>> good morning and. . welcome to daybreak australia we are counting down to asia's major market open. good evening from new york. haidi: softbank's push to go public. the company may revive buyout plans after they seal the deal. china tightens rules to curb risks and finance sectors.

japan's ruling party gets set to pick a new leader. the next prime minister's have a tough task of leading the nation after the pandemic. shery: let's get you started with a quick check of how markets are trading. u.s. futures up .4%. this of course after tapping the worst week since march. we continue to see the selloff and idiosyncratic news. softbank changing options investment strategy leading to selling picking up any friday session. not to mention the tech stock reversed gains after china said it opposes a fourth sale of tiktok. we have the nasdaq composite really under pressure in the u.s. session on friday, down .6%. take a look at what oil is doing

because we are coming off of its back -- its worst back to back weeks since april. nothing on oil prices, tomention concern about opec's production compliance. wti at the moment at around $37 a barrel, gaining about .5%. let's get a quick check of our asia -- of how asia is setting up. sophie: we are nearing the halfway mark for september and this morning we are seeing asian futures trading mixed going into a week that brings us tighter restrictions on huawei. keeping an eye on any development around softbank's potential sale. in japan, markets may be treading water after the best week in a month for the nikkei and the topix that of monday's leadership vote. economic gap between conditions and price evaluations in japan, securities expects retail prices will lose

momentum. retail trading volume has been dropping since may. checking in on the yen, little change. it stayed around 106 since the july meeting. the governor likely to stand pat. kiwing pressure on the dollar which marked a two-week decline. soft economic data due this week may add to the bears momentum for the currency. the euro lower. ecb saying it stands ready to act. offshore yenthe staying in the 683 zone after edging higher for a seventh week against the dollar. we had data showing strong credit growth in china last month. tensions with the u.s. could weigh on demand. now,: let's get to china and the country's tightening

rules imposing demands on its conglomerates and its latest attempt to curb risk for the country's $49 trillion financials industry. tom mackenzie joins us for more. this is not the first time this has happened when it comes to conglomerates. -- what kind of new restrictions are these companies and groups now facing? tom: absolutely. this is an attempt by the authority to get further clarity and transparency on the operations of these companies that spanned so many different sectors and have increasingly pushed into the financial sector. it is not just ever graham, normally a property -- they are gearing up for their ipl probably later this month. new regulations announced on sunday will require licenses for nonfinancial firms that do business at least across at least two financial sectors. in which are designated as

financial holding companies. the rules will take effect on november 1 and they will also apply to companies with banking operations. ever graham has a big stake in northeast china as an example. also companies with financial assets above a certain level. and as you mentioned, they will face certain capital requirements depending on what their assets are. that is also something to bear in mind. if they meet the criteria but are denied approval by the regulators that will be forced to sell their stakes in the -- in those financial companies in which they have those stakes. it is about trying to control risks and get a greater look at the workings of these businesses, particularly at a time when the economy remains under significant pressure. shery: one chinese business we are watching closely, tiktok's u.s. operations, there has been another twist. what is the latest?

tom: the south china morning post reporting that the beijing-based operator and holding company of tiktok the app, is telling the u.s. it will not sell tiktok's algorithm, which is a bit like saying you will sell the car but not the engine. the source code will not be handed over, essentially is what they are reporting. however, they had a team of technology experts in the u.s. and that team will be free to develop a new algorithm. we know they are in talks with oracle and microsoft as leading potentials or purchasers of the app. they working on a deadline somewhere between september 15 and some temer 20th. president trump said he wants a deal by september 15. we are hearing tiktok and bytedance is working towards presenting something to the white house by september 20. but the water has been muddied also by the actions of china,

which recently imposed restrictions and regulations on what technology chinese companies can move abroad or sell abroad. so, it seems they have to satisfy not just their investors, not just their potential purchases, but also washington and beijing. it is making this very complicated. shery: tom mackenzie in beijing. let's now turn to karina mitchell with the first word headlines. karina: japan's whirling party -- ruling party is said to pick a new leader monday. they will then be elected prime minister. demanding lower mobilephone fees and putting in alliance with u.s. around foreign. more than 80 people have been arrested and hundreds fined in melbourne after sporadic protests against the city's strict rubdown -- lockdown.

the state government offered businesses another $2.2 billion in cash grants, relief, and fee waivers. that is equivalent to about a quarter of the state's annual tax revenue. global coronavirus cases are now nearing the 29 million mark, as more than 920,000 dead. the u.k. is set for tighter restrictions on social gatherings starting monday, following three consecutive days of more than 8000 new daily cases. france also reporting a surge of more than 17,000 cases over the weekend, the most since the end of its lockdown. says there likely vaccine will be available to the american public before the end of the year. he says he is confident it will be safe. a final decision will rest with regulators. oxford university and astrazeneca has restarted be trial for their experimental vaccine after it was halted over an unexplained illness. they are also aiming for the end of the year.

global 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'm karina mitchell. this is bloomberg. still had, australia has a new player hoping -- we are superheroes ceo john winters if he is asked if his platform can be the next robinhood. next, softbank is expected to announce the sales of arms of around $40 billion. a move to go private would be the next step. this is bloomberg. ♪ this is bloomberg. ♪

haidi: softbank is said to be dusting plans to take the japanese conglomerate private after reaching a deal to sell its achievement -- chipmaker unit's arm. that has made public scrutiny of

a strategy for treating tech stocks. leanna baker has the details. bloomberg has reported that the deal is they are buying it for around $40 billion, that that is imminent. what are the goals softbank has to accomplish and is that a good price? leanna: softbank has been on a serious spree of divesting assets. pullednt weeks they have a few things but arms being sold for around $40 billion would be one of its biggest exits ever. softbank bought the company for about $30 billion in 2016 and there were a lot of questions around the investment and how it is paying off. we do not know the exact price of the deal with nvidia but once it is announced we will know more as to whether this is a good outcome for softbank. certainly selling arms to a big company like nvidia, which has a $300 billion market cap, is

something no one was really expecting. so it is probably a win for softbank. shery: if the deal goes through regulatory scrutiny and they get the ok, what are we expecting from other rivals like samsung, apple, and qualcomm? some ofwe reported on the regulatory hurdles around this deal. this will be a long slog. once it is announced it could take semi conductor deals sometimes a year to go through. nvidia's last deal took over one year to be approved globally. so this is no slamdunk. i would not be surprised if some of their customers, which are competitors to nvidia like intel, qualcomm, samsung, maybe hand seems they will try to lobby against this. so it will be a really interesting year to see what transpires here and whether those get approved. haidi: right. so the question is given some of

the reporting, how does the company -- parlay the sale into a potential take private deal for softbank? i want to throughout this chart that takes a look that yes, market cap is around $150 billion but total liabilities in the yellow the chart is almost one quarter of a trillion dollars, most of which is in cash at around $50 billion. so what is the most feasible and the most advantageous situation markets could arrive at? liana: a deal of that size is huge. this would be one of the biggest take privates of all time. but the softbank chairman is addicted to risks and dealmaking. this is not the first time softbank has looked at a take private. earlier in march when the hedge fund was agitating there were reports softbank was looking to with corporate and a

sovereign wealth fund in abu dhabi. so softbank would have to line up a lot of capital, even though they are going to have a nice windfall from the sale of arms, there is going to be a lot more capital they need to go private. it is an interesting idea. i am sure some bankers would love this to be attempted, but it is truly one of the largest deals ever attempted of all time. so i would say it will be pretty tricky to go through, although the vision front, the -- vision fund, that was the first $100 billion fund we ever saw, so you never know what softbank. shery: we will get more analysis on that deal ahead with kim forrest, joining us to talk about softbank and the outlook on the broader text. this is bloomberg. ♪ is bloomberg. ♪

tech shares are

coming off of their worst week since march. the nasdaq 100 has shed almost 11% since reaching a high on september 2, putting it on course for its worst month of the year. joining us from pittsburgh is kim forrest, founder and cio of boko capital partners. great to have you back. this chart on the bloomberg is illustrating the huge fall we have seen on the nasdaq. not only the nasdaq but the s&p 500 and the dow, really under pressure. what does this say about the froth we have had in the market rally, the five-month rally, the excess? is some of it being taken away, and how do valuations look now? valuations think still look really overstretched in a lot of these. especially early on we did not really understand what was happening to the shutdown. but we didn't know that we were going to have to work at home. people went out and bought computers and i.t. departments went out and got licenses for

resume and did a whole lot of work at home. i think investors, retail and institutional, piled into tech thinking this would be something that works. and it was. adding to this was the popularity of the most popular stocks that have been driving the market for a couple years now. faang and then tesla. i think what really happened there was people lost their minds when both tesla and apple did stock split spirit it is just math, folks. nothing to get excited about. yet they did. and i think that really drove that market higher. dory: really has a lot to with the retail investors and sentiment out there. also another deal we have been watching very closely, the chipmaker sector. we are now hearing that softbank

is selling nvidia. how interesting is that deal to you? kim: it is super interesting. arm is really important to mobile devices. and i think people have been betting for years now that it is going to be a cornerstone in the internet of banks. of things is all these devices that people do not necessarily do anything with but they are gathering data and sending it back to servers. i'm a believer in the internet of things. arm has a great platform. but this nvidia sale, i am cautious. because nvidia is using arm in its own products, and arm is a platform used by other semi-conductor chip companies that license the technology, i am sure there is going to be a whole lot of finger-pointing about, this is not a good deal for the arm environment. so, it's going to be very, very

challenging. haidi: more broadly within that chip sector is where you see still some hidden opportunities or value that perhaps we are not looking at hard enough, given the broader headlines made by the tech rally and the tech selloff. kim: sure. iain, in the last six months, guess the theme has been winners are going to win, and rightly so. intel fell behind for very good reason. i am still an intel believer for a lot of reasons. ceo seemsly now the to have realized that there are problems getting their product to market and he seems to be take steps. that is why intel is interesting to me. i also like xilinx because it is think isnsion that we going to happen. and finally micron. and that is, i still think they

anyway,eally good -- really, in the storage device demand, chips, their time is going to come. i just did not know when exactly it is. there has been a lot of oversupply recently. but i am a believer in solid-state devices. haidi: are we still talking about rotation into value, or has some of the exuberance come out of expectations for a vaccine and how smooth the reopening is going to be? -- how do i put this without going down a rabbit hole -- i think the value stock beenrs of yore have depending on the business cycle. and i think technology has killed the business cycle. we now know what is in our warehouses because we have crm. we now know what our pipelines

look like. let's buy steel companies when they are down and out because we are in a recession -- i do not think that will happen anymore. so, i still think investors have always invested in growth, and that is what they were doing when value investing was big, around the economies the world would overproduce, going to a lull, then you would pick up those great companies when they were on sale. we have to do things differently. so i do not know that we will see the great rotation everyone has been forecasting for the past 11 years now. answerthat was a great without going down that rabbit hole. kim forrest with us. the fed will meet ahead of key rate decisions this week on the bod and the boe with investors waiting to see if they will adjust for guidance after strategy shift.

guy johnson spoke with the former fed vice chairman stanley fischer about those numbers. clearly trying to get up to 2% and possibly above because they have some catching up to do. and we are a little distance from there, still. on the other hand we have considerable unemployment, more than we expect a couple years down the road. so that will bring the inflation rate up somewhat. and that is what we are looking at right now. so i do not think this number on the inflation rate is a long-term number. it is a number that you get because the economy is in a recession. guy: do you believe, because the market has its doubts in the ability of the fed, and other central banks around the world, moret inflation on a

sustained upward trajectory back towards target? also depends, that on them getting employment up, and getting output up. and i think that should be possible if we don't have more viruses, and if we're just in the world of there are only two instruments, fiscal policy and monetary policy. when that's compounded by what other factors, namely, viruses, we don't quite know as well as we used to where we are going. guy: how would you characterize, though, the way that central banks have responded to this crisis versus the crisis that we

saw back in 2008? what are the differences that you can deduce? what are the implications for policy going forward from those differences? stanley: well, the one big difference in addition to coronavirus, the other big difference is that the interest rate is close to zero. and that makes a huge difference in what is going to happen in the economy. for reasonstalking, i do not understand, people keep talking about the chair of -- share of interest in the budget, or share of interest in the economy, and that's just -- , the, the share of bonds ratio of bonds to gdp. well, bonds are not the right one.

what they should be looking at is what the interest burden is and it is lower than it was in 2008. and it makes a difference. it means that the fed can keep g cheap money.y and that can go on for a much longer time at this rate, which or2%, something like that, something less. that's going to stay with us for a while, and it might, it makes a difference for what the fed can get done, and it matters enormously. shery: former federal reserve vice chairman stanley fischer. next, japan's ruling party set to pick its new leader today, who will ultimately be tasked with guiding the country through the pandemic and its economic downturn. we will be live in tokyo for

what to expect next. this is bloomberg. ♪ s is bloomberg. ♪

numberse have breaking when it comes to coronavirus cases. aetty low numbers showing steady come down when it comes to new virus cases. 35 new virus cases over the past 24 hours, seven further deaths. this comes as we have seen a few deaths,lower numbers of the drop coming as the fed remains under strict lockdown conditions. let's get you the first word news with karina mitchell in new york. set to softbank is revive talks about going private after --

senior executives are revisiting an earlier plan. softbank is expected to announce a sale of nvidia soon for around $40 billion in cash in stocks. that would make it the largest-ever deal in the semiconductor industry. onna has tightened rules financial holding companies. it tries to curb risks in the nation's $49 trillion financial industry. the new regulations mean such organizations will meet licenses that meet minimum requirements for paid registered capital. the new rules will take effect starting november 1. tiktok's parent will not sell the algorithm behind the app. but the u.s. tiktok team would be free to develop a new one. the company plans to present a proposal to the white house even as signs emerge it is facing pressure to shut down rather than make a deal.

president trump says ideal must be reached september 15. the air quality in oregon and california has dropped to dangerous levels, with firefighters battling the devastating wildfires ripping through the region at a record pace, forcing tens of thousands of people to evacuate their homes. at lease 33 people have been killed and hundreds of homes and businesses have been destroyed. there are concerns a pacific storm could bring winds that could further fan the flames. global 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'm karina mitchell. this is bloomberg. abe's -- abe hit the bull's-eye or did all of them miss their marks? kathleen hays is taking a closer

look. kathleen: to attack chronic inflation, abe shot his first arrow as he started his second term. their shock and dog quiddity campaign of negative rates and yield curve control. it was accompanied by his second arrow, direct spending on critical ever structure. the third arrow aimed at structural reform. everything from corporate tax cuts and getting more women in the workforce, to nurturing a tourism boom. claim, bututs won a his other big bang reforms miss the mark. abenomics record on inflation is also mixed. the boj broke the back of deflation. but the ecb has not been able to reach it's 2% inflation target and keep it there. negative rates have crushed bank profits. government spending did spur growth that pushed down unemployment, but also left japan with the highest debt to be -- debt to gdp ratio in the world. what many consider his biggest

misstep, an ill-timed consumption tax hike just before the pandemic it. their confined that combined forces pushed japan into its worst recession on record. shery: japan's ruling party set to pick a new leader today who will then be elected prime minister later this week. the front runner to replace abe remains his right-hand man, yoshihide suga, seen as a continuity candidate who is pledged to continue abenomics. we are joined by kurumi mori on the ground in tokyo. what are we expecting today? have decided on a scaled-down version of the election because of the surprise resignation of abe, and that vote is being held today. 394 lawmakers are eligible to vote to choose their new party leader.

of 535ve a total contested votes. when it comes to the general election it will have to be called october of next year, 2021. and some senior lawmakers have hinted at a snap election after the new pm is elected. the deputy prime minister also said in election may come soon. haidi: so we know that suga is the continuity candidate when it comes to the economy. what about the international relations side of things? what are the challenges that he potentially faces? kurumi: unlike abe, who has a really strong political pedigree and as well versed in diplomacy, suga is less experience. he comes from a family of strawberry farmers, he climbed up the ranks. foreign asked about

policy at the debate on saturday and he emphasized the importance of the alliance with the u.s. he said with the u.s. japan alliance being key, it is important for japan to get along with other asian countries too. when it comes to china and south korea relations, both of which has been strained, he said he would pursue quote unquote strategic relations through good communication. shery: he may represent continuity in many aspects, but at the same time he is pushing for reform, especially their telecom industry. what is that about? kurumi: yeah. suga has kept the pressure on japan's telecoms ahead of the elections, like standing firm on his push to lower mobile phone carrier fees. that has been a long-standing initiative of his. he said cell phone charges in japan should be cut by around 40% from current levels. in particular he said he wants large data packages to come down more. he added that the government should consider charging more

for public radio waves as a way to generate more revenue. tokyo.kurumi mori in on election day we will have much more. the former japanese ambassador rogers be., and ed joining us to give their takes on japan's political future. the u.k. has secured a free-trade agreement with japan, its first major post-brexit accord. ministerto the u.k. for trade policy about the agreement. >> this is our first major free-trade agreement as an independent trading nation, now that we have left the european union. with one of our best friends and allies and biggest trading partners, the biggest economies in the world, with japan. so it is a very significant moment for all of us, for the country, for the government.

and it actually improves on the eu's existing deal with japan, particularly on data and digital and financial services. the u.k. being able to sell into japan. improvementsreally on the existing eu trade deal with japan. overall it is a very good deal for the united kingdom and a very good statement for global britain as we go forward. >> so why should the japanese believe the u.k. will stick to the terms of the agreement if it is prepared to renege on an international treaty with the eu? greg: we have not. what we have done is published the u.k. internal markets sales, and we're hoping that we never -- we hope that we get a deal with european union that would obviate the need for provisions to come into place. it is also really important for the u.k. government as expect to guarantee the integrity of the

u.k.'s own internal market. it makes all the goods and services flow freely, unfettered between england, northern ireland, whales, and scotland. that is incredibly important for this country and for the u.k. government to secure. >> you might not think you broke international law, but other countries disagree. very.s. in particular is concerned about reneging on the deal with northern ireland. what do you say to that? greg: look, i say what i have said, which is the u.k.'s own internal markets is the most important thing for the united kingdom government. and what we have done is if we do not come to a further deal with the european union, that we small elements of the eu law to make sure we preserve the u.k. internal market and also which will secure peace in northern ireland. we are still, as you see today

with the deal with japan, our major international partners, the u.k. is still clearly a reliable country due to areas of trade. so we have shown that people do have confidence in the u.k. government. rightly so. >> do you think the eu will walk away at the end of the month if a deal does proceed? greg: what we have been clear about his we are seeking from the european union is a canada-style free-trade agreement. similar to what the eu has granted canada, japan, and others. no more, no less than that. that is what we are seeking. but if there is no further agreement that we will -- shery: the u.k. minister of state trade policy. next, australia has a new player

hoping to capitalize on the rush among young investors into the stock market. we ask superhero ceo of john winters if his after payback platform can be the next robinhood. this is bloomberg. ♪ ♪

--ry: australia now has a

homegrown response, one with a strong focus on asx listed companies. superhero is backed by two of the biggest tech names in australia. john winters joins us now. great to have you with us. why now? how long has this been in the making? and tell us about the timing of the launch. john: thanks for having me on. we think -- we have been building superhero over the last 2.5 years. while it may seem like an overnight success, it has taken a lot of work behind the scenes to bring you a product that resonates with the market and is in high demand for today's market. successful the expect to take up when it comes to retail, and what are the risks, in particularly with the regulatory front, given we have seen similar concerns about the reflux of retail being a pretty big part of what we have seen going on in the u.s. market? john: look, i think the risk is

well understood in retail investing. we're not creating something new in that sense. it is a well-formed industry that in australia has been around for 20 to 25 years. but we have engaged with the regulators and with the asx on building this product, and i think if we can offer a product that makes investing more accessible, then i think that is a win-win for all parties. shery: how has the pandemic changed this whole retail investing atmosphere, and is this a one-off? because we are seeing more people stock up in home trading while in lockdown, or is this something that will continue? john: i have been asked a few times about launching in the middle of this big rush. certainly a couple years ago we did not plan on there being a pandemic.

but certainly there is a major shift into the world of investing and online investing. and it is a generational shift that has been occurring for the last couple of years that has really been accelerated through this covid period. a littlehn, give us bit of an insight into the structure of your app. our understanding is it does not offer life pricing. it's rather simple when it comes to trading. are you planning to upgrade it in the future? what changes are you going to implement? john: we are quite proud of the arrangements we have got with the asx. pricing, it is direct market access. we can offer this kind of price to thet $5 less due technology we have created that happens behind the scenes. proud of is the

transparency we have brought to the market. it is a flat $5 fees. and we're quite proud of that. haidi: do retail investors get a bad rap, do you think? the kind of perception is they are speculative players, they are not as informed as the big institutional players. but i am wondering in the data you have seen, do they tend to buy and hold for longer comparative institutional players, which are probably going into equity raising and then reducing their positions? john: look, i think we have already started to see this occurring. there's obviously a cohort of day traders, but there are people who are coming on who are buying even quite small parcels of etf's and other investments, and have been with them for some time. large withm has been

longer than just last week, and we have seen a small amount of those people and trading frequently. but a number of people are buying and holding with what seems to be a longer-term strategy. i think the concern that many had around speculation in the market, that's always going to happen. it happens in property and another asset classes. but there is a huge cohort of people out there who are locked out of the property market, there's asset prices on the rise. and if you had not been invested over the last few years, whether it is in any asset class other than cash, you have missed out on a lot of performance. so i think it is bringing that accesshat assess -- that to people that is important. haidi: does the relative calm of australian stocks -- particularly given the weighting

of tech? john: we have had a number of questions of going into u.s. equities as well. the u.s. equity market is obviously the biggest in the world. there are a number of players offering access to u.s. equities. let's concentrate on australia. there is no one solving this problem in australia at the moment, so our focus has been on aussie shares and down the track we may look to expand into the u.s., but i agree, there's a number of the number -- younger demographic who want access to the brands they touch and feel every day. shery: would you expanded towards asia as well? john: i think asia is a massive opportunity. it is obviously a huge market. just to go back to my last point, our focus is on a string at the moment.

and then we will look where the growth drivers are to expand where our customers want to invest. shery: you talk about your traders being the younger generation. tell us a bit about who your customers are, are generational gap that perhaps we are seeing in those retail investors. our audience into three categories. we have people who have not invested before who may have felt locked out of investment markets, we have the people who have treated -- traded infrequently, and the frequent traders. we try to have something unique for each groups and we are seeing strong takeoff across all three. much cachetly, how do you get from getting backing from people like nick molnar and larry diamond? john: i think it brings a lot of credibility.

they have obviously built fantastic lobo businesses that really started in australia and expanded overseas. so we want to follow in their footsteps in that respect. but having the ability to tap into their learnings and knowledge over their journeys is massive for our business. and it obviously brings credibility to our launch and to our business for the longer term. shery: john winters, great to have you with us. superhero cofounder and ceo joining us from sydney. coming up, the australian state of victoria announces plans to help businesses survive the lockdown amid protests. this is bloomberg. ♪ ♪

victoria is offering an additional $3 billion australian to support local businesses during the world's strictest coronavirus lockdowns. case numbers are gradually turning down. another day of encouragingly lower new case numbers. what are we looking at in terms of the new support package? guest: it is the same size as a previous two packages including

cash grants of over $1 billion and a payroll tax for the coming year for companies payrolls under $10 million. a waiver of fees as well to the tune of $27 million. so this amounts to about -- amounts to a quarter of their annual revenue. but encouraging signs. upnew cases sunday, that was a little from the 37 from saturday. but so much better than the peak in early august where we had numbers in the high -- 687 was the highest number of cases. so those days are well behind us now. we have seen a minor easing of restrictions as of midnight in victoria. the curfew is still in place from 9:00 p.m. until 5:00 a.m. restaurants are only open for takeaway and delivery. if this trend continues, we could see more easing of those restrictions at the end of the month. shery: on the latest on china and australia tensions, we have

seen chinese investments in australia dropping. what are the numbers telling us? paul: total direct investment from china into australia halves 2019. billion from nearly $5 billion a year earlier. these numbers will put together by the australian national university, collecting and compiling data from treasury and other departments. they found a third straight year of declines after we had a peak in chinese investment in australia in 2016, speaking out about $16 billion. no coincidence, as you point out, souring relations between the two countries starting with the banning of huawei in 2018, running through calls for an inquiry into the origins of coronavirus. just last week we reporting that polly global pulled out of a multimillion dollar property deal in sydney. so investment falling as tension increases. shery: paul allen in sydney.

let's not get a quick check of the latest headlines. immunomedicsbuy for about $21 billion, and in itscompany's drug to growing oncology portfolio. the deal values the new jersey-based firm at more than twice its market close on friday. pharmaceutical companies have been -- the fda accelerated approval for the drug in april. airways is facing one of the biggest challenges in their history with a local count set to rule on debt restructuring monday. the court will decide whether thailand's flagship carrier can proceed with plans to rehabilitate $10.6 billion in debt and a rescue plan that could take seven years to implement. a favorable ruling will allow thai airways to begin talks with debtholders. has taken a lackluster $23

million on its debut at the chinese box office. the film has been beset by controversy after the lead actress stated her support for hong kong police over pro-democracy protesters, and the film was filmed in a province -- mulan cost $200 million to make. we are seeing u.s. futures gaining .7%. this, after u.s. stocks capped their worst week since march. butawtek selloff continue, asian stocks gaining ground with kiwi stocks up .4%. reversing the losses we saw on friday. the kiwi dollar also strengthening at the moment. it has come under pressure. traders pricing in negative rates. sydney futures unchanged. nikkei futures up .7%. and of course we are watching japan very closely as they have their ruling voting on a successor to prime minister

shinzo abe. coming up in the next hour, we will take a look at the upcoming election for shinzo abe's replacement with former japanese ambassador to the u.s., inchiro fujisaki. this is bloomberg. ♪ ♪

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♪ >> good morning. it we are counting down to asia's market. stories, softbank pushes to go private. it seals the deal to sell chipmaker arm, the division remains among the senior ranks. japan's ruling party picks a new leader today, frontrunner yoshihide suga