Looking at chinese data coming out confirming the momentum of the return. We have pmi data. Is a look at the benchmarks we are looking at. Some of the foreign exchanges and commodities. Climb. Ing a massive up 3. 4 . The dollar index is moving up. We have seen this drop alongside the oil prices as well. The dollar is one of those in the crosshairs. Gold is steady. Lets get to new york and have a look at some of the first word news headlines, here is karina mitchell. Coronavirus cases are leading to more lockdowns. Germany, and the u. K. Already increasing but controls. Than. S. Reported more 78,000 new cases over the week and after two Straight Days of National Records. Anger is rising across europe as governments impose new lockdown rules. Officials blocks travel from local regions. There is still no national clampdown. The u. K. Will go into lockdown again later this week while extending wage support for four load furloughed workers. South koreas export led recovery continued last month. Pointing to rising overseas demand. Daily shipments rose more than 5. 5 . Business had two fewer days than a year ago. Exports to the u. S. Grew. The king of thailand has made a rare appearance on the streets of bangkok, calling the country a land of compromise as protest continue against the monarchy. He and his wife treated supporters after week of weeks of demonstrations since the thai stock market to new lows. At least seven people are reported dead after the philippines was hit by the strongest storm in the world this year. Luzon withoutf power and because the evacuation of hundreds of thousands of people. Manila airport expects to reopen monday morning. The storm is crossing the South China Sea and strengthening as it heads to vietnam. 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. Mitchell, this is bloomberg. Haslinda, back over to you. Haslinda the final leg of the race to the white house has seen many twists. The hospitalization of the president and the death of a Supreme Court justice. Joe biden continues to lead President Trump in the major polls. Some states remain extremely close. Advisor joins us now from sydney. Good to have you with us. It is an extremely difficult time to hold an election. Some say it could be pretty chaotic. Other safe there is not the security for electronic voting. Hello and thank you for having me. It is an extraordinary Election Year for all of the reasons you just mentioned. Coronavirus infections on the rise in most states in the United States. We are also seeing a historic turnout in voters during the selection. Incredible numbers of people putting in a mailin ballots. States is known for not having very good voter turnout. But this election seems to have brought them out in droves. We are seeing some tightness in some of the key swing states. All of the polling is showing that the president is behind or very close to former Vice President joe biden. No one quite knows how election day itself is going to turn out in terms of numbers of voters as well as results because of this unprecedented number of voting taking place and some states not able to count the votes until the day of the election itself. It is a very tense time in america. It will determine which direction the country wants to go. Four more years of the president or a change in leadership. We are all awaiting with great interest. We are showing live pictures of President Trump in georgia making a final push in his bid to rally supporters. His fourth rally for the day. There is the view out there that men and women have perhaps never been more divided in their views. Do you share that view . Do you expect women to swing the vote to joe biden . I absolutely do. I think this election is all about women. That women are the majority of the population in the United States. They overwhelmingly came out to vote in 2018 and the midterm elections. Had unprecedented numbers of women running for office in america and winning elections. We have seen Vice President biden choose the first woman of color as his Vice President ial running mate. It is known that it is probably women who will be the determining factor in this race. The president has not widened his base at all. Women. Ly not with his appeal to suburban housewives, as he calls us, fell flat. Those numbers are just not producing for him. The one demographic that the president has been strong in overite and is non biden is noncollege educated white males. Biden polls showing coming back in states that the president won overwhelmingly in 2016. I think we will see women determining the outcome of this election. Theinda that takes us to issue of deepening polarization within the country. Biden see either trump or being able to unite the country after the election . It is a good question, of course. Of theire four years president s term has been filled with division. The president has not been the cause of the Division Within the United States. That has been happening for decades. Division within the political parties, American Voters unhappy with intransigence in congress and the partisan politics that have been part and parcel of the u. S. System in the last 30 years or so. The president has exacerbated that division. He said a lot of things out aloud that a president would never have said before. Delegitimizing the election itself. On the ballot is americas democracy, not just biden and trump, but really peoples faith in american democracy is on the ballot. He is right now creating this trust over the validity and legitimacy of mailin ballots, which are votes. They need to be counted as well. Quickly, people have described this election as the most important in living memory. Would you agree with that . Is the american electorate really facing a fork in the road . I really do believe it is a Tipping Point for america. It is the most important election certainly since abraham lincoln. A president that donald trump likes to quote a lot. I do think it is important. In america have changed dramatically over the last 30 years. Americans will be the majority minority in the country. That is scaring some in the country, even though america has always been an immigrant country. There has been a lot of grievance, both on the right and the left, that their issues have not been addressed. I think this is how donald trump got into office. I would point to the 2018 midterms again. A bellwethert of for what direction the United States wanted to go going forward. They overwhelmingly voted in democrats to the house. Democrats took back the house of representatives. Key019, they also won some state elections and governorships. I do think this election will tell us what direction the United States wants to go. Or aolationist approach return to calm and civility. Rishaad what about the soul of the Republican Party . Beuld donald trump reelected, will that paper over the cracks that exist . If you should lose, where will we find that party afterwards . You are asking such good questions. I really think this is the trump problem. The Republican Party has really from much, the early 1990s with newt gingrich, who introduced this kind of aggressive language that the president uses. That talks about the destruction of american government, the deep state conspiracy. The party itself has factional into morectionalized rightwing conservatism with the tea party and the freedom caucus. It has become quite obstructionist in the left last couple of decades. Not to say democrats have their own internal party problems. They have just kept them in check a little bit better, particularly for this election. I really feel for the republicans. It is becoming harder and harder for them to win elections because they have not widened their base. The population and demographics are changing. That is not favoring the republicans. They are having a hard time finding a route to win. That is why we are seeing a lot of manipulation, voter suppression, the use of lawyers and the court to try to reduce the ability to count ballots or the ability of americans to get to a polling place or access voting easily. I do feel this will be a huge wakeup call for the republicans of the president loses. Reelection, i think it is the death knell for the traditional Republican Party, if it has not already been buried yet. Rishaad thank you so much for joining us. Chineseead, shares of Data Companies are having their hong kong debut. We speak to the chairman about how the work from home trend has boosted business. Haslinda next, chinas pmi data expansion and the economic recovery goes on. Stay with us. This is bloomberg. Factories gradually pushing ahead with output. Overing a bit of optimism outlook. Lets take a look at china. We have these various pmi numbers telling us about her covering recovery. The data this morning is reaffirming the china recovery story. It rose to 53. 6. Straighto the sixth month of expansion. We saw an increase in new orders on the index. There is good momentum overall out of that report. The official numbers look pretty good. Had easedcturing pmi slightly in october. Even betterd but for china was the nonmanufacturing index that jumps to 56. 2. Those numbers were broadly beating expectations for what was a fairly quiet time for factories in china. It was helped by a longer golden week holiday. We will see if the consumer continues to power that recovery. That is a high priority for officials who want to see domestic demand continue to propel chinas economy. About pmi figures from the rest of asia . Pretty encouraging but is this sustainable given what is happening in the u. S. And europe with the virus cases . That is a big question. Asia is looking pretty good. Maybe not as good as the china figures. We did see a story of agile improvement. Gradual improvement. Japan moved up slightly. Still short of the 50 number. Also saw improvement in indonesia and thailand. Thailand was particularly impressive. They moved in to expansion territory. Malaysia was a rare retreat. They moved down. We will see if that influences the central bank outlook. Overall, acrosstheboard, pretty good in asia. Maybe that is an outgrowth of the outbreaks being a little less severe than what we are seeing in europe and the u. S. Haslinda speaking of malaysia, 5. 5cted to grow between percent and 8 . Plenty more with us, including the risks in the market we are looking out for. Rishaad here are the latest business flash headlines. Prophets plunging due to bad debts. Dropping 62 for the full year. A previously disclosed 1. 2 billion charge for the laundering fine. Bad debt provisions rising more than 3 billion. All of this as covid19 continues to hammer business. The group will become the second shareholder after the deal. It is an Investment Holding firm. They have warned that debt repayments due in january could cause a severe cash crunch. Revenuesin gaining narrowing last month after publishing plunging. Fell bynue for october only 70 from a year ago. In heless, as this is businesses in macau were down 84 from last year. Haslinda a big week for markets with the u. S. Election. sts get more on the morning Market Action so far. It seems investors are bracing for volatility this week. Indication ofany what lies ahead, it will be an extremely erratic, nervous week. Lets take s p 500 futures. We saw them swing to losses at the beginning, then they rebounded and went slightly positive. Oil prices have really plunged. They have recovered since then. Seems to havean calmed everyone down by being a bit stronger after some fixing from the pboc. There is really something for everybody this morning. This is pretty much how the week will go. It will be difficult to read how the events will play out. People will be anxious about risk and how long they want to hold onto it. That is why we are seeing some of the erratic trading today. Indications that it will be a very tough week. Rishaad we have data in asia. Election, which some have described as the most important since abraham lincoln. , this is the that question of the day, which of those is perhaps the most fearful to investors . Certainly, the election code, depending on which way it goes and whether or not democrats have control of all of the houses or if there is a split between the president controlling one area and another Party Controlling another, all of those could make the election extremely important for markets. How big the market movements were on the day of the results. U. S. Stocks dropped 5 and then recovered all of the losses within the space of a few hours. Certainly there is room for a lot of volatility. There is also the bigger story in the background about these lockdowns in europe. The u. K. Has just joined that. This adds a new dimension for the economic story. People will also be worried about the loss of strength in european economies. Rishaad always a pleasure. You can follow more on this story and all of the days trading on the bloomberg terminal. Weuick look at markets as head toward the japanese lunch break. It does look like we are seeing gains. Asian equities are leading the charge acrosstheboard. 1. 7 toder market is up the upside. Here are some of the stockmarkets stocks we are looking at. Japan airlines with a huge loss. Kddi boosting forecasts. Getting a better than expected numbers, up over 5 . 10 29 in hongs kong and shanghai. The u. S. Election is intuits final lap. The campaign has featured drama. Surveys suggest many voters made their minds of months ago. Say averages have barely moved. The final results might not be known for days or weeks. Performanceory improved last month. The recovery remains on track. Roseanufacturing pmi index one percentage point. Personal consumption ticked higher. Factory performance was affected by the golden week shutdown. Seven prodemocracy lawmakers have been arrested in hong kong. They are accused of violating powers and privileges. They are expected to be released on bail with a Court Hearing set for thursday. Chinese state media says further arrests cannot be ruled out. Criminal investigators will question carlos ghosn. French authorities are looking into his dealings with a car distributor. A french tv channel he has no need to avoid questions and continues to have a clear conscience. 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. Haslinda a quick look at the markets right now. Asia mostly higher, led by japan. A big week for investors. , stilllook at vix elevated at 38. We heard about tracking pmi. It continues to gain momentum. Gains across. 28. Highest since september quickly taking a look at the affects market. We have the dollar index and shanghai rising. We count down to the u. S. Election. Status sensors and Cloud Computing being one of the most favorite sectors. S is certainly one of those two benefit. They are up 63 year to date. Joining us now exclusively is the chairman and ceo. You got this offering away. You must be pleased with how it has gone rated how much money have you raised in total and what are you going to do with it . We will raise around 1. 8 billion u. S. Dollars. We will use this money to kongnue in china and hong and maybe in southeast asia. We will try to create more value for our investors. It also mean that you have some extra cash in your coffers to expand and organically . Are you looking at other companies he could be taking stakes in or even taking over . Organic growth is still our main strategy. Moreurse we will look at opportunity in china or outside of china. Definitely. It must be difficult looking elsewhere, especially with the u. S. , given the tensions between beijing and washington. Nic growth inorga coming in this holy grail of Cloud Computing and data sets . Or do you see the Company Going in a slightly different direction . What is your question again . Rishaad if you do go along the anic growthing inorg by taking stakes and other companies, will it be companies that are in your space at the moment or will you veer to Something Else . Another kind of sector . We will continue to focus on data. It is our success historically. We will continue the strategy focus. They have said they are making Technology Innovation a priority, a source of growth. How might you and your Company Benefit from the . That . I think a lot of technology has been in those markets for a while. Ai, and of the 5g, other, they can be used in the future more and more. It will drive more data and more computing. It will benefit for a data center. There will be huge demand in the future from new technology. Lets talk at length about how the u. S. China tension spilled over to the capital markets. Chinese companies were forced to delist in the u. S. We do not estimate anything happening in the u. S. We are very focused on our business in china. , in the lasthand four years, our stock has performed well. We have an investor base. We will be there, we will be good. Are on the cusp of the u. S. Election. What a biden presidency ease u. S. China tension . Political comment on change or not. We will try to prepare. Verything that is our strategy. What is the thing that excites you most in the space you are in . It is is it also the thing you spec expect will be the next big thing . What is that thing . Thing, it is the number three Largest Data Center in the world. Based on the China Data Center years,and the next 510 we can be more high position. Goaly we will set up the to be the number one data center in the world. This is very exciting. Rishaad what about the nuts and bolts of it all . Do you have any difficulty accessing the u. S. For chips or tech . A lot of our customers in china, they already have a lot of backup. Perspective,erm and even the shortterm perspective, i dont think it will impact their business. Our business. Huang. A william the pandemic is hitting starbucks particularly hard. Giving customers a place outside the home and worked to hang out. The coffee giant lost a billion dollars over the last month. U. S. And china markets remaining in contraction. The ceo says the worst is behind. The recovery has unfolded faster than we anticipated. I will give you a couple of data points. At the low point in april, we were 65 . In september, we were 4 . We still had 3 of our stores closed. China, in the month of february, we had 90 of our stores closed. In the month of september, they posted a positive, comp. We did implement these new store protocols so we can operate in a safe way even with covid. Seeking customers who want experiences that are safe, familiar, and convenient. The goal obviously is to get back to in past where you were before the pandemic. You are projecting that you will get there. Does the world have to get back to normal for that to work to you . Or can starbucks get back to where it was even if you are still dealing with partial shutdowns . The fact that we built the store protocols and have woven them into the operational ability of our stores, and this recovery has unfolded even as we have seen covid cases surge. I feel pretty confident that we know how to operate in the world covid, even before there is a vaccine and there appeared look forward to that day when there are vaccines and therapeutics. Then we think there will be a huge wave of demand far beyond this recovery. We know how to do this, even with the spread of covid. I wonder if this helps accelerate a transition to more drivethru rather than the traditional starbucks auto where go and sit and spend five hours in the store. How quickly can you move to this new technology . In the last decade or so, we have been building a lot of drivethrus throughout the United States. Of ourook at a lot orders, it is drivethrus, mobile order for pickup, we implemented curbside pickup, delivery. Seating,o open limited we have over 60 percent of stores in the u. S. Having limited seating. Customers are back sitting in our stores. They are socially distanced. Safe, familiar, convenient experiences right now, a lot of that is drive you and mobile ordering. Starbucks has been in china a long time and has been very sick. China is a little bit ahead of us on the recovery. What are you making of china right now . Are you opening a stores as fast in china as you were . We went in to shut down there theyte januaryfebruary were the first market where we develop the principles by which we managed this. As china came out of the shutdown and has flattened the curve, we have had a pause in new store openings. Opened last quarter, we 260 Net New Stores. Over 580 Net New Stores for the year. We just passed 4700 stores in china. We are opening them as fast as we can and we will continue to invest in china. We are very bullish on the longterm opportunity for starbucks in china. Rishaad the ceo of starbucks. Coming up, a rare public remark from the king of thailand as government protests continue. He calls his country that land of compromises and that he loves all thais equally. This is bloomberg. Haslinda the king of thailand has indicated there could be a way out the countrys longrunning political crisis. He said thailand is the land of compromise and offered an olive ranch to protesters after a month of antigovernment demonstrations. Our reporter joins us on the line from bangkok. What is the impact of his remarks . What have they done to allay concerns . Enough. Likely not a reporter asked the king what he would say to the protesters. He responded saying he loved them all the same. This is about a week after a letter to the German Embassy in bangkok asking the government in berlin to investigate the king. Groups saidrotest all of the government actions so far, including the arrests, have pointed to thailand being a land of injustice rather than a land of compromise. What is the latest with the protest movement . Could this be seen as an olive branch . Yes and no. They will not walk back on any of their demands. They will be holding demonstrations until all of their demands have been reached. Rewriting of the constitution and more transparency and accountability for the monarch. Haslinda what about the government. The government has continued to arrest more protesters. They say they are willing to amend parts of the constitution. That process will start this week. Standoffsect long between the government and protesters for a while. The government continues to arrest more people. They have put pressure on the government authorities. I believe the government will be meeting for a special session in two cap phuket. Well theyre likely to be some kind of stop to the protest . Protests . Today and tomorrow the government is down in southern thailand. The main agenda is to talk about thailands reopening plans to boost tourism. Rishaad thank you very much for that. Joining us from bangkok. We have to take a break, but on the other side, we are looking at the u. S. Election almost upon us. Ll once the next administration to resolve the trade spat with china. This is bloomberg. Rishaad we are back. Is hoping the next administration will continue to make progress on the trade front. They have seen a boost in chinese purchases. Providing a strong market for American Farmers. Most of the activity is driven by pure economics and demand amid the pandemic. Asia is still strong. China is business as normal. To risk spots are relative slowdowns. We certainly have large presence in both. I am optimistic in both geographies. What we went through in the spring and what we learned is that we will keep Food Supply Chains running. He system is very resilient what impact will the closure of hospitality likely have . We are seeing it in europe, chicago. The expectation is inmate spread throughout the ute it might spread throughout the United States. People traveling last will have that impact. It is no surprise. The travel and Entertainment Industry has suffered the most with people being more cautious and conservative. That is likely to continue. Extend that into food service. Were able tohat adapt the way they deliver their food into it at curbside, they will continue to be strong. But the hospitality industry, travel, highend dining have greater risk. Give me a sense of what is happening on the ground in china. Obviously purchases have been huge. How much of that is real demand in china or china needing to fulfill any trade demands . Supplymuch is it weaker and issues in brazil so china had to buy from the u. S. . It is an interesting question. Is demand most of it driven. You have the. Reduction in african swine flu. I got a picture from our chinese colleagues who were in a conference room. I stared at the picture because there were 10 people sitting in a conference table, no one wearing masks. It reminded me of the old days. The fact is, they are business as usual. It is demand driven. They have tightened up commodity markets. That is what we are seeing in our chinese business. The harvest in the u. S. Has been good once again. It has provided a market for American Farmers to supply corn and soybeans to china. Do you think the Trump Administration has made farmers more dependent on china . If there was a biden win next week, with china change the relationship, honor that phase one deal . The politics will be very tempestuous over the next few days. Im curious to see how you arguing that. Are people far smarter than i am who can analyze the impact of the political situation in the u. S. Postelection. China has been implementing and purchasing under the phase one agreement. Driven,the lease is ecomonic through purre demand. The American Farmer just once open market. We are hopeful that in either situation, free trade, open borders continues to be a principal. That benefits the american agricultural economy, specifically the American Farmer. Whoever wins, we continue to have free and open trade. The chairman of cargill speaking to our colleagues. Latest uppinghe tensions between china and australia. Testings believed to be lobsters for elements of minerals and metals. The shellfish were screened before shipping. In recent months, china has launched trade action against australian barley and wine. Life images live images from the fourth trump rally the day. This is from georgia. Rally, make America Great again. Crews will build a to protecte fence the white house. Morning that he would not lit donald trump declare victory before the results are clear. This as we rush toward november 3 and a decision that has ramifications around the world. \ [narrator] this is kate. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Haslinda it is almost 11 00 a. M. In singapore and hong kong. Having a look at the top stories. Asia stocks on the up, dominated by the american election. Donald trump and joe biden chasing the vote in key swing states. Oil at a fivetime five month low. Haslinda another major story this week. Frenzy with more than 3 trillion of investor orders. Rishaad anger surges as european governments impose new virus curbs. Movement restricted in spain and france while the u. K. Fans foreigntravel bans travel. Haslinda asia stocks mostly higher. The start of a big week ahead of the u. S. Election which could set the tone for the rest of the year. That resurgence in virus cases prompting renewed restrictions in some parts of the world. Taking a look at where vix is. October was the last worst month since march for oil. Rishaad getting to prospects for the indian open and also the open in bangkok. Up one quarter of 1 . Following the regional trend. Some of the biggest antigovernment protests in years. The king of thailand calling thailand the land of compromise in a rare public appearance. It looks as if we have the prospects of a positive session on the cards at least. One headline there at the moment. Rbi chiefshree ex suggesting bad loans will soar this year and hinder the recovery. With all of that to consider, lets find out what else is happening in the first word news. Karina it is a busy start. Rising coronavirus numbers are first seeing forcing more curbs. Thece, spain, germany, and u. K. Are already tightening controls. Belgium and switzerland are expected to follow. The u. S. Reported more than 78,000 new cases over the weekend after two Straight Days of National Records. Anger is rising across europe as governments impose new lockdown rules. Protests exploded in madrid after officials blocked travel. There is still no national lockdown. The u. K. Will go into lockdown later this week while extending support for furloughed workers and a mortgage holiday. The Prime Minister of new zealand has signed a Cooperation Agreement for a second term. Her labour party secured a major landslide last month. But she wants Additional Support in parliament. The greens will continue the support they had in the first term. Carlos ghosn says criminal investigators will question him in beirut next year. Lookinguthorities are into his dealings with a car distributed and into his personal spending a two consultants. He told a French Television station he has no need to avoid questions and continues to has a clear conscience. 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. Mitchell, this is bloomberg. We are in the final stretch of a white house race that has seen dramatic twists. A hospitalized president , a resurgent pandemic, and the death of a Supreme Court justice. Joe biden continues to lead President Trump in the latest polls. Some state races remain extremely close. More than 93 Million People have already turned in their ballots. Jodi schneider is in hong kong. It seems like biden leads nationally and also in key states. That is right. Also that unprecedented early voting is something that really shape this race when we see the just two days. It looks like biden is significantly ahead. Some races have tightened. The weekend,ver President Trump has been going there but a bit. That race seems to have tightened. Timesing to a new York Siena College poll, joe biden is ahead in key for foiuur key swing states. Arizona,nia, michigan, and wisconsin. Those are key states. Pollve also seen a cnn showing that biden is ahead. Florida and pennsylvania in particular are going to be very close. There has been a lot of mail in and early voting in both of the states. Trump stills donald have a path to victory . It does have some striking similarities to what happened in 2016. Is the path to victory more or less the same playbook . It is in terms of swing states. He needs to win in key swing states because of the electoral college. 270 electoralt to college votes. He lost the popular vote last n because of wisconsin, pennsylvania, and michigan. In michigan, his margin of victory was about 10,000 votes. He is already talking about what happens if in some of the states where there is a lot of mailin voting they have not counted everything. That will be a really big issue on election night, the fact that it will be a different kind of picture. Some states will not have counted them yet. If President Trump is ahead, will he go ahead and declare victory . He has given mixed messages. How much does the pandemic seemed to be playing into the voting for both republicans and democrats . The pandemic has been the story. It is something President Trump really wanted to avoid in the last few months. He wanted to run on a Law Order Campaign or how he will fix the economy. Himself,ot the virus it really turned this conversation back to the pandemic and his handling of it. Joe biden has made a key part of his campaign the criticism of how President Trump has handled the coronavirus and his lack of leadership on it. President trump has sought to avoid it but he basically says it is something he has tried to deal with best he could. That it will be fine soon. It has been a very big issue. Some republicans are really focused on another key point that President Trump has made, that he wants to keep the economy open. He claims joe biden would shut it down. And that it would weaken the economy. It has been the virus front and center throughout the campaign. Rishaad thank you so much. Be speaking we will with an Infectious Disease expert on the accelerated spread of the coronavirus and how the u. S. Election may affect experts efforts to contain it. Haslinda next, an assessment of the Global Economy. We talk about which sectors will recover more quickly. This is bloomberg. Rishaad it is a crucial week for Global Markets. Bank. S. Election, central decision setting the tone perhaps for the rest of the year. England heads into a tighter lockdown. Lets get to zurich. Thank you so much for getting up early for us. Lets have a look. The u. S. Election will be the most important event. Give us an outline of various scenarios you see playing out. Thank you very much. Definitely the election is super important. Waiting is the hardest part. Skies. Ot clearly blue the sweet spot is biden becoming the next u. S. President and having a democratic majority. That will secure the fiscal some of the prevent more leftwing taxes. That could happen if you have a big blue wave happening. Rishaad i was going to ask you, if we get a red wave, what do we wasmarket wise our company wise . It will be for the energy in the u. S. It will be more difficult for emerging markets. It is not a worstcase scenario. It is not necessarily negative for markets. This presidency is best known of broad for the heightened tensions with beijing. How does this change under a joe biden government . Come . He changes already i think you are right. Trump could further escalate the very difficult u. S. China trade tensions. I would expect the biden to more Favor National norms. Supply chain changes are happening. They happened before covid19. I would expect the supply chain to bring some of the trade back to the u. S. I would expect that to continue. For economies like u. S. , europe, some parts of asia. This is also because they can make the Global Economy stronger. U. S. ,da apart from the there is the resurgence of the virus in europe. What to you think of the risk of a recession, a doubledip . I think we are already in a doubledip. With the new lockdowns happening. The latest now being the u. K. Economy. If you look to q3 data in europe , it was strongerthanexpected. If you think about that what is now in for the Fourth Quarter , likely we will see a contraction again. 2. 5 . Europe never got out of a recession, unfortunately. It could be very difficult and challenging for europe. Said it the ecb has will assess all of its tools. In terms of the ecb meeting, to have further stimulus, going further thexpanding example,rograms, for it was already announced in the meeting recently. More stimulus expected from central banks. And from the ecb. Needed given the scenario. Haslinda thank you so much for your time. Come, just days away from a hong kong and shanghai debut. How it will trade on day one. This is bloomberg. Haslinda a quick check of the latest business flash headlines. Sold for more than 2 billion in cash. It will become the second biggest shareholder. It is an Investment Holding firm stakes in energy and logistics. Cash earnings fell 62 . The results include a previously disclosed 1. 2 billion dollar charge for a long drink fine. Bad debt provisions rose to more than 3 billion. An australian wealth manager by an takeover bid American Private equity firm. 0 of value the 131yearold firm is expected to be put up for sale after a Sexual Harassment case. Amp lost three quarters of its value. They are said to be nearing a deal to buy a Cable Company for 8 billion. They built the company through a series of acquisitions. The have done well during pandemic has more people stayathome. Out consumers switch traditional tv. The worldsand for biggest override has unleashed a unprecedented frenzy. Of these 3 billion at least 3 trillion worth. Brokerage shut down its platform after being overwhelmed by orders. We have seen huge orders from the retail side of things. The Risk Appetite is certainly vast. Is it irresponsibly large . With that many people taking on a large amount of leverage to get in on the action . Saw a return to borrowing money. Many people we have talked to are being very aggressive about this ipo. They are waiting to get as much leverage as they can. It is a 100 possibility. When you talk to investors, what are their expectations about this idea . O . Ip are they expecting a huge rally on day one . Many people we have talked to are quite bullish. They expect shares to rise 30 to 40 on the first day. They do not have a limit in the first five trading days after an po. They think the stock and shanghai will have a huge rally. It surged 50 today and saying hi in shanghai. Haslinda our china markets reporter. Calls. W for morning lets get over to Sophie Kamaruddin and, who has been tracking some tough calls and recommendations. What is standing out . Had alier on the show we engaging guest talking about the fortunes of the dollar. He is saying by into greenback weakness. A potential relief rally on wednesday if there is a clear outcome from the u. S. Election. Contending that the dollar does not care who will win the vote. It wants growth and spending. That is far more important in the calculations. He says by into that growth story. The u. S. Is still the heartbeat of capitalism. Rishaad tell me about the nordic bank call. Taking a different view of the dollar as the election comes. They are favoring dollar election,g into the especially against the norwegian kroner. Trade the rising case count in europe as well as the u. S. On theying go short aussie and qe kiwi. They see the dollar turning richer on euro weakness. Plus, they see the ecb is under a lot more pressure than the fed to go big or go home in december. Rishaad thank you very much. Quickly looking at equity markets. 9 00 in the morning in mumbai. Hazy again. 28 degrees celsius at the moment. We are also looking at the possibility that well have a positive start to the equity session. Bracing up for about a week. We have lots to look forward to. And thepolitics Monetary Policy with the fed. Losses of more than 2 for the last trading week. We also have a number of Nifty Companies set to announce their earnings. Companies legacy entertainment. Remco cements. Headlines andld joint arena mitchell. U. S. Asall eyes on the the election had to its final lap. The two candidates arent in the. R and neck. Are neck and neck. The service adjust many voters made up their mind months ago. Posters say that averages nearly moved. Polsters say that pollsters say that averages have barely moved. Index isacturing pmi 54. 1. Lodging in line with a bloomberg survey. Analysts say that the performance was likely affected by the golden week shutdown. The rba meets this weekend is expected to cut rates and unleash for the stemless to boost an economy emerging from the virus lockdown. Economists expect them to cut the cash trade on tuesday 2. 1 from. 25 while reiterating that there is no technique for three years. They also see more buying of longer dinner government bonds to put more pressure on the aussie dollar. The south export recovery continued last month. Exportints to korean recovery continued last month. Days. Ad to fewer business exports to china declined and those in the u. S. Rose, led by semiconductor shipment. The king of thailand made a rare appearance on the streets of bangkok, calling the country a land of compromise. As protests continue against the monarchys powers and wider control. Sent the stock market and bond market to new lows. The king says that he loves all thais equally. Powered by more than 2700 journalists and analysts in more than 120 countries. I am karina mitchell. This is bloomberg. The markets in asia are higher. It is a big week as we count down to the election. There are still concerns about the virus. Renewed concerns, and restrictions in europe as well. There you have it at 38. Surge into a fourmonth high. High. Ging to a fourmonth dollara the fx market rising. Renewed virus restrictions pumping amid concerns. Libya ramping up its productions toward one Million Barrels per day. 36 point seven. Large swaths of europe conclude tougher action is needed to counter the coronavirus. Numbers seem to have eased over the weekend after two Straight Days of National Record ahead of tuesdays election. Lets discuss all of this with ectious disease expert this factious disease expert. Thank you so much for joining us. There is some containment strategy when you take a look at the resurgence of violet virus cases. It is really hard to tell. Part of the issue is many expected this to rise with the cold weather during the winter months. They tend to rise. It is really hard to tell how much of this is due to intervention and how much of do this of this is due to people getting closer together. Haslinda what our governments failing to do . This is another really hard question. The government is under a lot of question right now to react. There are differences we have seen between now and april and may. The trouble is politics is so toxic. It is really hard to have a scientific evaluation of what is the right thing to do. Happens on the third of november in the u. S. Will have a huge impact on the world in terms of how we look at policy. In europe, it is interesting. Some countries have gone to strict lockdowns and other countries have not. In a way, this is a national experiment. If you look at the data coming out of these national experiments, you see which strategy actually works. For italy does not work for the u. K. Hand, the countries are relatively similar. There is the hope that with the , in a fewcollection they will be able to see the best outcome for everybody. Are things about to get worst worse . We heard that virus debts could triple if it is not contained. There were a lot of projections in april and may and a lot of them have come true, others have not. Get we really need to do is a good, objective look at the data. What we need is a dispassionate analysis of the data. With all the intervention coming in from europe. Tell me, do you see any hope out there . It is all doom and gloom at the moment. Do you see light at the end of the tunnel . I see a tremendous amount. There is a published solidarity trial, it shows you can do a large, well conducted try with a minimal amount of paperwork. While the results are that provided the framework. Many of the vaccines and developing are coming very close. I am very optimistic that we will be able to respond by the end of the year or maybe in the First Quarter of the next year. Rishaad how is this virus mutating . Some experts have been contending that it has mutated and it would become less harmful than the original. Commone pointed to the cold being a coronavirus. This coronavirus could mutate into effectively that in some time. Most viruses tend to mutate ofa reduced variant themselves. I dont know if we can wait that long. T we do know however especially in europe and the last few weeks. Better treatment, the fact that the younger people are getting infected, there is also the possibility that we are actually seeing changes in the virus is out. There are many scientific groups with the impact of the different plans and mutations. We have seen the virus. T is very clear is that there is some encouraging data. Rishaad i bring up the common cold and covid19, they are cousins, obviously very distant ones. Trying to come up with a cure for the common cold has alluded d science for years. Why would coronavirus be different . The vaccine for the common cold is something that people were working on in the 1950s and 60s and then they decided to live with it. There are similarities between this and covid19 but youre actually spot on. For the common cold is primarily symptom matter. The impact impetus for developing a common vaccine for the chemical would be a lot stronger. Year. K it has been a big we have this window in which we need to roll out an effective vaccine. When will we see that vaccine . There has been so much optimism. It has been delayed again and again. It is very complicated. What is interesting is a number of these vaccines actually use double technology. Youre doing two things, youre trying to tackle a novel and youre using a novel technology. The chinese vaccine is actually a very old technology. They have grown the virus in these vets. Then they kill the virus. Then they injected in. Then it is the same kind of technology they used over a hundred years ago with the early vaccine. I think it will be interesting to see what happens with the new and the old approach. I think there will be a strong push to get a safe and effective vaccine. Thank you so much for your insight today. Still to come on the show, indias most valuable company with declining profits. This is bloomberg. About 50nt sectors before the indian session gets underway. Lets take a look at whether futures are suggesting. They are suggesting we would get a little bit of an uplift. We have a few companies after they were looking at. Profits boosting views there. Looking at these markets in india having about a 2 decline in the week just gone. We have others coming out as well with earnings a bit later today. Others meanwhile, we have this washing in the bank. We also mentioned coming out with its earnings. With its numbers. We can see the numbers changing. Getting a boost after both numbers came through for them. Just looking at the nifty as we get the open upon us. 25 . Fty is up by we are talking Reliance Industries beating estimates, still reporting a 50 drop in profits for this quarter. The pandemic got a demand for transportation. This get some insights for our conglomerates and telecoms report. What are the essential highlights and low lights of those numbers . Valuables most companies have gotten off scott free. There has been poor demand. They have had a falling net income. [indiscernible] there could be an increase in the timing demand. The epidemic slope epidemic outbreak will slow down. [indiscernible] what is a way forward for Reliance Industries . Sanjai despite falling net income, i understand there is a bush outlook for the stock. The last hike was in september. It had some positive impact. They are expecting geo modeling pickup. Smart forare very diversifying. These last two will come to the industries. This is why they have maintained a bullish outlook on Reliance Industriess stock. Coming up on the show, airlines on the edge. Haslinda we will look at what it may take four global carriers to survive the pandemic and the ones that are becoming more vulnerable by the day. This is bloomberg. Rishaad you are back with Bloomberg Markets. We are having a look at the business flash headlines. Inl has waited no time expanding the banks footprint. Memorandum that boasts one of the highest per capita incomes in the world. He became ceo after nearly seven years at the helm of dutch bank, ing. He has been put at the top as ubs looks to cut costs. Bys Gaming Company plunged at least 90 yearoveryear. Revenue for october though by just or only 70 . 70 that is. We will see how visitors in macau are doing after the holiday week. New zealand is getting at with its traffic numbers, showing numbers in september are down year ago this by the coronavirus to be largely under control. Domestic passengers have begun returning but numbers are down about 40 on the year. International arrivals and departures have seen numbers cut by more than 95 with just 27,000 passengers for the whole years so far. Haslinda lets stick with aviation. Airlines have been some of the hardest hit companies. Bloomberg took a look at the data to see which airlines are most at risk. Asia dominated this list. Are they out of the woods . Is it dependent on Government Support . Answer is yes to some , it justt youre right. Tarted to spread what we found was that of the 10 airlines, four of them restructured in some cash but all of one of them all but one of them were asian. If you look at the most recent analysis that is looks at leverage, liquidity, fitability of profitability amongst five metrics. Asia is not out of the woods. This has moved toward south america and africa. Notably where there is so much support for airlines. Rishaad it is 8. 5 months of cash remaining on average with current burn rates. We are going to see just 46 of 2019 traffic coming through. The average airline has just about nine months worth of cash. Averages are very strong there. Airlineld expect the body to push this one. This crisis for the airline has consistently gotten worse and defeated their worst expectations. More moneyto receive from governments around the world. There think this is is not going to be enough. This is worse than we thought. The International Traffic has barely started to recover at all. We need more cash to see through this time until we get to some broadly distributed vaccine. There are some bubbles but they are not widespread and they are not really fighting in the way that people hoped. Rishaad at the end of last year, boeing was in a bit of trouble. Airbus is looking better. Se two have probably theyre not comfortable, they have canceled. They go handinhand. What is bad for airlines is just as bad for the planes. Even the airlines that do survive this, they will be in no place to expand. Boeing and airbus are faced with tolines that want renegotiate the terms of their orders. There is pressure on the Aviation Industry top to bottom. It is a very focused and concentrated market. Playmakers are led by boeing and airbus. Led bye makers are boeing and airbus. Haslinda the worst probably not behind us. That was the asian business reporter, angus in sydney. Lets look at where markets stand at this point in time. U. S. Futures recording from losses somewhat while asian economies are still in the money. Up bye the s p futures. 1 . We have a big week from Global Markets coming on the back of rising virus cases. The dollar inching higher. That is in from Bloomberg Markets asia. Daybreak middle east is next. This is bloomberg. This is bloomberg daybreak middle east. A volatile start to the trading week dominated by the u. S. Election. President trump and joe biden chasing birds in the swing states as early voting hits record. The outcome is conical for iran. The Trump Administration threatened tough new sanctions. A Biden Victory may see Economic Research and sei