Thedual listing could be biggest share sale in history. Softbank makes headlines again. Amassedid to have 20 billion in a stock trading movement despite a skeptical response from shareholders. Lets take a look at how markets are trading at the moment. At this as we are just getting some line through when it comes to the reserve bank of australias assistant governor. They are giving a speech saying it is more complex to assess the policy stance than it has been in the past. Due to the economic and fiscal conditions at play. We will continue to monitor some of those comments and we are also looking ahead to the rba Meeting Minutes as well. We are seeing downside in the first couple of minutes or so, trading in sydney on 5. 1 and then new zealand, that market is back to modest gains as we continue to process the outcome of the victory we saw from the Prime Minister and her resounding reelection effort over the weekend. The nikkei 225 seeing upside when we get into the open of. 25 of where futures are trading at that moment and we are seeing more of the bounceback when it comes to u. S. Despite markets on shaky footing, falling to the lowest in two weeks as congress is remaining very much a part when it comes to a fresh stimulus bill. We continue to see opposition to a more sizable aid package , willing out any chance of this getting done before the election. Shery lets get more details. Nancy pelosi and Stephen Mnuchin said to be narrowing their differences on the new release package. Speaker pelosis spokesman said on twitter that the two spoke for nearly an hour earlier and they will speak again as the two sides try and reach a deal by election day. Jax fitzpatrick joins us now over the phone. We have seen this dance for the past weeks now. Is the tuesday deadline going to make a difference at this point . The tuesday deadline is probably realism for nancy pelosi, who is looking at the schedule of trying to get a measure through the house and senate before the election. I dont know if that will spur them to do a better job than they would have otherwise. It does look like they really are coming closer between pelosi and mnuchin, but the big x factor of course is Senate Republicans and whether they sign on so we will see if they get news tomorrow in terms of the white house and House Democratic handshake deal but that would not exactly the getting things across the finish line. Be thewould it really issues at play and the likelihood we will see any kind of resolution . Jack what we know between pelosi and the notion as major talking points are obviously democrats want state and local, excuse me, state and local government aid, which is something republicans were hesitant to provide, but they could possibly find a middle ground. Democrats are hesitant to provide the kind of liability shield for companies against lawsuits over coronavirus issues that republicans wanted to get, but really, the topline figures seem to be coming together within the white house talking about a 1. 8 trillion or so dollar deal and democrats having proposed 2. 2 trillion. Now, the outlook for spending among Senate Republicans is much lower as we see Mitch Mcconnell bringing up just a 500 billion piecemeal bill in the senate tomorrow so again, the big question is if there is a deal between pelosi and the nation, can they persuade Senate Republicans to pony up that much money . Shery will the president able to help in persuading the gop, given we are headed toward this election cycle, november 3, and given that he is really training trailing joe biden in the polls . Jack it may be more difficult senate to pull republicans his way, especially if they dont get this done essentially immediately. If they were to try to get a deal done in the lameduck session in congress, all the moderate Senate Republicans who are running for reelection, whether they win or lose, would not have that political impetus to try to be conciliatory toward moderate proposals from democrats so if the election is an impetus to get republicans on board, that is why they need something to come together very quickly because those Senate Republicans who may be hesitant but want to show that they are dealing with the problem, you know, once the election passes by, that completely changes the political calculus. Haidi we know that the Senate Confirmation for Amy Coney Barrett is all but certain. We heard from them that they were trying disrupt the nomination. She does have sufficient votes at this point. Jack it does appear she is going to have sufficient votes despite some voices of opposition on the republican of susanm the likes collins. It became clear pretty early the she was going to get majority there. The question is exactly what democrats do to dig into their bag of tricks and see if, procedurally, they can slow things down or at least use the opportunity to make some sort of medical point, but it would be a real surprise if there were some substantive pickups with getting Amy Coney Barretts nomination across the finish line. Our Bloomberg Government reporter joining us, jack fitzpatrick. Lets get you to karina mitchell. Coronavirus cases have surged past 40 million and show no signs of slowing. U. S. Infection rates rising in 48 states while europe is imposing tighter restrictions on daily life. Other big cities are under strict curbs while ireland is enacting some of the toughest restrictions yet seen. The World Health Organization says failure to control quarantine rules has left led to the resurgence. The u. K. Rejected a move to resume solid brexit talks. Tossels said is prepared intensify work on a final agreement. London said that was a constructive move but demanded a more fundamental change or approach from the e. U. Boris johnson warmed and accord is unlikely and says u. K. Should prepare for a nodeal split. Proteststinuing street will drive investors away and hurt the weakening economy. The benchmark set index closed at its lowest level since april 16. Demonstrators vowed to keep up pressure for constitutional reform and curbs on the monarchy. They have lost more than 5 of the value since protesters took to the streets in bangkok. 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. Shery still ahead, and group is said to have one ant group is said to have won approval and expects the green light for its listing soon. We will discuss the recordbreaking share sale later. We ask the cio of a Global Investor company why he believes you dont have to choose between growth and value when it comes to the yen. David joins us next. This is bloomberg. Shery its no secret, stocks have crush value this year globally but our next guest says when investing in the emerging markets, you do not have to choose between growth and value. Joinsivan is cio and he us from tampa, florida. David, great to have you with us. We are seeing that chart right now what is happening in 2020 when it comes to those growth and value stocks and emerging markets and we have seen that growth is still outperforming value so why are you saying that we dont necessarily need to differentiate them in ems . Great it really is a time, the choice between growth and value, which we dont think should be a choice. We are always looking for value, but sometimes, like 2009, growth and value are the same thing. If people are willing to look beyond u. S. Borders and emerging markets, we find growth and value can be the same thing. Examples,t plenty of some of the best companies in the world, quality franchises at value prices. We just tend to be in emerging markets. Shery give us some examples of those companies and which countries you would find them in. Up firms. Tom we are looking for the best companies and the best prices and they scatter so what might be good in one industry might be different in another industry, different countries. To give you some examples, if one likes telecom, and we think, they are in tough times, the last thing people will give up is their cell phones, so its a good company. Reasonable price. Go with chinaan and korea. China mobile, the biggest in the world, china telecom, pretty good company, too. Verizon, they have leadingedge technology. They are in growing countries, yet with verizon, you pay a doubledigit fee. You pay a single digit fee. What these are selling at discounts to tangible book value, but verizon, you are paying about 3000 per cost more and these guys are paying 300 per customer. Really good companies. Really incredible values. Growth is arguably less objective than value in this environment. If somethingcide is valuable, particularly when you take a look at valuation and metrics that are out the window when it comes to tech, for example . David we will look at an industry and look at history and logic and say what should accompany the able to earn, and in will it be companies we think should earn that, and then, as you got a glimpse, we look at it we value earnings and cash flow and book value and other ways, and we Like Companies that are cheap and a lot of different ways, and then, if they are in countries that are growing like china, all the better, and if they are cheap on all the metrics, all the better, so we feel pretty good about that. Telecoms are an obvious example to talk about. Utilities, auto companies, you name it. Theres a lot of some of the best companies out there, and great valuations. To get youry wanted views on a stock pick closer to where i am. Newcrest mining is one of your favorites. That suggests the ongoing demand and challenging output conditions for gold. Fewd its been quite a years now that there has not been very much gold. Gold is very scarce. If you ask fiat currencies are increasingly not scarce at all. Sayook at companies and what are they worth if gold stays right where it is . They are worth a lot more of gold stays where it is. A good case can be made that with all this money printing, the monetary value of gold should pick up. We like the big ones here in the stays. They also have some in papa new guinea and elsewhere. I think maybe this helps keep the price down even though we are talking some of the better ones in the world and arguably one of the better management teams in the world. Happy to get a quality andany in a tough business a really promising environment. David, you are also very active in uranium. Why and how do you get exposure to that commodity david they are commodity . David they are very volatile. Priced supply comes in, stalls, eventually, it gets way too low, supply comes out, so there was huge supplies of uranium a dozen years ago in the aftermath of fukushima which is not a good thing. Price went from 100 36 a pound down to eight teen dollars a pound. 18 is too low, especially in light of the fact that china is building 35 new reactors, new reactors are coming up in other countries, just a few of them back. These facilities are going to need uranium, yet at these prices, they close their best mine in kazakhstan, kazakhstan mines,heir best minds others in africa have been shut, so uranium has gone from 18 to 34. These have doubled, may be tripled from here. Are the best two companies in the world by far and they are very cheap based on the amount of uranium, even on cash flow. , the cio ofe terman , cionicus global tiktok of copernicus Global Investors. What needs toberg be done to get the economy back on track. Biden, brief them about Financial Sector issues, not working with the campaign. We you asked me what i think need to do to get the economy back on track. List issay what hits my building more effectively with the pandemic, with the related issues, getting the infection level under control through contact tracing, testing, isolation of people who have it. I think we need a much more effective effort than we have had. If we have that, it will be good for being able to open up the economy, and we have seen that in countries ranging from germany to korea to china. And then we need support for the economy, for monetary and fiscal policy and Monetary Policy has done a huge amount. Fiscal policy response in the United States has been extremely actually, its much larger, the fiscal support, then what we have done as to the 2008, 2009 financial crisis. The fiscal support has lapsed and so far, spending has held up. Got 600d workers who per week through the end of july , they use that to stay current on their bills, to support their spending. You can stash some of it away so they have been able to get through the last couple of months and pay their bills, but it is running out, and state and local governments also face huge budget shortfalls. Im working on a task force with the governor of california who faces the pandemic, 54 billion shortfall. I think thats very important. In the meantime, he said that the 2ress were to pass trillion fiscal support plan, that he expects the Federal Reserve to potentially buy up all of that in order to help things along. Do you think that that is an advisable step . The Federal Reserves asset purchases, they have not made clear their plans Going Forward, and im expecting them to offer more guidance, but their objective is going to be to try and keep both long and Short Interest rates at levels to support an economic recovery. Ever,ot their objective, to directly try to help the Government Finance its budget deficit, and that would be a very dangerous kind of support to provide, but i do expect, i think asset purchases have worked. They are holding down longerterm rates, and i expect there to be ongoing purchases, to thebably not geared federal deficit. Was a former fed chair, janet yellen, of course, speaking to us. The recordbreaking dual listing. We have all the details, up next. This is bloomberg. Haidi the South China Morning Post reports that ant group has gained approval for the offshore leg of its listing. For the latest, lulu chen with us. Getnow that they want us to this through to china and avoid any kind of preu. S. Election market volatility, so what do we know and what would come next . We were told that they have the hearing with the Hong Kong Stock Exchange yesterday. Some platform official asouncement is expected early as today on whether they passed those hearings. The next process for them is that they still have to they are still waiting to find out whether this csrc, the chinese purities watchdog, excepted their ipo registration for the shanghai sale of the ipo. After that, there is the roadshow and the list day, which they are reporting will happen on november 6 now. There was a lot of talk around why it took so long for china to green light this hong kong sale, so when everything is done, how long will it take until they finally list . If you look past the regulatory approval, the roadshow, people are expecting it to take a relatively short period of time, and it has been very active in investor engagement according to our sources. This is a very high profile ipo, so its not like they need to market the company anymore further, and thats why expectations are that it will not take too long. Shery lulu chen, we will be looking forward to that. Our Bloomberg Finance reporter. We will get more on the prospects with the executive director in the next hour of daybreak asia. First, heres a quick check of the latest business flash headlines. Thirdquarter revenue Beat Estimates boosted by the cloud where. The company will focus exclusively after spending off legacy business units. Ceo wants to shed ibms division that manages corporate Computer Systems which accounts for about a quarter of the Companies Total sales. After that, he says he will go all in on the cloud and ai. Google is reported to be in talks by a London Office complex for about 1 billion area it would be one of the biggest property deals in the city this year. We asked news says it is negotiating to buy the Central Tower although nothing has yet been agreed. Google occupies about 40 of the complex north of oxford street. Amc entertainment and other theater stocks surged after the governor of new york state said some locations would be allowed to reopen. Day inoyed its biggest five months having lost 60 this year. Andrew cuomo says cinemas can reopen at 25 capacity from our day. Apart from new york city itself and other virus hotspots. Despite shareholder skepticism, softbank is charging ahead with its public stock trading arm. We will look at the latest plan from masayoshi son. This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. 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The president s Campaign Manager says the commissions beau biden probite in antics state sponsors of terror after the african nation promised to make a long sought after payment to american terror victims and their families. Million in 335 compensation to those directly affected by the bombing of the uss cole and in attacks on u. S. Embassies in kenya and tanzania. The cost of renewing the landbased missile armory has soared in the last four years. The pentagon says the system will be almost 96 billion, up from 10 billion in 2016. The arsenal has been in service for 50 years and the icbms are part of a total update at a combined total of at least 1. 2 trillion. Nasas nokia developed the most first Cellular Network on the moon. They plan to create technology with Remote Control for vehicles and create realtime streaming. Nokia says it will create a sustainable human presence on the lunar surface. It will be integrated into a lunar lander which will self configure on the moon. 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. A look at howke we are shaping up when it comes to the asian trading session. Sophie kamaruddin is in hong kong. Sophie the aussie share market has been trading for half an hour. For theeeing a decline benchmark bite off session lows, bhp and rio. After pay is in sydney. The payments player has partnered with westpac. Check out the aussie dollar under pressure for a fourth straight session, headed for a fresh month to date low ahead of the rba october Meeting Minutes due later this morning. Cba saying the aussie could go to 6850 before the yearend. Also this morning, markets digesting commentary from the rbas assistant governor who says there is still room to compress shortterm rates. The nikkei 225 futures in singapore are opening lower after the benchmark wiped out your today at losses. See whatthe board to to watch in south korea, keeping an eye on hyundai and kia. Both are set to take an earnings hit on engines problems. Sk hynix on watch on a report that intel is nearing a deal to memorys demand its unit. Koreas finance ministry is to hold a conference on bonds today as the governments issuance is expected to increase by a stimulus. Shery in japan, we are watching softbank because it has reportedly amassed 20 billion for its new public stock trading arm despite early skepticism from shareholders who were told the company had considered suspending omissions amid concerns they were causing upheaval in tech stocks. For more on this, lets speak to Sarah Mcbride in san francisco. What is new with softbank Public Market strategy . Before, investors were very skeptical about it. When investors learned about the plan in august, its shares slid. Now, the publicly traded Tech Companies look very smart. Earnings season is coming up. And Companies Like netflix and amazon are looking like they are going to provide an upside. Softbank shares our way up. Haidi we heard this drama when it comes to we work continues. The chairman says is former ceo did not get as much money after leaving as originally had been ripped worded so what were the machinations of what happened here . Work the chairman of we is also Top Executive at softbank and was speaking today at a wall street journal atference and last year, about this time, employees were furious. The talk ofe just wall street and beyond that the who now looks like he ran the company very badly and spent far too much money getting a giant payout, he was getting 1 billion in one type of reward, 500 million in another. Hime were efforts to let borrow money against we work and the most galling payment was that 185 million payment people thought was a consulting fee. A noncompeteially fee, as it turns out, and people thought he was just kind of getting that money for doing absolutely nothing, and then otay, he said, adam neumann was not going to get that 185 Million Dollars in full. I learned from speaking to somebody separately that it was tied to something that never happened. To as going to be tied tender offer that softbank never leftso while adam neumann the company much richer than many people thought he deserved, not quite as rich as we thought. Shery anything else interesting . What about the outlook he gave . Sure. He says, in retrospect, softbank has given newman too much freedom and he said if we work at 67 occupancy, its profitably of profitable. It was about that rate, well above it, before the pandemic. He says 85 . And he thinks they are going to be profitable. He said next year, they will have a profitable quarter, and he said 2022 would be what he calls a real year of profitability for the company. So it sounds like things are going quite well as people head spaceo offices, need more than offices might have, and might end up renting for from the company. Sarah mcbride in san francisco. Coming up next, we speak to the Intercontinental Energy company about the mission to become the largest Hydrogen Producer in the future of renewable energy. This is bloomberg. Haidi the government of Western Australia has accrued the first stage of the Asian Renewable Energy hub. This is a major project with plans to generate 26 gigawatts of renewable wind and solar power. Our next guest runs Intercontinental Energy, a Hong Kong Based company aiming to be the largest screen Hydrogen Producer globally. They are the lead investor in that help with a 46 stake. Joining us now is the cofounder. Great to have you on with us. First of all, give us your topline views as to demand and the prospects when it comes to renewable energy. Sure. Renewable energy in general has a great track record as the Cheapest Energy on earth at the moment, but hydrogen and green fuels are expected to be a multitrillion dollar market i 2015 so i think the demand is quite high. Hearing you are expecting a major project announcement from the government. Can you give us an idea of what we are expecting here . The government has supported us all along. We received major project status over two years ago. They announced we have 15 gigawatts for the first production approved and they supported our expansion. Be thebmitted to proposal to the epa and that has been announced. We are hoping to have an announcement through the federal government soon. Shery how much capital will not require in terms of investment . Are you confident you will be able to get enough support from the private sector . Alicia we are absolutely confident. Im sure you have noticed Green Capital lining up around the block. It makes a lot of sense because they are in charge of our financial futures. They are investing in our Pension Funds and retirement funds. In order for our financial future to be there, we need to have a future. Its really important they move to Green Investment and the industry has realized that so there is a lot of capital interested. Shery we have seen because of that, pilot projects becoming very common around the world, but how many of your development are in close cooperation and how much progress have we made . Alicia we made a lot of progress. Are hugesion milestones. It will make us the largest power plant in the world. Than the three Biggest Nuclear plant facilities so we are pushing along with development and the rest of the Intercontinental Energy portfolio is a couple steps behind this lead project so i think we are making great progress with longterm projects. Will produce for generations to come and one of the things that is most exciting, unlike an oil and gas project, the resource never depletes, so we will be around forever. Shery what is the timeline at this point for exports . Expectedxporting is before 2030. Probably around 2028. How much input do you expect or want from the private sector and how much more government funding will be required . Are you confident they will be enough interest in these sorts of projects . Alicia we are currently not counting on any Government Support although we would appreciate it. I think a lot of these markets have pushed forward with subsidies or with Government Support of some type. Than 100, having more 7500 having more than 60 countries that have agreed to zero carbon, and seven countries with specific roadmaps, that will be helpful to push this Industry Forward and we would like to see that type of support from governments around the world. That will really help us to expand the sector and to drive this inevitable Energy Transition. Shery good to get your views are thank you so much for your time, Alicia Eastman, Intercontinental Energy. Coming up, intel is reportedly nearing a deal to sell its storage unit two south koreas sk hynix for 10 billion. Will this be enough to bring its main chips business back on track . Dont forget, if you are away from the screen, you can always find indepth analysis and todays big newsmakers on bloomberg radio, now broadcasting live from our studio in hong kong. Listen via the app, radio plus, or bloombergradio. Com. Plenty more ahead. Stay with us. Shery Delta Airlines is continuing to reopen operations between the u. S. And the crucials for Business Travel market. A change in our plan for the year. Alltimest finished an record not just for the u. S. Industry but within the Global Industry and revenues and profits and customer satisfaction, all the things that we like to pride ourselves in, and then when the pandemic hit, we went from that to less than 5 of our revenues within 30 days. It was really dramatic. Today, we just finished going our thirdquarter results. We are 20 back. Second quarter, we were 10 back. Third quarter, 20 back. Are Fourth Quarter that we in currently, we are expected to be somewhere between 30 percent to 35 back. Slow, steady improvement. People are getting more confident with air travel. One of the troubles we have in the industry is not just the air travel component, which i think people are increasingly feeling more confident in, and it can talk about that, what is the other aspects of the journey. The businesses are not open. The restaurants are not consistent. The quarantine measures are pretty significant in many parts of the country and certainly the world. The world has not really opened up to travel in a meaningful way areas may not air travel, but as it does, we will be wellpositioned. How hard is it to keep reassessing that current environment when we are looking at the u. K. , france, parts of europe having to double down on lockdowns once again. How confident are you that by 2021, there will be some sort of normality . Be i dont know if 2021 will completely normal. Hopefully by the end of 2021, we will be in a much more normal state. 2022 is probably the first year of the new normal, as people like to say. When we look at this winter, i think you will continue to see more of the same. I think people are itching to get out so travel, transportation, you know, people more broadly are continuing to move, certainly in the u. S. We have been watching the stats. We watch world stats every day in every market around the world and its quite troubling when you see the surge we have seen building over the last six weeks in europe, not just currently, and when we think about the u. S. , we have more states where the virus is growing, many more, then where it is contained. In the south, where we are at right now, we are in a better spot. The virus moves and thats one of the challenges we have, trying to get ahead of the virus. The better you do in managing it, unfortunately, flower business, it means people not traveling. You have taken dramatic steps saying you will be doing that. Into the First Quarter of 2021. What is this new normal you mentioned, what does it look like, does the Business Traveler come back, because that was an area you doubled down on. Business travel is key to our business model. I think it will come back. I dont know that it will come back entirely 100 . I think Video Technologies are certainly going to be a compliment to Business Travel. There will be some trips that will not need to be taken. Because of video technology. I dont think its going to be a substitute in any meaningful way. I have been around this business for a long time. Go through a period of crisis, whether it was 9 11, global recession, any kind of economic from, the first thing that people are quick to say is that Business Travel is not going to return, and its going to be substituted, you can go back in time to when email first started and technology, now, its digital technology. The human spirit is not going to let Technology Get in its path. I think people will want to be together and our mission at delta is to connect the world and the world right now feels very isolated. It feels very distant from itself and that is our business purpose, so in some ways, to me, it has reaffirmed the value we bring, the purpose we have in what we do. Haidi that was Alicia Eastman speaking with caroline ed speaking with caroline hyde. United airlines is taken another shot at shortterm financing in the bond market after an early attempt failed in may. It issued 3 billion in debt with 352 planes or 43 of their fleet to be used as collateral. It is said to be seeking yields at a range of 6 in the offering. The carrier is used to repay 3 billion in debt next year. India is to sweeten the terms of its carrier by allowing potential buyers to decide how much debt they wish to accept. Investors had until the end of but that deadline will now be extended to allow possible suitors to consider. Current rules require businesses to take on air and he has entire 3 billion of aircraft debt. South koreas two top carmakers are taking a combined hit of almost 3 billion due to costs related to last years settlement of a u. S. Class action suit. Hyundai is setting aside 1. 8 billion. Thirdquarter earnings will be announced. The suit alleged defects could cause certain powertrains to catch on fire. We have breaking news at the moment. We are getting confirmation that sk hynix is buying intels won. Ess for 10. 3 trillion we will be watching sk hynix at the open in just a few minutes in south korea. Intelrse, we had heard was interested in this memory it to sk hynix, and we are getting confirmation sk hynix will be buying it for 10. 3 trillion won. Lets get more details on what this deal implies with Bloomberg IntelligenceSenior Analyst anand srinivasan. They will be buying the business potentially in won. How much sense does it make for intel and sk hynix . Anand good morning. Thank you for having me. This makes total sense from a Strategic Perspective from an Intel Advantage point. This is something that intel has not been good at insofar as being able to garner market share, in terms of being a big player in the business, and i think the business in and of itself is too volatile, capitalintensive, and its cadence is different from that of its core business, which is cpus for pcs and servers. The fact that they are able to sell this distraction and refocus on the business, their core business i think is a positive for intel. From the sk hynix standpoint, we think that this expands their market share, expands their gaptioning, widens the between them and macron and advances their capability to expand in the corporate ssd itce, so in a lot of ways, makes sense for sk hynix as well , given that this is their primary business. Haidi logical, but are there any risks associated with buying this business . I know theres concerns about production delays. Very goodt is a question. Obviously, when you buy someone elses asset and cadence and market share and customer base, you have a risk in terms of integrating that. The benefit of having everybody on the same Technology Lab form, same cadence of Technology Transitions is your cost is more all distributed and you have better economic profile. That said, i mean, one of the the volatility in the memory business is the business has consolidated. There are not too many top 10 market shares to be purchased anymore, so intels was the last one. They now consolidate the number of players to four. If you look at the Western Digital shares as one unit, and really, everybody is a player to the extent you have that cadence with which you can move technology, you can increase the number of players and do it efficiently in a costefficient way, then you are going to be able to gain shares and keep your margins intact. Seeou dont, you will samsung or somebody like that. Does this just solidify the move for chipmakers dominance away from the United States and towards asia . We have Taiwan Semiconductor as well. Anand yes, so we have written extensively on this. The wider rift between the u. S. And china, not only in memory, but in logic, its a much wider them so if you look at chinese ecosystem versus the taiwanese ecosystem versus the u. S. Ecosystem, the u. S. Has all the logic design strength. The koreans and japanese and americans have memory design so its a little bit more fragmented but china is certainly weaker in logic design. Anandcia eastman srinivasan there. Just ahead of that, we will be joined by jim bailey who says she remains positive on global equities. Hope it doesnt cost too much. I hope my insurance pays for it. Can you tell me how much this will be . [cashier] 67. Sorry. Wait, have you heard about goodrx . Goodrx finds free coupons to help you save up to 80 on your prescriptions. Wow, i had no idea. [announcer] goodrx, stop paying too much for your prescriptions. Shery welcome to daybreak asia. Asias major markets have just opened for trade. On hopes of a deal in washington. New data showing key parts of the u. S. Economy are slowing. The green light from hong kong exchange. Could be theing biggest share sale. In history softbank makes headlines. It is said to have amassed more than 20 billion despite an initially skeptical response from shareholders. Shery lets go straight to the Market Action with sophie in hong kong. We have japan and south korea coming online. Gains we solve for japanese stocks were shortlived. The benchmark doll benchmark dell inch mark now lower by two tents of 1 . Softbank shares falling by more than 1 . It is said to amass over 20 billion in its public stock. We are seeing the yen continuing to hover at 105. Checking in on the open in south korea. We are seeing downside for the kospi this morning, up have a percent. Bond traders will be watching for the Korean Finance Ministry conference. This as a government issuance is ramping up. You want,the korean which is continuing to strong end. Nico awaiting data to come from south korea to confirm improving growth on exports before the yuan contest 1100. We are keep an eye on a sk hynix. This after the company agreed to intel. Il buy stocks edging slightly higher with banks providing a boost. Asset pay rising on a digital tie up. Bhp is under pressure in sydney. This despite posting higher quarterly output we saw from his latest report. The aussie dollar is under pressure, eyeing the 70 level following comments from the rba assistant governor. We are waiting on the lpr announcement from the pboc. No change expected. We do have the offshore yen holding on to the two year gain. This as we are waiting on the update. The cnh premium to the onshore rate. Pulling up the charter on the terminal, may be getting more easing signals from the pboc. They may be stepping up reverse tax operations to offset payments and Government Bond issuance. This could camp shortterm borrowing cost, which are climbing as you can see by the pink line on this chart. Joining us now as a Portfolio Manager at tribeca invar smit partners tribeca investment partners. Great to have you with us. Give us the baseline assumption. The we get it before be it we get it before the election or after the election. It is just a matter of size depending on who we see in the white house. Is there really a set up for disappointment here . All right. It seems like we do not have jim at the moment. We will try to get back with him. Haidi you are watching daybreak asia. Lets get you the first word headlines. The ek rejected a move by the European Movement to revive brexit talks. Russell said it is preparing to intensify work on an agreement. Lenders said there was an instructive movement happening but demanded a more fundamental change of approach from the e. U. Inks johnson says u. K. Should prepare for a no deal split. Global coronavirus cases have surged past 40 million. U. S. Infection rates rising in 48 states. Europe is imposing tighter restrictions on daily life. London, paris and other cities. Re under strict curves the World Health Organization said failure to control quarantine roles of amid fears of continuing street protests will drive investors away and further hurt the economy. The benchmark index closes lowest level since april 16 as demonstrators bowed to keep up the pressure for constitutional reform. The index has lost more than 5 of its value since protesters took to the streets of bangka. President trumps Reelection Campaign is taking on the Debate Commission ahead of his faceoff joe biden. It is challenging the topics and potential rule changes among which is the meeting of microphones to prevent interruption. Manageridents Campaign Says that the probiden and takes have turned the debate season into a fiasco. The South China Morning Post has reported that and group has that aunt has one approval now considering approval for the shanghai part of the offering. A double listing aimed to raise 35 billion. It is set to be the worlds biggest ipo. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Have plenty more to come on daybreak asia. This is bloomberg. Haidi joining us now is the Portfolio Manager at tribeca investment partners. Lets try this again. Stimulus. We are still getting through negotiations. It does not look like the possibility of a preelection stimulus package is likely at this point. Markets setting up from a high baseline. Is the risk of disappointment high when it comes tomorrow fiscal spending . Absolutely. We are actually seeing in terms of the risk heading into november, we are seeing the equity markets following whatever headline comes out of the negotiation. We have seen the market very likely to experience high volatility into november anyway given the election and the [indiscernible] which will take some time before we know the outcome of the election. We are seeing highs to leave. Stimulus in our view is coming. Point, with the new one that is coming postelection, any weakness from now until november should be [indiscernible] i do notot think think this fiscal stimulus is completely off the table. Haidi in terms of how you are positioning yourself we are less than two weeks out now. We assume there is going to be volatility going in and potentially on the other side. Particularly if there is an uncertain result. How does your portfolio look at the moment with the additional overlay that we are getting the rise in virus numbers globally as well . I think the equity market has performed quite well this month. Heading into what will be a very uncertain period. Will be taking some risk off the table and waiting for the opportunity to dialup exposures to businesses that are going to have Earnings Growth over the next couple of years. Investors need to be mindful that underlying economic or fundamentals of the businesses and Global Recovery is happening. Some markets with a slower pace. Like i mentioned before, any weakness should see investors stepping in. Absolutely ahead of the volatility, we will be taking some risk off and waiting to be leveraged back into the market. Shery with all of this uncertainty, we have seen some Growth Stocks like tech giants and this gtv chart on the bloomberg showing how chinese tech has outpaced u. S. Tech giants. In this environment when we also have the senate today, the Judiciary Committee saying they plan to subpoena and vote on a subpoena on the ceos of twitter and facebook, does it make sense for investors to go to asian tech, particularly with all of this optimism . Sensehink on a global that investors should be looking at asian tech simply because for its diversification from the u. S. Based tech names, the large global giants. I think in five years or 10, we will have a decoupling of the Tech Companies and tech sector between the u. S. And the east. For investors, as part of their portfolio, they actually should growthgood balance of coming out of the western world and the Growth Stocks and tech sectors coming out of asia and china. Have vika data later today. We are getting the lending rates from china, the one year and the fiveyear lending rates. We have seen this yield premium in china, not to mention the Economic Optimism sending the offshore yuan higher. Trading around the highest level since april of last year around the u. S. Dollar. What are the implications of having a stronger yuan . Still an economy that is generating a lot of gdp out of exports, strengthening currency is not great for the economy. We have heard from Central Banks and from china, talked to possibly relaxing some rules so they can bring in some weakness to the yen. For china, i think the strength is reflective of the sentiment towards the economy. It is going to be the first economy globally to come out of the pandemic infected world and to grow. In our view, there will be strength. I think it will be well contained. Comes toen it Investment Opportunities in australia, are you expecting much from the rba that could move the needle . We have seen ozzie stocks remain essentially the ozzie stocks remain essentially range bound. Stocks in terms of rba, i do not think it will be anything that will be surprising aside from the rating the continued support for easing Monetary Policy. Market, of australian the fundamentals are looking pretty strong. In terms of the recovery from the pandemic, it seems like we are well on our path to recover from it. For someg to states out of the lockdown. Also at the same time, we have fiscal stimulus. We have a lower Interest Rate. For our market, we are seeing pretty strong fundamental compared to the Global Markets. There is a good chance we will be well on our way to outperform some of those Global Markets over the next six to 12 months. Shery always great having you with us. Thank you. We are watching southbank. It has amassed over 20 billion for its new despite separatism from shareholders. We are told a considered tempering spending omissions last month amid concerns they were causing upheaval for tech stocks. Lets speak to the Bloomberg Technology reporter. What is new when it comes to softbanks Public Market strategy . Colleagues in london learned it has in fact built up those positions to over 20 billion. That marks a big turn from when we first heard about this plan from softbank in august. Then, investors thought it was a bad idea. Softbanks shares fell. Now, that plan looks like a bit of the stroke of genius. Stocks they invested in like netflix and amazon have been going up on the hopes of strong earnings. Softbanks shares have been going up in part because of the result of that plan. Heard of course we also more about the drama that is ongoing about we work. The chairman said the former ceo did not get as much money after leaving as we had originally been reporting. What happened . David think back sarah think back to a year ago when the ceo of we work was on his way out the dart of that company when we learned in fact it had been poorly run and a lot of overspending. People were outraged at the size of his exit package. He got a billion dollars to sell we work shares and a tender offer of 500 million for a loan. Additionalion payment. It turns out as we learned today that he did not get that full 185 million payment. Groupo of the softbank says, speaking at a conference, the payment that the payment did not go through and learning from somebody separately after his remarks, found out it did not go through because a tender offer made by softbank never went through and that 185 million payment was only going to be made in fall after the offer. They had some wiggle room to get out of it based on that. A small payment was made. We do not know how much but not the full 185 million. The bottom line, adam neumann still got a lot of money, just not as much as we thought. Bloomberg tech reporter Sarah Mcbride in san francisco. Lets get you a quick check of the latest headlines. Intel has confirmed it will sell memory unit to sk hynix. Ceo bob swan has been looking to sell off parts of intel. Intel has already sold a part a smart foreign home division. Third quarter revenue at our bm beatenues estimates. To shed the vision that accounts for a quarter of the companys total sales. After that, he says he will go all in on the cloud and ai. Shipments of bhp were up 7 . Strong demand from post covid china. The hp shipped 70 million metric tons, putting it on course to reach its yearly targets. Ceo mark henry says chinas industrial output surpassed expectations with the daily rates hitting alltime highs. One Michael Doyle deal is shaking up the u. S. Shale industry and potentially the crude market. Conocophillips says it is reviewing strategy after its 9. 7 billion takeover, making it one of the top u. S. Oil producers with a retail space of 23 billion barrels. The chairman told bloomberg about his plans now. We have been talking about the need for consolidation in the business for quite some time. We need to put a Value Proposition in scale and resource quality together that offers investors a different way to think about the space. A transformative acquisition with resources. A Great Company that tim leach has built over the last couple years. 23 billion barrels into the company. It is about the assets. It is about a superstrong Balance Sheet to manage through the volatility we have seen in this business. It is about how you allocate capital for value, not for growth. About having a Sustainable Business that deals with what we know is Energy Transition that is coming for our planet. Can you give me some insight as to how competitive it was . If we look at the Shale Companies that are worth buying, there is only a handful. Give me some perspective on that. We are after quality. This is putting two super Quality Companies together that its really special in the empty space. We were looking for companies we said this, the only competition has to be below our threshold. The Ongoing Development to compete for capital investment, below 40 supply. That is the kind of resources we are having in the Permian Basin. It is a great complement for existing we are going to be a unique company in this space. Now a super large position in the Permian Basin along with our current position in california. We have become one of the largest unconventional producers today. Rights of investors to put money to work in your sector is increasingly high. Can you talk to me about what investors are telling you about this deal and why it makes sense . Why would i want to put money to we work money to work in your company and how does this deal change that calculation . You have to look at the shareholder friendly Value Proposition we put forward. We are going to constantly grow the top line of the company. We are going to do that on 70 of our cash flow. 30 is going to go back to the shareholder. You underpin that with a safe, growing dividend. We look at that Free Cash Flow yield combined with the dividend yield. We think we are putting a Value Proposition out there that competes. We are going to be able to do that because of the strong Balance Sheet we have. We cannot protect what the prices are going to be. We know we are investing in lowcost resources and we can be resilient and have the Balance Sheet to manage through these ups and downs. We are combining great assets, great Balance Sheets together. These are two great Quality Companies coming together to form an Even Better Company coming forward. Nerdy,to get too something that conoco is quite good at is managing decline rates. It is how quickly the well loses momentum. The lower the better. You guys are pretty good around 14 . Concho has a higher decline rate. How are you going to manage it . How do you think about that . That is a great question because that goes to the capital intensity. Much capital do you have to play back in to make your production flat and how much capital do you have to put in to grow . With this great unconventional Production Base but with this legacy as set around the world. Today, our decline rate is a little over 10 per year. This only move that up to slightly right at 12 . That is over the next decade. That was the conocophillips chairman and ceo speaking to alix steel and guy johnson. Lets take a look at how asian markets are faring as we get the to and fro on capitol hill as to whether a stimulus package could come through before the election. We are seeing a sideways trading day when it comes to the nikkei 225. The kospi seeing margin. Gains of 3 10 of 1 . Putting much waiting we are awaiting the minutes of the rbas decision out in a few minutes time. We do know those comments from the governor last week took the wind out of the sale is when it comes to trading. New zealand, we are seeing gains up to tens of 1 as we await the results of Coalition Talks between Jacinda Arderns party and the greens. Coming up next, we take a closer look at the aussie dollar. Plus those breaking lines of the minutes of the october meeting are just ahead. This is bloomberg. Little more concerned about the topic of declining credit quality despite the massive amount of stimulus that has been taken through. We are hearing the policy package continues to support the economy and addressing the high unemployment levels is a national priority. Rbaslier heard from the tended talking about the prospect of shortterm subzero rights. On the horizon that is where we are also seeing the aussie dollar below on the near term on accounts of those comments from the rba. Lets get more on policy direction. We are joined by the Global Economic and policy editor, Kathleen Hays. In terms of the experimental case of negative rates in this part of the world, we continue to watch the rbnz. It does sound like the razor bank of australia starting to give more concern to that as well. Kathleen the door is open to a lower rate. I think there is some talk it 10 negative0. 1 and from 0. 25 where it is now. The Deputy Governor on the financial side wanting the banks and markets. His comments were very interesting. He noted there is still room to compress shortterm rates. Again, just what we are talking about. A possibility of cutting the key rate. In thisommenting that speech, it looks like he was trying to answer critics including a former australian Prime Minister, that they are not doing enough to help the economy. By saying if you look at what he has done with the Balance Sheet, we have eased financial conditions more than the east in 2008 more than they eased in 2008 during the crisis. He is saying you cannot just look at the amount of bonds we are buying now. You definitely have opened the door to buying more. I think it is interesting in terms of what we have seen so far. , we have seen the lockdowns in victoria and people are are saying we should be reopening. That has been one of the big things between the october and november meeting coming up. Want to show you a chart that looks at the aussie dollar versus the rv and a key rate. This is not the one i want to show you because that is coming up. Lets take that one down. I will tell you is this. If we had that chart up, i probably dropped the wrong one in. I do not want to blame my producers. The aussie dollar is very strong right now even though the key rate is at 0. 25. Even though the three year bond rate is down to 0. 1. Rba withis that the what it has done so far has not succeeded should there you go, guys. Thanks much for getting me that one. It has not succeeded in bringing the aussie dollar down. That is one of the things that would be helpful to stimulate the economy. As weomething that get a chance to get past the headlines and get close to the minutes, that is certainly what people are thinking about for the november meeting. Shery lets take a look at that chart that was brought up earlier. That looked interesting and that is about china. Kathleen it certainly is. That is the news coming up in the next hour or so. It is the loan prime rate. It is a chance for them to look at and say, we wanted to come down a little bit . They are not expected to do anything with the rates because they have not moved down the median term Lending Facility number. If you look at the red line, that is the one year loan prime rate at 3. 85. It was lowered in april and it has been steady ever since. The mlf is the yellow line. It is that twopoint knife it is at 2. 95. Until you see the peoples bank of China Reducing the mlf, you probably do not see them taking the other step. Still grew at roughly a 5 rate in the third quarter. That is a solid number, better than just about anyone else in the world. Furthermore, retail sales have looked good. Week numbers look good. Looks like people are willing to spend. Logo on the idea is Monetary Policy stance is what we are going to see. No change expected in the lpr. The prize would be a substantial one if they decide to do something now. Global economics and policy editor Kathleen Hays with all the latest from the rba and the pboc. Lets head back to Sophie Kamaruddin in hong kong. Sophie some moves we are watching. The aussie dollar heading lower for a fourth straight level. Pricing firm up for the rba. Ba seeing a push flipping the board to check in on aussie bonds, we are seeing short yields flipping with subzero rights on the horizon. Westpac seeing a flattening of the curve coming in the livex few coming in the next few months. We are seeing ozzie shares moving this morning. The asx 300 lower by 2 10 narrowly just extending its gains we saw on monday with samsung the biggest gain or. The nikkei under pressure after turning positive for the year on monday. Softbank is the biggest drive on the nikkei 225. The stock retreating from a 20 year high. This as we learn from the groups coming into the public trading unit. A quick check on stock movers in seoul. Both carmakers set to take a 2. 9 billion earnings hit. Related to a u. S. Class action lawsuit related to alleged engine problems. Pelosis u. S. Companies may still be in trouble even if the as is on the way. That survival depends on the Balance Sheets. At theill have to look calculus and make a determination as to whether you can keep your Balance Sheet in tact. You will need to go to your lenders and basically get relief on your coverage or leverage covenants and maybe have a liquidity covenant. Do you need some Interest Rate relief . What does that cost . Are you going to reach out if it is a private Equity Backed Company . Well the sponsor contribute capital to abide more to buy more time . Is creditlly specific. One of the things that has been interesting about the restructuring business as technology has been usually distractive. Thisything, going through pandemic has made Technology Even more disruptive because of the accelerated adoption of it. You need to really look at companies that have benefited from technology and companies that have been harmed and how they are reacting to that. When we have taken all of this into account, how unequal is this recovery to you . You mention it is all credit specific and some companies will have access to markets and some companies will not. The companies that do not have access are the ones where we struggle to figure out how much damage there is. How do you describe how unequal it will be as things start to come back . Certainly the Larger Companies have more options with respect to liquidity and Capital Market alternatives. The Smaller Companies are struggling more. Small businesses, they are in for a world of hurt. Anytime you have a business that is smaller, there is less ability to tolerate downturns toward your business, within your business. And we are seeing that play out. It is a situation. It is one of the reasons why i think there is this push for additional fiscal action here by the government because it is a very uncertain time for a lot of Small Businesses and i believe our government should step in here. I also think Central Banks on a global basis need to get more issues areuse the not just confined to the u. S. Take a look at how sk hynix is coming online. We are seeing it gain ground more than 1. 5 at the moment, rising for a second session. This of course after we heard that they will be buying that intel memory unit for more than 10 trillion yuan. This coming at a time when we are seeing intel trying to selloff some of its assets in sk hynix taking that memory unit and buying it for more than 10 trillion yuan. We are seeing the stock gain ground as it is trading more than 4 at the moment. Next, set to have gotten the green light. The latest details on what is shaping up to be the worlds biggest ipo. This is bloomberg. This is daybreak asia. Sources in washington say democrats and republicans are narrowing their differences on a new stimulus package with nancy pelosi hoping to have an idea on whether a bill will pass by the end of tuesday. She is set to have more talks with Steve Mnuchin and Mitch Mcconnell says the senate may vote in the coming hours. Democrats say a significant gap remains. President trumps we Election Campaign is taking on the Debate Commission ahead of its faceoff with joe biden later in the week. In a letter, the campaign is challenging topics and potential world changes. The president Campaign Manager sayss the commissions quote, probiden antics have turned the debate season into a fiasco. President trump says he will u. S. Listan from the of state sponsors of tara of tara. Or 35will pay threat million in compensation to those directly affected by the bombing of the uss cole and attacks on u. S. Embassies in kenya and tanzania. Iran, north korea and syria on the are the last on the list. Build a pate nokia to Satellite Network on the moon. They plan to create technology that allows aerobic control of vehicles and permit realtime streaming of highdefinition video. Quote,ays it will create a sustainable presence and will go live by 2022. A system will be integrated to a neurolender. A lunar lander. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im karina mitchell. This is bloomberg. Shery we have an alert on the bloomberg right now. President trump has committed to the upcoming debate with his rival, jode biden, regardless of any rule change his rival, joe biden, garlic of any rule change. We have seen the campaign challenging some of the topics and potential rules of the debate. We had heard earlier the Debate Commission is adopting new rules to mute microphones after that chaotic faceoff two weeks ago. We did not get another facebook last week. This week, we do have another. The campaign sang President Trump is committed regardless of any rule changes. We heard earlier the Debate Commission is adopting new rules to mute microphones. Worldsrn said the biggest lets turn to the worlds biggest ever ipo. Ant Group Reported to have won approval. There was a lot of talk why this approval was coming so late. Where do you see the timeline now for this ipo to finally happened and what do you think it will look like . I would say that most media report reports indicate media reports indicate it will be around u. S. Election. I think it will be early november. Looks like a target timing. I feels of atmosphere, investors still have a high enthusiasm toward this ipo even though the rates of valuation. I think that is for the tmt company, do not see this kind of major deal. Has revenue growth. They also have high net margin. It is not like other companies probably that are more looking for fundraising. Itooks like a good deal looks like a good deal. I heard a lot of talking about it. I think people still have high enthusiasm toward this ipo. Pay comparedes ant to its peers like we pay . Shawn together, i think they acquired 95 of market shares. Together, they are consolidated. There is still a difference. In terms of ant, they are focusing on [indiscernible] the ay, [indiscernible] scenario is a little bit different. More attached to ecommerce. This kind of behavior. When you look at tencent or we pay, they are more attached to food delivery and also the transportation and some of the new raising ecommerce platforms. I think that scenario is a little different. In terms of apple, it is a little higher than we pay. These u. S. China tensions when it comes to the tech sector and the potential threat of a bifurcated two system affecting smartphone apps, is that something investors longerterm need to worry about . Shawn i think that is ok. Fintech sector is a sector that you are going to see a lot of regulation or this kind of issues. Nt financial is prove this is a company that can make the whole system better because they have a large data. This can help a risk. I do not think this is a huge issue. Haidi what does this potentially do for hong kongs reputation as a financial hub, particularly as we see more of the political concerns coming down on it and what does it mean for appetite for ipos Going Forward . The first for this kind of major ipo, it will be affected by a lot of sectors. I think if you look at the reason that a lot of socalled political event it is not so much charging ant financial. I think the recent like i was saying, media reports saying ant probably is having trouble in the u. S. That takes only less than 5 . I do not think again, i do not think that is a huge issue. Even though probably a lot of companies when they prepare for ipo, there are a lot of noises about this company. Investors are focusing on a lot likefundamental issues probably the growth and the competitive landscape. I do not think there is obvious weakness at this point. Lotus managing advisor. While london and new york grapple with a surge in virus cases, workers on trading floors in shanghai are pretty much back in the office. They have not had any local cases reported since june. We can see that people are back to work. A lot of people wear masks. Largely, life has turned back to normal. In theearlier times first two quarters of this year, we were checking we installed in for thermal check body temperature of every person who came into the building. We do not do that anymore because china now has almost zero virus. It is not required anymore. You can see that working life has definitely gone back to normal. I think that is very supportive. Once people feel safe it is not that hard to get back to how ordinary life is. Outside of china, outside of asia, people really wonder whether this is going to be a transformational change and would people ever go back to work . And people are so used to working on line working online. This is not the case in china. There are people just everywhere. I would love to talk more about working from home and whether we see this hybrid approach. People want to come back to work. People want to go back to work. I cannot know how permanent is the change if people wanted to stay in secondary cities or moving to secondary cities. Covid, there cree were that precovid, there were were people wanting to work in much more close environment. Less Square Footage per capita like the we work. Like the shared offices. That was a discussion we had precovid. Virus see how the that encourages communication and encourages and ovation. Young people want to be together to work together. I do not see how a few months or even a year staying more at home would change that fundamental human desire to be together. What are you seeing in terms of the tertiary or secondary cities when it comes to asia specifically . It has not really showed that much of a difference. China haveities in never been able to catch up with the pure one cities, even with the massive population in china and with the incredible new infrastructure in these tier two cities. I think talent and companies are oneely attractive to tier cities. In america, there might be a difference come about in china that is the case. In china overeen this one Week National holiday, there was so much pentup demand in travel, hotels are fully booked. Restaurants are fully bochy. Resorts are fully booked. You could not move on the bus in shanghai without pushing people around. There was such a pentup demand because people were so frustrated, locked down for a few months and they were desperate to get out. I expect that is going to be the case in london and new york as soon as the vaccine comes out. People feel free to travel, feel free to interact with people. Shery heres a quick check of the latest business flash headlines. India is to sweeten the sale terms by allowing potential buyers to allow how much debt they want to accept. Investors had until the end of the month. That deadline will now be extended to allow possible suitors to reconsider. Midmarket carmaker renault is aiming to shake up the luxury cars seen by turning at alpine marquis to a rival. The sports car brand was revived after two decades of being dormant and had sold barely 1000 of its models this year. Empire naturalts resources is in talks to buy kospi national energy. Who operateoducers in texas and new mexico are said to be discussing a stock deal that values kospi energy at around 4 billion. It has 3 billion in debt. Coming up, the chief global strategist lays out the greatest risk to markets arbor the coming weeks. This is bloomberg. Markets over the coming weeks. This is bloomberg. It is 9 00 a. M. Beijing and shanghai. Welcome to Bloomberg Markets china open. I am tom mackenzie. We are counting down to the open of trade in hong kong. Equity markets, futures ticking a little bit higher on the hopes of a stimulus deal in washington. Democrats and republicans meeting again later