Politics at home and abroad for years to come. The ipo has taken a dramatic turn with jack ma and other executives summoned by regulators. The company ahead of scrutiny. Shery breaking news out of south korea. We are getting the october Consumer Price numbers. Month for month, we are seeing a contraction of 0. 6 , really missing expectations of analysts. Not to mention it is a slow down and Inflation Numbers from the previous month. Not surprising given we had a pickup because of the weather related issues. We had monsoon season. And lowerlf Pressure Energy prices. Growth of prices is only. 1 which is a deceleration from the previous year. Not to mention it is under analysts expectations. Only in october we saw bright about 30 lower on average compared to a year ago so we are getting pressure on both numbers. For now, lets turn to the market. We are seeing u. S. Futures slightly higher online. Lets turn to sophie in hong kong. S p adding about 1 10 of 1 at the start of the session in asia. Singling what to see ahead of the u. S. Vote. We have the rba decision on tap you the aussie dollar holding above 70. The rba delivering a rate cut and more stimulus to add to bond buying. The aussie at this level is a good entry point for mediumterm long on the currency. Citi stocks added. Gaining ground on the back of this update. Docket, malaysias Rate Decision is expected. No change seen. Ahead of that, Holding Steady even though we saw interruptions in the oil market. Checking on how of uti is trading at the start of this session. Wti trading around 37 after a jump late overnight after falling to a fivemonth low and the demand outlook is weighed and opec plucks is in talks to delay a production increase. Brent coming online, higher by about 2. 7 . Take a look at whats going on. Offshore yuan Holding Gains below 6. 69 this morning. Ray dalio bullish on chinese bonds and yuan benefiting from those inflows. The hong kong dollar at the stronger end of its trading after falling to a may low. We did see one month forward for the hong kong dollar go below zero given some of the moves we have seen around the listing on thursday. High volatility picking up ahead of that. July levels towards the hong kong dollar and ahead of listing on thursday. Shares are set to have traded at a 50 premium. The way being paved includes shares of hang seng as part of efforts to reflect new economy stocks as dominant in hong kong. Haidi of course, u. S. Election key. President trump and joe biden capping their bitter race and states that are critical to the election outcome. It is the democrats race to lose if the polls are to be believed. Biden is holding onto his lead in key swing states like arizona and florida. Americans are heading to the polls within the next 24 hours. Emily wilkins joins us from washington. The markets are pretty sanguine. Take a look at estimates come almost 100 million American Voters have voted. We are still expecting a massive turnout. Polls lead to conclusion over the way states are counting the vote. There is confusion over million votes. Legal implications as well. Is this potentially going to be a messy few days . Emily it could be. This is something i think both come at least the number of people have started to prepare the american electorate. It all boils down to the fact that he ballots take longer to cap then those that are counted in person. A number of key states like pennsylvania and wisconsin dont start counting those ballots until election day. They have tons of ballots to cap. It will take them a couple of days to do so. If the race is really close, they might wind up having to wait a little bit and not know who the winner is on election day. Shery so, which of the swing states are the battlegrounds right now . We are seeing President Trump at the moment carrying out another campaign rally. We know hes had a really busy schedule. Emily biden has done five rallies trump rather has done five rallies and for swing states. A very aggressive travel schedule. Biden as well as doing rallies. He was in ohio earlier today. He is now in pennsylvania. That has been a big state for biden. Hes really focused on turning out the vote there. Trump has been another swing states including north carolina, wisconsin and michigan. Both of them giving their final pitch to voters, really hoping to make sure people are turning out to vote in strong numbers and we will see the results of that if not tomorrow, then hopefully by the end of this week. Shery Emily Wilkins with the latest on the u. S. Election, our congressional government reporter. Plenty more analysis ahead. We will speak to Asia Societys wendy kudlow this hour, William Howell also joins us later. Our special coverage of election day will begin at 7 p. M. Tuesday in new york, 11 a. M. Wednesday in sydney, 8 a. M. In hong kong. Lets go to Karina Mitchell for the first word headlines. Ma has alibaba and jack been summoned by regulators in china just days before his Fintech Company lists in hong kong and shanghai. No details about the meeting has been disclosed, but ant chairman and chief executive were also there. Shares said to be trading at a 50 premium in the Hong Kong Market with the stock expected to sauron debut later this week. Sterling fell to its weakest in a month as england enters a virus lockdown within economy already reeling from similar measures earlier this year as well as the looming brexit. France reports record new infections. Germany urging people to abide by the rules. Italy is readying new plans to halt the spread. In the u. S. , new york says hospitalizations are under control. Massachusetts imposes a new curfew. The number of people known to have died in the stronger storm in the world this year has risen to 16. The typhoon devastated large parts of the eastern philippines, almost half a Million People moved to safely. It was the equivalent of a category five hurricane and is now heading to vietnam. 18 storm set the philippines this year. Most fatalities in prophecies in province in south of manila. Powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. Haidi . Haidi still ahead, we will be previewing the rba decision. A wave of monetary stimulus after the meeting later today. Coming up next, quincy cosby who has been a former u. S. Tipin that joins us to discuss how markets may move on election day. This is bloomberg. Shery asian equities set for a muted open despite gains of u. S. Stocks on the eve of the election. Joining us for a Global Market perspective is Quincy Krosby, chief Market Strategist at prudential financial. Always great having you on. How should investors position in such a volatile week . Quincy well, it is interesting because it is pretty much a binary outcome. You go in the direction completely towards the biden portfolio and he loses or if he doesnt win, the democrats dont take the senate, you may be a little bit disappointed. You could either just sit and wait but be stock selective of but you would want in a portfolio regardless of whop wins. Or you could look at infrastructure because i think President Trump wins again, he may want to finally issue an infrastructure platform. Because that is something he talked about and talked about, as certainly as a builder, it would be appropriate. Certainly, we think biden will have an infrastructure problem and if none of that works out, you have china with tremendous Infrastructure Spending as they try to ignite the economy. Either way, you are not going to lose on Something Like infrastructure. The materials for example. The Construction Equipment that you need. All of those move towards it. With biden, it would be cleaner. You saw today silver went up quite handily. That is part of the biden portfolio. Nonetheless, think that would be important for his administration. Shery when it comes to construction, we have already seen home prices continue to rise given the really historically low mortgage rates. It seems that is also a given. The Federal Reserve supporting the economy. There are some plays on that front as well. The fomc not expected to move this week. Quincy you saw the homebuilders selling off and they have seemed to have turned the corner. Neither have the homebuilders etf or you look at lennar, they seem poised to do well and the expectations are that the moveng market enjoys a still come even though it has been one of the bestperforming sectors in the u. S. What about some of the other market darlings that have done well for the potential of a Biden Administration . Im speaking of clean energy, renewables, everything tied to potential policy changed in combating Climate Change. Is there a Downside Risk to disappointment once we actually get some policy clarity . Quincy there is. You have to focus on valuations, in addition to the sectors and stocks that would do well. But overall, todays market has a feel that the market is looking at a biden victory, not just in terms of the solar names materials,struction all of them poised to climb higher. But when i look at the small caps, the russell 2000, that has done well. Beating a good portion of the big tech names. Been an that has intermittent move. This has been fairly steady and that also suggests an expectation of a stimulus from theexpecting it democrats and republicans now. Maybe if the president wins, they would introduce one. The Biden Administration would have a stronger, heftier package, and perhaps that is what the small caps are looking at because they need it. They need underpinning of health. Today, we saw midcap, the regional banks in the u. S. Do well. They would do well with a yield curve that is steeper, obviously. But also, more lending and more mortgages all in the midcap arena. If the question is if the market right now looking at a biden victory, the question you asked will we be disappointed if we dont have that . Haidi Quincy Krosby quincy that leads to the next issue, is the fed more important . Haidi yeah. That is really the question. Play, it liquidity will dominate regardless of what result we get out of this week. We really appreciate your time with us. On the other side of the sector is ongoing pandemic recovery. The virtual economics leader later this month. The executive director Rebecca Santamaria spoke to us exclusively about the pandemics impact of supply and prospects for recovery. The member all economies decided to downgrade the growth target for next year, for this year. Next year, we are going to see more positive growth. That is because they are going from a low base. Even so, we are looking at 5 positive maybe next year. Some more optimistic, 7 . You talk about a reliance on china. China is also looking at its domestic economy more and more after its latest fiveyear plan. How do you think this will play out . Rebecca collaboration is so important. Shared goods and best rectus is and how we are managing these challenges. More importantly is the will among the economy to get us moving. To share so we move forward. Haslinda we also talk about disruptive supply chains. We also talk about a bipolar world. I am wondering what are the chances of a tripolar world asia, north america, europe, all with their growing supply chains. Rebecca i think the end of the its not esses orut geopolitical influences geopolitics getting in the way of supply chains. Businesses guide the fed policies. Policymakers cannot make policies in a vacuum. They need to scale from businesses because the policymakers are the ones going out and getting business done. Haslinda thinking about getting business done, when did you see the deal getting cut . Rebecca it is something that is very close to my heart. We decided this at the ministry of industry. Know it willed, i be done this year when the ministers and leaders meet. Haslinda do you see india being included, not just a deal and signed eventually down the road . Rebecca the door is open. Wantst to be everyone to be as inclusive as possible. Strength ins bring multilateral agreements. In a world as connected as we are, this is important. Keeping the doors open and being as inclusive as possible. Haslinda i want to look ahead to the meeting. What priorities are there . Do you see member nations responding collectively coming up with the court and it in response . Rebecca we have gone through a period looking at how we want to move in terms of investment. Goals andat the completion of this year. What do we do next . This is a conversation that has been going on. It is an important conversation that will happen this year. What do we do post . A lot is going on about thinking through the vision for this region Going Forward. Haslinda the pandemic hitting amid rising pressure of globalization but this is not the first time globalization is under attack. Is it any different this time around . Weve had covid infecting trade and investment but we need to focus our efforts jointly to recover. We cannot retreat into ourselves. On shoring sounds good but at the end of the day, it is about job creation, it is about diversity. It is about risk management. Collaboration,e regional collaboration. No man is an island. Secretaryt was Rebecca Santamaria speaking exclusively to haslinda on the. Plenty more to come on bloomberg asia. This is bloomberg. Shery chinese regulators have summoned jack ma and other ant Group Executives were rare meeting ahead of the worlds biggest ipo trading debut this thursday. Institutional and retail demand for the 34 point 5 billion authoring a shooting through the the Stephen Engle tracking developments and joins us from hong kong. What do we know about this meeting . Dont know a lot about the details revealed by authorities over social media. They confirmed there was a meeting between jack ma and the regulators. The banking regulator, securities regulator, the foreignexchange regulator. It is part of the peoples bank of china. All the Main Financial regulators meeting with jack ma as well as the end group chairman. An awareness supervisor interview and as i said, that announcement gave no further details but people familiar with the situation and the meeting are telling bloomberg that aunt has been told they will be treated by regulators as a Financial Holding company and they will be subject to regulations regarding capital and leverage similar to banks. It is not necessarily going to be lumped in as a Technology Company alone. It is going to be a Financial Services company because this is a giant. It is small in name only. Lending,ment, insurance, asset management. It is a huge, and obviously huge demand for this ipo. Government officials are closely, obviously closely watching this ipo and the development of alibabas for big big payment platform. Haidi monetary authorities, Central Banks looking at liquidity. That is the kind of level of demand we are seeing for this ipo, right . Stephen thats right. Theres risks out there. One thing i didnt talk about in the last segment was how those regulators are clamping down on a number of things to control u. S. In the 49 trillion financial industry as china comes up tenuously from the slight,ndemic into a sloped recovery upwards. They want to control the risk. Already we have seen some restrictions imposed on aunt and other lending ant and other lending platforms in china. It is not dampening the demand for this ipo. We are hearing from sources that Institutional Investors are buying shares up to a 50 premium on monday, yesterday. Some trades executed at 120 hong kong dollars a share on the gray market compared to a listing price of 80. We will see you on thursday when the begin trading. Haidi Stephen Engle there. A quick check of the latest is this flash headlines. Twitterverse losses and extending trade after announced it is working with jack dorsey for special plans following comments from an independent panel. The committee expressed confidence and recommended the current structure stay in place. The independent review was set up in cooperation with elliott management. Unwind thebegin to 15 year relationship with until next week. It will host an onne event that will see the design by apple for the first time. Apple has worked 10 of the pc market. The impact on intel may be small but it has been a mainstay for apple since 2006. Entertainment is boosting as it files bankruptcy. The cinema chain is putting up 20 million shares, 5 million more than it proposed two weeks ago. Last month, amc said it would file chapter 11 and seek. Restructuring seek debt restructuring. Theaters may have to close. Coming up next, the rba is extended to cut rates today and add stimulus as it tries to boost the Australian Economic recovery. We get more with guilia specchia next. This is bloomberg. I sent your new prescription to the pharmacy. Any idea how much it will cost . You have a choice. Insurance or goodrx. I have insurance. Insurance is not what it used to be. People struggle to get their prescription covered and prices keep rising. I recommend goodrx. You get free coupons to save on your prescriptions. [narrator] compare prices to get the best discounts. Goodrx, smart. [narrator] stop paying too much for your prescriptions. Download the free app today. More voluminous hair instantly. All it takes is just one session at hairclub. Introducing xtrands. Xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. Theyre personalized to match your own natural hair color and texture, so theyll blend right in for a natural, effortless look. Call in the next five minutes and when you buy 500 strands, you get 500 strands free. Call right now. upbeat music karina this is daybreak asia. We begin with the developing story. At least one person has been killed and 15 more wounded in a shooting in vienna that Security Officials are describing as a terror attack. One of the several gunmen involved was also killed. The shootings happened near viennas main synagogue. People are being told to avoid public spaces. In other news, oil rose the most in three weeks as russia discussed the possibility of delaying opec cuts and its allies by three months. U. S. Futures gained almost 3 , bouncing back from a five month low earlier in the session. Opec already considering postponing for january as the coronavirus continues to weaken demand for energy. Car sales in japan hit top last month, rising at the fastpaced in eight years as the economy recovers from a record contraction. Auto deliveries are one of japans earliest economic indicators. It rose more than 31 from a year earlier, partially due to the distortion of a 26 12 month ago as a sales tax kicks in. The wider economic expansion is inspected to slow towards years and. 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. Im Karina Mitchell. Haidi . The bank of us really is excited to go all out with additional Monetary Policy. Trying to turbocharge a recovery. The virus shut down. Lets get some analysis with giulia specchia. It feels like even a month ago, certainly after the last meeting, there is a sense of wait and see. To see how the existing fiscal measures, existing measures are making their way through the economic recovery. Why the need to do more now . Giulia good morning. Domestically, the backdrop has improved, in terms of the easing restrictions in victoria, what has changed is the global backdrop. Tend tofor a long time, think a vshaped recovery in Global Growth and now that is becoming a little bit less likely with mobility restrictions being imposed again and locked out being imposed again in europe. I think that has played a role in the rba mindset and having to add more to the policy docket. I do think that there has been a change in the rba communication in the sense that they are keen to do more as the economy reopens and in a way to boost the industry and economy Going Forward. Haidi what about the bond buying side of the equation . I guess that is more of an unknown. Giulia yes. Ubs expected today the rba to cut to 10 basis points and lower the yield curve control target in line with the cash rate. So down to 10 basis points. We also expect the rba to lower the cost of the funding facility. Although these policies tend to be connected, they all have the same purpose which is sure the rateing remains low. Buying government bonds. We dont expect the rba to give up quantity. We expect them to keep flex ability and say they will buy bonds across the curve in order to lower bond yields. I think that is priced in the market. I think the rba Forward Guidance heading into todays meeting was very strong. I think they commit to buy bonds. Shery there is the potential the rba could surprise the market. Perhaps not with the rate cut, but in the form that qe could take. This is a pretty volatile week because of the u. S. Elections already. Giulia i think you are right. The market is priced for a rate cut and qe. The risk is there that it could disappoint. I dont think it will disappoint in the sense of not buying bonds. I think all the language around the fact the Balance Sheet, the rba Balance Sheet is lower than other advanced economy is a clear hint that they want to do qe. I think there could be some disappointment in markets in terms of how that is communicating. What we dont know is exactly how much qe markets are expecting. The rba could buy 100 billion and around 20 billion of government bonds. Isis hard to know if that consensus or the markets are expect more from the rba or less. It will be quite volatile at a time of the announcement. There is some disappointment given how markets are positioned heading into the meeting. Shery less time in march when we have the rba cutting rates and announcing targets for the three year yield, we saw the aussie dollar going to the lowest level in years, since 2002. What sort of impact are we seeing the aussie dollar with the announcement today . Giulia if you look at the offshore experience and what academic articles have been saying in terms of currency, we know that qe does have impact on the exchange rate. You would expect the currency will move lower. Buts hard to say how much it will have an impact on the aussie dollar. That is exactly what the rba wants to achieve as well. The Australian Dollar is one of the key transmission mechanism. Thats a time when you want your currency to go below your fundamentals because you need to have a rate for the economy. Shery great having you on. Strategist with a look ahead at the rba decision. Our Global Economics and policy editor Kathleen Hays is here. Jay powell has been widely praised for the Monetary Policy so what are we expecting in terms of President Trump board President Biden potentially replacing him . Kathleen they may replace him because they can. Jay powells term is up in february of 2022 peter on both sides, both candidates, you can see reasons why they might want to switch fed chairs and go to someone else. You see donald trump and jay powell after he was nominated in 2017, and the rose garden speaking there. Was suchdent trump, he a fed basher, why would he pick jay powell now . Powell stepped up quickly, trillions of dollars of support for businesses. Of course, zero rates. Nine fed special programs to lend to needy businesses. Thats got to be a plus in trumps mind. A former fed board of governors economist says, look, trump says he wanted very easy Monetary Policy. Thats what he got. With joe biden, i think theres a question first of all, jay powell is a republican. That might be a question right there. Maybe this team will say look, joe, you have to get a democrat or someone with that background. What comes to my mind is diversity. Democrats are very big on getting women and people of different races, ethnicities, etc. In top positions. On cbs face the nation, raphael bostic, first black fed Bank President , was asked if you would want the fed chair job. He talked about he liked his job very much. People thinking about that. Democrats want to crack down on banks harder. The current vice chair of supervision has helped rollback a lot of those things. They decide lets get rid of randy to find someone else who would be tougher in that position. Richard clarida is the vice chair right now. His fouryear term will be up also in 2020. If you wanted to put a woman in a tough position, the current board governor very close to jay powell might be a good candidate. If joe biden is elected, everyone thinks she is going to be the next treasury secretary. Haidi kathleen, is there going to be any impact from the outcome this week when it comes to the fomc meeting . You a look at the relaxed positioning on markets at the moment. Things that investors have come to terms with the fed driving liquidity of who is in the white house. Kathleen certainly. I think whats interesting too, november 3 is election day, november 4 is when there today meeting starts. When jay powell gets up to speak this is a picture of him speaking at one of the recent press conferences after the meeting this election may not be decided. We dont know if there is a blue suite. They provide would say more fiscal stimulus. If that happens, and it looks like the republicans have lost the senate and the democrats have won it, there will be questions from reporters about that and about stimulus and how that could affect policy at the press conference. Beyond that, we know the fed cannot really change policy much right now because people say the pandemic, the virus is what will determine so much. Any change in the Bond Purchase Program maybe most likely as they say they could be shifting towards purchasing more longerterm bonds. Yields have been rising. We have a very strong purchasing manager for manufacturing in the u. S. As long as the pandemic is raging as much as it is new orders up, the highest since 2004. The fed is not going to do anything, thats what the market is assuming. Thats one reason why they will be quiet this week on the fed. Haidi our Global Economics and policy editor Kathleen Hays. Europe moves closer to widespread lockdown. The u. K. S Boris Johnson says there is no other way and leaders are also feeling like their backs are against the wall. Back to anot going fullscale lockdown of march and april. There are ways in which these measures are less if we were to propose a nationwide restrictive regime which is illdefined and nondifferentiated, the outcome would be doubly negative. This is the target to come within the limit of the next four weeks. We are not in a position where we can make little variances to these rules. We just stick to the basic hygiene measures. Halfhearted and the virus punishes halfhearted this. Haidi with just over 24 hours until u. S. Election polls closed, covid19 infections are surging in key battleground states. President trump had a leg of the crisis has been one of the biggest issues. Will the rise of cases cost him votes . Lets get to michelle cortez. You take a look at some of the key swing states, how bad is the virus situation getting again . Michelle the virus is heading absolute peak levels all across the midwest, which is where a lot of these battleground states are. We see almost 7000 new cases in illinois. We are hitting records in minnesota, in iowa. For absolutely catastrophic people who are trying to get the virus under control and who are afraid for their own health and the health of their elderly family members. Haidi in the meantime, you take a look across the pond, you are seeing the biggest economies in europe also locking down. What are the german and u. K. Leaders saying about the moves . Michelle in germany and in the u. K. , they have acknowledged that the virus is at exponential growth levels and they have to do something significant. We are seeing significant lockdowns in the u. K. They are shutting everything down. Gyms are closed, bars. They are keeping nurseries and schools open. They are trying to have a little bit of an adjustment to things that are most important still opening. Things that can be closed, nonessential activities are being eliminated. Hopefully, there is some impact without the same amount of harm without earlier unless. In germany, similar situation. The chancellors pleading with citizens to follow the rules and adhere to these lockdown measures. Shery france also reporting record daily number of cases on monday. After a bit of a slow down on the weekend. Michelle yeah, we are seeing in france, they actually have tried to slowed thing down to slow things down a little bit and they are trying to open it up again. Find that balance between allowing some activity to continue. Same thing in italy where they will not on lockdown, but hoping to do enough to do the to get the virus under control. We are still early in the winter, and we are heading inside. We are not seeing something that should reverse the damage of the virus. We are not able to open a windows, we are not able to get outside. We are looking for things to get worse for now. The only power we have are things like wearing a mask, social distancing, and distancing ourselves from others which unfortunately for most people looks like it will have to be some level of isolation and shutdown. Shery michelle cortez, our lubricant health reporter, with the latest on the our Bloomberg Health reporter. The fresh restrictions will begin europes airline sector. Ryanair cutting 3000 jobs and expect to carry less than 1 of its normal passenger volume for the quarter. The ceo told bloomberg the new restrictions are political mismanagement on the grand scale. Leadershipduced our to just 40 . We were guiding for 38 million passengers for the full year to the end of march. We think we might have to work that number back slightly. We are running pretty much skeleton schedules for the next month or two. Walready terrible. We dont think these lockdowns will have that much of an effect, although the risk will be to the downside. They are a continuation of the failed policies of the eu governments for the last 12 months. The who said lockdowns are a failure, they should be avoided whenever possible. And use the time of the lockdown to get your Testing Systems in place to avoid a second lockdown. Here, we have the u. K. Government, Irish Government locking us down again. If there was a month to be locked down, the month of november would be the best month. We spent some time there. Rapid testing, 15 minute rapid test. Is that not where we should be seeing a government spend more of their time and money so that we can move around . Is that not ground zero . Absolutely. Im not even sure these 15 minute tests, how reliable they will be. Theres no doubt if the government issues they lockdown to massively boost their test and tracing capacity johnson promised testing and tracing. Testing 5hould be Million People a week. In ireland, we are testing 100,000 people a day. One Million People a week. That is the way you take down the virus. Lockdown, out of lockdown to get. This is political mismanagement on the grand scale. Whats missing is that effective scale testing where you test typically 20 of the population each week. That is the way to get rid of the lockdowns. Manus you strike me this morning with slightly more positive rhetoric. What is the double down trade for oleary in 2021 . What is your big opportunity in this crisis, if there is one at all . Michael i think the opportunity here is reprice the aircraft order for the next five or six years. We are in advanced discussions with boeing on orders, order pricing, compensation. None of those going back into the service. I think the last three months, refine almost every area. We will have more productive labor costs, lower airport costs, bigger growth incentives Going Forward. We can pass those savings on to our customers in the form of lower airfare. I have no doubt in my mind customers all over europe, the first thing they want to do when the lockdown ends is travel again across europe. Ryanaire you will see make enormous market share gains. Haidi Michael Oleary there. Plenty more to come on daybreak asia. This is bloomberg. Haidi we are watching australian copper minors, falling on the back of reports that china is excited to introduce a ban on australian imports of copper ore, among other commodities. Lets get more from ed johnson. We spoke with the former treasurer and ambassador to the u. S. Earlier, just talking about this laundry list of exports that are being targeted by beijing. There is still more there could there is no more they could do. Ed that is right. This has been a steady drip drip of commodities being targeted in recent weeks and months. Weve had barley hit with tariffs. Wine subjected to antidumping probes. Beijing has discouraged tourists and students from visiting australia. Morrisons government seeking clarification of reports that chinas purchases of australian coal. Then came with cotton mills being told verbally by beijing officials to stop buying from australia. Yesterday, shipments are being held up. Later yesterday, the morning post reporting beijing is readying bands on copper ore and sugar. Hitting the shares this morning. Sandfire resources down as much as 9 . Treasury wine also down 2. 5 as we speak now. Shery is iron ore the only major australian export not in beijings firelight . What is next and how did we get here . Ed well, iron ore has not been targeted. I think people view that very much as the nuclear option. It would be mutually assured selfdestruction for china that needs australian iron ore and it would be disastrous for our economy if iron ore was hit. Here,ms of how we got relations were hit when huawei fromnned taking part in their 5g network and its gotten worse ever since then. They soured even further this year when Prime MinisterScott Morrisons government Led International calls for a probe into the origins of the coronavirus. Morrisons government has been quite assertive in pushing back against beijing, accusing it of economic coercion. The comments were very interesting earlier this morning. He was treasurer back in 2015 when australian signed the freetrade agreement with china. And tits interesting he has called beijing immature and accuse them of being bullying and overaggressive. Shery we have seen very strong words come from the former ambassador. Thank you, ed johnson, joining us from sydney. A quick check of the latest business flash headlines. Sces richest man asia richest men saw 6. 5 billion wiped off his fortune as Reliance Industries tumbled the most in seven months. Shares closed more than 8 down in mumbai on a falling quarterly profit as the coronavirus hit demand for fuel. Ambani is trying to transform reliance from an Energy Conglomerate to a tech and Digital Services giant. Paypal fell in extended trait after lowering its fullyear revenue forecast and saying growth slowed in the Fourth Quarter from the first halfs blistering pace. Paypal added 50 million new accounts in three months since september. Softbank vision fund coo has retired the latest in a string of departures from the 100 billion investment vehicle. The departure has been confirmed by the company with the chief of staff taking on his duties. Coming up, and Asia Societys vp wendy cutler discusses u. S. China ties ahead of the election. This is bloomberg. I feel like were forgetting something. Let me check. Xfinity home gives you peace of mind from anywhere with professionally monitored Home Security built around you. No, i think were good. Good. So when youre away, you dont have to worry. The tent. We forgot. The tent. Except about that. Xfinity home. Simple. Easy. Awesome. Hey look, i found the tent get xfinity home with no Term Contract required. Click or call today. Daybreak asia. Im haidi stroudwatts in sydney. Stories thisp hour. The u. S. Election is in the home stretch. The two candidates searching for votes in key swing states ahead of a poll that will shape politics at home and abroad for years to come. Ant groups imminent dual ipo takes a dramatic turn with jack ma and other executives summoned by regulators in china. The company is under increasing scrutiny. It is rba decision day. The reserve bank widely expected to cut both rates and yield targets. Phil lowe seeks to bolster the economic recovery. Closed but investors have plenty to digest this week. Lets turn to Sophie Kamaruddin in hong kong for a check of the markets. Sophie we are on the eve of the u. S. Elections. S p eminis gaining some ground. , he said the era Dollar Strength is over due to the next chapter in Central Banks not being clearcut. Today. Decision due we have a bond buying plan. Yields are under pressure. Aussie shares getting more than 1 . Sand fire resources falling on speculation that china may ban copper imports from australia. Flipping the board in south korea, we will have bok minutes on tap. Data showing korean inflation slowed in october, missing estimate. We have the korean won firmer while the kospi is getting. 7 . This amid local reports that government will halt plans to levy a tax on large stockholders. Lets flip the board to check on other assets of note. Thatplus in view given production increases may be delayed. We have wti gaining ground, extending gains and brent will be in focus as well. For futures, we are seeing them hold steady after we saw cash yields move lower on monday and markets will be looking towards refunding announcement on wednesday after the u. S. Treasury cuts its borrowing estimate. Gold holding onto the two day advance this morning. We are wanting to see if the stalled rally and bullion will be revived if the u. S. Is dollar negative. Much intactpretty for a lot of forecasters. Pulling up the chart on the terminal ahead of the u. S. Elections, we are seeing a pickup across the board. Overnight implied volatility surging to a fresh high, being priced in ahead of the u. S. Vote, haidi. Opinion pollsn are showing joe biden carrying a commanding lead going into that final vote. The markets are far from a foregone conclusion. President trump has a one and three or better chance of victory and that suggest a democratic sweep has not been fully priced into asset markets. Marketring in our global strategist or his view. Great to have you with us. Lets start off with our mliv blog question of the day which is asking you and other Market Participants if you want to lend us your thoughts, which assets are going to move most on the u. S. Election . If you think about the s p futures, the swings were wild. Went from a 5 declined to finishing in positive territory. Are you expecting that kind of volatility going into tomorrows vote . Is that depending on whether we get an upside or downside surprise depending . We will obviously get some type of reaction in the stock market. We will probably see more towards the Commodity Markets on the inflationary impulse. Think there are some concerns on the concentration risk. Im referring to the tech stock and limited ownership. Looking at the make up as we trade along right now, there seems to be a lot of moves in big tech regulation, Climate Change mitigation. Things are coming into play that i think will eventually hold off markets back. But the commodities are starting to look to the opening of markets, increasingly, in our view. If you take a look at fx markets, even on that front, the yen has been kind of very cautious but quiet. We have not seen a lot of price moves. If you take a look at the aussie dollar, take a look at the volatility move we have seen and the yuan, are those really the pairs you have been watching going into tomorrow . Stephen i think you hit the nail on the head. Its commodity currencies. My view is the gravitational i think thats going to be an expression of a biden win. It really takes the next level of the trade war off the table. Thats the way the market is playing it right now. One of the countries im keen on is the canadian dollar. We had an air pocket overnight. Canadian dollar was rebounding quite convincingly. More robust with growth. I expect money to flow into canada. Other building services. Thats one of the countries that got on my radar. Canada is an asset bubble. I think oil will play a significant role. Other commodities will add quite favorably. Shery are there any assets that will be winners no matter what happens . Stephen good question. That is what we are all looking for and thats the problem, trying to find that equation. My view is that the u. S. Dollar goes down on either account. We will get a kneejerk. To thedollar bid dollar. In both scenarios, stocks go up. Regardless of how you want to play, those are the key ultimate focuses into and post the election. Just imagine what happens if we get another 2016 scenario, and a surprise trump win or even perhaps a contested election. Then we have a safe haven rally perhaps in the dollar. Which assets in emerging markets in asia would get the most with this uncertainty . Stephen they would all get hit. I think the yuan would be leading the way and that would just become uncertain. That to i would like happen because it gives me an opportunity. If we are looking at the economic landscape, cyclical development are looking much better. I would like to do that move ultimately. Theres other ways to play in other ways to cut these market moves. Its not all negative even if we have kneejerk reactions. Shery stephen innes, great having your views. Thank you. Strategist. Market lets get to Karina Mitchell for the first word headlines. Group alibaba and ant founder jack ma has been summoned by regulators in china. No details about the meeting disclosed. Ant shares are said to be trading at a 50 premium in the Hong Kong Market with the stock expected to soar on debut later this week. Sterling fell to its weakest in a month as england enters a virus lockdown with an economy already reeling from similar measures earlier this year as well as a looming brexit. France reports record new infections. Germany is urging people to abide by the rules. In the u. S. , new york says hospitalizations are under control. Massachusetts imposes a new curfew. The number of people known to have died in the strongest storm in the world has risen to 16. The typhoon devastated large parts of the eastern philippines with almost. 5 Million People moved to safety. He was the equivalent of a category five hurricane and is now heading for vietnam. Most of the fatalities were in provinces south of manila. 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. Aidi still ahead, what would biden or Trump Presidency mean for trade . Joining us is the Vice President of the asia society and a former u. S. Trade representative. Coming up next on daybreak asia summonede regulators jack ma and other executives for a meeting ahead of thursdays ipo. We have the details ahead. This is bloomberg. Haidi quick check of the latest business flash headlines this hour. Apple will begin to unwind a 15 year relationship with intel, with new Mac Computers hosting inside chips. One more thing. The processes are designed by apple for the first time. Analysts say the impact on intel may be small but intel chips have been a mainstay since 20 2006. Has secured the rights. The agreement assures that users can listen to songs from sonys various labels and cons on the app to collaborate. It is making more than in its previous deal. Soars after delivering 5000 cars. Record and the markets take its market valuation to 44 billion, topping more traditional carmakers i40 and g. M. Area tesla is currently valued at 336 billion. China wants 15 of all new car sales to be new energy powered by 2025. President trump and joe biden are in the final stretch of the campaign with a blitz of rallies critical to the election outcome. Subject right and is holding onto his lead in key swing states although some remain tight. Ed ludlow is in one of the states right now, in maricopa county. A reading critical to the hopes of both campaigns. Arizona has been particularly important. Explain to us why and what we can ask that there. It is emblematic of what we are seeing in suburban communities all across america. That is College Educated white women principally it also other democrats moving away from the republican party, in some cases, planning to vote provide an even if they are registered republican. A story of vastly growing population and changing demographics driven principally by job. There are a lot of tech jobs in the state. The polls suggest biden has the lead. In arizona, he led by three points for several months. A new poll today put him level with President Trump. Strategists i have spoken to in both parties say that this race is going to be much closer than the polls suggest and one big factor is both of them agree, democrats and republicans, that trump will be able to energize his supporters to go out and vote in person. The early voting data has been substantial so far, showing it exceeded the 2016 election. Thats what republicans are telling me in arizona. On election day, from Trump Supporters in particular, to be strong. The question is whether he can get more moderate republicans to come out as well, and the big factor in all of these swing states is the role of independent. Republicans in arizona have been able to win the independent role in the past. The question is whether they can do it again this time around. Haidi the president ial election is getting the big headlines. We are also looking at the Senate Reelection front because that is where we will see polls. There might be policy paralysis. Add to getll need to 5050 in the senate here in arizona. It could be the case that the state returns Democratic Senators to washington for the First Time Since the 1950s. The democrats made progress, beating out martha, a republican. She would then return to the haste by the state governor an appointment on john mccains seat which was vacated by his passing. Ups time around, hes against a former astronaut, a democrat he has lead in the polls. Stands, basedit on polling data, looks like arizona will return Democratic Senators to washington for the First Time Since the 1950s. Haidi ed ludlow in arizona, one of the key swing state. For both president ial candidates. We have plenty more analysis on the u. S. Election. We will be speaking with windley kotler this hour. Cutler this hour. Businesses migrating towards Cloud Computing and sap is one of the firms that took a hit. Euro put a positive spin on the company cutting revenue forecasts. He tells bloomberg its a sign customers need them more. R de want to invest into with our customers because they need us now and tech is the key enabler to come out strong out of the crisis. Shares, but s. A. P. Which have been rising going into this, have now plummeted. Investors have confidence after such a massive blow . Emily, as i mentioned, we have guidance. Now, i dont want to force our customers to buy more while they want to move to the cloud. Sap can enable the move to the cloud. So this is why we are now shifting parts of our guidance more cloud. We will accelerate the growth in the cloud even more and when you look at our q3 number, many said why is cloud revenue only 14 . 26 ,loud revenue was up and with that, its if you exclude our travel and expense solutions. And who can blame them in this crisis are not warming their business, and this is only a matter of time after covid. Im extremely confident that this is going to accelerate our growth in the cloud in the years to come. They this what emily projected that this was some sort of bad omen. He said you were going through a ceo transition. You have not navigated that transition into the cloud well. What is your response . Do you think Companies Need to worry about the forecast ahead . I met lastmark and time and davos. I dont want to talk about in davos. We are focused on the success of our customers. Lead and theet growth is skyrocketing. Now, we are also focusing on making the Connections Work between the Foreign Office and the supply chain. This is what we are focused on. I wish them all the best. Emily do you think this is accelerating a shift away from on premise permanently . Christian absolutely. Our guidance has a decent performance. Investorsked to many while they were disappointed about the shortterm change of our guidance. Everyone said this is the right thing to do because the cloud is the way to go and this is what makes s. A. P. Successful, especially on the midterm and longterm. Everyone was happy about that. We have 200,000 customers in the u. S. Not one customer complained. Everyone reached out to me and said thank you for listening to us. Thank you for moving us to the cloud. Rmbhe u. S. , we have many left. We want to invest. We want to see how businesses run. We can really make this transformation for our customers. Emily you have an interesting outside advantage point of the u. S. From germany. We are heading into a crucial election. This could be the most volatile week for the markets all year. How does whether it is biden or trump in the white house impact your outlook . Christian i am a german so i will be a close observer tomorrow. All i can say is that the United States was always a great partner for europe and s. A. P. I wish them all the best for tomorrow. Shery Christian Klein speaking with emily chang. Dont forget our special coverage of election day will begin at 7 00 p. M. Tuesday here in new york. Thats 11 00 a. M. In sydney, 8 00 a. M. In hong kong. This is bloomberg. Shery we have another on the bloomberg. We are hearing that ate Chinese Military aircraft have entered taiwans air defense identification zone. We have seen lots of chinese aircraft, more than a couple of dozen entering this taiwanese space in the last few months. The u. S. E have election just in 24 hours. We are now seeing that eight veinese military aircraft ha entered the zone on november 2. Lets stay with china because regulators now have summoned jack ma and other ant Group Executives for a rare meeting ahead of the worlds biggest ipo trading debut this thursday. Institutional and retail demand for the 34. 5 billion outbreak is shooting through the roof. Thehen engle he is tracking developments and joins us from hong kong. Attention is coming from regulators. Do we have any more idea about this meeting . Christian china has been stephen china has been imposing demands on conglomerate like ant conglomerates like ant to curb the industry, especially as the economy is emerging tenuously out of the pandemic slowdown. Ant specifically has been hit with a series of new rules. Use toon its assetbacked securities to fund quick consumer loans. This is a broad Financial Services company. Alipay payments but lending, asset management, insurance, and chinese regulators, you mention, including the securities regulator, the banking regulator, the state administration of foreign exchange, the foreignexchange regulator under the pboc, they have all summoned jack ma and other executives of the ant group. And according to the posting by the government, it was a supervisory interview. No further details were given in that announcement, but people familiar with the situation are telling bloomberg they were told those executives, including jack ma, were told it will be treated as a Financial Holding company, and therefore, they will be subject to regulations regarding capital and leverage similar to banks so would not just a Technology Company. Its a financial institution. Its a bank. Senior executives will be under increased scrutiny as well. Haidi we have all heard about the different types of incredible demand for these highly anticipated ipos, including the liquidity situation. And the demand for the hong kong dollar. What are we seeing . Christian incredible demand. This starts trading on thursday in hong kong and shanghai, and according to people familiar with the situation, saying Institutional Investors are buying shares at a premium or at least up to a 50 premium on the gray market yesterday, upwards of 120 hong kong dollars a share. On the gray market compared to the listing price of 80 . This is one of the most anticipated ipos ever and its getting big demand from institutional and Retail Investors in shanghai and hong kong. Stephen engle with us. Coming up next, what will u. S. Trade look like under the next president . We will be discussing the prospects with wendy cutler, the u. S. Trade representative. This is bloomberg. Shery take a look at how markets are trading at the moment. Japan is away on holiday. It is culture day in japan. The kospi gaining ground more than 1 . You have energy and materials leading the gains. We have seen positive sentiment emanating from the u. S. As well. Stocks pushing higher despite the uncertainty over the u. S. President ial election. You do have the rba Rate Decision today. Another big factor investors have to consider. The asx 200 gaining one point 6 ahead of that Rate Decision, expected to cut rates, reduce its three year yield target, unleash for their bond buying. He restocks also higher kiwi stocks also higher. Trade relations with key partners have been under pressure during the trump president. What can we expect on this front . This has been a talking point in the runup for the vote. For more on watch a policy would look like, not to mention compared to another four years of President Trump, we are joined by wendy cutler, Vice President of the asia society and a former trade representative. Always great having you with us. Theave talked about how tone of trade relationships could change if we see a biden presidency. I wonder, on the policy themselves, will there be such a big difference when both candidates right now are advocating for, by americans, some people saying bidens Campaign Policy is like preferential treatment for u. S. Groups, but not going to be that great either . Wendy there will be similarities between a trump and biden approach on trade. Desire to bring back manufacturing jobs to the united dates. With that said, i think there will be important differences and the Biden Administration in particular put a premium on the need to work with allies and partners with respect to approaching china and dealing with other serious trade issues versus trump, where we can expect a Trump Presidency where we can expect more unilateralism and kind of this going alone approach. Relationships would a Biden Administration prioritize . During the trump administration, we have seen so much pressure on alliances with traditional partners like canada, the European Union as well, not to mention we really dont have much in terms of a phase two trade deal with china. Wendy right. Theres a lot of partnerships that need to be fixed under a Biden Administration and reset, and europe is high on that list where they have really taken a lot of actions against europe. Thankfully, europe has done some horrible things to the United States as well, so i think there is an opportunity for both sides to sit down and navigate solutions to some of the problems, but i also see a real need to figure out what we are going to do with china Going Forward and here again, the key is to work with allies and partners, recognizing they are not going to share all of our interests with respect to confronting china but they also faced challenges from china so there are opportunities as long as we are respectful and keep our expectations in check. Haidi the china issue, its an existential one for this time. This strategic competition between the u. S. And china is going to continue regardless of who is in the white house, so what is the best approach to beijing while pushing back in a way that does not undermine the economic relationship . Wendy we need to recognize that there are certain global issues where we are going to need to collaborate with china. Particularly with respect to Health Issues or climate. That does not mean we cannot compete with china and also, we really need to get our domestic act together so we are stronger at home, so therefore, we can present a stronger United States to china and also to our trading partners who are wondering, are we really going to be there with them going all word forward . Haidi there are big implications out of this election. As a result of the changing relationship with china burma middle nations like australia because the pushback on canberra and the subsequent response and retaliation from china that continues with the latest on a list of exports we targeted this week. It seems to be response way lashing out in washington so have you seen improvement in some of these regional asian trade ties, if there is a changing tone from the white house . Wendy i think so. I think of countries like australia, canada, korea, if they know we have their back, i think they will be more willing to cooperate with the United States and work with us on how to apply carrots and sticks to china in order to create a level playing field. Right now, everything is so unpredictable and erratic. A lot of countries are dependent on china for trade, for investment, and china is recovering from the pandemic much quicker than other countries. So we need to recognize and respect their relationship with them but also work with and let them know we have their back and are willing to jointly address concerns with them rather than taking out our angst and anger against them. Been how much has china able to take up from this power void as the u. S. Has retreated from the global stage in the past few years . Wendy they tried hard. We made some serious mistakes in terms of alienating a lot of countries by being too aggressive. But we only need to look at the World Health Organization and other u. N. Organizations where china has really filled the has leftat the u. S. The organizations or decided we dont want to be active in those organizations. We are now even seeing them in the wto where the united dates is alone states is alone in not approving the candidate from nigeria as the new director general of the world trade organization. Shery you took me to my next point. This is a unilateral opposition by the u. S. , and some countries are saying that perhaps we should wait until after the election. However, given the circumstances right now and how much power the United States has over this organization, it essentially blocks this judicial system from operating properly. What are your expectations for how this will unfold . Wendy right now, the wto is in a deadlock. There will be efforts between now and november 9 to try and reach an accommodation, but frankly, i think all eyes are on our election and i think of vice ns, there biden wi is hope that the United States will throw its support behind the nigerian candidate that also recognizing that the korean candidate is very strong and wellqualified as well. Its just that she has not gained the consensus that the nigerian candidate has obtained. ,aidi that was wendy cutler Vice President at the asia society speaking to us. Navigating washingtons relationship with beijing will be a crucial task for whoever wins the race. Tensions between the two sides continuing to worsen. In an excuse of interview, we spoke with the founder, ray dalio, on how the elections outcomes affect the direction of u. S. China ties. That, well, so many thoughts. Powerk there is a rising that iswith a power having problems. Times inppened many history. Over the last 500 years, it has happened 16 times. 12 of those times ended up in war. Im not saying we are going to go to war, and god help us if we do, because it would be the worst war we ever had. There is that element. For example, the united dates is in that region as a result of world war ii and then there were territorial issues such as that which exist with taiwan and so on and each can view the other as a threat or cooperation so i requires that if it one to realize that these conflicts could be terrible. Beyond imaginable. The capacity to do each other harm in any one of these dimensions. When we come into the new Biden Administration, you are still going to have that and then you will have Different Things to argue about. Moreiden administration is it has a different set of priorities. For example, the human rights issue is a big priority for the democrats. In the case of china, sovereignty is they important thing. The human rights issue is they view which has an internal sovereign issue. I think the big picture is you are going to have the same setting. Samere going to have the issues. Now, will you have a more reasonable approach . I cannot say. But i think the same fundamentals of the rising power, challenging the existing power in the ways we have just ascribed and issues will remain. Shery that was ray dalio speaking with david ingles. In a moment, investors are widely expecting more stimulus from the rba later. We will look ahead to that decision, next. This is bloomberg. Karina this is daybreak asia. I am Karina Mitchell was the first word headlines. The u. S. President ial election is in the home stretch. Polls closing less than 24 hours from now in a handful of states. Both candidates searching for votes in an election that will shape politics at home and abroad for years to come. President trump and joe biden have held rallies in key swing states. Allegations of fraud and fake news and continuing debate over race relations. The president repeated his doubts about the veracity of the results. Meanwhile, federal and state officials have erected formidable barriers to stop foreign agents interfering in the election. Have aecurity experts wideranging effort to ensure American Voters are the only ones who decide the white house race. Officials acted after reports that russia meddled in the 2016 election and that moscow and tehran may have interfered this time. At least one person has been killed and 15 more wounded in the shooting in vienna that Security Officials are describing as a terror attack. One of the several gunmen involved was also killed. The shootings happened near viennas main synagogue. People are being told to avoid main spaces. In other news, oil rose the most in three weeks as russia discussed the possibility of delaying output cuts by opec and its allies live three months. U. S. Futures gained 3 , bouncing back from a five month low earlier in the action. Opecplus was considering postponing supply increases planned for january as the coronavirus continues to weaken demand for energy. 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. Australias central bank is expected to cut Interest Rates to a fresh record low. And on these for their buying as well. Lets go to our editor for more. Why would the rba be looking now that we have the economic recovery seeming to gather momentum, we have the restrictions being lifted in victoria. Yes, so the rba and its minutes from its last meeting said the transmission of Monetary Policy had been impaired as a result of the virus containment restrictions. But further easing will gain the most traction as the economy opens up. The nation is freed from the harsh lockdowns. Nowrba is helping households and businesses will have that confidence to go out and spend the extra stimulus that is expected, get people back into jobs and the economy stronger. The rba is widely expected to lower the cash rate and the three year target, yield target, 2. 1 . Expectation of expanding bond purchases further along the curb, following governor low in a question midoctober. Highlighted it was much more developed than world counterparts and the bank was trying to work whether bringing down rates would help to generate jobs. The rba has flagged it as a priority. Some economists expected this would come under a traditional qe program when it announces plans to purchase a set quantity over a set period of time but it could also be another yield curve target to complement the three year following the success the rba had or it could simply, as language that the rba is actively targeting that part of the curb without setting a target and this would allow for maximum flexibility that the rba has traditionally favored. Expecting inre we terms of the shape of the longer dated bond programs . A lot of that has been choreographed when it comes to the rate cut, but what about the form qe could take . That was the key. If it does come as a yield target or if it is just that flex bull language, but i think any option that does come through, the rba will be looking to incorporate semi government bonds as well. Down the borrowing cost of the states as well, helping that recovery along with any state on infrastructure projects. We also have the rba releasing its quarterly forecast update. May expect the rba to share its updated forecast on where it used to be on a clement rate peaking and how long it will take for the economy to recover but it suggested the Unemployment Rate is expected to peak lower than the 10 rate they had. They are hoping for additional stimulus today. It is expected to come through and really get the economy going the lockdown has largely finalized. Shery our Bloomberg Economics editor with what to expect from the rba. Dont forget our interactive tv function, tv. You can catch up on past interviews as well as dive into any of the securities or bloomberg functions we talk about. This is for bloomberg subscribers only. Check it out at tv. This is bloomberg. Haidi a quick check of the latest business flash headlines for you. Families of the victims of a boeing crash are calling for revision to propose new training for the grounded plane. The Pilots Association says the faa checklists are clunky at best and should be streamlined. 150 seven people were killed in the Ethiopian Airlines disaster and they seek design changes and the publication of more detailed training programs. Spacetions for the flight are put going well. It would be the first time they have sent a craft into orbit and second of the two pilots on his sixth journey. Virgin needs more data to become a commercial space firm. Have more detailed testing. Norwegian cruise lines is extending the ban that introduces the start of the Coronavirus Crisis until the end of the year. The u. S. Cdc said cruise lines could restart operations from this saturday although strict conditions are required. Carnival is extending its suspension, keeping operations on hold through to december. Drugmakers are racing to leapfrog other pharma firms in developing a coronavirus vaccine, but that is raising questions about how stringently their vetting is. Our managing editor has more on this so how much clarity do we have over standards and safeguards when it comes to these Chinese Developers . Bit lesse a little from the chinese side then we do from among these western developers. Typically, you dont get a huge amount from vaccine developers. Of this is different because the huge amount of scrutiny and anticipation when it comes to Vaccine Development for covid19. Companies like madrona, astrazeneca, moderna, astrazeneca, they are releasing a lot more than they normally would when it comes to their progress and some of the pitfalls they are having when it comes to their Clinical Trials. We have not heard anything like this from the Chinese Developers , and they have been consistently saying that they have not had any serious Adverse Reactions among the volunteers in their Clinical Trials. Experts we spoke to say it is statistically impossible. Haidi what are the bigger concerns here . You want to be safe and effective, so is there a sense that china is getting a little bit ahead of itself . Potentially. There is concern that not only are they doing these wideranging and large Clinical Trials, you have Chinese Developers testing everywhere from indonesia to pakistan, many of them in phase 3, but they are also make quite big use of the emergency use authorizations. And that means that a wide range of people, not just frontline , arers like medical staff getting these vaccines that have not been approved yet but also workers at state run enterprises who are traveling over use in china. Also, to get these vaccines that are yet to be proven effective and days. Thats raising a lot of concern because that number amounts in the hundreds of thousands of people with very little monitoring that we can tell of the reactions or even the effectiveness of the vaccine and those people. We to aow close are potential chinese vaccine . Mean, we hear a lot more from the western developers about when they are going to release interim data in the next month or so, for example, when they are going to update demand. It might bed that this year that we get some sort how trials aren going for some of these developers, but otherwise, they have been quiet. Potentially the fact that they are rolling it out right likely has shown that while they dont have concerns perhaps about the safety, they are still testing efficacy, which at the end of the day is what everyone is waiting or. Haidi what is the difference in terms of risk, being able to monitor people that qualify under the emergence this program to the data that is collected and disclosed to regulators under Clinical Trials . Emma its like night and day. Clinical trials are run by independent companies separate to the vaccine developer whose monitoring the conditions under which People Volunteer to get the vaccine. Assembling a wide group of volunteers to make sure they are testing the vaccine in a variety of people. When you are just giving it out and emergency use, as far as we can tell from the only have akin to, is very little followup with these people vote on whether they will get the virus, getting a vaccine. That means its not effective, or whether they are getting any kind of reactions, whether thats the lowgrade adverse events potentially get with vaccines like a low fever or rash at the infection site or whether they are in something much more. And potentially not linking it to the vaccine so its a bit of in terms of understanding whether this vaccine is having an impact on people that we have noticed in our research. Haidi a lot of questions. Emma obrien there. We will be discussing how markets could react to the u. S. Election result, which assets will be most affected. David joins us was our special coverage of election day will begin at 7 00 p. M. Tuesday in new york, 11 00 a. M. In sydney, it 00 a. M. In hong kong. This is bloomberg. 8 00 a. M. In hong kong. This is bloomberg. When you switch to xfinity mobile, youre choosing to get connected to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Tom welcome to Bloomberg Markets china of thing. I am tom mackenzie. Yvonne we had david yeah county done. Its get to the top stories today. U. S. Election is in the homestretch. Searching for votes ahead of a poll that will shape politics at home and