♪ paul: good morning and welcome to "daybreak australia." i'm paul allen in sydney, counting down to asia's major market opens. shery: good evening from new york. i'm shery ahn. paul: top stories, wall street bounces back after its worst rout in four months as investors sideline virus worries making for better-than-expected eco-data. apple sales plunge

in china. china rolls out its five-year plan, promising to build a tech powerhouse. coming his party also wants greater sustainability. at the ecb says more stimulus is coming as eu governments proposed new virus lockdowns. it says bond buying and support won't seize until the covid -- won't cease until the covid crisis dies down. shery: quick check of the markets, u.s. futures coming online under pressure, down 1% after disappointing markets in earnings. we managed to end the session higher by more than 1%, s&p 500 gaining the most in two weeks. we had strong data to surge third quarter u.s. economic growth and a decline in weekly jobless claims. that recovery in the u.s., setting us up for a recovery in asia as well. look at new zealand trading at the moment, ever so slightly higher, asx futures pointing to

a gain of .4%, reversing declines of 1.6% we saw thursday. nikkei futures pointing higher, a little weakness though in seoul. top story, plenty of action after the bell in the u.s. with back to back earnings from big tech, apple, amazon, google, facebook all reporting a beat, but apple retreats on week iphone sales in china sales -- weak iphone sales and china sales. the cloud unit also a concern for investors. ed ludlow on the phone in san francisco. sales in china for only 29%. what did tim cook have to say? the region china was most heavily impacted by the absence of new iphones in the september quarter. still, we beat our internal expectations in the region, growing non-iphone revenue strong, double digits.

and iphone customer demand grew through mid-september. ed, tim cook trying to put a positive spin on things. how does the report card look for apple? >> when it comes to china, they say consumers are in a holding pattern, waiting for the latest generation of iphones, the 5g-generation of iphones. 5g networks are much more built out in china. this launch of the iphone 12 was delayed. it doesn't usually come this late in the year and this close to apple reporting earnings. but beyond that, the story for apple is other parts of its business growing quite significantly. it was a record quarter for apple services, record quarter for wearables as well. if you look ahead to the first fiscal quarter, apple talking about the holiday quarter, i think they expected these other areas of the business to grow in double digits, which is pleasing.

but a lot of focus will be around the iphone, but the iphone -- because the iphone generates around 50% revenue and is much higher in the holiday quarter. but looking underneath what tim cook and other executive's are saying, they are bullish on how this iphone 12 is going to perform, particularly in china. in china, they think the iphone 12 max, the biggest means guys -- the biggest screen size, is going to be a top seller in china. shery: we have amazon projecting jump,s job, -- sales especially for holiday season. assessments they have made are certainly paying off. concern,fourth quarter if there is anything it would be web services for the market leader in cloud infrastructure. that business in terms of revenue growth has been growing at such a rate that analysts are

weighing whether they are biz -- whether they are disappointed or not. margin thatmall suggests amazon is spending when it comes to sales tax extend order to continue the elevated level of growth. but the company passed one million employees, we know they wanted to hire aggressively going into the fourth quarter. amazon prime day is usually in july of this year it will be in october. that has pushed forward seasonal hopping -- pushed forward seasonal shopping for the holidays. spot: what about a bright in tech earnings, especially alphabet? interesting is that companies that have outperformed in this quarter have found relevance in the covid period. with all of us working from home and studying from home all over the world, you can see a beat in revenue, largely among those who have found some use in the home.

google and apple, and it extends to facebook and twitter as well, the advertisers are happy to spend dollars and prioritize them over traditional channels like tv. one driver is the return of sports, we have an election in the united states that has got people talking, we are increasingly working at home in this environment is tied so closely to them in the pandemic. ludlow in san francisco with the latest on those tech earnings. we discuss more on big tech results with guests later, including gene munster. platforms remain key drivers of the broader market, better or worse, and you can see it in u.s. futures, trading lower by almost 1% after this batch of earnings. susan schmidt's head of u.s.

equities that aviva investors and joins us from chicago. susan, great to have you. we saw all these tech forms -- tech firms doing well when it comes to their businesses, but the market souring on these big tech names. what is happening, are we going to see it to -- see a transmission away from technology? susan: we are seeing hesitancy in the market overall, not just in these big tech names. tech names have benefited the most today. we see that with nasdaq still up almost 25% year to date, lofty numbers. but at the same time, we are coming into a presidential election. markets take uncertainty. there is cautiousness among investors. that is what we saw this week, we saw investors pull away with a risk-off tone to the market and move away from some of these higher priced names. shery: we also had today big

numbers when it comes to eco-data, with gdp for the third quarter a huge gain, also beating estimates. the gtb chart on the bloomberg shows that huge gain after contractions in the previous quarter. but at the same time, the line in blue shows you where would -- where we would be if we hadn't had the pandemic and had continued to grow at two point 4%. so if you are investing in cyclicals, would you get there would you be more cautious, given this could be a head fake? we still don't have a stimulus package. susan: investors are going to be more cautious around it. cyclicals could be a great play. but the key there is the timing. and right now, investors are focused on the fact that virus infections are going up, not down. we don't have a stimulus package. and there is a potential for further lockdowns, which is going to suppress the economy going forward so while these in but -- so while these numbers

are great, i think investors are focused on what is about to happen in the first half of 2021. trends are not supportive of continued growth in the economy at that level, and investors realize that. numbers don't gdp look great on the headline, but it is a long way back from here, and stimulus, who knows when that is going to come? what more is going to be required here? then: we need to see stimulus package. investors will remain nervous and cautious until they see development on that. beenber, investors have talking about that stimulus package and hope for it to be delivered since the end of july. so the temperamental rounded and continued concerns on when it will come to fruition have continued to haunt the market. stimulus is going to be important, particularly, confidence back in the consumer and the economy coming on track

as we move into 2021 is going to be needed to push the market to higher levels and get investors over that cautiousness. investors hate uncertainty. the fact we have the election looming in the background just adds to their level of discomfort. paul: all the factors that set markets lower yesterday haven't gone away. they are all still there. what about the cash front, sidelines or havens? susan: we are seeing a lot of investors in the risk off approach perhaps moving more into cash. institutional investors need to be invested. they are hired to be invested, not to hold cash. as they move forward, they are looking for balanced portfolios going into the year's end. it is not clear on how to balance with this upcoming election, so there is a barbell approach, you might have cyclicals and some growth as well. intog a balanced approach

the election in the end of the year is your best bet because volatility is not going away. we have seen in spike and i expect that to continue. shery: we have seen mobile equities lower, the worst week decline since march. this chart of the bloomberg shows the german dax. in the s&p 500 has followed the dax very closely. in both indices are within the 200-day moving average. given how similarly they trade, not to mention that the u.s. tends to follow europe when it comes to coronavirus cases, with a round -- with around a two-week lag or so, how concerned should we be? susan:susan: that is important to pay attention to. we followed europe in the markets follow europe as we moved through the spring and coronavirus cases popped up in europe. we saw european communities locking down and suppressing their economies to get better control of the virus. investors are now looking at this and saying, with our

coronavirus infections going up in number yet again, we are aware lockdowns are probably go to happen here. we followed europe in their trends last time around. it is likely we will do that again. that is what is causing investors to be cautious as we move into this. lockdowns are going to suppress growth on the economy. so it is going to put a damper on things that make it much harder to hit that strong gdp number we saw the last quarter. paul: susan schmidt, head of u.s. equities at aviva investors. let's get the karina mitchell on first word headlines. paul.: good morning, coronavirus numbers continue to rise in the u.s. with reported daily cases in new york the highest since may and a record surge in the midwest. a new report says the death rate for covid-19 is higher in upper income countries, with tend -- which tend to have more elderly populations. thellege in london says

richer nations have a patella to rate -- have a fatalily have a fatality rate that is four times that of lower-income nations. germany and france are entering new lockdowns, and the uk's considering the same. the european central bank offers a strong hint stimulus is coming as eu governments impose new virus lockdowns. is ecb governing council holding its bond buying program until at least june but says it won't help support until the covid crisis dies down. the council says new forecasts in september reveal plans for market support. and a former malaysian prime minister is reported to have said that muslims have the right to kill french people after the murder of a teacher in paris over an anti-islam cartoon. he says freedom of expression does not include insulting

others. the comments follow the killing of three more people in a church in nice. twitter posts have been taken down for violating rules. global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪ back over to you. shery: still ahead, with just five days until the presidential election, we are looking at the u.s. relationship with age's guest economies. the former u.s. ambassador to the united stats the former ambassador to the united states is our guest the next hour. coming up, focus on quality growth and tech leadership live from beijing. what we know about the next five-year plan. this is bloomberg. ♪

♪ unveiled thehas

first glimpses of its economic plans for the next five years, promising to build the nation into a technological powerhouse and emphasize quality growth overspeed. markets coanchor tom mackenzie joins us from beijing. tom, what do we know? tom: a couple of key takeaways from the initial part of the plan. and again, details are broad in scope and lacking in specifics. we hope to get more details in the next few days and then the plan won't be published in full until march. but where we are now to key takeaways on growth, as you say sustainable, so quality growth rather than the speed of growth. that doesn't mean growth targets have been ditched, although we don't have them yet. won is saying the guidance is more supple, and this is key for local government officials in provinces and cities around china, that guidance on growth. but no specific growth target

and a focus on sustainable, quality growth. the other key takeaway was the emphasis on self reliance when it comes to technology. that self-reliance in technology has been built into chinese planting now as at national strategic pillar. that means added emphasis in ,erms of how they focus particularly around chips, which is essential for ai and the dominus viet -- everything from -- ai tohomas vehicles vehicles. they want to be a world leader in 15 years. growth and ainable second one china positioning itself to be a tech leader. tensions, what about between the u.s. and china? tom: absolutely very much there. there was a nod to america

first, a line in the communique talking about the complicated international situation, which seems a nod to america first. at the emphasis on self-reliance around chips as a result of actions we have seen in the u.s., cutting off dozens of chinese companies from american ships, software, american hardware. that has focused attention here on building indigenous technology in their own capabilities. this getsway that into policymaking is the circulation strategy around building a bigger domestic consumer market and ensuring they can push production toward the domestic consumer. what are few details on that circulation means and how they hope to get there, but that is shaped by tensions with u.s.. on,r areas we got clarity in terms of opening china. and we have seen in the past few days and weeks measures to control the current -- measures

to control the currency and how they hope to be carbon neutral in 2060, more cooperation between the military and the economics of the country. and on taiwan, they say they are still seeking peaceful development and reunification between the mainland and taiwan, which they see as a breakaway island. paul: markets coanchor tom mackenzie in beijing with that update. more analysis on china's five-your plan. 1:00 p.m.s just after beijing time on "bloomberg markets: asia." up, one ceo betting on an urban revival. this is bloomberg. ♪

♪ contrary and outlook on

the pandemic and a to spend estate, thereal brookfield asset management ceo is betting cities will reset and come to life. bloomberg's erik schatzker spoke to him exclusively about his plans for business post pandemic. ♪ erik: urban centers, for centuries and centuries, have been attracting more people for very simple reasons. people like to associate with other people. they like to be the in thing. there are jobs and employment. they can walk to work, they can do all the things that come along with it. and this is not stopping. in fact, i could probably make an argument this is going to reset it and get even stronger. but the point is, these cities are not going away, so anybody

are suggests these cities going away probably hasn't looked at history books and is only reacting to the current situation going on about suburban housing. i can't tell you, our suburban housing business, where we sell single-family homes to individuals, is booming. we are thrilled with that, but i think that that is an anomaly at this point in time, relatively speaking. erik: bruce, one thing i have been struck by is the speed at which brookfield is growing. assets have more than doubled in the past five years, two $550 $550 billion. it took you 10 years to double assets before that.

outnow, you have sent different areas in which you want to expand and grow. how long does it take to double assets again? bruce: are you asking, will we have $1 trillion in assets in five years? probably. if we don't, we have chosen not to. for specific reason. our businesses make money for our shareholders and make money for our clients. that's it. we only have two goals in life. every thing else, we should do the right things, run the business well, all of that, but those are the goals of the organization. and if it means we should grow, we will grow. if it means we shouldn't grow, we want row. i we have to be very cognizant of that in everything we do -- and we have to be very cognizant of that in everything we do. but there is one thing we have found in the businesses that we are in. scale matters. and when you buy things, there aren't that many people that

have the month of capital that we have to be able to compete. and when you deal with governments and constituents and you deal with client, scale matters. that we has meant should grow and offer them more products. and the industry has been consolidating into larger amounts with less people. luckily, we are one of those, that has meant that should grow. shery: bloomberg's erik schatzker with bruce flatt, brookfield management ceo. cats more on the bloomberg terminal. business flash headlines, facebook better than expected third-quarter revenue as ad spending rose despite a major advertiser boycott and other policy issues. to $21 billion, slightly above average estimates for the three months through september. the social network says it has 2.75 billion monthly users and

cash shy of $8 billion. twitter sag after hours, falling 15% after adding just one million daily users in the third quarter, 8 million fewer than estimated. live sports and the election were expected to boost numbers. advertisers, as they did with facebook and google, returned in numbers, boosting sales 14% to almost $1 billion, well above expectations of a 5% decline. monthlyis raising subscription fees as the coronavirus keeps viewers in front of their screens. its most popular plan rises by one dollar to $14 per month, including high-end definition viewing. at entry-level fee remains nine dollars. slowdownes have seen a in subscriber growth, especially in the u.s. market. however, network -- netflix feels the time is right to raise prices paid coming up, the future of washington ties

with tokyo, plenty hinging on the outcome of the u.s. election. former japanese ambassador to the u.s. ichiro fujisaki joins us. this is bloomberg. ♪ - [narrator] this is kate.

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she even beats her insurance price. good for you kate, good for you. goodrx, stop paying too much for your prescriptions. download the free app today. >> you are watching daybreak australia. promising to building tech powerhouse and emphasize quality growth over speed. the initial details from the communist party stressed the need for a robust market. to a national power but there is no guidance on the desired pace of growth. the ipo continues to make headlines with demands for its shanghai listing attracting more than 870 times the offer. $2.2 equivalent to

trillion. has topped $5 million, again a record for the market. thailand is saying its economy will now shrink. electronics, and the wider economy has been devastated by the virus but the government now sees a contraction of 7.7% this year, down from a decline of 8.5% forecast in july. 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. paul: thanks. as we count down to the u.s. election, we are taking a look at the asian region. today, we look at japan. when shinzo abe resigned in

august, u.s. said he had made their alliance the strongest it ever been. ministration,ext whether it is led by president trump or vice president biden? we wait on the outcome of the u.s. election. you have likened it to open a christmas present. can you explain what you mean? mr. fujisaki: when i was ambassador, i was asked by journalists, democratic or republican candidate, and that between mccain and obama. it is like a christmas gift, you don't say anything until the day, you open the box and cry out, this is what i wanted. get the receipt and go back to the store and

exchange. not only japanese, but everyone in the world has to do that way because, one, americans are the ones that choose. second, we have to live with him for four years. you don't say you prefer president trump or vice president biden at this juncture. assuming you reacted happily and with great glee to president trump's election in 2016, how have the past four years looked for you, do you feel asia is more secure, and over the next four years of a trump presidency be? mr. fujisaki: two things i have to mention. built veryter abe with president trump, i think better than any other leaders in the world. he had that idea of

christmas gift. second, unlike european leaders, japanese leaders and others as well, to increase or lecture an american president on democracy or whatever, which they don't like to hear. i think he did very beautifully. trump comes in, i suge will work with him. thatmportant thing trumpeted was ring the alarm growingchina's influence. i think that was very necessary and important. we need stability.

be athinking that it could more controlled competition rather than confrontational competition. president trump was trying to bring india to a broader coalition of democracies to counter beijing. should a potential president biden continue this effort? mr. fujisaki: i think i'm a not just to counter china, but an alliance of india, japan, the united states, possibly the other countries as well that are impacted, because we share common values, common thinking. hasy: vice president biden also talked about potentially rejoining the tpp.

that, he saiddo he would insist on renegotiating the pact. mr. fujisaki: let's see. i think, mr. biden, in his speeches and also the democratic platform, it says that if u.s. is going to join some trade pact , the u.s. has to be stronger first. then you would have environment people and also labor people when americans are negotiating. arehose are conditions that too high for others, i think we will simply say that is not possible as well. we will see what kind of have tpp -- we already . us,mericans want to join

americans have to come with their terms. i think it would be better for americans to just join and then trying to negotiate something afterwards. shery: how important will it be for the suga to be able to balance a new white house, a new potential administration in the u.s., as it deals with china? mr. fujisaki: maybe u.s.-china relations will improve as well. second, maybe the -- it is clear that they will put u.s. first. our security relies a lot on americans. are coming into our

waters very often and we are concerned about it. our relations with the u.s. is number one. it is not like we will be flying like a bat. maintaining good relations with china where we can. he says he will cooperate with china well he can. we may have other issues with china. we are the biggest trading partner with china, for us. and they are our neighbor. ichiroambassador fujisaki, thank you. the u.s.ave more on elections later on "daybreak: asia." ecb's christine

lagarde says there is very little doubt a new stimulus package for europe will be agreed in december. more on that. this is bloomberg. ♪

paul: time for morning calls. what somea sense of analysts have in mind as we get underway friday in asia.

>> fresh out of the oven. obviously, the big story this hour. you look at markets reaction, or the lack of the positive reactions despite some of these big names beaten. the thinking that is coming through right now is it is fully valued. this is according to ubs asset management. roughly singing the same tune here. the fact of the matter is that, yes, you are getting some disappointment. but the outlook is not quite there yet. it does go to show that markets have set the bar quite high for a lot of these fully valued tech shares. shery: anything on european assets given the ecb hold? buy everything. there is a great story on the

bloomberg when it talks about european debt flagged overnight. front run what ecb is likely to do, what they have not done yet. there is a could call that would get to hear that essentially talks about italian debt is one of the areas where you might see more upside, given the fact that ecb has not been this clear in a long time. it looks like they might do ,omething a little bit more december. shery: a little bit surprised got those calls from analysts given that signaling is calling for stimulus. what exactly did the ecb president have to say? >> she said a couple of things that seal the deal that stimulus is coming in december. the coronavirus, not only

european growth but global growth. she said specifically that she sees little doubt that they will agree on a new stimulus package in december. >> we will be looking at everything. in the meantime, we are not just going to stand still. there going to use all instruments we have. more thanring to pep others. kathleen: christine lagarde said areecb path -- the ecb reviewing their policy options. for now, they kept their pandemic bond buying program at

1.3 5 trillion euros. bloomberg economics makes a very good point, they still have 800 billion euros left in on use firepower, money they have not spent yet. wait until december to announce more. and lagarde, ecb indicating that they are expecting to make stimulus adjustments after the december forecast. they can see that the recovery in the euro area has not only falling it seems to be back. a lot of the numbers don't look that. when we get a better read on the economy in a couple of months, that is when we can decide what we need in terms of more stimulus. ecb seeingust the

the need for more stimulus as the virus makes a comeback. leaders like german chancellor angela merkel. kathleen: she has had to push back a bit against businesses, german consumers, etc., and pleased at the notion that they will see tighter restrictions again. the is interesting is that finance minister and e-commerce minister announced a $10 aid program, german companies hit by intoirus now until we go november. that is something that is significant, a central bank having to do it alone, i federal government with more stimulus. a chart shows the virus flareup in europe. germany is the white bars along the bottom. they still have the lowest cases you can a big move up

see, italy moving up, great britain. france, they are the green bars. they have the biggest move and it looks like most cases outside of spain, which is also making spirit -- dramatic moves. french president emmanuel macron said a brutal break is wanted to give them control. threat not just to their own country but, as christine lagarde said, it is a threat to the world. >> we have missed profit liftings, swiss units its rivals. 1.65 billionng a dollars share buyback next year after pressure from regulators to preserve capital during the pandemic. the ceo spoke to bloomberg about

the company's outlook and the impact of new rounds. >> the effect on the economy will not be great but come on the other hand, in most jurisdictions, switzerland, for example, people are very focused to keep restaurants open, keep doors open. it is a bit too early to say. obviously, we are prepared for it. one side means more volatility in the market, which is not necessarily bad for our trading is this. clients are in demand for financing, on the lending side, capital markets. we are here for our clients. we have to go through this employees,ther, our and hopefully we come out of it stronger.

the amountorry about of volatility we could see in coming weeks given the lockdowns and u.s. election? >> i would not say i am worried but at the same time it is an opportunity for our market-making businesses. it certainly will be a volatile period from now two years and. >> it seems that people's motivations are trailing off somewhat. how do you address that with employees? >> it is important to keep communication up and running. we have a lot of zoom calls, email communications. it is very important to keep people motivated and switzerland. we have a recommendation to keep people home again. it is not always easy. i prefer people to be in the office. overall, our employees are doing a fantastic job and they are

fully committed. >> you have also resumed the share buyback which no doubt a lot of investors will be pleased about. is there a risk that you have to scale it back? quick just to be clear, we have not resumed it yet. resume announced we will it in the new year. highve a 30% ratio profitability, 10% of the first nine months. resume that we should our share buyback in the new year and a fully this will be well received -- and hopefully this will be received by the market. theo matter what happens in economy, or is there a contingent? >> there is always a contingency but we are determined to do it. unless there are very bad surprises, we expect to started back in january.

>> what do you thing about asset management and how you want to revamp it? >> it has had a fantastic run when you look at growth in the mid to high teens over the past few years. arethirds of our strategies in alternatives. and traditional funds. quarter, investment losses, but overall, i am convinced we have the right strategy. was the credit suisse ceo speaking to francine lacqua. today, we will look at how chinese lenders are faring. asia."n "daybreak: this is bloomberg. ♪ ♪

paul: australian wealth manager amp says it has received a takeover approach from a u.s. firm and that there are early talks. amp saying that this offer is very preliminary, deep in the realm of theory here. is this even going to happen? >> it is strong enough that amp

has had to come out and say that they had an approach from ares, and strong enough that shares will react often. early indications are that shares will rise by at least 9% in the early openings. it is certainly strong enough for amp to say something. as you say, it is very early stages. but it is also great for shareholders. ofer about two years inndals, losing holdings 2018, they would be very happy asset.e is an >> how much business is ares doing in australia? >> at the moment, not much at all. isood foothold in australia

the booming wealth management industry. amp has had a lot of issues in .his area misconduct.rvices the sector which is just growing from strength to strength as well. what we don't know is whether ares want this as a portfolio company or if they just want to put it -- to bring it inside and actually run ares that run amp -- and actually run amp themselves and get that foothold. amp do have a good track record .f turning firms around funds, theyew

raised about 3.5 billion for earlier in the year. >> here is a quick check of the latest business flash headlines. the latest results from starbucks suggests the worst of the pandemic effects may have passed, with key markets and the u.s. and china urgent -- inching closer to growth. sales were down 9% in the fourth quarter, better than the estimated 12% compliant -- 12% decline. starbucks has struggled being a place to hang out as people socially distance. boeing is said to be selling new bonds to repay debt, with the new announcement coming just minutes after its credit rating was downgraded. it said it is issuing $5 billion cutssecured notes as fitch it to bbb+. toyota global sales climbed 2%

in december from a year ago, signaling demand for new cars is recovering despite the pandemic. it rose to almost 8000 units. the first month of year on year growth for toyota in nine months. chinajumped 25% in following the beijing auto show. the president found the company will remain -- the president vowed the company will remain in profit. playstation 5 is not in stores but already on black markets. demand on retail sites is beating that of xbox as people prepared to pay extra. global demand, especially in the u.s., had a record. s are the first major console upgrades from sony and microsoft in seven years. coming up in the next hour, we will look ahead to next week's

u.s. election. and, drilling down into those tech earnings. this is bloomberg. ♪ businesses today are looking to tomorrow.

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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) >> welcome to "daybreak: asia." we are counting down to asia's market opens. our top stories, big tech disappoints with quarterly earnings not enough to prevent a selloff on wall street. apple reports sales plunging in china. china starts to build out its five-year plan promising to build a tech powerhouse and emphasizing quality growth overspee