We are watching the hang seng index. Australias market is only higher by 0. 3 . But we had this news that china will allow australias cargo to come ashore. Lets have a look at stocks. Clearing exchanges in focus. The u. S. Approved legislation that could lead to chinese firms getting kicked off american exchanges. Also getting a call from sidney. Tak is down 1. 4 . ,his big surging iron or holding at a record. In recent weeks, weve seen pickup of state owned enterprise default in china that have jolted the credit markets and rattled investors. One company in the spotlight is ever grand, which has accumulated the biggest debt in global real estate. We are joined by Stephen Engle in hong kong. In ournt to bring distinguished guest, the ceo and cofounder of sc lowy in hong kong. A bank and manager that specializes in distressed and highyield debt. Good to see you. You spoke to bloomberg about a month ago and you did talk about ever grand. We know that they have taken steps to increase or improve their liquidity. Tradere been an active in dollar notes. Do you see more volatility for this . Have they shored things up enough . How do you play it . Good morning. We heard [indiscernible] short term, theyve dealt with some of the pressure. [indiscernible] what we are also seeing, kind of signs that the Chinese Government is not going to step in, in places where they have in the past. We know about the ratings agencies in china. They do not necessarily price the risk adequately. Are you seeing that trend as well, that the government is not going to bail out the state owned enterprise space . Vigorously we are seeing that trend. This is nothing new. , wevego back 20 years seen that before. At some point, the Central Government tells the holders that there is a significant difference. That is what we are discovering again and we are going to see more and more of that in the next few months. Seehat opportunities do you in the space . The difficulty as an investor is to always be very binary. Making a call on whether the company is going to be supported or bailed out is very difficult. From very different what we can pursue in other markets. Expecte do you delinquencies to continue to rise in china . Can you pinpoint it . Not really. Besides real estate you cant really pinpoint one industry in particular. [inaudible] looking more widely at asia, in terms of india, that to a certain extent lends itself scales andraditional valuation. I wanted to talk to you about india. I believe it is one of your biggest targets for investment in asia. See. Re looking at dhs slew ofheres been a new regulations. Theres a slew of bad debt as well. Onres also a moratorium bankruptcies and insolvencies because of the pandemic and the lockdown and the bad debt and the inefficient banking system. What are your targets in india right now . As i told you before, india is a very important market for us. The size of the market is extremely attractive. We believe that with the right set up, the right presence, some of those barriers can be overcome as long as you are very conservative with your assumptions. We remain committed to india. Seehink we will continue to a very healthy pipeline of deals coming out of india. We certainly plan to expand aggressively our footprint in india, whether it is growing via acquisitions. Of a nonbank household lender. We are understanding through local media that theres been some threats that perhaps you could walk away. Some of the financial creditors of this company have extended the bidding process or added a fourth round of bidding. Where do you stand on that . Are you preparing to walk away if this keeps getting dragged out . We are very keen to be timessful, but at the same , if we come to the conclusion that we have no chance to win because the rules of the game are rigged against you, then we will choose not to waste our time and energy and focus on other transactions. Is the system rigged against you . Big entity. Gainst a is there favoritism going on here . Also, theres inklings from the that they are treating hong kong investors the same as china, and maybe some of these transactions from hong kong are getting held up with extra scrutiny. Answer on know the whether we have a true chance to buy for a fair price. But what weve witnessed is rules that have been changed on and no outcome besides giving bidders another chance to participate. It is a very frustrating process. You have other targets in india, or has this situation made you take a pause . We are in it to win it. We are not taking a pause in , but we saw other large opportunities. There are platforms that are available in india that we are confident we will complete. All right. Next time we have you on, we will talk about europe. Lots of interesting things going on there. Theres also some insolvency going on in the banking space. Lets get you back on as soon as possible. Thanks for joining us on bloomberg television. We will send it back over to you. Juliette coming up, two of Southeast Asia has biggest tech firms could be set to put aside their rivalry and join forces. We will have all the details of the potential merger, next. This is bloomberg. This is Bloomberg Markets. Qantas plans to buy the majority its predomestic schedule the airline is expecting capacity to reach more than two thirds of normal levels in december, increasing to 80 next year. There will be no International Flights until at least july. Officials are settling a longrunning dispute over aircraft subsidies before President Trump leaves the white house. [inaudible] officials remain cautious about any imminent breakthrough. 10 surged by as much as despite lowering its growth outlook. Demand for rides plunging 50 in november. They are saying now that they are expecting growth at the lowend of its forecast from last month. At the same time, saying that its adjusted loss will be 185 million. Two of Southeast Asias most valuable startups are said to be making progress towards a merger, putting an end to what has been intense rivalry. Sources say the two have narrowed their differences and the fine details are being discussed. Our tech reporter has the story for us. What do we know so far . Makingnow that they are substantial progress on working out a deal. Merger inhe biggest Southeast Asia. What is being discussed would have the cofounder become the. Hief executive so the two Brands Strategy is being considered. They might run separately for a period of time. This is ultimately aimed at becoming a public listed company. The final details are still being worked out. Things are still up in the air. Serves, is it involved in negotiations . What would a merger mean . What would the implications be for softbank . Son is the worlds biggest investor in ridehailing. He has large stakes in you china, as well as operations in brazil. He has used his position so far to negotiate a number of ceasefire agreements. Uber worked out their differences in china. And grab have come to an agreement in Southeast Asia. This would probably be the last big rivalry that would be coming to an end. We know hes been personally involved in the negotiations since at least january this year. Getting frustrated by the animosity between the two companies, but it seems like they have made progress and are close to clearing a major hurdle. [inaudible] up next, tie protesters target the royal family and property investments. This is bloomberg. President elect joe biden his Economic Team together. Competence. Have respectable people to beat is not worried about. That is very much reflected in the Biden Economic team. I discovered that one plural for dubs is a bevy. Weve got a bunch of people who are pretty much on the same page. They are reflecting a lot of mainstream economic thinking. Credibility they dont have any credibility now. Interesting. It is also a bevy of people finally looking slightly different than the usual economist. Theres women, people of color. What are you thinking about the diversity at the table . Is there enough new thinking . Amazinglythis is an Competent Group of people. It is like night and day. I was going to Say Something i shouldnt, but compared to the trump team, this is a different universe of people. I almost feel like a lot of them are overqualified. Group thaty are a has very strong progressive conventionals credentials. Think about obama. Janet yellen. You are seeing a really significant shift towards a much more progressive, centerleft orientation. The orientation is certainly very different. Challenging to get anything through congress. It seems like there were some pretty serious lessons that we could have learned from the pandemic and from how we initially responded. Not only in the u. S. , but in other countries as well. Im curious as to whether that sort of validates or vindicates the general idea that government involvement in the market is necessary if we are going to have a functioning economy even when times are good. I would like to hope so. ,he thing to say is also about the biden team [inaudible] we are still in an economy which will be able to achieve full employment at very low Interest Rates and a substantial deficit. Some kind of continuing fiscal stimulus over the medium term and the need for a lot of public investment, infrastructure, climate change, education, all those things will remain. So the case for a much more activist, promarket, but also pro attitude on the part of government i would like to think it was vindicated by events over the past few years including the pandemic. Juliette that was paul krugman. A thai court has rejected a petition seeking to disqualify the Prime Minister for allegedly breaking ethics rules. Powerared him to stay in even as protesters continue to campaign for his resignation. The demonstrators are also targeting the royal family and its property investments. Daniel joins us now for more. Why do the protesters want changes to the Current System . Protests have all been about kind of asking to make the monarchy in thailand more transparent and more accountable. Is the part of that finances of the monarchy. These feature prominently in the demands first issued in august. We saw discussions during the approval for the budget a few months back. Opposition politicians were questioning the taxpayer money going to the royal family. That, theres also this investment portfolio that includes some of the best real estate in bangkok. Right now it is not clear where that money goes. Ultimately, the protesters are seeking more accountability, more transparency, kind of like a system closer to what they have in the u. K. Specifically what changes are they pushing for . What is the likelihood of success . A few years back, the military signed off on the first legal changes regarding the Property Bureau which manages the assets. They effectively allowed the king to put his name on the assets. Indid that with his stakes the two main listed companies in his portfolio. The changes also eliminated the finance ministers role as chairman. Which has given some appearance of government oversight. The protesters are looking to rollback those changes. They want a Clear Division between the kings personal assets and those under control of the finance ministry. How likely is it they would succeed . Not very likely in the short term. Changess considering have already said they are not going to touch decisions related to the monarchy. What they have done is, they have increased public consciousness about this issue. Thanks. Lots more to come. Also taking a look at what is going on in hong kong. Stocks are moving to the upside. Stocks on the hang seng on the up. 25 on the way down. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. It is almost 11 00 a. M. In shanghai and singapore. Welcome to Bloomberg Markets asia. Im juliette saly. Rishaad and im rishaad salamat. Asian markets extending highs. Stimulus talk in washington. Treasury yields slip. The dollar touching a twoyear low. Juliette opec and its allies meet later amid signs they are making progress on the supplies strategy. We are told leading producers are discussing a gradual tapering of output restrictions. Rises onpressure Chinese Companies listed in new york. Forhouse approves a bill tighter restrictions that could see some big names forced out of wall street. Juliette global stocks taking a little bit of a pause from the record rally but here in asia we are seeing slight gains lifting the msci asia index. Trying to get back to those levels we had seen. The index up 0. 3 . Watching the dollar index, the dollar continuing to slip. Also watching treasury yields edging down after topping 96 basis points. Weve been asking our guests what that means for risk assets. As we mentioned, watching the crude market. Just a little lower there. Over in bangkok, thai stocks trading just getting underway there. Regional indices up 0. 5 . Focusre also very much in with these protests targeting the Kings Property investments and the thai Prime Minister acquitted of an ethics breach, which means he doesnt have to resign now. The thai baht study. A slight indicating gain at the start of the Indian Trading day. Indiambers coming out of this afternoon. That is ahead of an Interest Rate decision by the reserve bank. Lets move from markets to the first word news as we go to new york for karina mitchell. The latest coronavirus reports say u. S. Daily fatalities have hit a record 2638. Hospitalization numbers rose by more than 1000 a day last month. The u. K. Is the First Western nation to approve a vaccine. Reported fatalities in germany are at their highest since april. Berlin is extending its partial nationwide locked into january. France is warning that it will veto any potential brexit deal if it gives too much to the u. K. Barniergotiator michel said it would look bad if the deal was rejected by national leaders. Any agreement must win the approval of all e. U. Members. And you touched on it. Protesters returned to the streets of bangkok after the Constitutional Court rejected a petition to disqualify the Prime Minister from office. The ruling says he didnt violate ethics rules by leaving the military and staying in military housing. The verdictay proves legal double standards. Australia says it will not back down on its list of grievances with china. A list of issues including australia meddling in hong kong. Prime minister Scott Morrison says the tension is actually an opportunity to talk. What we need is the opportunity and that is something we have always sought and will continue to do so. We will see what opportunities present. I think this is an opportunity to get together and discuss these issues. Global news, 24 hours a day, onair and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I am karina mitchell. This is bloomberg. Juliette the u. S. House approved legislation that could lead to Chinese Companies being kicked off american exchanges if regulators arent allowed to review their orders. All that is left is for President Trump to sign off on the bill. Has moreTom Mackenzie and joins us from beijing. Tom this bill will land on the desk of President Trump after it was given the green light by the house. That followed a similar move by the senate back in may. Theres been a bipartisan agreement. It looks like it will happen before the changeover of administrations. It compels Chinese Companies listed in the u. S. To open their books to u. S. Inspectors to audit their financial data. They will have to give these inspectors three consecutive years of access. They will also have to confirm whether or not they are controlled by the government. If they fail to give them those three consecutive years of access, they risk being kicked out and effectively banned from the u. S. Heldeason why china has off on allowing access to this point is that it is concerned about what it says are confidentiality risks around exposing this data and information. That is why youve had this push and pull between beijing and washington. Consistentlysaid that this poses a risk and this information poses a risk to investors in these companies. Waiting to see if President Trump indeed signed it into law. The Market Reaction has been relatively muted. Rishaad the u. S. Banning cotton imports from a firm over allegations of slave labor. What more do we know about that . Tom there have been a number of sanctions imposed on individuals, officials, but also for theiras well involvement in what the u. S. Says are human rights abuses. Now you have an additional move, which is the banning of cotton from a particular entity that the u. S. Says is linked to the chinese military. One of the largest producers of cotton. Supplies about one third of all cotton to the u. S. Market. They will be banning this cotton from this particular company. The u. S. Says this company is linked to the military. They also say it is linked to labor rights issues and forced labor. It does build on this pressure we are seeing. Story,s of the delisting you have about 150 Chinese Companies listed in the u. S. With a Market Capital of 1. 2 trillion. Many willon is, how now look for another dual listing . Will there be more now as a result of this bill that is being passed by congress . Rishaad Tom Mackenzie there. Markets coanchor in beijing. Coming up this hour, turning our attention to indias fixed income market. Do catch our interview with the cio. She gives us her outlook on credit. Juliette just ahead, we talk Market Strategy with morgan s andrewinvestment harmon. He tells us where he Sees Opportunities next. This is bloomberg. Juliette asian stocks mostly higher amid renewed optimism over u. S. Stimulus talks and vaccine approval. Treasury yields have steepened on the potential impact of rising rates on stocks and corporate debt. Lets bring in andrew harm stone. Great to have you with us, andrew. It was a november to remember. December, everything looks pretty good. We had pmi. You are continuing to add to risk here. Yes we are. I think there are a number of weitive things that suggest are at a turning point. First is the Biden Victory itself, which should give greater predictability and stability, which allows businesses to start reinvesting, and should help trade recover. But itre still issues, should also create the atmosphere in which businesses can invest. We have an outlook for a solution to the problem with the virus. That is a vaccine. Sensiblebined with policy decisions on social distancing and mask wearing and so on should allow this virus to be controlled, which is enormously positive. So it seems that this rotation trade continues. How much further upside do you see . Jeffries has a pretty bullish call of another 15 upside. Value has been underperforming for so long. To give a number that is realistic, it may sound ridiculously large, but we think that sectors like Global Financials are very well positioned. Started toy as weve see pressure on Interest Rates. The fed and other Central Banks are likely to keep rates from rising too fast. Nonetheless, it is the kind of environment where the financials should do well. That, the clean energy or Renewable Energy sector looks like a winner in the longer term. We could see some shortterm volatility because the virus is not yet under control. There may be some measures that need to be taken. Longerterm looks pretty good. Juliette we saw the yield on the 10 year treasury note hit its highest level since march, looking like it is going to be sooner rather than later that we get to 1 . Question of the day, if we see that 1 treasury yield, how does that affect risk assets . Positive foris things like financials. It is a lot less positive for stocks that have long generation, if you can use that term. Wonder to what extent tech names could be affected. Andrew, looking at what is going on, looking at the chart, what it does show is the global Market Capitalization of stocks now approaching 100 trillion. This is quite a move. Many people are looking at vaccines and seeing light at the end of the covid tunnel. Is it better to travel than arrive . Yes and that is understandable. I think we are seeing rotation in terms of what is driving the global economy. Governmenttly, direct investment has not been a major driver. That is changing now with the likelihood of infrastructure a global basis tied to green types of investment. Hand, because of predictability, policy, investing should improve productivity. However, the center is at a crossroads. We had a long time where verymers basically had strong spirits. They get money from the government and they spend it instead of saving. To what extent are consumers now reaching the end of this optimistic positioning . They are vigorously getting less money. And also, you have to take into account that a large number of u. S. Citizens voted for trump and hes no longer in office. See at extent do we discouraged republic in terms of willingness to spend . I think we have to monitor that closely. , business longer term is starting to dominate. Imf chief ishe warning against complacency. Expectations are also rising currently. Is that the big unknown . Well, the outlook for inflation in the longer term is that it is going to rise. Shortterm, in order for that to actually happen that doesnt look likely within the next year or so. Basis, it iserm likely to pick up. Rishaad andrew, thank you very much. Time for the morning calls. We look at some of the top Analyst Recommendations across markets. That and a full market check on the way. This is bloomberg. Biontech says it is wrapping up production of its Covid Vaccine with pfizer said to be rolled out in the u. K. Next week. The Vaccine Distribution plan and production targets we are producing and we will have ready up to 50 million doses this year. We will be sticking to that target. We should be able to provide up to 50 million this year. Going into next year, including the 50 million, we anticipate 1. 3 billion in total. What i can say is, of course we are ramping up production extremely quickly so that we can get the vaccine to everyone as quickly as possible. Guy picking up on that point, do you see yourself bringing in more capacity . Are you negotiating for more capacity with others . Of how give us an idea those conversations are going . And weadded a factory are bringing that up to speed. Once it gets into steady state, we expect 750 million doses per year. Their are bringing up manufacturing as quickly as possible. Here in europe, we will be serving the u. K. Very shortly. And we anticipate adding capacity next year as needed. Our othero supplying partner for china and we also have plans for manufacturing. What is being left out our other European Countries like germany. Are you negotiating with any European Countries about distribution . Weve done all negotiations through the european commission. Havenly one where we separately negotiated was the United Kingdom. Guy talking of the United Kingdom, can you walk me through what your expectations are for the u. K. To be able to deliver seamless distribution . Where do you worry . You guys have put a lot of work in to get this ready quickly. The u. K. Has now cleared it. Give us your visibility on the challenge of getting it into peoples arms. There is a National HealthService Distribution plan. I think that is really for the government to comment on. From our perspective, what we are doing in the United Kingdom are marketing and distribution partner, making sure we get the vaccine to everyone quickly. Distribution, when you receive this vaccine, you roll up your sleeve, you get an injection in your arm, and then you wait a few minutes as is customary to make sure that there are no side effects that wouldnt be expected, and then you go home. It is pretty much like getting a flu vaccine. Biontech that was speaking to bloombergs guy johnson and alix steel. It is time for the morning calls. Lets get over to Sophie Kamaruddin in hong kong. Looks like stocks could be getting some love next year. Favoring them within asia next year, driven by e. M. Outperformance. There is an improving earnings outlook. Focusing on indonesia in particular, Credit Suisse seeing 14 upside for the jci by the end of 2021. The target set at 6600 for the index. More of a hint in the value play there in indonesia. Rishaad what are you looking at for the open in india that is about 20 minutes or thereabouts . I want to flag a report on to boost its stake in infrastructure. Jeffries saying this is a change in strategic intent. The group had been reducing its since 2012. If holdings are increased, that may be negative. Jeffries maintaining its call in the wake of this. Juliette Sophie Kamaruddin in hong kong. Quick check of the latest business flash headlines. Boeing said to be near key milestones in the 737 max saga. The planes returned to service and the first delivery since its grounding was lifted. United is expected to receive the first max although american may get in first. A Brazilian Airline says it will resume max flights on december 10, more than two weeks before u. S. Carriers reintroduce the plane. Trade officials from the u. S. And e. U. Are said to be pushing to settle a longrunning dispute over aircraft subsidies. Andre told washington brussels are in regular contact and a solution would end months of tension. Sources say e. U. Officials remain cautious about any imminent breakthrough. Fly the vastto majority of its precovid domestic schedule by early next year. The airline expects capacity on domestic routes to reach more than two thirds of normal levels in december, increasing to 80 next year. There will be no International Flights until at least july. We are going to the china lunch break. Have atlook at what we the moment with regards to those chinese benchmarks. Mixed bag. Up by about 0. 1 . Better than numbers. Atvices numbers coming in 57. 8. Shrugging off reports of legislation that could lead to Chinese Companies getting kicked off american exchanges. Details on that and more. This is bloomberg. Its down to the wire, the teams been working around the clock. Weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Any idea how much it will cost . You have a choice. Insurance or goodrx. I have insurance. Insurance is not what it used to be. People struggle to get their prescription covered and prices keep rising. I recommend goodrx. You get free coupons to save on your prescriptions. [narrator] compare prices to get the best discounts. Goodrx, smart. [narrator] stop paying too much for your prescriptions. Download the free app today. Rishaad a hazy start to the day there. Coming up on 9 00 in the morning. We go to the nifty futures. Inlight move to the upside tandem with what is going on with the rest of the region. We have the drum really for the are b. I. , the reserve bank of india. Rbi, the reserve bank of india. Out. Umbers are also juliette speaking of pmi, a pretty good read coming out of hong kong. Youre seeing the hang seng index coming up rising. 75 . The nikkei went into the lunch break pretty flat. Asian stocks are rising for a third session. There have been pretty modest trade volumes. One hourly started later today to allow for traffic for College Exams and australias market being boosted by a lot of momentum coming through in the material players today. Lets look at some of the stocks watching the hong kong exchanges. Could lead to chinese firms getting kicked off americans changes exchanges. The recent rally could be attributed to the shortselling ban and the korean discount. We are continuing to see this surge in iron ore. Looking at mccoury macquarie as well. Karina the house passed a bill that will clear the senate back in may. It has bipartisan support. President trump is expected to sign it. The legislation would have to say whether they are under Chinese Government control. Makingd its allies are the way after potentially damaging provisions this week. Saudi arabia and russia have been talking directly about whether to press ahead with easing out after the uae said current quotas are not fair. Moscow seems to be ready to agree to a gradual restriction. Lawmakers in iran have voted to and International Nuclear inspections by february. Producingl start for peacefulanium purposes for a stockpile of this material. The former french president has died. This was a key architect of european integration and set the Single Market in motion. They are to modernize French Society as divorce by Mutual Consent and divorces were legalized under his watch. He was 94 years old. Will the news, but for hours global news 24 hours a day. Rishaad President Trump is set to sign a bill that could be two tougher scrutiny of Chinese Companies listed in the United States. They are urging washington to take an even tougher line on beijing. We asked robin what they actually want. Increasing influence. Companies suffer, that sets an unfair standard. What we are interested in seeing a transparent process in International Organizations and institutions. One of the things we were most concerned about is the state department to do a conference of assessment of chinese influence on International Organizations. Is subverting operations converting peacekeeping operations so they are up to chinese standards. China has been much more aggressive under xi jinping in asserting prerogatives and trying to manipulate the standardsetting process. Thattte the problem is that normalization of chinese norms and globalization of chinese norms is already underway. We already know that china has lent Something Like 100 billion to developing nations, perhaps even more now. To that extent, you cant really turn back time. What is the best way in a multilateral sense to be able to deal with beijing. Clearly, the rise of china or the risk and threat of china is a reality that we all have to deal with over the next 10, 20, however many years. Robin you pointed to something really critical. Countries that china lends to our in africa. China has refused to abide by or comply with the world bank landmendations on how to on transparent and accountable terms. China uses its lending to coerce pursue itsnd political and economic issues. That standards, whether they are at the United Nations or telecom institutions that they are fair, transparent and countries are held fully accountable. I think that will take some collaboration over the next couple of years but i think there is emerging consensus that this is a serious threat. Whether you look at chinese interference in the election in australia or their export of technology to suppress this in uganda, there is an emerging consensus that china presents a serious threat to norms of individual freedom and free market principles. That was robin cleveland. I gets set as the rb ofmeet, will seven months high inflation prompt the central bank to get some excess liquidity from the system. Next,l have more on that this is bloomberg. Bank of the reserve india is expected to keep reits rates unchanged tomorrow. There is one thing that voluntarys want to hear. Will there be a rollback of some excess liquidity . Lets get to the analysis there. We are joined by the cio of debt and asset management. That is the question. Wilson liquidity be drained out . Liquidity be drained out . Yes. To the short end of this in india [indiscernible] any kneejerk be reaction from the reserve bank of india. That they will definitely look forward if the bank of india wants to withdraw some manual liquidity from the bank right now. About the rate picture itself . Ultimately, we had these very high Inflation Numbers come in for seven months. That is one part of it. We have had a very good months monsoon. Foodtion largely driven by prices actually becomes more subdued. What is your take . I agree with you. Both of these Inflation Numbers in the headline have been predominantly driven by food prices. Potatoes, onions and tomatoes. Number one, number two is we have a reasonably good drop in oil prices. That is one of the biggest imports that india has. Some sort of an appreciation on the rupee. Thesembination of all three looks like the next couple this,ths because of they are likely to pull off the indication. But the markets will definitely look for an indication of how we go, given that the numbers are pretty low. Rishaad the difference between one and 10 years is between 2. 5 and 2. 6 . Is it time that we should look forward to a flatter curve . Is that what you would suggest if so . Absolutely. This is one of the steepest curves we have ever seen in india. Clearly, even in the Global Financial crisis, we did not see this so high. This could possibly give a game plan to see how this liquidity how thisdually would be the key priority on the Central Banks mind. Given that this rate is more bearish and the stance of the policy is unlikely to be changed. That in with all of mind, what about some unconventional tools as they look at the virus front . We did hear from the deli Health Minister saying there are some encouraging signs on the positivity rates dropping in the capital. Seen have incrementally indicators pointing to slightly better prospects. I am not really expecting any unconventional measures currently but more so a more orderly movement. We believe it is too premature to indicate a withdrawal of liquidity. The road is backed up by these basis point. Sustaining the policy will be very important. I am not going to be expecting too many unconventional measures. A lot of people we have been speaking to have said that the recovery will be helped by the positive monsoon season. A lot of people are saying that you need more reform here, not less. Clearly a case for accentuating these reforms. Debate orlead us to discuss whether it will be as efficient as it was in the past. I think you look at the goods and service pack. The numbers have been quite encouraging. Definitely signs that [indiscernible] the negative growth phase is behind us. And were looking forward to better numbers in the coming quarters. Juliette thank you so much for joining us. Lakshmi. We are looking at the beginning of the indian markets. We will get the market pmi number coming through out of india later today for november as well. Andaw the composite Read Services at 54. 1. Both in expansion territory. We citi open up by half of 1 and banking stocks looking like theyre helping add to this positive momentum across equity markets. Committeeing at the of creditors. They are in favor of inviting revised bids. That is one stock you can focus on. Most 5 there. Almost 5 there. Spice is up by more than 2 . Theirre going to expand cargo business considerably after Great Success during the pandemic. Some good movers there coming through in the morning session. Rishaad coming up, threatening to veto brings it trade deals if it doesnt like the terms, we will have the very latest as the deadline looms large. This is bloomberg. Juliette disney executive chairman and former ceo, bob iger has been busier than formerd helping his employer through the pandemic. He appeared on the David Rubenstein show. Here are the conversations. You said youre going to step down finally at the end of 2019, become executive chair and then covid comes along. Did covid make it possible for you to leave the same way you thought you were going to or do you need to spend more time at disney . Bob i step down stepped down from covid and focused all of my time and energy on our creative process. I thought obviously, what we create is the most valuable product we have. I thought the best thing i could myin terms of enabling successor to succeed at the job would be to hand him a very rich pipeline. Ive spent almost all of my time since i stepped into this role doing just that. However, i also wanted to make sure that he was successful in other respects as well. Crisis handled the this. D a crisis like neither had i. I wanted to make sure i was there for him to help him through what is obviously a particularly challenging time, not only for the world but specifically for our country company. He is the ceo. He has been running the Company Since he stepped into the role. I feel confident that he is doing a good job and will do a good job. I have been there for him a little bit more than i might have expected. I think one of the hardest things is passing the baton onto someone else. Will expect that you will i expected i would spend more time with him and be more physically present as an advisor and support for him. That has not happened. It has been a bit more challenging. If summary was an outsider and sent covid is hitting the United States but other companies that will not do well but countries that companies that are in the theme park business, Live Entertainment business, cruise business, Hotel Business and yet your stock has done reasonably well. Why do you think you have not been as hardhit financially as you might think . Bob the reason our stock has been resilient is we were on extremely solid footing as a comely going into this. Our businesses were all doing well and their prospects for the future were actually quite bright. The street has looked at us, no we have been affected in dramatic fashion by covid but also realizing that when it ends, we will have the ability to rebound in a significant way. In addition to that, we had pivoted in a very significant way in the direct to consumer ital detainment entertainment direction. We launched disney plus, espn 21stand the acquisition of century fox. We moved into a space that is not only very exciting but one that the Investment Community is looking at very positively. Rishaad that was bob iger speaking with David Rubenstein. Lets take it to the bloomberg school. France is warning it could veto a trade deal if it does not like the terms and is piling pressure on the eu negotiating team ahead of a fast approaching deadline and any deal that must be any deal must be approved by all 27 members. Jody joins us. Hello . Rishaad what is france actually saying here . What are they threatening . Basically, the french envoy is warning the chief brexit negotiator that it would look bad if he brokered a deal only to see it vetoed by eu leaders. This is according to the diplomatic note of the meeting. The question is how serious is this . Is france going out on its own . France is leading a group of countries worried that Michel Barnier will surrender too much access to British Mission waters and other conditions designed to the u. K. Revent others are saying that this was not the opinion of most eu countries. Michel barnier must have been looking to calm some nerves in paris. Down, there ticks is a december 31st deadline. They really need to get this done. Juliette tell us how brexit is being viewed in the eu . It does not seem like Boris Johnson can catch a break here. Big news, britain is celebrating becoming the First Western nation to approve the coronavirus vaccine. Bit of ae is a little cloud over it. If the Health Secretary there is the vaccine news but then he made a comment saying that because of brexit, we have been able to do this, saying we could move faster. They had more freedom to move because of brexit. The Regulatory Agency approved the vaccine and said the approval was wrong. That the approval had been made using provisions under european law. Basically, the continued squabbling over brexit cast a shadow over what would have been overly important optimistic announcement for Boris Johnson. What about derivatives tradings . Yet another issue. Eu officials are essentially saying they wont let london have any leeway on derivatives, even despite their please. They are resisting calls from derivatives, traders and even a regulator to allow access to londons dominant markets after that brexit transition. This is another issue that is coupled cap a caning these talks. They are standing pretty firm on that. That was the breaking news the moment. Bail, heas been denied has been charged with fraud, making outspoken prodemocracy comments as well. Latesthe media moguls run in with the law here. This is all just coming through at the moment. Lie denied bail in hong kong. Juliette . Juliette looking at asian markets, we have the asiapacific index. Taking a pause. We see the philippine benchmark extend its gains. The kiwi dropped from twoyear highs on these concerns about arising covid19 infection globally. We have been looking at pmis. We will get that rate from india later. That is it from Bloomberg Markets asia. Bloomberg daybreak middle east is coming up live from dubai. We will continue to keep you updated on all the market action. This is bloomberg. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Emily i am emily chang in san francisco. This is bloomberg technology. The u. K. Becomes the first to approve a Covid Vaccine. How did they beat the u. S. . We will have more on when you and your kids can expect to shop. Also, the bigger work from home darling, zoom reports revenue up 367 . Why did the stock