Down almost 3 at one point. Jack ma said to surge up the wealth table after a mega dual ipo. Expecting to raise almost 35 billion in hong kong and shanghai viewed Sheldon Adelson rolls the dice in las vegas. He is said to be extorting the sale of his flagship casino which cost more than 6 billion. Shery lets get started with a quick check of the markets right now. We are seeing u. S. Futures opening pretty flat after we saw u. S. Stocks falling the most in the month and the regular session. The s p 500 down 1. 9 . It was the biggest drop since early september. We have the ongoing fiscal stimulus impasse, now on its third month. We also have surging coronavirus cases. Boeing falling on chinas plans to sanction the company over sales to taiwan. We have the u. S. Approving another potential 2. 4 billion of antiship missile fuel to taiwan. The vix closing above 30 for the first time in almost two months. We saw strength in the u. S. Dollar. Take a look at oil prices. Wti rebounding a little bit after falling to the lowest in three weeks in new york. Tracking the pessimism of cross Global Markets but also the threat of increased libyan output, paul. Paul were they specked them to see some of those declines, especially u. S. Bleeds into asian markets as we get going. New zealand back trading after the Public Holiday monday, already up 8 10 of 1 . The trade balance for the month of september coming in at expected. Futures in sydney pointing weaker as well. We did have some good news. Zero new cases two days in a row in the state of victoria, coronavirus cases. An easing of restrictions midnight tonight local time. Nikkei futures pointing lower, kospi futures pointing though as well. That is excited to show a return to growth. We will be discussing that later on. Joining us now for more on that market selloff, we have Riverfront Investment GroupPortfolio Manager rebecca felton. We did see some reasonably notable declines in u. S. Equities today. Isam wondering in what you reality sinking in as regards to stimulus or was it Something Else . Rebecca i think it was a combination of all of the headlines we have been seeing about a resurgence in covid cases. But to your point, the obvious stall in stimulus talks is challenging. Over the last couple of weeks, weve had this roller coaster of they are on, they are off. It feels like this gap between the two sides has gone down so much that you would expect them to be able to get this across the finish line, but it does not look like it will be before the election. Paul yeah, theres a lot of Political Risk at the moment, particular as we head into november 3 and potentially the weeks beyond. How are you positioning . Rebecca what we have been trying to do is find tune the portfolio as we got along rather than wait after the fact. We have been leaning into quality and growth. We are still playing that over play, but we prefer the resiliency in revenues and earnings that we feel we are afforded in the area. We are also leaning into some Consumer Discretionary names when you talk about Home Improvement retailers, bigbox names as well as infrastructure. Not general conglomerates, but more targeted towards Engineering Construction and that sort of thing. Shery on those tech names, this chart on the bloomberg showing our viewers how traders have filed on to those when it comes to betting on tech names. Of course, we are in earnings season. We have more than 100 Companies Already reporting to date. What are you seeing in terms of different trends emerging and perhaps some positivity and optimism in sectors we may have overlooked . Rebecca well, one of the things that has been most encouraging is the fact we are continuing that trend we have seen throughout covid of numbers coming in better than expected. When you look out may be month or so ago, expectations were for this quarter to be down about 25 . Right now, i think they are generally down about 16 . On balance, many of the companies that began seeking guidance have been getting positive guidance. We are very encouraged by that and certainly when you think about the underpinnings of the Stronger Economic data you have been seeing over the last several months, it stands to reason that those earnings recovery this quarter as well as looking into 2021. Shery we are headed into holiday season. Is it a bit early to start looking into Retail Stocks or should we start positioning now the fact despite the fact we have the president ial election next week . Rebecca the consumer has been solid. We have seen confidence coming in strong. Retail sales have been at the prepandemic levels. What we have also seen are a lot of retailers pulling their black friday sales ahead. We may not need to wait too long to see some of those types of activities come to bear in their earnings. We may see folks have already started their holiday shopping. Paul as we head into winter in the northern hemisphere, case numbers for covid19 increasing in the u. S. And europe but you are increasing your exposure to europe. Why is that . Rebecca it is a function of value. We still believe the u. S. Economy having gone into the pandemic in a relatively stronger position continues to emerge in a relatively stronger position. You cannot argue the fact you have relative International Equities selling so far below trend. We have not gone overweight but wed certainly neutralized the portfolio strategies where they are part of that benchmark. Shery it was great having you on. Riverfront Investment Group senior Portfolio Manager rebecca felton. Lets go to Karina Mitchell with the first word headlines. Karina stimulus optimism is fading further in washington with different and remaining on both sides. Nancy pelosi and Steven Mnuchin say they are closer to agreement but each accuses the other side of introducing new conditions. The impasse comes as no infection rates surge across the dropping withs investors doubting a deal will happen. Wall street slumped as Coronavirus Infections trigger fear of damage to the global economy. California remains prone to the most u. S. Cases, surpassing 900,000 infections, although the rate seems to be slowing. France reported its biggest jump in cases since april with president macron preparing to host a special Cabinet Meeting to discuss the situation. Leading u. S. Ns Aerospace Companies over arms sales to taiwan. Beijing says it will target them in order to uphold national interest. The 1. 8 billion package includes longrange missiles from boeing, mobile artillery from lockheed, and raytheon surveillance sensors. 2. 4 billion sale is also proposed. The confirmation of Amy Coney Barrett seems imminent with the senate set for an evening vote on her nomination despite democrat objections that it may take more controversy with the presiding officer being urged not to attend as several of his top aides have tested positive for covid19. Barretts confirmation would cement the supreme courts right tilt for years to come. Global news 24 hours a day on air and on bloomberg quicktake. Im Karina Mitchell. This is bloomberg. Back to you. Shery still ahead, we speak exclusively to salesforce Ceo Marc Benioff later this hour. Plus, more casualties of the pandemic. Australias central dessert becomes a parking lot for jetliners with International Traveling. Spectacular pictures coming up. This is bloomberg. Shery we have breaking news. Eli lillys government trial of Covid Treatment in a hospital setting will end. Eli lilly said no additional covid19 patients in its hospital setting trial will receive it. This recommendation based on trial data suggesting the drug is unlikely to help hospitalized covid19 patients recover from this advanced stage of their disease. All other studies of the drug remain ongoing, including this was an nih sponsored study. Eli lilly now ending that hospital setting government trial of its covid19 treatment. Ant group is set to throughmost 35 billion a dual ipos in hong kong and shanghai. A mega listing that will rank as the biggest ever and make ant one of the most valuable finance firms on the planet. Paul mckenzie Tom Mackenzie joins us from beijing. We finally have the numbers. Run us through them. Tom we have the drumbeat for weeks. We finally have the details. They hope to raise almost 35 billion. 34. 5 billion in these dual listings in shanghai and hong kong. In terms of market value, you are looking at about 315 billion. So, this is an ipo that is going to beat the likes of saudi aramco, where they raised 29 billion. You rightly say it is likely to be a record globally in terms of initial listing. When it comes to how much appetite there is for this stock, it was heavily oversubscribed in the offline offering by about 284 times. The pricing, by the way, 68. 8 yuan in shanghai per share. That is about 10. In hong kong, about 80 hong kong dollars, about 10 as well. Just a little bit above. 25 terms of market value, 1 315 billion is in line with the valuation of jp morgan and four times bigger than goldman sachs. Appetite from investors has been significant. The dates in terms of the timeframe, you look at the hong kong listing on november 5, a day after we expected to get results in the u. S. Election. Ant group is, his baby. What will this mean for his personal wealth . Tom he is doing ok, isnt he . He cofounded alibaba with about 60,000 of investment about 20 years ago. Hes now going to be the 11th richest person on the planet. In terms of his stake, he has an worthtake in the company, about 27 billion, more than 27 billion. That will bring his total fortune to 71. 6 billion. Above oracles Larry Ellison, above members of the family, and above members of the walmart family. He has been focused on philanthropy and education. Hes going to have a lot of money to play with. Shery we have been talking about all this ipo activity, especially the homecoming ipos, making it a blockbuster year for chinas brokers. Tom one of the best years and probably two decades according to the numbers bloomberg has been looking at. They have been benefiting chinas brokers from this search in ipos, this homecoming of Companies Like jd. Com, alibaba and out and group. The continue continues to recover but the measurement of the government has been open up the capital markets. In terms of the rankings, the global map rankings, 24 out of 50 of the top brokers are chinese, so almost half. Well above 2019 where there was 15 out of 50. In terms of the leading brokers, you are looking at cicc underwriting a lot of these deals. The context is important. In terms of the asset value of these brokers in china, in terms of the 131 registered firms in china, they are still little compared to what we are seeing in wall street. Assets, to combine equal to goldman sachs. They are doing very well on the underwriting side. In terms of asset management, theres a long way to go but it has been a good year for chinas brokers when it comes to ipos. Paul Tom Mackenzie in beijing, keeping an eye on the ant ipo. Coming up, as virus cases surge in europe, the World Health Organization says lockdowns can be avoided. The latest on the global coronavirus developments just ahead. This is bloomberg. Shery the World Health Organization says europe can still avoid covid19 lockdowns despite the region increasingly being the epicenter of the pandemic. Europes winters search comes as victoria state in australia emerges from one of the worlds longest and strictest lockdowns. Lets get more from michelle cortes. Let us start with the situation in europe because europe is ahead of the United States by a few weeks or so so what does this signal in terms of how the virus could also revolve here . Michelle a number of cases in europe is still going up dramatically with hospitalizations and deaths following. The World Health Organization has indicated it would be possible for them to avoid these very strict shutdowns that we saw early in the outbreak, but only if they all Work Together and there is some effort going towards that. That kind of collaboration and really strictness is what we have to see in the United States in order to not follow in their footsteps. In australia, one of the worlds strictest lockdowns is coming to an end. How did melbourne managed to get the virus under control . Michelle exactly. It is the point everyone in the world needs to see, that its possible to control this virus. Of course, we are talking about the southern hemisphere. It is going into the warmer weather there. You have the natural progression of the virus is working in your favor, along with the social distancing, the masking, the lockdowns, taking things very seriously. Once you do that, then you are able to start opening up your economy and getting things back together. We are seeing s in the work than other parts of the u. S. Certainly australia is an example of what entire countries can do if they Work Together. Shery when it comes to vaccine or treatment, the latest just moments ago, eli lilly suspending trials of its Covid Treatments. How important is this . Michelle this is very disappointing news. This is an antibody therapy from eli lilly. It works similarly to the one President Trump got that he said was basically a cure for the virus. This is when they use a medication it is essentially somone who already fought off the disease. In manmade antibody. It was in patients who are very sick. They stopped at for futility. Does not mean it cause any harm, adjusted and help people. That is unfortunate because these are the sickest patients. Trials are underway to see if we can get patients earlier in their outbreak, earlier after they are infected so maybe we can avoid hospitalization. Maybe help them before they get to that sickest point. But now we know there is a point of no return if you get coronavirus and get Something Like an antibody, does not seem to be helpful. Paul all right, Bloomberg Health care reporter, michelle cortes, thank you. Mattel says it is working with retailers to avoid shortages amid expectations of a stronger than normal holiday buying season this year. Last week, the company beat expectations. But analysts raise doubts about its supply chain. We asked the chairman and ceo if mattel would be able to deliver in time for the holidays. Our supply remains fully operational as we chase what we see as a short in every growth extraordinary growth for our product. We have managed through the disruption but at the same time we are mindful of any covid related volatility and do what we can to meet consumer demand in partnership with our retailers and driving our operation as best as we can. Why no guidance . How much visibility do you have . Ynon at this point in time, based on consumer demand, the momentum and demand for our product and inventory heading into the holiday season, together with the early start of the shopping season, we expect sales to grow in the fourth quarter. We give guidance in the mid singledigit growth through the fourth quarter. We also gave guidance for the full year in profitability. We expect profitability to grow significantly year on year, driven by all the operational improvements and momentum we are seeing is a company. So, when you look at products for the future, how do you monetize what you have, create new products while not being tied to a movie franchise to avoid the error like hasbro did . Ynon this is where the strength of our Product Offering and brands we own comes into play. You see growth in barbie. 30 growth in the quarter. This was the highest growth we have seen for barbie and more than 20 years. This is really all driven by great product innovation, strong Product Offering overall. Effective demand creation and what we see as very strong cultural relevance. Our toys have a purpose. Part of our mission is to create Innovative Products and experiences that inspire and develop. It is all about quality, safety and value. We are able to create products that do exactly that and we see the results in the numbers. Our products resonate very well with consumers and our partnership with retailers and driving demand is working very well. Ago, we heard a moment some analysts are concerned you are getting not sustainable. That once we get back to normal, we are going to see behavior changing once again. We are all playing uno right now but for how much longer will we be . Do you think kids will return to previous behavior which did not work out quite as well forget . Ynon we dont believe theres any pull forward in the Third Quarter versus the fourth quarter. Based on our own internal shopper research, we see the vast majority of parents plan to spend the same or more on holiday toy purchases through the fourth quarter. When it comes to longterm perspective, the toy industry was projected to grow before the pandemic. Clearly, there is benefit during the pandemic with kids staying at home but the toy industry is a growth category. Has been andways expected to continue to be a strategic category for retailers. It is all driven by quality product, trusted brands and the ability of parents to offer products that will entertain and inspire them and add value. What happens if we dont get another round of stimulus in the u. S. . Employed,e still maybe not hit by furloughs or there is stimulus money to make that up. Ynon we see the toy industry as a whole growing and showing resilience in challenging economic times. Parents always prioritize spending on the children and look for highquality products. The decision to buy a toy is not difficult. If the item is not expensive and kids are important for all of us. This mattel chairman and ceo talking to bloomberg. Sheldons sands boss adelson is rolling the dice, saying he may put his flagship casinos in the city up for sale. Working with advisors to solicit interest and an eventual deal could be worth at least 6 billion. The per folio may include the venetian and palazzo. Wells fargo exploring the possible sale of its corporate unit which could fetch more than 1 billion. Sources say it is considering whether to offloaded student Loan Portfolio and may sell its asset manager. Last 12has spent the months reviewing the banks businesses. Apple is set to be planning updates to its air pod ear buds as it looks to capitalize on an important source of worth. It is reported to be working on two new models. A thirdgeneration entrylevel prosct and smaller airpod that feature replaceable your tips ear tips. Next, we speak exclusively to marc benioff as the virus takes its toll on the cloud. This is bloomberg. U. S. Is stepping up its fight with iran by sanctioning its Petroleum Minister in the days ahead of the president ial election. The Treasury Department is minister, saying iran uses oil to fund its elite revolutionary guard and destabilize the middle east. He is seen as the architect of iran and one of the president s more moderate aids. Protesters in bangkok rallied at the german embassy, demanding to know the status of the king. The king spends much of his time in germany and demonstrators want to know if he has exercised his Royal Authority there. Berlin is warning of consequences that the king has broken law and german soil. Lawmakers held a special session of parliament. India is proposing to tackle one of the worst pollution problems in the world. New delhis airquality index slumped as coronavirus restrictions were eased. It has reached hazardous levels in the winter and estimated by the world bank to cost as much as 8. 5 of gdp. A new report shows india accounts for 21 of global sulfur dioxide emissions. Nasa has announced a breakthrough that makes the idea of life on the moon possible. At says water has been found not just in the shadows, but in areas lit by the sun. It was made by a telescope and indicates h2o could widely be distributed across the surface. Previous observation showed i presence only at the moons c old. Habit news 24 hours a day by more than 2700 journalists and analysts. Im Karina Mitchell. This is bloomberg. Shery lets get a quick check of how markets are trading at the moment. We are seeing u. S. Futures gaining 1 10 of 1 . Really modest gains seeing as we have seen the u. S. Stock market take a hit in the regular session. It fell the most in about a month. We have the ongoing fiscal stimulus impasse on its third but and it really does not look likely we will get a package before the election next week. Seeing itss p 500 biggest drop since early september. Kiwi stocks also losing ground at the moment. We are seeing the biggest fall in over a month. We have some data coming out of new zealand this week so watch out for the straight numbers. Business confidence, not to mention Consumer Confidence out on friday as well. Sydney futures at the moment losing as much ground as kiwi stocks. We have seen the asx 200 losing ground for the past three sessions. The aussie dollar has remained relatively supported, despite mixed commodities. But we continue to see the downside pressure. While nikkei futures remain unchanged. Paul thanks. To begas sands is said exploring the sale of its flagship casinos in a deal said to be worth at least 6 billion. Sheldon adelsons gambling empire includes the venetian and palazzo. We are joined by chris palmeri. What do we know about this . Chris well, sands has hired an Investment Bank and authorities have been reaching out with a couple of potential ones. This is still an exploratory process. It is early. Market, which is Sheldon Adelsons original market, as become small and shrinking part of the overall portfolio with the growth he has seen in macau and singapore. Shery how much sense does it make to exit the u. S. . Assetsl has casino mainly in macau and singapore, as you said. Chris the u. S. Is a very competitive market. There are casinos everywhere now. Las vegas itself is really flagging because of the coronavirus. People are not getting on planes and going to las vegas. That said, the market in general for real estate has still been hot. Interest rates are low. 6 billion could be good to sell now and redeployed that capital, including in asia. Shery thank you so much for your insight. We will have plenty more to come on daybreak australia. This is bloomberg. Shery the recent surge in coronavirus cases sent Global Equities tumbling on monday including sap. It cut its revenue forecast for the full year, blaming covid related lockdowns. Salesforce all falling. Joining us is salesforce chair, ceo and cofounder marc benioff. Great to have you on. Thank you for your time. For the longest time during this pandemic, weve assumed these Software Companies would suffer with the lockdowns. Is this a reflection of broader weakness in the Business Software industry . Marc i dont think it is. You can just look at salesforce. We just delivered a phenomenal billion more than 5. 5 in revenue. The highest margins ever. 29 growth quarter. I think sap, you can see they are having very significant troubles with the ceo transition they are going through. They moved from co to two, and then they fired one of those two. The transition is not going well. There are customers who are saying that and now you can see the revenue is reflecting trouble. Shery yeah, some of the surprising number was the poor cloud backlog. Do you think that is perhaps some of that market share salesforce has taken . Marc i think they have not up executed the opportunity well. Salesforce has phenomenal market share in crm. We help companies connect with their customers and whole new ways. That is our main focus. You can see that with our tremendous customer base, whether it is Companies Like ort or Johnson JohnsonAmazing TechnologyCompanies Like cisco have all transformed themselves digitally. That focus has served us well. We are number one right now. We just saw the information that just came out last week market share continues to grow. Has been an amazing time. It is a year none of us could have expected. Every company is going through a massive Digital Transformation and that is accelerating. These troubles are unique to them. Shery you have eliminated about 1000 jobs earlier this year. Will you be rehiring . What are your plans on that front given the strength of your results . Marc we are adding more than 4000 new jobs in this current six month period. We will add 12,000 jobs this year. As part of that, we will shift about 1000 of our positions. Salesforce has 64,000 employees worldwide and we are constantly making changes to our employment base. We continue to grow very aggressively in all geographies and we are very excited about the transformation that the company has gone through this year. Shery how much of that strength is coming specifically from asia given they are emerging from this pandemic faster than anyone else . Marc i was in asia last week, i went to singapore. It is amazing the difference between singapore and the United States. In the United States, everything is closed. Everybody is going through difficulties. The pandemic is hitting record case numbers. In singapore, they have no new cases. Every restaurant was open, every business was open. Every store was open. We could learn a lot from asia. We could learn a lot from singapore. We can learn a lot from japan on how to handle these pandemics. Of course, that is not the first pandemic and singapore or even japan, so they have learned before, they are executing their playbook. In the United States, we are just having a lot of troubles. Shery another first pandemic in china either and you have entered business with alibabas Cloud Business last year. Give us a brief update on how that is going. Where are you seeing strength and some challenges . Marc daniel zhang, the coo of alibaba, he has been a tremendous friend and partner. He helped us procure more than e and that units of pp has gone through over 300 hospitals in the United States and around the world. We cannot have done that without our partnership with daniel and alibaba. We will be eternally grateful to him for everything he has done. Shery we continue to see the headlines when it comes to u. S. China tensions. More and more news on that front, especially heading towards the election next week. Has that impacted your business at all in any shape or form . Marc it really has not. Our business is really has really never been stronger. You can see that by our quarterly results. 63 increase in our sevenfigure deals from a year ago. Our core value and our core products, that is our customer 360 and the idea you can take sales, service, marketing, commerce, and integrate all these things to create a Single Source for your customer, there is never been a more important time to do that. I think for us, we have to continue to innovate, to grow, but ultimately focus on customer success. This is really what drives us and has driven us so aggressively. This is really my number one focus every single day. Shery just indulge me out of curiosity. Given that you were at oracle for over a decade, if you were still there, would you have advocated for that tiktok deal . Marc i think you are getting a master class from Larry Ellison and relevance. He is showing you how he can take a company and make it more relevant by aligning it with tiktok. From our perspective, what i learned from oracle was i learned i wanted to build a new kind of company, a new approach to enterprise software. That is why left oracle about 20 years ago. It is probably why are market cap is higher than oracle and our growth rate and so forth. Because we took 1 of her equity, 1 of our profit, and said we would be giving back to the community. We create a new kind of capitalism. Stakeholder capitalism. Look at our results. Since we have gone public, we have delivered more than a 5000 return to our shareholders, but our stakeholders are also benefiting. We are a net zero company. The planet is a key stakeholder. We continue to deliver hundreds of millions of dollars in grants to our local community, including more than 100 million to our local public schools. Over 50,000 nonprofits and ngos for free on our service. Stakeholder capitalism is critical to us. Speaking of net zero, that is one reason i am so excited about what we saw Prime Minister doing japan this week. Be a net zero to country, thats amazing. Salesforce is already net zero. Japan is going net zero. We are investing tremendously in japan. We have tremendous customers in japan let the japan post, rakuten, so many others. It makes it a more exciting environment to invest in. Shery as our viewers can see, you actually tweeted about that announcement in japan. I can see in your background, you have the japanese flag. Tell us about how those climate targets in japan, give me more focus on the country and does it worry you that we still dont have more details about what really those climate targets or how they will be achieved . Marc you cannot have a successful economy without a successful environment. We all understand that. That is not new. We realize we are we are not only just in a pandemic, we are in an economic crisis, and Global Leadership crisis. Look, we are also in a Global Environmental crisis. We all need to be focused on that. One of the first marquis decisions that he has made to become net zero, this is something i can rally behind. I think my peers and other ceos who i am talking to, hundreds of them, are excited to come invest in japan, grow japan, grow the Japanese Business because japan is aligned with our values. Japan is already one of the most, Fastest Growing parts of salesforces business. We have an incredible new tower going up, called Salesforce Tower tokyo. We will add more than 2000 new jobs in tokyo in the next five years. Look, this is just icing on the cake for us having a Prime Minister who is committed, committed to being net zero. We want every president of every country to say that same thing. Shery tell us a little bit, finally, about the role Business Leaders can play because of course, there is skepticism from Business Community leaders that perhaps going beyond profits towards the bottom line if you consider these environmental factors as well. Marc i tried to use my own company as an example. Take a look at our market cap acceleration over the last 16 years. Look at our market share growth. I think the reason we have been so successful against oracle, against microsoft, against sap, against so many others is because, look, we are not just building great products. We are building a great company. We realize this is the greatest platform for change. That we can improve the world through our businesses. If you take on the right values in todays world, you are not only going to make a difference, you will attract a tremendous Employee Base who wants to be on that journey with you. We are about not only having a great shareholder return, we want to have a great stakeholder return. Like i said, the planet is a key stakeholder. Shery it was great having your thoughts, thank you so much for joining us. Marc stay safe. Shery paul, i believe you have some breaking news. Paul thanks. Just some news on wechat. The judge wont pause the temporary order which blocks President Trumps desire to ban the app. The Appeals Court rejecting President Trumps desire to reinstate the ban. The magistrate says she will let that water proceed that she issued on september 19. The u. S. Justice Department Says wechat, by extension tencent, by extension, the chinese coming his party could create a digital facsimile of a persons life. Wechat users in the u. S. Argue there are 90 million users of that app and chinese speakers in the u. S. Use it to communicate with friends and family back in china. So for now, the judge will not ban on wechat. Still to come, more casualties of the pandemic. Australias central desert becomes a parking lot for jetliners as International Travel is gathering dust. That special report is coming up next. This is bloomberg. Paul the pandemic saw Passenger Air travel come to a virtual standstill. Airline operators were faced with a unique problem, where to park all those empty jets. In australias Northern Territory and has emerged as an ideal location. We take a look. Cathay near empty pacific flight lands. The small remote town is an unusual destination for unusual times. When they will depart again is anyones guess. Until then, this plane joins 114 other jets from International Airlines already parked at storage. At one point, there were zero planes here. Now they are expanding capacity as fast as they can to keep up with demand. We expect to have 150 by christmas, with further deliveries through january and february. We are in the final stages of planning for stage five. That would lift capacity to 250t to 300. Paul according to data, jets make at least one flight per day in the asiapacific, almost back to precovid levels. That is largely thanks to recovering domestic markets. International routes remain weak. Many planes that once flew them remain here. I think it is quite nostalgic. They are not sure when they are going to see the aircraft again. Usually paul once the plane is here, it is not just a matter of parking and walking away. It takes a dozen people up to five days to prepare a plane for storage. Two days alone and 40 rolls of tape to get everything sealed up and protected from the insects and dust. While the dry conditions make this the nearperfect environment to store planes, dust can be a problem. And there are a surprising number of places where tiny invaders can take up residence. Small insects can get inside the critical systems, build nests and that can block up the ability. Paul dan baker used to be an aircraft engineer at emirates. That has been made redundant and industry connections help him find a new job, reserving planes and outback australia. The impact of the pandemic does not end there. My family is in new zealand. I am working here on my own, probably until quarantine rules change, that is how it will stay. Paul these planes that once connected family, friends and businesses are now anchored to australias red dirt. Many of us would have been on board at least one of them. For now, they sit as an eerie monument to a different time. Paul allen, bloomberg, alice springs. Shery a quick check of the latest business flash headlines. Rollsroyce holdings set to be preparing temporary closures and cuts the working hours and benefits, just as some equities prepare for the first right and more than 40 years. The Financial Times says workers were warned of the cutbacks last week, as the coronavirus continues to cripple aircraft demand. Management will be cut by one third. Rollsroyce announced 9000 job cuts earlier this year. Ubs is planning a compensation rebound with some fixed salary set to rise as much as 20 as it looks to produce poaching and lower the bonus pool. A review found pay among employees and senior roles were less than rivals. The changes come as competition poaching. Ith roserofit at indias bank 22 in the Second Quarter to almost 400 million compared to a year ago, as lower provision aids grow. They set aside less than 2 billion for losses related to the covid pandemic for the september period compared to 80 million in the First Quarter and a similar amount in march. Time now for morning calls. Lets go to hong kong for some top calls and recommendations ahead of the open in australia and asia with sophie kamaruddin. Treasury gained on monday but one major firm is changing on u. S. Debt. What is the call there . Blackrock, strategist changing their stance after buying treasuries earlier this year. Blackrocks monday, research arm downgraded their treasuries on the growing significant fiscal expansion and a possible blue sweeps in area which would put upward pressure on yields. Blackrock said the fed leaning against major yield increases to prevent a technique, but the firm does not see constraints on the feds ability to lean against inflation as it will upgrade its view to overweight. Shery u. S. China tensions continue to rise, this time of arms sales to taiwan. Our Money Managers positioning here . Not seemark mobius does the u. S. China tensions diminishing anytime soon. Even then, he has been taming his exposure to china, given that many Mainland Companies are dependent on local dynamics instead of u. S. Trade street mobius focusing on health care and other tech angle, he is liking hong kong given it will not be impacted by sanctions. Invesco is wary of the sanctions on chinas hardware for semiconductors, so he is underweight. Overall, focusing on chinas domestic consumption story. It is business as usual for Many Companies aside from the likes of tiktok, huawei and tencent as both the u. S. And china do need Economic Growth first no matter how trade talks are going. Shery right. Coming up in the next hour, we will have more on those u. S. China tensions with the president ial election just days away. We will hear from National Foreign trade council president. Just ahead of that, we will break south koreas latest Growth Numbers and get analysis from moodys analytics economist. In the meantime, we continue to see asian markets looking pretty mixed at the moment. We are seeing now futures mixed. This as we saw u. S. Stocks plunging the most in about a month. The aussie dollar holding steady. The market open in sydney is next. This is bloomberg. Shery i am shery ahn in new york. We are counting down to asias major market opens. Paul i am paul allen in sydney. Welcome to daybreak asia. Washingtond talks in drive on wall street. The s p 500 posting its biggest decline in a month. Energy and industrials down almost 3 at one point. Jack ma is set to surge up