. 533 shows exports jumped in september. China was the top importer of the edible oil from canada before relations broke down and shipments were banned, citing pests found. Haidi billionaire is settling up to 24 billion of Digital Services Holding Company to dominate the indian ecommerce sector. The investment are reliant ofture followed by a series cash injections to make it almost debtfree by march. The move sees it further move from Petrochemical Services and will build a platform to challenge flip cart. Richard bransons Virgin Galactic holdings give the first publicly traded Space Tourism business on monday. The listing was carried out through a merger with a shell Investment Company that was already trading. Virgin galactic has been running for 15 years but has not achieved a commercial launch ever. Nonetheless, Richard Branson and ceo George Whitesides shared their enthusiasm over the debut. George we have been flight testing these vehicles for nearly 10 years. We believe we have an architecture that is extremely reliable and also has aspects that are very suited to the customer experience. For example, taking off from a runway, landing on a runway. Those are things that i will have a smooth start and ending to the customer experience. Our rocket motor is the simplest and safest motor for our class of rocketry. For all these reasons, we feel really good. Richard and the rocket can turn off at a seconds notice which is the biggest key to the safety. Ed just coming back to the issue. I understand why celestial travel gets all the buzz, but surely there are good commercial applications on earth. How much of the company will be focused on that, like providing hypersonic travel between cities . George the commercial space is a massive business now. Over 375 billion annually now, growing to an expected total of 1. 5 trillion. This is really the first time people can invest in a pure play commercial spaceflight company. We will be focused on building out this terrific highmargin business with human spaceflight customers operating from north america and mexico. We can build towards even bigger markets such as hypersonic pointtopoint travel which is a 300 billion per year. We have a very exciting near term and far term future here. Shery that was Virgin Group Founder Richard Branson wearing the space system along with George Whitesides. Pretty fashionable. Dont go away. Plenty more still ahead in the next hour. Raymond lee offers his calls for improving australian economy and the trade war that wont quit. He joins us in the next hour. Haidi that is just about it for daybreak australia. Trading in new zealand is underway. Australia set to open in the next few minutes. Were looking at a pretty positive open in asia after the u. S. Stocks hit record highs and a renewed wave of trade deal optimism. All the action and the aussie open next. This is bloomberg. Good morning. Open in away from the japan and south korea. Welcome to daybreak asia. Another fail for boris , but he says he will try again
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