tv Bloomberg Daybreak Asia Bloomberg October 22, 2020 7:00pm-8:30pm EDT
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are made after winning the fda approval. linda severe is the first -- to gain fdarst approval. president trump used it when he had the coronavirus. let's see sydni joining the fray and this friday's session. week ofto the last trading. we are seeing pretty modest gains at the start of trading. under 1/10. the aussie dollar is showing strength. broaderitting against a drop kiwi stocks are just moderately. going out to stir up
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merck conversation as to when they would feel to take a break and negative territories. markets are looking at that in the early part of next year. the kiwi dollar is holding firm. in terms of what else we are watching, and the japanese markets, we are seeing a pretty lackluster start to trading there. singapore -- is expected to drop a little bit later as well. story,to our top president trump and joe biden are preparing to face offer a second and final time. their last debate will be in nashville in a couple of hours. the biden camp is saying that they are repaired for personal attack at the president tries to improve his numbers. our chief correspondent, kevin cirilli is in nashville. how high are the stakes for him? for president trump?
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kevin: the stakes have never been higher. they feel that president trump needs to bulldoze through and draw a sharp contrast between himself and joe biden. how will china play? how will the director of national intelligence, suggesting that iran and russia have cyberattack voter education information. how will that play? will beat trump administration be -- will be biden administration say that the trump administration has done nothing. what tone will be president take when he tries to draw that contest? in terms of the actual topics of the debate, will this be the only thing talked about domestically? strategists say that this is a win for joe biden. finally, the economy. not just trade policy, not just
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tariffs. dealhe fiscal stimulus that has wall street investors hanging on every breath coming from washington dc, with nancy pelosi and secretary mnuchin. both sides try to make their closing arguments. that is why the stakes have never been higher. haidi: kevin, in terms of that stimulus deal, against all loss, it it seems like we may yet get it before the election. if electric comes through, we know that the president would see it as a victor in his part. what's the democrats get out of this? kevin: i think that there is no question that as americans are looking to cast their ballots, that in civilian district, the republicans are making an argument that they would lower taxes for americans. the democrats, many are moderates, and are up for reelection in the house of representatives like to say that
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they reached across the aisle and got a deal on broad bipartisan site. that is why speaker pelosi is under such intense pressure by moderates and her party. isy say they do not care who the occupant of the white house when it comes to passing fiscal stimulus. they believe that there is a path forward. speaker pelosi says that her words of specific -- shery: almost 46 million people have already voted. are the latest numbers on the polls? kevin: battleground states, coming from fox news, they show joe biden with a substantial lead. the margin of error as it relates to president trump, i just spoke to a republican party chairman. they are looking at internal's and drawing and extinction, they are drawing a distinction between absentee and early voting. their internal polls suggest
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that republicans are very fired up to show up in person on november 3. they believe that this entire election is a tossup. fuelinge, another thing conservative and progressive angst is the supreme court. i would anticipate that that to --eight key closing argument aches key closing argument for this debate. haidi: kevin with us at the start of a no doubt very long and interesting evening. a.m. ifkick off at 8:30 you're watching in hong kong, 8:30 p.m. in york. let's get you to karina mitchell with the "first word" headlines. goldman sachs has admitted its role. it will admit guilty. the bank says that it helped spread $1.6 billion in illicit
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payments across asia and the middle east by diverting cash. goldman was fined $2.3 billion. meanwhile, u.k. is boosting help for business as job losses mount. the chancellor is raising contributions to wages and lowering the hours worked to qualify for state support. his comes after bitter exchanges between the government and local political leaders. they are saying that downing street has done very little in helping ease researches. and negative impact from covid-19 might have peaked in the third quarter. the worst of the pandemic was vote in july and august, and he respects -- he expects recovery. the governor does not see tourism improving before the latter half of next year. ministerbanese prime is back in office, one year after quitting, amid nationwide
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protests and a corrupting economy. he won the support of more than half of parliament, giving a new mandate for his fourth government. lawmakers have failed to agree on how to beat lebanon out of its deepest economic crisis since the civil war over four decades ago. police say that it is back to square one. 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 am karina mitchell. this is bloomberg. haidi, over to you. ondi: still ahead, "daybreak: asia interviewiss our with a perspective from silicon valley. guest is going to speak about economic recovery. komal sri-kumar will be here. this is bloomberg. ♪
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haidi: let's take a look at the jump in the early part of trading that we are seeing here in sydney. jumping at one point, as much as 13%. this is what we are tracking at the moment for that stock, up. this is after the company reported underlying its tariff around 300 and 40 million australian dollars. that increase is of about 30% over the second half of 2020. the benchmark still spreads, and it is set to improve. still citing uncertainty over the impact of covid-19 and macro weakness. business is looking like it could deliver a similar result for the second half of 2020, and improvement in results for australia and new zealand and business in the pacific islands. we are seeing that up. and outperform her in the early
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part of the sydney session. optimism has pushed strengths higher. our next guest says that those who are selling the bonds could be disappointed. komal sri-kumar is joining us now live from los angeles. always wonderful to have us -- to have you with us on bloomberg tv. take a look at the chart. rising to the steep, the steepest in well over two years. are we too optimistic? today, next week, or after the election, the generous stimulus package being delivered? komal: i think the bond market participants have got to see the realistic meaning, and they are optimistic on the stimulus front. i do not think that it is justified. let's go over why. right now, the negotiations between mnuchin and speaker
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pelosi, they may reach an agreement. but that then goes to the senate for approval. the senators, the republican senators are in the majority. they've indicated that they are not in favor of increased spending. more important than that, is torian is not just 1.9 trillion. $1.9 the difference seems to be very small. the difference is where the money will go. the big hang is that the market is to parse a to help. many are run by democratic administrations. anthem for the republican majority in the senate sprint i do not see it passing through.
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this has to be the worst when it becomes clear. nascento we see a rotation story as well? if you believe that higher yields would lead to more interest and the value trades. does this mean that growth is still where you want to be right now? >> that is a separate story. you had growth growth substantially in evaluations, and the value has lagged behind. as stocks have not done well, as the high-tech stocks in the market. that, i think is a completely different question from what is happening to bond yields, and on that side, my expectation would be that value starts to dominate in the new year, 2021. you may have some more run in
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the growth stocks. but i think that the run has gone for too long. seems at this point, it to be a guessing game i what will happen on november 3. shery: especially if we see a blue wave is that we could see a bigger stimulus package that we previously thought. what would it mean for asian markets? how much of all of that capital could actually end up flowing to asia? komal: you have to wonder whether the increase was indeed coming in a biden administration. they must be aware that this is going to push up inflation, and the need to be careful in terms of what they need to do. let me take up your question of what this stimulus does for asian equities. they are going to be positive for asian equities, it is a good
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part of the money that is created is going to find its way to foreign markets, especially asian emerging markets. so that is the positive. and if the federal reserve joins in, and provides a lower interest-rate, more quantitative easing, and signs of that have been obvious from the chairman. if that happens, that would impact equities. keep one item in mind. in the last several days, except for today, we have seen the dollar weaken based on the bloomberg dollar index. that could, again, further weakness of the dollar is going to be negative equity. there are signs of things being very positive, if the growth picks up in the u.s., or that there is enough cash and he goes to asian equities, but the dollar cannot weekend too much.
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-- that is going to make everybody a loser in the whole world. shery: one currency that has already been very strong is the chinese yuan. also against the basket of currencies. how much more strength will try tolerate here? komal: with the yuan being out about 665, and that it was at seven to the dollar. have indeed moved up quite a bit. i do not see the chinese authorities permitting too much of a further appreciation of the currency. they are dependent on chinese exports, and so far they have been doing well, despite the currency. if the dollar, overall weakens against a basket of currencies, that in turn means that the people who are managing the yuan
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shery: after the antiviral drug remdesivir got approved for use by the fda, it is the first drug given formal clearance to treat covid-19. it was used by president trump when he was sick. but speak with michelle cortez about this. we know that regulators have already granted this emergency use for remdesivir. what is the difference here?
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has full fda now approval. it cannot be marketed, and the adjusted.d be it can be used much more broadly. it will continue to track, to make sure that it is not negative, but a means that we are out of the woods of having to prove that it is beneficial. that is significant because we do not yet -- we do not yet have evidence that it lets people live if they have the coronavirus. haidi: in terms of other therapeutics, we are hearing that the first controlled trial when it comes to convalescent blood plasma essentially has no effect. it did not really help sicker patients. it didn't really prevent patients from progressing to a more worse or from dying as well. >> it is very difficult to
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determine how effective these therapeutics are going to be without long trials. a study that you are talking about had a little bit under 500 patients. it is pretty small. convalescent plasma makes a lot of biological sense. but there is a lot of uncertainty around it. this is blood from people who have already effectively fall off covid 19 infection. and then you infuse it with someone in the is just starting with the infection. it makes sense. but a lot of these trials are complicated. we do not know exactly what is in the blood, which type of antibodies are most beneficial. also, sometimes we do not even know if the antibodies are there at all. some of the trials do not actually look for the antibodies. the kind of assumed that they are there, even though we know that some people do not produce antibodies.
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there been other trials. they were not blinded or randomize. they suggested that benefit. a nobel prizewon 100 years ago, but we do not know still if it comes to help in fighting viral conditions. hopefully they will continue to work and we will get a final answer. but it would take a while. haidi: michelle cortez, our bloomberg health reporter. johns hopkins university professor spoke to bloomberg about reinfection's and long-term coronavirus issues. y axis to treatment is crucial. >> we are seeing continued emerging data. there is a recent publication in a highly respected terminal showing that after an initial onset of symptoms, after two months of becoming sick, found that patient fatigue was the most common symptom. they had lingering symptoms for
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the respiratory system, so cough and difficulty breathing at time three some patients, a smaller proportion, less than 20%, still have problems with taste and smell. i think that we are definitely seeing some groups of people who have longer symptoms. tom: to add to that. what if we learned about reinfection? , awe continue to see cases smaller number. but a group of patients that have identified from the infection, and they have documented -- they have documented negative test, repeatedly negative and have subsequently developed coronavirus again. it was always within the realm of possibility. we've talked about a on this show that that could possibly occur. we are seeing small numbers of cases where that information is growing. anchor: what is the latest on the infectiousnous of
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children? that may be children cannot be infectious, and now they could spread the virus? how are we looking in terms of how they compared to the degree of spreading it versus the degree of adult? >> a couple of points there. isterms of how good a child at spreading compared to a adult. other, they have as equal probability as transmission, depending on their viral load and how much virus they have, and how much contact they had. that is the first thing, and we were wrong initially about them being less spreaders. with certain infectious diseases, liquid woodsmoke's, likeeally little ones, -- the small dust around his children, it is smaller for little children than adults. there is some data that supports
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the date may be able to spread aerosols less far. they carry the same amount of virus and are equally as affections -- equally as infectious as adults. anchor: let's try to end on a positive note. the approval of therapeutics. walk me through therapeutics. how much has improved over the last six months or so? have definitely a glimmer of hope. most of the world is now using theesivir with our without component. with those two agents, it all depends on whether or not you get ventilation or oxidization. the world is moving around. people who are using mechanical ventilation likely get both drugs. isre is a recent study that under peer-reviewed that cost a question again the mortality
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benefits, the death benefit of remdesivir. we have already had good data not reduce air did death but reduced symptom burden. another study that is some words what we already know. casese are seeing is that of patients having greater access to these treatments, which will help us reduce the mortality level as we put a scale on these interventions. shery: that was john hopkins university nursing professor jason farley. here is a quick check of the latest "business flash" headlines. airlines is pushing boeing to rework it still for max delivered. the airline is now saying they that boeingthe plan has. like other carriers, it is been hammered by the pandemic.
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shery: we're getting breaking news out of japan -- the latest cpi numbers, you're on your flat for the month of september. this is the headline number, coming in line with expectations and is a slowdown from the previous month. a second month of disinflationary pressures with the cpi numbers contracting again, .3 percent, a smaller contraction then expected but the second contraction for a second consecutive month. governmention the
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campaign was discounts to promote travel in the country. prices in japan, we have seen the year on your number coming in flat but they core cpi, a contraction of .3%. that excludes energy and it's also coming in flat. fair to say it has been a pretty disappointing set of numbers for japan for some time. to's look -- let's go kathleen hays and our special fort, the imf mission chief japan. good to have you with us. boj put asidehe its inflation target given the ongoing economic pressures the japanese economy faces. but for how long and how long can they do it when they've already implemented so many extraordinary stimulus measures? thank you for having me
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on today. significantdone stimulus measures not just in the past year but over the longer term and took extra measures once the covid pandemic shot came out. addition to its monetary policy, also to support the corporate sector in japan as well as the banking sector. things stay inf relatively bad shape, that they could do further measures. hasink governor kuroda noted that the steps that could be taken, a potential further cut to longer term yield target and continuing to increase active purchases, including
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corporate debt and the exchange rate. how much more is needed on the fiscal side? the imf has been pushing for more stimulus measures across asia and now they are putting together a third extra budget. will this help? as you probably know, japan has taken a substantial fiscal measure. measures tothe support the financial sector, it amounts to close to 42% of gdp. a substantial package they have already put in place. we do believe the report on the theal side did continue for economy until you see a substantial recovery in terms of the private sector. time, you should toft the fiscal measures
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support the reallocation of workers as well as resources to areas where there is potential for further growth. kathleen: i want to ask about the outlook and how a weaker external command could be bad for china, another big exporter. china's demand for japan's goods, it's also europe the u.s.ve the fact economy may not be moving ahead that quickly. what does it mean for japan's pickup? ranil: we see the second half of the current year, 42020, you are seeing a pickup in growth and the growth forecast for the u.s. has been revised upward. we do expect external demand to pick up for the second half of
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the year and that's partly why we have slightly upgraded our forecast for japan. kathleen: another thing that comes out is the fact that debt monetization can work, especially in company -- in countries with low inflation. they own 42% of the government bond. is this debt monetization and has it worked well for japan or not? you have to put it in the context of the monetary policy framework japan has been running for some time and as you properly pointed out and overtime has been adopted by more and more advanced countries. and they call quantitative qualitative easing with curved control among -- that is a long-term but what it is focused
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on is re-slating the japanese economy and this has been taking place for some time now. abenomics, it of would continue to provide monetary policy and fiscal policy, but there has been a coordination between the government and the boj to be sure the economy can be supported. that context, they have been buying up assets. kathleen: another highlight is -- the big story for a lot of them has been women, particular part-time female workers in japan. is the government doing enough to help them in your view and is
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it something the new prime minister should be pushing harder? that atou are correct the beginning of the pandemic, particularly women were rather adversely affected. about one million women fell out of the labor foists -- labor force for the first few months of the year. labor force participation since that time has partly recovered but we think more needs to be to avoid the gender inequality issues for a country like japan. these are reinforcing some of the policies already in place to prevent scarring and enhance development opportunities, but some policies that could take -- boosting childcare and
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things that were incentivizing the production of a flexible work overtime.nd reducing there were financial disinfect -- disincentives for second earners that goes out to be adjusted. having yours great thoughts. the i am mission -- imf mission chief ford japan. todon and tokyo preparing sign a trade deal. it will be britain's first agreement with a major economy since the brexit referendum. right now, let's get to karina mitchell with the headlines. korea: the president of thailand
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would take thehe first step to de-escalate tension although protest leaders said they reject his offer and demand he step down. thursday saw no formal demonstrations in the capital, though gatherings were recorded across the country. haspresident of sri lanka regained sweeping power after his government won a vote on amending the constitution. it means authority will be concentrated in the presidency at the expense of the prime minister. cracks say that could threaten the legislative process. moody's cut their credit score to junk last month. airlines flying across pacific are on alert after the erosion of a volcano in a russian peninsula. authorities have declared their highest alert as the blast sent smoke and ash more than 10,000 meters into the sky. force themng could
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to take alternate routes. the same volcano also up did last year. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. coming up, we take a look at diversity in silicon valley and ask why this is one metric where tech has lagged behind the rest of the business world. ellen powell will be with us in just a moment. this is bloomberg. ♪
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haidi: intel shares slumped in late trade after a big fall in revenue and a tepid forecast. .1% to $17 billion and the third quarter after the pandemic hurt sales. intel has been the largest -- the largest chipmaker for most of the last 30 years but as others outsource, they kept components in-house in that strategy is being questioned by investors. haidi: a chinese company looking to raise 2.3 billion dollars in the u.s., planning what may be one of the biggest chinese listings in new york despite
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worsening relations between the u.s. and mainland. explored theas price range. it would be valued at about $33 billion. huawei has spent months working to dodge pressure from the trump administration so it can supply $170se carriers in the billion rollout of 5g through next year. upaiwanese so player ramped output, eventually shipping more than 2 million units ahead of the u.s. sanctions cut off. that story earlier on intel shares, they actually fell 10%. the revenue is down 10% in the third quarter. latest edition of our bloomberg equalities section, we are heading to
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silicon valley. the tech sector is lagging behind the rest of the job market when it comes to the hiring of female staff despite the percentage of women in the u.s. labor force climbing to 47%. toale employees only count about 28%. joining us now is a former reddit ceo, ellen pao wonderful to have you with us. we have talked at length about how much more traumatic the pandemic, the job losses and the dislocation we are seeing on female employees. how does that play into making it harder for representation and gender equality to happen in silicon valley? ellen: i think there are some companies that are not really intent on improving gender
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diversity, racial diversity, and this is a good excuse for them not to do more. the companies that are intent are taking action but when there's a large disruption, when there are excuses people can use, often those do get used and it's an excuse not to do the work to make the company more inclusive, more diverse, to do the right thing. see it is difficult -- when wecultural come back to this question about dot can be done from policy, their need to be more targets being set, penalties? boards need to do more, stakeholders? what's the answer to seeing progress in this area? ellen: i think there's a lot of work that needs to be done. the best way of tracking and
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forcing people to take a hard look at what is happening is tracking metrics. treating diversity and inclusion as the business imperative that it should be treated as and treating it as any other actuallypriority means tracking the demographics, levels, satisfaction tracking compensation, promotions, tracking who is actually being laid off, what attrition looks like, when people decide to leave, who are the people who feel like they can't succeed or have better options outside. looking at the numbers and seeing business leaders and managers actually live up to the promise of diversity inclusion by being measured by it. board those numbers for members and investors over time,
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hopefully they learn it is important to track and ask about and important to be involved in it. right now, i don't see board members being involved or asking the right questions or asking largertartups and companies to track the metrics in a meaningful way or holding people accountable for not reaching targets or making significant improvements. these are the things that will drive people to act as if they are the business imperatives they should be treated as. it also involves getting different leadership. let's get more women, more non-binary people, more people the diverse backgrounds in ranks so they can make decisions and make their companies cultures more inclusive and help drive the changes that our current leadership has sown -- has shown for decades it cannot do this job.
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what does diversity and inclusiveness look like during the pandemic? anecdotallyve heard that it's been a huge pressure cooker. stressed and anxiety and they have additional work at home, additional work at work, they are feeling anxious about their job, anxious about the economy. they may be supporting family members or friends who have lost their jobs or who are sick and that has caused additional stress in the work environment anxious, theyeel feel depressed. there are ramifications and we are hearing there may be more harassment, racial, gender harassment, more bias in the workplace as it moves online and
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less experience -- with every buddy moving online and working remotely, that is putting additional pressure. project include is doing some problemsto see where are surfacing and look for solutions to try to solve these problems to help companies treat them better. mean we arethat seeing new types of management problems as well? ellen: yes. we hear about people meeting with their employees five times a day. they can't see their employees physically, so they are trying to check in a way that doesn't make sense if you are an experienced manager. if you trust your employees, there's no reason to manage the work. people feel more anxious and are not used to communicating online all the time and it is in different behaviors, many of which are not productive.
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before we let you go, what has changed significantly for better or for worse for your watershed litigation in 2015? ellen: the biggest change has been in awareness, where people actually believe there is a problem. and when then 2012 litigation actually went in 2015, people didn't believe there was a problem in tech. i believed it also, people believed it was a meritocracy where people would be worked and it'sbe successful toopportunity for everyone reap the rewards from their hard what we've seen in the last eight years as that's actually not happening we've seen it for
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women, we've seen it for black and brown people. we've seen it in all sorts of ways and people are sharing all sorts of experiences and we see all sorts of data on who gets invested in and who doesn't get invested in and who gets promoted and who doesn't get promoted and the makeup of venture capital firms that invest in technology companies and the leadership of these companies and how the products users, we seefor a lot of bias going through these products resulting in terrible experiences for different groups of people but we are seeing people understanding there are these problems. that's a huge change. the cofounder of project
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recover after the pandemic. it ceo spoke exclusively to bloomberg. last year, we moved about 1.8 million parcels in one week. we are working with all of our partners to be prepared for this year's new challenge. we see the total number of parcels this year, we are expecting an additional 30% growth. >> that is a 30% increase over the 11 days of the festival or over a year? wan: over a year annualized. growth.seen 50% or 40% billionore than 60 parcels per year right now and that is tremendous.
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>> that brings me to my next question, which is to what extent has the pandemic and covid-19 impacted your business and the logistics industry more generally? the supply, because of the restrictions, the movement of people, the workers in the warehouse, definitely getting impacted. gettingll the flights canceled, so we lost almost all the cargo space over there. the infrastructure, building the are adding a lot of chartered flights to the backbones and this and the chartered flights played an essential role during the pandemic. >> has the pandemic accelerated the digitization process? wan: definitely.
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before the pandemic, we had around 25 chartered flights every week. right now, this number doubled. doubled.we have >> i know you have added routes between europe, china, and latin america and you talked about adding 200 additional flights. see that kinde to of expansion of flight -- of freight or is it pandemic-related? pandemic-related but we see the continued growth. robust --lize we need coming up, we'll have more analysis on the final presidential debate with henrietta phrase.
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shery: welcome to "daybreak: asia." from bloomberg headquarters in new york, i am shery ahn. haidi: i am haidi stroud-watts in sydney. debateal presidential futures are a little high in tokyo and a little change in hong kong. they are moving closer to a deal with nancy pelosi saying that they are just about there. despite remaining differences.
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federal aid will be on the debate agenda as we head to the drop-biden round soon to -- the trop biden round two. shery: japan and south korea are coming online. japan is gaining ground. the nikkei is up 4%. the japanese yen is holding steady. of fivet that one level, after touching its strongest and one month. numbers again in contraction for the second month. kospi is graining grounds. is losing against the u.s. dollar. we heard from the finance ministers saying that korea will take action in case a side of movement. haidi: let's take a look at how it is looking when it comes to this part of the world. trading has been underway for about one hour here in sydney. we are seeing losses of about
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1/10 of a percent. go into the second and final presidential debate. and potentially, there is outcome for an upcoming stimulus. as we headed to november 3, the aussie dollar has seen strength. watchingso of course the yield curve here in austria. -- here in australia. the most that we have seen at about two years. the markets have been seeing such a big price move. the excitations of either a stimulus deal before the election or shortly thereafter. kiwi stocks are just after a quarter of one percent. missing expectations and showing price pressures. more conversation, as to when we goingially will see it
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into a serious consideration of negative rates. we are seeing an upside of about 1/10 of 1% when it comes to trading across asian stocks more broadly. we have breaking news when it comes to uber and lyft. they have been ordered by the appeals court to comply with the labor law. this is coming after cooper sued uber.after uber was said toany unlawfully support a ballot initiative though make gig workers independent contractors. that lawsuit was filed earlier on thursday in san francisco. uber analysts up in order to comply with the labor laws create we continue to see this debate over whether the workers were classified as employees or contractors. their entitlements when it comes to benefits like overtime or minimum wage. this has been one of the biggest andicisms of uber and lyft
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the broader gig economy. let's get over to eleanor creagh , a market strategist. it is great to have you with us. in the marketion between now and potentially well into the next few weeks, depending on whether or not we get a convincing result after november 3? eleanor: exactly right. we see that this stimulus theater is still prevailing. the closer that we get to the election, the less likely that report will come. congress can still surprise. we remain skeptical on that front. it seems that senate republicans are still reluctant on the package. we still have this situation more broadly where market competitors, and there is a lot of fatigue with respect to that huge amount of news afloat we are seeing regarding the
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physical sickness. as the election draws closer, the focus is now switching to de-risking until we have more clarity. kind of a more balanced and there is a range of outcomes. from the election, it could have a huge effect on capacities to change market sentiment and dynamic very quickly. as the election draws closer, i think it is important not to get too complacent on any outcome. there is still a variety of scenarios that could play out. i do not think that we can rule out the contested outcome yet, as to who would win the race. there are reports of foreign interference that are adding to the capacity the either side could be able to work on that narrative. haidi: do you treat some assets asia,ia -- some assets in
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as china has been a proper spot to kind of play a domestic and gross recovery story. are we better off looking to this part of the world to shield from some of that potential uncertainty in the u.s.? eleanor: i think that it could be something that comes into play. we have seen that asia has done a lot better relative to europe and north america, in terms of out matching the pandemic. we see is that asia is going to be a beneficiary of china's ongoing recovery. most of it is coming from china. asia is in close quarters, and is therefore a beneficiary there. we have seen from china, although we have had this infrastructure and stimulus and industrial production and manufacturing growth. we've seen that that has joined in. i think that that does benefits asian assets. do see thatf we
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clean election outcome, and received the biden victory come to fruition, that also adds an assets,shery for asian with the biden administration taking a less tough approach on asia, supporting particularly the technology stocks. this can have broader impacts on the weaker u.s. dollar. the weaker dollar being clean -- being keyed to that trade. shery: there are so me if's heading into the election. our you positioning? -- how are you positioning? eleanor: there are 70 factors and a huge range of outcomes that could play out. takinge case that we are is that we do not pretend to know the outcome. there is certainly a scenario where the election result could be closer than the polls
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suggest. there are so many variables in play, and i think that it really is a case where potentially turn out could be the swing vote. in that sense, younger voters could have a huge part to play here in democratic support. and lest those dynamics can drive a clean sweep, and the democratic party wins the national vote by a substantial margin, the contested outcome remains a probability. if it is close, to be quite some time for figure out who the president actually is, and that's an area would weigh on risk assets. we really expect to see that we have high volatility until we see this big risk event past. certainly, if we have a clean election scenario it been trading risk assets, i think that the broader sense is that we have to remain invested. there is no open effect to
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sitting on the sidelines. shery: eleanor creagh, thank you. still ahead, our special coverage of the second and final presidential debate the starts at 830 here in new york. we will speak with henrietta treyz about the possible scenarios for investors in the aftermath of the elections. this is bloomberg. ♪
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"first word" headlines. the bank said it spread $1.6 billion in illicit payments by diverting cash. -- was fined find $2.3 billion. the negative impact from covid-19 my have picked a new third quarter. the worst of the worst of the pandemic is said to have felt in july and august. he expects the recovery to be gradual while imports will remain subdued. the governor does not see tourism improving until the latter half of next year. remdesivir has become the first drug to win formal approval to treat covid 19, after is approved for use by u.s. regulators. it is already been approved for emergency use and was a part of the therapy that president trump used when he was sick with the coronavirus. to market thelead
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drug and sell it to medical professions. 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 am karina mitchell. this is bloomberg. ♪ is -- alibaba's logistic event is exciting recovery by the disruption caused by the pandemic. we heard exclusively from -- about 1.8ar removed billion parcels in one week. we are seeing a bigger demand this year. we are looking for all of our parcels to be prepared with a new challenge. the total number of parcels this year, we are expecting an additional 30% of growth. that is how people are thinking about. is that increase, it
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over the 11 days of the festival, or is that on a year? wan: it is on the year. we have been seeing a 40% growth. we are more than 60 billion parcels per year right now. you're still seeing 30% growth. that is tremendous. tom: that brings me to a net question. to what extent, how has the pandemic and covid-19 affected your business and the logistics industry more generally? wan: the supply got interrupted because of the restriction and movement of people. warehouse, and the and then with delivery, it all got impacted. all of the flights got canceled. we lost almost all of the cargo space over there. we lost a lot on the infrastructure in the past years. adding a lot of chartered
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flights to build the backbones. with be chartered flights, it played a central role in the pandemic. tom: has the pandemic accelerated that digitization process? wan: definitely. before the pandemic, we had around 25 chartered flights every week. right now, this number will. since the, we have accelerated many hubs. break routes added between europe and china and latin america. he talked about adding 200 additional flights. my question is, do you continue to see that kind of expansion of freight? or is this just pandemic related? wan: it is pandemic related. but we see the continued growth right now.
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people realized that we need robust and reliable global supply chain. tom: do expect to be adding more frates routes? europe, into southeast asia, and now we are seeing a law of opportunity in latin america and in the middle east as well. that is why we recently added chartered flights into israel, and latin america. he also added one into africa as well. tensionedo u.s.-china relations play into your strategy with the u.s.? henrietta: we see the business deals growing. wan: both from import and export. we are focusing on how to create better value and better service for our work clients. in terms of the chinese merchants trying to sell in the states, as well as for the global brands in the states.
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we are trying to give them better solutions. tom: are you looking at additional acquisitions and investments? henrietta: we are looking at technology companies. wan: those of the things that we've been looking at. shery: that was the network ceo wan lin speaking to our coanchor, tom mackenzie. we are seeing it gain ground. energy stocks are leading the gains. again, and contraction territory for a second month. we are seeing the japanese yen hold steady. the kospi, is flat at the moment. materials in tech leading declines. the aussie dollar is holding steady. we have seen the support by the
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commodities and oil prices gaining ground. the rba is expected to cut interest rates in november. pressuring the aussie right now. haidi: a lot of caution in the markets today because we are rating -- we await president trump and joe biden for the final debate in nashville. biden camp are saying they are preparing for personal attacks. >> this is not about the new button. a debate is the test of presidential temperament. the question is, if is donald trump going to show up and defend his record and talk about as planned? do it he didg to in the first debate? interrupt and antics. people hated it. if that is his strategy for this, he will lose this debate. kevin: they have been major
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policy developments. at a comes, suggesting that hacked intoran have voter registration. how will joe biden bring that up tonight? >> unfortunately, we have seen that donald trump refuses to condemn forward interference and our elections. he says that he would not tolerate that, joe biden said a very clear message to putin that it is not somebody that he would tolerate. unfortunately, we have not seen that from donald trump. we have seen from donald trump a willingness to use foreign interference and use mattel materialsebt use gleaning from foreign interference. i think for american voters, they want confident that the american people are going to decide the outcome of the election, and not foreign actors. joe biden would guarantee that
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proved kevin: howdy prepare for president trump bringing up hunter and ukraine. biden maintainoe is cool? saw donald trump tried to attack the biden family and try to attack the vice president. i think that every time he does i, he reminds people home that he does not have a plan. he does not have a case reelection. he ate cannot talk about -- he cannot talk about his record on covid or his record on the economy. faileds these same smears. he got himself impeached over these allegations about ukraine. these were universally debunked. if he is going to come on the debate stage tonight and amplified russian disinformation. you have 50 intelligence folks
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say that this has all of the hallmarks of russia disinformation. if he goes on stage tonight and amplified russia disinformation, i think the contrast to be pretty self apparent. kevin: joe biden has said, it's about adding additional supreme court justices. what about voters who want to know if there would be another judge or not? kate: he said he will take a thoughtful approach. he believes that it should not be a political football. it is going to be a bipartisan commission, people from both sides, people come back with recommendations on what we can do to be politicized in this process. kevin: the final topic for you. as it relates to the economy. with regards to more fiscal stimulus and infrastructure, that is something that has been a hallmark of the biden campaign. but wall street has the
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calibrated to try to see a biden presidency increasing corporate tax right, but also injecting liquidity into main street as well. from your perspective as it relates to more stimulus, as well as inverse or for, is that a coupled approach or a decoupled approach? it is not in the first couple of months of the agenda for president biden? kate: he would want to make sure that people would get the relief that people need. biden would help get the stimulus deals done and more relief to families that need it. that would be a priority for him. professor, he believes is an integral part of apollo those economic plans. it is an integral part of his economic plans. that would be something woven into his priorities for the first month. he has said that that would depend on what the economic
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situation looks like when he takes office. first and foremost, he is going to be committed to getting people the relief that they need right now. long-term, he is going to be invested in the infrastructure that we need to getting jobs. shery: we have breaking news at the moment. wells fargo is exploring a sale of its asset management unit, according to reuters. this could actually touch more than $3 billion. as wells fargo deals with sales practices scandals and they are targeting a $10 billion savings and the long-term. let's return to politics. this is a chance for president trump to regain lost ground. according to our next guest, henrietta treyz. it is great to happy with us. given that about 41 million voted, who already is the president going to try to convince at this point?
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kenny pulled off? henrietta: that is the right way to frame it. about one third of the people who voted in 2016 have already voted early. there's still quite a bit of voting left until actual election day. the question now is how can the president correct for the massive disparities that we are seeing in the early vote turnout. the two demographics that i am worried are the female voters and the urban voters. for female voters, we are down 16 points nationwide. battlegrounds states, theme of voters are voting 10 points more than men. your concern for the present, because female voters are in every state regardless of where they are in the electoral college. suburband issue is voters, specifically female suburban. these voters are also turning out at exponential rates,
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beating 2008 and 2016 threshold. the vast majority of them are both democrats and republicans, but mostly democrats. what you are looking at right now is for the president to speak to women, to speak to suburban women try to get a message across is maybe the exact opposite of what the 60 minute episode was about earlier today, the message of law and order is not working for them. they want to have a conversation about coronavirus, about getting kids back to school. they want stability. way to get there. that is the demographic that he needs to speak to you to turn this around. when were thing that i would say, is that the last debate shifted the narrative. job for vice president biden. in theory, usually the first debate is watch the most. there's been a lot of lead up to this debate. so to see him have a big
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audience today would theoretically be a real opportunity for him to turn it around for the voters. haidi: how much does it move the needle, and how much support would the president get if there was a stimulus bill? leeietta: i think anderson, -- i think interestingly, you might lose your base voters. they have been telling you that instead of voting again for a democratic bill, that speaker pelosi and secretary mnuchin, they would prefer to focus on fiscal conscientious history and try to say, we are not going to provide bailout to blue states. unemployment is too much. they'll prefer not to take this about. when you are seeing that the president is losing independence, and a number about a ground states, have a real problem with needing to turn out your base to overcome any loss
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of independence, and certainly a loss of democrats. ironically, the republicans in the senate are telling the president if you want the base to turnout, cannot be voting for another pelosi negotiated to billion-dollar stimulus package. that the market misunderstands the just because you tweet about it or hold negotiations, it does not do you any closer to 60 votes in the senate. we will not see a sinless bill before the election. shery: great to have you, henrietta treyz. that is it for "daybreak: asia." david westin is here next with our special coverage of the final presidential debate, live from nashville. stay with us. this is bloomberg. ♪ so you're a small business,
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