they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) ♪ >> good morning. i am paul in sydney. we are cutting down to ages major market open. >> welcome to daybreak asia. our top stories this hour, china's leaders need to draft their five-year plan. the roadmap may help the mainland exceed that of the u.s. within the next decade. stimulus talks remained locked with the agreement described as

elusive. and suppose he says the house is. transformed samsung into a global tech giant has died. paul: let's take a look at the markets right now. the asx in australia has just opened for trade at the start of the new week. we do have a staggered open. pretty hard to get a bead on things. pretty flat at the moment. we are waiting for coca-cola to open on the news of this deal that the european partners are moving to acquire the company valued at $9.3 billion to underscore some of the consolidation going on. the aussie dollar holding a three-year gain as the u.s. stimulus talks continue to drag on. u.s. futures looking a little weaker as well as nancy pelosi and mark meadows but he might accuse each other of quote,

moving the goal post. nikkei futures are pointing weaker as well. that is going to be a busy earnings week in japan. starting off with kanaan reporting today -- with cannon reporting today. let's start off with china at where the leaders are gathering in beijing to map out the five-year plan. the roadmap is expected to stand around innovation and a cleaner environment. tom mackenzie joins us for a preview. what are we watching out for? on, it is atouched plan that would underpin the economic and social priorities and policies for china for the next five years, up until 2025. they're going to be discussing over the next four days. we will get the documents in march of next year. we are expected to get a steer in the next few days and on the back of these discussions here in beijing.

it will be important for investors looking at this. some of the areas of focus, dual circulation. this is a policy fleshed out by xi jinping in the last few months. it has been -- the catalyst has been the tensions between china and the u.s. push,s a big part of this which is about trying to develop the domestic consumer and trying to insulate the economy from headwinds. will be seeing if there will be any additional detail on how they will channel production toward the domestic consumer. they do intend to open up certain markets, particularly the financial sector while continuing the emphasis on building out the domestic consumer. we will see you with the policies are on that front. we will also see on whether they will set a gdp target. state media has been playing down this idea. would beanley says 5%

a reasonable number if they did set the gdp target. they also say 4.5% would be enough over the next five years to get them to this target of a high income target by 2025. bigr areas, technology, a focus. china has been explicit it wants likead on technology artificial intelligence and quantum computing. what are they going to do in terms of channeling funding? focus.ll be in then we had this statement from president xi jinping a few weeks ago saying that china was aiming to be carbon neutral by 2060. what does that mean for solar and wind? what particular policies and directions are they going to be mapping out to meet that target? that will also be central to this, we believe? as you touched on, china is getting to the point where if the economic growth continues on track, it is going to outpace the united states in the next

decade. this plan is going to be central to that. kathleen: you spoke to china's former vice finance minister. now a major development bank power in the world. you talked about the pandemic impact on spending. what did he say. -- with that he say? tom: this is a bank backed by beijing. they have lent about 20 billion u.s. dollars. they have had this focus in 2020 on a covid response. virus, theyof that have seen some of their lending programs impacted. we talked about how that has hit the bank's balance sheet and we also get his views on the outlook for china's economy and some of the risks. covid-19 crisis recovery facility has provided 6.6

billion dollars approved already. billion being prepared. the lending has increased. that is the theory -- the very important feature we did not expect. on the other hand, because of the difficulty of preparing projects on the ground, remote but not as much as you would like to see. we need boots on the ground. then, we see you probably the slowdown in the mainstream business of physical infrastructure development. tom: how much distress are you seeing in the loans you have made? >> we work with very competent project sponsors and partners. what worries me, what worries our bank is the deterioration in economic situations of some of our members. they are downgraded. some of them.

may be more will be coming. that means or that will be translated into increased impairment charges to our net income. tom: is it logical to assume increased defaults or renegotiations of terms? >> we do not do that. so far, as you see, the debtors are normally -- the debtors normally would honor their debt service to the multilateral institutions the world bank, like all of that. net capitalre the providers to this country. at the time when they do need the financial resources. recently, we have got a confirmation. they are very pleased with the way we managed the bank. tom: you have often talked about

the fact that the bank is a political. is it becoming more difficult to be apolitical? interference,y you cannot define this as something completely in negative because people broadly refer to any suggestions or ideas from the government as interference. i do not look at it that way. we shall be humble. we should be willing to listen to the ideas and suggestions of the shareholders. tom: given your previous role as vice finance minister in china, the economy is clearly recovering. how sustainable is it and what are the key risks? to control the local government's debt because the local governments have -- some of them have the key belated debt over the years for their -- them have a team leader debt over the years.

-- have accumulated debt over the years. whole areas, they need more support. chinese government is paying a lot of attention to the debt sustainability in some of these areas. i think if china takes care of this, no problem. tom: whenever we talk to you, you talk about the need -- when we discuss the tensions between the u.s. and china, you talk about the need for dialogue. do think there is a chance after the election that a window might open up for some kind of partial reset of this relationship? rhetoric's,of some -- trump advised them. i think they believe the only solution is dialogue. mutual understanding. a chinese and one who has been dealing with american colleagues for so many years, i

would say i am confident. i believe eventually some people who got excited would come down and sit down to talk. tom: so there is a potential for some kind of reset in the relationship. >> i am more positive than that. there must be. -- there must be constructive dialogues between the two sides. china's former vice finance minister is saying the key risks to china's economy going forward our local government debt and also saying it is absolutely essential the u.s. and china try to reset relations after the election. in aging.mackenzie -- in beijing. i want to check on a few stocks

trading in asia. coca-cola jumping on a takeover bid. european partners offering 12.75 a share. up almost 15% in the early going. 12 point 36 right now. that is the biggest increase since april 1991. european partners came to a stick -- looking to acquire the australian coca-cola bottler. must take a look at westpac. currently higher by a 10th of 1%. flanking a cut of cash earnings of 1.2 billion aussie dollars. this is due to ongoing costs related to years of misconduct and more recently, a huge payout to regulators on money laundering breaches. westpac higher by three quarters of 1%. let's get to karina mitchell. karina: we start here in the u.s. the senate has voted to advance

the vote on supreme court nominee amy coney barrett despite democratic objections. her confirmation hearing later monday is hardly in doubt. the democrats intend to keep the senate in session to stall the vote. they want the vote to wait for the election while republicans see the chance to lock in a conservative majority for years to come. in other news, the governor of the reserve bank in india is the latest prominent figure to test positive for covid-19. he says he is asymptomatic and will work in isolation. he tweeted i -- he tweeted our b.i. operations will continue as normal. india has the highest number of virus infections after the united states with the economy shrinking the most among its peers. the australian state of victoria has recorded no new covid-19 cases and no new deaths after 24 hours. it is the first day since early june with zero cases.

prime minister scott morrison ons criticized andrews' decisi to extend restrictions for the rest of the month. the man who transformed samsung ends of the world's biggest producer of smartphones, telephones and memory chips has died. on sunday having been in hospital for six years following a heart attack. richest man korea's with an estimated net worth of $21 billion. he was 78 years old. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. kathleen: thank you so much. still ahead, we will have more on the expectations for china's five-year plan with gauche a bank. the latest in the u.s. stimulus

standstill. both sides accuse each other of moving the goal post. we will have a lot more on that. this is bloomberg. ♪

♪ kathleen: pessimism is mounting again over a pre-election stimulus deal in washington. mark meadowsand are accusing each other of quote, moving the goal post. our bloomberg news editor is on the line from washington. bet, -- if you had to would you put your money on deal or no deal? now -- ifw, we are you cannot get them done in the first three months, you would think there is little chance of anything happening before the election.

at the democrats and republicans can show progress, i think they would be happy to. there just seems to be too much, too many differences. even though the [indiscernible] there is still a big sticking point about funds the democrats want. they want funds for state and local government. there are other things that don't seem to be moving. they do have one more deadline tomorrow, which is speaker pelosi sent treasury secretary manoj and a list of concerns over the weekend. he is supposed to get back to her on monday. if there is progress there, we could see set they have been. paul: how about the latest virus numbers? i believe we have more than 85,000 new cases in the past 24 hours in the u.s.

is that going to have an impact on the final week of the campaign? >> it is very interesting. i sell some polling from -- i saw some polling. the number of people who say they intend to vote for president trump who are concerned about catching the coronavirus is really low. it is in the low teens. democrats are much more concerned. the whole issue of the virus is so politicized in the u.s., probably more so than anywhere in the world. the numbers are so high and we also have the story on some of vice president mike pence's inner circle getting the virus. is definitely going to be talked about. washington editor roz crosby. -- what come, we ask

she is expecting from china's five-year plan. this is bloomberg. ♪

paul: let's take a deeper look withe china planner expectations leaders are going to chart the economy's course for the next 15 years. thanks so much for joining us. in the lead up to this planner, we have been hearing about the so-called dual circulation strategy. what does this mean to you? does it mean we are going to see a more inward-looking china or is it the sign of a maturing economy? >> good morning. the chinese economy continues it toward a more consumer oriend economy. it is moving away from the exports and fixed investment growth strategy.

this is where the concept of dual circulation comes in. president xi jinping has talked quite a lot about it. it basically means china will internal-- it's large markets and domestic demand. that will complement the external oriented economy. it does not mean china is turning inward. it simply means the economy's growth strategy is becoming more [indiscernible] basically, dual circulation means that china will increase the role of the consumer in the economy but still remaining relevant in the global economy. paul: we are used to receiving five-year plans, but we are also going to get a 15 year plan. what sort of broad strokes are you expecting to see in that? related toall about

strategy planning, focusing on china's economic development. a highants to become income economy over the longer term. they will be very broad guidelines in terms of how to get there. i do not think we will get a specific growth target. i think they will still be -- growth at still be the back of the policymakers mind. put it onis it just paper and move on? >> it is good to keep in mind we will not get full details yet. the plan that is discussed will only be finalized in march at the national people's congress. not think there will be anything so specific that will

be able to move markets significantly. kathleen: south korea did better at handling the virus than other countries. they have already showed some signs of moving ahead again. exports have to look vulnerable in world where europe and other places where they sell all those experts are not -- all those exports are not looking so hot. what are their prospects for real recovery this year and next? >> the economy of south korea is a recovering but gradually after dipping into a recession in the first half of this year. i think we will see a clear rebound in the third quarter growth. not smooth sailing from here. private consumption growth in south korea remains fairly muted on the back of uncertainty about the virus and labor market. when you look at fixed investments, there has been

softness due to businesses being cautious. the export sector side is uncertain given that we have this strong second wave of covid infections in europe and korea. i think south korea is doing a reasonably good job with as many other economies. 2021 -- [indiscernible] kathleen: quick question on the boj. they are going to meet on october 29. anything that comes out of the boj that moves the stock market. i do not expect any material changes coming out of the boj's policy. i do think the central bank will continue to highlight they have remained on the dovish side and are ready to support the economy further if there is a renewed softness in the economy. most likely, the focus will be on the forecast, revised

forecast from the boj in terms of economic growth and inflation. kathleen: thank you so much. now, for a quick check of the latest business flash headlines. group has setnt the price of its apo. it is expected to be the biggest ipo ever and is expected to raise $35 billion. it could surpass saudi aramco's share last year. airbnb is splitting its privately held shares ahead of its planned listing, telling stockholders the board has approved a two-for-one split. and email seen by bloomberg says reflectivewill be tuesday. such a split reduces the price of shares for investors well doubling those for current holders.

as the iphone maker increases its presence in india, -- the brother of foxconn's technology terry go. also setting up subsidiaries or assembly plans in india. coca-cola europe has agreed to --uire the soft drink makers worth about 24 billion u.s. dollars. the deal values the sydney-based company at 6.6 u.s., and 19% premium. coca-cola mattel says it plans to recommend europe's offer unanimously. coming up, what is next for samsung after the death of the chairman? we will discuss his legacy and the future of the conglomerate. this is bloomberg. ♪ so you're a small business,

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♪ asia.s is daybreak: i'm karina mitchell with the headlines. stimulus talks remained deadlocked in washington with nancy pelosi saying her agreement with the white house remains elusive. the two sides accuse each other of moving the goal posts, raising pessimism a deal can be reached for the election. policy once president trump to push republicans to consider the near to trillion dollar package. >> we are waiting for the final. >> they said they would. >> they have not yet. same thing, they keep moving the goal posts. we want it the sooner the better. that is why we are making

concessions. over to china where the leaders meet this week to draft their latest five-year plan with president xi jinping delivering on his plan to deliver a global lead. a quick -- focus on a cleaner environment. thailand faces more antigovernment demonstrations as the prime minister ignores calls to resign. the two main protest groups say they will rally again on monday. protest leaders say they are not impressed by the lifting of the state of emergency in bangkok and a special session of parliament this week. the king of malaysia has rejected calls for a state of emergency to tackle the virus after the opposition denounced a request as a bid to hold onto power. the government --

[indiscernible] prime minister -- the prime minister says he has noted the king's opinion and will discuss the matter further. brexit talks are being extended into the coming week as the u.k. indicates optimism about a deal. the top e.u. negotiator will stay in london as the two sides move into more intense discussions. the u.k. temporarily shut down talks earlier this month, warning of a lack of urgency from brussels. the johnson government continues to demand more concessions from the e.u. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. kathleen: let's get right to sophie for a check on the markets. sophie: a half-hour to cash trade. sydney stocks are gaining ground, slightly have a percent

this morning. leading thoseil gains. we do have the aussie-yen cross. standing above 74. u.s. fiscal talks as well as the election. focus,ina's claimant in the pboc calls for policy support to boost for use of the policy. the offshore yen pretty steady. markets will also be watching. you have barclays and citi favoring minors as a way to play resource recovery. crude under pressure this morning, extending declines on the broader outlook for subdued demand. paul: the man who transformed samsung from a copycat appliance

maker into a global tech giant has died. and was the was 78 visionary behind samsung's rise. l be ouring in our seouo chief. what sort of legacy does he leave? >> an amazing transformation of a company that was for a long time a knockoff, low-quality electrics -- electronics maker. he transformed that into the most advanced and largest smartphone maker, technology company, the largest company in korea. pretty amazing story behind what he did with samsung. peter, it is an amazing story. what has the reaction been among the people who worked with him over the years?

what is the press saying about this? peter: his death was expected. he has been in, for six years. coma forally a -- a six years. everyone was anticipating he would succumb to his illness. beenurse, his only son has running the company for the last six years. operationally, a company has been doing well. it has continued to grow. it has continued to branch into other parts of technology. -- it isnot think thely more of mourning death of someone who transformed samsung. south koreaormed into an amazing economic powerhouse. in that regard, yes.

looking forward, i think the market right now is much more concerned as to what the family is going to do, particularly related to the inheritance tax. south korea has one of the highest inheritance tax schemes at more than 50%. they could be hit with a tax bill of about $10 billion. the question is what the family will do. it is a sprawling empire. the family has a number of shares, a number of companies. i think there are 62 affiliated companies. what is going to happen to their holdings to pay off, to pay this tax, it is a lot of questions already in the market. ory are talking about speculating about that in

addition to selling the assets, the family members may try to get the companies to increase proceeds of which they could use to partially pay the tax. all of these things could complicate not only the passing and the structure of the corporate empires. kathleen: thank you so much. meet kristinill han who sees chances of a stimulus deal. we will also get her views on the congressional race. this is bloomberg. ♪

kathleen: a stimulus deal in the u.s. remains as elusive as ever. white house chief of staff mark meadows and house speaker nancy pelosi are pointing the finger at each other. >> we do not even have the bill yet because nancy pelosi -- she can speak to this, but we have continued to make offer after offer. nancy continues to move the goal post. >> we are waiting for the final -- >> they said they would. >> they have not yet. same thing, they keep moving the goal post. we want it the sooner the better. that is why we are making concessions. guest knowsr next

all about these types of negotiations and election cycles. has advised lawmakers. she is a partner at rock solutions. what a fascinating time to be doing a job like yours. let's start with the stimulus deal. who loses here? hard.pelosi has pushed the white house has come up to 1.9 trillion. is there any chance she individually has a reputation tarnished or this spills over to the democrats by not giving into a generous deal by the republicans? kristen: we have to remember the legislative process is difficult, but the house passed the first bill back in march. i think there is plenty of blame to go around on all sides. the people who [indiscernible] think there is very little

chance anything will get done before the election. we are coming up on the continuing resolution to fund the government. depending on the outcome of the election, there could be a smaller relief package in the lame-duck. that would get attached to the cr. democrats do take control of the senate, maintaining control of the house and when the presidency, there is going to be a lot of incentive on their side to do something small and once they take over, to do something much larger retroactively in 2021. kathleen: let's look at the chance the democrats do not take over. it seems most everyone is convinced trump -- too many undecideds, swing states look to close. what do you think?

you think people are underestimating trump's chance of doing just that? kristen: i think this race is closer than some of the national polls may indicate. you have got some strong ballot candidates that can help jode biden across the board. it would be -- help joe biden across the board. it is interesting to me he is struggling in places that he should not have to be visiting. he should not have to be visiting georgia and states like that. while i do think it is a closer race then you will see in some of the national polling, biden is doing well with the people he needs to do well with. that is women, it is women in the suburbs who may have voted for president trump in 2016 but are not comfortable with his leadership style and his handling of the virus. we have seen has support among older americans diminish due to his handling of the covid

crisis. there are areas and pockets where biden has surged. i think that is why you see the president really trying to appeal to his base to get people out to vote because that is where he feels like he is going to make up that difference. the thousand mile high view, it does seem extraordinary this race is so close. we have had two days in a row with say -- with the record coronavirus increases. does that speak to you as a failed democratic campaign or are trump's supporters so rested on? tosten: there is some truth president trump's supporters, he could do anything and they are not going to go anywhere. what is concerning to me and i was sitting on a panel the other day, with a number of focus groups across the country in swing states. it is very disconcerting the

amount of disinformation and the success of disinformation campaigns across the board. people are getting all kinds of information. they do not know who to trust. a lot of these swing voters we talk about, one of my colleagues says we need to listen to the people who are not watching cable news all the time and who are not on the far right or far left. where they getting their information? it is not as cut and dry. i think the president not talking about how serious the virus is -- people are unsure in this country. that is having a real impact on their decision-making when it comes to who they decide to vote for come november. kathleen:kathleen: i want to look at the democrats because the question paul asked -- the coronavirus is very important. there has been a lot of unrest the last few months in the united states. some of the peaceful demonstrations that turned into

writing have made a big impression on people as well. that is another aspect i want to ask you, particularly about the congressional races. democrats not have a 100% free ride on these issues. you say we should watch the house. kristen: it is interesting. if you look at these races across the country and i am talking about ones where democrats won in 2018 and trump 2016. the republicans are attacking the democrats. there most successful at attacking the democrats. this was on a congressional level. the law and order issue. it is the looting. president has been able to capitalize on that in some areas. the republicans are losing on the issue of health care. people are very concerned about rolling back the most popular provisions of the affordable care act like pre-existing conditions and staying on your parents' insurance until you are

26. republicans have stayed away from that and want to talk more about the looting and the rioting. certainly -- is was in d.c. when there were peaceful protests. the president walked across the street. it was i think an unlawful show of force. us to reach his base and talk about these things that are happening when they are true.cessarily these congressional races are good indicators to me of the president's popularity. these races are across the country. ohio, upstate new york, pennsylvania. these -- his approval ratings have gone down by a great deal since 2016. however, he is still up above 50% in a number of them.

there are fights going on all across the country. there is a lot of talk about the suburbs. it is important. . there are a number of races in texas and the houston area, in pennsylvania where we are seeing a huge shift in the suburbs toward the democrats at least this cycle. the converse is we are seeing the opposite effect in rural america. there is a bigger shift toward the republican party. will be interesting to see what happens on election day and in the weeks following. paul: you mentioned civil unrest. bloomberg has been running a story that online purchases of gas masks, body armor up 20 fold last year. we have the president saying things to the proud boys for example, standdown and standby. are you what all concerned about the risk of some severe civil unrest in the advent of a

contested result and how does the country come back together again after all this? kristen: i very much am. it is very unfortunate and i think -- and i speak as an american and not one party or another. i think it is dangerous the president is stoking these fires. you saw last week the heads of the major unions come together what union members can do to keep calm at the polls. i am concerned about it. i think americans are going to go to the polls. they are going to vote by mail. we are going to have to find a way after the outcome of this election to come together. my hope is that whether it is joe biden or president trump, ken starr to help bring this come -- can start to help bring this country together. we have not seen president trump do that.

i think biden would probably be in a better position to bring people together. he talks about being the president for all americans. it is a major concern. i think people are concerned. hopefully we can get through this and we can begin the healing process after we have the results of the election and possibly a peaceful transition of power. hawn, thanks so much for joining us. still to come, the merger between two of the biggest coca-cola bottlers in the world. we will take a closer look at the deal between coca-cola europe and australia's coca-cola amatil. this is bloomberg. ♪

♪ >> i love traveling so much. there are many destinations i want to go to. i love going to japan for the culture and the food and experiences. a love going to the u.s. for outdoor activities and the great outdoors. i love going to europe because of the ambience of the mediterranean. i love going to the british isles for golfing. i just love travel. there are so many places. funnily enough, i have not missed traveling that much.

normally between business travel and leisure travel, i am doing something like 20 to 25 trips a year. of course, i enjoy those, with thing about hong kong is there is so much to offer in hong kong. in the past few months, we have been hiking. we have been going boating. there is magnificent scenery. there are other experiences as well. the time has passed quickly. i want to get back to traveling, but during this time of lockdown, hong kong has been enjoyable. ♪ most special thing about hong kong is the ambience of the place. it is a place that has built itself over the past 50 plus years as a place that is very dynamic, very energetic. it is very lively. just the experience of being in hong kong is very special. but then you add onto that generally good service, good food. one of the things that is

lesser-known but hong kong is the great outdoors. it is a very scenic place. there are oceans. there are beaches, which people can go and explore. paul: that was a quick take on post pandemic travel plans with the hong kong and shanghai hotels ceo. will have more from that interview later including his thoughts on growth in china and the outlook for luxury travel. let's get a quick check of the business headlines. singapore airlines says it sees signs of passenger demand recovering as borders reopen. the carrier has restored some ntsghts and says it wa services in place when the ok is given. a business and official links with japan, malaysia, korea and germany. your 7% gain in third-quarter profit as the mainland's

recovery boosted drinkers ' appetite. confirms at position as one of china's most resilient companies. kathleen: coca-cola amatil shares have surged on news of a takeover deal worth $6 billion. this, bloomberg's m&a reporter joins us from sydney. what does this deal do for coca-cola european partners? what is in it for them? harry: they are always the -- they were already the biggest bottler in the world. they are primarily based in europe. what this does is give them an immediate and large presence in the southern hemisphere. there other bottlers across the

world that are already transcontinental. coca-cola hellenic is another one. they operate in africa and europe. having that global presence has made them one of the largest. paul: the question i guess is are coca-cola amatil shareholders going to support this? harry: it would seem that way. . we already have the support of a coca-cola company in america, which is the original developer of the syrup. iny are a 20% shareholder coca-cola europe andy 31% shareholder in coca-cola amatil in australia. they have said they would support a deal at a lower price at have done an independent agreement. shareholders will get a 19% premium. stocks traded up toward that range. from any shareholders in a company that has lacked direction in recent years, i'm sure it is a welcome prize to

get this done quickly and cleanly. can we conclude this is no surprise to the market? harry: it was interesting. to -- was speculating [indiscernible] they didn't acquisition a couple years ago -- they did an acquisition a couple years ago. divest.me remedy that has been a $600 million deal for the past couple of months. they have been speculated. they put out an announcement last week saying we are nearing a material transaction. everyone assumed it was that. it turns out it was a whole takeover for amatil. bloomberg's m&a reporter harry brompton in sydney. still to come, richard mcgregor joins us to discuss the outlook for china's politics and economy

post covid ahead of the ccp's meeting in beijing. we are also going to speak to selina wang. the tokyo open next. this is bloomberg. ♪ - i'm dough hirsch.

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all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. >> welcome to daybreak asia from bloomberg's world headquarters in new york. asia's major markets have just opened for trade. our top stories for this hour. china's leaders meet to draft the latest five-year plan amid virus recovery. the road map they help the economy grow beyond the u.s. within the next decade. thenavirus numbers surge in

u.s. and europe as more restrictions come to force. mike pence's chief of staff and the rbis governor both test passive -- positive. they have set the price of their asia ipo. it may be the biggest share sale ever and it could value more than jp morgan. kathleen: hong kong and new zealand markets are closed this monday. let's get to the market open in japan with sophie. we are seeing nikkei 225 adding .1%. watching industries that may get a boost from the prime minister's first policy speech. namely energy and telco. the biggest weekly gain since mid-september. fromxpected bond buying doj this monday. a busy earnings week in japan. sony on tuesday. south korea, kia so to report

results. .2% atthe kospi adding the start. the strongest level since march 20. analystsn eye on, with -- keeping samsung stocks today. samsung shares gaining ever so slightly this morning. shares gained nearly 9% this morning. let's check in on a stroll you. asx 200 gaining ground, led higher by health. coca-cola jumping the most since april of 1991 on a takeover offer from coca-cola. european partners valued the company at $6.6 billion. aussie under pressure this morning heading towards 71. snapping a three-day gain. offshore yuan is study with china's policy very much and

focus. offshore yuan holding between 667. holding higher th after -- treasuriesers, signaling doubts of a blue wave narrative sparking yields. u.s. election talks are still ongoing. on theet's get some more election risk around the markets at the moment and a look at whether those risks from the upcoming u.s. election are being accurately priced in. to talk about this with john by selena ling, ocbc bank head of treasury research and strategy. i guess there are three potential outcomes here. a clean biden win, a clean trump win, or a complete mess that takes a long time to untangle. how do markets get in the right position for that? financialthink

markets are basically counting down to november. leany inclination is to towards it will be confusion in the early days because of the high amount of mail-in ballots. it will be days if not weeks before we actually know the outcome, and the markets will be reacting to that uncertainty. we are already starting to see that in the dollar and also in the u.s. treasury bond market. prospect that fiscal stimulus will bring about higher supply concerns. but i think if we get a risk-on doubt in november onwards, let's say there is a little unrest, than that could actually imply there could be -- i am not that it iset sustainable. paul: you point out another risk

around the stimulus package, what is happening there you point out another risk around the stimulus package, what is happening. it looks more and more like a political football. are difficulties around getting a useful vaccine. setbacks in that field are common. all those risks taking a backseat to the election or is the market pricing that in as well? richard: for now it is very much focusing on the u.s. elections. my knee-jerk reaction is it is likely to pass. themeole winter is coming where there is a race against time for a vaccine to materialize. we have seen recently there is a rising infection number in the u.s. partial lockdowns are coming back into play again. is review at this juncture

we may actually see growth momentum move into a wobble in the fourth quarter of this year. a lot of that weakness will probably come true reflected in the services pmi versus stronger manufacturing momentum. for now, i think it is still too early to try and price in a 2021 reflation story until we get some of the -- kathleen: you are right on the wavelength of one of our big stories coming into the week from our treasury team. the headline is the big short in treasuries is some pre-election cracked. i think he had just laid that out beautifully. you said you cannot see a breakout back towards 1% on the 10-year treasury yield from about .82 now. do you see any chance of a rally? if there is not a blue wave, number one. if there is a resurgence of

third-quarter gdp in the u.s. and start seeing these cracked you have mentioned, is there a chance the treasury yield goes back the other direction and tests some of the lows we have seen the last few months? richard: it is possible. there could be a couple figures that will underpin. --. selena: there's no clear outcome from the election. -- fiscalif th stimulus remains at an impasse. it becomes a first quarter 2021 story instead of a 2022 story. it's likely the fed will have to step up the game again to compensate for the short fiscal side. both of those factors will probably point very high cleat -- howleen: towards singapore,

the economic inflation and government spending dynex are shaping up to move the bond -- dynamics are shaping up to move. i think if you look at singapore growth and inflation dynamics, gdp numbers were slightly disappointing. improvements from the second quarter low. there are hints singapore will move into phase three of a circuit breaker measure, which b odes well. all these announcements about opening up travel bubbles. somewill put the floor to of the hard-hit industries. for now, they are quite comfortably on hold. monetary policy is unchanged. looking ahead, the singapore

markets really will take cues of what is happening on the global front. the u.s. elections, what is happening with china's recovery. i think for the interim period, policy iscal extending the job support scheme. [indiscernible] will remain driven by the hits on the dollar in the renminbi direction. i think the singapore bond market will track the u.s. market. we only have a new five-year option left for the year, so there are no supply concerns. if we see that materializing before the end of the year, the bond markets will rally in line with the u.s. treasury market. paul: all right. ling, wang -- selena thank you so much for joining us today. let's check in on some of the same sing group's stocks.

analysts expecting dividends to be increased and we are seeing some profound moves in some of these companies. take a look at samsung, up nearly 14%. samsung partther of the conglomerate doing well as well. some analysts expect dividends might be increased in some of these units. founder ofwhy, the samsung recently died at 78. his children are going to inherit a lot of the empire and will be liable for a pretty hefty inheritance tax and they will need help to pay that. so the feeling is dividends of these companies you see on your screen now may rise. let's get karina mitchell now with the first word headlines. karina: stimulus talks remain deadlocked in washington with speaker nancy pelosi saying an agreement with the white house remains aloof, although the house is ready to vote on a deal this week. besides accuse each other of moving the goal post, raising

pessimism over a deal being reached. below seat once president trump to push republicans to consider the near to trillion dollar package. >> we are waiting for the final -- >> they said they would. >> they have not yet. same thing, they keep moving the goal post. we want the sooner, the better. we are making concessions too. >> we don't even have the bill yet because nancy pelosi, she is coming up, i know she could speak to this, but we have made offer after offer, and nancy continues to move the goal post. karina: china's leaders meet this week to draft the latest five-year plan with president xi seeking to deliver on his pledge to earn a global leader in technology and other strategic sectors. the latest rose map is expected to focus on innovation, greater self-reliance, and a cleaner economy. they are leading the recover from the virus and may exceed that of the u.s. in the next decade. brexit talks are being extended

into the coming week as the u.k. indicates optimism about a deal. the top eu negotiator will stay in london as the two sides move into more intense discussions over a post-split agreement. the u.k. temporarily halted talks earlier this month, warning of a lack of urgency from brussels. they continue to demand more concessions from the eu. 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. richard: still ahead, mcgregor joins us later this hour, as china prepares to draft its next five-year plan. we will take a look at the economy, the fiscal side of everything with him and more. record covid-19 infections across the u.s. and europe, as fresh restrictions come into force. we will get a global in-depth snapshot. this is bloomberg. ♪ rg. ♪

kathleen: u.s. states reported record coronavirus infections as president trump's chief of staff says the government is not focused on controlling the pandemic. record spikes are also being reported across europe. shocked someez, it people by saying that we are going to learn to live with it. the vice president now has been exposed. it obviously spreads produce so much talk about surging cases in the u.s. what about deaths? what about the fact that the president says we are doing more testing, of course we are going to uncover more people who have been infected. what do you think is the most important part of that story? michelle: the number of deaths and the number of hospitalizations filed a number

of cases. it is absolutely true that we are finding more people who have the infection because we are doing more testing. so that is a true statement. it is not that we have more cases, it is just that we are aware of them. and we do know the number of people who will be hospitalized and will eventually die from this go up in proportion to the number of cases that we have. when you're looking at the daily death counts across the u.s. we are seeing record numbers of increases. they are up 33% in iowa, 20% in texas, almost 20% in virginia, 17% in montana. the numbers are not small when we are talking about deaths. they are not yet to be terrifying rates we saw in the early days in new york city when no one had any idea what to do. we did not have enough ppe, they did not know how to treat people. we are much better off in that circumstance, and it is spread across the entire country. but the fact that this is happening in october, and they

are expecting it to really peak in the coldest of the winter, is a very bad sign. paul: the second-worst coronavirus affected country is of course india. we now have a number of high-profile public officials testing positive, including the governor of the rbis. what do we know? they are having the same experience that we are in the rest of the world. what is happening there is it's well-seeded across the entire country print when you see these increasing rates you are seeing it from an already high-level. so, the risk to everybody across all levels of the government, of entertainment and art, from the richest to the poorest, is in fact a significant issue. interestingly in india, where some of these slums where people live closer to each other, they are already hitting pretty

high levels of previous infection. so ironically, some areas of india might reach a herd immunity level might offer them some protection before some other places where there has been more control of the virus. paul: bloomberg health care reporter michelle cortez with that update. staying with the virus, case numbers across united states recently prospect of further slowdowns and economic malaise. of stimulushances heading pockets before january are increasingly slim. spoke to bloomberg about the likelihood of a deal before the election. >> the ball is not moving much right now. the two sides are still talking, and the committee chairs in the senate and house, they are talking on a lot of these issues. appropriations, small business banking, so forth. so that is a good thing. on the other hand there are

still policy issues that divide the two teams. the president mentioned some of them last night. he does not want to bail out poorly run states and local governments and their pension funds and so forth. so that's an issue. there are other policy issues that remain unresolved. so it is very difficult. the clock is ticking, as you know. it will be very difficult. even if you had a deal in the next few days, you have to go through the committee print and then have votes in the house and the senate, so it will not be easy. i do not want to put anything, i am just saying there is more agreement than there was a while back. there are still policy disagreements. some numerical disagreements. we'll see. it's still up for grabs. >> what numerical disagreement is there right now? i think in specific areas, i mean i am not going to get involved in negotiating this

morning, but in specific areas, there are numerical issues. president trump, for example, has said, let's say the mailed out checks or economic assistance, he's willing to bid higher on that. he has no problem. he is willing to go with ppp for the small businesses, no problem. he is willing to help the airlines, no problem on that score. he's always been willing to do these things. he is willing to help the schools as of course course they transition and renovate to make school openings safe. he is willing to do that. he is not willing, though, to pour lots of money into various health care schemes that might benefit folks who are not u.s. citizens. he has a big problem with that. i just mentioned some of the state and local issues and the pension issues, and there are other issues at stake. one thing that is interesting

that has come up, in the secretary mnuchin proposal, i will call it the republican proposal, we are keen on onshoring for all kinds of supply chains, including pharmaceutical and related equipment. that is very darn important, and we would like to reward companies that either come to the u.s. for the first time or move back from china or wherever. we imposed investment tax credits. apparently the other side is not like that. we also imposed deductions for restaurant meals and other forms of hospitality and entertainment. apparently the numbers there are a sticking point. i cannot go through the entire list. kathleen: that was larry kudlow speaking to bloomberg's jonathan ferro. thailand protests in show no signs of easing as a prime minister ignores calls to reside. we will have the latest from bangkok. this is bloomberg.

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kathleen: antigovernment protests are rising in thailand after the prime minister ignored calls to quit. let's cross now to our reporter randy in bangkok. what is the latest with the protest movement? it justlan to deal with a standoff or is this becoming a crisis that is getting worse? they plan to rally in bangkok today to submit a letter asking german authorities to had into whether he exercised his royal power in germany. pressure thee to

king to ask the prime minister to resign. the prime minister has ignored calls demanding his resignation. showed 62% of respondents believe public is approval is stoking this protest movement. the palaces also meeting today to try and placate this escalating protest movement, but it appears to be doing the opposite. because they will not be addressing the stalled process to rewrite the constitution, which is another key demand from protesters. despite government attempts to shut the protests down it does not seem to be working. how are the protesters reacting? since parliament has not really addressed their demands, protesters are calling for more demonstrations, including a key rally later today. lifting of the emergency rules last week as a political play and rejected that move, saying it should not have been there in the first place.

it appears none of the government's moves thus far are enough to de-escalate the movement. kathleen: bangkok has been seeing these daily gatherings for nearly two weeks now. is there an end in sight anytime soon? prolongedcould see standoff between the governments and the protesters, with the government continuing to arrest more protesters, hoping to quell this momentum. but protesters themselves have shown that they are politically savvy, so they will likely to be able to keep their movement and momentum going both online and in the streets. gets to the point where they need to compromise, they might buy time by agreeing to rewrite the constitution, a process which would likely take longer than a year. if the protests continue to escalate, the prime minister could eventually be replaced as one of the last moves to tame the movement. paul: all right.

randy thanthong-knight in bangkok, thank you for joining us. let's get a check of the latest business flash headlines. west bank says second-half earnings will be reduced by 1.2 billion austrian dollars. willd 570 million of that come from writing down his life insurance services and intangibles. another 415 million is being set aside to pay money laundering fines, with the rest made up in customer refunds and litigation. at 2.3rnings are seen billion dollars and results are out in the next week. startan-based is set to -- the iphone maker increases its presence there. the chairman known as foss link is the brother of foxconn. founder foxconn is apple's leading supplier. up plants in india.

plenty more to come on daybreak asia. this is bloomberg. ♪ s is bloomberg. ♪

kathleen: breaking news from chile. chileans have voted in favor of drafting a new constitution. this was a landmark and whether or not to replace his 40-year-old constitution. why replace it? it was drafted under the time whenip and a there was intense rioting. people were killed in the streets and it was considered a pretty heavy duty dictatorship. time,has long passed that but perhaps a legacy they felt it was time to get rid of. chile holding a landmark vote on

this new constitution. they're having their own social unrest right now going to vote yes. let's get to karina mitchell now with the first word headlines. karina: we will switch years to talk about the pandemic. global coronavirus numbers continue making headlines with the u.s. reporting record infections for the second day in a row. the white house saying the administration is not going to control the crisis. the news comes as vice president mike pence's chief of staff tested positive. meanwhile spain set a national curfew from 11:00 p.m. until 6:00 a.m. while france has more than 46 million people under red alert restrictions. in other news, the king of malaysia has rejected calls for a state of emergency to tackle the virus after the opposition denounced a request to hold onto power. beenid the government has handling the crisis well and called on lawmakers to undermine stability. the prime minister says he has noted the king's opinion and

will discuss the matter further. the republican-led senate has voted to advance a vote on supreme court nominee amy coney barrett despite democrat objections. the confirmation hearing monday is not in doubt. democrats intend to stall the vote. they want the vote to wait for the election, while republicans say the chance to lock in a conservative majority for years to come. the men who transformed samsung from the copycat appliance maker into the world's biggest producer of smartphones, televisions and memory chaps, has died. he passed away sunday having been in hospital for six years after suffering a heart attack. he was also treated for lung cancer in the 1990's. ofhas an estimated net worth $21 billion. he was 78 years old. 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. check of theet a market action now with sophie kamaruddin in hong kong. asian stocks are marginally higher while u.s. futures are under pressure as fiscal stimulus talks drag on in the u.s.. in japan the nikkei 225 easing some earlier gains adding .1%. 200ustralia the asx snapping a two day draft. you have the likes of coca-cola gaining ground as mormon -- gaining ground this morning. we are seeing the kospi little change this morning but the korean won strengthening further. looking to breach that 1130 handle. trading at a march 2019 high and expectations that the korean economy will rebound in the third quarter.

we will get the official report this tuesday from south korea. stocks on watch in seoul we are seeing samsung group shares gaining ground on expectations that dividend chaos will be increased following the passing of the chairman. city equity strategists seeing higher dividends from samsung electronics and cnc, the holding company. paul: thank you very much. we are expecting ant group to reveal the pricing for its shanghai ipo as early as today ahead of a similar announcement for its hong kong listing thursday. he said the figure had been set while speaking at a public event on friday. he did not give away any specifics like how much it is going to bp david scanlan is following the developments from singapore. superlatives around what we can expect here. what is the latest from ant group? are keeping us

waiting a little -- a little longer. we might have pricing today if not tomorrow for the shanghai side of the ipo. there have been reports of the weekend that investors are 9utting in bids of about 68, 6 yuan to buy shares. that gets you a little over $17 billion for the shanghai side of it. now we aree that, talking $35 billion, which is what we expected but it is still a massive sale. easily will surpass the record deal last year by saudi aramco which was $29 billion. it will be an historic week, no question. kathleen: apparently we are already seeing good demand for the shares. do we know in particular, is everyone in the world racing to get these, are there any particular groups that are needing or wanting to stock up on them the most? david: it literally is a who's

who of investors. fidelity,like ubs, singapore,e funds in are all lining up to buy shares. they are talking about investing billions of dollars each. you have to have that kind of demand in order to sell $35 billion of shares. so it is massive. there is also a huge demand we expect from individual mom-and-pop investors in china. many of the brokerages are offering up leverage of 20 times. you put up one dollar for this ipo and they will lend you $20. so it is high risk, certainly high seed, but there are enough people willing to take the risk. kathleen: they very exciting ipo, that is for sure. thank you for joining us. next, senior fellow and bloomberg opinion, must richard mcgregor joins us to discuss bloomberg -- china's future. this is bloomberg.

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as china's economy emerges from the coronavirus, xi jinping's government is putting forward a new growth model based on economic self-reliance. the so-called dual circulation strategy is expected to shape the country's next five-year plan. bloomberg markets anchor tom

mackenzie explains. tom: predicates, china's opening up policy propelled its growth. its export oriented models fueling an unprecedented economic expansion. but rising geopolitical tensions are prompting a shift in strategy. the new buzzword is dual circulation. first announced by president xi in may. it aims to boost the economy's internal circulation, making domestic production and consumption the main area of growth with external support from foreign investments and technology. china is pushing for greater self-reliance as relations with the west and other nations worsen, and as the coronavirus weighs on global trade. the challenges are enormous. while consumption as a percentage of gdp has climbed over the years, the pandemic is weakened the consumer spending. government stimulus investment are again doing the heavy lifting. details of a new strategy are still scant, and the term itself is vague. but like past slogans, xi jinping's dual circulation is

expected to become concrete policy, setting china's direction for the coming years. kathleen: that strategy will be hammered out with china's top policy makers meet later in beijing to jacked the country -- to draft the country's next five-year plan. bloomberg ahead with opinion columnist richard mcgregor. one of the things that has already been advertised is they will be talking about the economy and dual circulation and moving more towards consumption. in one of your pieces you pointed out, as others have, that they had to do something in terms of making people happy. right? they have high unemployment, even though they have led the way out of the recovery. how are they going to do this? what are they going to do for

consumers to help them spend more, especially if 20% of them don't have the money to do it? richard: it is a good question, but we should first of all say they are in a better position than the u.s. and europe at the moment, and that is no small thing, considering the havoc covid-19 is wreaking there. the other thing is china has resisted big stimulus this t ime, tried not to have a massive investment surge, because they do not want to pour it all into real estate. i think what they are trying to gradual have a speedy, recovery, if you like. pumpedr words, not one up too much my stimulus one that will come from the ground up. difficult with high unemployment, and that makes stability more of a challenge. but i think they are reasonably confident about where they are right now. kathleen: another point you

bring up in one of your pieces is xi's support for the state sector and his lip service to the private economy, which drives chinese growth and employment and has alienated many of the country's entrepreneurs. does this really make a difference to xi and the leaders of the country or is it a nuisance they put to the side? richard: i think the entrepreneurs are getting more support now than when i wrote that, simply because without the private sector, the chinese state would fall. the communist party relies on a vibrant private sector. i think what they are trying to do, and this is the really challenging part, is to merge the state and private sectors together. make the state sector more entrepreneurial make the private sector more loyal to the state. often that involves taking equity stakes in each other. they are trying for something that is not ever really been tried or worked before.

it is a hybrid private public-sector model. that is the long-term plan. paul: do you expect to hear more about that plan? we are going to get a 15 year plan as well. do you expect tagore -- get more detail on that? richard: i look more for the direction. it tells me that china still has the immediate plans. they do not go into the tiny minutiae of policy. just brought direction, albeit in a lot of different directions. greater self-reliance in the economy, which of course is driven by the need to grow domestic consumption, but also to defend themselves against the geopolitical threat which they see from the united states. you are going to see a lot about high tech. 5g, ai and the like.

they are laying the foundation for big investment in semi conductors. there will be a big emphasis on big energy, which is practical about the environment, but also about securities so they do not rely on foreign energy imports. have a chart here on the bloomberg terminal which is quite illustrative of what is going on in china. the economy is very big. gdp per capita still lags quite a way behind a lot of it's peers, even within asia. kathleen mentioned unemployment is rising. president xi is president for life. are there potential risks around that? are there challenges waiting in the wings if he cannot pull off the sort of reform that he wants to? richard: i think he is pretty secure right now. i think if we look back to february and march when we had headlines about china's chernobyl when they were struggling with covid-19, that

was a pretty dicey period. thee then, china has got virus broadly under control through its authoritarian system. it's pretty hard both to oppose injinping publicly now, not large part because he has put such a premium on loyalty. and the few critics who have put their hand up publicly have really been taken down with great ferocity, and in some cases, jailed. so it's pretty dangerous to organize against xi at the moment. i'm looking for the once in five years congress for the issue of xi's leadership to come up again. kathleen: let's apply this line of thinking to china and australia. what is the price that australia has paid, will pay at a time when xi continues to consolidate

power, and wield it pretty dramatically when he has to, if australia continues to push back against china on big issues? richard: i think china is determined to make australia an example, to make australia pay a cost for its poor political relationship with china, its criticism of china. you are seeing various different trade sanctions across the board. and thetton, beef, wine like. i think this will go on for some time. do not expect any change in the immediate future. there are some things australian has -- australia has that china needs like iron ore. so there will not be a collapse. but other countries will be looking on to see what china does to countries which disagree with it. some of them that will make them fearful, others will make them wary. i am wondering if

you feel china's response to australia has been proportionate? all the prime minister asked for was an investigation into the origins of coronavirus. that is pretty much it. for an: i think the call investigation into the coronavirus happened in the midst of pretty bad bilateral relations anyway. certainly there was nothing wrong with that. i do not think australia handle that bit very well. but generally, the chinese reaction is not proportionate. you do have political disagreement with countries. it does not mean that you should make them pay the price in terms of trade and the like. in other words, manipulate the trade system to impose a cost. so i am not saying australia has handled everything well, but of course the response is not proportionate. china is in full on punishment mode, and that is worth observing. paul: all right.

senior fellow and bloomberg opinion columnist richard mcgregor, thank you for joining us. still to come, are exclusive interview with the owner of the peninsular hotels. talking about the growth in china and the outlook for luxury travel amid the pandemic. don't forget if you are away from a screen you can always find in-depth analysis and the days big newsmakers on bloomberg radio. broadcasting live from our studio in hong kong. more to come. ♪

hong kong and shanghai hotels has done a quote, fair amount of work to identify the next location in china's domestic demand has fueled recovery on the mainland. that is according to the ceo who says hong kong needs a border to reopen for any increase in business. he spoke exclusively to bloomberg. wement: as i look forward, think that what local demand there is, we are already taking advantage of. so we are looking for further growth, there has to be some opening up of borders for our hong kong business. of course we welcome the news that there will be a travel bubble set up between hong kong and singapore. but that is not enough. personalrse care about safety and health, and that is

very important. but on the other hand we all know that the balance between that and economy and employment. for people in businesses like mine, what we hope for most of all is that travel protocols will be established that will enable people to travel again. not taking unnecessary risks, but taking a balance of risk and a sensible approach to travel protocols. david: the concept of china is almost back to normal, what are you seeing? is that what you are seeing? clement: we have been quite surprised at the very quick pace of recovery among the domestic markets in china. --in a way, as china to continues to develop and mature. hotels in the u.s. have a big proportion of business from the domestic market. there is a lot of intra-country traveling within the u.s.

and our u.s. hotels enjoy a high percentage of domestic business. that is happening in china too. there's a lot of domestic travel. and even at the high-end. so what we have seen is once coburn got under control within china, the recovery has been very fast. to give you an example, our hotel and shanghai is enjoying occupancy for 70% or 80%. which in other places, one would not be seeing. david: what is the next specific gateway city? can you share that with us, if there is a plan? clement: we have done a fair amount of work. we have visited multiple cities. so, yes. we are quite open-minded. but at the moment i think the most important thing is to make sure we deliver the brand promise in hong kong, shanghai,

and beijing, which are the pillars of our brand presence. of through the spreading hopefully the reputation, and people putting in the good word for us, that will then support the growth continuing. david: revenues last year, 5.8 billion hong kong dollars. what are your targets for this year, and are you on track to meet them? [laughter] clement: i think it will not be a surprise to hear that at the moment, our aspiration is just to get back to a breakeven situation, because of the extent to which we are getting hit around the world. at the moment, the focus is very much on cash, and the target is basically to be cash neutral, cash positive. david: and you are on track of that? i want to get into the nitty-gritty again. clement: we are hoping to get to cash neutral within the

reasonably foreseeable future. david: there is a conception that we have -- we should not have locked down to the extent that we did. take a look at the economic and job damage. would that be the same as saying the next time this happens, before we decide to lock things down again, let's not rush into things. do you think that is an accurate way of framing that argument? clement: first of all, i think people like us are not in a position to make an informed judgment on the balance of health risk. of course we have many medical experts who are in that business. so i do not think businesses can make that judgment. paul: that was hong kong and child how i -- let's get a quick check of the latest headlines. singapore airlines says it sees signs of passenger demand recovering as nations introduced travel corridors. the carrier has restored some flights and says once service is in place when the official ok is

given. a travel bubble was hong kong is a spec to to start within weeks. there are also plans to official lings with japan, malaysia, korea, and germany. chinese liquor giant posted a near 7% gain in third-quarter profit as the mainland economic recovery and will than a week -- and golden boosted appetite for its profits. net income rose to $1.7 billion, as they confirmed their position as one of china's most resilient companies. amazon has won a court order putting a temporary hold on future groups $3.5 billion sale deal to reliance industries. arbitration court in singapore is said to have restrained future retail and its founders from going ahead with the sale of assets. amazon claims they had previous agreements. the ruling was on amazon's request for main hearings to start. asia's richest banker is said to

be exploring the takeover of a small arrival in a move that would create the nation's 8th biggest financial firm by assets. he founded and leads the bank and is reported to be looking at the possibility of an all stock acquisition. bloomberg understands the family would maintain a stake as part of any subsequent deal. perspectiveming up, as chinese communist party prepares to map out the next phase of development. economists join us ahead. theredaily affects says might be a positive impact on mainland stocks. this is a big story. that will be setting china up, its leadership, the economy and more. we will be featuring this in the week to come. that is it for daybreak asia. our markets coverage continues

as we look at the start of trading in shanghai and shenzhen. this is bloomberg. ♪ ♪

♪ >> 9:00 a.m. in beijing and shanghai. welcome to bloomberg markets china open. i'm tom mackenzie. we are counting down to the open of trade on the china mainland. term limits to draft their latest five-year plan amid the virus recovery. the roadmap may help the mainland economy grow beyond the u.s. within the next decade. and u.s. futures slide