Successor to Ruth Bader Ginsburg this week. The democrats say there is no rush and any decision to wait for the election. Scott larson says he expects a jobs bounceback in australia has covid19 infection start to ease. We will expect the likelihood that victoria reports lower new cases. U. S. Futures under pressure now, down. 2 at the open. This after recite u. S. Stocks falling to a sixweek low last week, the tech selloff intensifies. The s p 500 lost ground for a third consecutive session. Nasdaq flat at the moment after the nasdaq 100 closed below its 50 day moving average. Pressure,crude under after oil has its best week since june. Warningsaudi arabias to opecplus cheaters and shortsellers which helped opec crisis stage a rally last week. Now under a little bit of pressure above the 40 per barrel level as we continue to see the Dollar Strength and in the last session. We do know the dollar has been under a lot of pressure and it is headed for the weakest quarter in a decade. Lets see how things are shaping up on the asian markets. Here is in hong kong. Sophie this monday japan is offline, it is the long weekend. Take a look at the board, futures mostly lower across asia heading into a week that rings us a dozen Central Bank Decisions worldwide. The bank of thailand among them. In new zealand shares at higher. 1 . On the data front we are going to get a pulse check on korean trade. Chinas lpr, no change expected for a fifth straight month. Lets turn to currency markets trading fairly steady this morning. The owsley dollar testing 73 after you case numbers and victoria state fell to 14, 3 month low on sunday. Ozzie bond futures are backing bouncing back from fridays drop triggering a new 20 sale for this week, rbc penciling in 17 billion to 20 billion. In the british pound trading above 129. We are learning that see max is to extend to support the u. K. Economy, the business support loan seem to be extended. The offshore yuan Holding Steady above 676 as we await the pending decision from the ftse russell extension inclusion of chinese bonds into global indexes. Soap foreign inflows remain a key support. Goldman calculating it will at one hunter 40 billion of cash 140 billion of inflows even as the u. S. Toughens its stance on china. Haidi the oracle tiktok till winning the green light from the president , potentially averting a van u. S. The culmination about week of chinese videoat sharing app a National Security threat. Oracle will own 20 of the new company which could be valued at 60 billion and beijing must now approve the transaction. At all continued to be named tiktok as it was all along and thats it, thats it. So, i can say that i have given the deal my blessing, if they get it done, that is great and if they dont that is ok. Is a great deal for america and very interesting. Sir, you have approved the deal . I approved the deal in concept, yes. Reporter Shelley Shelly banjo who has been covering this story. The president has been talking how this is the great deal for america. In reality is this deal anything like he originally demanded . Is he able to spin this is a win . So like you said it has been a combination of an eventful couple of weeks. Weeks ago when trump put out his First Executive order. At the time said i wanted this company to be sold to american company. He added a strange provision he wanted to take a cut of any sale for the u. S. Treasury. Trump gets neither of those. What ends up happening is that bytedance, the parent company, ends up still maintaining 80 control of the new Tiktok Global entity. Shery to have any idea at this point what this will mean for beijing, if President Trump did not get everything he wanted . Could he be more appetizing for china for approval . We will see what happens with beijing on a legal basis, the thing china was most concerned about was giving over, having a forced sale for one of its big tech companies. So this is not that. Also they were worried about heading over the algorithms and Artificial Intelligence technology that bytedance had crafted. And they are not giving over that either. Sort really seems like it is something that china is going to approve. Early reports and state media suggest that this is something that they can digest and come out on top of. For trumps part, he does get a few things. He gets to say i have credit 25,000 new jobs, which was one of the pledges the new company mate even though it does not come with any kind of enforcement mechanism. He gets to say i created this new tiktok deal. And or con walmart which are to american companies, that you have and oracle and walmart, to american companies, get to have a part in it. Haidi even as the president is celebrating the tiktok feel getting closer to being finalized, when it came to his ban on we chat, that faced legal hurdles . Right, in the 11th hour, a judge in the u. S. Halted this we chat curb. There was an executive order that was sent to take place sunday night new york time that would prevent Apple App Stores and will and Google Play Stores from carrying the chat app in play stores and align your downloads. The judge said we will send this back to the court and have a temporary injunction on this. Youre going to stop this, so wechat will remain in the app stores for now. The judge ruled on freedom of speech and said doing this is unprecedented, and there needs to be more specificity behind this kind of order. Senior tech reporter with the latest on that tiktok deal. Hathaway Global Strategies president joins us in the next hour of daybreak asia and we now turn to Karina Mitchell for the first word headlines. China is dismissing accusations it is targeting america as it moves to punish Foreign Companies that threaten National Security. Beijing says it welcomes Foreign Investment and will continue to open its economy, and insist the unreliable entity list is not aimed at any nation in particular. The ministry of commerce says it told a small number foreign entities that of put chinas interest in danger. Iran is rejecting new u. S. Sanctions as American Allies in europe dismissed the plan and vowed to stick to the 2015 nuclear deal. Washington says the initial a court is silly and does nothing to prevent arms sales to the islamic republic. The u. S. Says it is three imposing sanctions on iran while the other 20 signatories say President Trumps abandoning of the deal mean washingtons move has no legal standing. The European Central bank has launched a review of its virus popped it Bond Buying Program to see how long it should continue and whether flexibility could be extended to earlier plans. The review aims to conclude next month although the ecb declined to,. The program was created in march at 890 billion but was extended to calm the markets. The Australian Government says it expects the nationwide jobs bounceback as victoria prepares for a cautious post covid reopening. New infections fell to 14 sunday, the lowest total in three months. The 14 day rolling average declined to 36, well below the Level Authority set for an easing of restrictions. The government welcomes the numbers as it prepares for the budget next month. Global news 24 hours a day on air and at quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. This is bloomberg. Coming up next, we take a look at how truth bader could reshapeth the court. Amid shiftingg trends and we speak directly to zip managing elector and its ceo larry diamond. This is bloomberg. Donald trumps push to quickly fill the seat of Ruth Ginsburg with the election weeks away. Reputationpact the of the Supreme Court itself. Lets get more from bloombergs balance of power host, david westin. Thank you for joining us today. Before we get into the politics of the latest development, let me ask you about Justice Ginsburg herself. She made an impact on generations of americans. You saw her argue at the Supreme Court. Tell us about her legacy. I do not think it is possible to overestimate the effect of this one person on american law. Other people have drawn the analogy to Thurgood Marshall in the area of race relations. She was that for gender equality in this country, and for equality more broadly. She met an enormous difference in the law before. She was on the Supreme Court. Than she had 27 years on the Supreme Court. I clerked for Justice Powell on the Supreme Court. Got to see her as an advocate arguing one of those cases on gender equality. She was a superb advocate, wonderful judge, and then it great Supreme Court justice. Haidi the president confirmed he will push forward with replacement without any delay, what is the political play here . Has previously said he did not want to consider packing the court because he was concerned about the damage it would do to the credibility of the court is a judicial. Is not likely to come under increasing democratic pressure . David it is hard to know what is likely at this point. All bets are off of the moment which is frightening. Theomeone who served on court and reveres the institution of the Supreme Court , it has become a political football, which we would not have wanted to happen. Coming on the heels of merrick garden mayor garland who clerked the same year i did, we had Mitch Mcconnell say we cannot confirm him because we have an election coming up. Now that has switched a hundred 80 degrees saying lets press ahead and we have most no time to do it. But you cannot rule out the possibility that they will actually try to confirm and nominate before the new senate and a president take office. How are democrats and republicans seizing on this moment . Certainly marshall the question on the Supreme Court. President trump space will be militarized if they were not already. It is hard to know for the democrats. What Vice President biden is doing is saying, lets think about this. This takes us back to the Affordable Care act which is up before the Supreme Court. We have one less vote now and if you switch that given what is going on in the pandemic, do we really want to throw out universal health care . There putting this on the coronavirus subject in terms of the arguments they are making. From ive heard conservatives that you not support from saying they would be happy with a Biden Harris White house, with another conservative appointment on the bench. To what extent does that give us an indication particularly for asian viewers about what this perhaps more than what happens in november has the power to shape policymaking across the u. S. For the next two or three decades and beyond . As you know so well, the United States is different from other countries this way. Going back in history, the courts decide a lot more things involving policy that in many other countries, so it is terribly important. As you say these people have life 10 years, Supreme Court justices are therefore left. And the people that are there for life. Are inple considered their late 40s. Coming back to bloomberg, not just asia, it is generally thought that the sorts of people President Trump would support would be more probusiness than perhaps a President Biden would be, see have to take that into an account as well. You can have a probusiness court for long time to come. Haidi thank you for joining us, the balance of power host with fascinating insights on her life. , increasingxt uncertainty coming from u. S. Elections in november. For insights ahead. This is bloomberg. Shery u. S. Stocks have been under pressure with tech driving them to a sixweek low. Despite the recent downtrend our guest prefers u. S. Equities over internationals. Joining us to tell us why is Riverfront Investments group senior Portfolio Manager rebecca felton. Chart on the bloomberg showing cyclicals with transports rallying, relative to the 200 a moving average. Tech has been weakening. If you prefer u. S. Stocks over the rest of the world, where are you going to see the momentum coming from . Thank you for having me. As you mentioned we are still overweight u. S. And are leaning into tech. The selloff of late was to be expected given folks are looking for value, we have seen the rotation into potential value several times over the last few months. But has not been sustainable. Any time have seen any tort of market any sort of market jitters, particularly around economic growth. Youre seeing some of the commodities improvement and gerry q3 and during q3 materials have been some the best performers. Do have a show me out of to have us down the stretch about the market reacting poorly, some of the uncertainties acf, election uncertainties facing us, the election, covid that we do not have a stimulus package. Hear that we continue to the fed tweaking Forward Guidance to be as accommodative as possible, does any of that upset the uncertainties youre talking about . To some extent absolutely but what we heard from the fed this week was not really anything new. At the end of the day, it is really we believe also on the backs of congress to pass some more stimulus, because the fed cannot do it all by of elf. And all by itself. And there still businesses waiting for extension of stimulus benefits of that is to go to the next couple of months. Haidi is the market underpricing the potential volatility we could get in november . Particularly if there is a contested result . I think we are currently up around 23 times forward earnings , that is 8148 never which has that is a 148 number that has come off the lows of where we were. So the market is price for certain out look as opposed to uncertainties we could be volatile to the downside for some of our shorter horizon for leos we have taken a little bit some of our shorter horizon portfolios, we have taken a little bit off the table recently and we think it is important have Risk Management stops in place. Haidi how do you approach that when it comes to the correction we have seen so far in tech . Ford you think whatever happens ofnovember, the bifurcation tech and u. S. China tensions are likely to continue . Hundred enough about percent hundred 50 of this year . It depends on your outlook and time horizon. For us in the conservative portfolios we are neutral to slightly overweight tech. Even with correction of high valuations that persist, you have better visibility and earnings there, one of the few sectors that have earnings be positive for the full year. Not for q3 but the full year and when you think about Balance Sheet tray earnings visibility and reliability, those are going to be important if we get into lower Economic Data. Balance sheet strength. Some Economic Data is seen as decelerated above Slower Growth is better than no growth. It is going to be critical to think about your. Time horizon time horizon. Portfolios we are overweight tech. We have stocks in place and will continue to be overweight equities as long as our tactical moves remain favorable with the fed on our side with the 200 a moving average still moving and the positive direction, and the fact that sentiment on a daily and weekly basis has moved into neutral. Tactically we think it is important to stay where we are. Shery in the meantime, what role what fixed income have, when it comes to risk off moments . When we took risk off in the shorter horizon portfolios, we put. That money into cash we did not of our fixed income exposure. We are using it as a buffer. We do not expected to be a great return relative to equities. For Us Fixed Income is totally a buffer. Expect the languishing weakness we have seen in the u. S. Dollar took to continue . It could. This hard to predict at point. There are some any factors that influence it but it could persist. The things we are focused on continue to be some of the market internals and our rules around staying invested, more so than any focus on the dollar. Rebecca felton, great having you on, riverfront investment group, senior Portfolio Manager. Lets get a quick check of the latest business flash headlines. Group has what could become the worlds guest ipo. Reasons for excluding alibaba as a common shareholder. The exchange has declined to share responses to those questions. Preparing motors is to sell its stake in a joint china. In mitsubishi and mci see holdings will offload their interest in a project. Pair currently on currently own 30 . Receive 23 billion for its stake. Potentially creating a new entity with 11 billion as Energy Entities created a Lower Oil Price environment. The national , petroc