The rba signaled for their willingness to ease. And the other big story at this hour lawmakers in washington take aim at the power of big tech. An antitrust investigation says they are abusing their dominant status. Check lets get a quick of the markets. We are seeing u. S. Futures down at the open, extending gains after we saw the regular session seeing a bearish reversal at your after trumps of fire called off negotiations. Already, market have been trading mixed and about flat after the fed chairs cautious tone on the economy, warning that too much support was better than not enough. The s p 500 saw the largest drop in two weeks and fell to session lows after the president ended stimulus talks. The losses were led by discretionary talks. Airlines also tumbled and we saw the nasdaq losing 1. 6 . After the close, we saw that House Democrats released antitrust reforms to curb the power of u. S. Tech giants including amazon and alphabet. We will be watching that space very closely. Doing look at what oil is in the moment. Extending losses below that 40 a barrel level. We have seen it at the highest level in about two weeks. Hurricane delta heading toward the elf of mexico region and forecast to become a category four system, and it will be hitting louisiana as well, so that has put a little bit of a boost on oil prices. Lets see how things are shaping up for the asian markets. Sophie looks like some of the stock gains we saw in asia will. E clawed back kiwi stocks losing by. 3 this morning and in australia, gauge reaction to the budget, which has garnered mixed reviews. Posse bond traders will be digesting the latest update on debt issuance. The threeyear yield falling as much as four basis points to a record low in australia. Just holding steady, holding the overnight drop here. The concern we are seeing around stimulus talks being put on hold. You have the aussie dollar wanted back and we just to show you that action. 71 retreating from that 72 level we reached on tuesday. We also have the pound and sterling under pressure given we have risks around brexit and the offshore yuan has retreated from a 17month high on these concerns around what u. S. Stimulus will look like. President trump has ended talks to get to this new stimulus package, announcing on twitter hes putting negotiations on hold until after the election. Democrats have been pushing a 2. 2 trillion package, but the white house did not want to go of 1. 6eir threshold trillion. I want to bring in our Bloomberg Government reporter and Global Economics and policy editor kathleen hays. This effectively puts an end to these months and months of hardfought talks. If you are glass halffull, and guess we finally get some certainty. Sure many people see this as a glass halffull. More like a drop of water in it. Federal reserve chairman jay powell said he was begging lawmakers that the economy is going to rebound without some sort of financial aid. We have even seen lawmakers, republicans facing really tough races come out and say they dont think talks should be given up right now. They understand americans are hurting. They are worried if that is the case going into november that it could cost a number of them their seats. Even Speaker Nancy Pelosi had cited fed chair powells morning. What exactly did the fed chair say . Just what he said. He has certainly said before that the economy needs more stimulus. Its how he used. It was not just his answers to reporters questions. What jay powell told the National Association of his and his economics at their annual meeting today. The expansion is still far from complete. At this early stage, i would argue the risks of policy intervention are still asymmetric. Too little support would lead to weak recovery, creating unnecessary hardship for households and businesses. By contrast, the risk of overdoing it seem, for now, to be smaller. Even if all of the actions ultimately proved to be greater than needed, they will not go to waste. Certainly will not get wasted. Powell said the economy is growing, but slowing now after that rapid ounce back in may and june after that big stimulus cut past in march and started being enacted in april. He has seen heavy damage in those face to face jobs service jobs like restaurants, hotels, airlines. For fear the virus customers dont go out and take part or companies have had to cut back on what they do. He says the right thing to do is support displaced workers. He says the package passed back in march, the eight measures that went along with it were truly extraordinary. They did a lot for the economy. He is stressing that Monetary Policy alone is not enough. It is highly accommodative. Now its time to get the government to get in there and send more money. Is powell alone in sharing that view . Kathleen every fed official who speaks says we need more stimulus. With Monetary Policy already so accommodative, fiscal policy is what can really make a difference. She says the choices between a faster recovery or a slow slog who wants a slow slog . Two money people out of work. Jim bullard said last week or the week before both, actually that he thinks the stimulus is enough given that the economy has not slowed down quite as much as people thought it would in march. Nevertheless, theres a very message. Shery President Trump has certainly been busy with his tweets, again mistakenly comparing the coronavirus with the seasonal flu. Es, facebook actually took down a post from the white house where and trump compared the coronavirus to the seasonal flu. A number of differences have been pointed out over time about how they need to be handled. Trump has been trying to really portray himself as someone who has been ready to get back to work. Hes talking about going into the west wing. He is now quarantined in the residence. Hes trying to, i think, project a sense of strength. At the same time, we are seeing even more reports today of staffers within the white house testing positive for coronavirus. This still seems like something spreading throughout the white house complex. Who knows what will happen if the president its been less than a week since he got in thed is now back white house. Thei more context on stimulus talks breaking down. Lets get to Karina Mitchell with first word headlines. Karina coronavirus numbers continue to rise with new york nearing the level that would trigger closures. Restaurants in paris have avoided a shutdown imposed on the city bars while malaysia is restricting travel from parts of borneo as cases surge. Meanwhile, the imf and wto are warning of a longer and bumpier than expected global recovery. The imf says a rebound to trade is levels 7 next yearrow compared to its earlier forecast, which was three times as much. President Christine Lagarde said the euro zone faces a fiscal cliff. Australia isasurer josh brandenberg forecasting a budgetary shortfall of 215 billion aussie dollars or 153 billion u. S. , which would be 11 of gdp. His speech came after the rba signaled its willingness to ease further to boost the economy and create jobs. 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. Australiason budget next. Towill be speaking markets manager ofut why he says the speech jobs, jobs, jobs has been ringing hollow to him. This is bloomberg. Haidi for almost 50 billion in middleief for low and income earners is at the heart of the australian bill for help. As we were talking about a few anytes ago, we do not envy treasurer or finance minister or central banker, to that point, in this day and age, trying to address the extent of this crisis, right . How do you think that the budget did . Really difficult time for policymakers. The worst recession since the great depression, as we keep hearing. Interest rates already effectively zero in many countries including here in australia. The policy stimulus from the central bank is somewhat limited, so its all eyes on fiscal policy. The budget we saw last night was one that included a record increase in government spending. A 23 increase in real terms in one year. Huge amount of money. They tried to get the economy to recover as we learn to live with covid19 or as we perhaps hopefully find a vaccine at some stage. They are really trying to put money into the economy right now. Were at the low point of the recession, try to stimulate activity. The jury is out if they will be successful because theres still a lot of headwinds coming domestically. A lot of the measures to in from one january and one april next year, so they will be phased out. The jury is out if this will work. If this is a recovery that needs to be on the basis of domestic demand, give me a sense of your view on these tax cuts. Do they really tugged at the part of the economy that will go out and spend . You have had a really important point in the analysis, how you get the best impact from the fiscal stimulus that is out there. The income tax cuts are all fine. The ones that they have brought forward and are paying now effectively are skewed to middle and high income earners, the people on the low to middle income are not getting much in the way of dollars and cents in their pay packets every week from these tax cuts. We know from the recent experience that scope stimulus measures skewed toward high income earners tend to be used to pay off debt or to save money, so the impact on stimulating spending in the economy is somewhat limited. We know that low income earners tend to have a very high propensity to spend and consume, so this is a shortcoming in i think the way the tax cuts are being framed. We know that all the other stimulus message, so job seeker measures affect the wage subsidies that have been paid to generally low income earners have been spent, so that is a shortfall in how they are framing these income tax cuts. Haidi how much can they do . They came out yesterday and rateshat they lift steady, both the effective cash rate and threeyear bond your target, so no surprises there, but they did signal they are looking at other measures to generate employment, and those measures can include trimming the rate down to 0. 1 . They are reluctant at this stage to going negative. They can look at providing an increase in the debt funding facility available for the banks to tap. Problemshave other accessing capital markets. When we come to the rba, they are coming up with a couple of speeches in recent weeks with senior officials. They may flag that at the november meeting of the rba board, they will consider trimming the rate to 0. 1 for the official cash rate and the threeyear bond target. The question is if that 15 basis points will really be a game changer for the economy. It helps every little bit helps as we say when we are in this deep recession, but i dont know if it is the game changer which brings our focus back to the budget and what was there last night. Thank you for those insights. In just over an hour, we will be speaking with es rally and finance minister about the recordbreaking budget. Will the spending bliss be worth it . This is bloomberg. Itsy apple confirms largest Product Launch of the year will be next week, the 13th, announcing the event with the tagline high speed. It plans to announce 4 new iphones with 5g capabilities as well as upgraded cameras, factor processors, and a wider range of screen sizes. The event will be about a month later than usual. Aboutis in talks with bhp a deal for nickel as it seeks to avoid a supply crunch. Where told the deal includes pricing and no final agreement has been reached yet. Nickel is a vital component in batteries and tesla has expressed concern about the challenge in sustainable sourcing. Chinese Search Engine baidu is marketing dollar bonds for the second time this year to repay debt. It issued 1 billion of debt in april, which was its fourth offshore sale since 2018. Baidu plans to use the proceeds to lower its financial repayment with a billion dollar loan maturing next year. Fundpore sovereign wealth gic is planning to invest more as earlyillion investors lineup for a bigger slice of the action. Gip and baystate investor looking into the hong kong and shea hein shanghai listing which put together raise more than 1 billion. Goldman sachs is boosting the size of a new credit fund in what is shaping up to be one of the biggest debut investment vehicles ever raised. The bank set out with an initial dollars of 5 billion to 10 billion but is expected to finish fundraising with a 14 billion war chest. The fund is the first in a series called west breed strategic solutions. Extending losses in afterhours trade after a massivenel proposed losses. What does the democratled antitrust Committee Want to happen . The primary thing they want to happen is basically to prohibit dominant platforms from kind of operating in competition with the firms that also depend on those platforms. If you think about amazon, which provides a marketplace for thirdparty sellers, but of course, it competes against those sellers, it would be separating out those kinds of is an as is, and in a lot of places, it would be tantamount to a breakup. Exactly. Tell us about some of the most recommendations. That is certainly the most draconian, the one that will prompt the biggest fight of republicans. They are also talking about things like changing presumptions in merger cases to make it easier for enforcers to win cases. Its a lot of things that maybe on paper sound complicated but could make it quite difficult for companies to kind of do m a on their way to grow really big. Haidi what are the chances that democrats will get what they want out of this . Are republicans likely to get on board . The republicans are clearly not getting on board. They have already said they are not going to on what we are calling those most draconian issues. There is a kind of third wave report floating around from one of the republicans on the committee. I spoke with him earlier today, and he said he is optimistic he may be able to get some of his colleagues to join in two some of the recommendations. Those other the kinds of things that could foster more bipartisanship. Democrats and republicans really agree on very little, but it seems antitrust concerns have been really growing. Could this be the time we get something done about these antitrust concerns . You know, i think theres a huge question mark we are dealing with in four weeks, and election that is the election. Will the president be a democrat in the coming year . All these have huge implications with the contours of bipartisan compromise can actually look like, and i think we will have to answer them before we know what might be coming down, and i think you are right, that antitrust concerns are growing in washington, and they will really move to the for next year. Our tech lobbying reporter joining us with the latest on those tech concerns. Take a look at what markets are doing at the moment. We are seeing u. S. Futures down. 3 we are trading a little bit mixed and about flat. Fed chair jay powell taking a cautious tone on the economy, but then we have a bearish reversal as President Trump called off negotiations on fiscal stimulus. Kiwi stocks now falling at the moment, reversing yesterdays gains as well. Idney futures down. 3 the aussie dollar now flat. At one point, we had the aussie dollar at its october high, but after people revised the rba policy statement, they realize perhaps not much was changing, that the rbas ongoing accommodative stance was there, so that really paring back some of those earlier gains. That after australias government unveiled the budget. Nikkei futures at the moment under a little bit of pressure. All right, lets take a look at how we are setting up when it comes to the session. Concerns, in particular with jay powells commentary that fiscal stimulus is needed to try to shore up the fragility of the u. S. Economy, seemingly unheated by the president when he broke off stimulus negotiations with nancy pelosi until after the election, rejecting mounting calls for more government aid. Crude now trading below 39 a barrel in new york. Crude has really been restored by the expectations potentially supplyulus and mounting concerns as well as, of course, Global Growth and demand concerns. Next, the delay of stimulus talks have markets rethinking the prospect of recovery. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Karina you are watching daybreak australia. President trump jewel to the markets by halting talks on a new stimulus package. Jay powell made his strongest call yet or more on to support the fragile u. S. Recovery. The president tweeted negotiations would not resume until after the election. He said it would herald a major new program for u. S. Business. President trumps doctors say he has no symptoms of covid19 as he recuperates. Return say he wants to to the oval office quickly and several aides are unhappy about that. Americas top military officer is in quarantine after potential exposure to the virus. Isolatingl is self after he tested positive. Social media acting against President Trump, suggesting covid19 is less deadly than regular flu. Facebook removed his post, saying it violated the rules about misinformation. Twitter put a warning over his tweets but left it accessible those who chose to click through and read it. The president posted his messages one day after that. The European Union says its ready to call the u. K. s bluff by ignoring Boris Johnsons selfimposed deadline for a deal next week. They are prepared to elect talks rollon and potentially met talks role on roll on. He seems to be softening his stance. To rule outrefusing a boycott of the 2022 asian Winter Olympics over alleged abuse of chinas uighur muslims. Dominic raab says he prefers to separate politics and sports but that may not be possible with the olympics. China denies mistreating uyghurs but many countries claim arbitrary detention in camps and compulsory sterilization of muslim women. 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 we have been tracking top calls as we count down to the asian trading day. Sophie in hong kong. Australian iron ore exports due in the coming days what are we expecting . Sophie with the demand we see in china, export numbers give us clues as to the demand from china ahead of the golden week holiday and when it comes to recent market strength, Commonwealth Bank out with a note saying they see iron ore tracking higher this quarter. We see prices averaging 118. Ton in the final three months of 2020. A weaker dollar has been a support the base metals. Haidi. Bond taking a look at the market, huge price action in treasuries after trump said he was stopping stimulus tops. Flattening the yield curve, can we go lower . To highlight what he had to say about this. He is in betting on lower yields and reiterated that stance with Jonathan Ferro on tuesday, expecting the fed will be stuck at zero in the long run and noting the absence of a large stimulus package and strong growth in the u. S. , so the long and youre the top end of the range according to the tip and yields, they stay stuck in a 50 basis point range given what we have seen so far. Futures continue to extend declines. We saw stocks tumbling after President Trump announced his ending stimulus talks until after the election, this after jay powell renewed his warning the economy will stumble without an additional fiscal support. Joining us now is the Investment Management cio. Great to have you with us. We found that violent reaction from the halt of stimulus talks. We have seen in the markets when it comes to where we go from here, investors just following the fed, but if fed chair powell is telling you we need more stimulus measures, what does this mean for investors . Reaction, it obviously reflects the fact that this was not something that was expected. Thank you for having me on the show. Its wonderful to be on here with bloomberg and it is interesting to be on a day like this where towards the end of the close, you get a pronouncement coming out of the oval office. That definitely was not expected. I was in a small conference that j. P. Morgan hosted just a few days ago where Steven Mnuchin was one of the first speakers and he made it clear he was speaking with nancy pelosi on a daily basis and the chances of a package were very likely and likely before the election and now, we have a 180 on that, so i think that causes concern. Volatility, whats going to protect assetsd at this point. What we are seeing in the markets. When you look towards the end of the year, do you factor in the polls right now suggesting a bite and win which could mean larger stimulus measures than what was expected . Or do you price and the fact that that is still months away . Terri well, it is not that far away. The anticipation as to what will follow from that may get a few months but its definitely we are going to have a decision sooner rather than later and its very confusing. I suppose for some it is not confusing. The polls are saying biden is ahead. The latest when i saw was a 10 point lead by joe biden over trump and thats a lot more than what you can say as mistakes in the polls. A pretty clear outcome. Obviously, there can be a lot of uncertainty. We are in a bit of a purgatory period for u. S. Stocks. They are going up, down, very volatile, and you have removals of uncertainty and introductions of more uncertainty. We are a little bit concerned about u. S. Stocks between now and the election until we really see whats going to happen. Ofdi this being a removal uncertainty and potentially as you say, the polls approving are proving once to be correct, we could have a bite in an Democratic Victory in november and that could mean a more generous spending program. Does that mean that at least stock investors have some idea of how the next month or so plays out . Terri i suppose, yes. If we have a trump win, its going to be the status quo. Everything we have already seen. Going forward. Policy terms of decisions, taxes, things of that nature. You have the fed, as you said earlier in the show, keeping Interest Rates really low. We have been seeing this environment of Interest Rates being lower for longer which has turned into lower forever. Jay powell and his friends pledged toluse monitor two e monetary to loos policy p we need direction from fiscal leaders as to how that money gets pushed around in the economy so its best used. Be a lot ofng to volatility in the markets between now and election. Longerterm, we think that this loose Monetary Policy, low Interest Rates, is positive for risk on, whether it is a good thing or not. Im not sure. It is certainly supporting a tailwind for a number of riskon asset classes. Haidi what about bluechip tech . We had the news overnight, the house panels recommendations about these farreaching, dramatic antitrust proposals. It would likely just result in the breakup of these tech names. Putting aside whether that is likely to happen or not, is not just another reason to take a bit more of a cautious position when it comes to big tech . Againstts hard to bet bluechip big tech. Its been massive this year. Its the reason the s p 500 is up here to date. Facebook, apple, amazon, netflix, google, and microsoft. You strip out those names and maybe a handful of a few others and you dont have enough market here in the united states. Those have run so much. They have gotten so high that the risk to the downside is pretty substantial if we have another meltdown. A. K. A. Like a september which is the worst month since march. Theres other ways to play that a little more cautiously. South korea, you can buy an etf of that country. Big exposure to high tea i. T. , consumer discretionary, in terms of how they are managing right now. If you are looking for a way to but withte in tech less risk to the downside, something less well known as the bluechip tech names are, thats a way to participate in our view. Shery you can also by the consumption story in chinas travel demand, as it surges during this golden week. Whats the risk of more volatility given all of the uncertainty . We know emerging markets tend to react more to Headline News. Terri they do react more to Headline News and theres certainly a lot of volatility now. 2020 has had a lot of volatility. We had a virus created out of nowhere, this Global Economic contraction that is unprecedented and painful and its going to take a very long time to get out of it. Its going to be a lot of debt taken on in order to bridge that period of time and so we have had a very volatile year and it absolutely cannot be complacent with anything you purchase. Volatility is the new normal so you need to set your sell levels and stick to them. Thats not a reason to hide on the sidelines until theres calm waters and you will just be sitting out all the time. In our view, you want to look at return potential, but 100 , make sure you are looking at risk. Risk is the only thing as an investor that you can absolutely control and that does not mean do not take on risk, but you can see two similar ways to play the same theme. Less risk is the better way to do that. In terms of the emerging markets that relative to u. S. , they have not run in the same way. For years. The valuations are less. More headline risk. Theres also mess downside because the valuations have not gotten as crazy as here in the u. S. Haidi always appreciate your time without. Terri spath. Coming up next, the fda is putting out guidance to push a Covid Vaccine. Details, just ahead. This is bloomberg. Haidi the fda plans to have an Expert Panel Review any Covid Vaccine application for emergency use along with at least two months of safety data. The guidance is the most detailed statement so far. Lets get to Michelle Cortez for more. The president has repeatedly set a vaccine would be available before november 3. This certainly puts it out of that timeline. Michelle its absolutely going to be impossible for Vaccine Companies to get something through all of the steps the fda is laying out for us today that they would have to do in order to get on the market. They want to have a median of two months of followup. We know that many of the vaccine trials are still finishing their enrollment and most of the shots required to shots that you have to get a month apart. It will be difficult for them to complete those inoculations in order to followup for the average of two months. The other piece is they are going to make companies, individually back to the fda and have a hearing. The fda is having a hearing on october 22 but every company who wanted to use emergency authorization is going to have to come back and have their individual data looked at. The fda does not want anyone to think they are cutting corners here. Shery Vice President mike pence is not in close contact of any known person with the coronavirus so he will be able to participate in the upcoming vp debate. We know that President Trump is still in isolation. In the meantime, he continues to tweet, likening this coronavirus pandemic with the seasonal flu. President said this is just like the seasonal to 100,000kills up people a year. In fact, that is not the case. The influenza generally kills about 16,000 to 30,000 people a year. Its been more than a decade since it killed more than 100,000. This coronavirus has only been with us for nine months. If you think about it, the spanish flu, from 1918, killed 600 thousand people. Most of them came later in the outbreak. Starting definitely some big numbers here. Its already the third leading cause of death in the united states. It is not anything like seasonal flu. Course, wet, and of are increasingly concerned about these subsequent waves, right . Taking a look at the chart on the bloomberg, looking at cases starting to go up again in new york city, the city was the initial most hardhit epicenter of the u. S. Outbreak in april, the sevenday average just showing the recent upswing. Are we headed back to these iess, particularly cit seeing rises. Are we seeing renewed shutdowns . Michelle theres concern for cities because of all the things that puts them at risk at the beginning. They are crowded, hard to get space, people are indoors, and especially as we go back into the winter, those things will come up again. Cities have really done a remarkable job in understanding this virus and taking action against it. When you are in major cities, people wear masks. They keep space from each other. Also, particularly new york city, we are seeing very Detailed Analysis of what is happening, and they are talking about shutting down specific schools, certain businesses, in specific areas, so the entire city does not have to shut down. Thats definitely going to be a good approach. Shery Michelle Cortez, our Bloomberg Health care reporter, with the latest. Lets turn our attention to indonesia, which is developing its own vaccine as it battles a rising number of covid19 infections. Southeast asias largest economy is seeking to ramp up local production with the help of private companies. Also in dogs with global vaccine developers. Indonesias task force told bloomberg about the plan. Of foreignster affairs as well as the minister of state owned enterprises are currently working on the deal with Companies Like astrazeneca also of course, it will take some time before we get the final deal. There is a big possibility that the first will require two doses per person. Say 540 million doses of course, wed of cannot realize 100 vaccines imported from other countries, so we are now also working with the development of vaccines in indonesia. Are talking you about your own vaccine you are developing alongside these collaborations with other Pharma Companies as well. Theres so many producers out there. Why make your own . Think your comment is if you are talking about the country with the size for example of singapore because singapore only has 5 million population. Our country is so diverse. It also makes everything more complicated. Looking at the three countries biggerve three countries than us, they are all trying their best in supplying the vaccine for themselves. With all this kind of 270 million, plus the three biggest countries in the world in terms of population, indonesia needs to have some independence in vaccine production. What is the timeline for the development of your vaccine to be made domestically . As i mentioned, the sooner we can expect is the Third Quarter of 2021. By the end of this year, hopefully, be completed. Animals for the trials. And then the first Clinical Trial might be held sometimes in the First Quarter of next year. You budgeted this. Can you put a dollar amount on how much this distillation will cost the government . Of course it depends on the price of the vaccine itself. Because you know, the third phase is yet to be completed. We dont know yet the exact amount of the vaccine price. The minister of finance i 17 trillion to 20 trillion rupiah. Hopefully you can translate that into u. S. Dollars. That is about the beginning. That is the possibility if necessary. What role do you think the private sector is going to play in distributing this vaccine . What sort of partnerships are you prepared to offer to the private sector . We need big protection. Biofarma, the only official Human Vaccine producer in indonesia, can produce up to two have million doses next year. Only 100 million. Four or five private sector companies. Participate in Human Vaccine production. Indonesia does research and Technology Minister speaking to bloombergs yvonne man. Still to come, a casino billionaire making shameful and disgraceful threats during a probe into alleged Money Laundering at crown casinos. This is bloomberg. Haidi james packer admitted to sending threatening emails as you explored privatizing from the 2015. He appeared in front of an inquiry into alleged Money Laundering at crown. He blamed his behavior on Mental Health problems. What is at stake here . Paul the worst Case Scenario is crown loses its casino license for a new casino. 1. 6 billion being spent on that, the tallest building in the city. Its not quite finished. The background to all of this broke last year when a media investigation uncovered links andeen crown and the triads accusations crown allowed itself to be used for moneylaundering it puto accusations that staff at risk of arrest in china which actually did happen in 2016. 19 crown staff were caught up, accused of promoting gambling and 16 of those ended up doing jail time and that prompted crown to get out of a joint venture in asia which prompted a classaction lawsuit against crown. Its a fine mess. New south wales liquor and Gaming Authority is running a probe into all of it, overseen by a retired judge. She has been criticizing the antiMoney Laundering practices at crown and the lack of transparency has been described as a debacle. Shery what else do we know about this . What did he have to say . Paul he was giving testimony on tuesday and that was keenly awaited. The inquiry remotely from his yacht somewhere in the South Pacific and the focus was on an email exchange. The details were kept confidential. He was a director at the time and was accused of making menacing verbal threats towards a representative of a private equity company. The code of contact for casino licenses requires directors to be cleaner than clean. He agreed this conduct was disgraceful and shameful, but says he does suffer from bipolar disorder. He was on medication at the time. He steps back from public commitments at crown. It was a fascinating day on tuesday. Shery paul allen in sydney. Coming up, we will be speaking with the australian finance minister about the countrys recordbreaking budget. Dont miss that interview at 10 30 in sydney. The market open in australia is next. This is bloomberg. Haidi a very good morning. I am haidi stroudwatts in sydney. We are counting down to asias major market open. Shery i am shery ahn in new york. Welcome to daybreak asia. Stocks slide as President Trump pulls the plug on stimulus talks until after the election. Spurning jay powells calls for urgent fiscal action. Australias virus plan will push debt and the deficit to records while the