To the right with his choice of amy coney barrett. It would make it a 63 conservative split. Hitting a high know. Aims top behind bts raise 800 million in koreas largest ipo in years. Lets take a look at how we are setting up for the asian trading session. They hope to follow the momentum we saw in the u. S. Session on friday in particular with these gains in tech stocks. S p futures looking pretty positive,. 3 . Optimism as we get to the open in tokyo. A quiet first half of the week. We do have japanese throughput later on this week as well as decisions out of the philippines as well as india. Disney futures up by. 3 , as they continue to see growing concerns about the impact on the economy when some of these fiscal support measures start to peter out. We do have some optimistic news when it comes to the listing in victoria. New zealand off by 1. 5 . Dragged down by some of the dairy names. Tom the clock is ticking on tiktok. We are in our way from trumps ban that takes place midnight midday today in hong kong and beijing. Stephen engle is following the latest of elements. What do we know . Know thatell, we these deadlines are coming quick. There is another one as well with a soft timeframe, sometime before noon today, beijing time, which is midnight Eastern Standard Time is when that ban takes effect by the Trump Administration on tiktok in the United States. The apps in the android and iphone app stores would be removed or would not be able to be accessed by people who want to download it, nor would they be able to get updates, which would be critical to its survival. Now, the reason i said there is another deadline is because district judge carl nichols who had a hearing earlier today sunday in the United States on dance forst by byte this injunction he will give his ruling on whether to block that ban in a preliminary injunction. He has not given an indication which side he will rule, but he has said he will give his judgment sometime before that midnight ban. The attorney for bytedance said it would be, the ban, would be no different than the government locking the doors to a public forum, roping off that town square. Thats interesting because john hill used the same terminology, town square, that a california district judge used in granting wechat a separate injunction to be banned in the United States. The tiktok lawyer has told carl nichols in that hearing earlier today, sunday morning, he told the judge the impending ban is irrational given its parent is in talks to strike a deal with american entities, you know, when the president has force, has amended this sale has demanded a very quick sale. It is interesting, the u. S. Attorneys have cited a saturday judge ruling in pennsylvania by a judge. She ruled on a request by three tiktok users who said their livelihoods depend on tiktok. Also, this ban would violate the First Amendment rights of freedom of speech. This judge ruled against those tiktok users on saturday citing that there was no irreparable injury to users, and she pesticide the First Amendment concerns. Another top Chinese Tech Company is being targeted by the Trump Administration. Were not talking bytedance or tencent or huawei. Give us the latest on this new one. Another indication of the Trump Administration ratcheting up the pressure, semiconductors. Basically, a Commerce Department export ban. Irms must apply for a license to export certains products to chinas largest chipmaker smic. Cuthreatens to cut smic, bu them off from u. S. Chipmaking equipment which is vital for manufacturing semi conductors. As the Commerce Department letter dated september 25 stated that smic and its subsidiary percent an unacceptable risk of diversion to a military end use. Smic said in a statement it is not has not received any notice of the sanctions and it has no relationship with the Chinese Military and does not make products for any military end users or uses. Well have to see how this one plays out but there is indications that this was a bit of a compromise between the hawks in the doves within the Trump Administration. Not to put smic on the entity a far more wide ranging blacklist to get this company but indicates according to people familiar, that that is still a possible option. Stephen engle with the latest on u. S. China tensions. Now, lets go to Karina Mitchell with the first word headlines. Thank you. Chinas economic rebound is continuing with Industrial Company profits growing for a fourth straight month. Rising 19 in august. Although profits year to date are still 4 lower than 12 months ago. The statistics says a rise is due to the sustained recovery in manufacturing and demand and lower business costs. Meanwhile china is tightening his grip on the Western Province ocean zhang despite growing international criticism. President xi is saying communist Party Policies are correct and must be adhered to longterm. The u. N. Estimates as many as one million ethnic uighurs are being held and reeducation camps. Meanwhile, the australian budget deficit is set to widen. But is seen being mitigated by the resilience price of iron ore. The cash you look up lint will be the equivalent of 140 billion, more that was seen in july. The australian economy has been in turmoil amid slowing growth, tensions with china and the coronavirus lockdown. Zealand bubble with new could open by yearend as infection rates in both countries remain low. Authorities have relax some curbs in melbourne ahead of schedule. U. S. Here reported infections rose in line with the sevenday average as global cases near 33 million. Deaths are about to top global one million. 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. Shery up next, a new report signals trump has paid scarcely any taxes in years. Well discuss the New York Times investigation showing the president has hundred in millions of debt coming due. Later, the korean label between bts is about to have another moment. The kospis biggest trading debut in years. We will discuss that with daniel yu. This is bloomberg. President trump reportedly in income taxes in 2016 in 2017. A New York Times investigation revealed billions in losses from golf courses and hundreds and millions of debt coming due in the next three years. The president dismissed the report. Totally fake news. Actually i paid tax. As soon as myt tax returns, it is under order, under order for a long time. The irs does not treat me well. Lets bring in david westin who has been following the story. David, tell us more about what the report is saying or what the indications are the implications are here . Very lengthy report from New York Times who of gone over two decades of his tax returns and he is not pay taxes and a lot of years, 10 out of 15. 750. Ar he was is notys number one he paying a lot of income tax which is not good for president and the number two the reason he is not paying his because he is not been that successful as a businessman. He says its fake news but that is the upshot of the report. How does this play into the Campaign Narrative and coming up in the president ial debate this week . David you know how he will be in that first debate. It will be a big subject of the debate. No question. Joe biden will raise it if no one else raises it. At the same time, right now i think President Trump the more time he spends away from covid19, his response to it and the economy the better, ironically. This is distracting us and he will say he is really smart yet really good lawyers. That is why he did not pay taxes. Its sort of a distraction in that sense and that may actually be what he wants. David, will his choice for the Supreme CourtJustice Amy Coney barrett have any bearing on the election . David it will. It is very important. We have got five weeks to go and we will be consuming part of that five weeks with the confirmation hearings, starting october 12. It is a big issue, it really appeals to his base, although i think his base believed in him on the Supreme Court anyway on issues like abortion, the Affordable Care act. It will be an issue. Although most pundits think he will be more of an issue for the senate race because we have some really critical senators, republican senators like Susan Collins in maine. They could be really affected by this, by this confirmation battle. Our bloomberg balance of power anchor david westin with that. Coming up next, the u. S. Dollar is coming up its strongest week since early april. Thats next. This is bloomberg. Get a quick check of the latest business flash ahead lines. When the Program Expires on october 3. The ceo says america will continue to urge congress to approve a stimulus package saying the looming jetliners potential layoffs will further hamper its ability to rebuild after covid19. Qatar airways has received 2 billion in state aid as the coronavirus crippled global air travel. Of country joins a list nations forced to save their flagship air carriers. Its fiscal year shortfall was also hit. Oilworlds top independent trader says prices have little room to rise in the next few months as covid19 continues to curb Global Demand for energy. The conventional wisdom was things would improve in the Fourth Quarter but warns that the sector remains uncertain. Renew travel and social distancing restrictions are dragging demand back. An expects to return to profit next year if it can maintain its current momentum on demand. The ceo says orders are strengthening in china, triggering expansion plans for the country. Nissan is also still struggling with the carlos ghosn a scandal. It claims that china is crucial. Dollar may still have some strength coming off its best week since early april. It has appeal for some investors. Lets discuss the outlook with ken peng. Ken, great to have you with us. So, the idea was that perhaps the dollar was on this multiyear downtrend but because of all the uncertainty is right now we have seen were seeing these bouts of strength. Aroundse just one offs uncertaintynd the or are we going to see sustain strength and what with the applications of that be . Ofok, i think this period uncertainty will probably last for a few months. And thats probably during this period, we will see more choppiness in the fx market. And the dollar may see more strength. We remain convinced over the longer run looking out 12 months from now the dollar index will be lower than where we are. Last time we spoke to you. Were adding stocks in hong kong and singapore does this change your perspective at all over global markets, especially the emerging economies where you are seeing Dollar Strength potentially pressure those markets . Havei think the, one, we uncertainties about the u. S. Election. Secondly, we have the uncertainty about resurgence in infections. We need to get over this before he can get back onto the recovery trade. When i talked about hong kong and singapore earlier, it was about the recovery trade. It has turned out decently. And so, i think beyond the election and this resurgence in infections, once we get the vaccine and medical treatments, then i think, you know, in the first half of next year you will see a clearer picture of recovery from this, this crisis. Ken, from now say until the end of the year, the taking a more defensive position when it comes to e. M. Last week was the worst across all Asset Classes since march. Ken yeah. I think it is probably worth being more defensive at this point. But i do think that the setbacks we are experiencing now will create better opportunities to enter. You know, even before this e. M. Assets were generally lagging. Cheaply valued. And so, i think this, this, the rebounding yen should not be a few months. Were still in the first half year of, of cyclical recovery. And when there should be more lag to run with the e. M. Trade. You say there is a good chance it will be china that is first in the vaccine raise, when it comes to the ability to scale up production and distribution. How do you invest on the . On that . Ken so, i think that, the overall china trade has been stronger. China has outperformed this year because it has gotten the covid under control the earliest. At least domestically, it has guess,d most, i successfully without seeing a major rebound in infections. And so, i think thats, you kn ow, if we have additional, if we have a vaccine coming out of china, i think you could, you could expect these to continue. So, retail sales, for example, is finally seen some uplift after being delayed several months compared to industrial rebound, for example. So, i think ultimately this is, it is not about race who gets the vaccine first. It is just the scale of the youine in activities that need to leave your home for is so massive that any good news on that front will be able to increase the value of these assets. Ken peng. At citi private bank. As Coronavirus Infections rise globally Health Authorities are pushing for new treatments before vaccine arrives. These include infusions. Inferon helps orchestrate the bodies antiviral defense. A new study shows that critical patients have increase levels of this. We asked a professor about the role of interferon. There is a lot of things that are going on now in terms of understanding what the virus is doing to the person that is getting infected and how that varies from person to person. Interferon as one of the important things. We know that the virus interfering is a compound your body makes in response to a virus infection and usually that can slow down how the virus replicates. Viruses, however, have evolved limit interferon and there are new studies coming out suggesting that a small percentage of people who have inherent problems in making interferon are actually much more susceptible to the severe viruse induced by the that causes covid19. That opens up a whole new area of trying to understand the interferon response and how that maybe one of the factors driving this different type of disease that people have after infection. When you look at some of the things we still do not whatstand, how much, percentage of the population is Walking Around that have covid19 but without symptoms . How we do try and track those . One of the biggest problems with tracking sars covid 2 has been the fact that, unlike other viruses that have emerged in the human population, this virus causes a significant amount of people to have infections that dont provide strong symptoms. Some estimates can be anywhere from 20 to 40 of infections can be asymptomatic, meaning you do not have the standard coughs and sneezes and fevers associated with an infection. But those people can be capable of transmitting the virus to others. They are these, for lack of a better term, silent carriers of the disease. So, it is great these people are have toing ill, but we realize they are still capable of transmitting the virus to others, and if you are not showing symptoms, you not be as ritual and in terms of your social distancing and wearing a mask and other things. It represents an important population that we need to target for the greater good, for the Public Health community in general, to make sure reduce the number of covid19 cases. Is it getting less deadly, or is this Wishful Thinking . It is an important question. We know that the medical community has gotten much much better in terms of treating the more severe cases of covid19. So, you are seeing hospitalization rates and death rates differ. Death rates are going down. Hospitalization rates are stabilizing. People are still getting sick but the medical care is now better and they are able to survive more. The virusont know if has changed tremendously, significantly during its time in humans. Europe and some studies that suggest perhaps it has gotten more transmissible, that there has not been a major change in the virus yet. Ao, what we really think is going on right now is that the medical community is that are at treating, were that are at identifying those cases. Trackedwe can actually the virus much more carefully as long as all of those things are put into place effectively to be able to minimize the severe effects of the infection. Do herd community, that if enough people get the virus it protects the population as a whole without a vaccine . This is been an important question that has come up in many forms this year. Herd immunity does exist. Herd immunity is what we refer to when a certain percentage of the population gets antibodies against the virus and therefore is protected from infection. And we know that if most people have antibodies, then even the ones that are not, that dont can be protected from infection because there are so few susceptible people for the virus to find. That concept does exist. How close we are to getting herd immunity is not very controversial. We are very far away from having 2. Rd immunity to sars covid speaking to our colleague francine lacqua. By school is supported michael bloomberg, founded by bloomberg philanthropy. A quick check of the markets are trading at the moment. Ofing u. S. Futures up. 25 , course, after we saw the market close in the u. S. News that stimulus talks had resumed. We are seeing japanese futures higher. The worst day in three weeks. Milk seeing its worst day since august 2019 as they said the resale or channel could be disrupted because of the lockdown in victoria. Che says thatpors orders