Bloomberg sheells will not take the path of least resistance. Dampenssystem fault hopes of japan replacing china as asias trading leader. U. S. Futures opening the session pretty flat. We sought u. S. Stocks gaining ground in the regular session, but this after a volatile session. Their hopes for another round of stimulus measures. We have a house voting on the democratic relief package they are tonight. Watch out for that. The s p 500 gaining ground. Most sectors closed higher. The nasdaq gaining more than 1 . We had a mixed sure when it came to the jobless claims. Are on the u. S. Jobs report tomorrow which is the last one before the president ial election. We have the dollar losing ground as we saw demand fading. Look at the bti. Wti. We saw pressure as it will to over a twoweek low. An unexpected return of libyan output that putting pressure on prices. Here is sophie in hong kong. After the volatile session on wall street, we might see a muted day here in asia with india joining the holiday crowd. For thell be in focus Tokyo Exchange to resume trading after the worst outage ever for the worlds third biggest stock market. Orders were canceled. Have japanse jobless data and retail sales which come ahead of the us trillion budget announcements set for next tuesday. Investor demand grows on stability and appeal. Price strength has been contained you can see the line in white on the chart. Switching out the chart, volatility is on the rise for. He dollaryen that is the highest ever signaling concern around the election. Concerns about the next round of stimulus. Our top story today, there are major differences between the white house and the democrats over a new stimulus relief plan. The house is set to vote on the democrats 2. 2 trillion proposal in the next hour. Nancy pelosi said the administrations proposal fell short. She told us she will not take the path of least resistance simply to make a deal. We are still alive and talking. I am hopeful we can reach agreement. We are still fighting for more money. We think the administration is coming into low. For the virus, i think we are close in terms of money. Yielding on that quite a bit. Close on that except we have to see the language. Are we getting closer . Technically, yes. I dont know exact way how much stock anyone should put into an agreement at this point. The white house has come up a little bit. They offered 1. 6 trillion but that is not to . 2 trillion. Both sides, this is a Sticking Point months for both sides trying to get the other one to either come up or down. Ony still arent there funding and smallbusiness business provisions and health provisions. They might be getting slightly closer to what we saw yesterday, but make no mistake, an agreement is still pretty far off. Commented pelosi also on the president ial debate. Take a listen. It was a sad occasion. They should have had a button to turn off one microphone. Whatever it is, i think one and done. It was a pretty chaotic debate. We have heard talk about potentially some of the rules being changed for the next two debates. What are we hearing and was president from singapore this question mark i dont think nancy pelosi is the only american who wants debates to be one and done. There is a nonpartisan commission running the debates for decades. They are going back trying to figure out how to make sure the next two debates go smoother. Less interruption, more control of the moderator. Trump today leaving out skepticism. Saying why are they changing the rules . I one the last debate. Throughout these debates, he suggested that Chris Wallace was unfair. He called for joe biden to get a drug test. Hes trying to throw a lot of doubt into these things. If you look at some of the focus groups that have come out, donald trump didnt do particularly well at the debate compared to joe biden. A lot of americas dutch americans think that joe biden did better. It seems like we are hearing from trump and fighting camps that they will both be showing up at the debate. That was our Bloomberg Government congressional reporter. You can get more of these on the bloomberg. For now, lets turn to Karina Mitchell read. Friday will bring the last u. S. Payroll report for the election. It is expected to show a sharp celebration in drop gains and a slowing of the recovery. Expected 875 jobs added in september. Jobless cases are picking up. Infections continue to search with new york state reported the most cases since may. Health Officials Say london is at a Tipping Point while paris might close bars and restaurants. Increasingly tough social restrictions are being imposed in madrid while ireland has its highest level since the lockdown was eased. Authorities in hong kong are taking up talking up stability after protesters were arrested on Chinese National date. Police check id and crack down on any attempt to demonstrate ore it crowds were sparse and crowds were sparse. The chief executive says calm has returned to hong kong under the security legislation. Sterling fell as the eu announced legal action against the u. K. To break the terms of the brexit withdrawal bill. London has been notified of the move. The eu action could mean a lawsuit at the European Court of justice. 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. This is bloomberg. Still ahead, more on the erratic haber of the pound. Traders are bracing for more volatility. The s p 500 is back above its 50 day moving average. We will look at what is in store. This is bloomberg. U. S. the deal in the still seems elusive. Thestors have been riding ups and downs of the negotiations. Our guest is a portfolio manager. Great to have you with us. Sopite the fact that we have much uncertainty, whether it is stimulus or the election or another wave of coronavirus pandemic, this chart on the bloomberg showing the viewers how the buyers keep coming in. Is this risk or have they been supported right now . Ofthere are still a lot opportunities out there. You are right to point out that the risk to the rally are real. We saw this rotation in may and june and again in september. What is unusual is there is a lot more nearterm risk than longerterm. Longerterm will be a vaccine, ins will be back to normal. Investors still want to know how they invest in this market. They need to stay stay in, build up wealth for their retirement. You can still find opportunities out there for tech and Companies Like encino or stone. And health care, Companies Like brooker. There are companies out there, you just have to hunt carefully to find them. Shery we just heard that a senate panel voted to subpoena the ceos of facebook, google, and twitter. Are you talking about the tech giants that have fared so well during the pandemic . They seem to be facing some regulatory issues. You are absolute right. The answer is there are ways to invest in tech that still put the investor in upswing of the toward remotevior work. We do like google, but for a safer way to find appreciation, one of the companies i mentioned was called stone company. Brazils version of paypal. Use is being accelerated all around the world. You can get in on it at the early stages of Something Like paypal. Or you can get Something LikeZebra Technology that makes the usedeld barcode scanners all over the warehouses that amazon. There are still places to go in tech without exposing yourself to the regulatory risks. How selective are you being when it comes to cyclicals . We like to look for what we call smart cyclicals. Buyer. The typical you have the move to online, the change to remote work and working at home. Those are secular growth stories and there are great opportunities. Then, you have the covid central names. Airlines, cruise lines, you dont know when its going to clear up. Smart cyclicals are in the middle. We have the economic recovery underway. We think its going to be a bumpy recovery. We should be prepared. There are companies in the consumer set consumer space t. J. Maxx that is lagging the market. It is down 7 relative to the index. That is telling us there are bargains to be found out there that will do well as the economy continues to recover even if the recovery is bumpy. And thex, brooker health care space, the auto recovery is another place to play the smart cyclical. Can play a couple of the Semi Conductor companies that provide key parts to autos or electric vehicles without paying a big multiple to get those names like texas instruments. Into orlatility going out of a potentially contested election result away you are hedging your portfolio choices at the moment . Risk. T is the third key not just the election, but the contested nature that this election is likely to confront. Theres a couple of things we think about. Number one, stick to the fundamentals. Eventually, there will be a resolution to the election. The resolution itself rings uncertainty to things like tax rate. Tax,rate tax, personal corporate gains tax. Capital gains tax. There are things you can do to hedge. One thing we are doing for our clients whether they be retail or institutional is adding International Names to our more domestic oriented portfolios. That tends to reduce the risk of the consequences of the Corporate Tax rate increase. The other thing we are doing is staying away from very expensive tech stocks that you mentioned earlier because if the democrats win and if they sweep, there is Capital Gains tax it will concern people and they might want to sell out of these positions and you could be facing headwinds to those types of stocks. There are definitely things we are doing in light of the specific types of risk associated with the election. We appreciate your time. We have lots more to come on daybreak australia. This is bloomberg. Reports that negotiators are ready to enter the final stage of negotiations are too optimistic at this point. The brexit chairman told us today the need to have future relations grounded in a solid legal basis means negotiations must be seen through. That the Recovery Fund will be operational as soon as possible. The sooner the better. I think its important that counsel and parliament sit down and discuss the main issues where we still have differences and we get it done the sooner the better. Both sides have to move. Just to make it clear, for investors to they really care about. You do believe there is enough time from now until the end of november to iron out some of those differences. Its difficult for me to speculate about a date, but i think the political will on both sides must be that we get it done sooner rather than later because many the money to flow. Speaking of the political will and going back to brexit, the question everyone is asking in brussels is are we going to enter the tunnel by the end of the week are not . The negotiations have entered a crucial phase. Today is three months the u. K. Will have left the Single Market and the customers union. We now have an opportunity to find a deal or not. A lot is at stake. One thing is clear, by the end readys month, we need a legal text. We need time to scrutinize a possible agreement. Four weeks left to get people to get things on paper. Do you think the brits get this . The concern is that to some extent i am thinking of the markets built. You think they get it . The parliament has been clear that the deadline of the 31st of october. I understand that the british know this. Parliament works different than the house of commons. We need to involve our committees. If we get it done by the 31st of october, it should be able to get through parliament christmas. Everyone is waiting for including at the leaders meeting today and tomorrow. What do you hope he can bring on from the negotiations . What is the crucial thing that you would like to hear him say . And form that european leaders and the u. K. Coordination at European Parliament on friday. We still have three major of his goals obstacles. Fields, fisheries, and a solid structure of government. We have now moved forward. The eu is offering the u. K. Something we have never offered a country before. Tariff free access for goods to the Worlds LargestSingle Market. This comes at a price. It is important that we have fair competition standards on both sides of the channel. I often hear when you look at the entire negotiation that 90 of the deal is ready or could be ready. Its the 10 that is political that is missing. Is that a fair description of the negotiation is . Sides have made progress on a number of issues. Those issues which are still open where obstacles remain are of fundamental importance. Much for, we are very competition, but it has to be fair. Thats why the level Playing Field is of crucial importance for us. Where can the eu move . The other side to this argument, if they move on those three issues, what can the eu offer in return . Ultimately, something has to give on both sides. Both sides have to compromise and show flexibility. To do that without violating your principles. We understand the British Government has red lines but we also have our. One is that we have to protect the integrity of the Single Market. Of course, the ongoing negotiations have been burdened by the market built. From our porno view, it is from our point of view, it is a difficulty. Is keyhdrawal agreement for us. It is a litmus test for confidence and credibility in this ongoing process. That was the European Parliament brexit group chairman. The pound saw some volatile moves on the back of rumors of progress. Is the brexit anxiety continuing to play out . The pound had a busy day. 0. 8 as theuch as eu planned to start Legal Proceedings against the u. K. It still ultimately ended the day lower. You saw implied volatility in the pound over one week basis make its highest high since september 15. That is because even though the move by the eu was expected after Withdrawal Agreement was ofnned to be breached, little immediate consequence, it is a wakeup call to traders that risks remain very high as we enter the next days of talks. Tensions are still very high between the two sides. They have been a little bit dormant over the past few months. U. K. Has been focusing on its coronavirus wants. We havent seen too Much Movement on the brexit negotiation front. Now given that tensions have escalated, we expect brexit will be a key driver for the pound heading into the end of the year. Again, a barometer for trade negotiations. What is the bullish case for the pound . It is still out there. Thatave some farms saying this internal market deal, it is a sideshow to the broader trade talks. It is probably going to be taken off the table at some point. That firm has started buying the pound against the euro. They started doing that last week. They had been bearish on the pound since july. If you look at broader ofitioning measures, one set data shows that speculators are neutral if not slightly bullish on the pound. Going off of positioning levels, we are nowhere close to panic levels on a broad level that we have been close to in the past. Coming up next, our exclusive interview with nancy pelosi. She says there are still major differences in talks on a stimulus package with the white house. This is bloomberg. You are watching daybreak australia. Trading is expected to resume in japan later friday after an unprecedented system scrapped operations on several exchanges for an entire session. The failure is being blamed on hardware with a focus on a system jointly developed by fujitsu. The problem occurred in the program although it is not seeking compensation. Signs ofs little recovery. Gaming revenue on six straight months of declines. Revenue fell to 200 77 million u. S. Dollars last month from a year ago with the gradual relaxation of chinas travel and visa curves yet to produce a wave of new visitors. The province accounted for one third of macaus gaming arrivals. President trump is suggesting he will not accept potential new rules for the next bait with joe biden after the first descended into namecalling and chaos. He tweeted why would i allow the Debate Commission to change the rules when i easily won . Rules when i easily won . Terms performance in cleveland was a national embarrassment. 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 back to the stimulus talks in the u. S. , democrat leaders in washington say there are major differences between them and the white house. Nancy pelosi told bloomberg in an exclusive interview the talks go on and she will not take the path of least resistance simply to make a deal. I am hopeful. We have some areas of disagreement that are broad but we are going to be talking again later today. We are still alive and talking and i am hopeful we can reach an agreement. Anhink that was interpretation of some remarks here and i never said i was skeptical. You might describe it that way. You understand some of the concerns that we have. Health care workers, transportation, sanitation, teachers, teachers, teachers, still fighting for more money. We think the administration is coming in far too low for our heroes. In terms ofre close money. Yielding on that quite a bit. Close on that except we have to see the language. One of the biggest differences is how we put money in peoples pockets. In the cares act, the republicans stealthily put in 150 billion to the net operating loss benefiting a small percentage of the american people, the wealthiest in our country. Billion, a similar number in this legislation now. Pooreroes act is for families, lower income families. Its a refundable child tax credit, earned income tax credit. They have zero. 150 for the wealthiest. We are the reverse. We took it down to 54 in the interest of finding common ground. Down to 54 by shortening the amount of time down to 54 billion as of yesterday. We are still at zero, hoping they will come up on that and we have great opposition in our caucus to the tax cut that is retroactive. Nothing to do with the coronavirus. And then we have issues that relate to the language for the election and the rest. We are understanding our differences. We are hopeful in the meantime, we are very proud of our heroes that we are going to bring to the floor today. Its the work of olives many of our committee chairs. Documented toally be what is needed in order to meet the needs of the american people. Cut back drastically by cutting the timeframe and putting some of the provisions onto the Appropriations Bills that we are going to be negotiating shortly. Sounds like theres a fair amount of ground to cover and there is some urgency. I feel that urgency. We have the governor of new york today saying the number of covid cases are back up to the highest level since may. Every day that goes by, one company or another announcing tens of thousands of layoffs. Is that putting pressure on either side, on both sides . We would hope it puts pressure on them to do something about clashing the virus. For months and months and months, march 4 was about testing and testing and testing. I dont want to go into you know the record and history of that. Now, we have a big pillar of this bill about testing, tracing, treatment. Mask wearing, sanitation, stuff like that. Its specific in the language. Its not just the money. Its the language as well to make sure this gets done because there is a way to crush the virus that we can open our economy more broadly and our schools more safely. That is the heart of the matter. House Speaker Nancy Pelosi speaking exclusively with david westin. We have a course an update on the current path of the u. S. Recovery when the september jobs report is released on friday. Watching closely is the chief economist at myers research. She joins us from california. You are saying if we get another robust jobs report out this week, it may negate the need for further fiscal stimulus . As we spoke about with nancy pelosi in that interview, you are seeing the time where case numbers, second and third waves of the virus, taking over in parts of the u. S. New york members are back to the highs seen in may. Isnt there an argument that further fiscal stimulus will be needed . The additional fiscal stimulus will be needed but for the right group of the economy. We have talked to a lot of economists and im sure your team as well about the case shaped recovery and i think some of the politicians are looking at the top half of the k and saying the Housing Market is great and the stock market is great. Where is the urgency . The economy has not fallen off a cliff. If you are on the bottom half of the k, you are facing a completely different economic reality and that urgency is you needed the money yesterday, you need to pay for groceries and your rent this month. Of courset urgency leads to the Consumer Sentiment aspect of the equation as well. Lets take a look at this chart which takes a look at the confidence in jobseeking. For the spread of americans seeing plentiful jobs over hard to get ones is just nearing ones is nearing the high we had in 2001. How close is that to the consumer driven recovery which we know will be key for the u. S. As well as a number of other economies seeing that rebound . Ali exactly. As you look at the jobs, we sought right away that the first jobs that were lost were Service Sector jobs and they were the ones that helped lead the recovery when we were looking at that huge jobs report in june and also in july. Now, what we are actually seeing is that the high income jobs, instead of adding right now, either the companies are staying flat or they are shedding jobs, so if you had one of those roles, and you have lost your job, you are then looking at what is available, and i have spent some time looking at who is hiring a lot. The answer right now is walmart. Dollar general. Instacart. These are great jobs as an income buffer. If you lost this high income jobs that maybe you had a bachelors degree from, its hard to find another job that you are decently or overly qualified for. Shery which stimulus package put forth by the republicans and democrats makes more sense in order to support the economic recovery . The i have been against idea from the democrats that there needs to be a huge dollar amount because we were very swift and very aggressive to do 3 trillion and right now, i think that the republicans are right that we need to keep this dollar amount in check. We need to think about the future. We need to think about the deficit. I also think the democrats are right that we need to make sure that it is the school teachers. It is the firefighters. It is our workers that have been there the entire time facing covid when the rest of us were lucky enough to work at home. They need to make sure they are getting the right amount of funding. Shery the consensus is that the september payrolls numbers will come in around 875,000 jobs added. What is that number going to tell you about the path of the economic recovery right now . Ali we have been communicating to our clients ray while that the easy game for a wild at the easy gains are behind us. The easywhile that gains are behind us. One million jobs. I know consensus is around 800. We want to see one million jobs added to tell us that that recovery is still on the right path because if we start to see the economy backsliding or if we see this number go negative, that is telling you that the economy and the way consumers are reacting to it is very different than if we had one or 1. 5 million jobs. We are looking for that. It is keeping to the trend that the economy is growing, but it is not a vshaped recovery. We went down for two months. We are now here six months later and we are starting to slow down the rate of growth and that is to be expected. How much weight are you putting behind the volatility that we are getting going into the election, the potential of a contested result . We know the president is laying the groundwork for it to be very contested if theres any kind of margin for a close call there. Ali that kind of volatility is not only going to play into the stock market but its going to play into consumers as consumers are looking around and they are saying, do i want to do a big expense right now . Do i want to have a little bit more stability . I think their choice is going to be lets just pause. We saw in the data that personal income, once you take that stimulus away, is actually down on a yearoveryear basis. If consumers are uncertain about whether or not they will get additional funding, then we are going to see them say, hey, lets wait to what happens once the election hits. Shery ali wolf chief economist at meyers research. It was great having you on. Thank you. Do not miss a big interview on daybreak asia later. We will speak with a governor after he elected to keep rates on hold. Rarext, miners of earth to reduce dependence on china. This is bloomberg. Haidi lets take a look at how we are setting up for the final trading day. Get over to sophie in hong kong. Sophie. Sophie i want to focus on commodities this friday after we saw a rough start to Raw Materials in the fourth quarter. Particularly in base metals. Above gold move back that ahead of, the u. S. Jobs report. Silver edging towards 24, this after it camped the worst monthly drop since september. When it comes to copper, we are seeing futures edge higher after since march. We have a buildup contributing to that decline that we saw overnight, but we do have the operations in two potentially at in chile potentially at risk. When it comes to the oil pass, wti setting losses below 40 a barrel and pulling up the chart on the terminal right here, we have oil trading near a twoweek low. This after reaching the 100 day line for oil, stuck in a range of 36 to 44 as markets way u. S. Stimulus against demand recovery, anxiety around that, so keeping an eye on the rsi, which is creeping towards oversold territory as you can see in the bottom panel of this chart. Shery stocks of rarers miners jumped after president signed an executive order to expand domestic u. S. Production and cut reliance on imports from china. Thats bring in david stringer. What specific steps as the president want to see, and even if he wants all of these changes, is it actually possible . This is a very intensive process, extracting rare earth. David that is exactly right. This has been a focus through president trumps term so far. The u. S. Is incredibly reliant on china. It provides 80 of u. S. Imports of rare earth elements last year and we have seen china threatened to use that power in the trade war so its been a key focus. This latest executive order is certainly part of an ongoing response. This calls on the Energy Department to identify elements. It also calls on calls for more development and use of abandoned mining sites and coal efforts to in the spur the supply chain domestically. As you said, this is incredibly complex. Its a very multistage, complicated process to produce and it typically is environmentally problematic so it is challenging and there is a big task ahead just to perfect some of the processes that would be needed. Haidi some of the players outside of china perfecting that. We saw the reaction in shares of other rareearth developers in yesterdays session. One of them is in australia. David thats right. It has a vast Processing Plant in malaysia. That is the key asset. 5 , just up about touched about that yesterday. We saw a real reaction in north american shares. With thethe deal company that has the u. S. s only operating mine. We saw them jump overnight. They were up 40 or so intraday on thursday. Other smaller project developers also catching a boost. These are companies that i guess will gain if trumps ambitions can be translated into action. Terms of the challenges in the process of able to translate those ambitions into reality, what does it look like to try and build up a viable supply chain outside of china . It is really difficult. These are not Simple Mining processes. It requires a lot of processing as well and we have seen some great examples. That is the only operating mine in the u. S. It can mine the Raw Materials it needs but it has to send them to thoseto turn them into used in military equipment, consumer electronics. Similarly, they spent a decade or more overcoming technical challenges and then intense scrutiny, particularly in malaysia, from politicians and environmental campaigners. Both of those companies show the task is not easy. Haidi always appreciate your time with us. Our Senior Energy and commodities reporter, david stringer in melbourne. Coming up next, the virus pandemic becomes supercharged. The interest in personal finance. We hear what some experts are doing next. This is bloomberg. Shery breaking news at the moment. The European Union has agreed on sanctions against de la rues over the election and the violence we have seen there. Impose. Promised to sanctions on belarus for alleged fraud in our august 9 election and human rights abuses. We know the smallest members have been an obstacle for that. Hasre seeing that the e. U. Agreed on this sanctions against belarus. The virus pandemic seems to have supercharged the already strong interest in personal finance in the u. S. Sales in books on the topic jumped 28 year on year in july. The 20yearold classic, rich dad, poor dad, is still a top seller, but there are plenty more voices out there these days. Lets get more from emily cadman. How has the advice for managing your money changed after the pandemic . Emily what you will see across the board is people becoming more riskaverse. I was always told you should probably have the same advice as your parents, that you need to have an emergency fund. If something bad happens, its money you can access straightaway. Experts i have talked to going to this process i really upped their suggestions about how much that should be. Classically, it was between three months to six month. Now, people are talking about having a year. It is because all the economic fallout from the pandemic has opened peoples eyes to just how fragile their financial positions can be if a really big shock comes. Haidi what is the risk of predatory behavior then . Emily predatory behavior . Sorry. Can you clarify . Haidi thats right. Given i guess the unfavorable landscape that we have in the banking sector, the personal finance sector in australia, are there concerns that there is an additional layer of vulnerability at this time . Emily i think people are always vulnerable during pandemics. When there is a big economic hit, people start to think emotionally rather than rationally. I think it is worth noting that by and large, the financial industry across the world has stepped up during this pandemic. A lot of Research Showing that trump is in the banking industry. It has risen in quite a few countries. The real risk is that people make mistakes, you know, under pressure, people say silly things. We have seen a lot of concern inut the day traders piling and the game at the occasion of stock trading. When you talk to some of the time to they emphasize get the basics right, have a sensible stock allocation. Have an emergency fund, and also think about what your life is. What do you want . Do you want to stay working in a big city, potentially have higher income . Or do you want Something Else . This is not a situation where you want to put decisions after the other point in the future. Shery i remember how rich dad, poor dad was such a big thing when it came out. What are people reading out there . Interesting is new set of voices appealing to some of the younger people. A couple of the people i have spoken to lately. As a break. It kind of appealed to that generation who are graduating with huge levels of debt and trying to work out how they get themselves sorted. U. S. , you have financial samurais. Extreme earning whilst saving high, with frugal living to ensure you can retire early. Here in australia, the best known name is probably scott. He has been a sensation here in selling, you know, more than 1. 5 million copies. Probably not that well known outside australia despite his big profile here. He even has a script to follow when you call up your bank to negotiate a Better Mortgage rate. Haidi emily cadman with us. If you can get more on that story on our website at bloomberg. Com wealth. Lets get a quick check of the latest business flash headlines. Boeing is moving all 77 dreamliner production to south carolina. The company says output of its wide will be concentrated in North Charleston by the middle of next year as it assesses the full implications of collapsing travel demand. Boeing has been making plans planes in Washington State for 100 years but have increasingly moved its focus east. Delta airlines has parked up to nine of its airbus a2 20 planes and a new sign of weak travel demand. It says flights will be shifted to other aircraft and it does not anticipate any affect on customers boards schedule. Canadian regulators are checking on the exterior of the skin where the wings meet the fuselage. Jet engine maker rollsroyce has announced a 6. 5 billion dollar financing plan to help it navigate the coronavirus fallout. It will tap existing shareholders. Shares extended their twoyear decline. Rollsroyce eurobonds jumped by the most since they were issued. In 2022, cash flow should improve, they say. Coming up in the next hour, we take a look at the outlook for emerging markets with kevin. A little later, do not miss our exclusive interview with the Philippines Central Bank governor. Plenty more ahead on daybreak asia. This is bloomberg. Haidi very good morning. We are counting down to it has major market opens. Shery i am shery ahn in new york. Our top stories this hour. The fences remain as stimulus talks drag on in washington. Democrats say the latest white house proposal falls short. Nancy pelosi tells bloomberg she will not take the path of least resistance. Depend exchange confirms trading