Rules, but its a hollow victory thats unlikely to change either sides position. New subscription bundles, hoping to take a bite out of amazon prime. As expected, keep the upcoming 5g iphone under wraps. Check of theget a markets. We are seeing u. S. Futures opening flat. This after we saw u. S. Stocks closing higher. We have gains in Technology Shares helping offset the slide we saw in financial. This ahead of the fed policy decision coming up on wednesday. The s p 500 rose for a third consecutive session, closing at the highest level in more than a week. It was led by communication services, real estate and Consumer Discretionary shares. The nasdaq is gaining more than a percent. We have the bloomberg dollar index falling to the lowest level in more than a week. We are expecting a dovish stance coming from the fed. We did get the data today showing modest recovery in the u. S. Industrial rebound faltering and august, but tomorrow we get those august retail Sales Numbers that will continue to show the ongoing recovery. Oil islook at what doing. We have upside for oil in the newark session. We are now extending those gains above 38 a barrel. Modest and strong Economic Data in the u. S. , but strong Economic Data coming out of china, despite the fact that we have the International Energy agency trimming their demand forecast for the rest of the year. Ups see how we are setting for the asian session. Here is Sophie Kamaruddin in hong kong. Sophie looking like a muted session wednesday. By gains of japan ahead of a parliamentary vote. The Prime Minister of japan is watching the mma news. The chief is an talks with Beverage Operations in australia. Also watching upgrades on jpmorgan over in wellington. Of ae seeing stocks ahead fiscal update. Lets put the board for a quick snapshot. Survey the latest for september in which Fund Managers had their paranoia over a tech bubble. They are not seeing a rotation out of the u. S. Into europe, u. K. Any margins talks. When it comes to pulling up this terminal, we are seeing rising worries over u. S. Election showing up. At theean won is rising onemonth gauge. We are seeing auctions flashing warning signs. The currency has jumped to a 16 month high. Better than a second Economic Data from china. The anticipated bond coming in the face of trade and sanction risk. Haidi we will stick with trade in china. The wto has handed china a win donald ruling that trumps tariffs violated International Rules. It seems us this that this ruling will not have the impact when it comes to the dynamics of the relationship between the two nations. China can put this down as a wind in theory. Ofdoes not have a great deal impact. Trade talks with trade with phase one and the rhetoric that it has at the moment. This has put a further dent in the u. S. chinese relationship. As far as any actual punishment the u. S. Will face for these tariffs and for the ruling, that is not really in the cards right now. Lets get a little bit into the week. I know that our listeners like that. Remember that the u. S. Can appeal this ruling. It would appeal to the wto and is potentially a veto at this point. Those we continue to see tensions over tiktok. President trump commenting about the oracle bid for tiktok and praising oracle ceo. Lets listen to what he has to say. I have a highp respect for Larry Ellison. He is somebody i know. He has been a terrific guy for a long time. I heard they are very close to a deal and we will be looking at the tiktok deal with Larry Ellison and oracle. Of those fewone silicone valley giants that nurtures a relationship with president , openly supporting him. What do we know about this relationship and the deal . Emily the two do have a relationship. You have had Jared Kushner voicing strong support for oracles bid earlier today. At this point, there are still negotiations going on. What we are learning is that oracle would not fully own to talk, it would create a newly restructured global tiktok. But companies would also have a share in it. So there has been some questions about exactly how much security will come with this new potential restructuring. Emily wilkins joining us from washington. More on the tiktokoracle deal and risks later. Japan, because we are getting breaking news coming from the local television station saying that japan is appointing a foreign minister. They are currently the defense minister, so it looks like the message will be one of continuity. We have seen other names, the finance minister keeping his post according to local media. It seems there is reshuffling within the japanese cabinet. But if the nhk report comes to bear, the japanese leader, who today is expected to be appointed as Prime Minister, elected as Prime Minister, will name the reform minister. Lets get over to Karina Mitchell with the first word headlines. Karina we start with tensions between the worlds two biggest economies, they are exploring blocking all provinces in a move to penalize beijing over its chinast of 85 of cotton production comes from the region. The would expand on the orders with cotton and computer parts in china. It could be to higher prices for cotton related goods in the u. S. Hong kongs troubled economy has been given a boost with 3. 1 billion in the virus relief stimulus. The money will be spent to help affected industries. Hong kong will also extend dine in services at restaurants by two hours, to midnight. And reopen bars, pools and theme parks. Thailand has moved closer to welcome back Foreign Tourists as it looks to revise its biggest industry following a fivemonth ban. Visas have been approved for tourists planning to stay at a 90 and 200 days. If you go, you need to stick it out for a 14 day coin keen on arrival. Thailands economy has contracted by 8. 5 this year. Researchers monitoring pfizers covid19 vaccine trial have reported no safety issues after 12,000 people received their second of two doses. The trial is expanding to 44,000 subjects, teenagers and people with certain medical conditions, like hiv, will be allowed to participate. Pfizer expects to get Inclusive Data on the vaccine at the end of october. Global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Haidi still ahead on bloomberg daybreak australia. A bad year for bridgewater. The worst performance in a decade and the ongoing geopolitical tensions. Cio tells us why she is not as bearish on tech. We will get her outlook next. This is bloomberg. On tuesday, gains in technology had size for the s p 500. Despite todays move, our next given todays rules our next guest is not as bearish on tech as some of our peers. Great to have you with us. Tech coming after two weeks where we saw the immense pressure, given all of the froth and access that we are seeing in the tech sector, has all of that been taken away . How healthy was this recent correction . Has allot sure if it been taken away, but i think the correction was healthy, and necessary to get the speculation out of the technology names. What i think is different, and why i am not as beer it rs insh as my pee technology is, these companies have positive earnings momentums an hour on the favorable side of a longerterm trends. A lot of people assume that the socalled work from home trade and these tech names will continue to be overvalued and collapse when things returned to normal. Ishink that remote work going to become much more common. We will see a hybrid of office work and remote were coming out of this, as people have taken away some of the stigma of being a remote employee. Shery given this divergence in themarket, the gtv chart on bloomberg is showing the difference between what growth and value has been doing. We have seen this battle for a long time. Growth has continued to outperform, but you see the charts and the bar of the far right below zero, indicating the value may be starting to do better. Is this a place where you would start looking at, at some point . Or are you convinced that growth is the way to go . Shana i think there are pockets and value that certainly have opportunity to see a turnaround or a rotation back into favor. But sectors like energy and financial have secular headwinds that dont go away just because things improve and our economy, or because the pandemic starts to subside. Energy has a headwind from this change in the dynamics of the Energy Markets from the United States becoming a net exporter of oil and energy types of importer. S from a net that has changed the dynamic around the world. The demand for oil and other types of natural gas a natural commodities has been lower. That is a secular headwind that does not go away. Financials are going to be under pressure because low Interest Rates are difficult for results of margin compression. You dont get a lot of Margin Expansion in the low Interest Rate environment. Those are two very large sectors in value indices. Some broader structural reasons why i believe we will continue to see growth outperform value. Maybe the gap between the two starts to get smaller, but i do think growth is in a position and a low rate environment to continue to do better. The technical dynamics involved with how you do value with money has a lot to do with that. Haidi are we likely to see any conviction in the opening up versus the stayathome . Or will that rotation be volatile in the absence of the convincingly effective vaccine . Shana i think it will continue to be volatile. Anytime we see news that is volatile about a vaccine or treatment, you will see a rally in reopening names as it has become a work from home reopening trend. Whenever there is positive news on the vaccine or treatment front, you will certainly see reopening trade types of names rally. But because this is going to be a longer struggle for us to get to back for us to get back to some sense of normalcy, ill until it he will be a part of the market for the next six to 12 months. Always appreciate your time. Spotlight asset group cio shana sissel. The Worlds Largest had fun is having a very bad year. Fund is having a very bad year. He is concerned with the deteriorating u. S. China relationship. There are five kinds of wars. Warse in four of those and there could be a fit. There is a trade war, a technology war, a geopolitical war, there is a beginning of a and then there is the question of a military war. Having watched these things over a period of time, and having close contact with the situation, we dont internationally have a rulebased system so that there is a testing of each others powers. Which is done in public. When leaders watch one leader win and another leader back off on that testing, that is a highstakes, dangerous game. Issue, and it will be a big issue for the rest of our lives. Wrote a wonderful book. Itwe have talked about before. Before we run out of time i would be remiss not to ask you about your firm, bridgewater. No secret to many people that has had a challenging and difficult year. Are you confident the firm can put all of this stuff passed it . Whether its external or internal, and most importantly to your clients improved returns in your Flagship Fund . Ray i dont have a problem with my clients because we have Something Like 140 billion of clients who have faith in us. We are the Largest Hedge Fund for a particular region reason. There are a lot of people not knowledgeable about that. We had a bad year so far. Our weather portfolio is up a couple of percent, but our alpha fund is down about 15 . We, over the last 20 years, have never had a significant downturn. Nothing. All positive years. But we knew that there will come a day. We missed the pandemic and going down, thats the reality. I want to say there is a problem sometimes in the media. We had a problem with one correspondent with the wall street journal. Particularsat the on the case that we went to in terms of misrepresenting what the situation is, thats an issue. That happens. We dont settle, we are transparent, these things come about. Im not worried about any of that. We are operating in the same way we have always operated. Thats right. We have had, so far, a bad year. Alio speaking. Japans parliament is set to vote in the Prime Minister. The details on what to expect are just ahead. This is bloomberg. He has been a big proponent of deregulation. If he is willing to test new ideas that could be a positive for japans productivity. Muchople underestimate how it is likely to push. Especially on the structural reforms. I do think the Business Investment expenditure side will be the source of continued demand over the next couple of years. It is close to being true value. I am very bullish for the rest of japanese yen. He is a broker in the political establishment. I think he can be sure, unless he finds a way to get himself a different angle on the format. Any sense of a slightly less inflationary policy stance Going Forward is likely to reinforce upward progress on dollaryen. I think we are headed towards 100 slowly. I expect the trajectory for dollaryen is on the downside. That is the outside of politics. Understand why Warren Buffett put 6 billion to work in this economy. Some of our guests weighing in on the future of japan and presumably the Prime Minister. Japan will officially install suga as its new Prime Minister on wednesday, with the parliamentary vote expected to be a formality. From our more correspondent was at the parliament. What are we expecting today . Japan is about to get a new Prime Minister. Atis expected to win a vote a special session to make it official. The 71yearold effectively secured a standing as the next leader, with all five major factions supporting him in the president ial election. Todays session is scheduled to start at 9 00 a. M. Local time, appointing a new Prime Minister early this afternoon. To a new cabinet is expected be announced at 3 30 p. M. Local time, followed by a ceremony and the first Cabinet Meeting to be held in the evening. Its an all day affair. We have talked about him appointing people to his cabinet. What could it look like . Suga does want to focus on people who are aligned with his thinking and they can come from any faction. We are hearing some of the key changes, including the Health Minister to succeed suga. Will now beminister in charge of administrative reform. The reform minister to take his spot will be the younger brother to serve as the new defense chief. He looks like other key ministers will stay on. The foreign minister and finance minister are among those who will keep their jobs to carry out policies, focusing on fighting the pandemic while shoring up the economy. Haidi there has been talks about a snap election, whether thats the best thing to do and if the government can get a mandate. What art the issues of the olympics what are the issues of the olympics and the timing . Kurumi the general election must because by october, 2021 at the latest. Some senior lawmakers hinted at one, including the deputy Prime Minister. He said an early dissolution of parliament should be considered if the Tokyo Olympic games are held in 2021. He has been repeatedly stressing that the timing of when to dissolve is extremely important. He became Prime Minister, he wanted it to dissolve quickly but was not able to because of the Global Financial crisis. Has been insisting that preventing the spread of the virus should take priority. Kurumi reporting from the ground on that election. A quick check of the business flash headlines. Apples new subscription bundles and Online Services were the stars of its launch. Apple one will combine Services Including apple music, tv plus and icloud at a cheaper bundle price. Its new fitness plus workouts are set to compete with peloton. Its annual fall product includes new watches and an upgraded ipad air. The company is expected to have its new 5g iphones later this year. The u. K. Government is set to be considering attaching conditions for the takeover upon the countrys most valuable tech company. Officials are focused on maintaining 3000 employees in the u. K. , and keeping the companys headquarters in cambridge. Softbank made similar commitments. Traders and economists are clamming for more Forward Guidance from the fed heading into wednesdays fomc meeting. We will preview the decision with wells fargos zack risen. This is bloomberg. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Breaking news when it comes company, nows saying it is seeking up to 1. 56 billion in its secondary hong kong listing. We are seeing further details of this offering. 45 million shares in that secondary listing in hong kong. To start their hong kong trading on september 29. 268 per share. This is among the three u. S. Listed chinese firms that have been given Regulatory Approval from the Hong Kong S