Order ending preferential trt for hong kong and said he would sanction chinese officials responsible for crackdown on political dissent. He has taken this opportunity to attack everything from what he calls the china virus, the who, and his democratic rival joe biden. Of course, he has taken the chance to really talk up market gains we have seen recently. Absolutely, and talking about the prospects to get a vaccine in the u. S. And what he says will be record time. A pretty wide range of issues being focused about by the president. We will continue to dip back in as we get lines, but lets get some context. Mario, a pretty wideranging array of topics being addressed by the president. It is really just to the drumbeat of escalating tensions and tit for tats we are seeing between washington and beijing. Absolutely. You described it perfectly. Months, the Trump Administration has been pantomiming that he is going to be tougher on china. He has increasingly pointed to china as the reason for the damage its and the has wrought on the u. S. Economy, of course was his central argument for reelection. So he has been saying for a few months now that he is going to get tougher. As you mentioned, it has been a steady drip of escalating tensions between the two countries. Time incoming at a President Trump already signed last month the weaker human rights policy act. It seems the hong kong autonomy act goes even further and actually includes penalties for financial institutions. How broad is this new legislation . That legislation is one of the actual rare moment we had d. C. From both chambers of congress, both parties, and of course the white house so there is no surprise there. Does penalize banks who would do business with officials who are or were involved in this National Security law in hong , heightened scrutiny of those individuals and the banks to do business with them. The president move swiftly from attacking joe biden to attaching aoc and immigration aoac and attacking immigration policy. How much can you read this attack on china being in part a distraction, going back to his playbook for november . Absolutely goes back to his playbook. For a while, the president had been attacking biden, saying he was to soft on china. That argument kind of quieted for a while and now it looks as though the president is ramping that argument back up, tying joe biden to chinas rise, trying to capitalize on some of the angst americans have been feeling about coronavirus and tying some of those issues to joe biden. What does this do for u. S. China relations going given the Political Landscape in the fact the Trump Administration is really throwing out the playbook . Just yesterday, rejecting chinas claims in the south china sea. It shows that what started off as a 2020 year that was marked early on with the trade deal and improving relations after a yearlong trade war it shows that things have turned back across. Crises the of these Health Pandemic and political crises that continue to circle the white house, President Trump has almost taken the position that people are attacking him. He is currently tweeting about a clinical witchhunt and fake news. I wonder how this approach plays out with his poland. Polling. Pollspoints to internal which he argues are rosier, but tell alic polls different story of a president with lagging numbers for months out before the election. Months out before the election. So he has taken the pr, saying these extraneous things have happened to his present. Some ofnavirus pandemic the Racial Injustice and unrest we have been seeing as well. How much have these elements really hit the president should mark how much can carry through until november . Neither of them seem to be letting up at all. Cases are continuing to climb. Of thelarly in some republican sun belt states. Dialogue national about race shows no signs of abating. In fact, President Trump has continued to give it oxidant oxygen in some ways. Today, he spoke about produce brutality, police africanamericans and White American and so he continues to give that story oxygen as well. That was our White House Reporter ariel parker following the press conference. For investors watching this closely, some more positive headlines coming on a vaccine. But see how things are shaping up in the markets. Checking on how things are shaping up asian markets stock futures are mostly higher on a day that brings his indian trade data, korean job numbers, and the doj. Boj. The focus will likely be on this moderna that scene development. Vaccine developed. We are seeing a pickup as much as. 9 this morning and a pickup by more than 1 on modernas backseat. Vaccine. Lets check in on u. S. Futures to visualize the picture. In on the offshore yuan after President Trump pledged action against china. We are seeing it hold around seven after losing around. Perhaps markets might be able to tune out the political noise after china made numbers on trade. Features stay below 16,000 after the stock rally halted after investors cashed out, selling a record amount of chinese equities in a single day. As jeffries points out, profittaking could also expire this month. Any pause and the recent rise in margin debt on the mainland could also hit at eight that hint at a potential correction. Lets take a look at whats coming up next. We will be getting some views from aaron gibbs of Gibbs Wealth Management as we see stocks moving to that side and some pretty volatile trading when it comes to these banks as well as fresh Political Development on the vaccine front. Plus, we will be taking a look at lenders sending a collective message. Forreak down the results the first lot of u. S. Banks porting. This is bloomberg. This is daybreak australia. Im karina mitchell. China is accusing organizers at a primary vote of seeking revolution. Paging says the event was illegal and benefited from the support of foreign forces. Election was scheduled for september and final results have been delayed amid sign beijing may prosecute or disqualify antigovernment figures. Trump administration is backing off a highprofile fight with harvard and other colleges made foreign student visas. They are rescinding a controversial policy that would have required International Students to go home if they could not take physical classes following legal action. Sydney is on high alert for a largescale coronavirus outbreak as cases linked to melbourne seem to have moved across the state border. Confirmed cases have now passed 10,000 283 new infections by tuesday. 270 are the state of victoria which went bet back into lockdown. Australia had hoped to ease most restrictions by july. Global news, 24 hours a day on air, on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. U. S. Futures climbing after codenitys modernas vaccine showed promising results in an early trial. Joining us is erin gibbs of gibbs wealth maangement. Ask you about potential upside risk in the stock market. Only from this virus these virus headlines, but given we are in secondquarter earnings season, that number will be easily forgiven given the pandemic. We really are in this age of sentiment rather than really trying to predict the economic recovery. Particularly if u. S. Markets where we see industries piling into largecap Growth Stocks the matter what the valuation. Stocks aregrowth trading at about 31 times forward earnings, which was at almost a 15 year high and a 30 premium to the Broader Market. Any type of positive news about the pandemic people just pile and gives youcks a sense of vertigo, just how much farther we can push these companies out up. Eventually, we know there will be some kind of economic reckoning that this is positive and ensure the markets will be pushed even higher. I dont see the sentiment changing or any signs where it , but it is just yet certainly something that most Money Managers are very concerned with when you look at the spreads and extreme valuations overall. I wonder how much more thesence will recessionproof stocks have on the Broader Market given how overextended we are already. Clients thating my , certainly, i dont believe if you have higher Growth Stocks you need to get out, but i do feel that there will eventually be some return to normally normalcy and these types of valuations and preferences are just unsustainable. Companiesoking at that do have high margins are particularly different when it comes to revenue and debt and those types of things that if they miss a quarter or two, they are unable to pay their debt or bills and have to file for bankruptcy. We want like a nice, stable Balance Sheet. Not only do these stocks have some of the most positive , and im not talking faangs, imngs talking Semi Conductor clubs. Wonderful,tors are have reasonable growth expectations and are part of the new economy as we go forward in this new world. Does the return to rationality in this market require a taper by the fed . I dont believe so. I think that the fed is more likely to react after the market returns. Have been very clear that they will support it over the length of time that might be needed so i think the fed will probably follow the market. I want to get your final view when it comes to banks. Is there anything about the banks that you like . I dont Consumer Credit is a rare bright spot. Financials actually have one of the lowest valuations out of any sector in the s p 500 and i dont see the sentiment around them changing anytime soon. We know they are going to have an incredibly difficult time such a flat curve. I just dont see that return to and iials anytime soon dont see them being strong buys at this point. I am more focused on finding companies with stronger Balance Sheet and the potential for growth. Retailers that are very focused on contract work and home improvement. We are seeing people moving to the suburbs and dollies patios being built outside. There are these very Good Companies that are going to do well in this new world of how we are going to have to behave for at least a year if not longer and these banks are not it. I really appreciate your time. Bbs, president ceo of Gibbs Wealth Management. Moderna with promising results from initial safety trials of its coronavirus vaccine. We have details straight ahead. This is bloomberg. More news that drill the markets drove the markets. Moderna says its initial safety trials for its drug produced encouraging results, paving the way for final tests. Lets bring in our health care reporter. How definitive are these results . President trump even said he thinks the vaccine come in record time. Are deafly on track to get resulted record time and the news today is promising, but still early. These are the face with one results, the first time anybody has received this medicine. The bottom line is there are thousands who need to be treated to know if this will be work or not. Those trials are starting next week or later this month and so we will know by the end of this year whether or not it is going to work. But it is still too soon to say. It seems many people in that trial suffered from side effects. How serious are they . Fact, this is a two dose vaccine. They get one day and then 28 days later you get again and its intramuscular. Its one of the ones that hurts a bit more than your standard immunization at literally every person who got two doses Going Forward did suffer side effects. That might have just been pain at the injection site or fever. There was indication that there was more serious side effects but not anything that would completely derail development of the drug but it does face the possibility that there could be ,ide effects for some people especially if youre talking about younger kids who dont waste much more slim people, because of the trial itself. Michelle accordance with the latest on the pandemic and the potential vaccine. Of course, President Trump very optimistic about it. Lets listen in. I think they will. I think we are doing very well in the polls and i think you have a silent majority, the likes of which this country has never seen before. Importantvery election and we have done a great job. They announce record job numbers, almost 5 Million People come and that beat the last month which was also a record. Nobody has ever done what we have done and now we are doing it twice. Will seeon day you incredible numbers and the Third Quarter will be really good. The Fourth Quarter will be one of the best economic years and so hopefully i will be able to be the president where we say look at the great job i did. I think we have a great chance there i think we will have a lot of people show up. I think i am worried about tremendous voting because i think it is subject to tremendous fraud. In paterson, new jersey, i believe 20 of the vote was fraudulent and all kinds of things happen. I understand a mailman was recently indicted for playing games the mailin ballot. You will have tremendous fraud if you do these mailin ballots. Because ballots are ok you have to get application. If im here and ipo in florida, you get a absentee ballot but you have to go through a process. But mailin voting were a governor males aliens a to people all over the state, millions and millions. And they come back, they dont did youk who got them forget to send them to a republican or democrat area . You take a look at all of the unbelievable fraud that has been involved with mailin voting, look at that. It was a massive miscalculation and there was incredible fraud. Look at the city council. This is one place but you have many places. Yes, please. Thank you, sir. I want to know what is the last time you spoke with president xi of china and you plan to speak with him in the near future . No, i dont. Followup . Ok. Bader ginsburg was hospitalized today with an infection i want you to i want to know if theres any reaction to that. I wish you the best. I did not hear that. I wish her the best. Shes actually giving me some good rulings. You know that, right . No, i wish are the absolute best. Her the excellent best. Mentioned the travel bans and i want to know when you plan to resume. On the european continent situation is under control we will return right after this break. This is bloomberg. Shery President Trump giving a press conference of the white house. This after signing that legislation on hong kong. He did sign the hong kong economy act, that sanctions chinese officials responsible for cracking down on political dissent in hong kong. He signed an executive order ending u. S. Preferential treatment for hong kong. When asked whether he plans to be with chinas president xi jinping, he bluntly said he has no plans to speak with xi jinping. Lets dive back in and listen to the president. Pres. Trump in world history, they just bought from us the highest amount which is great for our farmers. I view it differently than before i made the deal. I thought it was a great deal. After what happened to us, what happened to the world coming from china, i view it much differently. But we can impose massive tariffs on china if we want and other countries if we want. Well see. We just want to be treated fairly. We want a level playing field. Our farmers were never treated properly by anyone. They were targeted by china. Paid farmers 28 billion over a twoyear. Period because they were targeted for that exact amount of money. 12 billion. Nd we gave 28 billion to our farmers. That is why they are all here. They are doing very well because we made very great trade deals. Usmca just kicked in. They are buying a lot. A lot a people ask how are they doing on the trade deal . They are buying a lot. About to thank everyone and we will be having these conferences again. We will be signing an immigration act very soon. It is going to be based on merit. It is going to be very strong. We are going to work on daca because we want to make people happy. Even conservative republicans want to see something happen with daca. The democrats had their chance for three years to do something with daca. They always turned it down. They use that as politics. Im using it to get something done. We will be signing a very powerful immigration act. It will be great. It will be merit based. The country has tried to get it for 25 or 30 years. It will be strong on the border, but you will come in legally and you will be able to come in legally. Very importantly, we will be taking care of people in a very republican way. I have spoken to many republicans and some would like to leave it up, but really they understand it is the right thing to do. We will be taking care of daca. We will be doing for daca what democrats had a chance to do and they never did it. Thank you all very much. You have been listening to President Trump giving a press conference after he signed an executive order ending u. S. Preferential treatment for hong kong. Also, he did sign the hong kong metonymy act that passed almost unanimously through the two chambers of commerce. He said there would be more coming when it comes to action on china and that the u. S. Can impose massive tariffs on china if the u. S. Wants. China is buying a lot of agricultural products. And he went into a wide range of onues, including a tattacks joe biden not to mention the w. H. O. He said there would be in order coming on the immigration front as well, haidi. Haidi yes, we are also getting some breaking news about the court order restructuring progress that is going on at Cirque Du Soleil. The Canadian Company is restructuring and set for a recapitalization bid from a group of lenders, according to people with knowledge of the matter. This would essentially wipe out the bid. The group of creditors representing the debt in Cirque Du Soleil has been working on this credit bid that would see lenders inject at least 300 million of capital into Cirque Du Soleil to eventually restart the shows. The shows were forced to shut down when the pandemic hit and have been in trouble ever since. Offer wasas the presented to the board on tuesday night. If it goes through, it will see the creditors who own more than 900 million at the end of march essentially being having to wind up all of their equity there. Lets get you for first word headlines with karina mitchell. Karina thank you. Despite ending hong kongs special status, sources the white house tell us President Trump has ruled out any u. S. Move to weaken the hong kong dollar amid worry it could ultimately hurt the u. S. The president came down against such a move. The news comes as washington and beijing ramp up tensions with disagreements flaring over hong kong, the treatment of muslims, and control of the south china sea. China reports gdp data on thursday with economists expecting a return to growth. Gdp is forecast to have expended 2. 2 in the june period, reversing the historic 6. 8 decline in the first quarter. China remains vulnerable to slowing growth and declining demand elsewhere, as well as fragile domestic consumption. The United States continues to be the center of the coronavirus outbreak. New cases are rising around the world. Florida is reporting record new fatalities and arizona has the most infections in 11 days. The u. K. Is warning of more than 100,000 covid19 deaths this winter. While hong kong is tightening social restrictions. Japan says a new state of emergency is possible. Global news 24 hours a day on air and on Bloomberg Quicktake powered by more than 2700 journalists and analysts. Im karina mitchell. This is bloomberg. Haidi. Haidi as the pandemic continues to rage across the u. S. , executives from jp morgan, citi and wells fargo had to say about their outlook for the economy. We are very clear, we cannot forecast the future. We dont know. We are in a completely unpredictable environment. No cycles to point to. We are going to have an economic environment Going Forward. The pandemic has a grip on the economy and it doesnt seem likely to loosen until vaccines are widely available. We expect the impact of covid to continue to negatively impact our earnings until we see a clear trend of meaningful improvements in unemployment and gdp. Haidi the biggest Bank Executives with worsening Economic Outlook to come. Earnings season kicks off with those result out of jp morgan, citi and wells, and one of the highlights was the loan loss provisions. Those provisions for wells fargo and jp morgan topped even the levels reached during the financial crisis. Joining us to discuss all of this is ubs managing director and head of large cap banks, saul martinez. Great to have you with us. We initially spoke about how this crisis is different that it originates in the financial and therefore, we can kind of see a quicker recovery or more protection when it comes to financials. Is that still the case . Saul first of all, thanks for having me. No, i do think it is the case. In a way, what you indicated that banks are making substantial provisions, adding to the reserves for loan losses is a sign of strength that they are able to do that and shore up the Balance Sheet and shore up their ability to absorb those losses, even in anticipation for the actual credit losses occur. Stillt, the big reserve has to do with accounting standards that the u. S. Adopted at the end of the year which allows banks greater flex ability to reserve losses in anticipation of when the losses occur. What you are seeing is that even well ahead of real deterioration incredit, banks are using, some cases, very strong results from a training standpoint trading standpoint to get ahead of the bad debt. A very sizable reserve built the case of jp morgan and citigroup, both Companies Still made money this quarter. Both Companies Still added to their capital base. I think wells fargo is in a slightly different position and that is more specific to them. Thesis ore overall view that you expressed ahead of this downturn are in a much better position which i think is absolutely true. What are you looking at in terms of, Consumer Credit is a key one in terms of being a potential driver Going Forward. Which of the banks are best placed to recover from the front . To what extent does that depend on how the Public Health aspect is managed and how much of a reopening we can forge ahead with the next six months . Is yeah, i think there i would say that the tonerability and risks equality is a little more broadbased. I dont know i would categorize the risks as being solely or disproportionately in consumer. I think a lot of commercial lending commercial real estate lending, although some of those risks are not necessarily as concentrated as the larger banks. Commercial exposure and lending to businesses, i think you do have some vulnerability. I do think that credit losses could peak. Sectors that are directly related to covid. Whether it is Consumer Discretionary type of sectors, but more broadly based. Just categorize it as a consumer story. Although, yes, certainly Consumer Credit could deteriorate especially in the cars business. My banks other to banks that have the most exposure to credit cards specifically. Jp morgan and citigroup. Having said that, both banks have been pretty proactive in trying to get ahead of it and reserving for those losses and taking those losses ahead of time, getting ahead of it pretty proactively. If we do see a normalization and some visibility that they economy is getting better, they are pretty wellpositioned to benefit. Now to your second part of your question on how much does it depend on covid and reopening, i that clearly is the case. The a wshaped recovery or a ushaped recovery and the economy reopening, backtracking and government stimulus starting to fade away and that having a negative impact on economic growth, those are certainly risks and they are pretty uncertain because this is a recession that is very unique in a lot of ways. The good news is the banks are well capitalized. They are trying to be conservative in their reserving, but the type of downturn we have, if we dont see a healthy recovery, certainly the banks will post more losses. I would say that its an earnings risk, not a Balance Sheet risk. That is a risk. Seen shery we have seen the banks under reform the markets in. The ratio of banks against the s p 500. You can see that dip. Where do we go from here . Is there some value out there given all of this . Saul look, we have been fairly cautious and selective. I think that the issue is we spent the first few minutes talking about credit, certainly that is a big concern. Andother part is revenue dynamics in an environment where it is so low and Balance Sheet growth is going to be challenged. It is a difficult story, difficult narrative to tell. When you look at bank stocks, theres a big big diversions between banks like jp morgan. Those seem to be higherquality and banks like citigroup that are trading at 70 of tangible book value. I think one of the hallmarks of the price environment in the u. S. Is amongst the largest banks, they converge quite a bit. I think in a lot of cases, those banks did well during the crisis are still benefiting and those banks that had neardeath experiences are still suffering from the past. Tohink if they can continue post decent results and show they have changed and still make money in a really challenging environment and show some of the strengths of their franchise, it is hard to justify why they would trade at such a discount. Even though we are cautious on the group, we like those stories that is more deeper value and enhancedof show that management credibility and show they were banks from 12 years ago and much more similar to the other institutions. Shery ubs managing director saul martinez. Great having you with us. Thank you. Coming up, the bank of japan is widely expected to standpat when it meets later today. We will preview that decision next. This is bloomberg. Haidi we are getting some breaking news and it of the coronavirus. Public Health Measures in japan. Tokyo raising the covid19 alert to its highest level, according capitalis comes as the continues to struggle with a renewed wave of clusters of infections. Japans government has been steadily tracking that harsher tone when it comes to potentially clamping down as we have seen nighttime establishments, nightclubs, pubs and the capital of tokyo continuing to report more than 100 coronavirus cases a day. Yesterday, almost 150 new cases there, but still below the 200 mark. We are now hearing potentially of that raising of the covid19 alert level to the highest level. Lets take a look at markets setting up this wednesday with sophie in hong kong. Board toulling up the check up on whats going on so far in the session. S p gaining ground, up 9 10 of 1 . Need to futures are pointing higher. The yen is steady as we count down to the boj decision. The offshore yuan slightly firmer, edging back towards 7 as markets assess President Trumps signing the bill ending preferential treatment. Checking in on commodities this morning. We do have wti gaining ground with opecplus seeking extra production cuts from members who missed targets again in june. Gold stalling after a two day rise. Etfs to gain any clips alltime highs after a 16 week run higher. Copper futures resuming gains after the rally. Base metals took a breather on tuesday. Jumping into the terminal, bullish bets will likely be supported for copper by chinas june trade data which shows copper imports moved to a record as the economy chugs along with its recovery. With copper prices near a twoyear high, that could see china import less in the coming months. Also in the june trade data, there was a possible sign of tightening copper supply and chinas imports of ore. The Copper Market is no stranger to supply disruptions, but the concern is what constrains productions might mean for minors that may be forced to shelve projects and further trim budgets. Worldseru is the number two minor of copper and now working its way back to my two month shut down because of the coronavirus. The ceo and head of the local and the duke of mining engineers says the countrys mines should be back to full production by the end of july. Also his outlook for Metals Prices starting with gold. Perspective for gold at the end of the year. This uncertainty. Gold is in this respect. Taydo you expect it to s at the level it is at right now . Victor yes, we expect during this 2020 year, yes. All the seek information. The vaccine is not coming yet, until 2021. We could see a more different world. Shery what about copper prices, the highest in two years right now. What is your price outlook . Victor in general, and the longterm, from a longterm perspective, we are very optimistic regarding copper price. But in the shortterm, definitely theres a Significant Impact related to chile. Chile is one of the biggest far, one of the Biggest Mining Companies has been locked down related to the coronavirus. Shery will peru be able to make up for the shortfall coming from chile . Victor i dont think so, but definitely we trace some differences. Is related toru more than 10 different copper throughout. D which is very different compared to chile, where the main part of the copper sector is located in two regions. Copperquickly, chinas imports jumped to records in june. Will this be sustainable for the rest of the year . Victor that depends. A supplier, china is of europe. China is a supplier of usa. We expect to see a positive result, positive outcome in the coming months related to the coronavirus in these main areas. Shery right. That was victor gobitz, ceo of bueana ventura. Haidi the damaging impact of the coronavirus on the economy is the number one factor in policy including the bank of japan which meets later. Kathleen hays is here with the preview. No policy moves expected by the boj today. Why . Kathleen because they are looking at the coronavirus you were talking about the concern over more cases, that they might increase their emergency stance again. However, currently, with the bank of japan thinking the worst is over in terms of the Coronavirus Impact on the japanese economy, no changes of negative rates. No changes in quantitative easing. They have moved to an unlimited stance in the last meeting. I just want to point out, too, that japans success at containing covid has been pretty impressive. As of july 13, just over 21,000 infections and 979 deaths. Compare that to germany, a versus country japan, where there are actually over 9000ses, deaths. That is why japan may rest more easily. In terms of a scoop we had from Bloomberg News in tokyo last week, people familiar to the bank of japan says after the emergency lending measures added in march, they dont see anymore needed now. They think that the lending programs are keeping markets stable, companies wellfunded. The focus will turn to the quarterly projections. Look at the bloomberg chart to see. Apart from the virus what japan is concerned about. They are probably in the Third Quarter of negative gdp, after the consumption tax hike hit, a drop of more than 7 . The first quarter, down more than 2 . There is still a sense that something needs to be done to help the japanese economy even if the worst of the virus is behind. Haidi our Global Economics and policy under Kathleen Hays with a look ahead to the boj. Lets get a quick check of the latest business flash headlines. Sensesirlines says it travel recovery stalling in the u. S. As the coronavirus continues to surge. The carrier is cutting the amount of flights it plan to add in august and half to 500 and does not think it is likely to add anymore services before the end of the year. Ceo ed bastian says the recovery depends on how confident people are to venture back to the skies. Boeing order books ranked last month as more customers act out of commitments amid the coronavirus pandemic. The Company Records 60 mass cancellations engine, including 47 previously announced. That number excludes norwegians move to scrap all 97 planes ordered as that deal has not been officially terminated. Boeing has lost 373 max orders so far this year. Virgin atlantic has finalized 1. 5 billion rescue deal that could save thousands of jobs. Richard Bransons Virgin Group will inject 275 million alongside capital from u. S. Hedge funds, while creditors will postpone repayment of around 500 million. Version failed to get a government bailout. Another 5500 people should be safe. Elon musk has taken to twitter to question a ruling in germany that says tesla is wrong to promote its Driver Assistance Program as autopilot. The court ruled the company could no longer advertise its cars as having the full potential for autonomous driving. It claims they can self navigate which is not the case. Musk says autopilot is a term tesla picked up from the airline industry. Shery coming up in the next hour, Australian Investors are bracing for the biggest dividend cuts in a decade as the pandemic takes is told. We will discuss with june. Well preview the upcoming boj decision. Plenty more ahead on daybreak asia. This is bloomberg. Shery daybreak asia welcome to daybreak asia. I am welcome to daybreak asia. Haidi our top stories this hour, President Trump escalates tensions with china. He signs a bill ending americas preferential treatment for hong kong over beijings security law crackdown. Asian stocks are set to advance after wall street enjoyed its biggest rise in more than a week. Futures in tok