Transcripts For BLOOMBERG Bloomberg Markets Asia 20240711

Now because you are only the second wealthiest man in the world, right . Many companies are racing for a vaccine. This ceo is emma wants me. Has a vaccine that will help cure covid 19. How me times a day to people ask you when youre vaccine will be available . Regularis a very question. Have alluently, we been delighted to see the very recent years that some of the first results coming through on vaccines. Yesterday, i was on a call last globalith 10 of the pharmacy ceos that are heavily involved in bringing solutions to covid. We are excited and optimistic to see the first data come through and looking forward to seeing more come through in the next six months or so. We have three vaccines and the clinic and to therapeutic treatments. Everyone is understandably inpatient. We wipe off with the pandemic 500 billion of value with the world. I think that we can be increasingly optimistic that the science will win. Mobilizedry that has so fast it will start to bring Scale Solutions and we will need more than one that is for sure. Have anormally to vaccine, it takes years. This is being done and basically a year or so. Is it because you have so many people working on it that you are able to do it so quickly . Or is it less complicated and people originally thought. Complicatedains a effort. When youre facing a Global Crisis of this scale and this impact, there are many reasons that we have been able as an industry to mobilize behind getting just some faster solutions. The ways that you get to go incrediblean mobilization and partnership with regulators and governments. The fact that we have all been youllel parking work that might normally do sequentially. That has been threeputting i risk. Signed ahy many of us commitment around the quality of the work, the scale and the trials and commitment to safety. And wherever the pressure madeve come from, we have sure that the trust and the vaccine has paid. The road will been the world will pay a big price. This is been the biggest contribution to human health is clean water. David some people are not willing to take a vaccination. Some people have said in surveys and the United States that they may not want to take this vaccine. I think it is been politicized, some people do not like vaccines anyway. Are you worried that people will not take the vaccine . Emma yes of course. We remain concerned about vaccine hesitancy. We have to be incredibly respectful about what people have these questions. Have we been able to move fast . Have the Companies Put in the right processes of scales and trials. What transparency are going to bring to these processes . What does it all mean for these things to be stopped and stopped . Making as to be commitment, and we have done this publicly, to make sure that we share data transparently and partner with governments who ultimately are those that guide Different Countries around policies and dish missions to reassure people. We do not worry about our children dying of measles anymore. Smallpox has been eradicated. Polio, nearly so. This is because of the incredible contribution to protect lives. Protecting lights is always better than intervening at a later stage. Partnered upve with another pharmaceutical company. Like they do not have done this yourself . Emma i think it is one of the great things that we have seen in Many Industries through this pandemic, this incredible collaboration against a common competitor or enemy. When we announced our approach to Vaccine Development in february, we said that our best chance of contributing gsk Science Technology and knowhow was to offer our technology to help make other vaccines more effective. This technology that has been proven in pandemic to any credible partner. We have three vaccines partnered in the clinic with others. That technology has proven and the pandemic to work on older and it a more toufacturer way to get scale. To a safe andting effective vaccine, we need to get to scale as fast as possible. Our route to that was partnerships. David there are two questions that people often ask as well, about whether the vaccines will be available to whom are they going to be available first . If you come up with one, who gets them first . Private equity professionals . And what would cost . To find a nore questions. The beginning, we said that our principles were around global access, a getting to billions of doses and having multiple vaccine solutions, not just the first one off the block. Some of the new technologies that are being distributed have degrees,tributed at 7 i think. That is not suitable for some of the locations in the developing world. We declared that we would not expect to profit from any Covid Vaccine during the pandemic phase. We would reinvest any shortterm profits and pandemic preparedness, donations to the developing world. In terms of who gets it, we are contracted to governments in the u. K. , canada,the and others. But we also recently committed to georgia million doses for kovacs two 200 million doses for covax. Thatirst principle is those who needed the most should be the ones that get it first. David rubenstein peertopeer conversations is brought to you by Wells Fargo Corporate banking. David you are the largest vaccine manufacturer in the world, as i understand it. Some people say that vaccines are not the most profitable part of the pharmaceutical industry. As i understand it, people might take a regular drug once a week or once a month. With the vaccine, you take a once or twice, and you are done people and youre done. Is aboutr and it profitable of a business to be in the vaccine business . The worldyone and carries a lot more about vaccines. And theyre looking at it a lot more now than perhaps we did a two years ago. We are the largest manufacturer. We shipped 2 million vaccines per day. I think we vaccine about 40 of the worlds children. Business, butable it comes with responsibility around access. Think why do you pharmaceutical companies, you are one of the largest in the world, generally the public says that maybe they are making too much money, and that maybe your image is not as good as he would like it to be. Why do you think that is happening, and is there anything that this industry can do to improve its image with the public . Emma this is a fundamental question for our industry. At how to look this year mobilize we have been. Make, difference we can and how much for health care, globally, our contribution is required. I am really proud of my company and our industry for the way that we have tried to collaborate for that. The fact remains that we are still moving in the industry that people have criticisms of. Fundamentally, you can understand why there is this. When people, not just in developing countries, but in the most powerful countries in the world, are still fighting for access to Health Care Number for themselves or for the people they love. There is this tension between the human right to Access Health care and profits in big corporates. I think the industry has not always a survey helped itself, either because of a small number of egregious acts on pricing or not enough transparency about why we do, how we do will be due, and why it matters. I think what we can do about it of fulfilling job our purpose. Protect health, find new solutions, fight new diseases responsibly. Partnering with governments to help address outofpocket challenges to bring more transparency and stability how people can engage with health care the champion access across the world, to be responsible, always in our pricing, to bring transparency to the way that we work. To also do a better job of why it matters to everybody that we do that profitably. One and two of us gets cancer. Of us. Three it does not matter how successful those are who you interview. We do not have treatments for dementia and alzheimers. We need to keep fighting and investing to be able to solve his problems for the future. Easier forer or someone to go buy a product and put into your system, rather than try to develop it to yourself . David is the easier it, or better to go buy something, and how do you see the two . All working hard to get better to a better quality pipeline. It would be incredibly arrogant to think that all the world best scientists sit inside your company. Business development is so common in our industry. Because of the patterned cliff model in pharma, it is another reason why, delivering on our purpose responsibly, we have to do it profitably. Your having to reinvent your portfolio. Basis. Lling decade we invest in innovation. We build that drug. Rightly, it comes off patent. It can be generic size. The sales are lost very quickly. Id you are a member are of the microsoft board. How have you been able to apply your background to what youre doing at gsk . Emma i would never describe myself as having a background in technology or i. T. Im absolutely sure that is not why i was brought on the microsoft board. It is an Extraordinary Company doing extraordinary things and an incredibly sponsor the way, at a time when technology is changing the world, and industries in be and industries can be at a credible for good. For howbe interesting s and whatn the 2020 it stands for. No doubt people will be writing books about 20 20 and how to lead to a covid crisis. Hugem sure there will be global issues that we have to address like Climate Change and economic include 70. I think Health Resilience will be on the agenda. The responses is that the road has seen in biology, all of the genetics and genomics data that is coming through. At the same time as the advances that the world has seen an ai and machine learning. Combined together, there is a real shot over the next decade to improve the productivity of industrycience and my incredible. Discoverlly hard to new drugs and vaccines. 90 of them fail. It takes a long time. The road is mobilized right now to get a faster solutions. I hope we get to new ways to partner with organizations to permit a we accelerate these processes. The opportunity to use technology to identify. The enormous amount of data is, to identify better quality targets, so we have biological targets, we have a higher probability of success, of developing better medicines faster, for these enormous unmet needs. Will be defined this for the next decade. You are at oxford, what was your Career Ambition . Emma i probably spent most of my masters at latin poetry. That is not an obvious path to my destiny so far. David do you think in the future when vaccines have taken effect and people are not worried about covid, that you will work differently than you did before . , or people work remotely will you need all the office space the you have . Emma there are lots of things that we will still want to gather for. The efficiency that we can bring from working with technology and allowing people to live their complete lives, i think we will see much more of a hybrid. I really want gsk to be one of the worlds most modern employers in supporting people to deliver their best whilst delivering performance for the company. David what he learned about this company that has surprise you during this period, and what have you learned about yourself . Have you learned things during this period that you thought were surprising or interesting . We have emma we have hundred thousand people and a hundred countries. Loved the i removal of hierarchy. We are all the same size little square on a teams call. The opportunity that ive had to connect with our people on the way that i perhaps would not normally do, with a lot less formality. No more ceo entourage. Listing 12 what people in our warehouses or running our fights were trying to do. That this was a massive reinforcement on the importance of purpose, on the importance of people in the extraordinary things that they are capable of. Incredible specs for the front line of the organization. For thedible respect front line of the organization. David when you grew up, you went to oxford, and you majored classics. Linkages and as a general rule of thumb, most people running pharmaceutical companies are not majors and classics or romance leverages. When you were in oxford, they do say that you wanted to do what you are now doing, or what was your career mission . Emma outward think it is fair to say that i spent most of my masters looking at latin poetry. That is not an obvious path to this destiny so far. I am probably the person you have interviewed the had the least Strategic Plan ever. Experience up until i left studies, it was waitressing. I never had any internship or anything like that. I went into consultancy for a few years to pay off debts. French, i was in. Harge of benchmarking loreal i got super curious about the industry. 17 years going all around the world, tremendous opportunities living and working in paris, and then in new york, and then in china. Hybrid of those kind of accidental meetings at the time in shanghai. Timethe ceo of gsk at the that explains me that i should move into the consumer business at gsk. Chance tot resist the business thought, a with an incredibly important and impactful purpose, which is health. And also had the opportunity to lead a global division. I had no idea that will be to biz, but it has been exciting so far. David whether your family say when you said you would be any pharmaceutical or health your business . Emma i have four children, and we were living in shanghai and china. I said, guess what, i have a new idea. They were not completely thrilled. Up, my fatherrew was in the navy. His whole career, i grew up in a military family where there is a tremendous sense of work ethic and duty and responsibility. I think that they were incredibly proud when we eventually came back to the u. K. After been out for 10 years. Excited to see the work that we have been doing since. Emma you are a Consumer Health care specialist. David in addition to being an modern language, classics person. Essentially joint venture to your Consumer Health care business. , did youcame to gsk expect that you be doing traditional pharmaceutical health are . Emma the short answer is no. But im incredibly excited to see the creation of two world bidding businesses. Theonsumer health, we built joint venture with pfizer and declared at the time of doing that deal that we would buy separate that32 company out to be an independent company. They standard line only dedicated standalone dedicated to Consumer Products has leading positions in leading markets. Frankly, having it inside a slightly invisible division, and much bigger company, whose number one priority is to invest in the biofarma pipeline in innovation around scientific genetics and really prioritize that, we decided that the right thing to do was to create shareholder value, reset the capital structure for both companies, and free them both, to have longterm sustainable appealing growth and returns. Thed when youre in pharmaceutical industry, like many other large industries, they are not run as much by women as they should be may be. You get asked every day what it feels like to be a woman running a Major Pharmaceutical Company . How tired you get of this question . Like manyink probably of the Women Leaders that you try not to define my work by my gender. But i recognize the responsibility that i have visibly and for others to show whats possible. I spent pretty much all of my career being a minority in the room. Mainly for my gender. Believe that the question of diversity and inclusion, that we have all rightly look up to rightly woken up to and a humbling way on the question of race and ethnicity this year, i think that is something that all toponsible Companies Need take really seriously. That more diverse leadership delivers better results. David if a young woman is watching now and is saying that she wants to be emma walmsley, the ceo of a major company. I want to overcome prejudices. What would you say to her . What are the leadership traits that you say guide to the topic top . That got you to the emma dont aspire to be emma walmsley. Aspire to be the best version of yourself. Evolving,tantly learning journey. My experience when not be the same as whatever the best experience is for you. What drove me was doing work that i thought mattered. That i loved. Working incredibly hard, because i think that i had a Strong Influence of that growing up, that sense of responsibility, and duty. Probably a big dose of fear of failure along the way. And wanting to have some kind of impact. Taking on loads of jobs, that along the way, that were not perhaps obvious at the time, but make lot of sense looking back. Moving from new york to shanghai at a time that people thought that was really hard. Go andng a pay cut to work on haircolor. As long as youre doing things that you can be curious about and work on and love, then success can follow. David rubenstein peertopeer conversations is brought to you by Wells Fargo Corporate and investment banking. Were helping customers chart the way ahead in uncertain times. It is almost 10 30 a. M. In singapore on the final working day of the week and we are looking at what is happening with singapore stocks. Of my a10 sibling percent. The travel bubble between hong kong and singapore to start on sunday. Both cities hoping it will generate more money coming back into the city states that have been locked down to Leisure Travel since march. We see growing concern over the spread of the coronavirus elsewhere around the globe. I do want to check in on what we are seeing in markets. The csi 300 has been outperforming. A lot of rotation coming through into large cap stocks amid some of these hopes of a further economic recovery. You have the kospi slightly higher even though south korea is urging citizens to stayathome. The hang seng and singapore markets on the travel bubble. The offshore yuan has been holding the june 2018 highs. We had china weaving its loan prime rate unchanged. The japanese yen dropping against the dollar and the aussie also weaker. We are looking at the Malaysian Ringgit on track for a weekly gain. As we have been talking about, oil has paired some of its weekly gains. Lets get the first word news. Karina i have to say i am envious of the trip you have coming up. Treasury secretary Steven Mnuchin has written to fed chairman jay powell asking unused stimulus money be returned when emergency programs expire on december 31 in the amount outstanding is around half 1 trillion. The fed is pushing back on a statement that says it needs the money for what is still a strange and vulnerable economy. The Holiday Season is being threatened by coronavirus numbers. Toricans are being urged not travel for thanksgiving as infections threaten to overwhelm medical capacity. California and ohio have announced 10 00 p. M. Curfews affecting 50 million people. New york city says it is just a matter of time until restaurants are told to halt Indoor Dining. The president elect joe biden has reaffirmed he will not impose a National Lockdown despite virus numbers surging across the u. S. He told a meeting of the National Governors association he has no intention repeating, no shutdown. No shutdown. He did discuss making the merit the wearing of medical masks obligatory. Talks had been suspended in brussels after one of the team tested positive for covid19. Chief negotiator said negotiations would be suspended for a short period. The uks side says they remain close they remain in close contact. There are reports a deal may come as early as next week. 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. Rishaad we have just heard president elect joe biden saying his administration will not ,mpose a National Lockdown vowing to shut down the virus, not the economy. I will say it again. No national shutdown. No national shutdown. Because every region, every area, every community can be different and so there is no circumstance which i can see that would require a total national shutdown. I think that would be counterproductive. Rishaad Jodi Schneider joins us. The Biden Administration avoids imposing a National Lockdown. What is his plan for containing the virus . It is a very fine line and nobody has managed to do it. That is right and i think the president elect was making those comments because there has been a lot of talk in the Trump Administration sort of saying, joe biden saying he is going to shut down the economy. I think you felt the need to say it will not be a national shutdown. But clearly, he is looking at some kind of federal response. He has made that clear on the campaign trail and it has been a few weeks since he was declared the winner of the election, that he will have a federal response. He has already appointed a task force. He is likely to have a face mask mandate, which some states are already requiring given the flareup of the incredible spread of the virus in recent weeks. The centers for Disease Control and prevention just yesterday saying, advising americans not to travel for thanksgiving next week or gather with people they do not live with. Biden has also had a bit of momentum in terms of harsh words for President Trump over his refusal to concede the election. Tell us some of the details. President elect biden has said the lack of cooperation by the Trump Administration and the sitting president himself is hindering his teams ability to get information on the pandemic so they can try to prepare their response and what they are going to do going forward. He says he could not quite fathom why President Trump refuses to concede the election, which President Trump is continuing to fight in the courts. He says this is having realworld effects in terms of getting the information, testing for the virus as well as vaccine. Distribution he said this to the committee of the National Governors association. He says he is trying to come up with the best response he can and is being handed by not being able to get that information being hindered by not being able to get that information. Senior that is our international editor, Jodi Schneider. Coming up, our interview with Justin Trudeau, giving his thoughts on chinese diplomacy amid deteriorating relations between ottawa and beijing. This is bloomberg. Canadian Prime Minister Justin Trudeau says chinas more forceful diplomatic strategy is counterproductive, even to its own interest. He said the arrest of two canadians is further straining ties between the two nations. When china has arrested two canadians for purely political that endangers our relationship and our ability to move forward in a constructive way as we went to. One of the things we are pleased andee is there is increasing working together of likeminded nations around the world who are concerned about chinas coercive diplomacy and trying to highlight it is not in our interests to see china be aggressive in all these levels of consequences for trade deals and consequences for citizens. But we are also needing to push back on human rights whether it is with concerns of behaviors in hong kong or the situation of the uighurs. We need to Work Together as a world to say it is not only in the worlds interest, it is not in chinas interest to continue to behave in a way that is trying to use its weight to get its way. That is not something that is going to be constructive even for chinas own people and economy in the coming years and the more we can pull together as countries that respect the rule of law and say that we are all from more Economic Growth and opportunity but we need to know people are going to play by the rules. That is the direction the world needs to go in. To pickanada afford fights with china . What are the risks to your china to your country given the hit to your economy . Of all, canadat is not seeking to be antagonistic with anyone. But we will always stand up for our interests and for the protection of our citizens. I think that is what every country needs to do. In the face of pressure and moves bygly coercive one of the worlds great powers, i think that really highlights at which point we need to be working together as allies, as neighbors, as friends, as countries that no single he, very few countries could stand up on its own to a superpower, but working together in alignment, we can actually make sure there is a recognition that the path china is choosing to take is probably not going to be as effective even for them as they think it will. Rishaad canadian Prime Minister Justin Trudeau speaking at the aipac leaders summit. Anare having a look at acquisition of a chip designer. It is threatening its rep. Dent its reputation of being a neutral player in the Semi Conductor space. This is bloomberg. Softbanks chipmaking minute arm holdings is known as the switzerland of Semi Conductors serving many countries but not committing with them. The acquisition is raising concerns as to whether it can maintain that representation they reputation. When we announced the deal two months ago, there were a lot of people whose reaction was, what has changed and what is this going to mean for the future . I have been spending my time talking to lots of people and a lot of those conversations have been with customers explaining the Business Model is going to continue. It has driven an enormous amount of innovation over the last few years. Beenarm and nvidia have emphatic that that mode of working is going to continue after the acquisition closes. We are going to create technology and we are going to make it available to anyone who must ability chip. What will change under nvidias ownership . We expect to bring more technology to market. We will have a larger engineering capability. We will be focused on the future of computing, which is going to be more data and ai driven. We believe we can bring our combined strength together, innovate faster, create more products and make the broader portfolio of Technology Available to the worlds chipmakers who are going to innovate on top of them. We think this is a way we can go faster and bring more technology to market. Walk us through the expected timeline for Regulatory Approval around the world and what you see as the biggest hurdle. Thee said when we announced deal we expected it to take about 18 months to go through the process. We still believe that is the case. We stand behind that. The process runs at different speeds at different jurisdictions around the world. All. E in the middle of it we are at the start of it. We are talking to the different questions, answering pulling information together, pulling filings. Goes in different places in the world. Chip technology has been at the center of u. S. China leadershipd arms situation continues to drag on. How have the Geopolitical Forces impacted the business, your ability to do business and how do you plan to rebuild those relationships . Our business has not really been affected very much by what has been going on on a geopolitical basis. Our technology is popular among chinese Semi Conductor companies. We have strong and deep relationships there. We are continuing to develop those. Obviously, we have to be completely consistent with controls and the regulations that apply to shipping technology should export controls around the world. We maintain our compliance with those, monitor the changes very carefully. Our business in china is doing very well. We are seeing a lot of innovation and we expect to continue to partner with companies in china. Arm is the latest in a series of big chip deals. Do you see more consolidation ahead and what companies should we be watching . I think there will be more consolidation to come. Developing leadingedge advanced Technology Chips is very expensive and increasingly so. You really do have to have lots of chip designs to advertise your investment. That leads to consolidation in the sector, even through lockdown, we have seen deals announced. We will see more to come. As the smaller and Midsized Companies either combined together or combined with Larger Companies because it is going to become a business where economy and scale really matters. A quick check now of the latest is this flash headlines. Tesla has led a seemingly unstoppable rally in electric vehicle stocks as investors bet plugin cars will dominate in years to come. Shares had a hot alltime high hit a alltime high. Consumer reports denied tesla a thumbs up due to what it called misaligned body panels. One driver found body hair in the paint. Posted online sales growth. It is raising questions about the upcoming Holiday Season. Throughll by 20 october. Digital demand slowed. Macys has upgraded its Curbside Pickup service as consumers increasingly stay away from traditional shopping. Microsoft is pledging to challenge all government request to access user information. The move is to address European Union scrutiny of data that is sent to the u. S. Microsoft says it is it will compensate users whose information is to close is disclosed to government agencies. Rishaad the cofounder of microsoft bill gates says it is mind blowing how badly the u. S. Has handled the pandemic. He told the bloomberg editorinchief the United States is behind in many ways although it has done well in one key area. In the case of the u. S. , the only thing they have done well as they funded more r d not just for u. S. Based companies for companies around the world including a lot of these european constructs. That was a good thing. That was a favorite to the world. The rest of it, the u. S. Is at the back of the pack. The diagnostic work we did. The messaging. Even today, the messaging is reaching a new level of incoherence. Numbers. Ok at the i just looked again on the bloomberg virus tracker. You look at the deaths for every million people. Deaths. Is close to 750 china is around three deaths for every billion people. One number may be a bit over counted, the other bit under counted. By any measure, one country has done enormously better than the other. Why has the u. S. Been so bad compared with other people . I do not think comparing china and the u. S. Is that has a moreause china authoritarian control over behavior than u. S. Does. Compare. S. If you the u. S. To south korea, australia, the contrast is every bit as dramatic as it is with china. We did not catch the epidemic at the early stage where the numbers are small before they get exponentially big. , which the model predicted, that the fall will be very tough. Some people did not think the fall would be tough but as they looked at the numbers and so in places like brazil how the winter affected infection rates, they saw that and so the bad news is the next six months will be very tough. The good news is both the vaccines and the therapeutics, in particular the antibodies are coming along and will start to bring that number way down. Presumably we must rely on masks and all these things and testing especially. That is right. The behavior, the using the tests for people and then if they test positive, you contact tracer. Those people make sure they are not infecting other people. The u. S. Has a long way to go on that. The numbers are so extreme you agreementnally more that restaurants, bars, a number of things will have to forgo during the next five month period. How badlyu surprised america has done . It is mind blowing. We have so many pcr machines per country. An any other we have the cdc, which has the deep expertise and practiced how to communicate appropriately to the public. They made mistakes early on. No one even knows the name of the people underneath redfield who would have been the key communicators. We had this socalled task force. It is disappointing. We do not get to go back and change that. But we still have a chance to wear masks. In fact, at help data. Org, they show a line that if you have good mask wearing, you save over 100,000 deaths in the u. S. Over the next six months. Bill gates speaking with bloomberg editorinchief at the new economy form. Remdesivir should not be used to treat covid19 patients. This less than a month after u. S. Regulators granted the drugs speedy approval. Give us the details. What does this mean for remdesivir . Im guessing a huge blow to gilead. It is definitely a blow to the legitimacy of this drug and global acceptance. I do not know if people remember but this drug was really seen as something that could turn everything around. That is a big fall from grace for the drug. Gilead obviously is questioning the results of the trial. It is saying its own trial shows the drug is effective. It has not been given access to the whos trial. The fda seems to be confident doctors should continue inscribing it the u. S. We have seen countries like japan saying they will continue to use it as well. There may not be any changes but it is a blow to the legitimacy of the drug. Rishaad what about longterm changes . Term, what we will see is situations move so fast this year that we have drugs and vaccines coming into play in a short timeframe. Of patients were given drugs that caused longterm problems. Had Health Problems 10 years later. At the time, we thought those drugs are working well. Patients were left with some side effects. This is definitely something that can occur in this pandemic as well. Thanks so much for joining us with all the latest on that development. Lets check in on markets. It is the final trading day of the week. It has been a good one for asian stocks. We are on track for a gain of 1. 5 . It has been a couple of sessions of consolidation as we see a little bit of weakness coming through in some of the markets like the nikkei retreating amid concerns on the resurgence of the virus in tokyo. A pretty good day in hong kong. Some momentum in the philippines. We had the surprise Interest Rate cut coming through. The singapore market rising. There is the travel bubble starting on sunday. Rishaad absolutely. Have a special interest in that flying from hong kong to singapore. We will have a look at that. How does it move the aviation . How does it affect Cathay Airlines . We will have a look at how you navigate these choppy waters. The hang seng up one third of 1 . A lot more coming up in the next hour of Bloomberg Markets. [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. Juliette it is almost 11 00 a. M. In singapore and hong kong. Welcome to Bloomberg Markets asia. Rishaad this is a look at our top stories. Tensions rising in washington with the treasury asking the fed for its money back. Steven mnuchin wanting unused billions to be pumped into the slowing economy. The pboc set to diverge from other Central Banks and press ahead with tapering at stimulus programs. Policy makers left the loan prime rate unchanged. First travels bubble launching this weekend. Bloomberg as one of the is on one of the first flights between singapore and hong kong. Juliette i believe that falls to me. Lets have a quick check of the markets. U. S. Futures falling as we talk treasurys spat between secretary mnuchin and the emergency stimulus program. A little bit of negativity coming through on equity markets. Yesterday, we retreated from the records. It had been on the extraordinary wind of 13 sessions of gains. We are on track for a gain of 1. 5 . We are talking about the travel bubble between singapore and hong kong. You are seeing Dollar Strength against the yen. We are seeing weakness coming through in the japanese yen and the aussie. Lets look at the bangkok open. The benchmark opening. A bark. Essentially over 10 month highs. We have the bank of thailand signaling it will be focus on tackling the countrys currency and try to stop it from appreciating further. That after they left Interest Rates on hold. Nifty in singapore. Indian futures contract showing a gain of 3 10 of 1 . Erasing losses we had yesterday. Oft we did have was a move 166 points lower for the nifty, which was at a record high. Juliette lets get the first word news. As we have been saying, treasury secretary Steve Mnuchin has written to fed asking unused money be returned when the programs expire on december 31. The amount outstanding is around half 1 trillion. The fed is pushing back, issuing a statement that says it needs the money as a backstop for what is still a strange and vulnerable economy. Election officials in the state of georgia say the president ial recount shows joe biden won and therefore keeps his lead. The hand tally of 5 million votes was ordered after the initial count showed him ahead i. 3 . Countiesount unveiled that bolstered President Trumps total but not enough to change the outcome of the race. Americans being urged not to travel for thanksgiving as spiking infections threaten to overwhelm medical capacity. California and ohio have announced 10 00 p. M. Curfews. New york city says it is just a matter of time until restaurants are told to halt Indoor Dining is the u. S. Suffered its worst suffered its worst covid19 search so far. South australia is to end is locked down early. The strict curbs put in place thursday will be lifted on midnight saturday rather than the wednesday with people able to leave their home immediately for exercise. Authorities say the shutdown has worked. 20,000 people were tested over the past 48 hours and there were no positive results. The new report from e biden seemingly headed to the white house. That orectations of relations under a Biden Administration. It says companies broadly view a biden presidency favorably. That was the first word news. Lets bring in the invesco Global Markets strategist. Thank you for joining us. Kaluz how a new incumbent in the white house changes things in this part of the world for investors. Good morning and thank you for having me. I think a biden presidency next year will be very welcome because it points to u. S. Foreign policy including trade policy returning to more traditional approach next year. Biden is not a proponent of tariffs. His approach to trade disputes with china will be more measured, focusing on specific issues and negotiating with china over them. This should lead to greater protect ability, which bolsters my conviction of being overweight on china and north asia currencies and risk assets. I think these assets should appreciate on the u. S. Dollar and outperform given the more stable geopolitical horizon as well as the outperformance. Rishaad i notice from your research you are licking Chinese Government bonds you are liking Chinese Government bonds. Companies have defaulted on their debts. That has made people shun Corporate Bonds as well as sovereign debt. That has played out with yields on the way up to levels not seen since not seen for 18 months. I would say the pboc has injected a third of liquidity so far. They will end up with a net 200 billion in mlf injections. I do not see they are going to have broader loosening monetary policies over the near term. They are being responsive, especially to some of these incidents with the default happening. I argue the defaults we are seeing are as high are a tie over from what began over 10 years ago and has been readily dealt with by the pboc. I think we can continue to see some of these defaults occur heading into 2021. I think the pboc is addressing these issues. Juliette what about when you are looking specifically at equities . We do have u. S. Equities okeene peers. Pensive tha n their what are you looking at in asia . I think that we continue to like equities over fixed income both because the Monetary Policy situation around the world is flattening yield and forcing investors onto the risk spectrum. And then the Covid Vaccine has been a meaningful development. Of returngive a sense to normalcy over next year, which the world has craved. In this instance of the vaccine coming onto the market, it should push investors to want to be exposed to corporate Earnings Growth over the next year and they do so by owning equities, over fixed income. Continue to favor equities over fixed income and continue to like north asian equities over u. S. Equities given both the disconnect and north asian economies have done a better job with the kobe containment, especially in light of new infections in europe and the u. S. Juliette there are some lofty calls for indexes tickets are pretty high levels by the end of 21. Is that going to be more of the same or do we continue to see rotation trade lifted these indexes from where we are now . We continue to see some rotation into value spots and it makes sense because value spots trade at half the p Growth Stocks half the pe Growth Stocks do. The disparity i think will narrow heading into this year as we continue to get positive news about the vaccine. News intill waiting for general on astrazeneca and some of the chinese vaccine data we expect to see some news come out shortly. I am still speaking still sticking with my guns in favoring taking Growth Stocks over the longer term because covid has exhilarated structural changes and tech stocks are leading the transition in a new business and market cycle. It makes sense in the near term we continue to see this rotation into value and cyclical stocks. Rishaad of course, emerging markets themselves are not unitary. You are looking at markets outside of asia so you can have another look at them. Where are you looking in particular, what kind of Industry Groups are you having your island your island . I think it is really easy to be overweight stocks that are going up. In this environment, it is easy to say by Growth Stocks to say, buy Growth Stocks. I would like to look at a contrarian view would be on asian markets. Specifically to latin america. A lot of these economies will experience the biggest positive Economic Impact from the vaccine. I think this unloved asset class could be the surprise outperform her in 2021. Juliette you are also looking at u. K. Equities as a outperform her for next year. Although brexit talks have been halted because e. U. Negotiators have tested positive for covid. The crashis points to out brexit scenario is unlikely. Significant process has recently been made in negotiations and it has been helped by the incoming Biden Administration that has pressured for a brexit that is timely and organized. We saw the surprise resignation of dominic cummings. Er. Was a vociferous brexit i am warming up to u. K. Equities, which have underperformed due to these uncertainties but i am optimistic a brexit deal might arrive rather shortly and that sterling and british equities were rarely from now until the end of the year. Juliette we have been waiting a long time for that deal. Still ahead this hour on Bloomberg Markets asia, the imf and g20 members sound the alarm amid signs the recovery is under threat. We will discuss that next. Firstd plus, asias travel bubble takes off this weekend still, we are hearing the quarantine free structure is unlikely to spread beyond hong kong and singapore any time. This is bloomberg. Treasury secretary Steven Mnuchin has kicked off what looks like a clash between the white and the federal reserve. He has told fed chair jay powell that key programs will not be extended and he wants the unused billions to be returned. Bloombergs global athlete economics editor Kathleen Hays is here with more. You spoke to Raphael Bostic should what was his Rafael Bostic pay what was his reaction . I think no one was expecting anything like this. A lot of commentary in the last few hours saying how unusual it is to see a break like this between the treasury and the fed and between Steve Mnuchin and jay powell because they have had the dream team relationship. Here is whitman nation told Bloomberg News here is what Steve Mnuchin told Bloomberg News. The recut the economy has responded strongly but there are still areas of the economy that need support. Encouragingi am congress to reallocate this money. He thinks if they you if they put it someplace else, it will do better. He is seeking a 90 day extension for four of the nine programs. He is not extending the Municipal Fund facility, the Corporate Bond facility in the main Street Lending program. It is one that many fed officials are looking for to stimulate the economy particularly when the congress cannot do anything done. Goingl bostick says he is to be watching to see how it does affect constituents including in his own fed district. Surprised and i have to say after that announcement, the airport came out with a statement expressing their interest in extending them. That is pretty much where i am. Given where the economy is and there is so much uncertainty that is still out there, it is prudent to keep those things open so that people can draw upon it. He wants to reallocate unused funds so taxpayers do not have to spend another single penny on the kinds of things or people need money. He says Small Businesses do not need loans. They need our rate grants. It is a little murky how this said rk because he apparently this may have to go back to congress. We are showing you a picture now of Steve Mnuchin and jay powell having one of their many conversations throughout this pandemic, throughout this crisis. Another economist i heard from today said maybe this is an ominous sign President Trump figures democrats never helped me while i am in office. I am not going to help them as i leave. Bad news on the key u. S. Stimulus. That is hours after the International Monetary fund the u. S. Needs more stimulus. Who could have figured this would happen at a time when the u. S. Recovery is fragile, when the imf put out a report statement early on thursday, imf was onad of the Bloomberg Television saying she is very concerned about the virus resurgence and what it could do to the global recovery. Of infectionsve is slowing down the recovery. It is losing momentum. Context, our first message is, not withdraw support for the economy prematurely. Stay the course. Meets this weekend in saudi arabia for two days. Bloomberg news obtained a draft copy of the communique they intend to issue. They need more stimulus. There are watching new lockdowns in france, germany, the u. K. , other places. Interesting a couple of asian hotspots did not waste any time. Cutting Interest Rates. I am talking about indonesia and the philippines where if we look of themesia, mo both seem to be responding to the fact that their economies are still in negative territory. Into its first recession since the financial crisis. Having two quarters in a row of deep contraction in their gdp. Looking ahead, economists say think indonesia with a physical support behind it is moving in the right direction. It may not need to do more rate cuts. They cannot head off a deeper recession with their latest rate cut because they did not have enough fiscal support behind them yet. It is a global problem. Virusne is seeing this problem not going away. In some cases, getting worse. Officials are urging action. Some are taking it. Rishaad Kathleen Hays. It is time for our morning call. A look at some of the Analyst Recommendations across markets. That and more on the way. This is bloomberg. Rishaad lets have a look at the latest business flash headlines. Tesla led a seemingly unstoppable valley in electric vehicle stocks. Highs hitting an alltime with related equities also rising in new york. Consumer reports denied tesla a thumbs up due to what i called basic manufacturing flaws such as misaligned body panels. One driver even found body hair in the paint. Is chinese owner of why why this missing allegations of ud saying criticism is confusing and full of generalizations and rejects claims it is a fraud tech company. The short seller claim came 3 billion was paid to acquire them. Requesting to access all user information. Microsoft also says it will compensate users whose information is disclosed to government agencies. Protectws a ruling to information from american intelligence agencies. Buzzfeed is buying the huff post Online News Service from verizon. Buzzfeed and verizon have agreed to syndicate each others content. All part of a broader partnership. Have beens services consolidating as they try to take a share of ad revenue from the likes of facebook and google. Juliette time for your morning call. Lets get to sophie who has been tracking some of the top analyst calls and recommendations. What is on your radar today . Sophie i want to bring up the latest report over at bo comp. Reaffirming his preference for Value Investing in china. Given the cyclical recovery and going forward, the key ingredients include higher inflation amid consumer demand, measured credit growth, more resilience in the property sector. When it comes to forecasting for market, theshare shanghai composite trading in a range of 2900 to 3600 in the next 12 months. Rishaad lets have a look at india. Rotation taking place. How is that playing up for markets in mumbai . Upgradedocgen have their call in indian stocks to neutral given the exposure to this rotation, which they see accelerating in asia into 2021. We have seen indias stocks that are sensitive to this rally. Looking overheated giving lofty valuations plus we do have technical signaling. Flipping the page. ,ver at city, they are bullish raising the 2021 target. As some of the upgrades we are seeing for indian stocks. Througheconomics coming with a dose of reality highlighting that the banks theode that underscores indian Banking Sector and how widespread vaccination may not see it recover economic health. Lets have a look at china markets as we head toward their lunch break. Bit of a. King at a mixed bag taking a look at some of these stocks on the mood. On the move. Muted gains. Comp a lot going on as we see the pboc looking to tape. The Emergency Support is being questioned. To the upsideoves for the china 10 year yield. We are seeing at move slightly to the downside by just over two basis points. Equities buoyed up currently. That is the way china is going into their lunch break. Sunday is going to be something novel for you given not many people have been able to do what you are doing between hong kong and singapore. Juliette im going on a plane. Im going on my first plane since february. The travel bubble opening up between singapore and hong kong. It is going to be tested over the first week or so because they did not want to see a rise in coronavirus cases. I will be on the first flight out of singapore for hong kong, leaving in the morning. We will have plenty more head on Bloomberg Markets asia including a full wrap of action. Stay with us. 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. 9 00ad time coming up to in the morning in mumbai. A hazy start to the day. He saw declines, coming off record levels. Clawing back some of those losses with futures on track, up by 0. 3 . We should be getting discoveries, premarket, in a short while. That is the list. Lets look at what else is going on in terms of the region. Juliet . Juliette it has been an interesting week because we had the vaccine optimism, but also searching coronavirus cases globally. Pretty flat on the msci asiapacific index. We are on track for a weekly gain of about 1. 5 . The nikkei coming back shortly after the lunch break, and it is in the red. Concerns about rising coronavirus cases. Remember, that index has seen 1991 highs. The hong kong travel bubble is starting, hong kong up. South korea is a little stronger. South korea urging citizens to stayathome. February highs. We had the surprise move from the central bank in the philippines yesterday. Checking in on currencies, we have been talking about china leaving the loan prime rate unchanged. The offshore yuan has been in our performer. The aussie coming back a little. It was leading declines, but pretty flat. We are looking for the ringgit on track. A slight gain, hanging on to losses. Lets look at some of the first word News Headlines out there. President elect joe biden has reaffirmed he will not impose a National Lockdown despite various surging across the u. S. He called a Virtual Meeting of he tolde told a nash a Virtual Meeting of the National Governors association there would be no shutdown. The governors did discuss making the wearing of medical masks obligatory. The World Health Organization is recommending using gileads , weeks afterug u. S. Regulators granted speedy approval. The w. H. O. Saying there is no evidence that remdesivir improves survival rates. The drug was claimed to offer meaningful benefits on recovery time. Consumer prices falling in japan. Foods excluding fresh. Liding 0. 7 from the year ago they accelerated the september drop. The fall was driven by a hike which came in the same time last year and travel concerns by the government. Brexit talks have been suspended in brussels after one of the e. U. Team tested positive for covid19. The chief e. U. Negotiator broke the news in a tweet and said the negotiations would be suspended for a short period. And remain in close contact say the health of all concern remains the most important thing. Deal may beports a cut as early as next week. Antigovernment protesters in thailand are vowing to step up their fight, after stopping a taboo on criticizing the military. Lawmakers still refusing to address curbs on the power of the king and the future of the Prime Minister. That is your first word news. Asias juliette first full travel bubble opens, a key test for aviation during the global pandemic. But ask our next guest if he thinks travel bubbles will work. He is the founder of aviation consultancy and analytics and joins us now. I have gone on a flight from singapore to hong kong. There is a lot of paperwork and testing involved. It is not your regular prepandemic trip. Both cities will be watching to see if there is a spike in coronavirus cases. In your view, our travel bubbles going to work . I dont think so. I dont think it is going to make a dent in helping the Balance Sheet of the airlines concern. I think travel bubbles are good because it increases the morale of the workers. It gives them a semblance of hope for people very keen on traveling. But it is very severe still out there. The flight from hong kong to singapore, many here will be rampant disease going about, and even with the vaccine being announced, i think there is some achieve there we vaccine. With all the Health Measures people like yourself have had to go through, think it puts people off on traveling. Not looking forward to that for our weight in hong kong. This talk about what the not looking forward to that fourhour wait in hong kong. If there is not a vaccine on the timeline, what happens to a lot of the Smaller Airlines . Going to go bust, unfortunately. I think we have seen that already. Seen kathy dragon in japan, and a few days ago, norwegian filed. View is that the First Quarter we are likely to see casualties in airlines, not just the small ones, but the major ones. Anywheret going to be near a vaccine anytime soon. We will probably see it a lot later in asia than people in the u. S. And europe. I think the industry is still going to undergo very severe turbulence, and i think there will be job losses. In fact, it is going to be a lot worse than what we have seen this year. Rishaad so the long distance, longhaul, lowcost model is probably going to go by the wayside. That is one aspect. Are the beneficiaries the legacy the low, or are they Cost Carriers . Think the beneficiaries will be the carriers that have narrowbody aircraft instead of ebody aircraft that can probably one of the best narrowbody aircraft you can get today would help even legacy carriers. If they would get them, they could fly further than they have been before. With fuelriers guzzlers that some of them still have, they would not be able to reap any sort of benefit. Every time they fly, they will make a loss. So flying intercontinental, because of social distancing and restrictions have not been fully lifted countries have a lot of restrictions. Not going to see any management of that for the next six months. In the Avon Aviation space, the 737 max grandy is coming to an end, but the damages done. Coming to aning is end, but the damage is done. Will these boeing aircraft be taking to the skies . A very good question. I think after a 20 month grounding, the appetite for the max, as we have seen, is less than precovid. Many of them will not find homes. They have briefed us on what is happening in the runup by the faa, and they are saying there on the over 700 maxes ground. These will struggle to find a way. There will be airlines that wont be needing them anymore. There will be airlines that wont be able to afford them now. It is going backward. This is a huge question that is likely to have a big impact on boeing. With that said, it is still a good aircraft. I think there is a lot going for it. With some carriers in southeast asia, there is room for that. But to see a full start up again i think is going to be extremely challenging. There is probably passenger fear about some safety. You are sounding a little bit negative. I know we are facing a lot of headwinds here. But when do we see travel get back to prepandemic levels . And do we . I have no doubt that travel will return. The Airline Industry has always been very, very resilient. Year has been a diabolical one, and i think very different from what we have seen before. So the recovery will be very and only the strong ones like singapore airlines, like british airways, are going to make it through. Weakerller ones, the ones, the ones that are not have poorhose that management, will either be left part ofor will not be what happens to the future. Only if companies are willing to infuse or inject money to sustain those. What it is not a very worthwhile to save an airline that is not being wellmanaged. Think very few airlines have dry powder. Not Many Airlines have very deep reserves with a lot of money. Very few of them in the middle east, in singapore. At the end of the day, i think we are still going to see a lot more next year. There is a lot of lagging that is going to take place. This is going to be the beginning of a collapse. Is friday. The weekend is nearly upon us. Please give us some good news or something you can be excited about. I think we should be excited about the virus helping us in the second half of next year, hopefully. I think we should be excited that there are still allies that still have the wherewithal, that still have good management. The consolidation that is taking that is of things to look forward to in the next months of 2021. Apart from that, unfortunately, i think people will still have to hunker down at home until such time as the situation calms and we are ready to come out and play again. We hope it is sooner rather than later. Thank you for joining us. We do have breaking news now that the bank of thailand is going to be changing the capital outlook. The country has been concerned about the strengthening of the currency which is threatening efforts to boost exports and balance the slump in tourism revenue. We heard this from the finance minister earlier. We understand the bank of talent is bank of taking care of it. There was a rally to a 10 month high against the u. S. Dollar. It searched around 4. 7 due to foreign inflows in asian stocks and bonds. We have seen a rally in e. M. Currency on optimism of the Global Economic outlook. Pretty much optimism that we are getting. A 10 month high for the bought made the bank of taiwanese capital outflow rules for this currency niche. Rishaad in india, we are down to the start of the session. It looks as though we are going to have positivity against the backdrop against total confirmed virus cases in excess of 9 million. That as of today, november 20. This is bloomberg. Rishaad just heading up to the start of the session in mumbai. Lets look at whether we are retracing some of the losses incurred in the session on a thursday. Nst,ex and the nasty banks, it looks like there is more pessimism surrounding them where they have losses. They have been dragged off their highs. The nse appreciating. We are going to move from india to malaysia. The dip the recovery is thought to be more ushaped than v. This is because of the resurgence of the pandemic. One trade minister says the government is seeking to stamp out the virus without hurting the economy. The coalition faces another challenge next week. The majority will be put to the test when parliament votes on next years budget. The part minister spoke exclusively to yes haslinda amin. There is no reason for the mps not to support the bad debt when the budget is for the people and for the economy. I think they have seen what we have done in the last eight months. We injected a few stimulus packages. We look at the figures in our whichy, the performance was announced by the government recently. Of course, the malaysian economy constructionmaller was announced at minus 2. 7 compared to the early part of the year. 17. 1 . So there are some positive results which we are seeing now. Certainly come up with this new budget, the mps are responsible to Work Together with the government to support the interest of the Business Community and also the people of malaysia. Haslinda what kind of recovery are you anticipating . A ushaped recovery . It looks like that is the situation now. But the pace is still slow because of the imposition of cmco. I think the best approach is certainly to adopt mco. Then you can contain the spread of the virus in a very short period of time. , i certainly it will cost us , likehe domestic economy what happened before. I think we need to strike the balance and not go back. Haslinda will this increase economy recovers strongly . Certainly, that should be the target of my ministry and also my colleagues in the cabinet. We are trying to attract more investment coming to malaysia. You going to are do that, minister . We are engaging with many mnc s. Due to the trade war between america and china, there are see ifnities for us to they can relocate their operations in the region, including malaysia. I think malaysia must be prepared with the human capital, the talent and the ability to meet the demand of the industries. The policyes is to bring hightech investment into malaysia and not laborintensive industries. Haslinda what plans do you have to to help support the International Flight carrier, Malaysia Airlines . These issues have been here even before the pandemic of covid19. The government has injected billions of dollars to support the industry. But post pandemic not only Malaysia Airlines but many other airlines are having a very difficult time. Change intoeed to new norms. Couldt think the industry be revived in a very short period of time. The borders are still closed. People are not able to travel. Certainly, that would have major impact on the industries. Haslinda how concerned is the government to import money into malaysia at this time . Of course the minister of finance is looking into this matter, but the amount of money that needs to be injected into Malaysia Airlines is huge. Thent think we have capacity in the very near future. But we still need to address this issue as soon as possible. That was the malaysian trade minister speaking exclusively to haslinda amin. Life into its wheezing fullsized cup truck by electrifying it with the help of a detroitbased startup the japanese carmaker is considering a partnership with hercules electric vehicles, with the aim of using its technology for its titan pickup. Lets get more from our senior editor, reed stevenson. Tell us what you are hearing from sources about this deal and whether it is a good idea. In the u. S. , the fullsize pickup market is extremely competitive. You have the ford f1 50 and the chevys from general motors. Electrices into the pickup space. And of course now this new idea of taking an existing platform that is the nissan titan and turning it into an electric truck. Remains to be seen whether in this crowded space, how much traction that can get. If this deal goes through, it would breathe some life into the titan where we saw sales of that model plunge 38 last year. What obstacles here is this facing that makes for a potentially interesting deal overall, this deal with hercules . Reed it goes back to the competition there. You have to remember that nissan also comes to this with some advantages. It does sell the leaf, which is the worlds bestselling electric vehicle. With is some familiarity ev platforms as well. This is, when it happens, an interesting idea. It is taking a gasolinebased product and turning it into an electric vehicle, going up against other cars. Juliette what is nissans track record so far when it comes to electric vehicles . They have the leaf and next year they will be coming up. Ith their own ev model there is a compact suv on a brandnew platform. Ramping up just like any automaker responding to calls to go completely carbon neutral. They are responding to that and hoping to come up with products who can gain market share and come up with some decent margins. Reed stevenson there for us in tokyo. This is bloomberg. Rishaad lets have a look at some of the business flash headlines. Cybersecurity firm fireeye announcing a strategic investment. Willstone blackstone purchase convertible shares with proceeds and work for strategic growth. Fireeye also announcing its software in a deal. A cybersecurity investigation company. Iconic store macys pacing posting slower online sales growth which is raising questions about prospects for the upcoming christmas holidays. Like for like sales fell more than 20 through october. A 53 jump. Macys has operated its Curbside Pickup service as consumers increasingly stay away from traditional shopping. Is the final trading day of the week and a little consolidation on the msci asiapacific index, which earlier this week hit records. Withn mnuchin and the fed the emergency lending facilities weighing on u. S. Futures and some key markets in asia. The southeast market having a great session as we had the unexpected move from the central bank. The thing at the thai baht we did see the bank of thailand easing capital outflow rules. The taiwan dollar still one of the performers when it comes to a number of these e. M. Currencies as well. Little bit of consolidation markets on track for a 1. 5 weekly gain. Rishaad contribute into that as we head into the hang seng, up by 0. 2 . 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Com, thats aerotrainer. Com. Emilyily cheney in chang in San Francisco and this is bloomberg technology. The cdc is urging americans not to travel during thanksgiving as cases of covid19 continue to search, what does it mean for the travel industry struggling under the weight of a pandemic . Glenn vogel will be my guest. Plus, amazon making a big move to upend the pharmacy busin