she even beats her insurance price. good for you kate, good for you. goodrx, stop paying too much for your prescriptions. download the free app today. ♪ >> good morning. we are counting down to the market open. >> good evening. haidi: these are your top stories. wall street lower, a unlikely.on as tesla enjoying growth and

profit. track for remains on 500,000 cars this year, adding momentum. shareholders gather amid rising concerns. shery ahn: here is how markets are looking. u.s. futures coming online. ins after a volatile session new york. stocks fell at the end of the day, but big fluctuations, martin's trying -- markets trying to assess the white house and democrats signaling a package, but that they may also not be ready before the election. nine sectors on the s&p 500 finished lower, the worst sector was the energy sector with whale plunging. , socialearnings out media did better, snap reporting

strong earnings, so twitter and facebook gaining ground, but the dollar hit a seven-week low, and on 10-year gross -- rose expectations of more stimulus. barrel,ow below $40 a feeling the pressure, tumbling by the most in two weeks. we have the report on swelling stocks and slowing demand, not to mention the uptick in virus cases not helping sentiment. let's see how things are shaping up with the asian market. here is sophie. as we: futures are mixed head into a busy earnings week. updates fromction some producers.

checking the aussie dollar, managing to hold after the u.s. dollar pulled back in the global bonds selloff continue. at that level,an adding 1% over four days. over in the commodities patch, gold climbing to a one-week high, as it looks to push through consolidation around $1900. copper, given the rally. $7,000 ariefly topping ton overnight, the highest level since june 2018. haidi: our top story, signs of

progress on stimulus. the white house think it would like a deal in the next 48 hours. haven mnuchin nancy pelosi been talking and will speak again thursday. let's get the latest. we had progress, but a pre-election deal looking less likely today. >> that's right. nancy pelosi said tuesday would be the deadline to get something together, to get passed by the house and perhaps the senate. that will not happen at this point. they could pass something in the house, but it is increasingly unlikely the senate would take it up, if they get it in time. there are few legislative days left for her they also have to deal with the confirmation of amy coney barrett to the supreme court, and a lot of reluctance

on the part of gop members to get anything close to the size they are talking about, right around $2 trillion, so the prospects of a getting through both chambers and signed into law are pretty dim. >> what is the latest polling data telling us? >> some new polling shows trump ,nd biden are tied in texas which is a remarkable result in bad news for trump and other republicans. the state in 2016 byte was nine points. 2016 by nine points.

it will tied, and change. some bad news will force republicans in the trump campaign to spend money in texas, a place where at the beginning of the year, they probably should not have expected to pour in resources. this continues the trend of polling nationally showing that , and has a fair size lead in a lot of battleground states he is polling at over 50%, which is the threshold that suggests he has a solid chance. --how are seeing their senior congress editor with the latest from washington. let's get the first word headlines. the trump administrations wrapping up tensions with china. daily,clude the economic which provides a window into

china and other publications. the state department says they are all effectively controlled by foreign governments. , bank of japan warning policymakers must be ready to act if the coronavirus harms the economy and the financial system. he told business leaders the possibility of the fire is taking longer to die down is a concern on the boj radar. he supported governor kuroda at every boj meeting and some see him as a gauge of how the board is thinking. sterling rose the most in six months is the u.k. government agreed to resume brexit talks, this after bloomberg reported that downing street was willing to talk. the new deal deadline is mid november. boris terminated negotiations last week. the two sides are now set for daily talks. the u.k. still wants more compromise from brussels. is title and prime minister

willing to let the state of emergency in bangkok if antigovernment protests remain peaceful. his pledge opens the door to talks with demonstrators, calling for more democracy, constitutional reform, and curbs on the monarchy. he says he is prepared to make the first move as long as protesters guarantee no violence. global news 24 hours a day on air and on quicktake powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ahead, tesla up and extended trade after a strong quarter. we will break down those results. coming up next, a choppy day of trading is markets fixate on stimulus development. this is bloomberg. ♪

linesare getting breaking

. ant financial alibaba saying the ipo comprises in a-sharesn shares on the mainland. subscribes agreed to to 730 million shares. financial will issue no more than 1.6 7 billion, 5.5 percent of the total outstanding before the green shoot, according to the prospectus. alibaba currently holding , hold together 33% of the equity interest in ant group. we have heard they have gotten regulatory approval for hong

for the ipo in shanghai. things are happening. they want to get this done before the u.s. election and volatility takes over. shery ahn: and the u.s. fiscal stimulus package. has weakened that the u.s. dollar for a fourth straight session. brought the dollar index to the lowest level in the pandemic, the lowest into and a half years. joining us to chart the greenback and the prospect of stimulus in the face of twin deficits is the global chief economist and global head of microstrategy. great to have you on. our viewershowing have the dollar has already fallen to a level below its 50 day moving average. our analyst saying at the current level of the twin deficits, he projects a dollar declined to 31% over the next two years.

how much more weakness could we see? >> much of that will depend on the coming weeks in the election. dollar,ook at the u.s. i combined that with other assets. it says this market has appeared for a joe biden win and a democratic sweep. as i'm looking forward to the next two to three weeks, when the market is fully priced, i get nervous you could have volatility, and have that shift the of way. if thoselook like thoughts change, that will have implications for the u.s. dollar, almost like every other trade making big calls before the election is extraordinarily difficult. this could go either way and it will be a binary outcome for things like the u.s. dollar ahead. shery ahn: given that we have policy that seems to keep rates lower for longer, and other

macroeconomic factors, we have seen this downtrend more long-term. how does this affect companies that are geared towards the domestic market? we have seen this outperformance in the russell 2000. >>-get will exacerbate this. will so -- i think it exacerbate this. i know we get tired talking about it, the difference between the manufacturing and industrial complex, not hit by social distancing, not hit by the consumer demand stock, and that will continue to expand that has implications. combined with that weaker u.s. dollar, that pushing and prices in the industrial complex, we will also end up with manufacturing and services, but price pressures in the industrial complex being much higher as well, so you are right to zero in. there is a big divide happening in this economy and u.s. dollar

lose will probably exacerbated. shery ahn: were getting the latest polling numbers when it comes to a fox news poll suggesting joe biden has 49% against trump 44% when it comes to wisconsin to biden has 50% in trump's 5% in pennsylvania, 52% biden, 40% for president trump it comes to michigan, so we continue to see biden potentially getting his streak ahead when it comes to these key battleground states. president trump is starting to struggle there. whathe market considered could be worst-case scenario where we get a joe biden victory , but they don't manage to get control of the senate. what does that mean for the prospect of policymaking, in particular when it comes to the stigmas negotiations, and is markets arerio that pricing in at the moment? >> i would agree.

i do not think markets have price to that end. traditionally markets like a divided government, because extreme policies don't get passed, but this economy desperately needs a fiscal package, and if we do get division in washington, not just the lower amount of physical, but a longer delay, that will not be the same outcome the market with alike in this environment that it has historically, so this is exactly the question, right? not who will win the presidency, but what is the president-senate combination. that will be the big driver of how we think about not just the size of fiscal spending, but the type. increasingly everyone i talked to, the type of fiscal, not just the headline number of that package, what is contained within it will be the driver of growth and the driver of inflation, and it may be the driver of u.s. dollar strength or weakness ahead as well.

analyste had one watching the price action the watching a cap chase a laser pointer. chasing a laser pointer. >> in this next two weeks, i don't know any portfolio manager taking on active risks. the goal is to focus on trends and ideas that will work regardless who wins the election , and that manufacturing surgeon asia recovery is one of those trends. another one is massive pressure created by central banks in the fixed income market and the fact that most of the inflation trade has to be at the long end of the curve will continue to push assets into underground asset classes, emerging debt, infrastructure, these are the

trends we need to be watching, in combination with the idea that whoever gets in, whatever combination, we will get a fiscal package, a large fiscal deficits to sit low interest rates, asia moving first, these are investable things now that do not depend on the election outcome. this will be about the size as opposed to whether or not it is a good idea. haidi: great to have you with us. the pandemic has unprecedented amounts of government aid, but alan greenspan says the correlation between increased benefits and investment. we spoke about the impact on the u.s. economy and the challenges for an aging demographic. virus is creating a major element of uncertainty. .e have to deal with it

forecasting it is very precarious. all we can forecast is that we ultimately it will disappear. it has over the generations, and i say generations. this type of problem one way or the virus has confronted us periodically, and they are always a little bit different. the edges, behind that, there is something that's more will takel which hold, and that is the aging of the population. >> put some numbers around that, if you can. what are you looking at that is telling you about that aging population? >> first of all, i have a series of data, but the fact it is obviousthe aging, is

from all of the data available, both from the united states and from the rest of the world. it has a fantastically important impact on economic behavior, and the recent essentially is that when the aging, when the population is aging, something fundamental ispens, and the major issue that people start to retire. until theyt retire basically can no longer function. if you go back historically, people would work until they died. the issue of pensions, the issue of various different social security benefits didn't exist

in those days, and what we are has beenow is that it a significant expansion, specifically in social security benefits. that, in turn, is creating a major decline over slowing in the rate of growth in gross to mystic savings. -- gross domestic savings. >> explained that. they spend that money, but the money has to come from somewhere. where is it coming from? of,t is basically the issue when we are dealing with gross domestic savings, fundamentally coming out, we are finding that what the data show actually is

that when you get a significant increase in social benefits, they crowd out the current demand, current supply, i should say, the gross domestic savings. if you curtail gross domestic savings, you will also curtail gross domestic investment, which growth,o economic because fundamentally it economic all of the activity in the capital goods markets, so i am very much concerned about this. i don't know how we will get out of it. that was alan greenspan.

we have another interview coming up on "bloomberg daybreak: australia." we will speak to the imf chief mission as it meets the global economic recovery. plenty more ahead. this is bloomberg. ♪

may resumeine trials this week, according to the head of the program. how reporter is on the line. how much of a setback have these pauses been? astrazeneca was in the lead with its coronavirus vaccine, on the hold for the past month. that is how much longer it has setback the u.s. johnson & johnson has been on

hold for two weeks. it doesn't seem that long, but in the middle of the pandemic, it is harder to bear. shery ahn: what is happening to the vaccine that brazil was supposed to buy? >> they announced they would buy the vaccine, the one being given to students in china traveling to the u.s., and other situations like that, but it has not been fully tested. the president of brazil said he is not on board for having the brazilian people as guinea pigs to see if this will work until they have crossed the finish line and have proven it is safe and effective, so how that will turn out, we are not sure yet. we just don't know when they will start getting the vaccines.

what do we see as cases continue to rise? seeing phenomenal increases in europe, going up by 120,000 a day. in the u.s., about 60,000 the day. both numbers are expected to increase dramatically in the coming weeks. hospitalizations and deaths are starting to turn north, so we are expecting those numbers to increase and will seep see some places start shutting things , so hopefully we will get these cases under control soon. city asere in new york well, daily cases arriving above 2000. the latest on covid-19. up next, tesla jumps in extended trade after strong quarter.

we break down the results. this is bloomberg. ♪ so you're a small business,

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but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. shery: you are watching daybreak australia. time now for morning calls i had of the asian trading day with sophie in hong kong. rates rising could be threatening the stock rally. we are seeing treasury yields at multi-month highs. >> we are seeing the 10 year yield in the u.s. rise to a 2018 high, bracing for technical levels as positioning is still dominating, steepening the curve, still very much in the mix. saying that benchmarks, yields in the u.s. will hit 95 basis points by year-end. also want to draw on a note from

medley global saying the selloff on g10 bonds, they are drawing some parallels to 2016. u.s. and u.k. rates are affected by politics. in terms of tesla, we are about to get more on that. a battery supplier delivered strong results as the ev sales growth outlook improves, so what are we seeing? a brightt does see future ahead. forecasting higher battery profit, and they are looking to triple their output opacity in preparation for this so following that report card, they are maintaining their call and raising their estimate by 18%, but seeing a slower pace of growth into 2022. as for the recent share price that we have seen, citigroup saying this is pricing and concern over the battery unit spinoff which is to be decided on october 30 by shareholders.

over at bloomberg intelligence, flipping the page, they are seeing increasing shipments to carmakers in europe as well as tesla and shanghai so margins yieldden on economies for rate improvement. they are reaching their 2024 sales target, which is 5% above bloomberg intelligence's scenario analysis, haiti. haidi: -- haidi. haidi: tesla reporting profits as it remains on track to deliver 500,000 cars in 2020. it adds momentum for tesla's possible inclusion in the s&p 500. theing is for his views, tigris financial partners cio. it was a beat when it comes to earnings on revenue, cash flow, looking ahead to a possible delivery date when it comes to the cyber track as well. is there anything not to like about this set of results? does it make investors feel better given the volatility in

the stock? evaluation ofe volatility is high but they didn't record deliveries, record revenue, record profits, and even though the skeptics say that the profitability still comes from the sale of the credits, the fact that there is record demand and they are still working very hard to keep up with demand shows that consumer likes the tesla, consumers want and with what they are coming out with as far as battery technology, cars, cyber trucks, and other companies, is that electric cars are going to boom. we have already seen increases in expectations for the percentage penetration of electric cars as total vehicle sales, and you know, tesla continues to not cover it. elon musk continues to deliver

and in an environment that the covid-19 environment, with the difficulties in the economy, the difficulties to be mobile and go out, they still have done a great job. it is also incredible overall that in the covid-19 economy, everyone is experiencing record auto sales. automation had their best quarter in that companies history. demand for cars is powerful. primarily i think the covid-19 pandemic has driven people to want their own personal vehicles, so that is also helping. elon musk has been talking about the benefit of vertical integration for tesla going from designing the cars to the sales and distribution versus legacy supply issues of the carmakers might have. how much of that is really a big enough that, as you point to the economies of scale coming down in their favor? a benefit to it is

design. it's a benefit to his car design and manufacturing process. the fact that he has so successfully done it, you know, he does operate -- they operate their own dealerships. and service. manageribution, they everything and they have managed everything well from the fact that they even placed all of their stores in very high traffic shopping malls so people can get exposure to the car just when they happen to be in the mall, whereas traditional car dealerships, you have to specifically go to the dealership to see the car if you are interested in it. it also raised the visibility of the car in the beginning and people's interest in the car, so i think as a company, they do everything right. they make a quality product and everyone who owns a tesla loves it. they started from a clean sheet a world and have

admired automobile company, which is very hard to do. shery: how is tesla's china strategy cutting as much costs as possible, trying to fend off competition, working out so far? ivan: very good because the ydel why has allowed -- model shares a lot of parts with the model three, and it enables them to bring down costs, bring down manufacturing costs, so it increases profitability but it also brings down the car price, which makes it available for more people. so,elps drive sales, and china, as an example, has mandated that by 2030, which is not that far away, all new cars sold have to be electric cars. early.e there's a couple of other chinese electric car manufacturers, but tesla is a global car company, and they are

doing well in china. seeingno wonder we are more carmakers entering the ez space -- ev space. what do you think about the latest competitive landscape right now? ivan: well, it is protected by 2025 that -- it's up to 30% of all new cars sold will be ev's. over time, the batteries will last longer. you can go farther on a charge. the charging will become faster. there will be more places to charge, so it will be very cost-effective to run an electric vehicle. it is much cheaper to operate than a gas car as you can go into a tesla dealership and they have the calculator. in an average car, getting 20 miles to the gallon if you drive with0 miles per year and

three dollars a gallon in gas on $2500., it will cost comparable cost to run a tesla will cost $400 a year so there is a savings and then there is the environmental impact which we all want to reduce the amount of pollution, the amount of carbon monoxide that gets released in the atmosphere. so these trends are all favoring the electric car and everybody loves all the cool technology. teslaly are gm and technology, also autonomous technology which integrates with collision avoidance technology so cars will be safer, cars can do more. so it's really an incredible convergence. shery: we will be watching that very closely. ivan feinseth, thank you.

the nasdaq says new jersey's proposal to tax financial transactions will drive investors out of the stock market. discussedent and ceo the issue with bloomberg, adding she is pleased with that thanks to volatility and the strong ipo market. >> we grew 13% on the top line and 20% on the bottom line in the third quarter and when we look at the catalyst for growth, it is a robust market environment but also, businesses are leading into longer-term trends as well so we have a large technology business that creates markets as well as tech and financial crime technology that supports the industry in managing the challenges of operating in this environment, particularly in the digital environment that we are operating in. our solutions are very easy to implement and can provide assurances across a diversified and remote environment and then we also have our data analytics platform in our index franchise

that is leaning into a lot of long-term investment trends and needs from a data perspective. we have long-term trends but then we have the shorter-term backdrop you mentioned before with the strong market performance in terms of volumes and new issuances into the markets as well as the market cap of the indexes we operate has also been strong in the year. aret-term and long-term, we seeing some strong trends for nasdaq. >> on the trading volumes that have lifted the markets services revenue, looking at the figures from your guys, i wonder, the re-engagement of retail, the contribution to some of the volume, that shift, have you got any thoughts on that, whether it is likely to stay with us beyond covid, beyond 2020? >> we are seeing two key trends driving the markets. the first is market volatility and that comes from the fact that investors have different opinions as to what might happen next.

they will express those opinions in the market and create more volatility and volume, but at the same time, we are seeing a real change in the participation of retail. it started with the online brokers going to a zero commission environment so that took major friction out of the market. our job is to minimize friction in order to maximize investor access. that was a catalyst to the growth of retail investors and then with the market disruption in march, it gave them an opportunity to come in on what they would see as opportunities to comment on stocks that had become a lot cheaper on the beginning of the pandemic so you had two catalysts bringing them in. in terms of them staying in the market, we are seeing a new generation of investors coming in. we anticipate -- the online brokerage firms anticipate elevated participation from retail going forward but it might not be at the exact same levels. there are some really riding

that current short-term situation and some that are there earning the markets and getting excited to be here. sure they aremake informed as they are participating in the markets and we have launched a portal alongside the industry to make sure this new era of investors stays with us for the long term. >> you and i can talk for a long time. i'm conscious of the time on the clock so i know you have a busy morning. i want to talk about politics briefly with two weeks to go until this election. undoubtedly, your success, the success of wall street, just draws a stark contrast with main street and i wonder from your position if you are worried that your success will make you a target. we are already hearing things about financial transaction taxes. what is the response from you as a company to those kind of things? thet is specific to financial transaction tax. we have been a strong opponent to that tax. there's been taxes levied in other countries in the past,

financial transactions, and the net result is investors pay more to stay in the market which creates friction which drives them out of the market and that widens spreads and lowers liquidity and in today's environment, with the volatility we are experiencing, our job is to make sure we try and maximize liquidity to create as stable a market as possible. if you create friction with the tax, you are driving investors out of the market because they are the ones who will pay the tax. that will widen threats and lower liquidity at a time we need it the most. that was nasdaq president and ceo speaking with bloomberg jonathan ferro. plenty more to come on "daybreak australia." this is bloomberg. ♪

[no audio] haidi: i made to these -- an aid says they will talk again later on thursday. the white house chief of staff said earlier that the administration is aiming for an accord within the next 48 hours. u.s. trials of coronavirus

vaccines by astrazeneca and johnson & johnson may resume next week according to the head of the warp speed program that follows reports that a volunteer who died during the study and brazil had not been given a shot. elsewhere, spain is the first nation in western europe to record one million covid cases while germany, italy, greece, and luxembourg reported record infections. olympics officials in tokyo have revealed plans to protect visitors from the coronavirus ahead of next year's event. they displayed screening measures at a convention center. most are familiar but there is measureinnovative -- body temperature in seconds. they said any athletes testing positive will be excluded from the games. those are your first word headlines this hour. as stephen mnuchin and nancy pelosi work towards a stimulus deal, more federal reserve officials are making it clear that fiscal aid is needed.

joins us with the latest. the latest we heard was from the fed governor. what did she say? she said we have to have more fiscal stimulus and the economy will suffer if not. let's go to one of her key phrases. she said premature withdrawal of would riskort allowing recessionary dynamics to become entrenched, holding back employment and spending. she says apart from the course of the virus itself, the most significant downside risk would be the failure of additional physicals to materialize. can they make it any clearer at the federal reserve? jesus stimulus tops look like they might come up with a bill that could be voted on. if not this week, next. rob kaplan from the dallas fed spoke today as well. he is reasonably optimistic on growth in the fourth quarter.

he has said the fiscal stimulus will keep growth where it needs to be. 7.5can see use expecting percent employment by the end of the year, down from 14% in the u.s., so that is pretty good. loretta mester also saying we need more fiscal stimulus to help the recovery be stronger when it gets here. if not, it will be weaker. the only fed official who is holding out still is jim bullard. he says he expects a decent year if not good growth in the fourth quarter and that he thinks there is enough stimulus left over to carry over until next year, but again, he is also saying he does not think there is going to be a second ways. he things cases may go up again but they will not go to what we saw in april, so he said absent that, which he does not expect, things are doing reasonably well. no more stimulus needed. he is one in 17. fedi: we also heard by the

via the beige book. what was the assessment when it comes to the nation's recovery? ivan: slight to moderate -- kathleen: slight to modest pace in september. when it comes to the beige book, each district bank, the head of in coming meaning -- meeting november, puts in an anecdotal survey driven look at the economy. economy isthe growing. the results are mixed. if you are dependent on restaurants, that is a problem. housing is looking really hot. wouldot something that refute the view from fed officials and others that more help is needed and in fact that this recovery will stay on track and everybody says in the end, you know what the economy is going to do. globalkathleen hays, economics and policy editor with the latest. thesetimulus talks

continue, we are watching for cues from the rba. the deputy governor is participating in a panel on the future of global code. watcherg subscribers can that on live . coming up next, crown resorts set to kick off its annual shareholder meeting this year and it comes as the casino operator faces scrutiny over poor governance. we will look at what investors are looking for next. this is bloomberg. ♪

haidi: crown resorts has released a statement just now as its annual shareholder meeting kicks off in a few minutes. the company's chairman has apologized for its corporate governance failings, saying the board will push forward with significant reforms. our reporter has been tracking this. this coming ahead of the agm, suggesting they are trying to front run inevitably the questions they will be getting throughout the course of that event. >> yes, that is right. in just underoff 10 minutes and the companies have released the address by the chairwoman. she offered an apology to these families that have been exposed by the sydni inquiry in the money laundering processes.

it has been damming, the evidence that showed government company.for the they are anticipating fairly antagonistic questions from investors. and board members. thechair mapping out company, chiefly focusing on controls, culture, and accountability, right from the bottom to the top of this to be inwhich is shown this inquiry. shery: what is the outlook for crown resorts? moody's is reviewing it for downgrades. credit suisse analysts are floating the idea of a merger with star. it's in a very challenging position. it is undersold from a lot of france.

it is operating in a pandemic environment. it's facing pressures from the sydni inquiry. it is right to hang onto its license to operate the casino, which is due to open in december. there is a further investigation into potential money laundering. so many breaches at the casino. so you know, very testing conditions. reflected in the moody's report. it has options. asian bloomberg's business reporter cracking that crown resorts story as the virtual agm is just about to get underway let's get you a quick check of the latest business flash headlines this hour. it took a hit in the third

quarter as the coronavirus crippled its casinos and convention centers in the u.s., macau, and singapore area net revenue came in at $586 million, down 82% from a year ago. losses were recorded at all of its main venues. marina bay sands in singapore managed to get profit. he will plead guilty to three felonies and pay more than eight billion dollars to the way it marketed the painkiller. is highly addictive drug blamed for sparking the u.s. opioid epidemic. it requires owners to make an immediate payment to the government of $225 million. florida seems to have won the race to attract one of the biggest names in hedge funds. the group is said to be moving its headquarters from midtown manhattan to west palm beach, joining a growing list of funds heading to the sunshine state. florida has no individual income taxes or capital gains requirements.

verizon beat profit estimates and raised its full-year earnings forecast, another sign that broadband services focus is paying off. it sees a range of 2%, up from a decline flagged three months ago. analysts were expecting a 1% fall in earnings per share. verizon says demand for its wireless services remains steady. coming up in the next hour of "daybreak asia," we will be speaking with the's mission chief for china as china continues to lead the global economic recovery, and of course, we do also have the market open in sydney. futures indicating we could see a downside in the early part of trading of over 1%. this as u.s. stocks were lower as we get stimulus talks and hopes of a stimulus package deal being struck before the election quickly fading. we are seeing the aussie dollar some of thosere earlier gains at 71.16 as we see

the decline continuing in the greenback. the market open in sydney is almost upon us. this is bloomberg. ♪

haidi: very good morning. i am haidi stroud-watts in sydney. we are counting down to asia's major market open. shery: i am shery ahn in new york. our top stories this hour. asian markets faced an uncertain start with a pre-election stimulus deal seen unlikely despite reports of progress in washington. the two sides will talk again thursday. the imf is warning of big risks still ahead for asia despite the