Successor to Ruth Bader Ginsburg this week. The democrats say there is no rush and any decision to wait for the election. Scott larson says he expects a jobs bounceback in australia has covid19 infection start to ease. We will expect the likelihood that victoria reports lower new cases. U. S. Futures under pressure now, down. 2 at the open. This after recite u. S. Stocks falling to a sixweek low last week, the tech selloff intensifies. The s p 500 lost ground for a third consecutive session. Nasdaq flat at the moment after the nasdaq 100 closed below its 50 day moving average. Pressure,crude under after oil has its best week since june. Warningsaudi arabias to opecplus cheaters and shortsellers which helped opec crisis stage a rally last week. Now under a little bit of pressure above the 40 per barrel level as we continue to see the Dollar Strength and in the last session. We do know the dollar has been under a lot of pressure and it is headed for the weakest quarter in a decade. Lets see how things are shaping up on the asian markets. Here is in hong kong. Sophie this monday japan is offline, it is the long weekend. Take a look at the board, futures mostly lower across asia heading into a week that rings us a dozen Central Bank Decisions worldwide. The bank of thailand among them. In new zealand shares at higher. 1 . On the data front we are going to get a pulse check on korean trade. Chinas lpr, no change expected for a fifth straight month. Lets turn to currency markets trading fairly steady this morning. The owsley dollar testing 73 after you case numbers and victoria state fell to 14, 3 month low on sunday. Ozzie bond futures are backing bouncing back from fridays drop triggering a new 20 sale for this week, rbc penciling in 17 billion to 20 billion. In the british pound trading above 129. We are learning that see max is to extend to support the u. K. Economy, the business support loan seem to be extended. The offshore yuan Holding Steady above 676 as we await the pending decision from the ftse russell extension inclusion of chinese bonds into global indexes. Soap foreign inflows remain a key support. Goldman calculating it will at one hunter 40 billion of cash 140 billion of inflows even as the u. S. Toughens its stance on china. Haidi the oracle tiktok till winning the green light from the president , potentially averting a van u. S. The culmination about week of chinese videoat sharing app a National Security threat. Oracle will own 20 of the new company which could be valued at 60 billion and beijing must now approve the transaction. At all continued to be named tiktok as it was all along and thats it, thats it. So, i can say that i have given the deal my blessing, if they get it done, that is great and if they dont that is ok. Is a great deal for america and very interesting. Sir, you have approved the deal . I approved the deal in concept, yes. Reporter Shelley Shelly banjo who has been covering this story. The president has been talking how this is the great deal for america. In reality is this deal anything like he originally demanded . Is he able to spin this is a win . So like you said it has been a combination of an eventful couple of weeks. Weeks ago when trump put out his First Executive order. At the time said i wanted this company to be sold to american company. He added a strange provision he wanted to take a cut of any sale for the u. S. Treasury. Trump gets neither of those. What ends up happening is that bytedance, the parent company, ends up still maintaining 80 control of the new Tiktok Global entity. Shery to have any idea at this point what this will mean for beijing, if President Trump did not get everything he wanted . Could he be more appetizing for china for approval . We will see what happens with beijing on a legal basis, the thing china was most concerned about was giving over, having a forced sale for one of its big tech companies. So this is not that. Also they were worried about heading over the algorithms and Artificial Intelligence technology that bytedance had crafted. And they are not giving over that either. Sort really seems like it is something that china is going to approve. Early reports and state media suggest that this is something that they can digest and come out on top of. For trumps part, he does get a few things. He gets to say i have credit 25,000 new jobs, which was one of the pledges the new company mate even though it does not come with any kind of enforcement mechanism. He gets to say i created this new tiktok deal. And or con walmart which are to american companies, that you have and oracle and walmart, to american companies, get to have a part in it. Haidi even as the president is celebrating the tiktok feel getting closer to being finalized, when it came to his ban on we chat, that faced legal hurdles . Right, in the 11th hour, a judge in the u. S. Halted this we chat curb. There was an executive order that was sent to take place sunday night new york time that would prevent Apple App Stores and will and Google Play Stores from carrying the chat app in play stores and align your downloads. The judge said we will send this back to the court and have a temporary injunction on this. Youre going to stop this, so wechat will remain in the app stores for now. The judge ruled on freedom of speech and said doing this is unprecedented, and there needs to be more specificity behind this kind of order. Senior tech reporter with the latest on that tiktok deal. Hathaway Global Strategies president joins us in the next hour of daybreak asia and we now turn to Karina Mitchell for the first word headlines. China is dismissing accusations it is targeting america as it moves to punish Foreign Companies that threaten National Security. Beijing says it welcomes Foreign Investment and will continue to open its economy, and insist the unreliable entity list is not aimed at any nation in particular. The ministry of commerce says it told a small number foreign entities that of put chinas interest in danger. Iran is rejecting new u. S. Sanctions as American Allies in europe dismissed the plan and vowed to stick to the 2015 nuclear deal. Washington says the initial a court is silly and does nothing to prevent arms sales to the islamic republic. The u. S. Says it is three imposing sanctions on iran while the other 20 signatories say President Trumps abandoning of the deal mean washingtons move has no legal standing. The European Central bank has launched a review of its virus popped it Bond Buying Program to see how long it should continue and whether flexibility could be extended to earlier plans. The review aims to conclude next month although the ecb declined to,. The program was created in march at 890 billion but was extended to calm the markets. The Australian Government says it expects the nationwide jobs bounceback as victoria prepares for a cautious post covid reopening. New infections fell to 14 sunday, the lowest total in three months. The 14 day rolling average declined to 36, well below the Level Authority set for an easing of restrictions. The government welcomes the numbers as it prepares for the budget next month. Global news 24 hours a day on air and at quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Coming up next, we take a look at how truth bader could reshapeth the court. Amid shiftingg trends and we speak directly to zip managing elector and its ceo larry diamond. This is bloomberg. Donald trumps push to quickly fill the seat of Ruth Ginsburg with the election weeks away. Reputationpact the of the Supreme Court itself. Lets get more from bloombergs balance of power host, david westin. Thank you for joining us today. Before we get into the politics of the latest development, let me ask you about Justice Ginsburg herself. She made an impact on generations of americans. You saw her argue at the Supreme Court. Tell us about her legacy. I do not think it is possible to overestimate the effect of this one person on american law. Other people have drawn the analogy to Thurgood Marshall in the area of race relations. She was that for gender equality in this country, and for equality more broadly. She met an enormous difference in the law before. She was on the Supreme Court. Than she had 27 years on the Supreme Court. I clerked for Justice Powell on the Supreme Court. Got to see her as an advocate arguing one of those cases on gender equality. She was a superb advocate, wonderful judge, and then it great Supreme Court justice. Haidi the president confirmed he will push forward with replacement without any delay, what is the political play here . Has previously said he did not want to consider packing the court because he was concerned about the damage it would do to the credibility of the court is a judicial. Is not likely to come under increasing democratic pressure . David it is hard to know what is likely at this point. All bets are off of the moment which is frightening. Theomeone who served on court and reveres the institution of the Supreme Court , it has become a political football, which we would not have wanted to happen. Coming on the heels of merrick garden mayor garland who clerked the same year i did, we had Mitch Mcconnell say we cannot confirm him because we have an election coming up. Now that has switched a hundred 80 degrees saying lets press ahead and we have most no time to do it. But you cannot rule out the possibility that they will actually try to confirm and nominate before the new senate and a president take office. How are democrats and republicans seizing on this moment . Certainly marshall the question on the Supreme Court. President trump space will be militarized if they were not already. It is hard to know for the democrats. What Vice President biden is doing is saying, lets think about this. This takes us back to the Affordable Care act which is up before the Supreme Court. We have one less vote now and if you switch that given what is going on in the pandemic, do we really want to throw out universal health care . There putting this on the coronavirus subject in terms of the arguments they are making. From ive heard conservatives that you not support from saying they would be happy with a Biden Harris White house, with another conservative appointment on the bench. To what extent does that give us an indication particularly for asian viewers about what this perhaps more than what happens in november has the power to shape policymaking across the u. S. For the next two or three decades and beyond . As you know so well, the United States is different from other countries this way. Going back in history, the courts decide a lot more things involving policy that in many other countries, so it is terribly important. As you say these people have life 10 years, Supreme Court justices are therefore left. And the people that are there for life. Are inple considered their late 40s. Coming back to bloomberg, not just asia, it is generally thought that the sorts of people President Trump would support would be more probusiness than perhaps a President Biden would be, see have to take that into an account as well. You can have a probusiness court for long time to come. Haidi thank you for joining us, the balance of power host with fascinating insights on her life. , increasingxt uncertainty coming from u. S. Elections in november. For insights ahead. This is bloomberg. Shery u. S. Stocks have been under pressure with tech driving them to a sixweek low. Despite the recent downtrend our guest prefers u. S. Equities over internationals. Joining us to tell us why is Riverfront Investments group senior Portfolio Manager rebecca felton. Chart on the bloomberg showing cyclicals with transports rallying, relative to the 200 a moving average. Tech has been weakening. If you prefer u. S. Stocks over the rest of the world, where are you going to see the momentum coming from . Thank you for having me. As you mentioned we are still overweight u. S. And are leaning into tech. The selloff of late was to be expected given folks are looking for value, we have seen the rotation into potential value several times over the last few months. But has not been sustainable. Any time have seen any tort of market any sort of market jitters, particularly around economic growth. Youre seeing some of the commodities improvement and gerry q3 and during q3 materials have been some the best performers. Do have a show me out of to have us down the stretch about the market reacting poorly, some of the uncertainties acf, election uncertainties facing us, the election, covid that we do not have a stimulus package. Hear that we continue to the fed tweaking Forward Guidance to be as accommodative as possible, does any of that upset the uncertainties youre talking about . To some extent absolutely but what we heard from the fed this week was not really anything new. At the end of the day, it is really we believe also on the backs of congress to pass some more stimulus, because the fed cannot do it all by of elf. And all by itself. And there still businesses waiting for extension of stimulus benefits of that is to go to the next couple of months. Haidi is the market underpricing the potential volatility we could get in november . Particularly if there is a contested result . I think we are currently up around 23 times forward earnings , that is 8148 never which has that is a 148 number that has come off the lows of where we were. So the market is price for certain out look as opposed to uncertainties we could be volatile to the downside for some of our shorter horizon for leos we have taken a little bit some of our shorter horizon portfolios, we have taken a little bit off the table recently and we think it is important have Risk Management stops in place. Haidi how do you approach that when it comes to the correction we have seen so far in tech . Ford you think whatever happens ofnovember, the bifurcation tech and u. S. China tensions are likely to continue . Hundred enough about percent hundred 50 of this year . It depends on your outlook and time horizon. For us in the conservative portfolios we are neutral to slightly overweight tech. Even with correction of high valuations that persist, you have better visibility and earnings there, one of the few sectors that have earnings be positive for the full year. Not for q3 but the full year and when you think about Balance Sheet tray earnings visibility and reliability, those are going to be important if we get into lower Economic Data. Balance sheet strength. Some Economic Data is seen as decelerated above Slower Growth is better than no growth. It is going to be critical to think about your. Time horizon time horizon. Portfolios we are overweight tech. We have stocks in place and will continue to be overweight equities as long as our tactical moves remain favorable with the fed on our side with the 200 a moving average still moving and the positive direction, and the fact that sentiment on a daily and weekly basis has moved into neutral. Tactically we think it is important to stay where we are. Shery in the meantime, what role what fixed income have, when it comes to risk off moments . When we took risk off in the shorter horizon portfolios, we put. That money into cash we did not of our fixed income exposure. We are using it as a buffer. We do not expected to be a great return relative to equities. For Us Fixed Income is totally a buffer. Expect the languishing weakness we have seen in the u. S. Dollar took to continue . It could. This hard to predict at point. There are some any factors that influence it but it could persist. The things we are focused on continue to be some of the market internals and our rules around staying invested, more so than any focus on the dollar. Rebecca felton, great having you on, riverfront investment group, senior Portfolio Manager. Lets get a quick check of the latest business flash headlines. Group has what could become the worlds guest ipo. Reasons for excluding alibaba as a common shareholder. The exchange has declined to share responses to those questions. Preparing motors is to sell its stake in a joint china. In mitsubishi and mci see holdings will offload their interest in a project. Pair currently on currently own 30 . Receive 23 billion for its stake. Potentially creating a new entity with 11 billion as Energy Entities created a Lower Oil Price environment. The national , petrochemical shares closed at their highest in six years. Haidi lets take a look at this monday morning. Quiddity thin start to asia sessions. Closed due to respect for the aged day. Looking like we will see a downward pressure when it comes to tech pressure. Kiwi stock up. 1 as we continue to talk about negative rates week,into the rbn z this sidney futures lower,. 6 optimistic as we continue to sate or case numbers out of continuetrending we to seek case numbers out of victoria lower, just 11 cases, the right direction in terms of lifting restrictions. The aussie dollar Holding Steady 0. 7290. Australia is expecting jobs bounce back we discussed the likelihood as virus cases in Victoria Fall to their lost in months. This is bloomberg. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Youre watching bloomberg daybreak australia. We begin with tiktok. The chinese owner of the app wants a valuation of 60 billion as oracle and walmart take a stake in its u. S. Operations. The two companies will take 12. 5 and 7. 5 to establish a new Company CalledTiktok Global has won President Trumps approval. Oracle and walmart would pay a combined 12 billion. Chinas we chat messaging service is under white house scrutiny and says it will continue to negotiate a u. S. Ban , that was to come into effect on sunday. Owner tencent said the app may not be allowed to accept new users in the u. S. , and current members may be negatively affected. President trumps band may be halted by a judge over concerns about restrictions on free speech. A new investigation by a global journalism Alliance Says some of the worlds top banks have profited from dangerous u. S. Penalties. Jpmorgan, Deutsche Bank and others kept moving illicit funds. It identifies more than 2 trillion in transactions between 1999 in 2017 that were flagged as possible money laundering. The biggest antigovernment protest in thailand in months has ended with calls for a general strike next month. That as demonstrators challenge the authority and the monarchy. In estimated 50,000 people gathered in pink pop bang pop bangkok and delivered a rules of the man seine the country belongs to the people, not the monarchy. Local news, 24 hours a day online and on air on quicktake, powered by more than 2700 journalists and analysts in more than 200 countries. Haidi Scott Morrison is optimistic about a bounceback in jobs after encouraging last week and sharp reduction in coronavirus cases. Numbers recovery jobs mean the government will peel back on wage subsidy programs . Paul that would seem like a natural progression. Wageyers have received subsidy for six months. 70 billion dollars. Scott morrison say you dont hang onto delivery measure for forever, but you dont say there are others that will pick up where that leaves off. There is some concern about the Economic Impact of pulling that particular rug out. On october 6 there will be the budget. The Senior Member of the governments are saying that there will be an astounding amount of spending to bring australia out of a recession. So much that observers may be shocked. It may include a range of measures from Infrastructure Spending and family support. The data last week was encouraging. The headline down to 6. 8 . You have to bear in mind just how volatile that series is, and that the real Unemployment Rate is a lot higher than that headline number. Looking tolist is the reserve bank of australia to do more. The markets are in a cash rate cut from a quarter of 1 down to a 10th of 1 , which was dealse the bank dales fixing rate is getting pretty close to zero. They what happens to economy is dependent on what happens in the pandemic. The latest numbers from victoria look encouraging. Will we see those restrictions ease soon . Paul that would be the hope. Local media reporting there is just 11 new cases from the past 24 hours. So, a far cry from the near 700 we saw back in august. There have been three days in a row of less than 30 days of cases. They see if the average case rate holds below 50 two weeks, then there will be a relaxation on those measures on september 28. Considering just how strongly the tory is headed in the right direction, there is chatter that those restrictions could be eased further and earlier than previously signaled. Elsewhere here in new south wales, three new cases over the weekend. Four, there is not going to be flights between the two countries until march of next year. But he says they will be popping the champagne if there is a change in that happened earlier than expected. Shery bloombergs paul allen joining us from sydney. In the u. S. Coronavirus cases have also stabilized, but the 200,000 and ad former fda commissioner says he expects at least one more cycle of the virus in the coming week. John Hopkins School of Bloomberg Health professional told us about hotspots around the u. S. These numbers that are coming up a relatively high, particularly compared to other countries that have been able to control the covid19 outbreaks and get their case numbers down to much more manageable levels. What we are seeing across the andtrys hotspots flareup then they settle down into lower numbers of cases. Than other states come up in terms of there being hotspots. This is expected. This virus is not going away. As one relieve some of the Public Health interventions you expect to see some cases coming up. Testing and athe Contact Tracing and mechanisms that shouldve been put in place would be able to be called upon to limit the spread of the virus and identify specifically the people at risk for infection based on exposures and try to theantine them so that interventions that are needed to lower the virus spread can be more targeted as opposed to being across the entire state and country. So vast,e the u. S. Is do we need to look at it differently because a lot of the precautions are taken at state level . Us about northll dakota, south dakota and iowa, which increases are quite significant there. Public Health is best done at the local levels in cities, counties and states have to finetune policies to make sure they are being optimized to whats going on within those particular regions. Its not to say that National Leadership is not important, because it is. What has to provide the framework and the resources for the states, the counties in the cities to be able to effectively institute the Public Health measure needed to reduce covid19 spread. What you are seeing is a very different response to the covid19 outbreak based on the state in particular that you are in. Some states take this incredibly seriously and Institute StrongPublic Health interventions early on, other states try to take other approaches that allows for more virus spread in the community. Having the drawback of the local Public Health entities make some of these decisions. If sometimes those decisions are not solely driven by Public Health that can be driven by political influence. Wave ine avoid a second that schools are reopening and people are going back to work . Possible to avoid a large second wave. We know the Public Health interventions, Contact Tracing and testing, we have a good sense of how those things can be applied. We have seen multiple countries be able to control levels of covid19 in much more manageable levels. Public andhave the government commitment to institute these types of interventions to make sure we can keep case numbers low. The winter months it may bring a surge of not only covid19 because people are inside and are coming in close contact with each other more. We are seeing other respiratory that may be making an increase this fall and winter. Reallythese things highlight the fact that we need to spend the time now to make sure that the Public Health interventions that we want to put in place are there and that we can effectively monitor and keep case numbers down as we move into the winter months. Was professor Andrew Pekosz there. Bloomberg school of Public Health is supported by the founder of bloomberg lp and bloomberg philanthropy. One of australias biggest payment players is moving to the asx and should see consumer trends. We speak to the ceo next. This is bloomberg. Haidi this is one of australias most valuable companies. Its entering the asx 200 on the back of growth. They struck a deal with ebay. Lets take a look at the prospects now with the ceo larry diamond. Great to have you with us. Tell us about the impact the pandemic has had in terms of accelerating these trends that were already preexisting. How has that contributed to growth . Do you expect to maintain that momentum in the post covid period . When covid started out in early march, we were really unsure about how things would play out. But has been really encouraging to see the data over the last three to six months. Not just on the consumption side, which we have seen a flight one line. And a true credit card disruptor being exposed to sectors that consumers have been shopping at. But the other side of the equation has been the credit story. We have seen some of our largest repayment funds over the last six months. Customers have been paying back quickly and recycling the capital quickly. We have seen the lowest of the lax last six years. What we have seen in australia has been a bring forward of the ecommerce revolution. We say three to five years. Very excited about the future. And just some of the data we have seen a last couple of weeks were credit cards have collapsed about 20 over the last 12 months. We believe its only getting started. Haidi is Regulatory Oversight a concern for you . Are you worried about the report being made into the services . Inception, it has been focused on responsibility. Issuing microcredit in real time responsibilities on syntax players, to ensure the right customers can on the platform. Since inception we have done credit tracks credit checks. We are lifting minimum standards across the industry. We continue to hold it to a higher bar. But we also do advocate for regulation meeting innovation, and innovation meeting regulation. We have been very encouraged by what we have seen in australia over the last 24 months. We expect the senate inquiring in the intervention powers. Shery you also have u. S. Based quad pay. What are your Growth Investment strategies this year, and also Going Forward post covid . This phenomenon we have seen in australia where we see the credit card models fundamentally broken, and the flight one line and fight away from the unfair credit card, we see the global phenomenon that is in many markets, including the u. S. To be a true global player, we have to have a u. S. Presence. Very excited by the acquisition of quad pay. Even though the u. S. Is a very big focus for us in the next 12 months for making the u. S. A success. We will be launching in the u. K. Earlier this year. We will be looking at a few more markets over the next 24 months. Differentiates you from all of these companies . Whether its the u. S. , u. K. Or in australia . When you look at it, there are many different models. Focus on aa we couple of key things. One is building a culture of true innovation and moving quickly. We are zip and we have a responsibility to our brand. The focus on responsibility has been a big one, its the reason we have stood aside from the pack. 100 customershave in any given month. We also have an account concept. That means we work across many sectors, we are in bills, we hope to one day get into ridesharing food delivery, and anywhere payment is accepted. Our mission is to be the first payment choice everywhere and every day. That space is already pretty crowded when it comes to asia. Do you have geographic expansion plans closer to home . Moment, thee markets that we are focused on australia, we believe we have a long way to go. We struck a partnership with ebay. We believe we can get into the hands of millions of australian consumers. Also, millions of australian businesses. There is still a strong focus. The u. K. Is another market that will be looking out marching later. Ng we have interest in south africa as things emerge. Not jumping into asia just yet. We need to make success around the globe. Shery you have over 2 million customers, who are your customers . I am tending to think they will be millennials and younger people with access to technologies. Can you expand beyond this, or is this an enough Customer Base to continue growing . Australia is a really great country when it comes to technology. When you look at netflix, spotify and the others. Look at that Customer Base today and we have just more than 2 billion. The average age is 34. It is a millennial, but a little bit older. We do have a large number of gen x on the platform. There are 16 billion credit card accounts in australia. There is that, plus the data card population. Many customers who are joining zip do not have a credit card. Its moving towards these products as a better and fairer alternative to the Digital Credit card. And then there is Small Business. Small business is not being supported by big banks, and offering responsible Interest Rates were you see this huge opportunity. The big thing for us is bringing these solutions to the Small Business community. In terms of the u. S. Markets, what do you make of competitors like preexisting payment giants like paypal in terms of their pay before new service. . That news we saw a couple of weeks ago. Its great validation for the effector. Our view is a rising tide lifts all boats. Thats a statement saying that just like what we saw in australia, the credit card model is fundamentally broken. The penetration is small. Online and we play and store, and we are looking forward to the growth. The team has 2 million customers growing. Going to be able to bring a lot of our global relationships to life over in the u. S. We are looking forward to a strong next couple of years. Shery great having you on a show. Larry diamond, zip managing director and ceo. Coming up next, they have been given the green light to lift in shanghai. The nextt details on giant dual ipo, next. This is bloomberg. Shery and group has won approval to list and zhang had a, clearing a hurdle shanghai, clearing a hurdle for becoming the largest ipo. Tom mackenzie joins us from beijing with the details. This is an important step not only for an, but also for the financial markets. Tom they had a hearing on friday with the Shanghai Exchange last them a number of questions about the structure of the ipo before giving it the green light. Aunt can list on shanghai star board, which is the oneyearold exchange, primarily home to tech stocks. The next step is to have a hearing with the hong kong stock exchange, get approval and then they can pull the trigger on this planned listing. Could be a reminder, the biggest ipo ever. They are hoping to raise 30 billion u. S. Dollars with a valuation around 225 billion u. S. Dollars. Been cleaned not selling for and to get here. Tom cole and it hasnt. And the last few weeks we had a flurry of new regulations imposed by officials in beijing on conglomerates that have a footprint in the financial sector. In terms of regulations, we have seen curbs on small loan funding sources, thats a big area for aunt, capping lending rates. An imposing new capital and license requirements. Those regulations have come thick and fast in the last few weeks. This is an area that will affect and. N terms of the ipo aunt in terms of the ipo we will look at what date they will be looking at in the next few weeks. Our Bloomberg Markets anchor tom mackenzie. Turning to the u. S. , inc. Of is 95 says the economy back, but another round of stimulus is needed for a full recovery. He believes support is most needed to bring back that last 5 . Our Research Team is that the United States will be down 4 for the year, and then next year we will be up 5 or so. They key is to think about it quarter by quarter. We had a drop in the economy. You are back up towards 95 of the economy is back on a quarterly basis, they we work out that behind that it was a 1 to 2 economist. Lastdea of covering the five Percentage Points tomorrow morning will take time to grind through that. Estimate,y is every including what you heard from chair powell yesterday, has gotten better rather than worse because consumer activity stayed strong. The fiscal stimulus, the monetary stimulus, the programs the government and the administration and congress between what the fed did, they basically filled the whole to bring the economy back up to level. Now we have to let it work out from there. Probably needing more stimulus for defined places that is difficult. Restaurants, state and local governments, schools, performing events venues, some industries, airlines and others. You cannot just have people do it at the rate we have before. But the Dentist Office is busier than they have ever been. Consumer spending is up yearoveryear. Is good news. We are seeing it start to grow. Fell andowing 10 , it it has worked its way back to even it will probably grow yearoveryear and september. We will see how it is. Thats good news for the economy and that goes on is the economy is restored. Saidu set it, chair powell we are better off right now than we thought we would be. But he also said there is uncertainty. Fiscal stimulus. How badly do we need that . We have an election coming up. And then there is the coronavirus. We dont know about a vaccine. Brian this is a health care crisis. I set it back in march and i have steady even with you a few months ago and our interview. People cannot forget that this is a health care crisis. What has happened over the last six months in the House Health Care crisis has gone on longer. We see the potential for a vaccine, but we see better behavior to keep things from spreading. As we see in the north these, we see a crest over an infection rates are much different than they were early on. You are seeing infection rates far and you see treatment regimens being different. And he also see because of the personal behavior and people staying more careful with the impact of the virus still hugely hurtful to the people who get it, but not at a bad outcome. That is good news as we wait for the vaccine, which is sometime out there over the next several months. And that would be good news. But until that, you still have to drag people until it goes back to behavior before. What we need is pretty sure he forward. You need more stimulus for the people. You think about the analogy we are all on one side of the river and need to cross the river, we all need a bridge. A lot of people are across the river. Certain sectors of the economy are doing better than they did before the crisis. Other segments are doing fine. Take that medical industry. Its back to normal because it doesnt need to be held aside. The housing industry is strong, the Construction Industry is strong. Usre you need help restaurant and things like that. Next round of stimulus should focus on the areas that need the most help. Second byd there be a for the apple because this went on longer than we thought it would go on. Shery that was bank of america ceo speaking to david westin. Plenty more ahead on bloomberg daybreak australia. This is bloomberg. Haidi very good morning, im haidi stroudwatts in sydney. We are counting down to asias market open. Shery our top stories this hour. Tiktok sale moves a step closer with President Trump giving his approval in concept. Owner of bytedance aims for a valuation of 60 billion if the deal goes through. The president says he will nominate a