Infection rates low in tokyo but hong kong says the situation is increasingly severe. Jack ma looks to make more headlines. He is aiming for a 200 billion valuation with between listings in hong kong and shanghai. Look at how take a we are setting up when it comes to the asian open. We have a lot of positivity carrying on from that session. Investors are backing that buy the dip trend. The nasdaq hitting the alltime high. The s p hitting positive for the year. S p active futures contracts a little bit lower at the moment but it seems like the positive. Evelopment on vaccines trading sideways if you will. The dollar was broadly weaker in g10 except for the yen. We had Dollar Strength and yen weakness overnight. That is the handle we are looking at ahead of Inflation Numbers out of japan and getting machine tool numbers as well as some Retail Sentiment numbers by way of Department Store sales. Crude and gold were both a little bit lower in the asian start to the session. Some positive developments in the race to come up with a Coronavirus Vaccine. Oxford university and astrazeneca releasing publishing data from their early tests. Lets get more from yvonne man in hong kong. What do we glean i guess from these latest very preliminary results from astrazeneca . Yvonne preliminary but positive, as you said, from the early human testing of the university of Oxford Astrazeneca study of about 1000 or more patients. This was interesting because they found that dual immune responses were able to create these neutralizing, protecting antibodies, and then also producing these pcells, white blood cells that haunt and target the virus hunt and target the virus, a durable way of immunity versus just antibodies alone. The ceo saying the aim now if all goes well is for mass production of this vaccine as early as later on this year. The results, as you mentioned, were not enough to convince the market. There were some unconvinced this is matching the progress we are seeing from other vaccine candidates like pfizer, i o and tact, that partnership as well as moderna. And said that one shows inoculation. To do this in double dosages means it will be more complicated for manufacturing and logistics. Experts say the vaccine may wane over time in repeat dosages. Shery we did see astrazeneca allying only to really lose of its gains. It seems that in this very competitive vaccine landscape, it did not really impressed, so how does it compare to other vaccine candidates . Yvonne right. Good newsee sets of we saw overnight with other types of studies that come out with positive developments. One was from the chinese but the pharma company, in there made clinicals their made clinical midclinicalir study showed immune responses. They did stress that at this point, no participants were exposed to the sarscov2 virus, suggesting that it was not possible for the study to whether the candidate vaccine effectively protects against infection. Another one that we saw, another front runner right now, is pfizer and bio and tech. They deliver positive results in their trials as well. The german phase of their study. The first time also including celltea spell t response we saw from a u. S. Trial. Yvonne man in hong kong with the latest developments on vaccines. Still ahead, how that tops the s p 500 erased yeartodate losses. The outlook for u. S. And asian first Franklin Financial Services, next. We are expecting inflation data from japan at the bottom of the hour. Continuum economics joins us for the numbers later. This is bloomberg. Karina you are watching daybreak asia. I am Karina Mitchell with first word headlines. China is warning the u. K. To expend excess tradition treaty with hong kong, calling the statement a brutal in his internal affairs. Beijing is urging london wrong words and actions, saying comments on human rights were smears and slander. Ties are strained. Meanwhile, unemployment in Hong Kong Rose last month to 6. 2 , the highest level in 15 years, as the economy real from escalating chinau. S. Tensions and the coronavirus. The increase marks nine consecutive months of worsening Employment Data and is an indication of hong kongs deepest recession on record. The competition for jobs is elevating the citys already enormous wealth gap. South korea is central to the global tech supply chain, but it is failing to keep pace with the largest customers. The result is the combined capitalization of all kospi companies is less than the market value of apple, amazon, or microsoft. The kospi is little changed this year compared with gains of 31 for apple, 29 for microsoft, and a whopping 60 for amazon. In other news, chinas massive a floodwater record with another river surge looming. Torrential rains have left with the property and agricultural damage bill high. The Biggest Oil Refiner, sinopec, is planning to reduce production at home as the flood hits demand. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Shery. Shery lets get another check of the markets. Asian stocks look set to climb after tech fuel rally lifted their u. S. Counterparts the highest points since february. This following encouraging news on a potential virus vaccine from Oxford University and astrazeneca. Our next guest does not view vaccine data as important in places where the virus is out of control, such as here in the u. S. Lets bring in the chief Market Strategist. Always great having you with us. How long are we going to continue trading on virus headlines . Think we arei going to have plenty more opportunities to do virus trades through the fall. We do not see a vaccine coming into play until maybe november at the earliest for the First Quarter of 2021 and we are always going to have market reactions with this type of news. Shery we have continued to see this rally despite some disappointment, whether it is on the vaccine front or infections rising around the u. S. , and what has been really interesting is that volatility has really remained high. This gtv chart on the bloomberg showing how elevated the vix has been, especially in the last few months, where it has been stuck at around that 30 level. Right now, it seems to have come down a little bit from those highs. What is this telling us . Brett i will tell you that in our eyes, it is pretty positive. We had the vix close today at about a four month low, and i think that is an important thing to Pay Attention to. It is certainly driving that with the stock market reaching, you know, higher highs. I think that trend is going to continue. Is the s p our firm 500 will hit an alltime high prior to the november election. To seewhen you continue broader markets being driven by any, you know, nuance of vaccine developments, progress, and in our previous guest he said you normally would not be paying attention to these very early stages of any Clinical Trial right . You are an expert, now everyone is an expert if you have money in this market. How do you invest if you dont want to be driven by every micro development on the vaccine front . Job is to focus and make calls on the market, and i will tell you the two main things i am focused on right here is number one, the intervention by the Federal Reserve and also by congress with the fiscal response, and i am focused on that. We believe that the deaths are going to continue to trend down and that the fiscal response is going to continue to be there through congress, and we also believe this unprecedented fed response, unlimited back stop right there, bringing credit spreads down, is something you just cannot fight, and so, those are the two main macro things we are focused on as a firm. You see a return to cyclicals, particularly, if as you say, this requires confidence to return . Astt well, i think as long deaths continue to trend down, we believe there is a 30 to 45 day lag by the time the science actually gets out there to mainstream main street. We believe that the deaths will continue to go down, and we believe the reopening play is really your best value here in the u. S. Market. Shery do you see the potential for upside risk in the stock markets, given that a lot of the negative news has already been discounted . Brett i do. I believe that our price target on the market here for the end of the year is 3500 on the s p, and i believe that as the economy reopens and deaths continue to trend down that this market is going to continue to melt up. First Franklin Financial Services chief Market Strategist nadine terman, thank you so much for that. Brett ewing, thank you so much for that. Republicans and democrats are lining up their list of demands for a fourth stimulus package but divisions are not necessarily along party lines. We will explain, next. This is bloomberg. Shery chevron has agreed to buy noble energy for 5 billion in shares to be five beef up its presence in the permian basin. It is the first major deal since the coronavirus introduced slump in auto markets. The chairman and ceo told bloomberg why the portfolio makes sense for chevron. Deal that builds on chevrons strengths, highquality assets at a fair price. It is a good deal for the shareholders of both companies, and i think it shows why we are different than many others in our set your. This is not just about the permian basin. Noble has got a very impressive position in the Eastern Mediterranean, position in west africa, a nice position in colorado, so this is a diversified company with assets that fit our portfolio well that fit our portfolio well but fit our capabilities well. There shareholders now have access to a stronger balance sheets, stronger dividend, and they retain some upside exposure to an eventual recovery in price. From that perspective it seems the takeover was opportunistic rather than strategic which leads me to believe this is not the start of a buying spree in the permian to consolidate even more acreage there. Is that the correct interpretation . We are always looking and we look at things through the lens of value. We have to see a good portfolio fit, so there are strategic screens we look at for any transaction. We have a pretty high bar for these things, and we have to believe these are assets that will compete for capital within our portfolio that will strengthen our portfolio longterm and help us improve returns. This is a deal that is on earningspershare, Free Cash Flow per share, so it has Strong Financial attributes and these are assets we expect to be in our portfolio for a long, long time to come. It is a strategic fit, and certainly, we think the time is right for both companies to engage in this combination. If you had a little sheet of paper with names scribbled on it, are there any more names on that sheet of paper for possible takeover . We always have a long sheet of names that we look at, but theres also a strict set of criteria that we apply, and we have got a high bar. We look to create synergies here, looking to improve returns. This is in line with our disciplined returns focused strategy, and so, we are focused on this transaction. We think its a very good one for the shareholders of both companies and that is really our focus today. Something that was interesting with noble in particular is was the bigger driver the assets, or was it conventional . Where do you see unconventional here in the u. S. , where do you see the biggest appeal . All of the above. It is a really attractive asset base. Sok, i think they have been successful in the Eastern Mediterranean that it does bring with it a set of geopolitical complexities and potential risks that for a company the size of noble, is pretty meaningful. We have a large global, diversified portfolio. We have exposure to many different basins, many different geographies, many different governments, and we have got many decades of experience in managing these risks, so that is a very nice fit. Their position in the permian is very good, but it is not the same scale as ours. We bring that together and we have scale, efficiencies, capital efficiencies that we will see, and their position in colorado was an ad for us we like. We have unconventionals in argentina, in canada, and in the u. S. , in texas, and new mexico. This gives us exposure to another unconventional base and that is a highquality resource. The entire portfolio was a nice fit. It is not about one or the other. Shery chevron chairman and ceo mike worth. Lets get a check of the business flash headlines. It is said to be seeking evaluation of more than 200 billion dollars with twin listings in hong kong and shanghai. It is already more highly valued than most wall street firms. The aim to raise more than saudi aramcos recent 29 billion hold and has been accelerating into an online mode for loans, travel services, and delivery to challenge tencent. Softbank is said to have hired Goldman Sachs. They are seeking about 1 billion from any sale. Earlier this month, softbank said it would separate from its chipmaker arm because its investment requirements are limiting arms ability to grow. A billiondollar sale would be 66 more than arm paid for in 2018. Ebay is set to be near a deal to sell its classified ad unit two a norwegian online marketplace. The sale would be worth 9 billion and ebay would retain a minority stake. Shares were halted monday pending an announcement. It was competing with an ecommerce investor and private Equity Consortium backed by blackstone. The push for a fourth economic stimulus package in the u. S. , and hitting crunch time, the 2. 9 trillion in initial stimulus is almost out and divisions over what to do next are not necessarily along party lines. Joe sobczyk joins us from washington. Joe, President Trump also again saying he wants a payroll tax cut as part of that stimulus package. Is he going to get it . Of resistance lot among republicans in the senate to cutting payroll taxes, which are used to find the Social Security and medicare programs. Trump has repeatedly offered this up as a solution. It has been rejected or at least ignored in the past, and theres already some pushback from a number of people in the senate the finance chairman, chuck grassley. He is questioning how serious the administration is about that, and trump indeed has vacillated somewhat, calling it very important but suggesting he might not necessarily stand in the way if they passed something that does not include that. For it, butssing there are a number of republicans that have they are concerned about it because of the effect it would have on the Social Security trust fund but also because it would largely impact people who have jobs and not the millions of people who are now out of work. Joe, so the federal money running out now, how soon could we expect this stimulus package they will bejoe entering furious negation additions negotiations. Stephen mnuchin said he wants it done by the end of the month. It may bleed over into the first week of august. After that, the senate and the house are both scheduled to be out of town on august. After that, the Election Campaign is taking a lot of attention. It probably will take all three weeks. They have to get something hammered out. They have got to resolve the differences among republicans, and then they face a pretty unified front among democrats, who have already proposed their own package. To want toing extract quite a bit, some concessions from the republicans, and really, the pressure will be on the white house and the Republican Senate to make it work, because trump himself has been promising that by the third quarter, the economy is going to take off, but there is a lot of signs that that is not really going to be a very good prediction at this point. We are getting breaking news crossing the bloomberg that the house has blocked the use of k on work devices. Are you really making tik tok videos on your work phone . That is something under consideration over these concerns over national security, data harvesting from the owner. Joe right. This has been an issue thats crossed party lines. There is a great deal of suspicion about tiktok and its relationship to china. Of pressuresot building from both sides of the white house as well as congress, to take stronger action. There is a great deal of concern right now about the possibility of election interference, and a lot of social Media Companies have been in the crosshairs for some time. Of more of a symbolic measure, as we point that probably are not too many federal employees on their workktok phones but this does happen. It is one more little slam isinst tiktok and there undoubtedly more coming from the administration and possibly congress. They joe sobczyk with latest from washington. And we have the largest iron ore producer now reporting their secondquarter results, and we are hearing that their secondquarter iron outputs came in at 67. 6 million tons. This is slightly missing estimates of 69 million. They also see their full year iron output coming in at between to 330 million. Their sales were down year on year, 12 , to 54. 6 million. Also, copper production coming in between 360 million to 380 million tons. The expectation was for that rally in iron ore prices, which rose above 100 a ton to help them recover in the secondquarter. The price of the pandemic inflation in japan expected to take another hit. It is due to decreased demand. The june cpi data out in a moment. We will have instant reaction. This is bloomberg. Haidi we are just getting breaking news out of japan when it comes to the latest inflation readings. National cpi year on year, that number being on expectations. Bang expectations and matching the same pace we saw in the previous month of may, excluding fresh fruit year on year. We are seeing flat inflation or just a sort of lack of any progress but still better than expected of a slight contraction, excluding fresh food as well as volatile energy prices, we are seeing a gain of. 4 . Again, matching expectations there. Lets get this reaction. Jessie lu joins us now. She focuses on japan. , just get your reaction. Not much of a surprise for the picture. Thats right. Actually, headline inflation has only been marginally above zero. Weak demand pressures due to the pandemic. We think the previous decline includes oil prices and has resulted in dropping energy prices. A recent rebound in prices is likely to soften some of the downward pressure inflation Going Forward so we could see fresheadline inflation food inflation, which is japans definition of core inflation is only at 0 , and that is reflecting the dropping the effect of the lower energy prices. So i suppose,and if you are an optimist, you would say after two months of contraction, we are at least not seen contraction, if not again. Given the concerns over renewed cases, in japan, particularly in tokyo, given the uncertainty as to whether and how the olympic games, rescheduled as they are, will happen, the return of tourism and such, what is your outlook for the pace of recovery we can reasonably expect . Jessie sure, yes. Stillk there are significant uncertainties about the virus situation, and the recent rise in covid19 cases in tokyo indeed raised some concerns. Prompting the government to raise the infection alert to the highest level. However, we believe that the threat of covid19 has been vocalized in japan and there has not been a major risk of second wave of the infections in japan yet. So we do expect a modest recovery starting in q3 if japan avoids a major second wave of covid19 infections. However, we think the recovery and external demand is still dependent on whether the pandemic can be effectively contained around the world, and the continuing surging coronavirus cases in the u. S. Is still a concern and that has made weigh on the recovery Going Forward, especially and also in japan, especially if consumers continue to remain cautious about spending. That may cause some weakness in demand to persist in q3 as well. Shery we have seen the measures to help the economy from the boj focus on the smaller businesses and a massive amount of fiscal support comes from the government. How much of all of this has translated into the real economy . Jessie sure. As you mentioned, the focus of beer days policy has been on increasing the liquidity and lending support to the smaller and mediumsized businesses, the current pandemic situation. Impact ofen that the the increased policy support has indeed materialized since april, so indeed, the banks are lending to businesses, and the fiscal policy indeed provides much of the heavy lifting to cushion a shock, and that is providing direct stimulus into the economy. Forward, if the situation does deteriorate, there is probably little it is limited for the boj to do more, so we believe further monetary support is likely to be in a form of expansion with more lending support and an increase in our view. Shery we have seen the japanese economy also getting hit by weak external demand. June exports falling by more than 20 for a third consecutive months. How important is the export market for the japanese economy as opposed to its own domestic market . Yes, i think japan still remains quite an external driven economy, so external demand is quite crucial for more sustained recovery of japans economy. That has helped to ease some of the disruptions in the Global Supply chain. However, the Global Economic downturn is still likely to weigh on trade and while the resumption of Economic Activities in china and europe that provides some comfort. U. S. Still facing significant Downside Risks due to the covid19. There is a little bit of headwind over there. With us,eat having you joining us from continuing economics, for the latest on japans economy. We are getting some liens from casino biologics, one of those companies trying to develop a vaccine against the coronavirus. They are saying the phase ii trial for Coronavirus Vaccine findings are showing no series of Adverse Reactions from the vaccine trials. We have seen the latest midstage Clinical Study being released for the medical journals in the land said that shows that shot was safe and induced an immune response and we are hearing from the company saying that there was no serious Adverse Reactions from their vaccine trial. Lets turn to Karina Mitchell for a check of the first word headlines. Karina in the u. S. , it continues to be the epicenter of the global coronavirus pandemic as worldwide infections approach 15 million. Recorded numbers in the u. S. Rose to three point 8 million with fatalities now topping 140,000. The axiom trial for Oxford University and astrazeneca is set to show promise while pfizer and bio intact publish positive data on positive treatments. The European Union is edging towards the massive virus Recovery Plan with a compromise on the 850 billion deal. The new arrangement reduces the total amount of disbursements as grants and includes new interest loans to countries hardest hit by the pandemic. Talks have been going on in brussels since friday, unhappy about the way the initial program was funded. Hong kong is considering a lockdown as coronavirus cases beds andh isolation Testing Capacity setting to run out. The city reported 66 local cases monday with almost half of them of unknown origin. 560 new infections have been recorded in the last two weeks, signaling hidden chains of transmission are widespread. The Health Department says a lockdown remains a distinct possibility. Day, ws, 24 hours a global news, 24 hours a day, \n air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Shery plenty more to come on daybreak asia. This is bloomberg. Haidi futures looking a little bit mixed at the moment. Lets turn to Sophie Kamaruddin for a check of the markets. Looking at ae lackluster start this tuesday. S p eminis little changed to the downside. Mckay futures in singapore opening higher. The yen little changed after we got the inflation data from japan. The key inflation gauge unexpectedly inching out of negative territory for the first time in three months in june. Gtv traders today watching for the 20 year sale this tuesday which will be a test of demand after a solid 30 year auction. Ahead of the rba minutes. The aussie dollar treading water above 70. Its rise this year has found support from climbing base metals. Pulling up a chart on the terminal, iron ore is among the best commodities on chinas steel mill demand. The rally and prices may come under pressure as port inventories in china rebound after falling every month this year, posting a fifth weekly gain on friday, the longest expansion since september. 140 millionting tons with a surplus emerging in the fourth quarter, ramping up production to hit target. Php this morning said it will boost iron ore volumes after production jumped to an annual record. Switching gears to focus on europe, switching out the chart on the terminal, hopes for progress on e. U. Talks played out in the bond market with peripheral debt outperforming the euro area. Italys 10 premium over germany has narrowed to a march 4 low, levels last seen before the lockdown. It quick check down on the euro, staying near a fourmonth high. Dortch expects that data divergence and portfolio inflows will drive the euro higher in the coming weeks and months. Deutschess target is at 1. 20. Haidi staying with the e. U. Talks, leaders agreeing to the size and shape of this massive virus recovery fund. The devil is in the details. They have a long way to go before all 27 are ready to commit. Kathleen hays is here. Day four going into day five. We are getting close to record structures when it comes to these talks taking place in brussels. We are reporting leaders are cautiously optimistic. They have come down in terms of the euro value of the package, so what do we know as the latest . Now have athat they compromised proposal for the 750 andion euro recovery fund, of course, as you mentioned, they were forced to expand the two day meeting before going into five days, but it is a lot because the hawks have been so tough, led by the dutch crime minister, who insisted on change. He wanted a smaller constraint on how the money is spent. The Council President , after a really wild sunday night with insults being thrown and tempers flaring over dinner, a plan includes 390 billion euro of grants. That is one thing the dutch wanted, something even lower than that. The hawks, i should say. That is down from 500 billion, improvement in the move towards the compromise. Gap betweens northern europe. They dont want to spend their money. The hardest hit southern nations. Of course, now, we have Angela Merkel also, when she came into the meeting on monday showing some optimism. Possiblethere was a agreement or at least an agreement possible. Thats progress. Have a majority. You have all 27 on board so they have a lot of clouds. They have exercised a lot of leverage. We will see where it goes next. Atry there is really more stake than just the size of the recovery fund, isnt there . Kathleen critical moment for the European Union, share you. People are looking to them to show that they can deal with what the e. U. Has been trying to do since its inception, show europe, show the world they can pull together. They can show meaningful solidarity. If they can pass the plan, which would involve joint issuance of debt, for example, or Bloomberg Team points out this would mark a significant deepening of financial integration. We talk about devil being in the details. A couple things are tricky here. The current plan requires all members to say they will respect the rule of law. It will favored democratic standards. They will follow them. They have had accusations of backsliding over the recent months so they might have a little trouble with that part of it. The dutch and the rest of the hawks want guarantees about how the money will be spent and the other side is saying we do not want them to delay. Any delay getting the money we need. One thing i have to add, the way the frugal for will be in line to be part of almost 53 billion euros in rebates from the money they contribute over seven years. A lot of people are saying that will be a factor that will get them on board with this plan where the majority have taken some steps to go to where the minority talks wanted them to go. Kathleen hays, our Global Economics and policy editor. Julius baer sees ingredients in the market that can drive volatility in the second half. Swiss bank posted its best ever firsthalf profit. A sharp asset price swing linked to the coronavirus boosted clients, and the ceo spoke to bloomberg about the second half outlook. May have been externally active in the market, but not just during the peak period of march and april. We have seen continued activity throughout the entire year with a bit of on and off. Coming out of that into the second half year, there is a lot of dynamic as clients are looking as to what are the markets doing, how those recovery patterns are happening in Different Companies and it will be interesting moving forward. At the fx, derivatives, and metals. Half a billion swiss francs. My question is is that hedging or is actual active Client Engagement . How would you define that kind of number in the report . On the one side, there is the treasury books, and the treasury book has been revalued with a huge change in dollar Interest Rates throughout the first half year. On the other side, the trading side, we have been it a fitting from very high client activities, which is reflected in the numbers. Need are you going to exceptional volatility to deliver these kinds of numbers and margins . Obviously, volatility helps. We are a Business Model that can capitalize from volatility as we have proven. We are going to have it from a market perspective. Theres going to be stimulus in the markets. Theres going to be political uncertainty. Thats a few ingredients can truly drive policy. Election . It the u. S. Philipp not the biggest risk. Manus we look at this amazing recovery and equities, the change in credit spreads. Do you think there is a certain amount of detachment from our markets, from reality . Philipp it is hard to comment. In the realeality, economy, the impact of the crisis is going to play out over a longer period of time. Manus do you think we are underestimating the amount of time . Philipp maybe. I think what its very hard to predict is really the recovery patterns. And i think those countries that have taken measures early and in a thorough and deep way, they will see faster recoveries, whereas other countries will be in for a much longer time. Manus the biggest risk going into the second half of the year, where do you think it comes from . Negative rates . Philipp i think we are going to see uncertainty, and i think the uncertainty lies in the speed and depth of the recovery patterns. Where does it happen and when . That uncertainty is a big risk. A bit of overlay from what is happening politically, but i do think we are continuing the volatile situation and it is good for those players to capitalize. Baer that was the julius ceo. Jack mas company is eyeing evaluation north of 200 billion, looking at plans for simultaneous listing in hong kong and shanghai. We get all the details, next. This is bloomberg. Haidi jack mas company is planning a massive dual listing in shanghai and hong kong. The share sale may become one of the largest on record, ranging near alibaba is an ipo in saudi aramco is offering last year. Peter elstrom joins us now. We have been talking about this and anticipating this is the crown jewel in its assets. How would it compare to Financial Firms in the west, and what sort of details do we know so far about what this debut could potentially look like . Group has, so and been a ant group has been a key part of the business for a while. It is an Electronic Payments business that is very popular and has been very successful. The Company Expanded beyond that into kind of a range of financial services, including loans and has a money market fund. It actually generated some concern within china because of the competition it was providing to some of the established Financial Institutions including the banks. It veered into some other areas helpingg travel and Retailers Market themselves online. Its market value is pretty amazing. Issee in the story, it seeking a market value. For comparison, Goldman Sachs is worth 75 billion these days. Perhaps a better comparison would be visa, which is in the payments business, too. That is north 350 billion, so it is a very big company and it is looking at this dual listing in hong kong and shanghai. Shery what do you know about the size of the ipo . Could this be the one that tops saudi aramco . As you mentioned earlier, alibaba for years had held the record as the biggest in newr with its listing york that raised 25 billion. So i think the people in the headquarters to have in the back of their heads this idea that perhaps they could reclaim that crown after aramco went public and raised about 29 billion dollars, but all of this depends on how the business holds up. We are of course in the middle of a very tumultuous period economically. Also, it is not clear how the trade tensions are going to affect this listing at how markets are going to hold up. They would like to surpass that 29 billion dollar level, but much depends on what happens between now and the actual listing of the business. Given the geopolitical overlay between washington and beijing right now, what does that kind of tell us for the ipos happening in Greater China rather than the u. S. , and is it a massive rejection of confidence if it does go through for shanghai and hong kong . Peter it is certainly significant. Alibaba of course first listed in new york. Partly, that is because of the state of play at the exchanges in Greater China in both hong kong and in the mainland. Since hong kong washed out on konglisting in 2014, hong has worked hard to loosen some of its restrictions that were not hospitable for some of the local companies. It really wants to bring some of the big chinese businesses closer to home. The mainland exchanges have also drive these hard to companies. In shanghai, star board has proven pretty successful in drawing some of these companies. Theust had the offering semiconductor company, to raise 7. 5 billion dollars, so this would be a big win for the Greater China exchanges if they are able to pull it off. Shery peter elstrom, thank you so much for the latest on ant group, our asia tech executives editor there. Lets get a quick check of the latest business flash headlines. City group and ubs are suspending plans to bring staff back to the office in hong kong as virus numbers rise. Its asked about 70 of people to stay home and now wants more to work remotely. Employeesix of 10 should stay home while j. P. Morgan and Goldman Sachs are asking staff to stay away. Signe lam says there is no the situation is coming under control. Pulledk is said to have 700 Million Dollars following the banks internal review into the conglomerates. Credit suisse launched its inquiry last month after executives learned softbank was involved in several funds that invest in assets from u. K. Based finance firms. Softbank also holds a stake in the company. Amazon seemingly unstoppable rise helped jeff bezos to a record move on the bloomberg billionaires index. Shares surged almost 8 , adding 13 billion to the personal fortune. The largest single day rise since the index was launched in 2012. Bezos has seen his wealth as well 74 billion this year to 189 billion dollars. He is personally worth more than giants such as exxonmobil, nike, or others. Up, michaelg mccarthy joins us with a market open. We will be asking if the rally is sustainable. Plus hong kongs jobless rate unsurprisingly jumped in june to the highest in more than 15 years. How theuiter tells us tensions are affecting finance. Shery good evening from bloombergs Global Headquarters in new york. Im shery ahn. Haidi im haidi stroudwatts in sydney. Welcome to daybreak asia. Stocks stories, asian are set for gains after a tech rally lifts u. S. Stocks to their highest since february. The nasdaq 100 heating over. Investors welcome optimistic news of a vaccine. Infection rates grow in tokyo. Hong kong says the situation is increasingly severe. Jack ma is back in the headlines. Aiming for a 200 billion valuation. We kick off with breaking news out of south korea. We are getting the trade numbers for the first 20 days of this month. Not looking great. Exports falling 12. 8 year on year. We had expected a better recovery on the export numbers, especially since we sell some optimism on the first 10 days of this month when we sell exports fall when we saw exports fall. 13. 7mports number falling percent year on year, which also shows weak demand across south korea. There were some bright spots when it came to the export numbers. For the first 20 days of july, they are down 1. 7 year on year. We were expecting a bright spot for china. Exports to china are flat. A contraction of. 8 . Exports for the u. S. In negative territory. Down more than 2 . Not as great as expected. Will be waiting for the full month number. We had seen exports in doubledigit declines for south korea in the month of june falling 10 . Lets see how the markets are opening not only in south korea but also japan and australia. Gains for theng kospi back above 2200 point. Being led higher by Samsung Electronic and neighbor this morning. Hyundai motors along with kia are along are among the laggards. Is gainingyuan ground. The highest level since july 9. We are looking out for Second Quarter earnings. Kb financial on the docket for today. Lets check in on the moves for japan. We did get inflation data showing Consumer Prices stopped falling for the First Time Since march as Economic Activity resumed this morning. At 107 117. Ing bound ahead ofge the 20 year option. The first since japan boosted the debt issuance bond. That could risk steepening the yield curve again. Turning to australia where we are awaiting details of a Job Support Program from the government. Sydney stocks are gaining ground. Bhp on the rise this morning, adding have a percent. Manning to lift volumes after putting a 4 rise in annual output. The aussie dollar testing the yeartodate high. Trading above 70 before the rba releases the july meeting minutes. With the e. U. Talks in focus, the euro Holding Gains at a fourmonth high. With the tech frenzy on the wall street, lets jump into the terminal. We saw the nasdaq pushing to a high and the s p turning positive for the year. The stellar run we have seen for tech giants has them with a combined market cap of amazon, microsoft, and google. It could see the entire value of japan stock market. Haidi an extraordinary chart. Joining us from our Market Analysis is michael mccarthy. Great to have you. I want to add another chart to give another view as to this tech momentum we are seeing. The nasdaq 100, which we saw it a fresh record high, taking a look at this one measure of momentum if you can see on this terminal chart. The highest in about two decades. You look at these metrics. They look so extreme. Do you expect the stayathome trade, the new economy theme can continue to stretch out valuations . Michael it is a tough call because the market, particularly tech stocks, is rallying on good and bad news. That tells us it is all about momentum and not the facts. The new closing higher is important. It is also narrowly based. Concerns that we could see a significant pullback before we make further gains. For the moment, you cannot stand in front of the train that is the nasdaq 100 index. I suppose conversely, we also saw the s p 500 turning positive for the year. Do you see that kind of rotation story continuing to play out and could we see the s p extending the rally . Michael i would like to reserve my opinion on that. Looking around the globe, it is clear markets are at a coordinated important point. When we look at the aussie dollar breaking through, the dax just breaking through to new postcode highs, oil prices at post covid highs, all of these markets are telling us we read a potential we are at a potential inflection point. There are to give us a decision on whether we go on with the rally or pullback sharply. I am looking across the market. It is very clearly Economic Data remains dire. The company reporting we are seeing in the u. S. A terrible slightly better than expectations, but that reflects analysts gloom rather than anything to get excited about. Valuations in historic terms are as high. There is substantial risk to the assets. The elevated price of gold and bonds tell us now investors are convinced this rally is sustainable. Shery what about the weakness of the dollar . This chart showing we already have three weeks of weakness. We are heading for a fourth. That could be the longest weekly losing streak for the dollar this year. We continue to see this structural element playing into the dollar. Breaking key support level on the dollar index. A weakening u. S. Dollar is generally a sign of global confidence. It is phased into the mania we are seeing. Given the call we saw overnight from the u. S. Treasury secretary for further fiscal stimulus, we might see support kick in at current levels for the dollar. The markets are going to deliver a verdict across asset classes. Im going to have to live by the maxim that the market is always right. You factoring in potentially a fiscal cliff whether it is here in the u. S. Given the ongoing political brinkmanship or perhaps in australia where we have seen an economic recovery that was a little bit faster than what government officials were expecting. Michael there are risks, but governments are aware of the risk. The u. S. Election in november means we are unlikely to see a fiscal cliff in the u. S. This morning, we have heard from the australian government. They have extended the job program. Governments are looking to extricate themselves from these commitments. It seems clear they are not going to do that. The secondary and tertiary outbreaks continue to threaten the economic outlook. Haidi the aussie dollar, where we go from here . The 70s sentis 70 cent question. Bps, that we are seeing 25 it is no point getting carried away. I would note the bhp Management Team expressed real concern about steel outlooks and the outlook for iron ore. If we were to see a pullback from the peak of iron ore prices, it seems unlikely it cents. Tay above 70 recruitmentead of a firm is bullish on hiring. Elaine zhang joins us later this hour. Vaccine trials show us promising results. Why arent investors buying into the optimism . This is bloomberg. Youre watching daybreak asia. Is winning the u. K. To abandon plans to suspend its extradition treaty with hong kong, calling foreign secretary Dominic Raabs statement meddling in its affairs. Areents on human rights smears and slender. Ties already strained over huawei. Parent to the chinese tictoc sent a Company Record on lobbying last quarter. Out half 1id million in june. Tictoc is under pressure from the white house and capital hill with President Trump threatening to bend the entirely. Chinas massive three gorges dam has recorded a floodwater record with another surge looming. Torrential rains have left as many as 31 people dead. The property and agricultural damage topping 9 billion. The Biggest Oil Refiner is set to reduce production. South korea is central to the global tech supply chain, but it is failing to keep pace with the largest customers. The combined capitalization of all kospi companies is less than amazon,et value of apple or microsoft. 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. This is bloomberg. Vaccine trials show promise. Coronavirus cases continue to rise with the global telly surprising 14. 6 million. Milliong so another 66 virus cases, alarming officials who are considering a possible lockdown. Yvonne man joins us with the latest. How ready was hong kong for this new wave . this is the worst outbreak ever for hong kong. It was prettylike caught off guard. Half of the cases are untraceable. It has put a strain on the health system. The city is running out of isolation bids and Testing Capacity isolation beds and Testing Capacity. Isg kongs outbreak affecting an older group of patients, perhaps raising the likelihood more cases could turn critical. The government is weighing stricter measures. Has not and permitted a lockdown since the outbreak began. That is what they are weighing at this moment. Schools are delaying opening as well. The secretary of education saying International Schools and kindergarten should not begin the new year earlier than august 17 because there are no signs of improvement in the virus yet. Haidi in tokyo, there has been another concern. Are we starting to see cases seeing a bit more of a slowdown . Yvonne we heard from the tokyo governor. Dropped cases have below 200 for a second day with 168 on monday. Keep in mind virus cases on monday are usually lower because hospitals are closed during the weekend. There is fewer testing done. Officials have ruled out newer restrictions for the virus despite the recent surge. Excluded. We have seen some companies adjust. Universal studios extending the Expiration Date of tickets by tokyo residents. There urging visitors to choose the timing of their trip carefully. Shery india ranking third in the world in terms of virus cases. What sort of drag is this having on the economy there . Yvonne basically, activity has collapsed. The state governments have announced local lockdowns that i last for another one to two weeks. Demand has stagnated. Bloomberg has pulled together some of the highfrequency gauges to see how things are at the moment. We are seeing economic recovery that is stalling. Indexes like a lockdown stringency. That is unchanged. The jobless rate goes to 7. 9 . It was 7. 4 a week. For. Consumer sentiment has also drag. Traffic congestion declined sharply to 25 during the peak hours on a friday. It was 34 the previous week. We look at things like retail and regulation and recreation. That showed a 60 contraction. Haidi yvonne mann in hong kong with the latest on the hotspots around asia. The Coronavirus Vaccine development has shown promising early results in human testing. A sign of progress in highstakes pursuit to defeat the pandemic. Bloomberg spoke with the editorinchief of a journal who says expectations need to be managed. What this study shows is the oxford vaccine is safe and well tolerated. That was an important goal of the study. That has been achieved. The second part is to make sure there is a strong immune reaction. There is a very strong immune reaction. Both parts of the immune system that need to be provoked need to be kicked into action, have indeed been kicked into action. One part is producing antibodies. The other part is the cellular immune response. That is a very strong that is very strongly provoked by this vaccine. We are in a great position to go forward with phase three studies. What happens in phase three . In phase three studies, we need to make sure this vaccine can actually protect against infections. We need to be doing the studies in places where there is a lot of virus around. These phase three trials have been conducted in brazil, south africa as well as in the united kingdom. The idea is you take two groups of people. One group of people gives the vaccine. The other group gets the control. You see whether the vaccine has indeed protected people from the infection. A level of disappointment in the markets that astrazeneca was up 10 as soon as the study is out. It is now up 1. 2 . Were people expecting the trial to go better than it has . Toto be really fair astrazeneca and the oxford team, i do not think this study, which was a phase one, two study, i do not think this study could have gone any better. It showed exactly what we were hoping it would show. Mmunogeniety. To have expected to more than that would be unreasonable. Testing the vaccine in those people right greatest risk of covid19. People who are older. People have chronic disease and so on. Lets say that phase three goes according to plan. What is the trajectory . How soon could i get this in my arm . Ok. If i could slightly disagree with one of your previous commentators, fastest vaccine that has been produced in recent times was for the zika virus. Aat vaccine was produced over course of about 18 months. So we know we can do vaccines very quickly. Case, ifhis particular we can get the phase three trials completed toward the end of this year and if everything goes well and then we can press the button forgetting production ramped up around for getting production ramped up around the world, we could have a vaccine in the first six month of 2021. Is this going to be a vaccine like the flu . Even if you have a vaccination, you can still catch it or could it be Something Like chickenpox where you get vaccinated and that is it . You are asking the 100 million question. Right now, we are only six month into this pandemic. We did not even know this virus existed six month ago. Right now, we do not actually know what are the determinates of protected the determinates of protection. We do not know that. We are still very much in the dark about what protects us. We do not know how long we are protected. We do not know to what extent we are protected. We do not know how quickly we might get reinfected with this virus. There is a lot we still have to find out. I think we should be hopeful. We should be optimistic, but we need to be a little cautious and we have to manage expectations of the public. There is still a long way to go. Shery richard horton, editorinchief of the lancet. Lets get you a quick check of one mover in tokyo. The biggest jump in almost a month. The Company Planning to triple capacity for a Coronavirus Vaccine. It is aiming to produce over 30 million doses by the end of 2021. Clinical trials will reportedly start as soon as november. This is bloomberg. Haidi the u. K. Has suspended its extradition treaty with hong kong and places it and placed it under an arms embargo. The is likely to exacerbate relationship between beijing and london. We will stand up for our values. We will hold china to its international obligations. The specific measures i announced our a reasonable ra reasonable and a proportional response to live up to the haidi lets get the details from our international editor, jodi schneider. Why is the u. K. Taking these actions against china at this point in time . Are they more symbolic . Jodi they are symbolic. One does not expect there will be a big opportunity to extradite people. This is clearly the u. K. Coming out strongly against china. This suspension of the extradition treaty with hong kong and placing it under the lessargo comes after than a week ago after the u. K. Huawei technology. The it is really ramping up these tensions with china. Basically, they are under a lot of pressure. Boris johnson is under pressure. Secretary of state mike pompeo is visiting london to meet with dominic raab to discuss a range of topics including the fact that china concerns everyone. He is also facing boris johnson. Shery what are we expecting from beijing . How will they respond . Jodi we are continuing to hear response from beijing as they have responded to the u. S. And canada and australia. Very Strong Language that this is unnecessary meddling of what we heard yesterday from the Chinese ForeignMinistry Spokesman. We do not know what steps they will take. They have been very clear on this that they think this is meddling in their affairs. Oreign Ministry Spokesman the Foreign Ministry spokesman called it brutal meddling and urged the British Government to stop the wrong words and actions. Ma is up next, jack seeking a listing in hong kong and shanghai that would value the company at over 200 billion. We will have more on that next. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Haidi lets take a look at the sydney trading session. We had the aussie dollar making the headlines. Trading high. This after another stellar session on wall street. Every time we had any kind of consolidation in that market. We had shares reaching that new record. Turning positive for the year. We are waiting when it comes to some of the lines coming out. In the meantime, lets have a look at how markets are faring. We are keeping me aussie dollar. We are seeing modest gains for the stocks this morning. Adding about. 7 . Mining stocks. On it is said to boost volumes after annual output jumped to a record. In japan, we are seeing the nikkei 225 gaining ground this morning. Sell unity is set to for 1 billion. We are tubing and i on that as well. Trading above 2200 with chipmakers. Total exports fell nearly 13 in that time. Futures,in on nasdaq we are seeing then edging higher after the benchmark pushed to a fresh record high. The korean won is leading gains against the dollar. It has been a barrier. The hong kong dollar study this morning. Authority warning against a potential lockdown. Forecasting that hong kong trend 1. 1 as thebe about financial hubs position is at risk. Pipeline here in hong kong is staying busy. Shery lets talk about one of massiveses, planning a dual listing. The share sale may become one of the largest on record. Bloomberg finance reporter has this story. Finally, we could be seeing that ipo. That is right. They are seeking a valuation north of 200 billion. It has been announced that it is seeking a dual listing. Is,our sources have told us if conditions are favorable, it could seek more for its ipo than saudi aramco, which was the largest ipo. The group has been the crown jewel of the alibaba empire. Alibaba owns a 30 stake in the company. Our understanding is that now, it has picked banks like citigroup, j. P. Morgan and morgan and lee. The understanding is that more banks will be added to the list later. Course, he set the record. Will the size of this ipo be . Could it be in contention for the top place . That is a possibility, if market positions are good. We have learned the company is planning to raise about 10 billion. The shanghai part of the equation is not set in stone yet. They are planning to list on the chinas newwhich is destination for Tech Companies and a place the company is hoping to create and nurture into a destination. Was lulu chen with the latest. We are expecting the valuation to be north of 200 billion dollars, as it goes public in hong kong and shanghai. Staying with alibaba, they spoke to the carlyle group. Companys is the this in the u. S. And the impact of the pandemic and trade tensions. People are always surprised when i sit down with u. S. Officials and i talk about what we are doing in the u. S. They become supportive when they understand the impact and scale of what is being sold by American Companies to the chinese consumer. Misperceptionsad , but once they hear the story and understand, they are very supportive. They understand that will be our core mission. Many ceos say their employees are working remotely, but move them do not want to come back to work until there is a vaccine or some of them say even if there is a vaccine, they can work from home efficiently. Are they interested in working from home more than before . The bulk of our employees inside and outside china want to make sure that when they return to work, they can do so safely, but all of us would like to be back in the office. The thing that we miss the most is not the ability to run the business properly, but the interaction, which is a huge part of our culture. You cannot really replicate that virtually. Covidention, other than is over Technology Related things. The u. S. Government has said, we huawei tont haidi be used. How do you explain it to an american audience between the tensions over technology . It is very hard to actively engage on that issue with our clients. Whatever customers want to know is how can you help us . Us grow ourhelp business . The conversation i am having handseos of hundreds of all the time is how is your business doing in china . Faster thang much they expected. Part of that is a very rapid recovery, that you have seen in the gdp results and Data Information on retail in china, but the other part is the repatriation effect of no Chinese People traveling abroad and spending money means that those people are buying those u. S. Products in china, so many ceos see their chinese businesses growing rapidly. They are not doing so well in other price of the world. Amazon has done so well in the u. S. Does alibaba have a number two . Or are they pretty dominant like amazon in the u. S. . We have a number two, a number three and a number four. We need to continuously innovate to stay ahead of competitors. We like our competitors because we learn a lot from them. We have huge competition in china. It is a big part of keeping us sharp and allowing us to provide the Digital Tools to our merchant with the ease of doing business on our platform. The controversy going on in hong kong, is that relevant . Your core business is china and not hong kong. Is that causing problems for you, what is happening in hong kong . We are a corporation. Andtensions between China Hong Kong are not areas that we will be able to resolve or that will have a Material Impact by us moving one way or the other, so we are sticking to our core strategy and trying to do that as well as possible. Haidi Michael Evans speaking to us earlier. More insight when it comes to big unemployment numbers with the partner and ceo joining us. This is bloomberg. You are watching daybreak asia. The u. S. Continues to be the epicenter of the global coronavirus pandemic. Fatalities with topping 140,000. A vaccine trial from oxford is set to show promise while others have published positive data on potential treatments. The European Union is edging towards a massive virus Recovery Plan with a compromise on a deal. The new arrangement reduces the total amount of disbursement and includes low interest loans to countries hit hardest by the pandemic. Unhappy about how the initial program was funded. Numbers fell in tokyo for a second day. Virus cases are often lower on mondays, as hospitals are closed over the weekend. Therestrictions to stem outbreak are not needed for now, despite infections hitting a record at the end of last week. Hong kong is considering a lockdown as cases surge with Testing Capacity starting to run short. With almost cases half of unknown origin. Signaling that transmission is widespread. Distinctown remains a possibility. 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. Shery the Unemployment Rate rose to the highest in more than 15 years as the economy remains under pressure from the coronavirus pandemic and the monthlong prodemocracy protests. Joining us as the founding of a Recruitment Firm focusing on banking and finance. Great to have you with us. Give us an update on what you are seeing in the jobs market out there. Hello. Good morning. Market has been. Nfluenced a lot by covid speaking about the banks a lot of companies are adding up this is. It more like replacement of all jobs and jobs t have been lost or or we are we talking about new jobs . [indiscernible] about thee telling us difference in the companies. Yes. [indiscernible] haidi are you getting inquiries as it pertains to the job market right now . Yes, even international. Yes. Less inquiries from the International Candidate base. Candidates are actually considered moving out of hong kong. Haidi thank you so much for joining us. A Founding Partner and ceo. We will get more analysis on that with all of the headwinds looming over the economy. Be joining us at half past 12. The World Bank Says developing countries are bearing the brunt of the fallout. President told us what is needed. Developing countries are under immense pressure because of the global recession. The economic shut down in advanced countries and the pandemic itself is spreading throughout the country. They have entered this problem with a lot of debt already in the books. Those are the problems we are trying to address. We hope we come out the other side of it. In your distinguished career, out, there build was a mechanism the challenges in the emerging markets. Our the message mechanisms there right now . We use the processes available or is this a New Territory . We would have to look at New Territory. 1980s, i was in the Reagan Administration and there was a crisis that came from the petrodollar recycling. Oil prices had been high, so the ands had a lot of deposits, it would lend those to the developing world. They did not get paid back when Oil Prices Went low. The Bank Deposits were a big portion of the capitalization of the banks. They were critical. It was syndicated loans. There is a lot more commercial creditors than in the past. Nature china is a much bigger player in this. The were a creditor in 1980s, so those changes, you have to look at a different process. What we are doing is suspension of the projects now. The official bilateral creditors. Stop taking payments from the poorest countries. You are certainly selected by the president to take over at the world bank. He is going after other institutions. His own cdc. He is going after the world health organization, and for all i know, he is going after the world bank. Aw should we respond to president who is not an internationalist . Selected by him. I was proposed. It has been going well, in terms of the changes that we are making at the world bank, that can help with Better Living standards, with all of the things that we are trying to do. Is a big part of the problem. Boil it down, we want to have International Cooperation among the various organizations, but the drive for growth has to come from individual countries. Dot is what we are trying to at the world bank. Those offices work with the government to find out what will work best for the country . We help to fund it with loans. It helps a lot with a net positive flow into the poorest countries. That is what we want others to do. It is hard to say you are going to make a loan to a country in extreme poverty because where are they going to get the resources to pay it back . We try to shift the focus to grants. More on thean get stimulus package and our edition of daybreak. It is also available on mobile. This is bloomberg. Haidi a quick check of the latest business headlines. Indias Biggest Airline has cut much of its air force. Was one of the Fastest Growing airlines before. One of the most healthiest carriers. Impacts decision will many workers. Plans to bring staff back to the office as virus numbers rise. Worknow want more remotely. J. P. Morgan and Goldman Sachs are also asking for staff to stay away. Signe lam says there is no the situation is coming under control. Sachs earlier this month, softbank said it would separate because its it wouldequires be about 66 . Unstoppableingly rise with a record move. Adding 13 billion to jeff bezos personal wealth. Wealth swelln his to 189 billion. He is personally what with more than exxon mobile. Head over to we Bloomberg Markets china open, here is a look at how markets are trading at the moment. Byng led higher communication stocks. We got Consumer Price numbers coming in unchanged yearoveryear. The japanese yen also holdings eddie. This after almost two weeks against the u. S. Dollar. The kospi gaining. 5 . The daily average export declining 7. 1 year on year. The korean won is gaining ground against the u. S. Dollar. It has been stuck in that narrow trading range. The afx gaining 1 . Minuteexpecting the later today. Chart. Look at this gtv the healthier see sector leading the gains across asian stocks. It is being followed by tech stocks. We have seen gains when it comes to samsung and other tech names across asia. Vaccineeen encouraging news that has really driven the markets. Not surprising that health care is up right now. Haidi we continue to see optimistic headlines with regard to progress across the Vaccine Research and Development Proposals driving the bulk of these gains. Some modest upside, up about. 1 . Ding in taiwan [no audio] positive territory there. We will be taking a look at the chinese open. Just ahead of that, we have more on the growing global tensions in beijing and washington. The founder and this is uber. This is bloomberg. Tom it is 9 00 a. M. In beijing. Welcome to Bloomberg Markets china open. I am tom mackenzie. David i am david and glass, we are counting down to trade on China Mainland and hong kong. 200 billionth of in listings in hong kong and shanghai, new york missing out on t