everybody wins. now that's simple, easy, awesome. say xfinity sports zone into your voice remote today. haidi: good morning and welcome to daybreak australia. i'm haidi stroud-watts and we are counting down the major market opens. shery: good evening from bloomberg world headquarters in new york, i'm shery ahn. haidi: wall street extends an all-time high on optimism of a fast tracked virus vaccine. the s&p 500 and the nasdaq rising with covid-19 not being a drag on u.s. growth.

tiktok launches a legal bid to stop president trump from imposing a ban in america. he says the app is a threat to national security and tiktok says the band's peer politics. the president marks the official nomination at the republican national convention by criticizing mail-in voting and saying the opponents -- his opponents want to steal the election. shery: u.s. futures are opening flat after solid gains for u.s. stocks in the new york session. record highs for the s&p and the nasdaq. we had optimism over vaccines and treatments for coronavirus. the s&p 500 saw most of the sectors in the green. small cap biotech got big moves from the authorization of convalescent plasma for treating covid-19. vaccine developers tumbled on this new focus on plasma treatment. the dollar weakness we saw earlier in the session did pervak. -- did pare back.

look at what oil is doing. it rallied and gasoline surged to a five-month high at the moment under pressure headed to the $42 a barrel level. laurae storms marco and with 82% of crude output in the u.s. the gulf of mexico has been shut down and we will see how those tropical storms develop. let's see how things are shaping up. sophie: starting off in wellington, we are seeing qe stocks gained ground after closing of the record -- near the record it hit in february. it is about 1.4% off of a clip sing the high. elsewhere, asian stock futures looking mixed. hong kong confirming a case of coronavirus reinfection and it may dampen sentiment. futures fell after

rising to a five-month high for the first time in hong kong since july. theing up the terminal, view is emerging among analysts that a biden administration would be a boon for asian he would tone down the aggression against china that has weighed on regional stocks since trump's inauguration. the outperformance of china's tech firms and the expansion plans may be hindered when biden focuses on issues like privacy, hume and, and national security. watch, andghts national -- cumin, and national security. and nationalts, security. the taiwanese dollar and the indian rupee with the hong kong dollar seeing holding relatively stable. holding relatively

stable. it is still remaining a key near-term barrier for the currency. let's turn to lauren --let's get ceo started in the u.s. because we saw a records for the s&p and the nasdaq. we continue to see these highs for u.s. equities if you are long and the stock market. but are you worried at all about the breadth of the rally? we continue to hear it is the narrowest we have seen since the dot-com era. guest: i think the pandemic brought us to unprecedented uncertainty. and now we are being able to move into managing the risk. and we knew that a catalyst would be therapies and

treatments. therapy,w with plasma i think it is the next catalyst up for the market. we see markets continuing to respond to the reopening of america, to the potential vaccine, the plasma therapies. these are the items that will keep us running in the positive. haidi: our markets factoring in a potential democratic when with joe biden in the white house? it could mean bigger taxes. loreen: i don't think that has been factored in yet. when we look at how that could impact profitability for corporations given the biden tax plan, i don't think it has been factored in. it would impact profitability. therefore, i would say that that is one of the risks as far as corporate profits are concerned. if corporate taxes go up,

corporate profits are going to go down. we still have quite a bit of tailwind that is being exhibited into the marketplace. and like you mentioned, it is a very narrow market. that large-cap growth technology innovative space. there are certainly other areas that could start to see a run up if we understand that we are truly in a recovery. and i would say we are there. i would say the numbers are pointing, when we look at whether it is looking at gdp, looking at unemployment numbers, looking at pmi numbers, looking at all those numbers, even though we have somewhat of a setback a little bit with unemployment, i think that those trends are headed towards a recovery outlook. haidi: i want to throw up this chart taking a look at how rich valuations are on the s&p 500 right now. it is the highest we have seen since the actual tech bubble , leaving us wondering

if we are in another tech bubble. i'm wondering if it is price to perfection expecting a vaccine. we had the news about the person being reinfected with the virus. it throws questions into what it means for a vaccine and what it means for herd immunity and how frequently the virus can come back. is that a concern? loreen: it is. you bring up a great point. like you said, we .ee this pe expansions we are growing each and every day we see these tech stocks continuing to go up. i think what it means for investors is to think about balancing out the portfolio. really looking at the value area of the markets that haven't have the same run up where we don't see the same valuations. and while there can definitely be a value that people need to

be wary of, if you look and do research on the value side of the equation, i think that is where we continue to see more of a run-up in those stock prices. do you like -- the longer-term portfolio? loreen: what did you say? munis for au favor long-term portfolio? loreen: got it. on the fixed income side, we favor municipal bonds. we look at the spread relative to treasuries and we see it is an appealing area for entry. as we are talking about, talking about taxes going up, it could be an area that is favorable. and for investors to be looking at that. today, there is more of a herd mentality over to munis, we

think about investing in looking at mina sipple bonds as a way to bondsify -- at municipal as a way to diversify the fixed income. loreen, ceo of wealth class financial, thank you for joining us. >> president trump has floated the possibility of decoupling the u.s. economy from trying to saying that beijing has treated america badly over the years speaking to fox ahead of the national convention. he said the u.s. has got nothing from china except being ripped off. chinese companies taking legal action. german doctors treating unconscious russian opposition li say they nova found poison in his system. angela merkel is amending answers from moscow. siberia, theyn

were ultimately flown to berlin for treatment. the kremlin has not yet responded. oil rose as two major storms headed into the gulf of mexico with gasoline futures hitting a five-month high. the bad weather is shutting down about half of u.s. oil production in the area with storms marco and laura having the potential to cause billions of dollars in damage. arthur areat port the largest refineries in the u.s.. exxon mobil may do the same with their plan in beaumont. -- plant in beaumont. president trump at the republican national convention again criticized mail-in voting and said his opponents are trying to steal the election. he thanked delegates in charlotte for their backing. thee were 200 people in hall, very different from traditional pre-virus event. 24 hours a day on the air and powered by uber quick take,

powered by 2700 journalists and analysts in 120 countries. this is bloomberg. haidi: we will have more on these growing tensions between beijing and washington as washington takes the fight to court. ando have cases slowing optimism mounting, but scientists showing a case of reinfection in hong kong. we talk about that with karen eggleston from stanford university, next. this is bluebird. ♪ -- this is bloomberg. ♪

haidi: tiktok and its parent have sued to challenge a u.s. ban. of the chinese government is throwing their support behind the move. google transports companies using illegal weapons to safeguard their legitimate rights and businesses. it will take all measures to

safeguard those rights. company says the ban was made for political reasons. tina, talk us through how this plays out in the courts. >> this is probably the most widely expected lawsuit of the year, but tiktok a challenging one of two orders that the president has rolled out. the first of which was an order requiring u.s. users to stop using tiktok and the second was the sale requirement. the firstoing after order that came out august 6, and that is based on a law from the 70's that talks about the president's ability to declare unusual and extraordinary threats to national security. one of the two arguments they are making in this lawsuit is that tiktok doesn't present an unusual or extraordinary threat.

they want to given due process and they weren't given the chance before to respond to any of these accusations. what is it like that this will just get stuck in court, especially since we not only tiktoksses by the organization and also a tiktok employee saying that the government's action would unconstitutionally deprive them of a job? tina: and we also had on friday, we chat users that came in with their own lawsuit against the same type of executive order against them. if you are either of these companies, what you're hoping for is a change in administration. the u.s. legal process be and what it is, there will not be a quick resolution of this. you will see on either side requests for restraining orders to make sure that if this isn't immediately applicable since we have the september 15 deadline hanging over us, but in the l.a. court specifically, it has to be

decided in a slow process. if you are one of these two companies, you're hoping that by the time this comes up before a judge, you have a different administration that you are fighting with. shery: the best case scenario is to get proceedings moved to later this year when the political situation becomes clearer. what about the september 15 deadline for sale? seen,we certainly haven't from the trump side, any movement on that. what is interesting is that no one really knows how this will be done. and what sort of legal basis the president is using to demand that some of this money come back to the u.s. what we are talking about here is 100 million users in the u.s., which is not an insignificant amount of the 2 billion global users. on the u.s. side it is value between $20 billion and $50

billion. as you have already reported, there's a lot of interest in buying this, perhaps from microsoft or oracle. a sale process would be tricky to carry out. the interesting thing is that the sale process is based on a decision by a committee on foreign investment in the u.s. and that is a much trickier thing to try to overcome in the courts. insightsna davis with on this ongoing legal issue against executive order on tiktok. she is our executive editor for legal. before the republican national convention kicks off today with donald trump officially getting nominated for a second term, we will have the latest. this is bloomberg. ♪

haidi: president trump marked his official nomination for a second term by attacking his

opponent as well as mail-in voting. he went on to thank the party for support. let's get a preview for the republican national convention with bloomberg contributor and political science professor. great to have you with us again. in terms of setting the tone, we are getting four nights of president trump. unsubstantiated accusations were made in his first speech. of the unusual aspects of today is that you heard from the nominee. we usually don't hear from the nominee until the last night of the convention. but president trump will be speaking every day of the republican convention. hisevery -- and today in remarks, he went on an attack as we talked about -- he talked about attacking the democrats for what he called spying on his campaign. he followed that up with attacking democrats for mail ballot fraud. he said democrats across the country are trying to send out

80 million ballots that will lead to things like vote ballots anddumping neighborhoods, not tending ballots to republican areas. -- sending ballots to republican areas. all of it unsubstantiated. haidi: how high are the stakes for the president to take advantage of the national spotlight during the rnc and trying to explain himself and dealing with coronavirus. we also had news today that he is being investigated for his company using the value of his assets to get loans. tons of issues for the president right now. jeanne: absolutely. it is critical that he try to turn the attention away from those issues and on to what he sees as the good job he says he did pre-covid on the economy. today, we heard him talking about the stock market, increases in jobs. he says things are looking up at

this point. and as soon as we have a vaccine, something else he has been pushing on, the economy will reassert itself to what it we all gothe got -- hit by the covid pandemic. so we will hear a lot about that. and we will be hearing a lot about what he did in terms of his sick this is an office -- successes in office. the regulations, attempts to build -- the regulation, -- deregulation, attempts to build a border wall, support for law enforcement, and appointing a lot of federal judges on the conservative side. typical republican talking points he wants to focus on this week. haidi: always great to have you with us, bloomberg contributor and political science professor joining us. we do have some breaking news -- shery: we do have breaking news on the bloomberg right now. we are hearing from apple, the

judge ruling on the case between apple and epic's popular game fortnite. unblock epicd to real engine tools. the judge says the case is not a slamdunk for either side. apple pulled the popular game fortnite after epic deliberately broke rules in protest to apple's policies, the 30% cut they demand from in-game purchases. is not a saying this slamdunk for either side and it is inclined to unblock the epic unreal engine tools. get a quick check of the latest business flash headlines. tencent jumped the most in a month on reports white house officials are saying a ban on wechat won't be as broad as feared.

it later rose in new york. u.s. companies will still be able to use the messaging app in china. a chinese delivery service surged the most in five months after quarterly revenue beat estimates and demand for takeout services bounced back on the pandemic. the world's largest bill delivery service reported a rise 3%, 3.6 billion dollars for the june quarter. the blank check company sold acquisitions from the ipl last friday and is setting their sights on a new acquisition. we spoke with the ceo. >> what we are looking for is a good brand that we can make great. how do you do that? you do that by making the brand stronger, more relevant, resonating with the consumer. more product driven and culinary focused. it is really key today along with branding. and we have phone in operations

and a talented team for real estate for future growth. >> sandy, i'm curious. do you have a short list? you're welcome to show the names if you like and i understand if you don't want to. are you ready to execute in short order? sandy: we do have a short list. we have 100 down to about 10. we will put them away about three at a time and see who is interested. we are pretty agnostic as to who in the 10 we get. we think all could be good and could be made great. we look forward to the journey on that. but we would like to move fast, not slow. >> obviously, ruby tuesday is a great success. have proven your metal -- mettle in the industry. but if you are agnostic as to which one, they are all doing a good enough job or there are things you see in each one of them that you think you could shine up like a diamond, let's say.

would attract them to you, if you like? why should they pick you? be if it isit could an entrepreneur or family owned or operated, maybe they would like to be public. a bee they would like to hedge their risk some. merging with us in the form of a public company could be a great benefit to them. minimize their risk. in addition to that, you get a great team. we run fast casual brands, full-service brands, to billion-dollar companies, international, domestic, large, small, we do it all. we have some wisdom and we can help a smaller company quite a bit. if you can move to private equity funds, these are challenging times. there are some funds that have time limits, of course. this might be the right time to

have a transaction. there are different reasons for different folks. we think it will be a positive to either group. challenge right now, if you are in this business is a men's the covid-19 lockdowns -- given the covid-19 lockdowns. is it because we are in crisis mode that you have this opportunity? sandy: i think so. the pandemic has created a crisis, but with that comes opportunity, sure. the second we are looking -- the sector we are looking at hasn't been affected as much as the overall sector. who is getting killed are the full-service restaurants, larger dining rooms. --t's versus dining rooms drive-thru's, smaller dining rooms, fast casual, it's at or a. etc.sual, haidi: coming up next, a mixed

bag of news shery: shery: -- shery: coming up next, a mixed bag of news as scientists discover a reinfection case in hong kong. we discussed with stanford university's karen eggleston. this is bloomberg. ♪

♪ >> you're watching day break australia. first word headlines. the latest virus data indicate infections rates slowing in the u.s. with new cases in florida at a monthly low while arizona reported no deaths for the second time in a week. globally french and spanish cases fell from four-month highs while germany is scrapping plans to test travelers from high-risk regions with health service capacity at full stretch. and switzerland is imposing social gathering limits in zurich. meanwhile, new zealand has extended the lockdown in auckland by four more days as it looks to contain the latest outbreak of the virus. the restrictions were due to be eased tomorrow but are now expected to be lifted on sunday.

auckland was put under stage 3 restrictions on august 12 after four new cases were discovered, ending the country's 100-day run of being free of covid-19. indonesia's reversing plans to reopen the tourist island of bali next month as virus numbers continue to spread. the government says travelers will be barred through at least the end of the year as the area remains in a red zone. and malaysia is boosting its virus stimulus package by lifting the debt ceiling for the first time since twine -- 2009. the new limit will be 60% of g.d.p. through 20 236789 up from 55%. and health officials in hong kong are investigating the re-infection of someone who had recovered from the virus in april. the 33-year-old man was found to have a second infection while passing through the airport on returning from europe. researchers have determined that he has been infected by two separate strains of the virus which may be able to circulate even if patients gain natural immunity. global news 24 hours a day on

air and on bloomberg quick take powered by 2700 journalists and analysts in no -- in more than 120 countries. this is bloomberg. ♪ haidi: let's look at the latest coronavirus headlines. potential re-infection in hong kong. joining us now from pala alto is the director of stanford university's asia health policy program. wonderful to have you with us. we really appreciate your time. how worrisome is this confirmation of the reinfection of a patient in hong kong? we sort of knew that this was probably likely the case in terms of different strains potentially having the ability to reinfect within a fairly short period of time. but i'm wondering how commonplace you think this will be and what are the implications the vaccine efficacy in that case, as well as herd immunity and antibodies eing something useful to us? >> it is an important additional piece of information to have this case identified and to show that reinfection

can take place like this, but it is a single case. there are lots of other factors that need to be taken into account. to think about the broader population health response. so, reinfection we know can take place. whether it will take place and have the same implications for people in other age groups is just one of the many factors that the region and the world has to confront as they continue to try to control this pandemic. haidi: does that mean we need to exercise cautious optimism? probably a level down from where certainly markets are at the moment when it comes to assuming that in a few months' time we're going to get a fully effective widespread vaccine with any sense of permanence? >> well, we have many different vaccines of different kinds of mechanisms under development. so there is some hope that some of those will be prove be to be effective and -- proven to be effective and safe by the end of the year ordinarily next

year. but the world still confronts a lot of challenges in making that available. with equity to large parts of the world's population. so despite a lot of global scientific and public-private partnership, there's still issues with how to make those vaccines available to everybody and having ones with different mechanisms does provide some kind of an insurance. but it's no gearn that you will have immunity after a given -- guarantee that you will have an immunity after a given infection or you won't need boosters from a given veak seen. all those are data points we need to use it collect scientific evidence and analyze this different populations over time. haidi: what does this mean for the coming fall and winter in the northern hemisphere as we may be facing also flu season at the same time? some countries have said that perhaps all of the precautions over covid-19 have helped with the flu infections this year. >> yes.

there's worry about the confluence of covid-19 with the flu season. but at this point it's not entirely -- it could go either way. it could be a perfect storm of more than doubling the risk of each of them or will the precautions that have already been taken against covid-19, simple ones like wearing a mask or hand washing, help to reduce the impact of flu? i mean, mongolia already saw that in the last flu season. so one could hope that would be the case. but of course it depends on local conditions and, most importantly, on people's behavior while they get their flu shots, will they take precautions? haidi: and let me ask you about the broader health care system around the world. because more and more people having just delaying going to the hospital altogether. what will be the secondary effects of covid-19? >> well, more and more data's becoming available, but unfortunately there are very, very significant second-order

effects on population health from patients delaying or avoiding care or health problems that are not directly from covid-19. indeed, a colleague at stanford india's died lockdown, impact on health care seeking morbidity and mortality. and they find big disruptions in access to vital care that can't be delivered through telemedicine. things such as dialysis care. during the lockdown was severely impacted from many things, travel barriers, hospital closures, unavailability. and that can lead to severe consequences for things as serious as patients needing dialysis care. they find that this led to substantial increase in mortality on the order of 20% to 30% between may and august. so many conditions are severe

in this way understand they need to be addressed so that the second order impacts on other chronic diseases can also be brought under control. haidi: karen, i found it quite interesting that in a sense the pandemic is equal in its devastating affect across developing and developed nations alike. how do you explain how vietnam has seemingly handled the pandemic so well, despite i assume not having a more advanced health care system than other places? and why is it impacting places like india so badly, for example? >> well, if you know asia -- [indiscernible] -- populations are very diverse. the covid-19 response is no exception. some of the hardest hit areas are ones with the largest populations. and fewer resources. but there are places in india, between certain areas, and some

mongolia, tnam and they have relative success so far in controlling the pandemic in their populations. there's no one-to-one correspondence between the strength of the health system overall so to speak with pandemic control. it has more to do with proactive public health measures. and in east asia, of course, having been informed by the previous sars and measures epps, in the case of vietnam in -- mers epidemics, in case of vietnam in particular, they wouldn't claim their relative success is because their health system is stronger than that, say, of northern italy. to the contrary. knowing about scarcity of resources like ventilators and the devastation that the pandemic could cause, the authorities in vietnam and elsewhere have invested early and heavily in aggressive measures to contain the virus. so hopefully those measures will continue to be effective, but obviously measures need to change as a second or third

wave severity changes. haidi: karen eggleston, thank you. direct of stanford university's asia health policy program. u.s. debt levels continue to soar with policymakers rolling out multiple pandemic management measures. omega family office sees the country $27 trillion in the red by the end of this year. chairman and c.e.o. told us what that means for wall street and main street in a low-rate environment. >> they have created a real speculative bubble in my opinion. i have to admit that i'm uncomfortable at the present time because -- not because of the virus. it's a factor. when it comes -- i'm uncomfortable because focus is something the market isn't focused on and that is the amount of debt that's being created. who pays for the party when the party is over? you know, we just saw the 244th birthday and basically it took us 244 years to go from zero national debt to $21 trillion.

we'll probably end this year at $27 trillion. that is a growth rate in debt far comm excess of what the economy is growing at. and i think that that's going to be a problem down the road. and i think they've created a real speculative environment. i would just -- i was just looking, give you some statistics. apple announced a split on july 30. the 20-day average call volume calls. time was 721,000 this past friday, apple traded 2.1 million calls. three times the average of 20 days. and the stock is up 17% since the announcement of the split, that's before this morning. tesla announced they're 5-1 split august 11. same thing, big increase in call volume. the stock is up 49% since the stock split was announced against the s&p up 1.9%. the last time i checked, if somebody gave me five singles for a five dollar bill, it

didn't create me wealth. it's not creating me wealth. >> that was the old calculation. now this is the new calculation. when you've got a big component of robin hood investors. that's sort of one theory out there. what's riskier right now, the high-flying stocks or bonds? >> i think no question that onds, to me, present a return- free risk. that's what's worked in favor of the stock market. what i have not fully appreciated is the -- what a 0% rate interest environment does for stocks. i was focused on the fact that we've had zero interest rates in japan and europe and their stocks are five or six multiple points below the united states market. so i think low interest rates are indicative of a problem economy. we've had artificial support or the economy since 2008. 13 years. i don't look at that as being the positive. i look at that as possiblying being a negative -- possibly being a negative.

ratner wrote an article this morning in the times op-ed piece, the economic recovery that isn't. you know. i think the 0% interest rates is creating a very speculative tone to the market. i have said for months now that we're really dealing with three markets. not one market. the first market is the fang market. and frankly, these are very foreign companies, these technology companies whose demand has been pulled forward by at least five years due to the virus. they're not cheap. t by -- a historic stance of 1972, and the technology bubble of 2000, they're not in any way expensive. and people could conjure up what they want to conjure up. haidi: that was omega family office c.e.o. cooperman speaking to bloomberg. coming up next, it tropical

storm laura is strengthening. we take a look at the implications for oil with over 80% of local production in the gulf already shut down. this is bloomberg. ♪

haidi: you're watching day break australia. a check of how markets are setting up.

reporter: this tuesday asian stocks are looking for a mixed start with tokyo futures looking lower at the start of the session this morning. and we have u.s. shares hitting record highs. the s&p stalling this morning with morganly stan warning that the s&p is looking primed for correction due to part to the narrowing market breadth. here in hong kong, you do have hong kong futures pointing to losses after the benchmark rose to a five-month high on monday. keeping an eye on hong kong exchanges after the stock was cut to sell over at goldman. but the growing i.p.o. pipeline does remain a pillar of support . this morning, spring announcing it is seeking to raise money here with trading expected on september 8. looking at gold. signs the rally is losing steam for bullion.

jumping into the term normal amid consolidation we're seeing for gold, gains for e.t.f. are also slowing with inflows pretty much flat over the past four sessions. that's the longest streak in two months with investors in wait and see mode given this vaccine progress is looking bearish for gold. and over at jpmorgan, an assessment of assets valuations has determined gold is expensive on a long-term basis. along with developed market debt. but oil and agriculture are looking cheap. >> let's talk a little bit more about oil in the commodities markets. because twin storms continue to take aim at the gulf of mexico. the heartland of oil and gasoline production in the u.s. gas futures hit a five-month high. bloomberg is tracking the action. the second storm, laura, is on track to become a powerful hurricane. >> yeah. tropical storm laura is the real concern right now. it's poised to become a

hurricane before making landfall late wednesday or thursday and that poses a direct threat to the entire infrastructure for oil, natural gas and gasoline futures. if you notice the oil chart, you'll see that oil has come down a bit in asia trading at this hour. that's because the second storm, it was actually the first, it was out in front of laura, marco, has pretty much fallen apart. it's weakened as it entered the coast. so oil has been volatile but if you look at gasoline futures, they have really shot up to a five-month high. the highest we've seen since march. and that's because of the threats. lawyer '-- laura's winds could possibly reach as high as 105 miles per hour. even 111, making it a cat-2 hurricane or category 3. but meteorologists also say not to focus on the details of the forecast because of the uncertainty of predictions that are three days out. again, we saw futures rise on

marco and laura. but marco is pretty much petered out. >> what are the traders saying at this point in terms of the risks? >> what the traders are saying is the market is mainly concerned about the supply disruption and possible shortages of gasoline. and they're also saying that that could be a serious consequence from the storm. with an 80% of offshore production already shut down in anticipation of these storms, and they're also concerned that there could be ramifications on global oil and gasoline flows shuttering down refineries could impact the gasoline flows everywhere from europe to the east coast of the u.s. of course that depends on how badly plants are hit and whether the colonial pipeline is hit. the damage from the last major hurricane that hit this area, hurricane katrina, literally devastated the area. it was $1 billion in damage and that's why there are concerns that this hurricane could be a

billion-dollar hurricane and could also have political ramifications, which is what happened after katrina devastated the area. that's the latest. back to you. >> coming up, we're going to look at what virgin australia creditors can expect as they release their report on the takeover deal. we'll get the latest on that story. this is bloomberg. ♪

>> virgin australia bond holders and creditors will discover later today what they can expect to salvage from the collapsed airline when they release details of the takeover deal. paul allen is watching this. details of this deal have been hard to come by. what do we know so far? >> we're going to need to wait for that report. we do know a little. we know that 1/3 of the work force is going to be cut. the fleet is being scaled back. that's what bain has told souse far. for the rest we're going to need to wait for that delayed report. the creditors are owed $6.8 australian. and there are some estimates that they're only going to get as little as 10 cents on the dollar back on that. the other key thing we want to know is how much bain paid to take over virgin. we don't have that piece of information yet either. of course the airline collapsed back in april.

not long after those coronavirus restrictions really started the bite in australia. we did the last week of course hear from the bond holders. they were putting together a competing proposal but later pulled that out. they're obviously very concerned that they're going to get a little more than crumbs. -- little more than crumbs. >> how likely is it that -- [indiscernible] -- accepted by creditors? >> there's a couple of important stage for this to go through starting on friday. next friday, that is. september 4. first there's going to be a vote from the largest number of creditors and that's the employees. the c.e.o. of virgin is urging staff to back the deal so that vote is likely to be successful. but the second vote is with creditors with the largest amount of money owed and that is the bond holders and that's obviously going to be a much closer call because they are -- they own most of the debt. if both of those are in favor, the deal is done. if just one is in favor, the

deciding vote goes to the chair of virgin who is, of course, a representative of deloitte. it's pretty likely this deal will be accepted when it gets put to the vote next week. haidi: all right. paul allen there in sydney with the latest on the virgin restructuring. let's get you a quick check of the latest business/headlines. apple plans to start reopening u.s. retail stores in the u.s. they'll start with a small number of outlets this month with customers served on an appointment-only basis. apple closed all 270 american stars in march it. -- stores in march it. began limited reopenings in may but then closed more than 120 stores later due to rising infection numbers in local areas. u.k. chip maker says it will retain its platform and data units. closer inspection shows the two firms can realize the same benefits by remaining independent under the group

umbrella. softbank bought arm in 2016 saying the company had the potential to grow rapidly as connecttive expands. a deal to take game maker in a deal that would value the chinese company at about $1.3 billion u.s. the two sides are discussing an offer in the range of $3.30 to $3.40 hong kong per share. slightly above monday's close. leyou's major share shold -- share shoulder is planning on selling his entire stake. the deal has been in the making or about a year now. exxon mobil and honeywell -- [indiscernible] -- the moves all happened before the open next monday. the changes were prompted by apple's 4-1 stock split that lowered the index's range in

the tech center. and cutting the price of diamonds to revive sales after the coronavirus pandemic paralyzed the jewelry industry. the world's number one producer lowered the price's larger gems by 10% in sales this week. debeers and its russian rival sold just $130 million of rough diamonds in the second quarter compared to more than $2 billion worth in the same period last year. >> here's how markets are trading at the moment. we are seeing q.e. stocks gaining ground. this as we continue to see new zealand equities closing at the highest level on record. right now is the third session of gains. highest level since its february record. but really honing in on that all-time high. we are seeing the q.e. dollar and the aussie dollar a little bit flat at the moment because we do have a slightly stronger u.s. dollar overnight. so aussie futures close like this. they were pointing higher .6%.

after the asx 200 gained ground in the last session. we do have breaking news at the moment. victoria state now reporting 148 new virus cases in the past 24 hours according to the health department. also eight new virus deaths in that 24-hour period. of course we continue to see australia and new zealand fighting this pandemic. new zealand in fact extending its auckland lockdown by four days, to august 30. the japanese futures at the moment under a little bit of pressure while u.s. futures are flat. this after solid gains for u.s. stocks and again record highs for the s&p 500. and the nasdaq. coming up in the next hour, the sheep of the recoveries in asia and australia, paul is global cheap economist for s&p global ratings. he joins us shortly. plus, don't miss an exclusive interview ahead on day break

asia. anchor innovations is a phone accessory maker, among the companies just listed. steven yang joins us later. day break asia is next. this is bloomberg. ♪

♪ haidi: good morning, we are counting down to asia's major market opens. our top stories this hour, asia looks for gains after wall street extended its record lines. investors increasingly optimistic for a virus vaccine. tiktok launches a legal bid to stop president trump imposing a ban in america.