Further. We are joined this hour by finance minister. The other big story today, lawmakers in washington take aim at the power of big tech. Saystitrust investigation they are abusing their dominant status. Australia coming online. Lets turn to Sophie Kamaruddin in hong kong with a checkup on markets. A two day rise, we are seeing pressure come through for the benchmark while the aussie dollar is testing that 71 popl after forming a double early this october. We are seeing action in the bond space. The front end of the aussie curb slipping with the three year yield falling as much as four basis points earlier in the session. This after australias updated debt issuance coming in less than expected. I want to highlight bhp shares. We are seeing the stock fall as much as 2. 3 this morning. Tesla bhp in focus be at flipping the board to check in on futures, s p eminis under pressure. The yen trading study but theres upward pressure on the stimulus deadlock. We are watching iphone makers after 60 firms including samsung won approval to manufacture in india. This is part of moodys push for selfreliance. In the commodities patch, crude flip below 40 a barrel, snapping a two day game as demand optimism is dented by u. S. Stimulus stocks being suspended and gold extending declines this morning. Is capitals saying this a temporary setback for bullion as realistically speaking, that stimulus package was not imminent. Haidi. Haidi lets get back to our top story of course on the end of these stimulus talks. President trump putting it into these longheld discussions. Democrats have been pushing for the 2. 2 trillion dollar package. The white house has not wanted to go above one point 6 trillion. This coming hours after fed chair jay powells strongest call yet for greater spending. Timing is pretty extraordinary, particularly in light of the comments of fed chair powell saying that recovery is at risk for further fiscal stimulus has not delivered. To him, the risk of sort of overdoing it is small in the balance of things to do what did we hear from the president . We only heard from the president in the form of a twitter thread. He blames the democratic speaker of the house, nancy pelosi, for asking for too much money which of course seemed to jive with what the fed chair was saying which is that there is no real risk of overdoing it in the u. S. Economy needs the stimulus. The president did not appear to agree with the assessment, tweeting his republican allies in congress should cut off negotiations immediately and not pick that up until after the elections in november. In the meantime, how is the government functioning right now . We heard that Stephen Miller tested positive as well. This puts almost two dozen people connected either to the white house or President Trump. So what is going on . Jordan a lot of senior officials are working remotely at this point and we are told that they are doing their jobs but the fact is that this is having an effect and usually, these people are traveling around the country, meeting with people, either in the west wing of the white house or the pentagon, and that makes it harder and we have all experienced work from home to do that from a distance, so that is what the white house is grappling with right now, the virus spreads throughout its ranks. Great tordan fabian, have you on our Bloomberg White house reporter. Lets turn to karina mitchell. Numberscoronavirus continue to rise with new york citys sevenday average of daily cases nearing the level that would trigger the closure of some businesses. The average top 501 for the weekend, approaching the warning threshold of 550. Restaurants in paris avoided the shutdown imposed on the citys bars while malaysia is restricting travel from parts of borneo as cases surge there. The imsi wto are warning the longer and bumpier than expected global recovery, the imf will slightly upgrade its forecast for 2020 next week as the rebound to prepend a man levels may take 12 months more than first predicted. Global tradeying is predicted to grow by 7 next year compared to its earlier forecasts which was three times as much. The european says the recovery needs urgent fiscal and monetary health amid rising virus cases. President Christine Lagarde and ecb chief economist philip lane said the eurozone he says the recovery will run into a halt in the final months of this year as infections climb and social curbs are reimposed. Australias delayed budget pushes debt and the deficit to peace time records amid the widening fallout from the virus. Josh wright and berg is forecasting a budgetary shortfall of 213 billion aussie or 153 billion u. S. In fiscal 2021 which would be 11 of gdp. His speech came after the rba signaled its willingness to ease further and boost the economy or 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. I am karina mitchell. This is bloomberg. Haidi. Haidi we will get more on australias budget ahead. Our big interview with the finance minister is from canberra at the bottom of this hour. They halt the stimulus talks, likely to affect emerging markets. This is bloomberg. Shery you are watching bank of japan governor Haruhiko Kuroda speaking at the National Association of business of economics annual Virtual Meeting on the impact of covid19. He is now saying the Economic Conditions in asia remain severe. The supply chains in asia have been disrupted due to the infections but he also says the importance of globalization will not change after covid and he stresses the significance of facetoface communications. This of course as he gives that speech virtually. Today, the markets have reacted violently to the lack of another stimulus package. Here in the United States in order to support the economic rose and the Global Markets which have really been boosted by hopes of another round of stimulus measures. Lets discuss all this and joining us now on the lion from boston is emily wise, macro strategist at date street. Great to have you on. Its all been about how much governments can do, how much central bankers can do now that this hope by the hope of another round of stimulus measures in the u. S. Seems to have faded. What happens to emerging markets that have received such a boost recently from those expectations . Emily that really is the key theme here because the market rally thus far has really been driven by this unprecedented stimulus from both Central Banks and governments globally and a large part of that was also from the u. S. We have seen how much the has done inrve terms of stabilizing the economy and the second part of that was really on washington to pull through with the stimulus package that was hopefully looking to be negotiated now but with hopes it would be implemented in the coming months. That timeline has been pushed further back. We have implications for the u. S. Economy in terms of consumption and production. Broader spillover effects for the momentum waning. We are still in the midst of a pandemic and many countries, particularly in emerging markets, are feeling the Economic Impacts of this lockdown and the containment measures. Speak, we are hearing from nancy pelosi speaking at an event saying we were on the path to get a deal. Of course, the emphasis on the past tense. We know that House Democrats pushed for that 2. 2 trillion dollars u. S. Stimulus package. The president sticking out around 1. 6 trillion, emily. At least when it comes to the United States, the government has ammunition. It has the resources to implement more measures. Its just about political will. What happens with some emerging markets and emerging economies . Fiscal sustainability might not be the same. Is certainly a varying level of fiscal space within the complex. Run thatthe ability to countercyclical fiscal policy to really plug up the gaps that we see in both consumption and production in the economic output in times of uncertainty and in times like now where theres the extraordinary event of a pandemic. Unfortunately, we are seeing there has been a lot of action taken by emergingmarket Central Banks so far this year. We have been seeing that easing of Central Banks globally for around a year now. It picked up speed over the last six months or so. But then when you look at where we are headed now, we are starting to see Central Banks starting to either pause also, some hiking interest rates. One of its rates in september. This led to a slightly more uncertain path Going Forward for ems in terms of how much more room Central Banks has. The effect of lower bound. Secondly, how much government can do given the lack of fiscal space and not having the same sort of ability to do massive fiscal spending you have in the United States. Haidi given we almost expect with no further stimulus package that we will receive further downside and sort of the instability or unevenness of the u. S. Recovery continue, does that produce more of an outsized positive result when it comes to the outperformance and emergingmarket . In emerging markets . Emily that is certainly one thing to consider. One other area that we are looking to outside the u. S. Has been the stimulus done by china in terms of watching the credit impulse and Infrastructure Investments over the last three months during this pandemic. Notably what we see is that both of these metrics are rising but still not quite to the same levels of what we saw out of chinese stimulus post the great financial crisis where chinas stimulus helps to lift all boats and emerging markets. Now that that has been primarily concentrated to just the emerging markets that are connected to china, primarily in east asia, where we are seeing the stimulus effect both from china and the broader economic recovery in the region it has been facilitated by having the virus under control as well. How much do you expect a weaker dollar story to continue into the next quarter . Emily i have a lot of faith in the more mediumterm dollar downtrend, primarily on the basis that the fed will have to eventually do more and will do more to shore up its policy objectives. That is the natural dollar downtrend. Also, we are still seeing components of this sort of global momentum, even though it is slowing, still coming through. Now, the one thing that does make me more cautious in the next, you know, a few weeks or so, particularly ahead of the election, is we have seen a lot of choppiness in the Foreign Exchange markets and the dollar has been no stranger to that. Today, we saw that as the news came out in the additional lack of fiscal signals, we saw the dollar rise, and we have seen some of these overstretched dollar levels have been an area for markets to take a breath and reconsider. While the mediumterm dollar bearish cases are intact for us, the shortterm, we expect volatility and do not know if that will be a given. Weis, always appreciate having you sp lawmakers are proposing antitrust reforms to curb the power of big tap after tech. A firmd the cofounder of about the potential breakup of amazon, google, and others. As a technology investor, we look for businesses that are natural monopolies that have network effects. You take googles core Search Engine and that business by itself, for instance, there are network effects. If use spoke that out, it would go back to a world where there would be one dominant Search Engine. The anticompetitive piece is the bundling of other apps along with core search. Traffic i think thats anticompetitive behavior. So what should be done . Should they be broken up . He and ian its tricky. If the government breaks up google into multiple business units, in a way, alphabet already is a collection of multiple businesses. They do commercial deals. Path forward. Reading through what the house has suggested, however, it was far beyond that. And it included things like prohibiting amazon from selling manufactured products on its own marketplace. The question is where do you draw the line, emily . Walmart has been selling owned goods for decades, and are we going to prohibit retailers from selling products they manufacture, if we think that is anticompetitive . Yourlking about one of former portfolio companies, which was venmo launching a credit card to compete with goldmans apple card, some of the concerns about apple have been around its payments product. What is your take on this development and whether venmo can and should compete with apple . Ian venmo was an amazing business. We invested probably a. 5 years ago now and then we sold it to braintree and then we invested in braintree and paypal, which at the time was owed by ebay, bought the combined company for 800 million. Back then, venmo is still relatively small, millions of monthly actives, now 6 million monthly active spirit venmo was the first mobile simtech app, mobile consumer simtech app. For the better part of five or six years, very little has happened venmo. They just tried to scale it and scaling it has been hard enough. 60 million monthly actives requires a lot of work and Fraud Prevention and detection. If you look across the venture landscape, we are in acorns and bankslic and theres so theres new banks out there because venmo has not added those features to its core platform. Now, paypal is going to invest more in consumer simtech to catch up with apple and we will see if they are successful. I use venmo every week, but i use it for payments. I do not use it for checking out at a local retailer. I think that behavior change is probably outside the scope of what most venmo users will regularly do with the product. Cofounder,ner and ian, speaking exclusively to emily chang. Up next, u. S. Secretary of state mike pompeo has called on japan, australia, and india to counter coercion from china. We will have the highlights from the socalled quad security block meeting. This is bloomberg. Shery a quick check of the latest business flash headlines. Tesla is in talks with bhp about a deal for nickel as it seeks to raise car production and avoid a supply crunch. The negotiations include pricing and no final court has been reached yet. Nickel is a vital opponent and elon musk has expressed concern about supply. Of metal is a small part bhps business. Apple confirms its largest Product Launch of the year will be next week. Highspeed. Newlans to announce four iphones with 5g capability as well as upgraded cameras and a wider range of screen sizes. The event will be about a month later than usual after issues delayed testing and rollout of the new devices. Assemblers iphone are among 16 companies that can manufacture devices in india as the government aims to attract Foreign Investment for mobile production. Companies are on the list of suppliers and 60 of total output is expected to be exported. India wants to lure Foreign Companies to diversify their operations away from china. The socalled quad security block have wrapped up their meeting in tokyo with the u. S. Secretary of state mike pompeo calling for the region to handle coercion from china. Stephen engle is looking at all the developments. He joins us now from hong kong. What was the key take away as the meetings wrap up . Stephen its interesting that americas top diplomat, mike pompeo, would choose this time, and the Trump Administration would choose this time, one month before the election, at a time the white house is going through this coronavirus outbreak cluster in itself, that they would send mike pompeo to tokyo to meet in person with three of their allies in asia, that being japan, australia, and india. Part of donald trump indo as aic strategy to act counterweight to chinas rising influence. If it was a full day meeting as you are seeing in tokyo yesterday, the first actual diplomatic meeting that was hosted by the name japanese suga,minister, yoshihide and that really signaled a willingness to continue some of shinzo abe more hawkish security targets. Is toompeo, his effort get these four main nations to be a coalition, if you will, against the rise of china. This is what mike pompeo said. He says as partners in the squad, its more critical now than ever that we collaborate to protect our people and partners from the ccps exportation, corruption, and coercion. The ccp is the Chinese Communist party and that was also a noted difference. He has really targeted the communist party of china, not necessarily china the nation, as causing some of these fractures in the globe right now. He said the quad needs to band together against coercion in china. Minister was ae representative. He avoided mention of china specifically in his comments, but he did say the quad could help strengthen the International Order and he called on other nations that share the vision for a free and open indo pacific, to join this. Indias foreign minister echoed those comments. He added that it was satisfying with wider acceptance. Shery breaking news on the terminal right now. We are hearing that joe biden is now saying the president should not debate if it is if he still has covid. The president has been rather eager to return to work but we have seen infections continuing to rise around people connected with the white house or to the president himself. We have seen Stephen Miller testing positive for covid19. We know Vice President pence has tested negative according to his office. The debate is october 15. How are these kinds of gatherings now affecting the global view of china returning to those talks in asia . A new poll from the pew research center, not too flattering for beijing. Stephen let me run through this quickly and i must put a disclaimer that the pew research anter is considered to be bipartisan group. This is not necessarily ganging up on china. 14 countries were surveyed. Nine of those countries, including u. S. , germany, u. K. , south korea, canada, and australia, saw a record jumps in negative views towards china. Australia seeing the biggest increase of negative views towards china. 81 of respondents viewed china negatively. Since 2019. 24 australia and china locked in a diplomat i grow diplomatic row. The main issues, they responded to the coronavirus handling. Overall assertiveness in international affairs. Back to you. Shery we will have plenty more to come on daybreak asia. This is bloomberg. Karina daybreak asia. Hesident trumps doctors say has no symptoms of covid19 as he recuperates. Sources say he wants to return to the oval office quickly and that several aides are unhappy about that. Americas top military officers are in quarantine after potential exposure to the virus. The general is selfisolating after the coast guard tested positive. Social media is acting against President Trump, suggesting covid19 is less ed lee than regular flu area facebook removed his post, saying it violated the rules about misinformation. Putter put a warning that left it accessible for those who choose to read it. The president posted his messages the day after returning to the white house following treatment. In other news, the European Union says it is ready to call the u. K. s bluff by ignoring Boris Johnsons selfimposed deadline for brexit you next week. He prepared to let talk to milan. Walkotentially let johnson away rather than compromise. The pm seems to be softening his stance over the deadline. Feeling fell against the euro and the dollar on the news. The u. K. Is refusing to rule out a boycott of the 2022 beijing olympics over alleged abuse of chinas uighur muslims. Dominic rob says he prefers to separate politics and sports but that may not be possible with the olympics. China denies is treating uyghurs by many countries claim arbitrary detention in camps, forced labor, 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. Haidi. Haidi lets get back to the aftermath of the australian budget. Tax cuts for millions of always who plan to boost employment for young people. Right up to nearly all businesses headlining the budget that was delivered last night. It is the seventh and final budget for the longest serving finance minister. He joins us now from canberra this morning. Wonderful to have you on bloomberg tv as always. Of policies inth this budget package, we have heard from everyone from the fed to the rba to the imf, pretty much everyone calling for the kitchen sink to be thrown at this. Is this a sense of caution in the budget . Could moore have been done . More have been done . We are providing very substantial and historically unprecedented fiscal support into the economy, supporting businesses, supporting jobs, supporting dollars for australians who lost their job as a result of this covid recession and indeed now, to support the strongest possible economic and jobs recovery. We presented last night our plans to get australia out of this covid recession and to get australians back to work. Of the problems, these tax cuts are the centerpieces of the budget. The criticism overwhelmingly is they address these middle to high income earners. We know that is not where the spending is going to be. Should it have been more targeted toward the other part of the demographic and what a temporary halt to the gop have been more effective in getting domestic consumption up . Firstly, they dont favor middle and high income earners. Our expectation certainly is that that segment of the population will spend most of that at additional money in their pockets and that it will boost it will help boost aggregate demand across the economy but it is only one of a whole series of measures. One of our biggest fiscal support measures is giving the opportunity on a timelimited basis through june of 2022 for businesses to fully deduct the for theiry investment future growth and success by making it a timelimited opportunity for any business with a turnover of up to 5 billion. It provides the encouragement for businesses to make that decision to invest now rather than to invest later and we do know of course that a growing business that is investing in their future will hire more. That is what the objective is of the exercise. Shery there is also criticism that perhaps this is a mix of old ideas. Tax cuts, wage subsidies, business tax breaks, at a time when the economy was slowing even before the pandemic, so how does this budget address those issues . Mathias our economy wasnt very good shape before this pandemic. Our economy continued to grow at a time when economies and other parts of the world were struggling. In continuous growth. The fundamentals in the australian economy remains strong. Pursuing an progrowth, proopportunity agenda, including by pursuing a very ambitious freetrade agreement agenda to give access to key markets all the way around the world, lifting 70 . Roportion from 26 to we are looking to boost that further. We continue to be in the part of the world, the asiapacific, where most of the Global Economic growth will be generated for decades to come. We were all hit by an unexpected crisis event. We all know why we are in the position we are in but the fundamentals are strong. We have just got to get all of that incentive out to ensure businesses get themselves back, you know, into that right trajectory. Shery should there have been special consideration for those sectors that may not recover as fast, especially given the International Tourism really is not going to be up and running properly anytime before 2022 . Look, we are providing support to the economy on a sector wide economy wide basis. We are not picking winners specifically but there are special supports for those sectors of the economy that are more severely impacted like the aviation sector and Tourism Sector in particular, but by and large, what we are seeking to do is to provide, i guess, incentives on a sector neutral basis so that in the free markets, individual businesses operating the free market, looking for those opportunities to grow and prosper in this new environment are encouraged to do the best they can to get ahead. We dont know that the principles of the free market continue to be the best recipe to lift Living Standards and to maximize opportunity for the individual people to get ahead for their families to get ahead and for their communities they live in to get ahead. The budget shows a lot of maple market slack with on a claim in at 5. 5 , 2020. The rba reiterated how boosting National Employment needs to be a priority, but if you take a level ofhe budget, the Government Spending falls quite dramatically. How would you expect to get domestic consumption, unemployment, and wage growth going when it seems not particularly possible to maintain this level of spending . Jobs, before this crisis, and when we get beyond this crisis, will overwhelmingly be created by successful, profitable private sector businesses. Crisis,e went into this nine out of 10 jobs were created by private sector businesses. That is the situation where we need to get back to. We cannot maintain a situation where government and tax bias continues to spend at this crisis level. We were very focused on providing significant support but making sure that that support was temporary. It was targeted and did not structural burdens into the bottom line. That is an important feature of making sure we are in the best possible position to deal with any future shocks that might come our way. Private sectoris businesses that have to lead australia out of this covid recession and have to create the jobs that our economy needs to get ourselves back in the strongest possible position moving forward. Given how there seems to be a little bit of caution in the budget according to people who have looked through the numbers, is this a subtle way of pushing the burden on the rba, giving as much space for fiscal policy . Is this a way for asking the rba to do more . I dont know where you see caution when we are increasing the spending. Historically unprecedented. 22. 6 above inflation. With agoing along deficit of 11 . Context, italian was completely unthinkable prior to this crisis. We are doing what we need to do. We provide fiscal support into the economy. The rba will make its judgments independently in terms of what the appropriate on a terry policy settings are going to be. That is a matter for them. We have made the judgment that we believe is right for this time to guide australia out of this covid recession as swiftly as possible into the strongest possible recovery moving forward. Minister, we know that you have plans to leave politics by christmas. Tell me, are you putting your hat in the ring for the oecd role . Mathias look, i am focused on selling our budget today. There will be an appropriate time to make these sorts of decisions, and depending on that, make relevant announcements. I turned my mind i will turn my mind to that at the appropriate time. Haidi is it a role that would interest you, hypothetically of course . [laughter] i have got a very important rule not to make commentary on hypothetical scenarios so i turned my mind to this or any of opportunity after i left at the appropriate time. Shery you cannot blame us for trying. Thank you very much for joining us. We have breaking news. An alert on the bloomberg. We are getting apple now reacting to the house panel, proposing those very, very strict recommendations when it comes to the overhaul of competition law in decades here in the u. S. Apple saying they vehemently disagree with the committees conclusions. They dont have a dominant market share in any category. Apple also saying that the app store enables new market, products, and services. We will have plenty more to come. This is bloomberg. A the imf in june projected severe global gdp contraction in 2020. The picture today is less dire. The recovery has progressed more quickly than expected. We believe we will be back to precovid time in terms of gdp level late in 2022. The expansion is far from complete. The risks of policy intervention are still asymmetric. It is important to recognize fiscal policy will play an Important Role in the Trans Mission of our Monetary Policy. This recovery is still today uneven. The burdens of the downturn have not been easily shared. We will continue to project for 2021. A painful and uneven recovery. The economy may perform better or worse than expected. It remains highly uncertain in part because it depends on controlling the spread and effects of the virus. Cautious optimism from central bankers that on the Economic Outlook and recovery from the pandemic. Of course, here in the u. S. , a rocky day for u. S. Stimulus talks. President trump rejecting the democrats package hours after that urgent plea from the Federal Reserve chair. Kathleen hays is here with more. Chair jayll from powell to do more. Kathleen exactly, only this time, may be just a bit more urgent. Maybe the words ring even clearer because they seem just a little more extreme. He was talking to the National Association for business economics at their annual meeting. Wall street was waiting. Investors waiting to see what he would focus on. This is what jay powell said today. The expansion is far from complete. At this early stage, the risks of policy intervention are still asymmetric. Too little support would lead to a week economy. K economy. Even if policy Actions Prove to be greater than needed, they will not go to waste. Is,leen what he noted first of all, the economy is in recovery about the recovery is slowing from the may to june period where the stimulus package passed in march helped boost growth, helped get people spending money because they were getting good stimulus and unemployment checks. He focused a lot as many fed officials have, on the heavy damage being done to facetoface workers and hotels,es like restaurants, airlines. Millions have been left unemployed due to this. He says the smart thing to do is support these placed workers. It will take time for them to get new jobs. The march rescue package, all the measures were truly extraordinary. He stresses that Monetary Policy alone is not enough. We must have fiscal support. Loretta mester, president of the cleveland said, also doing an interview with cnbc after interviewing with Bloomberg News yesterday, saying fiscal policy can really make the difference. The policy choice is between a faster recovery or a very slow slog. Listen, congress, we are doing all we can. You have got to do something. Fed, only imagine for the getting rejected by President Trump this afternoon after nancy pelosi was willing to talk again. It was maybe a bit of a surprise. Haidi kathleen, Haruhiko Kurodas warning that the virtual audience with risks to japans economy what is the top of his concerns in the messaging . Kathleen he points out he is taking a look at the theme of the conference this year. The global reset. Economics, business, during the pandemic, as well as recovery. He starts by saying the asian region is still in a severe condition. He says supply chains have been broken down. He thinks globalization is very important and will continue to be. They are a bigs Downside Risk to japans economy. The boj is willing to act if needed. He said that for the last several years but we know he means it. He thinks prices have been negative for the time being and then gradually start to rise, but outlook for growth and inflation, he says, because there is so much uncertainty due to the virus. Haidi. Haidi Kathleen Hays there. On friday, kathleen will be speaking exclusively to Robert Kaplan so make sure you tune in for that conversation. Deutsche bank could consider a merger or acquisition as early as next year if its profitability and share price recover. Matt miller spoke exclusively to the ceo about the banks turnaround plan. Actually and increasing domestic deal, not yet crossborder, because things like Capital Market union, Banking Union, kind of still progressing, not where it should be before you come to these deals, and yes, covid for sure accelerated certain developments, also in the banking industry. Scale is an issue. Fully integrate it to her three years ago where we are well underway and that is happening in other countries, too, but it is domestic so far. Consolidation will come in europe but crossborder, i would say, sometime. Every time i talk to a bank ceo, they tell me Banking Union is not there. They are not ready at the European Union level. Whenever i talked to e. U. Leaders, they say ceos are free for crossborder deals. Christian both are correct. We are free to do crossborder deals, but if the regulatory headwind and certain restrictions are still there, the free flow of liquidity or capital is not there to a degree which makes such a merger reasonable and constructive. Obviously, something still needs to happen. I think we need to wait for further developments but i also know that regulators and governments well understand this issue. I am confident we will see progress on the banking unit side, on the Capital Markets aside. The german finance minister is working hard on this so that will come, but for the time being, my view is that you would rather see more domestic mergers before crossborder mergers are happening. Matt of course, you have got enough on your plate already, the most audacious Transformation PlanDeutsche Bank has seen in decades. Does that mean to rule out for now any acquisitions . Of deutschehe focus bank is to finalize the transformation. I am more than focused on this one. I would even say we are laser focused on this one and the success over the last 15 months i think proves our point that this transformation was and is the right one for the bank and therefore, this has top priority and my full management attention. Matt what does that mean exactly . When is this transformation going to be at a point where you can finally start to consider some bigger deals . Thattian we always said 2019 2020 are kind of the key ofrs for the second half 2019 and the full year 2020. We really have to focus fully on transformation. After the end of the second quarter, we had 75 of our transformation costs booked and we made Good Progress in q3 so in this regard, 2019 and 2020 is the key of the transformation. Certain items are still to come. Our Key Financial Targets we announced for 2022. It is a three year to fouryear transformation. The first two years, so far, we have been very successful with that. Hence, this management focus needs to continue. Matt when you look beyond that and you hear reports in the financial boulevard press about the dream mergers, do you think its possible Deutsche Bank could be part of a big deal . General, i think in consolidation must happen in europe. We need to be competitive with the u. S. Banks. What they are investing into technology. Ofrefore, the general theme consolidation is something which europe will see. For us, it is important that we are not a junior partner to such a source and that means we first have to sustainably increase our profitability. Speakingristian sewing with matt miller. Plenty more to come. This is bloomberg. Shery here is a quick check of the latest business flash headlines. U. S. Aviation regulators have requirementsed new for the suspended boeing 737 max, one of the final hurdles needing to be crossed before the plane can return to service. Crews will have to be trained and tested on boeings Software Fixes including changes to the system implicated in two fatal crashes as well as a redesigned Flight Control computer. Air asias longhaul arm is proposing a sweeping Restructuring Plan which aims to wipe out more than 15 billion in debt as it looks to emerge intact from aviations worst ever crisis. The proposal needs investor and stockholder approval but would see it reduced by 90 . The company says it is the only way to survive after flights were grounded in march. The collapse of air travel is its to two slash slash its schedules. Flights will be cut by 80 from now until march with the carrier aiming to operate around 75 services each day at home, in europe, and globally compared to 350 in 2019. They hope to continue longhaul flights. Coming up on daybreak asia, we the hear from the fellow on latest incursions by china in the Taiwan Strait and the possible outcomes from the meeting in japan. Plus how the halt to seamless talks will impact markets. Richard harris joins us at the top of the hour. Here is how markets are trading right now across asia. We are seeing the asx 200 being led lower by tech and discretionary stocks. Nikkei futures also lower by. 6 . This of course as the japanese yen holds steady after strengthening yesterday. Kiwi Stock Holding steady as well. This is bloomberg. Fromlcome to daybreak asia new york. Asias major markets have just opened for trade. The top stories, equities set to follow wall streets decline after trump ended stimulus talks in washington. Australias virus plan is going to push the deficit to records while the rba is willing to ease further. We will hear from the finance minister. And negative views of china are on the rise. Several nations disapprove with beijing over the coronavirus, human rights, and international ambitions. Japan and south korea are coming online. Nikkei and topics moving 6 10 of 1 being led lower by materials in the early session. We are seeing the japanese yen holding steady, 100 five level after strengthening in the previous session. 105 level after strengthening in the previous session. We heard from the boj governor saying Economic Conditions in asia remain severe especially given the supply chain disruptions from covid19. We are seeing losses of 7 10 of 1 . This coming after five sessions of gains and reversing the two week high. The korean won is losing ground against the u. S. Dollar after a climb to the strongest level since january. We have seen more risk on sentiment after trump was released from the hospital. We are hearing from the white house that the president does not have any Public Events scheduled wednesday but we are watching closely what happens with infections around the world, not to mention the u. S. Stimulus talks have halted. Haidi absolutely. Casting into doubt the strength of the u. S. Recovery going into the Fourth Quarter with talks pushed back until after the election. We are seeing previous sessions in australia a day after a fiscal blueprint by way of the pandemic budget that was delivered that pushes debt to a record. That this as many budget, 11 of gdp, as hitting the wrong marks and not targeting what needs to be targeted to get jobs back on the rise. A flat session when it comes to trading in sydney. Consumer stocks with beneficiaries and text cuts have been rising. Aussie dollar seeing marginal gains. More Dollar Strength overnight. Australian bonds seemed to benefit from the deficit. The aussie and a three year record low. Rba target of one quarter of 1 of the 10 year on the move. Lets get more insight on the markets. Lets bring in richard harris, ceo of watchdog investment management. It does not feel like the markets have much conviction. But given we have managed to have this bombshell from trump friday, markets not really moving significantly. Momentum that investors want to hold onto their long positions . I think so. I say i have no convictions, but i am cautious and holding onto equities. I think they look like the asset of the future. If we get inflation, it will be good. If we see a lot of the liquidity stimulus, it will be good for equities. So i think equities and a sense are the new gold. I am quite comfortable with that. Haidi equities are the new gold. Richard, in terms of latest developments with trump pushing back stimulus package negotiations until after the election, does this move the needle for you . In a perverse way does it give it give us some certainty that we do not have to worry about talks until after the election . I think you have it right. The stimulus packages will go ahead. No doubt. Orther it is 1. 6 trillion 2. 2 trillion, it is an enormous amount of money and in a sense it doesnt really matter where it is directed. I think the market knows it will happen. The market might be slightly disappointed it is not happening sooner, but on the other hand, they know what will happen. It seems like an odd decision by President Trump because in a sense, you would have thought nancy pelosi would be the one wanting to do that. Soon,all, the election is after which point, you can do what you like. So i think it is interesting. The other thing is what trump basically said is, i am not going to negotiate on the budget, but Supreme Court justice is going to go through. Figuring what is important to me and the republicans. Supreme court over the stimulus bill. Market, thehe potential of stimulus measures have been important. Fallw far will the s p 500 without another stimulus package . And what will happen to asian markets . A little bit like a skydiving. And fallout of a plane in terminal velocity and then pull the parachute. The market knows the parachute is ready to be pulled. Instead of one and a half percent last night it was 4 or 5 or more. I do not think we are at the critical phase yet. There is clearly a tussle between more liquidity and the recession, worries about more unemployment, big structural changes in the economy that have to happen sooner or later. At the moment, i think the andidity story is upfront that is what the market is looking at. Expectations of a chinese economic recovery and demand stemming from china be able to offset the uncertainty . The chart on the bloomberg showing the incredibly recovery when it comes to mobility data when it comes to chinas largest city. We are seeing this during golden week. I think the chinese economy is largely recovered. I can look out my window and it is looking fairly polluted outside, which is a good sign because over the summer it was not. I think china has done extremely well. The export sector was hit extremely hard and that will be a big anchor of the absolute figures but domestically, it is done well. We will see a continuation. I do not think it will be enough. It is not quite like america, always the engine of growth to pull the World Economy out of recession. I do not think it will be quite like that especially as trade is limited. But the picture looks good for the chinese economy. Not great, good. Not great, but good. When it comes to the emerging markets complex, if we get a lack of fiscal stimulus lowerhe u. S. And leads to growth expectations in the fourth, does that mean we will see more outside performance . Dollarassume the lower asi think emerging markets we see performances over the last couple years have not been well treated by what has been happening in the Global Markets. In the last six months, many emerging markets have done well. India, china, some of the smaller Southeast Asian markets. That is more of a catchup. I try to think that although the markets will probably continue to hold the rolled hold their own, they are unlikely to outperform [inaudible] i am always keen to have a little money in these markets because i like them. I love here i live here and i understand them. I think we are going to see a movement of supply chains from china to india. In terms of outperforming greatly, i think maybe they will outperform europe, but not the u. S. That what about the fact some northeast asian economies have newer stocks that have really rally during the pandemic really rallied during the pandemic . That is a great positive. What we are looking at in general is a real restructuring of the global economies from old to new, from retail to online. So much of what we do is digital now. The use of cash in many parts of stuff youat paper used to carry around, has all but disappeared inside of six months. It is extraordinary. So i think we are seeing a dramatic change in the kind of companies that will be of interest to investors further on. My convictions are limited and that is true but i this will continue to be successful for a while. Shery great to have you on. Thank you. Lets turn to karina mitchell. Coronavirus numbers continue to rise with new york city seven day average of daily cases near the levels that triggered the closure of businesses. The weekendtop at approaching the mayor warning threshold of 550. Restaurants in paris have avoided the shutdown and malaysia is restriction travel restricting travel from parts of borneo. Dominic raab says he prefers to separate politics and sports but that might not be possible with the olympics. China denied his treatment but talk abouties compulsory sterilization of muslim women. Beingtagram accounts are removed when links to the qanon conspiracy movement. Previously only accounts that called for violence had been banned. Believe trump is fighting against government, business, and media. And a van halen has died after a long battle with throat cancer at the age of 65. Knock two offd the charts in the late 1970s. The band is among the top 20 bestselling of all time and was inducted into the rock and roll hall of fame in 2007. Topas number eight in the 100 guitarists. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Haidi still ahead, negative opinions on china in the u. S. And other economies according to pew research. We will look at Foreign Policy oss the region from region. And joe biden says trump should not debate if he is still covid positive. More on the growing outbreak in Trumps Administration and the end of stimulus talks, next. This is bloomberg. Shery President Trump has ended talks of the new stimulus package, announcing he is putting negotiations on hold until after the election. Democrats have been pushing a package and the white house does not want to go above 1. 6 trillion. The tweet came hours after Jerome Powells strongest call yet for greater spending. Jodi schneider has more. Does this make sense for the president to fear the attention away from the contentions stimulus package and more toward the Supreme Court nomination . Jody that seems to be what he is saying. He clearly wants to try to punish democrats by saying we are not going to do this until after the election. , immediately after i win, will pass that. He is almost trying to use this as a reverse appeal to voters. Vote for me and people will get the stimulus. If you dont, i am not so sure. It is very striking coming just hours after the fed chair made a call for greater spending, theng we really need spending or the economy will sustain longlasting damage. There has been debate between the republicans and democrats on the size of the package but they had been making progress and working on the bill to iron out differences. Disparaged democrats demands. He called it a handout to a poorly run democratic led state and said nancy pelosi was not negotiating in good faith. Haidi in the meantime, the president is back at the white house on the cluster continues to grow with another senior aide testing positive. What are we hearing about the implications for the next president ial debate . Jody there are more cases the and in the last few hours, we have heard that Stephen Miller, a key person in the white house, has tested positive for coronavirus along with a valet and military aid. So we are seeing this spread to more peopleuse and are testing positive. They are not working there. The president has said he wants to get back to work. There is some concern he might isolation his home and try to go back to the oval office. He said he wants to return to the oval office. This is less than 24 hours after being released from the hospital. His physician is saying he has no symptoms. We will see what happens. But the advice of medical experts is to have two weeks of isolation, not just a few days, especially after a hospital stay. In terms of the debate, he says he wants to debate joe biden, saying he is not sure it is a great idea. We will have to see what happens. On debate is scheduled october 15. We have some time. But there is some concern in the biden camp about whether they should go forward with that. Haidi Jodi Schneider with the latest. Staying on the virus, indonesia is planning to develop a vaccine as the country has a rising number of infections. They are seeking to ramp up local production with the help of private companies and holding. Alks with Global Developers the task force told bloomberg about the plans. The minister of foreign is currently working on a deal with companies like. Strazeneca it will take time before we get the final deal. There is a big possibility the first vaccination will require several doses. Lets say there are 140 million doses of the vaccine. Cannot rely 100 on the vaccines imported. With are now also working a department in indonesia. The ownre talking about your own vaccine you are developing alongside the collaborations of other companies. But there are so many producers. Why make your own . Isnt it more efficient just to buy the vaccines . Your comment is right if you are talking about a country like singapore where the population is only 5 million. Diverse andis so everything is more complicated. Countries the three with populations bigger than us, they are all trying their best in supplying the vaccine for themselves. , indonesia needs to have some independence in vaccine production. What is the timeline in the development to be made domestically . Soonest weer the can expect is the Third Quarter of 2021. By the end of this year, hopefully the Clinical Trial will be completed. Using animals for the trial. Then the first Clinical Trial might be held sometime in the First Quarter of next year. So you have budgeted this. Can you put a dollar amount of how much this distribution will cost the government . It depends on the price of the vaccine itself. The third phase is not yet completed so we do not know yet the exact amount of the vaccine price. But at least the minister of already i think at steps, around 20 trillion rupiah. You would have to translate that into u. S. Dollars. That is about the beginning. I believe the current pandemic situation, there is a possibility if necessary that we can add more budget for the vaccination. Role do you think the private sector will play in distributing this vaccine and what partnerships are you prepared to offer . We need a big partnership. They can only produce up to 260 million doses next year. This year, only 100 million. So to anticipate to fulfill the to four orady talked five private Sector Companies to participate in the vaccine production. Shery still ahead, we will assess how gender inequality is crisis covid trying to increase womens leadership and voice. She joins us from washington later. This is bloomberg. Haidi a quick check of the headlines. Woman saxes boosting the size of a new credit fund and what is shaping up to be one of the biggest debut investments they have ever raised. They had an initial talk it target and is expected to finish fundraising. The fund was the first in a series of strategic solutions. To be planning to put more than 1 billion in two as early investors lineup. Investor demands are looking into hong kong and shanghai which could raise as much as 35 billion. We are told chinas National CouncilSocial Security fund is planning to buy out shares in shanghai. Isry chinese Search Engine marketing dollar bonds for a second time this year. They issued 1 billion of debt in april, the first of the sales since 2018. They plan to raise proceeds to lower the financial repayments with a 1 billion loan maturing next year. Up next, negative perceptions of china are on the rise. A recent poll shows unfavorable has reached the highest point in a decade. We will get analysis on what this means. This is bloomberg. Haidi were just getting some breaking news crossing the bloomberg. The hong kong pmi just crossing. We are ceding every seeing a reading of 41 point seven, which is an improvement from august readings of 44. We continue to see a bit of improvement happening for hong kong. Lets get you a view of the markets. Moreility as we get no stimulus talks from the government in the u. S. Despite more calls for stimulus from the fed. Lets look at how the asian trading day is faring with all these risks. Moves in seeing modest asia. Stocks mixed but mostly slower. Pharma among the biggest drags. Cost keeping led lower by samsung. We do have kiwi stocks gaining ground. Switchinginess, but out the board, we are seeing miners being dragged lower in sydney. Goldmine is under pressure gold miners under pressure and we see bhp group under pressure, falling more than 2 . A byan says the stock is following its decision to boost its stake in the gulf of mexico. Also want to highlight yakult falling after French Company dannon decided to sell its entire stake in the company. We are seeing as a yields on the front end under pressure, falling to a record low. Debt issuance plan from australia. Treasuries keeping steady after the big rally we saw overnight that pushed the curve flatter. Yields can go lower from here, above 290year back basis points. Bonds bond yields tightening for a Third Straight session. More corporates are tapping debt markets, including baidu, in anticipation of market anxiety easing. Asia dollar bond sales topping 274 billion this year. Set to holdsw steel investment calls. China now. S turn to negative perceptions of the country have reached new highs in the u. S. And other Major Economies according to a Global Survey by the pew research center. Comee seeing global views as National Leaders criticize chinas early handling of the covid19 pandemic as well as the countrys human rights record an increasingly its stance in international affairs. Lets bring in a center fellow at Stanford University who international university. Great to have you with us. China made more enemies with policy and9 pandemic what does this mean Going Forward, not to mention global geopolitical dynamics . I think the survey, what if telling us, is more complicated than the numbers suggest. The first thing you mentioned is as you mentioned Major Economies, a lot of countries are have these perspectives Major Economies including japan and south korea. This does not mean perceptions of china are negative around the world. In southeast asia, things are a lot more mixed. Southeast asia is critical around the region. I think these surveys tell us the United States and its partners are having more negative views, but also the reasons differ. In the United States, the threat is becoming largely a military threat, but our allies in europe still are not concerned or thinking about military conflicts with china. They see the chinese to mystic influence in their own countries, the political interference, and because of the handling of covid, but there are still some disparities in perceptions. Shery we have seen a lot of activity by china, especially along the Taiwan Strait. How much of a risk is there this could lead to real conflict . More andis becoming more reliant on military tools as it deals with taiwan. Xi jinping has demonstrated that either not concerned this will turn into a war or is ok if it does. Means is thathis china is becoming more and more reliant on these military tools intensifying its coercion against the island, and thats bad for regional stability overall. To what extent does chinas approach playbook with National Security law and the way its conducting itself influencing hong kong kind of create a potential blueprint for what it potentially aims to do with taiwan . These are very different scenarios when it comes to the tools china has. Hong kong china has relied primarily on domestic repression tools. We know china invests more in more in intentional oppression tools. They cannot have used police force for other types of restraining methods. They have to go full out military or nothing at all. The bottom lines we also do not learn a lot about chinese intentions. If anyone had any doubt that china would be willing to use what it considers its sovereignty, then maybe you learn something from hong kong, but the bottom line is i always knew china was willing to go to extremes in the hong kong situational the taiwan uation, so there recent their recent actions to do so were not a surprise to me. That we have seen reports beijing would not have the military will have the military capacity to mount an invasion in taiwan very imminently. Do we get potentially fewer chinese hawks at the table, or is this kind of existential something that is a bipartisan issue . The conventional wisdom is theres a consensus among the Political Parties that china is a strategic competitor and china is a threat, but i think reasoning doesnt suggest or reveal a lot of the various significant differences between the two parties. For me, those differences are why china is a threat and what to do about it. To conservatives, china is a threat because of its inherent nature, because of the communist party, and therefore, no matter what china does, the goal of the administration has been to undermine chinese power. For democrats, the goal has been chinese strategy. Also a Democratic Administration is much more likely to agree with what joe biden has said about the issues that he will lead to just lead with diplomacy withat he will lead diplomacy. The bottom line, i thing youre correct, is that washington, d. C. , has opened up its eyes to some of the challenges of a stronger china, and both parties will divide strategy is to try to protect the interests of the United States and its allies and partners in this new regional situation. Haidi is that the case with borderespecially as the crisis continues . The india situation, a lot of it depends on india. Statest only the united and china but also smaller countries, that they dont want pawns in a game between beijing and washington. They want to make their own decisions regarding Foreign Policy. How india wants to deal with the growing threat of china along its border and in particular how they want to deal with the United States, that will be based on many factors including politics in that country, but regardless of who wins the the United States is more than welcoming to india to have increased defense ties. Appreciate your. , our guest tells us why goldman can tackle a jobless rate set to reach as high as 8 . Our conversation just ahead. This is bloomberg. Karina President Trump jostled the markets by abruptly halting talks of a new stimulus package. The news came just hours after fed chair jay powell made his strongest call yet more funds to support the fragile u. S. Recovery. The president tweeted negotiations would not resume until after the election, which he says he will win and what harold a major new program for u. S. Business. The u. S. Central bank says a stronger recovery needs urgent fiscal and monetary help. President Christine Lagarde and say europe faces a steep cliff. Saysof japans governor follow from the coronavirus means Economic Conditions in asia remain severe. In a virtual speech, he said supply chains throughout the region have been disrupted, leading to business weakness and rising job losses. He also said globalization will not change despite covid19 and that the need for facetoface communication remains strong. Global news 24 hours a day on air and on bloombergquinttake powered by more than 2700 journalists and analysts in more than 120 countries. Haidi critics say australias tax cuts are ineffective and the measures will not be enough. Still, the finance minister told us earlier he things the economy remains fundamentally sound. Our economy was in very good shape before this pandemic. Our economy continues to grow at a time when economies in other parts of the world were struggling. We were in our 29th year of continued growth, so the fundamentals of the australian economy remain strong. We have been pursuing for some time a progrowth, proopportunity agenda, including by pursuing a very ambitious freetrade agenda by giving businesses the best access to key markets around the ofld, lifting the proportion our trade subject to freetrade agreements, and we are working to boost that further. Ofcontinue to be in the part the world, the asiapacific, were most of the Global Economic growth will be generated for decades to come. Why we are in the position we are in, but the fundamentals are strong. We just got to get, all of that incentive out to ensure businesses get themselves back into that right trajectory. Should there have been special consideration for sectors that may not recover as fast, particularly Given International tourism is not going to be up and running properly until 2022 . We are providing support into sectorwide and economywide basis. There are special supports for sectors of the economy that are most severely impacted like the aviation sector in the Tourism Sector in particular, but by and large, what we are seeking to do is provide, i guess, incentives on a sectorneutral basis so in the free markets, individual businesses operating in the free market, looking for opportunities to grow and prosper in this new environment are encouraged to do the best they can to get ahead. We do know that the principles of the free market continue to be the best recipe to lift Living Standards and to maximize opportunity for individual people to get ahead, for their families to get ahead, and indeed, for the communities they live in to get ahead. The budget still shows a lot of labor market slack with unemployment at 5. 5 come 2024. Rba reiterated how boosting National Employment remains a priority, but if you look at this budget, the level of is packed spending dramatically. How do you expect to get spending, unemployment, and wage growth going when it seems not particularly possible to maintain this level of spending . Jobs before this crisis and when we get beyond this crisis will overwhelmingly be created by successful, profitable private sector businesses. Before we ran into this crisis, nine out of 10 jobs in the australian economy were created by private sector businesses. That is the situation where we need to get back to. Situationmaintain a where government and taxpayers continue to spend at this crisis level. We were very focused on providing significant support, but making sure that support was temporary, was targeted, and did impose instructional burdens on the bottom line. That makes sure we are in the best possible position to deal with any future economic shocks that might come our way. Thei our conversation with australian prime minister. That jobs pain being felt across asia where millions of young people have been long been offered the chance to do better than their parents. That is at risk as unemployment source, chiefly for those between 15 and 24 years old. Why are younger workers getting hit harder than adults . The main reason that particular age bracket is getting hit harder is because they work in the most exposed sectors to the pandemic. For example, retail, trade, manufacturing, tourism, and so on. Spoke with Young Workers around the region, and the situation among all of them was the same. The pandemic has appended there career plans. Its not just about losing jobs, is also suffering pay cuts, working fewer hours, and thats why the adb is warning of lockdown generation without much support for use unemployed in asia. Example with the Australian Federal budget this week, we see massive amounts of money being thrown at tax, tax cuts, for example. Is there enough structure by the government to get back on track . The key message is that the money should go in education, training, and upscaling of Young Workers, and there needs to be massive investment. In particular, they need to up skill younger workers to get them ready for the sectors that are booming. Technology is hiring but only hiring those who have the right skill set. Theres also a requirement for genderbased intervention to make sure women get up the ladder because they have been disproportionately hit in all this. Isyour point, there absolutely a need for Government Support, but it has to come in the area of occasion and training and skills to keep the workforce and get the more fit when the pandemic passes. What sort of structural changes should we expect from this crisis . It is goinging is to accelerate and shipped to the to the gig shift economy. The thinking is those who have lost their former work will utilize digital skills, might start up businesses, might offer skills online and. That is ok up to a point and not without risk. We know labor markets offer less protections and poorer protections. The fact that the royal bank has warned the pandemic is going to withe a new poor in asia poverty increasing for the first time in 20 years. Thats what experts are saying massive government stimulus is required, massive Government Support is required, especially in the area of education and training. Asia our chief correspondent with us. We are getting breaking news with the u. S. President back onto twitter. Authorizing a classification of documents related to russia and the Hillary Clinton email probe. This is reacting to a comment on another tweet saying that the fbi and cia not only new that the russian collusion was a dirty trick but that the Trump Administration were in on it. President trump says he is has fully authorize the declassification of the greatest in u. S. History and is calling for that. Lots more to come. This is bloomberg. Heres a quick check of the latest business headlines. Apple confirming its largest Product Launch of the year will be next week on the 13th, announcing the event with the tagline high speed. It plans to announce for new iphones with 5g capabilities as well as upgraded cameras, faster processes, and a wider range of screen sizes. The event will be about a month later than usual. Apples iphone assemblers are among new companies in india as attractrnment aims to production. About 60 of total output is expected to be exported. India wants to lure Foreign Government teams away from china. A Stock Offering in ecasino draftkings is expected to have priced shareholders and allowed the company itself to capitalize on this urge. Shares fell. Early investors including new England Patriots owner robert kraft are selling a combined 32 million shares. Haidi singapores Sovereign Wealth Fund gic is said to be iponing to invest in a mega , considering joining both the hong kong and shanghai listing. This has been an ipo or set of ipos so many years in the making. The demand is pretty extraordinary. Thats right. Of investingking in both the hong kong and shanghai shares now. Gic, according to our sources, thaniting to invest more 1 billion in the ipo, and that ipo could turn out to be one of the worlds biggest ipos down the road. Right now, the company is targeting 35 billion in fundraising at a valuation of about 250 billion already charged. Lets talk a little bit about the latest on the ipo itself because cornerstone is already lining up investors, right . Thats right. Crucial next step is scheduling a hearing with the hong kong stock exchange. They have already gotten a green light from the shanghai securities watchdog, so clearing that next hurdle is quite important for them and after that, they will still need to have a virtual roadshow, although some people are expecting they might have a much shorter roadshow because already right now, its already super high profile. In terms of marketing, they might not need as much time as the traditional ipo. Haidi what do we know about the other cornerstones, and is there a preference there expressing over the types of investors that hold their shares . Absolutely. For hong kong, they have decided not to take cornerstone, but they are interested in interested to attract strategic shanghai salethe share. In shanghai, a market known for retail frenzy, they do want to introduce more Institutional Investors to stabilize the price volatility, so that is something they are looking at right now. Asia investing in real chen. Leader lulu coming up, the market fallout from the halting of stimulus talks. E will also get an assessment to the start of trade in hong kong. For Bloomberg Markets china open. This is bloomberg. This is my Kitchen Table and also my filing system. Over much of the past three decades, ive been an investor. Then i started interviewing. Learned from doing my interviews how leaders make it to the top. I asked him how much he wanted. He said 250. And how they stay there. You d