The city come and businesses are pressing for restrictions on restaurants to be lifted quickly. A report suggests hong kong may not ease any restrictions until after a mass testing blitz next month. Libyas Turkish Backed government has announced a ceasefire, the country also calling for the demilitarization of a military city. This comes amid growing fears of an escalation in the complex. Libya was plunged into chaos after an uprising toppled moammar gadhafi. The country has a split into two rival administrations since then. 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 mark crumpton. This is bloomberg. From toronto, welcome to Bloomberg Markets. Vonnie we are now joined by our audiences. Here are our top stories. Trade tensions, a former trade official, Harry Broadman, will join us to talk about the back and forth this week between u. S. And china. The u. S. Postmaster general defending his management of the Postal Service before Senate Lawmakers today. We will speak with our own tim obrien about how additional questions must be answered. And mixed martial arts taking it on the chin. Like so many other businesses, we will talk to the chairman of the professional Fighters League win thes plans to battle of covid19. Lets take a look at the markets. Greg on a friday, positive economic news. The u. S. Housing market, resales, strong postings in the summer. The Spring Market has become the summer market. Great reads on manufacturing and Services Sector as well. We have green on the screen, as you can see, now leading the pack. Is is a be 500 is s p 500 up 1 10 of 1 . Yields are moving slightly lower. 16 in the nasdaq. List take a look at the euro. We will change our focus to overseas. Brexit negotiations, it looks like there could be some flagging, the hopes of revival putting pressure there as well when it comes to the british pound. That is down a full percent right now. It was in breakeven territory, then we started getting reports that things are getting dicey there. The euro as well, if we can, before we talk about the broader trade situation in the world. The eu giving donald trump a trade gift into the lobster industry. The big tension in the road right now is between the u. S. Thechina, china confirming review of their trade deal they had previously. It will be coming at some point. We not have specific details yet. Lets bring in Harry Broadman right now managing director at , Berkeley Research in washington, d. C. China saying, we will have the review, we will have talks at some point. Harry do not forget the review is a requirement under the agreement. The agreement specifies there was to be a review six months from the date of effectiveness, that date has come and passed, so i do not think this should be interpreted that the china has given the u. S. Anything since they are obligated to entertain the review anyway. Vonnie what is next . X there are different ta it seems like on the one hand the u. S. Is going tough on asking china to sell parts of its companies, the u. S. Operations and so on, but on the other hand is cozying up to china a little bit. What happens next . Harry i do think the i doonment is very and not think that we are going in a terribly positive direction. I think frankly the fact that mr. Trump asserts he is the one that canceled the phase one review is over the top. It is in his interest to have the agreement be completed in the sense of trying to eliminate some of the bilateral trade deficit, is metric for success with china. Absent that metric being fulfilled, he does not have much of a talking point on china. In fact, the talking point he wants to flag for his reelection, becoming tougher on china, has moved to questions about transactions with respect to chinese firms operating in the united states, the breaking off of diplomatic relations, and consulates in china and at u. S. , where the chinese are not harmed much by not having access to the conflict, but the u. S. Firms rely quite heavily in a nontransparent country like china to be able to have access to their consulates there, so i think there is an asymmetric battle going on. But i think this is still a story of a lot of crosscurrents. Settlingsee things down anytime soon. Donald trump does not seem to be in a position of doing that. Greg it seems, when you talk about the crosscurrents, the common terms we have seen from officials, trade seems to be the only area they are willing to say they have something working with china, with a long list of concerns heading into the election. Will we keep seeing the jockeying back and forth of, we want talks, we do not want talks . Harry i think that clearly the white house has set a goal with respect to mr. Trump and mr. Navarro that you cannot be too tough on china. I think this is the card they are going to play. Again, whether it has to do with the treatment of tiktok and who should buy tiktok. It is under u. S. Law that the committee on foreign investment, the committee i sent on many years ago, does have the jurisdiction to retroactively isract a transaction, if it found to harm the u. S. National security. So this will continue to be a prominent factor in u. S. China relations, but i think the one tangible thing that will resonate i think to Donald Trumps base, is whether or not he can continue to sell agricultural goods to china. That is under the please on phase one agreement. So i think that could play to his base, but more importantly he needs to show he can put numbers on the board in conducting transactions that reduces the bilateral trade deficit with china, which i think is the way that he sees the world, in a bilateral lens. And the more he can say that he is responsible for something, more u. S. Business with china, he comes out in his view as a winner. I i think that is easier said than done. Vonnie is it fair to say that china really has cap kept its promises and is there any reason to think that china would do anything outside of the lines, as long as we keep talking . Has china done anything that the u. S. Was not expecting . Harry no, i do not think so. If you look at the numbers of the amount of purchases in dollar terms china has completed under the phase one agreement, it is close to 30 or 40 of what should have transpired at this juncture. Theto be able to reach deadline of numbers by the end of the year i think will be fanciful. The real problem is the way the agreement was structured, it was structured in dollar terms, so china would have to accomplish 200 billion woth of transactions worth of transactions. The problem is, when you set things in dollar terms, and the price of commodities drop, like in a recession or during this pandemic, it means in order to make up that dollar value china has to purchase more physical volume than they were prepared to do when the agreement was signed. China is in a pickle about having to buy more than it thought it was going to. It was naive to think that prices would remain the same. China, as youand, know, is in the middle of a flood. Most of the central part of the country is flooding. Ustrystry has ind has suffered the swine flu, so they do look like they want to to serve their interests. Vonnie thank you. Coming up, in his own words, the head of the u. S. Postal service faces off with the Senate Lawmakers, as he plans for cutbacks and talks about concerns of her the election process. We will hear what he said and may be what he should have said, next. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. The u. S. Postmaster general says he is confident that mail in ballots will be delivered on time. Have a listen. As we headed into the head into the election season, we are fully capable and committed to delivering ballots securely and on time. This duty is my number one priority between now and election day. Vonnie we are joined now by our Bloomberg Opinion editor, timothy obrien. The comments made by the postmaster general today inspire confidence in you that the usps is capable and willing to carry out the election, basically . Tim they may be capable. I think the jury is still out on whether they are willing. We will all benefit from them being committed to delivering ballots on time. In one case, for those who want to mail their ballot a week before, or even sooner, through the Postal Service, he says will have it delivered on time. At another point, he guaranteed all the ballots could be processed in three days. That is all well and good, but i think the issue is how will he be audited to make sure that he keeps his word. He was asked about the sorting machines that have been taken out of the post office. He said he had no intention of putting them back. He said they are not needed, yet we have a big slowdown in the mail. So there was conflict around that that raises the question of how authentically dedicated he is in getting the mail delivered on time. Greg one thing that is a to me about the story is i never had an idea that this would become a political flashpoint, that this source of division would be the u. S. Postal service. How did we get here . Tim we are in the middle of a pandemic, people will be voting from home because of it. ,hey do not want to go to vote they have health concerns. Mail in balloting has been surging historically in the u. S. , more than 40 of eligible voters voted by mail in the 2016 election. That is expected to go even higher. So that makes the mail important for peoples right to vote and it has brought scrutiny onto the Postal Service, although it also got attention earlier in the year when the cares act, the federal bailout program, was passed and there was billionaire marked for the Postal Service and donald trump put a hold on it, arguing that package deliveries were losing a venture, a money loser for the post office. He had amazon and jeff bezos in his sights when that happened. Now you have the issue with the election. Here thatwin issues have made the post office a political football this year. Vonnie the mustread column today is a list of 23 questions about lawmakers should have asked today, and should ask on monday. Directing the u. S. En thester general to weak post office, that is the kernel of this. The side questions are important, but the kernel of this is how much conversation there is between the usps, which is supposed to be an independent agency, and the administration and people close to the administration. Tim i think that you are right, that is the heart of it. And the postmaster general was asked directly during the hearing if he ever spoke with President Trump aboutth the mail, or slowing down service, or any of these issues in play right now. I will remind you he was under oath, and he said he never did. He said the only thing he spoke to donald trump about was a congratulations it when he received the job, and he said it thatn outrageous claim anybody would think he was doing anything to slow the mail down. So those statements can be road tested. Theres a probing on all of his actions right now, and there will be a house hearing on monday that will follow up with a lot of this. Greg thank you, tim. Timothy obrien there. Coming up, fighting in a pandemic. The professional Fighters League looking forward to the next season after suspending this year. We will talk with the president and chairman, donn davis. This is bloomberg. Talk mixed martial arts. The professional Fighters League canceling their 2020 season over concerns on the pandemic. They are planning to hold her 2021 season in a bubble. Lets dig into what we are seeing with this shift. Donn davis, founder of professional Fighters League is joining us. People have an idea about mixed martial arts, but Little League is different, it is like a Sports League, isnt it . Donn yes, it is exactly like the nfl, nba or those groups that people are used to, and that the individual fighters can be in a season, playoffs and championship. It is transparency. Win in advance, like any sports we know. A promoter does not decide who is number one and number two. We all wish lebron james will make the playoffs, but we cannot decide that, he has to earn it. Every fighter has two win four times in a row to become the champion each year. Vonnie many leagues have tried to take the ufc crown away from the ucfc. You are trying to differentiate yourselves by treating the players better, guaranteeing a win in each class. So how many more do you need to get in order to get the fan base up to the level of the ufc . Accomplished what no other combat Sports League is overdone. First of all, our product. We talk about a fighter first culture, we currently have 15 of our roster top 20 range athletes in the world. The oc only has 19 of the roster. So we have the secondbest roster in the world. Media audience, are people watching . Our last event from Madison Square gardens had 400,000 viewers on espn. The viewers for ufc are only one million per event on espn. We are already 40 of their audience after two years, and they have been around for 25 years. Vonnie you came in in 2017, but it was a league before that. Donn that is right. Them,t got contracts from it was not the format, brand or anything related to pfl. And third, distribution. Where in 190 countries, ufc is in 160. If you are a fighter, it is the best day in the world for you because you can get the same outlet in terms of finding the best talent and being seen by the most people, and winning the most prize money, and controlling your own destiny. You have an option today if you are a fighter, and that has never existed before. Greg when it comes to having any kind of sports during a pandemic, obviously there is contact sports, you are setting up a bubble, but what are the protocols . We are showing viewers footage, people are around each other, very close to each other and that is the nature of mixed martial arts. Donn one, the competition and two, the fans. Protocolsd ufc have with covid19 and they have proven how to do it from a competitive standpoint. That is what we will be doing in may of 2021. For a fan, we have always been a global company. We care about the 5 million to 10 Million People watching, that is how we are founded. 5 of our revenue is from the ticket experience. Or the 33 for the nba, nfl or mlb. The pfl is about the tv streaming and mobile experience, so having that madefortv product has no impact for us in terms of the bubble experience. Vonnie and you air the undercard for free on facebook, you also educate viewers. And you have the highest female fighter as well, congratulations on that. We need a yes or no answer. mcgregor said he wanted a piece of ufc, equity or skin in the game, is that something you would consider for your fighters . Donn we do have fighters with equity and we will continue to offer fighters equity, because we want them to be true partners. We are open for business. Vonnie his agents should call you, i guess. , donn davis. From new york and toronto, this is bloomberg. Caroline live from bloomberg world headquarters, this is Bloomberg Markets close. Vu market moves deja u. S. Stocks advancing with the help of apple. The s p 500 marches toward a fourth straight weekly advance amid choppy friday trading. They are shrugging off the weakness in europe and asia. Meanwhile, a record month for u. S. Residential real estate existing home sales surging in july, the most ever as it proves to be a key segment for the economy. Theen posco nation former Vice President throws down the gauntlet to President Trump, challenging americans to embrace the path of hope and light as he embraces the nomination. How the white house is currently responding ahead of the rnc next week. That and so much more coming up. Romaine so much more going on talking about