The top of joe bidens agenda. His relations with beijing may differ in tone from the president but perhaps not in substance. The best the dollar extends its decline. Over the future of the u. S. Administration. Rise inie and the kiwi early asia trading. We are seeing those commodities and currencies benefit. Asia is waking up and getting the for the first reaction to president elect joe biden. The nikkei 225 to the upside by 0. 3 . These watching some of clean energy as well as infrastructure related stocks here in australia and new zealand. Joe biden preparing to take office as the 46 president of the United States. He is moving forward as president elect launching his transition ever and preparing a plan to tackle the coronavirus however, President Trump still refusing to concede while weighing more legal challenges. Mr. Biden the people of this nation have spoken. They are delivered as a clear and convincing victory. We the people. I pledge to be a president who seeks not to divide but to unify. States orot see red blue states, only sees the United States. Our work against with getting covid under control. We cannot repair our economy or relish lifes most precious , all of the moments that matter most to us until we get it under control. We have not seen President Trump as of yet but we have heard plenty from him from his tweets. Madee most noise he has was after multiple networks called the election for joe. He put out a statement saying the election was far from over. The president has still not conceded. We have not heard from him over the airwaves. We have not heard him talking to the American People but people familiar with the matter that of spoken to bloomberg say the president and his team may be taking more legal action on monday. Tell me about what avenues remain when it comes to the legal battles. He has already filed a number of suits in battleground states related to stopping the account. They have not yielded him much success. Any suits have been thrown out due to lack of evidence. Teamsaid, the president s plans to take additional legal steps on monday that we do not know what they are. We have also had reporting at bloomberg that many people within the president s own that theseot believe battles will change the ultimate result of the election. No evidence has been made public in terms of illegal voting. President elect biden has kickstart started his transition efforts and yet, how much of that will be hindered by the fact that there is no concession yet from the president . There are only 73 days between now and election day. Is no acknowledgment yet from the president that he has lost the election. As well as from the general services. That would allow joe bidens Transition Team to begin that process. That process may have to be truncated. But joe biden is hitting the ground running. He plans to appoint a task force for the coronavirus on monday including the fda commissioner. Steps and will start assembling his cabinet and his west wing even though we still do not have a concession from President Trump. We continue to watch and see. Thank you for the latest on the election. We will get plenty more analysis ahead on the implications of the Election Results. Jonathan lieber from Eurasia Group will join us shortly. Lets take a look at some of the earnings trickling through. Aia, the largest pan asian insurer in the region coming out with its earnings. Millionooking at 706 u. S. Dollars. A decline of almost 30 . Saying that annualized new premiums have contracted at 6 as well as a of new business declining 35 . Total weighted premium income just short of 26 billion u. S. Dollars. We have been watching the impact of the chinese yuan. The appreciation looking to pull a little certainty away from hong kong life insurers. Demographic, it could be a use of diversification. To karinaet you over mitchell in new york. While the election has been playing out, reported coronavirus cases have soared with theillion cases u. S. Experiencing a third consecutive day of cases over 26 million. American deaths have been at about 1000 for the fifth day. Protestsexperiencing against the restrictions. The Prime Minister of singapore has offered a pessimistic view of the post virus recovery saying the economy is unlikely to pick up in a vibrant way anytime soon. Several sectors are showing improvement though others are likely to remain in what he called suspended animation for some time due to surging virus cases around the world. To announcer is set a new stimulus tool aimed at driving borrowing costs to help spur the economy. He is expected to lay out plans on wednesday to offer cheap loans to banks to allow them to further cut lending rates. The program may start in weeks and is seen as a key step towards cutting the official cash trade into negative territory next year. And the peoples bank of china is again discussing ending monetary easing. Policymakers around the world are debating how and when the time is to exit but the consensus is sooner rather than later. The pboc believes the Global Economy is recovering. The mainland economy has regained all losses from the first half of the year. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Chinas outlook. The country continues to show the payoff for swiftly controlling the coronavirus. More analysis on that data coming up. And an exclusive interview with autonomous of an driving start up. It will take on rivals. This is bloomberg. May be moving forward with his Transition Team but President Trumps refusal to concede along with his promise battle in the courts threaten to delay the process. We will discuss this more with jonathan labor Jonathan Lieber joining us from washington. We continue to hear from President Trump through twitter how this election was stolen from him. How long can we expect the legal battle recounts to go on . How much impact will this have on the transition process . Jonathan the president is not able to offer a lot of evidence supporting his claims. While he may try to litigate this, and his legal team is not the 18, everyone else is moving on. He is losing in arizona and pennsylvania and nevada. There is not much of a chance he could change the outcome even if he could get some of these lawsuits to the courts. Toyou used to be an advisor Mitch Mcconnell. What has been deafening is the silence from tom cotton. What is the strategy from the majority leader . Would you advise him to come out and talk about this . Jonathan there is no real upside to him doing that. President trump is still the most popular leader in the Republican Party and he is still maintaining their was voter fraud out there. The appropriate position from any republican would be that the process seems to have been pretty good but we will see where the lawsuits go. And that play out for a little bit. Not commenting on that is making a difference. Most people are preparing for a Biden Administration early next year. As you mentioned Donald Trumps popularity in the gop. Wondering how this plays into what the Republican Party can do to regroup in the next four years. The downside is that Donald Trumps strategy, the divisiveness, the Campaign Policies resonated with a large part of the population. Jonathan all things considered, i think this election should be considered fairly amazing in terms of results for the senate. They picked up seats in the house which nobody thought they were going to do which could put them in possession position to take it back in 2022. State housesol the which will decide how the congressional districts are drawn to the next 10 years. They come out of an election which everyone thought would be a landslide for joe biden in a pretty good position. They will prepare for who the next nominee will be in 2024 beyond donald trump. What considerations can be made in terms of the speakers of the house . Jonathan i think Mitch Mcconnells position will be safe. He will be the majority or minority leader. Chuck, maybe a little less so. But with joe biden in there, he will likely support him. The person most at risk is nancy pelosi who has been speaker for a long time. Of house members feel it is time for her to move on especially with this disappointing house results. I would expect to see where in about how to replace her. Benefiting her right now is there is no obvious replacement. There is no one ready to take the mantle. Steny hoyer, her number two, is older and will probably have the same problems. There will probably be turned over of leadership in the house. Given there is no clarity on the senate, does it make sense for a Speaker Pelosi to agree on a stimulus package before january . Jonathan im not sure how she is going to approach this. She has a lot of moderate members from suburban districts who are still here and angry with her for not cutting a deal earlier. She held out for a long time. That may have ended up hurting some of the battleground democrats running in house districts. I think that gives her some space to cut a deal. If Mitch Mcconnell and nancy pelosi and even biden can say this is what they want to do, i dont know what move mood donald trump will be in. You do not said expect the legal challenges to go on for too long. And what other ways could the president sow some chaos before leaving . Jonathan i dont think he has that many opportunities. Any new executive orders, joe biden will say i will erase those. He cannot pass legislation. He could refuse to sign the funding bill. And maybe there are things on for policy he can do. But i think this threat is quite blunt. Jonathan lieber, u. S. Managing director from the Eurasia Group. World leaders congratulating joe biden. Does china see a turning point in relations with joe biden . We get more on that. This is bloomberg. The state media in china cautiously welcomed joe bidens victory. Tom mackenzie, have we had any official reaction from chinese leaders yet . Yet no official reaction but that is what we are waiting for. Joe biden in the debate stage of this process described president xi as a thug. Something to bear in mind. But the chinese commentary has been relatively cautious with hints of cautious optimism from some of these commentary pieces in the government newspapers. Suggesting according to one commentary that there could be a retracting of u. S. China relations. There is a sense there will be less volatility when President Biden takes over in january and the frictions between the countries will start to ebb somewhat. In terms of areas besides could work on, Climate Change and the coronavirus. You could get more cooperation under a James Joe Biden presidency. Push aen may also try to multilateral approach in including human rights. That will be front of mind for joe biden versus what they were for President Trump who did not pay much attention to human rights issues. That sense as well but broadly from the commentary from the broadly and cautiously optimistic. As well as optimism that there could be a shift in tone in terms of the trade relationship. What are we seeing from the chinese trade data we got over the weekend . Data from october and it shows that the chinese export engine is firing on all cylinders. In october of 11. 4 year on year. Imports were up. You talk about the trade relationship with between the u. S. And china and china continues to make headway in fulfilling the commitments in the phase one of the trade deal. Exports to the u. S. Rose 22 . And imports rose more than 30 . Up morefrom the u. S. Than 30 . There has been a surge of exports from china to other trading partners in terms of medical equipment. Up 44 percent. As many countries particularly in europe and u. S. Continue to tackle the coronavirus. Technology will continue tuesday a focus of friction. You have been speaking to someone who is at the forefront of autonomous driving in china. Tom autonomous driving is an area of technology that china would like to get the lead in. We spoke to the ceo of a Company Called pony. Ai. Team just and his raised funding and the company is valued at a little more than 5. 3 billion u. S. Dollars. This is a company that competes with alphabets waymo. Take a listen to this interview. James peng on his plans for autonomous driving. As an autonomous driving company, we are still at the stage where we need a lot of toearch for the technology be commercialized. The amount of money we raised will still mostly be used for r d efforts. Tom what are the new technologies you are working on at the moment that could be significant for the future of the business in the next 25 years . The most significant one we are working is how do we make it to be safe enough without any driver inside the vehicle . A true driverless effort. In thear we had big news autonomous driving industry. Fleet of alld a autonomous driving vehicles in arizona. I think that is a very defining moment for the whole industry. And we are definitely working towards that as well. I want to give a specific time line timeline yet but hopefully we will be able to do that soon. Tom what is the timeline for fully Autonomous Vehicles for your business . The timeline depends on how you define the scale of the operation. We are currently working on a small scale, limited testing and ae looking for customer truly driverless experience. That on aou could see small scale and we could see that in the cities in china and in the u. S. . Is that realistic . It is definitely realistic. We have already seen waymo successfully launch operations and we should be able to do that as well. Tom you have a footprint in china and the u. S. How are the tensions in the two countries impacting your business . We will beh level, fully aware of the potential impact of the tension between the two countries. We are currently focusing on the technology and making the product to be useful. We just have to deal with what happens. It is not our focus right now. Tom do you think anything changes after the u. S. Election . Hopefully, if anything changes, it will change for the better. Tom when you look at the bifurcation in terms of the Technology Sectors between the countries, does that lead to adjustment in your strategy . Knowing the u. S. Is prepared to cut off the supply of hardware and soft where to certain chinese companies. For a complex system like autonomous driving, we definitely rely on the Global Supply chain. In that regard, we have to be more aware of where all of the components come from and be mindful of those and have a plan b in terms of suppliers. Other than that, we are still full throttle ahead. Tom that was the ceo of pony. Ai autonomousg, and Vehicle Company with a foot with a footprint in fremont, california. They are testing right now in both china and the u. S. They expect a pretty large scale. That is our Tom Mackenzie come our markets coanchor in beijing with the latest on all things china. Berkshire hathaway seems to have identified its latest megadeal come its own stocks. 60 billion scooping up shares in the first nine months of the year. Or than three times the previous record. 2019 repurchases include Occidental PetroleumFinancing Deal and it has spent more than in any other year purchasing apple stock. A successful startup investor and a relatively unknown chinese Property Company may help. Softbank invested 1. 3 billion key holdings. Ed the company went public in august and shares soared giving softbank a 375 return so far. Although dobbys Sovereign Wealth Fund is changing the way they invest in japan. Authorities focusing on Japanese Equities and using instead managers as part of a path for a portfolio. Investment funds in the gulf has been chasing higher yields as they battle the fallout from declining oil prices. Coming up, we will discuss the markets with ben ammons. This is bloomberg. Sigh of relief by the nation. That we have come through a difficult period. Most importantly, that the American People have spoken. That is what our democracy is all about. Trump has every right to challenge but once the decision has been made and once there are too many votes cast for him to catch up, it becomes his response ability to accept the result and move on. The very first thing that joe biden ought to do is wrap his arms around the pandemic. It is not just a virus, it is what this viruss impact has been. It should be input investment in infrastructure, not just roads and bridges but broadband. How important it is for businesses and families to be connected. When the president elect comes and facing a horrible covid situation and an economy that is slowing down, he will have a divided government if not a divided country. Most likely, i hope that does not happen, he will have a complicated transfer of power. Guests reacting to joe bidens victory. The prospect of abiding presidency a biden presidency. Trump bump in a 2016, we will see a biden bump says our guest. Ben, great to have you as always. Let me start with this chat when it comes to volatility. This has been since the past week, markets, when it comes to volatility levels have been pretty sanguine. Is this due to the still contested election . We have not seen the president acknowledge or come close to a concession. Ben to be fair about the this is no longer a contested election. Ofhink the