Classes. Pricee the new york crude under pressure. We have this key meeting taking place of opec plus today and tomorrow. The gold price at the moment is showing weakness. Buy yourself finance. Bitcoin is erasing some of the 9 . Es by going up nearly lets look at the other first word news headlines. Lets join karina mitchell. Karina bloomberg has learned readingna the latest on chinas economy shows recovery is getting momentum. Manufacturing and services, pmi data both beat estimations. In aty performance came 52. 1. The economy is gaining strength despite sporadic epics of covid19. Bloomberg has learned chinese regulatory officials have said that the chances of jack mas stockoup revising its are looking slim. They are still reviewing changes needed to appease regulators. An additional delay would be a setback for ma. Has big dollars the fight to overturn his election will not reach the supreme court. He told fox it is hard to send a case there and he probably wont succeed. He rehashed a litany of claims about november 3 but failed to offer evidence of widespread fraud. President trump indicated his Legal Options could be running out but suggested there is no end date in mind. Delay afterto increases after a full meaning of the cartel and allies. Reportedticipants maintaining current levels but no uae and kazakhstan if accord is struck, they will activate almost 2 Million Barrels per day of output. Mobile news, 24 hours a day on air and powered by quicktake. Card by 2700 journalists and analysts in more than powered by 2700 journalists and analysts in more than 120 countries. 2021 could be another 2017 in the making, joining us now is calvin. Raise happy with us. Kelvin, great to have you with us. Seeing this grade runthrough in the Global Equity rally. Datad that pretty good pmi out of china as well. Why is there so much upside and in which secure the markets . Particular markets . Vaccine indue to the the developed parts of the world. What the markets are basically saying is that by the end of next year, activity should be going back to the precovid19 levels. That is what the market is trying to show. That is why you are seeing a pretty strong recovery. Youre also doing a down swipe at the moment. When it comes to what we have been seeing in this region, we know china has been surging ahead but you are looking at some of these other markets that have not caught up as much. Tell us what you like the likes of singapore, india and korea . Kelvin largely because of the as hat we see singapore the valuations in singapore are quite low. There are some companies that attractively got into them. Singapore should be playing catchup. For korea and india, it is because these are really cheap. We do have a very positive view on the rupee. It is likely to become one of performing currencies over the next 12 months. Comingea, the rebound is for the recovery. Juliette there is still quite a lot of risk ahead. We see that in the australiachina relationship at the moment. We have an Incoming Biden Administration. President trump is making it pretty tough for that Incoming Biden Administration in terms of increasing the rhetoric on china. How much of a risk are you factoring in with that relationship as we go into 2021 . Can it be turned around by the new administration in the white house . Kelvin the Biden Administration will probably not make things worse. Where Foreign Policy is concerned, president elect biden is likely to be much more nuanced when it comes to dealing with foreign partners as compared to the Current Trump administration. The fact that things are not likely to get any worse from here is actually in and of itself a positive on a relative basis. If you look at china itself, you can see where pmi numbers are concerned they are really impressive. What is even more impressive is it when you dig deeper into the details, the pmi is the highest since june of 2012. Construction pmi is up as well. Than whenre important you factoring pmi. China is increasingly shifting toward a consumption oriented economy. That shows the recovery in china israel and in a certain scale, it is hope. This is a recovery we have not seen in any other part of the world because of the world because the chinese have been more effective in restricting the spread of covid19. We do have a more positive outlook for china and in that sense, for asia as well. Lets have a look at this chart. What it shows is how emerging markets are really dominated by trade flows into asia. That is in the white line. It is showing significant performance. This going along with the decking of transformation narrative you have been putting forward . Kelvin certainly. This year, covid19 or not, asia was likely to become the biggest contributor to global gdp. Also, the signing of that agreement will probably boosted at all. The u. S. Is not involved at all. Trade has been growing dramatically. Biggestustralia, our trading partner is china. The numbers are still growing. Wherever domestic consumption is trade betweens Asian Countries with china is likely to grow from here. Juliette rishaad you said that they next big seeking the thing. It is quite often something that does not emerge as the next big thing, quite often. In that sense, the next big thing we are talking about, there are two things that we see. First, there is this concentration on energy. The president wants china to 2060. Carbon neutral by if they want to be Carbon Neutral by 2060, it will involve a huge transformation in the way we do things and implement the wave use electricity, energy, etc. We think there will be a significant amount of capital and resources put into china itself. On the other hand, in the u. S. , you have president elect biden wanting to bring the u. S. Back into the paris accord as well. If you combine those two, you have the two biggest economies in the world moving in the same direction. That is likely to result in a tremendous matter resources and focus on the Renewable Energy sector. Ondo see a lot of positivity the 5grelated space because of the fact that this covid19 pandemic has basically excel rated the ship toward online retailing, consumption, education, health, etc. Something you need more reliable that can accommodate more connection of a small area in that sense. For5g networks are ideal that. Rishaad in many ways, 20 20 has been arrayed off. 2020 ather go in 2020 in 2021. You are saying that it is looking like 2017, explain. Kelvin it was a write up of the the factn terms of the that we can socialize together. A complete runoff for a lot of investors that invested in the equities market. 2021 is likely to be a little more different in the sense that the low hanging fruit has been planted. Yet to be a. You have to be a little more nuanced. We think that is likely to be a better strategy than 2020 when it was largely filled by liquidity, very low Interest Rates. Quickly, we have been watching what has been happening with the opec class. We are seeing a bit of a commodity rally. What does this commodity rally we see mean . This isnt a medic of startingthat this is from the Second Quarter of next year. The good news is there is a vaccine development, if it is rolled out in the Second Quarter, you should see things normalize toward the middle part of next year. That is what they are trying to price in. For oil itself, it is a different story. There is a supply and demand deficit situation. Candy offset the supply . That is a question we have to answer over the next few months. Kelvin thank you rishaad thank you. Oil is something that we have coming up still ahead. We are finding out about januarys crude output increase. That is ahead of todays meeting. Planste next, the u. K. To ban the installation of 5g nextment by the end of september. We will have the details next, this is bloomberg. Rishaad we are back. This is Bloomberg Markets. The u. K. Plans to ban huawei 5g equipment. It is a move that is likely to anger beijing. This follows a u. S. Push for its allies to reject huawei components. We have reuters reporting that these two copies have been added to a list of chinese black listed companies with alleged military ties. What does this report really say about the Trump Administration plans to add those names to the naughty list . Are building on this list. They have more than 30 Companies Already before this report could be added to this list, compiled by the u. S. Authorities. It is a list of companies that they say have links the Chinese Military and the Peoples Liberation army or security services. One of thee adding leading chip and Semiconductor Makers here in china. This is one of the Major Energy Companies and china. Those two along with two other companies will be added to that list. According to reuters. What it does is restrict funding and investment from u. S. Investors into those companies, the u. S. Saying that what we have been seeing over the last few years is investment and money flow from the u. S. Coming toward and helping to fund some of chinas military and security ambitions. Is build outdoes this picture we are seeing now. It is being heavily reported that the Trump Administration is keen to lock in this china policy before biting and that Administration Takes over. You are also seeing the jewel track approach where it is the regulators or the house working on these plans to delist chinese companies. We also heard from reporting that sanctions may be put in the rice abusers. The u. K. Has essentially called huawei a giant security risk. Tell us about their plan to ban huawei gear and whether it will upset beijing. Upsett is guaranteed to beijing. Absolutely. The details that we have from the end of september, 2021, the u. K. Will ban the installation of huawei equipment in the Telecom Equipment network there. What this does is it builds on a commitment by the u. K. Back in july to ban the purchasing of huawei equipment from the end of december and january of 2021. And from a total and complete by of all huawei equipment 2027. It is likely to accelerate the moves by the telethon majors. The likes ofift nokia and ericsson. They have been stockpiling. Now they will be banned from installing. That means theyre likely to exhilarate that shift. It will be a costly move for. Hose members of parliament have been pushing for this but also internationally from the Trump Administration. Two levels of pressure have led to this much more aggressive stance or tougher stance from the u. K. Government. Huawei could have a minimum role. You. Tte thank coming up on Bloomberg Markets asia, australia appeals as trade worsen. S with china this is bloomberg. Treasury winds is inesnding declines in w is extending declines in australia. We had the latest on this. Keep us uptodate because we saw treasury wine in that trading halt and now the antidumping duties have been imposed. What is the latest . It is not looking good for australian wine at the moment. Had some of them over 200 in some cases. Essentially, what that does is way about australian wine possible biggest customer. The industry has been giving 10 days to respond to the antidumping tariff deposits. Given 10 days to respond to the antidumping tariff deposits. Large . Se numbers are so there are different tariff levels that have been imposed from Different Companies because only three months ago, china announced investigation into the antidumping probe. The tariffs would come at a much later point. Confusion. Lot of we are seeing share prices plummeting. Governmentat is the s response here . Were talking about the trade organization, not just for one but australian barley. That is the one that is in contention first. That is right, there has been some Strong Language over the weekend. Chinas actions are being called aggressive and there really undermining confidence in a Global Economic recovery from the coronavirus. It is extending a message to other trade partners with china you should question your relationship with china because they can crackdown whenever they want. There is talk about the wto with regards to folly barley. Likelyoks like the next step there. They are trying to put the tariffs back in may. The only thing that the government is doing here is they have indicated that they are trying to support exporters focus onlia and will the china market. They are not sure how this will move forward. Juliette Scott Morrison, rishaad rishaad Scott Morrison said they should be rishaad Scott Morrison said they should be ashamed about this. The thing is the damage has been done to some extent but would you about these australian one companies . Wine companies. S . The tariffs are devastating to them. Australian companies that focus on the china market really need to be taking about diversification. This morning, we had treasury say it hasnes instigated an emergency plan about moving all this went to other markets in america, the u. K. And the rest of europe. They want to fight which they strongly reject. At the same time, they are really going to have to look at the markets. That is a process that will likely take a few years. At this point, it is the best option for many of them as indicated this morning. We will recap some of these lines we are getting from Scott Morrison. Speaking to media in china, calling the china industry of Foreign Affairs repugnant. He says the Chinese Government should be utterly ashamed of this, australia is seeking an apology. He hopes that this could lead to a recess in the relationship. This as we continue to see concerns between us rally and china. Scott morrison is calling the ministry of Foreign Affairs repugnant. Risk . Rishaad . Rishaad a quick look at what is going on after the tokyo lunch break. Equities are moving to the upside. That is what is going on. A quick look at tokyo. Have a look at the nikkei to 25 red there. That Broader Market is down. The end strengthening. The lunch break is upon 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. It is 10 29 in hong kong and shanghai. Global Coronavirus Infections have soared with the u. S. Of the epicenter. Cases in california hit a record with los angeles and seth San Francisco imposing tighter restrictions. A vaccine is expected before the end of the year. The u. K. Hopes it starts before the end of the year. China says it needs annual growth of 4. 7 to achieve its goal of doubling the economy by 2035. A senior Economic Advisor says they possess what they need to meet those. I said it is possible for the economy to double in that time, beginning with beijings latest fiveyear plan. Executives including the ceo, a cure kyoda and Tokyo Exchange unspecifiedll face penalties with the Financial Services agency expected to release further details later today. Our van is preparing to. The man seen as the father of the Nuclear Industry but will fall into the trap of jeopardizing potential talks with a future demonstration. Tehran says its policy and strategy wont change because of the death of the top scientist who died in an attack in his car on friday. Ran blames israel. Team for has built a senior outreach of all women. A includes jen psaki, she was spokesperson for the white house. Kate bedingfield, ashley ntn as well. Para by more than 2700 journalists and analysts in more than 120 countries, i am karina mitchell, this is bloomberg. The last day of november, we are on track for the best month on record for global stocks but seeing olivia of caution into the first trading day of the week in asia. The hang seng index down by 20 . Chinas market. 2 . South koreas market is off by about. 4 . Down. 8 . Is we were just talking up about talking about Scott Morrison. We had those antidumping duties imposed over the weekend. This is after reuters reported the u. S. Is adding these compass to their blacklist. Rishaad lets take a look at the oil market as well. Nearly. 9 right now for brent crude. S is against a backdrop they will await the decision on monday and tuesday. Thank you so much for joining us. A lot of this is on hopes that vaccines would be delivering the promise of normality and therefore, normal oil demand. Did we get a bit ahead of ourselves . Probably, good morning. That is a huge promise. Not just one but three vaccine accessories. Lets not underestimate humankinds capacity to do that. The problem is in terms of logistics, producing, manufacturing, disturbing all of those, especially in the developing part of the world. We are looking at a pandemic, talking about getting immunity across the global population of more than 7 billion or 8 billion people. There has been a gap of at least a few months, potentially 69 months. And for just two years for the vaccine to reach the entire world. That is the question that the oil market is wrestling with. Rishaad these are questions that opec has to answer for themselves. What are the divisions really concentrated upon . It has been quite a tough few months to say the least for opec crudeers and we have had prices languishing in the 40s. We have nigeria suffering a little bit more. We have seen them not really able to or willing to comply completely with the cuts they were supposed to impose. There has been a bit of dissent. I would not go to the stent to the extent of saying that they received wisdom with the oil markets and analysts at large say that opec should not be putting any more oil into the market in the First Quarter at least. Hasorganization itself brought down its demands in the first report. Demand andr 2021, expectations have been downgraded as well. With opec itself, many people have predicted its demise or said its innocence becomes less and less overtime. Talk about the tensions within opec and the idea being floated around just a couple of weeks ago that it could leave this cartel, what more do you know about that . What damage would you do to opec . Would it do to opec . Opec basically asked the latter, those who failed to comply with the cartel to overproduce in the first few months will have to offset and compensate for those cuts by making deeper restrictions on their production from september to december. Not all members have been able to do that. Was itite uniquely works very closely with saudi arabia to maintain quite a tight train. Of upsetting its overproduction a few of the members did prominently did, prominently among them is iraq. We have seen this restriction. Is it natural . The uae saying we live up lived up to our promise . I think the reports that the uae is looking to exit from opec probably a bit overblown. There were not official reports. As far as im concerned, i dont is leaving or uae that opec is falling apart. The speculation and talk will always remain. Nonopec, 23th members there is bound to be some disgruntled frustration. In the end, i think they are all put together. Most important, saudi arabia and russia are on board this time, they agreed they should not increase production. I think that is what will happen , at least for the First Quarter. Look at what happened with brent, showing that there is not a lot of optimism among every trader in oil market, what did you read into that . Do you think it is something we are likely to see again . A very interesting development. Indicators he it is almost half its level, about 50 Million Barrels we saw back in june and july. This is something that the market keeps a very close eye on. This is basically over supplied markets. Ofnt had just a tiny sliver a backlog last week. We have to see. ,rices will have to continue the strong rally for brent to remain. I know you were touching on china there. I want to get more of your thoughts. We do have a chance for terminal subscribers as well, showing that china crude imports have been rising. Lets talk about that story of china are going to see first in first out. This is what will be driving the Global Consumption recovery here. China and overall, asia has been doing pretty well in terms the second and third waves of pandemic at bay. We did have outbreaks in this region, korea and hong kong, so on. See that change that the u. S. Is seeing. China has almost been back to precovid levels. Starting at the Third Quarter of this year. It is going to steadily continue creeping up. Enter demand recovery lag because indias covid situation was pretty bad almost through the Third Quarter but india is catching up as well. The two largest Oil Consumers in this part of the world. Japan and korea are not doing too badly in terms of oil demand. That is basically the problem for opec. Multispeed world now. In asia, oil is recovering pretty well. In europe, it will probably go down other bit. The u. S. May flatline. Three different speeds right now in the world. We always appreciate your insight, thank you for joining us. Nigeria says it has fulfilled the conditions for a 1. 5 billion loan from the world bank and is in the final stages of closing the deal but the finance minister told Bloomberg Television that several issues do remain, including a widening gap in the narrows Exchange Rate unofficial and parallel markets. We are very concerned, ourselves. We have been trying to take and it is not progressing as much as we hoped. This has been because of the decline in revenues from oil and gas. Will go fromtry percentages. Is the and gas sector we are trying to address these high demands and the different supplies. The needs are being addressed as time goes on. We hope you will be able to get to an even keel very soon so that the impact on the Exchange Rate will become moderated. Great lumber chart. You can see that real Interest Rates in the economy are now negative. Is that a deliberate strategy considering the rising debts . That we do tohing enable these businesses. We reduced Interest Rate for government intervention. The extending the channels of facilities. We are trying to get as much business as possible. Soess to lowcost financing that we can reinvest in their businesses and to revive the businesses and also to ensure that we keep jobs. It was a deliberate effort that we have undertaken. Upcoming bidenhe administration supporting and confirming the nigerian candidate for the was trade organization . Have you had any informal contacts with them to make that happen . That butot respond to we do hope that the by the administration will support this. We hope that she will see that she is very well qualified and she has the capacity to move the organization forward. We are confident that she will if she gets that opportunity. The state of discussions with the world bank, of the 1. 5 billion loan . Are you thinking you have any fresh eurobonds . On the second pond, on the eurobond, we are looking at all options. We go to the eurobond after we whether the markets have the right conditions for us. If the market rates are good, we will go to the markets. We are fortunate that the demented market has a very large appetite. On the loan that we are processing with the world bank, we are at the final stage. The world bank will take nigerias case in the next meeting. Rishaad the nigerian finance minister there speaking to my colleague. Coming up, the latest on the antigovernment protests in thailand with demonstrators targeting an army base with yellow rubber ducks. From to the latest bangkok, this is bloomberg. On to thailand where prodemocracy protests continue through the weekend. Demonstrators targeted the royal army darks, bringing along giant yellow rubber ducks and splashing red paint on soldiers. Lets cross to bangkok. What is significant about this protest . Randy the event showed the from the protesters and they recently started targeting different issues related to the monarchy. Last week, we saw them focusing on the control of the military. On a lighter side, rubber ducks have emerged to become one of symbols,est movements similar to how a bill is where the symbol of the hong kong demonstrations. Used thes in thailand yellow ducks as a shield against police water cannons. Rishaad between the monarchies what has been the government response to this . In the past, they have been quite reactive. Know, yes, as we insulting top royalty in thailand can lead to Law Enforcement intervening. Significance significant because these movements began in july. Going forward, youre definitely going to see further escalation of this movement with more crackdowns and arrests by police. Rishaad where are these protests heading now . Like it does not look these protest movements will go away anytime soon. Theyre out youre unlikely to see any monetary reform in thailand. Thank you. Coming up, we look at the richest families in asia whose collective net worth has grown despite the impact to the global pandemic. Some so their fortune shrink. We will run the numbers. This is bloomberg. Latestick check of the business flash headlines. Says it wine estates will shift focus away from china following beijings decision to impose antidumping duties at a high of more than 200 . Theyre planning to relocate reallocate these where they say that demand remained unsatisfied. The treasury will look toward europe and the u. S. To fill the potential void left by china. Vienna Insurance Group has bolstered its position as the biggest insurer in Eastern Europe by agreeing to buy businesses in the region for around a million dollars. This makes them the largest insurer in hungary. That has been a longterm goal. Was equivalent to 2. 6 times book value. Has seen its collective net worth raise. Ir fortunes point as well among this loan. Control 456milies billion. The man who has become wealthier and well here what helped him add to the amount of money he has during the pandemic . To give context, at the inning of this year, they have managed to raise at itst 26 billion by selling stake on is technology company, its geoplatform. It has raised 20 billion through the geo based platforms. Have raised over 6 billion through investments. Has given hime the financial muscle to beat the to increase itso more day by day. Juliette showing how Reliance Industries has transformed itself. Tell us a little more. Focused on ely it was an Energy Conglomerate. He said he did not want to be known as an oil glamour it. He transformed the Energy Conglomerate into a technology conglomerate. Are equally contributing along with reducing dependence on oil. Juliette that was our reporter in mumbai. Bloomberg subscribers can get more information on mukesh amb ani and all the other billionaires by going to richgo. They are continuing to increase their riches, rish. Rishaad we have much more coming up on Bloomberg Markets, including our india focus. Meanwhile, the hang seng is down by. 5 . It is almost 11 00 a. M. In shanghai and singapore. Welcome to Bloomberg Markets asia. Im juliette saly. Rishaad i am Rishaad Salamat in hong kong. European futures on the final day of what has been a tumultuous and record month. Retreating amid signs of output differences among opec and its allies. Juliet a Bloomberg School scoop, jack ma may struggle to ul next month amid regulations. Rishaad india entering a recession due to the lingering effects of covid19 and the nationwide lockdown. Gdp, contracting 7. 5 in the september quarter. Juliette a quick check on the markets on the final trading day of the month, which has been an exceptional one for Global Equities as we are seeing global stocks on track for their best in a record month. The regional index has been Holding Record highs but when you are seeing momentum is in chinas market. The pboc, adding 30 billion to the Financial System today, seeking to ease liquidity tightness in the final month. , a great story on the bloomberg about how tech stocks in singapore are getting more momentum and we are watching closely oil ahead of the opecplus key meeting, below 45 afalling barrel, getting toward 45 a barrel as we see him formal talks over the weekend failing to reach consensus on the output hidke delay. Having athe oil major torrid time on the market, 9. 4 lower. The trump administrator poised jamaica to blocked from u. S. Investment due to military ties. Cnooc not catching a bid, 9. 4 to the downside. Against a, the open backdrop of protests, this time outside military bases where protesters were throwing yellow rubber ducks at soldiers and painting them red. Strengthening fractionally, but we have the baht set for a second monthly gain in a row and certainly something the bank of thailand is concerned about and has been taking steps to make it weaker. 8 500 on the futures, down that is the asx 200 down. 8 with the war of words, intensity between beijing and canberra. Lets move now to new york and have a look at some of the first word headlines. Heres karina mitchell. There is good news coming out of china, the latest reading of chinese economy shows the economy is gaining momentum. Data betami expectations, picking up faster than predicted. Factory performance came in at 52. 1, above octobers 51. 4, better than forecast and showing strength despite outbreaks of covid19. Failing to agree on output increases ahead of monday. Most participants in sundays informal discussions supported maintaining current levels, the uae and kazakhstan wanted to lift output. If no accord is struck monday, Oil Producers will reactivate almost 200 Million Barrels a day of halted output. , but says itring wont fall into the trap of jeopardizing potential talks with a future u. S. Administration. It says its policies and strategy wont change because of the death of the top scientist who died in an attack in his car friday. Iran blames israel, but no one responsibility. Australia is trying to rally International Support for its trade disputes with china, formally asking the trade organization to step in and end discrimination against exporters. Morrisonnt government will oppose beijings tariffs on products. The review says canberra has complained to the wto about restrictions on exports. S p global is set to be in advanced talks to buy ihs market for 44 billion in cash and an announcement could be imminent. Ihs market was valued at 37 billion at the close friday. The stock has risen about 23 , a similar jump for s p, a market cap of 2 billion. The deal would bring together two of the largest data providers for markets. 24 hours a day on air and on bloomberg quick take powered by more than 2700 journalists and analysts in 120 countries. On karina mitchell. Im karina mitchell. Juliette stocks are swinging on the final trading day of the month, one which has been a record for Global Equities. We have in the u. S. China concerns and also China Australia trade relationship ramping up, and better than expected pmi from china. For more analysis, lets bring the head of emergingmarket equities at dws. We have stocks and records, but weve also got a lot of geopolitical tensions. How are you positioning heading into the final months of what has been an extraordinary year . It really has been an extraordinary month with large theical rallies and not rally weve been used to. Weve been positive for 2021, positive on equities, positive on credit over sovereign, but we think the rally will be different. It will be an opening of the economy rally and it will favor asia and emerging markets. Juliette within asia and emerging markets, which he markets are you looking at in particular because it is not all created equal, particularly when you look at how countries within the region have handled covid . A lot has been reflected in the prices this year and north asia has handled the crisis incredibly well. Reflected ineen some of the currencies. What we would see next year, the focus being more on the cyclical side, so we would see a chinese economy continuing to do well and the rmb being the anchor for Asian Countries, but we would see markets like korea on the cyclical side and indonesia pick up. Markets that havent done as well this year, more in line for a global pickup than the regional pickup. When you were talking about the renminbi, how much see . Er strength do we we had the unexpected injection of liquidity from the pboc today and dollar weakness, but it is extraordinary, the strength of uan end of the recovery in china. Sean it has been and i would expect when the rest of the world some time mid next year starts to come out of lockdown properly and get back to the pmi levels china is seeing, we would have a slight weakening of the rmb but quite range bound. It has moved an awful long way. Sean, you mentioned the good news has been priced in two asian markets. It seems they are priced to perfection here. What is your take . Sean it depends on what markets and what sectors. The Overall Index has been dominated by the technology have reallyich justified their resistance and because of covid prices but it is other areas we are seeing more a pickup. More cyclical trades that havent done that well and are beginning now to do quite well. The overall change this year, which we think will be a structural change and weve talked about it for years is the dominance of the local investor. Like south america, there have been flows out of the market, but replaced almost three times over by locals because if Interest Rates stay low, if the government is likeng areas digitalization of technology, local investors will put more money there and that has been a driver. The catchup in 2021s International Investors putting more money into asian markets. Equities and fixed income since donald trump put tariffs up. If you get in the next three years a withdraw of tariffs, i think warm evil will put money in more people will put money in. The relative area is looking better than three years ago. Ofhaad and also a lot people talking about a biden presidency changing the narrative in the sense of style in this torturous relationship between beijing and washington, they may well be more diplomatic in the old sense but today,ustralia and china maybe china is not in the mood . Sean i agree. The biden see presidency really focusing on china straightaway. Much moret will be domestic and probably rebuilding relations with europe, but then i think it will start to look bilaterally about china and the rest of asia but i think the chinese have made the decision they are going forward. With selfsufficiency, dual circulation, theyve been quite aggressive in the signing of the reset in the last couple of weeks. Theyve made statements they are happy to go back and join the new ttp, though it does seem we are beginning to get two different trade blocs and i think australia is caught in the middle of it. Australia relies on china for a lot of its exports but it is having quite a severe political battle which doesnt seem to be going down. Rishaad the dual option strategy, you have American Security at the same time youve dependence economically speaking. A lot of countries in this part of the world will be facing this decision. Where do their loyalties lie and not just in an economic sense. Sean absolutely. I mean, it is going to be very interesting how things change. In one way, china might be have better relations with countries that it hasnt had in the past. On the other hand, global relations everywhere might be deteriorating, but we have seen more interesting moves across the world in terms of improvement. The middle eastern situation seems a lot healthier with a lot of countries talking that havent been talking before. I think a biden presidency should be less hostile on markets like turkey, countries like russia, critical. Geopolitical tensions will not fade away, but the unpredictability under the trump upime of laws coming overnight should go away. That is what effects the stock markets. Juliette quickly on the oil market as we await the opecplus virtual meeting, when do you see normalization to the oil market . What are your forecasts for this Time Next Year . Sean we see normalization in 22 First Quarter of 2022. We have an economic environment t really sees weve got a technical issue with sean taylor, but thanks to him. Aipac cio at dws. Still ahead, india entering an unprecedented restrict recession, but the data was better than anticipated. We will go through the numbers with Oxford Economics. Next, the financial ipo is said to have slim chances of getting off the ground next year. We will have more on that next. This is bloomberg. Rishaad lets get your bloomberg scoop. Group part potentially recordbreaking ipo may be pushed to 2022 as it reviews changes needed to appease chinese regulators. The delay of over a year would and setback for jack ma investors counting on a windfall from what was poised to be a 35 billion share sale. David scanlan has the story. We talked at the time, this delay was probably just a couple of months, but this is quite something and a very long delay if they are going to go for this ipo after all. Yes, it speaks to how much work still needs to be done. This is a pretty massive overhaul of the sector in china. It is not just about aunt, but fintech more broadly and we still dont know what the rules are going to be. Broad ideas but without the details, it is hard for them to proceed and it is really important to recognize this is coming from the regulatory side. These are people close to the regulators and no one is in a better position to know how long is notll take, so ant driving the bus. These are the regulators and when they say 2021 might be a little optimistic, that carries a lot of weight. What does this mean for earlystage investors . Just imagine, they were 48 hours away from the biggest ipo in history under the rug was pulled out from under them and now they are hearing a year or more. It has to be frustrating. We dont know if they were going to sell into this ipo. Some seemed optimistic about ant public, yout goes have the option to monetize and sellout. That has been delayed and they will have to wait another year or more perhaps. Juliette the Senior Editor for asia finance, david scanlan. At top Analyst Recommendations across markets. Plenty more ahead. This is bloomberg. Rishaad the deadline for a postbrexit trade deal rapidly approaches. The risks to the economy are becoming clearer. A month until britain leaves the European Union and warnings failure to reach an agreement could compound the hits from covid19. Jodi schneider, how big could the hits b to the british economy after that deadline passes . I suppose a deal is something which could mitigate it . Jodi thats right. Hit to the economy, the u. K. Leaving the eu will be bigger than the hit from covid, and frankly, the u. K. Has suffered more than most advanced economies from the coronavirus isdemic, so none of this good news. However, if there is a trade deal, it is anticipated that will mitigate some of the pain, the economic pain that would occur, so everybody is looking for this deal. Lots of pressure on it. The latest estimates from the Budget Office in the u. K. Are 3. 1 will occur lower gdp will occur once the u. K. Leaves the eu dominic sees a possible resolution to the impasse on talks, but with a big if. Jodi hes saying they are making progress and sides are showing good faith, but it is dealing with the fisheries issue, which has become a major stumbling block, so if that is somed to, they can have negotiation on that part and come up with a deal in the next week or so, they could get this through before the first of the year. We heard this for about four years, weve been talking about deadlines and more deadlines, but to get something through by january 1, they would need to get negotiations, everything would need to be settled in another week or so. A delay is always possible. There is talk eu countries might be willing to have a delay if they think theyve made enough progress so we will have to see and the next week will be critical. Senior International EditorJodi Schneider in hong kong. The latest headlines, taiwans global is in talks. The german manufacturer of offer 25afers to euros a share, which the board says is appropriate. Prepared to sell at that price. The deal is expected next month. Treasury has fallen after it says it will shift away from china after imposing 200dumping duties at percent. It is planning to reallocate several bestselling labels to ,ther luxury Growth Markets demand remains unsatisfied. Treasury says it will look to europe and the u. S. To fill the void left by china. Hsbc is said to be considering quitting its u. S. Retail banking network. Management is looking at a complete withdrawal, although a retreat from other businesses is said to be unlikely. Review may suggest reducing Investment Banking to concentrate on asia and the middle east. Hsbc has slashed more than 30,000 jobs amid tensions between the u. S. , china, and hong kong. Rishaad lets have a look at morning calls. Notes over the research for us today and david, what have you gleaned . David im starting at home, and of course one of the big stories , the scoop today was the ant ipo is not likely a story for next year. That will be pushed back into the region. When you look at the multiple the market is attacking attaching to hke stock, it is priced for perfection, in other words, the best case scenario, 40 plus percent profit popped next year, which may turn everything needed to fall into place, ipo coming to fruition, plus all of these ipos that might not happen in the u. S. Come to hong kong, so maybe a little on the frothy side. Juliette weve also been looking at movement in treasury wine in sydney, falling again today. Have analysts change their calls . Isid Morgan Stanley reiterating their overweight call on the stock, a function also of the drop you mentioned. Seven dollars, aussie dollars winehare, treasury according to Morgan Stanley, at that price, that is the bear case valuation. That assumes at seven dollars, the china market is gone forever and zero in terms of the offset to mitigate the impact so overweight for Morgan Stanley. Target priceice is 11 aussie dollars per share. David ingles joining us with the morning calls. Chinese market toward the lunch break in shanghai and shenzhen. At the moment, big fallbacks taking place for the likes of cnook. They could be in the crosshairs of Donald Trumps latest attempt to Ban Companies which are tied to chinas military. On the upside, big move to the upside taking place in the banking indices, banking stocks. Csi 300 up over four points and 4 . We had a huge liquidity injection into the chinese Financial System. Added mediumterm funding, seeking to ease liquidity tightness in the final weeks of the year some 30 billion u. S. Dollars was put in at an unchanged rate of 2. 95 . Perhaps justties under a little pressure but some of them are coming back as we look forward to the best month ever of global stocks. 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. Juliette it is almost 11 30 a. M. In singapore. Great story on the bloomberg talking about tech stocks starting to win more clout in the city state, but also watching what has been occurring when we will see Indian Markets resume trade, nifty futures down. 7 . We have been watching india enter recession, gdp fell 7. 5 in the september quarter. The Financial Services output shrank and manufacturing actually expended. Expanded. The sikhthe founder of religion. An unprecedented recession, the economy contracting in the three months to the end of september due to lingering effects of lockdowns designed to contain covid19. Lets get to the prospects for the economy with Oxford Economics head of india in Southeast Asia priyanka kishore. The number was better than expected marginally, but the point is, it is still a recession and it is a deep recession, but is india coming back because at the moment, when weve had many ceos on the program talking about their businesses, they say it is returning almost back to levels we saw last year. What is your take . Are we getting out of the woods . Priyanka we saw better than almostd rebound in q3, completely led by the private sector because spending was isn, but under the hood, it one section, manufacturing which registered positive growth. If we look at services, it was quite bad. Financial services was lower than q3, so sorry, lower than q2, so i would be cautious to say everything is back to normal. Cases are still not really that much under control. There are risks of a second , so one needs to monitor the data carefully at this point rather than jump on the bullish bandwagon. And if we have another lockdown, that is when the real damage happens, but is the government being following a policy of benign neglect . Have they been doing enough . Priyanka they are not doing enough. That is fairly established. The view is divided whether they can do enough given the fiscal post thets, but initial handout we saw largely targeted at the vulnerable sections of society, the government has prioritized fiscal prudence. Youve seen spending contract in the previous quarter and we still have to see how much they are going to step in in terms of q4. How much can the reserve bank of india do . We have this Interest Rate decision taking place friday. There are limits to monetary policy, the fiscal side everyone is going on about. Priyanka that is perfectly right what you are saying. Even with the 115 basis point cut the rpi has put in rb i has put him, the onus was always on fiscal policy. You have seen some of the loan schemes in terms of the rbirnment as well as the but, given the legacy of Balance Sheet stresses, one needs to keep their fingers crossed on the front. Looking at what more they can do, i think with inflation stubbornly high and above the rb is target range, this policy easing cycle has come to an end. Juliette where do you see the gdp figure sitting next year . Priyanka tricky one. Last we saw just before the q3 figures came out, it was 8. 9, 8. 7 contraction for the full year 2021. That is following the positive print. We are going to see some revisions out there, and then i think for 2021, a lot depends on how the vaccine is distributed. Distributional challenges will keep it from getting widely distributed until about the second half of the year, despite india better placed in terms of procuring the vaccine. Juliette and when we look at andr nations in the region, have a chart for terminal ofscribers showing how a lot economists have been slashing forecasts, particularly Southeast Asia. Atthere any you are looking that will potentially underperformer outperform as we start to see the vaccine rollout . Isyanka i think philippines a cause of concern. They dont seem to have been very proactive in terms of procuring a vaccine. Andaw a big gdp hit in q3 the government doesnt seem in control of the situation at this point in time. Indonesia, as well, is a point of concern, but they have made some arrangements to procure vaccine. In Southeast Asia, these are the two countries that we are concerned about. Juliette we heard from the head of the mas last week saying stimulus cant go on forever. Att is probably a given but what point do you see the need for less stimulus to be helping some of these economies that have been hit so hard . It looks like the taps need to run for sometime more. Priyanka definitely. You cannot turn off everything in 2021 or so. Indonesia actually talking about a consolidation plan, but we think it might be even slower than what they are talking about in terms of 2023. And see have to wait how quickly mobility improves because even if you date out your lockdown restrictions take out your lockdown restrictions, but the fear of infection continues to be there, it will impinge on Economic Activity so over 2021, you will see loose fiscal Balance Sheets out there. Not many people have done much investigation, but this relationship breaking down between beijing and new delhi is something which people perhaps should look at more in some opinions, because at the end of the day, this is going to have a damaging effect on chinas growth. Do you see it that way . Priyanka it is going to damage both ways. I think the issue is india is clearly concerned about what seems like core imports, especially in the Electronics Sector that have come a lot from china and they want to build up, so they have launched the production incentive scheme, which was initially focused on the Electronic Companies and producing them. It is much quicker to ban imports and it will take time for these productions to come online where you do not have any capacity in place, so there could be a duration mismatch which might not have been accounted for and that will impact the manufacture inputs. Juliette therefore, do you see india looking to form greater relationships with other countries . Weve already seen them in talks with taiwan in particular. Priyanka yes, thats true. Definitely aeres concerted effort going on to forge more alliances and have a broader influence in this part of the world, but as you said, these things take time to come into place to secure new production lines, etc. , so one should be cautious about hurting existing production lines in the process. Oxford economic head of india and Southeast Asia economics priyanka kishore. Always appreciate your insights. Lets get the first word news with karina mitchell. Karina chinese regulatory officials have told bloomberg the chances Jack Mas Ant Group will be able to revive its stock listing next year are looking slim. Is in thes say ant early stage of reviewing changes to appease regulators. An additional delay of a year or more would be a setback for Alibaba Group and earlystage investors in the scuttled ipo. President elect joe biden has l tasting bil build a Senior Communications team comprised entirely of women. She was the commute occasions director under president obama and was spokesperson for the state department. The operator of the Japan Exchange is to be punished for the trading outage that halted business last month according to public broadcaster nhk. Executives including the ceo, the Tokyo Exchange president will face so far unspecified penalties with the Financial Services agency expected to release further details later today. Meanwhile, global reported Coronavirus Infections have soared past 62 million the u. S. Still the epicenter. California hit a record with los angeles and San Francisco imposing tighter restrictions. A vaccine is expected before the end of the year and the u. K. Says it hopes to start before christmas. Germany says infection rates are falling too slowly and the Festive Season could trigger a new surge. Reports from tokyo say the organizers of next years delayed olympics estimate additional cost at 2 billion. Officials will decide next year how to split the expense between the capital and national government. The organizing committee has seen even higher costs, but agreed with the International Olympic committee to stage a simpler and less expensive games. Global news 24 hours a day, onair and online on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Lets take a quick look at the markets on the final trading day of what has been an extraordinary month in an extraordinary year for Global Equities. The nikkei 225, fairly flat at 1991 highs. The Hong Kong Market coming under pressure as we see more increase in social distancing. Hong kong to suspend in person classes as virus cases mount. Australia, under pressure. The relationship between beijing and canberra, deteriorating. The asx 200 is down 1 , but on track for its best month on record and south koreas market, down. 4 . Currencyng a look at markets, we have been seeing the aussie dollar holding strong, but unchanged at the moment at 73. 87. The kiwi edge over the aussie dollar expected to vanish as we see tailwinds from the rbi. Offshore yuan Holding Steady at twoyear highs. The dollar index had fallen to its lowest level since 2018 and oil come under a little pressure as we await the opecplus virtual meeting. Coronavirus cases rising across asia. Hong kong suspending school and korea, tightening restrictions outside of soul. We will bring you the latest. This is bloomberg. Rishaad hong kong is closing all School Classrooms as its fourth wave of Coronavirus Infections puts pressure on the city, at a time when there seems to be rising anger over the erratic nature of the administrations response. Lets get to north asia chief correspondent, Stephen Engle, following developments. Criticism oft of this stopstart with dealing way of dealing with the pandemic and where it is directed sometimes. N hong kong employees, what they call a suppress and lift policy or if they see an outbreak in areas, they will suppress it and review it after a week or maybe two weeks and then left it if they can. And start approach, erratic is the word some have used, is frustrating people. The one viral thing going around society in the last week or so has been clips of social dancing and the fairly intimate nature of some of the social dancing in nightclubs without masks and there has been a cluster of outbreaks, yet we havent seen a real clampdown on nightclubs and rooms and massage parlors, but we have now seen much to the angst of parents across the city of 7 million plus, a complete shutdown of facetoface classrooms, so kids will be staying home and doing virtual learning, but there is that criticism this ad hoc approach to the clampdown is not as structured as places like singapore, new zealand, and seoul and that is damaging Business Owners ability to plan for the future so hong kong had 115 new confirmed cases , going into triple digits. This is the socalled fourth wave and that is why we are at the situation where all facetoface schools, classrooms as of wednesday will be canceled for the rest of the year and then they will review it again. Suppress, then review. Itwill review it in 2021 but is where we stand now and it is leaving a little frustration on the part of society. Juliette yeah. You mentioned seoul. Talk us through south korea because it is in the midst of its third wave of infections and indonesia also seeing a record surge. Indonesia, since the outbreak began, we got the outbreak of new cases, 6267 new cases yesterday, the most since the outbreak began. 169 new deaths reported, another record number. Early on, the outbreak was pretty bad, but now we have more testing and revelation of the 16,800 so they have deaths, 534,000 plus cases. And it isis a problem spreading beyond the epicenter of jakarta into central java. The Prime Minister was out talking today about the need for the other governments to take this seriously. South korea is in the third wave. They are going to tighten some restrictions on socalled dangerous facilities in Industries Like public baths and gyms in the greater seoul area. They lifted the alert level to two out of three. Outside of seoul, theyve lifted it to 1. 5. Like in indonesia, they are concerned about it spreading beyond seoul. Taiwan,o mention because taiwan has been a relative success story. Most of these areas in asia are Success Stories compared to the United States and europe, but in taiwan, it has nicked it in the bud. They had 24 new imported cases, so they are on high alert all of a sudden. Juliette chief north asia correspondent Stephen Engle in hong kong. Weve been following this news earlier today about s p global in advanced talks to buy ihs market for 44 billion. We heard from dow jones this will be an all stock deal. We expect an announcement will come as early as monday. Valued it at 36 point 9 billion as of friday and the stock has risen 23 this gain ofpared to the 25 s p global. The deal will be all stock with s p global to buy ihs market for 44 billion. Rishaad other breaking news looking tojb health, price this Hong Kong Ipo at the top of the range is coming from the International Finance review or ifr. Coming up, the richest family in asia, the collective net worth has grown despite the pandemic. Some saw their fortunes shrink. Will run through the numbers. This is bloomberg. Juliette asia is 20 of wealthiest families have seen a rise of 10 billion since july last year. While some software to plunge amid the slump, bloombergs topranked claims control 463 billion. Joining us is conglomerates reporter to look at the reliance ambani and what helped him raise his wealth. To put things in perspective, 2020 started with some because it was staring at a huge net debt and the conglomerate has promised it can still conglomerate into net debt free by early 2021 and immediately started, pandemic ambani ,old the stake in Platforms Technology service company. As he raised 20 billion by selling the platform stake, investors suchw as facebook and google. After that, he had started selling stake and raised over 6 billion. He had raced around 27 billion this hasg spree, helped Mukesh Ambani to turn next debtfree and adding wealth to his portfolio. But what about Reliance Industries itself . How has that changed . Thats a good question. A few years ago, five years ago Mukesh Ambani will plan for a consumer conglomerate. He wanted to relieve dependence on energy and add more ammunition by incorporating telecom and consumer, so now and this transforms into a largely technology and consumer conglomerate. That, he has added a lot of wealth to his personal account too. Our conglomerates reporter in mumbai. Bloomberg will get more information on who is in and who is out just by typing rich go on the bloomberg terminal. Juliette a quick check of the latest business flash. Traffic regulators in the u. S. Are investigating whether faulty suspension parts on more than 100,000 tesla cars could mean damaged tires. Agency has received dozens of complaints around the tesla model s and ask involving failures at low speed and general driving. For years ago, tesla admitted to some model s and x cars had been fitted with suspension links that didnt meet specifications. Australias financial review reports that google is angling for a local media ideal ahead of legislation that would see its and facebook forced to pay for the valuation of journalism on its platform. The tech giant is said to be looking for a content partner and has been in talks with nine new scores news cores. Unicredit has called an unscheduled meeting to discuss governance and strategy, raising doubts about the future of the ceo. It has been resisting attempt by the Italian Government to make over the rival. The meeting will discuss board inewal and ending his term april. The ceo has clashed with the board several times over m a. The times is reporting jpmorgan and lloyds have expressed interest in buying starling bank, a challenger start up. Jpmorgan is preparing to launch a Consumer Banking at year and lloyds, one of britains largest retail banks, is said to be interested. If the deal goes head, it would be the first big merger of an established bank and start up in britain. Inner Insurance Group has bolstered its position as the biggest insurer in Eastern Europe by agreeing to buy a business in the region and in turkey for around a billion dollars. The deal makes the ig the largest insurer in hungary come a longterm goal and strengthens its position in poland as well as giving an entry into turkey. The deal was equivalent to 2. 6 times book value. S p global is said to be in advanced talks to buy ihs market for 44 billion and an announcement could be imminent. Ihs market was valued at under 37 billion at the close friday. The stock has risen around 23 this year, a similar jump for s p, which has a market cap of 82 billion. The deal would be the biggest this year, bringing together two of the largest data providers for markets and dow jones reporting it would be an all stock deal. Final daye are in the of a month that is set to become a record for equities globally speaking. Lets have a look at where we haswith them, because it been a month that has seen a 13 gain in equity prices through this year. We are seeing stocks swinging between gains and losses. It is mixed, china markets getting a boost from betterthanexpected pmi numbers welier today and hong kong, do have Energy Companies across the board on the way down. The Oil Price Retreats and signs of discord within opecplus. Yeah, we are certainly seeing mixed momentum on the final trading day of the week but the csi 300, and outperform. N how performer. China. Ted liquidity from we have plenty more ahead on bloomberg. Daybreak middle east coming up live from dubai with yousef gamal eldin. That is it from Bloomberg Markets asia. This is bloomberg. Hope it doesnt cost too much. I hope my insurance pays for it. Can you tell me how much this will be . [cashier] 67. Sorry. Wait, have you heard about goodrx . Goodrx finds free coupons to help you save up to 80 on your prescriptions. Wow, i had no idea. [announcer] goodrx, stop paying too much for your prescriptions. Yousef this is bloomberg daybreak middle east. Our top stories this morning, it is the final day of what should be a record month for global stocks. Equities have been propelled by vaccine hopes and the prospect of a joe Biden Administration. But is the rally overdone . Chinas manufacturing pmi surges to a three year high as the recovery strengthens. The pboc