Delays. Pres. Trump know, we did not do that at all. I want the post office to run properly. They are going to need more money if they are going to take intensive billets of ellis tens of millions of ballots out of nowhere. It is a part of the bill that the democrats dont want to make, because they want a trillion dollars to go to states that are run by governors who happen to be democrats, who have not done a good job for many years. Those are states that oa lot of money and need a lot of money, and they are talking about 1 trillion. The post office and the 3. 5 billion for the boats themselves. The votes themselves. Think about that, 3. 5 billion for mailin ballots. Shery President Trump right now giving a press conference at the white house. He is addressing questions about usps funding. Together thoseut two issues of mailin ballots and giving that funding for the u. S. Postal services. A proposed 25 billion financial lifeline. But china, saying the u. S. Would call with china about tiktok and wechat. We had heard beijing would incorporate these issues into the negotiations. U. S. Is also getting farmers the largest orders they have ever seen. He also addressed what to do on the mask mandates that president ial candidate joe biden has called for. He said that those mandates should be left to state state governors. We will continue monitoring what President Trump says. In the markets, we are seeing u. S. Futures gaining 0. 1 percent, after we had u. S. Equities pulling back from record highs in the regular session. There is a lot of hope that there will be another round of stimulus measures, but those talks are in a stalemate. 0. 2 p 500 and the dow are lower. Foil seeing the biggest fall in nearly a week. The nasdaq gained a quarter of a percent. We had more positive weekly jobless claims numbers dropping below one million for the First Time Since march. In the meantime, lets get a check of the markets with sophie in hong kong. This friday, asian futures are mixed after the regional benchmark managed to raise the year to date losses, still about 8 below the record high hit in january 2018. We are keeping a close eye on tech stocks after ite is under investigation by the sec. The offshore you and this morning trading under offshore yuan this morning trading under 6. 9 five amid Larry Kudlows comments on the 6. 95 amid under Larry Kudlows comments on the trade deal. Goldman saying the stimulus right outside risk to real rates which will support billion. Bullion. Gold miners in sydney, with new crest set to report results. An Australian Bank coming through with its thirdquarter numbers, unaudited thirdquarter cash earnings coming in at 1. 5 billion australian dollars. Ozzie futures a little changed after the benchmark saw the most in two weeks. The asxup the terminal, 200 facing mounting technical resistance. The average coincides with a fibonacci retracement that the index has bumped up against three times in two months. The kospi rally running hot after a fivemonth gain over the march low. 82, andsi has topped volatility could add higher should korean regulators decide to lift the shortselling band after thursdays meeting todays august options expiring. That could be a trigger for choppy trade for south korean cheers. Soph. The right, pandemic slowdown has prompted investors to take some precautions. David rainey is here with his views. You see large portions of the market, particularly as we see the influx of retail in the u. S. , especially behaving as though the recovery is already on foot, that the reopening and out of this pandemic is a oneway street. What kind of challenges are you putting to the names that you hold to make sure they are resilient . David thank you for having me. The market in those retail names you mentioned are looking forward to a recovery, where we go from a year, roughly, down 6 gdp to 2021, may be up in the mid single digits. We look at, in the hennessy curatednd, we have a collection of what we think are Industry Leaders. Whether or not we are in a bull or bear market, we are always stress testing our businesses, and the pandemic has been one heck of a stress test, if you will, because we have had such a sudden drop in demand. We look at our businesses, we , the casheir cash collecting capability, the quality of their earnings, recent or upcoming debt maturities, to make sure that they can all weather the storm. We are starting to see good examples. You mentioned retail. We see it in other industries as well, where the fast bulk the vast bulk of the funds beginning to rebound, and we are excited about that. When you take a look at the valuation gap, because we continue to talk about big tech names, but when you take a look at the valuation gap between those names, and today you are kind of breaching bigname pandemicaffected stocks, leisure, travel, hotels, and the like, it is about 30 . Does that indicate that if we do get a managed reopening going into the election that there is a really Good Opportunity for a much broader, sustained rally . David we have certainly seen but i think people would call very narrow leadership. In the s p 500, the top names capture 25 of the market value. Facebook, apple, microsoft are up 30 to 40 this year. Nameseans the other 495 on the s p 500 are down. We think small to mid cap names, of which we hold quite a few in the fund, should do very well as the u. S. Economy begins to rebound. It intends to be much more u. S. Centered. We are looking for Strong Performance out of the collection of these. The fund itself was trading at about 14 or 15 times, kind of our best estimate of 2021, and we have names in the funds that are trading well below market averages, well below 10 times. We are excited about the prospects. Haidi shery tell us about some of the names you are excited about, especially when they represent devalue. David one name that comes to mind is Encore Capital group. Training about five times the 2021 cash earnings estimate. Encore is one of the largest buyers, if not the largest buyer of chargedoff Credit Card Debt in both the u. S. And great britain. It is an Industry Leader that suggest they treat all customers with dignity and respect. When the employment rate rises above 10 , we have seen recently that large banks begin to off tooff charge liquid Credit Card Debt at much higher rates. Delinquent Credit Card Debt at much higher rates. We have sustained debt in the country. We believe there is a tsunami of credit card chargeoffs on the horizon. We think that was probably begin in the first half of 2021. Encore, with its strong Balance Sheet and one of its most, if not the most effective collection platforms in the looking at putting a lot of capital to work at excellent returns, beginning in the second half of this year and early next year. Another name that is trading at a substantial discount in the market is markel insurance. It is an Insurance Company with Important Holdings in public securities and private businesses. It is often referred to as a baby berkshire. It is similar in philosophy. They took a hit on its Balance Sheet in the first quarter, but rebounded solidly in the second quarter, which leads us to believe there pandemic or covidtype losses are well within their circle of confidence to handle and manage. Market is poised to do very well today and the next several years, because we are in the middle of a hard insurance market. We have seen propertycasualty Insurance Markets up in the high digits. Years a very profitable growth that suggests years of very profitable growth for them as well. Haidi shery david rainey of the hennessy focus fund. We have an alert on the bloomberg. We continue to listen to President Trump at the white house, saying that now that hong kong does not have the u. S. Incentives, hong kong cannot compete. We know that the u. S. Has withdrawn the special trading status for hong kong, given that National Security legislation. President trump also talking about the hong kong newsroom raid being a terrible thing. We have seen media tycoon jim jimmy lai being arrested, now out on bail, but they had taken boxes and were inside the newsroom there. We will actually have a sit down lai with Stephen Engle later on bloomberg tv and radio. Also, dont miss part two of our series hong kong on edge, a larger look at how beijings landscape is changing. Still ahead on daybreak australia, we will discuss the prospect of trade and how the phase i deal will hold up. But up next, streaming service tumbles after a probe into its operating records. Im Karina Mitchell with the first word headlines. China wants the u. S. To stop discriminatory measures as the two sides prepared to discuss their phase i trade deal. Expected to hold virtual talks, with beijing wanting to add attacks on wechat and tiktok to the agenda. Meanwhile, palestinian leaders are set to be rejecting u. S. Claims that israel and the uae are close to a diplomatic deal. The white house says it would be a historic breakthrough with an exchange of embassies and more direct commercial relations. The u. S. Says israel will declare sovereignty over parts of the rest bank about broadcaster alba zero broadcaster al jazeera says the palestinians rejected such a deal. Lebanon met for the First Time Since the explosion that destroyed parts of beirut. At least 170 people died and thousands were wounded. Global news 24 hours a day, powered by more than 27 hundred journalists and analysts in more than 120 countries. This is bloomberg. With shares in iqiyi tumbling in extended trading after the company disclosed it is under investigation by the u. S. Securities and exchange commission. Tom mackenzie joins us from beijing. What do we know this far . Tom this is a major streaming Video Service in china, backed by baidu. They say they are cooperating with the sec, who requested access to Financial Reports dating back to january of 2018. This report follows a piece of work published by wolfpack research. They also worked with muddy waters, who have a short position on the stock. Wolfpack researching april published a report alleging the iqiyi overing falsified user numbers. At the time that report was published, he said the potential downside for iqiyi was unlimited. If you look at some of my allegations, they are very straightforward and very easy to vent, and if there is a truly independent investigation here, the downside is unlimited. Iqiyi says it is cooperating with the sec, that they are going to provide that documentation and have auditors go through the paperwork. The stock fell on the back of this report. It also follows allegations around the scandal of alleged fraud. Just the scandal generally on Chinese Tech Companies like tencent, which had its we chat operations, which trump is focused on, and bytedance and its tiktok app. It comes at a time when the spotlight in the u. S. Is on these tech companies. Shery . 10 earnings overshadowed by those issues with wechat. Now . O baidu shares fare tom they fell. They are a major shareholder in iqiyi. Otherwise, it was good for baidu. Sales fell less than expected. They are doing well considering that appetite is grinding higher, and they are pulling in those appetizing sales as the economy starts to get back on a sure footing, benefiting from this post covid19 rebounded the chinese economy. But they do face incredible competition from bytedance, tencent, and other players. They said they would continue to invest in autonomous vehicles. They see that as a future path of growth. They also face their intentions. Politics there are certainly challenges ahead for baidu, because iqiyi is facing domestic political tensions and increased competition. Coming up, apple is the latest to join the borrowing boom. Will low rates make debt more attractive . Apple is sitting on a pile of cash, but record low Interest Rates make rowing almost irresistible. Lets get the details from molly smith. Apple really does not have the markets more than once a year,ut it is doing it again another time they are doing this since may. Yes, and for the same reason of reward shareholders, which is usually when apple comes through the market, thats what they are looking to do, to fund share buybacks and dividends. This time, going 5. 5 billion in may, they are going for 8. 5 billion. If you have as much cash as apple does, it makes it cheaper to sell debt. What are we, so seeing is the implication on Small Businesses . Molly thats where weve got the haves and havenots in the credit market right now. You look at a company like apple, which has pretty much all the money in the world, it really does not need to come to the market and can do so anyway. They are all these companies, the Small Businesses of america and all over the world, that rely on banks to get funding. Banks, at least in the u. S. , according to the most recent fed senior loan officer survey, are tightening their lending standards the most since the financial crisis. That is tough for a Small Business that cannot access a syndicated bond market, does not need the kind of money that apple sought today, and that really just creates more inequality and who can survive in this environment. Shery smith, great having you on. Novartis as a covid19 vaccine may not be ready until next year , but one with a more targeted use could come sooner. His view on gave us russias vexing development. I have had the opportunity to lead the engagement with the u. S. Food and drug administration. They are being extremely rigorous. They have the right standards. They want at least 50 efficacy, at least six months of safety data. They are holding the vaccines to the appropriate standard, and from what i understand, they are also collaborating with european regulators to ensure similar standards are applied. We do not know what exactly they will require. We are in a world at the moment we are, given the severity of the pandemic, individual regulatory agencies may take a different approach. The Russian Agency required a much lesser data standard than would typically be expected. I hope that regulators around the world hold vaccines to the high standard. And at the same time, we can accelerate therapies for patients who get covid, whether those are repurposed drugs or novel drugs, so they can so that we can manage this pandemic as best as we can and so that we have a vaccine we can trust. Francine what do we understand about the therapies at the moment . Why do some people get it badly and others dont, and if we dont understand it yet, can it take six months or much longer . We are getting elite better understanding we are getting a lots better understanding in terms of which age groups are more susceptible. Clearly there is a Strong Association with age, with an escalating risk above 70 years of age. With younger populations, when you look at the infection fatality rates, the numbers are quite low. We see an agebased risk profile. We see certain diseases leading to increased risk. There are instances, and you will hear those reports, we are a younger person does get more ill. We dont understand the basis of that, but we are unlocking a lot of things very quickly, the genetics, some of the other elements of past vaccines and infections, that may reduce somebodys susceptibility to the virus. In terms of therapeutics, we are going through three phases. We are repurposing management as fast as we can. We have had two medicines show they arein for show effective, one called rhythm remdesivir, and a story based one. The steroid is being provided at cost to low income and middle Income Countries around the world. To deliverg to try therapeutics, antibodies, primarily, which we hope will help patients in the hospital get treated. I think between september and december we will have a huge explosion of new data come out. That was the novartis ceo speaking to us. Next, we take a look at u. S. China trade talks. Lets take a look at futures setting up on this final friday session and asia, given some of those stimulus uncertainties as well as trade discussion u. S. Tainties, making equities pull back. Tradingei 225 in asia, in chicago, looking flat at the moment. Here in sydney, we are looking at a pretty modest start to trading ahead of what is a day that brings key ecodata out of china as well. The market open for this final trading session of the week is 19 minutes from now. This is how we are seeing the aussie dollar on this friday morning. Has been out forming the kiwi pretty steady. Watching forare the chinese data dump a little later today. The aussie tends to be a sensitive proxy for any move in that, but we expect that to show continued resilience and a rebound in the chinese economy. Lets get you the first word news with Karina Mitchell. Karina global deaths from the coronavirus has now passed 750,000, with almost a quarter of those in the u. S. Worldwide infections are approaching 21 million. Democratic president of candidate joe biden is calling for a nationwide mandate unmasks, saying everyone should wear them for the next three months. He and Kamala Harris were making their first joint appearance in delaware. The u. K. Is tightening its coronavirus quarantine, adding close neighbors france and the netherlands to his 14 day isolation list. The government is now advising against all but essential travel to the countries, as well as less travel to malta, aruba, and turks and kinkos islands. France was on the initial u. K. List but infections are on the rise. Mitch mcconnell says therell will be no more senate votes for a month as the summer winds on, although members will be on 24 hour notice in case a deal is reached on virus stimulus. The white house and democrats remained deadlocked on the makeup of a new program, with each side refusing to budge. President trump suggests he will veto any deals that includes funding for the u. S. Postal service. Hong kong democracy activist jimmy lai is warning supporters to be careful in their demands for more freefall. He held an online discussion following his release on bail. The media tycoon has been detained at for his opposition and chinas increasing control in hong kong. Tosident trump said the raid arrest him was quote, a terrible thing. Next he will sit down with bloomberg correspondent stephen in hong kongt 9 10 and new york. And do not miss part two of our howes this weekend about hong kongs security law is changing the Political Landscape in the city. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. And china are. Expected to discuss their trade deal in the coming days, with beijing pushing to widen the agenda to include President Trumps crackdown on tiktok and wechat. Joining us as we is wendy cutler, former acting deputy u. S. Trade executive. That start with the news tiktok might be raising and wechat. Do they risk over complicating an already difficult relationship . Wendy exactly. This meeting is going to happen in the shadows of an overall deteriorating u. S. China relationship with the latest restrictions being proposed in wechat and tiktok are of grave concern to china. Ambassador lighthizer has been very clear all along i think that he is going to want to stick to the trade issues. Might raise concerns about tiktok and wechat, i expect ambassador lighthizer to say you need to talk to wilbur ross. Shery President Trump seems to agree. Just now he said he will not engage on a call with china on tiktok and wechat. He also says china is giving the u. S. Farmers the largest orders ever seen. As long as we have the november elections coming up, is the trade deal immune . Off the table for now . Wendy nothing is ever immune from future action in this complicated relationship. Feel that both sides have a shared interest in making this deal work, and in particular, lighthizer is so invested in the deal that they will do everything they can that good news coming out of this meeting. For ambassador lighthizer, the most important thing will be that he has concrete purchased orders that he can bring to the president to show that this deal is working, more ag purchases will be made between now and november, so lets keep this deal intact. Haidi how relevant is the phase one trade deal . You cite the dynamics we see in the relationship if we have a change of administration in november. Or is this really a bipartisan issue, and the attitudes and hawkish news we see towards china in washington will not change beyond that . Wendy clearly the relationship between the United States and china is one that any president , from either party, is going to have to pay a lot of attention to. It is only going to become more and more important. The trade area right now, things are kind of quiet in many respects. It is so ironic that it is one of the only bright spots in the relationship. So again, i think both sides have a vested interest in trying to keep the trade relations on track, particularly as Everything Else around the trade relationship seems to be in freefall. Haidi and of course no matter what happens in november, as you allude to, this is clearly the great strategic competition of our time. April, it wask in said that this is an opportunity for the u. S. And china to get together, to collaborate and lead to Global Healthcare recovery as long as along with the economic recovery. There was an opportunity for them to Work Together to find a single vaccine. Is there any chance of that happening now . Wendy i dont think so. This administration has made it very clear that the United States is going to go on its own, and it is not interested in this kind of global cooperation, or bilateral cooperation. And frankly, my personal view is that is quite unfortunate, because a Global Pandemic can only be solved by working with our partners, including china. Shery today we also had news that india may be banning huawei from their 5g networks. This follows actions already from the u. K. And australia. India has its own issues with china, given the border clash we saw in june. Is chinas biggest obstacle to its own rise the Chinese Communist party itself, and the mistrust that is seating across the world . Without even having to rely on President Trump breaking all these alliances that the u. S. Has. Pursuingina clearly is a very assertive posture around the world, and is really turning off a lot of countries, including india and others. And as a result, there seems to be more Common Ground between the u. S. And india and in other countries. Haidi wendy, always appreciate your time. Wendy cutler, Vice President at the asia society. Coming up, jobless claims falling below one million for the First Time Since the pandemic began. But it is still a long road to recovery for the u. S. Economy. This is bloomberg. This is bloomberg. The number of americans filing new claims for Unemployment Benefits fell below one million for the First Time Since the pandemic induced lockdowns for the economy in march. Will it be enough to get congress to agree on a stimulus package . Kathleen hays is here with the numbers. Lets start with the jobless claims. What do they tell us about the urgency of getting more virus or leave money . Kathleen it tells virus relief money . Kathleen it tells us the need is still there. Jump into this chart and let me show you what the numbers tell a strong story about. Here is the latest week. They actually fell to 963,000. Its the first time claims and on a plymouth benefits have fell below one million since the beginning of march. That is just before the lockdown started, when the virus is picking up in the u. S. If you look at where they used to be, thats 280,000 on that. Just over 200,000. Unemployment just over 3 . That was the world we used to live in. Continuing claims, the blue bars, these are people who cannot find jobs, unemployed for four weeks or more. That number also fell more than expected to 15. 5 million. It was up at 24 million back in early may. So that is definitely progress. But this is what the number is supposed to look like, Something Like 1. 5 million. So these are still very concerning numbers. One of the positive signals is these declines come after coronavirus cases in many parts of the u. S. Have started to come down. You can see a vision of new york at its worst with nobody around, because everybody was under lockdown. Payrolls rose 1. 75 million. Maybe that is why we are seeing unemployment in july at 10. 2 was on par was peak unemployment we saw during the great recession. Again, this is endemic. This is showing us an economy that is still in a very, very deep recession. This is why i think this idea that the somewhat better view of jobless claims could take pressure off of congress to get a stimulus package passed does not hold water. It does not make sense. There is pressure from the Federal Reserve on congress. Hes saying today in a speech that fiscal policy has been very important for keeping the economy afloat. He is definitely hoping for more. Every fed official has said for weeks the same thing. They stayed they see the need and hope it happens. Haidi and of course in the meantime the stimulus stalemate continues to drag on after nearly two weeks of talks. Where does that leave congress . Say the greatuld stimulus stalemate of 2020 is not budging at all right now. I am sure you saw that mitch mcconnell, the Senate Majority leader, announced today that the senate is going into recess until september 8. Members are going to remain congress is going to remain on 24 hour notice if there somehow is a deal agreed upon. So apparently in some sense, the two sides will be available to each other to get together and finally say we have come together. But the problem is they are still very much a part on the size of the package. The republicans do not want to go about 2 trillion. Democrats are willing to come down by 1 trillion, but they expect that the republicans are going to meet them in the middle. The republicans continue to say they will not. You can see nancy pelosi speaking. Thinks asked when do you the stimulus tops are going to start again, and she said i do not know. I guess when the republicans finally get ready to come up to 2 trillion for the total size of the package. So republicans already do not want to spend a lot of money. There are some real deficit hawks in the republican party. Democrats say they are not really taking to town how deep how desperate so many people are. It has been almost six weeks since the 600 on up limit benefits expired and that is another big bone of contention. For people out of work and cannot find jobs, this is a big question. So maybe that is, above all, the kind of pressure that will get them back to the table, before even a month is passing. But right now that is the picture. Haidi all right. Kathleen hays there. Robin hayes is pushing for more u. S. Aid for headlines. He says a day of reckoning is approaching for the industry. He spoke exclusively to bloomberg earlier about the need for more stimulus and prospects for an eventual recovery. If we look at our august schedule, we are flying about 40 of what we normally fly, which is probably about 10 to 15 less than what we expected to fly in august going back to june. Last time i spoke to you we talked a lot about what happened at the end of september as the cares act money runs out as we approach october. What your plans were going to be. We are looking at a stalemate currently in d. C. When it comes act when it comes to the cares act 2. What are your current plans when it comes to downsizing the business at the end of september, and will that be affected by the extension . Robin the country needs a stimulus bill. We will let the politicians think about what that should be but they absolutely have to come together and build a stimulus bill to help the country continue to get through this. As far as aviation is concerned, obviouslyely has been one of the sectors that has been most impacted. And the day of reckoning is coming for the industry, because we cannot continue with where we are in terms of the number of jobs we have and see demand 25 to 30 of where we would normally be. What we have been doing at jetblue, we have had about 25 of our people are their take a voluntary severance package, or to take longterm leave. We have a number of other crewmembers who are taking shorter periods of time off. So we are trying to continue to do everything we can to manage it on a voluntary basis. We have never done furloughs at jetblue. It is something we do not want to do. It is something we will do everything we can to avoid. But we are in a very critical situation right now. How much more do you think the carrier needs to be . You talked about the level of demand you are currently seeing and what you are expecting to see as we go into the fall. Is that level of demand commensurate with the size the Business Needs to be . You are 30 , 40 of where business was. Does the business need to be 30 or 40 of what it was . Robin we do expect a recovery. The question is when does the recovery come. We want to be here to take advantage of it when that recovery comes but we want to do everything we can in the shortterm to reduce our cash flow, which remains our number one shortterm priority. We we have a partnership have announced with American Airlines that we are very excited about. That will allow growth. We also think are largely domestic and leisure footprint will be some of the first types of business that will recover. And as we saw back in june where we started to see quite a quick recovery, i do believe once the case counts come down, once some of these quarantines we have seen start to become less severe, that we will continue to see i passionately believe in speaking to people, but there is pentup demand for travel. People plan to take trips. We want to be there to take advantage of that when the time comes. Lets map out the next few months. Lets assume that we do not get any more stimulus. You are likely therefore to have to make some painful decisions at the end of september. If we were then to get a vaccine, or positive vaccine news before christmas, how do you manage the shortterm desire for the diminished cash burn with the pentup demand that could potentially come through if maybe the vaccine appears . How are you going to navigate that process . Robin that is a great point. And i think that is something we ask ourselves every day. One of the benefits of us being a Smaller Airline than some of our competitors is that we can be incredibly nimble. We can add capacity at short notice. For example, one of the things that we do is we look at every single flight, three or four days before departure, to make sure it will be cash positive. If it is not, we will usually cancel that flight. And we protect customers within a reasonable amount of time. We are also managing this one flight at a time. Again, by having many of our crew members on shortterm time off programs, that means if we start soon demand come back quickly, we can bring people back to work quickly, we can get the airplanes ready to fly again, and we can take advantage of that. So it is being able to ramp up quickly, but taking it down quickly based on what we see with demand. Shery Jetblue Airlines ceo robin hayes. Breaking news. Google has pulled epic games fortnite from their store following a similar move by apple coming after epic games today said it is giving users a new way to directly make inapp purchases instead of paying through the apple and google app stores. Of course this has set up a confrontation between the two sides as epic games is trying to circumvent the fees, the 30 revenue cut they have to pay to the companies from the paid apps, they say it is excessively high. Coming at a time when we are seeing more scrutiny from u. S. Officials on these companies on antitrust complaints. Again, google pulling fortnite from their store following apple. An extraordinary fight being set up. I want to get you an update with the virus. We are getting daily virus numbers from victoria. The Health Department saying there has been 372 new virus cases over the past 24 hours, as well as 14 new virus deaths, according to the victorian Health Department. We continue to see a moderation of these numbers, cautiously saying that, because we have seen some pretty bad spikes, as melbourne remains under a strict lockdown. We are also seeing pretty moderate level, double digit numbers when it comes to cases in New South Wales as well. This of course coming as the inquiry report into the cruise ship is due to be handed down to the government today. Of course that was the cruise ship that allowed passengers to ofembark related to hundreds covered cases as well as at least 20 coronavirus deaths in australia. Plenty more to come on daybreak australia. This is bloomberg. This is bloomberg. Lets take a look at what we are setting up for an markets trading asia this morning. Sophie kamaruddin is in hong kong. Sophie asia and futures are mixed this friday after the regional index managed to turn positive for the year after recovering nearly 6 trillion in market value. Goldman sees stocks outside japan extending the rebound on earnings and dollar weakness with china and south korea in favor. Japans bumpy recovery is under threat. On monday the gdp report could see the economy shrank by the most on record. Today we get you updates from taiwan, hong kong, and malaysia, plus monthly activity data from china. Ahead of that data dump from china, offshore yuan trading around 6. 95 after the overnight retreat. A strong technical signal flashing for the dollar, completing against cnh for the First Time Since october 2012. But the yuan remains vulnerable to u. S. China tensions. Ubs sees a move back around seven over the rest of the year if it worsens or economic recovery stalls. Switching gears in australia, the earnings rate continues. Letsest have reported, turn to a chart for our Bigger Picture view of gold mining stocks. Bullion has done little for evaluation with the sector. The gold mines index trailing the all world index on a basis since may 26. About 16 . Now moderating from the 19 we saw in june, the biggest gap since july of 2013. Haidi all right. We will keep on the topic of new crest. The Mining Company in australia just reporting some of those numbers. Paul allen is here. What are you seeing . Paul those numbers are still scrolling across the bloomberg terminal. On first glance they appear to be strong. 647 million. Up 15 . Underlying profit also beat 750 million. The consensus was for just over 700 million. Reasonably healthy dividend as well. Revenue was up and the outlook looks reasonably decent. 1. 59 million. 2. 1 5 million ounces of gold seen in 2021. Of course the strong gold price really helping to underpin the result. Also haveckly, we National Australia bank releasing thirdquarter trading updates. What did they say . Paul down 7 on year, a record down to 1. 5 billion. They see this low rate environment from the Pandemic Response continuing for some time. Net interest margin reduced by five basis points heading into the second half. Paul allen there in sydney with the latest on what has been a mixed earnings season so far. We have much more ahead over the next hour of daybreak asia as we continue to count down to the start of trading for this final friday session. Seeing a little bit of positivity when it comes to trading in the aussie dollar. A51 is where we are ahead of mixed open going into the start of trading. This is bloomberg. His is bloomberg. Haidi very good morning. I am haidi stroudwatts in sydney. We are counting down to asias major market opens. Shery asian markets faced an uncertain end to the week after wall street pulled back from a record. Investors are concerned about the virus relief impact in washington. Chinese internet stocks remain in focus, son after the close in new york. I. B. Faces advertising