How much commitment is there . We have china announcing a net zero target. We have japan leading in hydro. Can asia lead the way in clean energy . Yeobee yin i am very optimistic about this because of the size of the market. I think with china, making that type of commitment, it helps for countries to make the same type of commitment. I agree with president jin. I think china can reach the goal because of the market. Aen you have the market and government that says you have to reach this, what will happen is innovation. As we innovate, the price will go down. I am very optimistic. There is one thing i think how do you open up to make it competitive to drive Competition Among prices . We are quite regulated. Can we make it more deregulated . To make this a competitive market, that is when you drive innovation. Some of the things policymakers in asia should think about, how in oururther liberalize own way to drive innovation . I am very optimistic. On this very important issue of the financial cost of renewables visavis the Economic Cost of the traditional fossil fuel. The issue is, some people say affordability. I do not have to give you the ever reducing cost of renewables, which are undercutting the traditional fossil fuels, such as coal. The social is, it is policy. It is not really affordability. Affordability could be misleading. Costs ofok at the renewables versus coal or fossil fuel, is the price difference the price difference is not that much. Most people can afford it. If they are very poor, they should be supported by the government through policy. Affordability is not a strong argument against quick transition from fossil fuel to renewables. Maybe it is in malaysian context. Intermittency, you calculate electricity on solar versus that of coal, then yes. You need it as a base. That means a replacement of coal. A replacement of coal can only happen when the solar battery is lower than coal in cost. It has been achieved in china. I think we still need to make it affordable, and open up the market. The moment you make Technology Affordable and opening up the market, that is when it is most efficient and driving the whole coal industry. Your views on making it affordable and having technology . Go ahead. If i may add a bit to this issue. We are not only talking about electricity, we are also talking. Nergy use carbon . Like mangroves and others. If you are only talking about Climate Change from the energy sector, this cannot be comprehensive solution. See ald like to comprehensive solution on Climate Change mitigation. Fast runningare out of time. I wanted to do a round robin on the polling question. Can asia remain the worlds Fastest Growing economy and reduce emissions at the same time . A, it cannot remain Fastest Growing without increasing emissions. 2060 goal showsr the way. C, it can, technology will solve the problem. Not, industrialized countries should shoulder the burden. Yeobee yin mine is number 3. More efficient markets. Jin . Nda president jin liqun i agree. Haslinda that is one area of the two can agree on. Yes. Together. To work i do not think one country can do it alone. We have to establish Cooperation Among countries in order to solve this problem. This is a global problem. When we are established, i believe we can solve this problem. Zhang yuzhuo [speaking nonenglish language] i totally agree. It looks like 3 is a good option. Governments should offer more in terms of policy and globally we should join together, join hands and push together on technology advancement. Haslinda on that very , thank you soe much for being so candid today. Thank you. Rishaad that was a Panel Discussion at the Bloomberg NewEconomy Forum on asias energy destiny, hosted by my markets coanchor haslinda amin. More big names coming up. We will be hearing from bill gates, and imf managing director, the head of the w. H. O. , and moderna chief executive. Onhave conversations online, the terminal and social media. You are watching bloomberg markets. I am joined by Juliette Saly in singapore as well. Juliet good morning. Our top stories this hour as we check in on market action. We are seeing asian benchmarks come off of those highs. 13 sessions of gains on the asian benchmark index, the longest streak since 1988. Today we are seeing a pullback similar to what we saw in the u. S. As the coronaviruss bread overshadowed the vaccine. We are closely watching what is happening in other asset prices. The bloomberg dollar index had been falling to april 2018 lows, but in a rebound coming on the index. We have been watching bitcoin, back below 18,000 after it hit levels we have not seen since 2017. The dollaryen study. And gold steady as well. Rishaad lets get to the first word news. Pfizer announcing Clinical Trial data shows its Coronavirus Vaccine had a 95 efficacy, paving the way for the company to apply for the first u. S. Approval for a coronavirus shot. They say vaccineprotected people of all ages, ethnicities did not show significant safety problems in a trial. It included 44,000 participants. Our goal is to supply up to , inillion doses in 2020 europe and the united states. Is to producegoal at least 1. 3 billion doses. Rishaad china says it is confident about the state of the economy, despite surging virus numbers and a gloomy a looming global recession. Li keqiang said it will grow despite difficulties and surpassed 50 billion. He said china shifted from rapid growth to highquality development. Tension is rising among Oil Producers with the United Arab Emirates floating the idea of leaving opecplus. They have not given public details over its plans, but tensions have been rising between abu dhabi and saudi arabia, after uab raised quotas. It could undermine the already fragile oil market. Airlines preparing for the x,turn of the boeing 737 ma lifting the 20 month grounding. America the first to reintroduce the plane, with flights introduced for the ninth of december between miami and new york. Passengers will have a choice 73ether or not to rid ethe there are requirements including7 max. Power of the monarchy, asking for a committee to rewrite passages do not involve the king. They said they will step up rallies to include royal changes and the resignation of a Prime Minister who has so far refused to go. Asia offering hong kong staff greater flexibility to work remotely, up to four days a week from home. The bank wants to become more flexible in how it operates. Last monthre said more Remote Working could reduce office costs and it will staff will ultimately work from home half the time even after the pandemic. That was first word news. Up next, we are speaking exclusively with the Singapore Exchanges ceo on his efforts to more appealing destination. At 11 30 hong kong and update on singapores plans to keep the virus in check. This is bloomberg. Juliette the battle for business among major exchanges has been hitting us. The Singapore Exchange is one of those looking to muscle and. The lion citys operator has teamed up to deliver asian multiasset solutions. Lets discuss this and more. The Singapore Exchange ceo, loh boon chye. Thank you for joining us. Tell us how this is going. It is going very well. We have launched a new series of 100 cts that cross almost of the gdp. Our most recent launch was one of the most successful we have had just in the short span performance. A good amount of liquidity. Hours in terms of hours, helps investors in asia. Juliette telus as well a little bit about sorry. I wanted to ask you a little bit about the partnerships you have coming through. We understand there is a lot going on. It is a broad partnership. Partnership tohe a much higher level. Fixed income listed real estate and products with esg. Working on our reach and launching futures. We launched with ftse, the worlds first ever Chinese Government bond etf. It has now crossed over 1. 1 billion u. S. Dollars, the worlds largest. We are looking at a chart for terminal viewers, showing the Singapore Exchange to the hong kong exchange. The hong kong exchange, one of the most expensive. How are you attempting to lure singapore and to tech stocks in particular . Loh boon chye the Singapore Exchange is asia [indiscernible] into 100 ofss asias market. It is not just in equities. It covers fixed income, currencies and commodities. Equities and ipos are important offerings. I think Global Investors today look beyond the listing of international exchange. Of our listed companies on the sgx, over the last five years, they raised four times more funds in the secondary listing. Our desire is to provide a robust and resilient platform for companies who not only list, but raise capital while being listed on the exchange. That could come in the form of debt. With a Broader Service offering. We expect more listings across different sectors in the coming months. Month, on the exchange it has been doing very well. A lot of people have been saying you need to do a transformational acquisition, a big deal. You have all of your ducks in a row in singapore, but you need to expand elsewhere. Are you going to do them . That . Loh one of the key things besides a Market Exchange is the partnerships. We are also expanding our global footprint. We have been busy in the past four years building up our exchange. At the same time, we are expanding our scale and product offerings. Cloudbased leading we acquired a leading cloudbased fx and a smart data index company. Provide investors with a full range of multiassessed asai solutions in asia. Asia is leading the rebound in terms of economic activity. Thats the place to provide platform into asia. Didaad absolutely, but you not answer my question, which is, are you planning a big acquisition . Loh we are acquiring many during this period. In terms of the various acquisitions made in the past few months, we are always looking to provide more services and products for our customers. Something. Ll me you have this partnership with ftse. Do you expect that to make up for the loss of msci business . Up, it is not to make a launch of new products that dont just cover the different equity indices in asia, it is also fixed income. The Chinese Government bond is a good example. There will be paddocks around esg. We could also level up with more sustainable products on the exchange. Ftse allows ush to reach our customers globally. More than 25 of our traded volumes are from the socalled overnight session. Clearly, a partnership and International Expansion has allowed us to do that. Quickly, what about the update about the derivative trading link with india . Loh we are working very closely with our counterpart, the National Stock exchange of turn the link. International dissipation, with nifty products. We are excited to provide new value. Rishaad that is all we have time for. Thank you. Please come along with us again. We have been bringing you these big conversations, speaking at the Bloomberg NewEconomy Forum, talking life after the pandemic. Blackrock Ceo Larry Fink talked about the stimulus and what Election Results will mean for markets. Larry i would say overall the market likes a divided government. They want to make sure there are proper checks and balances. We have seen in the past with a government totally controlled by extremes, you see more in terms of positions they have made. Divided government, but i do also strongly believe the market is not is in desire of more stability, of less volatility. They are looking for a voice that moderates, not a voice that insights. Incites. Bideny believe president can be the voice of reason. If we all listened to his speech last saturday when he talked about one america, not a red or blue. By marketplace is encouraged having a leader now that is more inclusive, a leader that can bring more global harmony. I think we are all tired. We are tired of the volume we hear out of all out of washington. We are tired of hearing about covid. We are worried where we are going right now in these coming weeks. We are looking for a new leader to help us navigate covid and moving forward, we are looking for a leader who has a strong opinion on climate and is looking to work with the world on moving forward both in climates and other global issues facing our world today. Markets are assuming a stimulus bill of at least 1 trillion of payoffs in the lameduck and another stimulus bill will happen early in the ministrations. If there were to be no stimulus bills of size, do you think the markets would take a bad reaction to that . Larry i would take a very bad reaction, probably. I think we as an economy and most developed economies are overly reliant on monetary policy. Tohave seen great support the Capital Markets and we have been benefiting from that. If we want to create a more equalized economy, we have to do targeted fiscal stimulus. If we are going to only rely on monetary policy, that is just an example of more and more income inequality. Those who own Financial Assets are generally wealthy people. The poor do not own Financial Assets. The divide because of the strength of the equity markets and job losses we have witnessed has created even more of an income inequality. I am fully supportive of monetary policy. I believe what jay powell and the Federal Reserve has done is nothing less than amazing, but if we are going to try to rebuild our economy, we truly need a targeted fiscal stimulus for those who are still unemployed. We need a fiscal stimulus for some of the cities most impacted. I do believe a targeted fiscal stimulus will be in order finktte ceo larry speaking at the Bloomberg NewEconomy Forum. Lets look at markets. We were on an incredible streak in asia, but we have seen weakness elder into the msci index which had been at records, and a row, the longest winning streak since1988. Down 0. 6 . Japanese market yesterday, and uptick in virus cases in tokyo. The hang seng index up 0. 7 . Weakness coming through in chinas market. We have been watching other assets. The bloomberg dollar index has been rising after earlier lows onto april 2018 vaccine optimism. Theks we are watching in japanese session, toshiba rising. Plants. Two chip down. Como xi jinping to speak at a summit. Trade will be a focus. President trump has his chance friday. This is bloomberg. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Rishaad Chinese Companies have made an aggressive push to be at the front of the race for a covid19 vaccine. Investors have been chasing opportunity and in the broader Chinese Health care sector. Has beenyu leung participating in the Bloomberg NewEconomy Forum. Thank you for joining us. When we talked it was the middle of the pandemic, in march, i believe. How did you move the business during this time . Nisa great to be here again. Busys been very, very since march. During february to may timeframe it has been slow, but things picked up starting in june in china. Some people call it the revenge investment. Now we are seeing excitement and health care. A lot of excitement in ai, semiconductors and so forth. 1. 2ve just closed a billion fund a couple of weeks ago, the largest vc fund raised in china this year. We invested in 60 new companies. On top of that, 80 plus of our companies have raised rounds. I am dealing with three of our companies that are closing rounds. All of them had 15 to 18 [indiscernible]. The market has been crazy because some