Approaching that 103 level. That would be a breach of a technical and psychological level. . 99, 2. 7 top the upside. After the biden victory, gold as well seeing three straight gains three Straight Days of gains. Joe biden preparing to take office as the 46th president of the United States. He is moving forward as president elect, launching his transition effort and readying a plan to tackle coronavirus. President trump is refusing to concede, weighing more legal challenges. The people of this nation have spoken. [applause] they have delivered a clear victory, commencing victory. A victory for we the people. I pledge to be a president who seeks not to divide, but unify. [applause] who does not the red states and blue states, only sees the United States. Our work begins with getting covid under control. Economy, repair the restore our vitality, or relish lifes most precious moments, hugging grandchildren, children, birthdays, weddings, graduations, all the moments that matter most to us, until we get it under control. Leinz isporter kailey with us from new york. Where do present homes legal efforts stand . He has where do President Trumps legal efforts stand . He filed eagle challenges in six states. In pennsylvania, georgia and michigan another have been tossed out due to lack of evidence. Bloomberg has talked to those family with the manner the matter that the trump team does plan to take additional legal action but it but they defined to elaborate. Bloomberg reported members of trumps own team, his aides doubt any further action could actually change the result of this election. That this election has been decided. That further legal action will prove futile. Then, it all comes down to evidence and a lot of the allegations President Trump has made he has not provided evidence, publicly at least, to back up those claims. We weref the things looking at is perhaps a return to the old order in some sense, as joe biden already pledging to rejoin a number of International Agreements and organization when he is inaugurated january 20. Plans, about the return to multilateralism as opposed to unilateralism. Multilateralism is the word of the day. Biden said his 1st Avenue Office he would rejoin the world health organization, the paris climate agreement and get on the phone with alice immediately to reassure them about their relationship. With allies. Domestically one of the Biggest Challenges is the ongoing pandemic. We know biden is taking steps to prepare himself for that. Tomorrow we expect him to announce a 12 person Coronavirus Task force. We know his Health Advisors, members of his team, have met with pharmaceutical executives in regard to operation warp speed, the accelerated program to get a vaccine. So he is up and running in regard to his response to the pandemic. Thank you very much, kailey leinz in new york. First word News Headlines. Istainly this pandemic which for the moment after radio silence or drowned out, coming back to the forefront. Karina the pandemic is the other big story. Coronavirus cases past 50 million with the u. S. Seeing 126 thousand infections for the third consecutive day. Data from bloomberg and Johns HopkinsUniversity Say u. S. Deaths were above 1045th day. 1000, for a fifth day. The peoples bank of china is discussing ending monetary easing, in contrast to its peers in the u. S. And europe. Policymakers around the world are debating how and when to time their exit, with consensus sooner is better than later. Pboc says the International Economy is recovering and chinas is better than most. Main economy has regained losses from the first half. The turkish finance minister has quit, throwing the countrys management of its already battered economy into further chaos. The position was held by the soninlaw of the president. His resignation falls the removal of the central bank chief fired saturday following the collapse of the lira. The turkish currency has lost half its value against the dollar over the past two years. Vote counting is underway in myanmar after the countrys second open election since military role with the factor reader Aung San Suu Kyi expected to win another term. 37 Million People were eligible to participate. From 91 parties vying for seats from national and local parliaments. Results are expected by late monday. 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. Still ahead way speak exclusively to the ceo of the newly listed chinese biofarma he expects toat do with cash raised from the ipo. President of new yorkbased firm jen packed joining us for an exclusive interview, on how the u. S. Election and pandemic are being factored in. Next. This is bloomberg. Rishaad california based pony. Ai is raising 267 Million Dollars in a funding drive that will push valuation above 5 billion. Exclusively with bloomberg about how the cash will be used. We are still at the stage that we need a lot of research and development for the technology to come be commercialized to be commercialized. So the amount of money we raised will be mostly used for r d efforts. 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 . I think the most significant ones we are working is how do we make it to be safe enough without any driver . Inside the vehicle. The true driverless effort if you may. Ins year we had a big news the autonomous driving industry, a fleetwaymo launched of autonomous, full autonomous driving vehicles in arizona. I think thats a very defining moment for the whole industry. And we will definitely working towards that as well. , i pretty soon you should wont give a specific timeline yet, but hopefully pretty soon we will be able to do that as well. Let me put you on that, what is the timeframe then for your business . I think that timeline depends on how you define the scale of the operation. We are currently working on small skilled, limited testing. And we are looking for customerfacing, truly driverless, autonomous global taxi and maybe 23 years timeframe. Two to three years and you can see that on a small scale. Or we could start to see that in our cities here in china also in the u. S. Is not realistic . I think it is definitely realistic. We have already seen waymo the able to successfully launch operations and we should be able to do that as well. Tom talk to me about the impact. You are a business with a footprint in china and the u. S. , how are the tensions between the two countries impacting our business . I think it is on a high level, it would absolutely be fully aware of the potential impact of this tension between the two countries. Right now currently we are focusing on developing the technology, in making the product to be [indiscernible] and we just have to deal with whatever happens. So it is not going to be our focus right now. Tom do you think anything changes after the u. S. Election . Hopefully, if anything changes, it change for the better. Tom when you look at the bifurcation we are seeing, in terms of technology sectors, between the two countries, does it lead to adjustments in your is a strategy . Knowing, for exam, the u. S. Is prepared to cut off the supply of software and hardware to certain Chinese Companies . Complex system like autonomous driving, we are definitely current relying on the Global Supply chain. I think in that regard, we have to be more aware of where all the components come from, and be mindful of those, and have a plan b. Always have a plan b in all our suppliers. Other than that, i think we are still full throttle ahead. Juliette that was pony. Ai founder speaking exclusively with our markets coanchor tom mackenzie. Still ahead, we are going to speak exclusively to a ceo and looking at shares in hong kong rising 25 on their debut. 50 three times subscribed, oversubscribed, in the retail portion, raising hong kong 3. 7 8 billion dollars after pricing shares at 52 hong kong. They are now trading at 65. That exclusive interview with the ceo next. This is bloomberg. Juliette welcome back to Bloomberg Markets asia. The latest business flash headlines. The ant group could cut its value, new regulations could force at to raise mark capital and seek licenses in china could reduce its worth by half. If that comes true it would mean than two yearsss ago when it raise cash from several like and other venture funds. Business value fell for a fourth straight quarter as travel restriction made it hard for agents to sell policies. The measure of future probability in the Third Quarter fell 28 from a year ago at 706 million, klein was less than the 38 slide in the first half as some restrictions were eased and new business wars slightly up on the Second Quarter. New business was slightly up. The decline was less. Super rugbytralia, as it looks to launch a fourth streaming service. The deal worth 30 million a year will provide the bedrock for a new channel called stance sports. Nine took the right from fox which owned it for two decades. Right police and bangkok used water cannon to disperse antigovernment protesters approaching the royal palace to cement demands directly to the king. To submit demands to the king. They managed after Water Cannons to deliver letters to the palace itself. Oftens of thousands protesters gathered sunday to write letters addressed to the protestersirst time attempted to directly communicate with the king and request monetary reforms. The letters were put inside containers designed to look like post boxes and wheeled alongside demonstrators. They marched for the grand palace. Protester got close to the palace the police started using Water Cannons, to let them know not to advance past the police line. There were five injuries. Process organizers stopped the march and called off the gathering. Randy, protesters, we know, have been protesting for weeks. What is different this time . The protesters were taking their movement to a new height after four months since it began. They are trying to communicate directly with the king. Although those letters did not get inside the palace last night it is worth noting that they tried. Thistime they are doing event theyre changing the relationship between the people and the king bed by bit. Breaking taboos in thailand where insulting or criticizing royalty can lead to long jail sentences. They are making it more, to discuss the roles of the monarchy in society. Randy, are things changing . Are there any signs of compromise . Are things changing for the government itself and for the movement . Sign of not see any compromise. I think we could see a further escalation. We have been seeing this escalating h month. So far, the government has not been able to defuse the situation. Last week, the Parliament Plan to send up a reconciliation committee, the plan was rejected by protesters, who are stuck on seeing the Prime Minister ousted immediately. Some legal analysts note last nights event was an attempt to divide establishment. It was an attempt to leverage the kings power to force [indiscernible] out. Bloombergs reporter in bangkok keeping us uptodate. See a fiscal stimulus till in the United States by the end of the year. Speaking before joe budden declared victory, solomon told bloomberg, it is a common misconception that democrats are bad for stockmarkets. People are confirmed if there is a democratic majority that we will have higher taxes but i am always said even if that happens we will just have higher spending. I think people tend to parse both sides of the fiscal stale scale instead of looking at them collectively. Higher taxes, higher spending, so if you net them out, pretty good even if you get to georgia sees going to the democrats. The market may freak out because it will presume we will have higher tax rates but eventually it will get around to realizing we will have a lot bigger stimulus if that happens. I wonder about the balance out there. The last four years it was dominated for markets by the discussion of light or regulation, a lower tax base for a lot of corporations, and that underpinned valuations. Even if you get a higher tax rate, if you get the fiscal stimulus and the Economic Growth, that would go along with it, without the enough to cancel out the bite of higher taxes . I think it will. Which,et a tax increase, if it is a Republicancontrolled Senate i do not think we will, but if we got one, we are talking about basically some return to what was like before the trump tax cut. There could be higher talk Capital Gains rates. That may mean people become lager term investors rather than on a tossing stock and doing fast trading. So i do not think a Capital Gains rate impacts the bottom line that much. We will have some return to where it was in the Obama Administration which was actually good for stocks. I think are these narratives that republicans are great for equities and democrats are not, and that is just not true. It really does not matter when we look, who is in the white house or who is controlling the houses. You have to figure out how to navigate it. But at the end of the day the fundamental economics are what drive markets. We have to come off the back of this downturn, the virusinduced, the virus will end at some point. We will get back to some new normal. At Economic Activity will continue to pick up. When that happens, we will be back to the rate, i think the market is looking through that already. Juliette what is interesting to me it seems lawyers always went in some shape or form. Prior to the election it felt like m a lawyers in particular were working our guts out because everyone was trying to get ahead of potentially abided in administration. Caroline now we are going to have lawyers involved for all manner. Your perspective and m a Going Forward and Business ConfidenceGoing Forward . I think again, people will do the things they need to do to advance their business as. They need to understand that regime and framework under which the regime operates. So at these moments, these inflection moments, where you might have a change in the administration, at a slight change of direction, it takes a while for people to figure that out. Once they do, they go back to doing what they need to, to drive their businesses. Seldom do you have an election that turns things so inside out people get frozen. We as humans [no audio] [inaudible] and as creatures of the market, are incredibly adaptable. If 2020 has taught us anything, we have seen highs and lows, more right tail and left shell events this year than most of us have seen in a lifetime and we are doing ok. Again, from the markets standpoint. I think it is different if you are running a Small Business. Even there, i think once we get fiscal stimulus which i expect to happen by the end of the year, i think mcconnell probably gets a limited, Something Limited done in lame duck. My expectation is Small Business will begin to think about rallying in 2021 as things get back to a more normal economic cycle. The ceo speaking to Caroline Hyde at romaine bostick. Lets check in with business flash headlines. Berkshire hathaway identifying its latest megadeal, its own stock. The firm spending 16 billion scooping up its own shares, more than three times its previous record. Repurchases top many of berkshires biggest investments including 2019 Occidental Petroleum financing and totaled more than it has ever spent in when youre buying apple stock. Cutsts from paris, 650 job monday at its in banking Investment Banking operations, that cuts will come after socgen reported performance in the Third Quarter. It follows its worst performance in a decade over the preceding period. Wanting to cut 500 million in cost by 2023. A look at markets as we had to the tokyo lunch break. The nikkei, the broader market, topix. Currently seeing movement to the upside. 1. 9 up. If you look at msci x agent we are putting act record hides and we are at record highs. Record ex asia at highs. Global equities heading for a fresh record. There is optimism about the outlook under a joe biden presidency. We discussed the dollar has been weakening. Monday is essentially seeing continuation of last week that down risk, and to joe budden declared the winner of the u. S. Election saturday. Looking at futures contracts also on the way up helping markets in this part of the world to move firmly into the green. This includes shanghai as well. Good export and import numbers, better than anticipated. Export numbers climbing for china. Seeing gains for the composite. Japan airlines, jl down 12 at 12 ,oment jal down saying they will raise 1. 6 billion selling shares to support its finances, as we have seen the Airline Industry ravaged by the coronavirus crisis. We are off the lows of the day, we were down 15 . A Pharmaceutical Company having a torrid time, 25 down, a drug and development to try to do something about alzheimers. That was being done in tandem with biogen. That drug has failed to win fda backing at the u. S. Honda 8. 8 up, increasi