coups onto help you save up to 80% on your prescriptions. - wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. the world awaits the outcome of the u.s. election, the sometimes bitter campaign is over. voters will now decide who holds the key to the white house. for the next four years. you are watching daybreak asia. from bloomberg's world headquarters in new york. haidi: we will be live in washington at the biden campaign headquarters in delaware. next close some in the hour with contenders projecting confidence. trump says he expects a big red wave.

joe biden says he's feeling good. higher.looks to be texas, florida, and arizona are among the states reporting big numbers with no signs of disturbances so far. and the other major story today, groups in hong kong and shanghai demanding capital control, throwing jack ma's empire into turmoil. but, of course, there is one story it is the u.s. election. election day coming to a close in the u.s. some of the polls closing and the key battleground states and over the next hour or so and starting to see whether the ballot shows a shift to what the markets have really been pricing in, which is that strong blue wave. take a look how we are setting up after the u.s. had the biggest two-day rally and since september led by financials and bank shares, treasury yields. on anticipating that as soon as

the election is done congress will deliver a spending bill. shery, a lot of the action going to be in currencies. shery: definitely chinese yunaa, one to watch. we are watching the immediate reaction in the dollar. we are seeing strength in the chinese yuan. with the u.s.-china tension, this is where a lot of the action will be. the japanese yen, we have seen some weakening there but this of course after the biggest jump in a week. as japanese markets over coming back from the holiday. gold unchanged at the moment but remember, its violent reaction to the 2016 u.s. election. do watch out closely. what happens with gold, crude at the moment gaining a little bit around and extending those gains we saw after that huge jump on monday. now it is at the highest level in about a week. we have continued to see signs of opec-plus delaying upland

easing of output. haidi: we do have some breaking news which could be huge implications when it comes to retail investors. is expected to ipo be delayed by half year. this is a news web portal owned by tencent. tencent, wechat as well, all of these relationships within the financial ecosystem coming back to ant financial after we were y ad that ant group, b couple of requirements -- meet a couple of requirements before the ipo can go ahead. throwing into turmoil what is expected to be the biggest ipo in the hong kong and shanghai listing in the world. let's get to our top story for the u.s. election. emily wilkins is at the biden campaign headquarters in delaware. emily, great to have you with us. i can imagine the mood being one

of excitement as well as a high degree of anxiety. what are we watching for as we potentially get some telling results over the next few hours as we look at the key battleground states closing? the mostome of interesting states will have their polls closing within the next hour. georgia is a big one to watch. senate and house races and then virginia which ike's think is expected to go for biden but in previous election it has been a tossup. keep an eye on those two. we are outside joe biden's headquarters. ofen says he will come out he has something to say. parker also at the white house. we continue to see confidence coming from president trump he's seeing signs of a big red wave. what can we expect, what happens at the white house today? the president is holding an event in the east room at the white house. we do not know if he will

address reporters or the nation but we do know he is watching the results of the white house. we know his campaign is set up a war room at the executive office building. so, they held a campaign call where they too expressed a good deal of confidence. >> we also heard from president trump that he is not thinking about conceding just yet. take a listen. president trump: no, i'm not thinking about concession speech or acceptance speech yet. hopefully it will be only doing one of those two. and, you. know,winning is easy you know, winning is easy. not for me it's not. but i think we have, when you see rallies the likes of which in the history of the country in the history of the world nobody has ever seen before, there's a tremendous love going on in this country and a tremendous unity. the president focusing

-- to turn this wave around? mario: florida is option one for the president and then pennsylvania is 1a. that is why you can hear the president talk about the process and express displeasure about the supreme court ruling on vote count in pennsylvania. it's crucial to the president's reelection effort. him and hewith visited scranton, joe biden's home, or he visited pennsylvania a few times over this last leg of his campaign. >> emily, we also heard from former vice president biden. also striking a cautious velvet tone in terms of when he will be coming out and speaking. >> there is so much in play right now. such overwhelming vote out there. we'll see. if there's something to talk about tonight, i will talk about

it. if not, i will wait until the votes are counted the next day. haidi: even as voting comes to a close and some person of the country we hear of an extension of polls, balance remaining open. we are hearing that some ballots and south carolina will need to be recounted by hand because of scanning issues. there is a lot of play. is there really a chance, we are seeing both sides not wanting to jump in claiming victory or concession before this. emily: that has been the big mesh and up biden over the last couple days -- the big message, trying to say to people, it might take a couple days for votes to be counted. you do not need to rush this. we want to make sure we are being accurate and trying to preempt any ability for trump to come out before official results and declare himself the winner. shery: luma reporter mara parker and emily wilkins with the

latest on the election. thes get more analysis on race with the hoover institution fellow. the director of the mitt romney campaign 8 years ago. great to have you with us. will biden be able to live up to the polling that so far has been pretty consistent in putting him ahead in key battleground states? consistent.e been the vice president has enjoyed a robust lead nationally enjoying a lead in several key swing states. the big question we are watching for this evening is whether in fact the president, the president strategy all along has been to turn out a lot of people on election day. the question really is, were the number of people he was able to turn on election day, will the margin be efficient -- be sufficient to offset we believe our margins that went against him in the early vote in many states? the trump campaign speeches all along have been there are plenty of voters in these states like

pennsylvania, arizona, florida, to name three, plenty of election day voters and the margin for the president will be such that they can overcome whatever lead biden may have had. that is the crucial question that we are not going to know until ballots begin to be counted in a few hours. more than 100 million ballots have been cast. what is early voting telling us right now about the demographics and potential support for either candidate? know for the we motorsport from the early vote is that in states like florida -- what we know for the most part, like arizona, nevada, another state considered a relatively close state, democrats

republicans in terms of really vote cast. that is to be expected in this election cycle given, for example, the fact that many democratic voters self-reported greater concern about voting in person because of covid. that is a factor that we knew was going to be something coming into this. so the fact that democrats have an early vote lead should not be surprising. i think what we will discover when the ballots begin to be counted is just how large of a lead, first of all, and second of all, there are a lot of voters in the u.s. that you're not affiliated with either party, democrat or republican. we do not have a great sense at all of where those independent voters are. so those dynamics are going to become clear once the county begins, particularly in a state like florida where we know that republicans, if you take into account both early vote as well as what we have seen so far today on election day, have a slight advantage. will that slight advantage get washed out by whatever support or lack thereof trump has among independent or nonregistered, nonpartisan voters in florida? what kind of magnitude of shift would you want to see or need to see to give you some conviction of the result when the numbers start coming through

from the key battlegrounds? need to bee really looking at a pretty microlevel within states. we need to be comparing margins, for example, in certain parts of certain states. this time around versus in 2016. i will give you one example. in the state of florida we will watch a county called sumter county very carefully. sumter county is an essential part of florida. and it is where one of the country's largest retirement communities is, called the villages. and that is an area traditionally that has had very large republican turnout and very significant support in 2016 for donald trump. we're going to be watching to see if the margins in that behind exceed or lag wha 2016. that will give us an indication of how trump is doing in florida. it is not about winning or losing, it is about the margins and these counties.

is joe biden doing better than expected in south florida, where we expect them to do well in broward county, which is the area around fort lauderdale? these are the kinds of questions we are going to be asking as the evening begins to help us read which one of these candidates has an advantage. thei: we're also watching senate race, which a couple of months ago was difficult to see the democratic pathway to victory. is it looking more likely now that we could see a democratic victory in the white house and more critically for policymaking in the senate? >> it is. you're right. the senate is crucial to policymaking whether trump or biden wins, the senate will play significant role. we are seeing a higher likelihood of the democrats taking the senate at this point, but it is going to be very close. there are a number of races where republicans have closed strong to put pressure on democrats where they thought may be potentially they had things in the bag. you look at the state of iowa. senator joni

ernst has closed very well. in arizona, martha mcsally is closing strong there. so, the senate is going to be worth keeping an eye on. what happens in the senate will be tied to what happens to president trump. if trump is unable to win in arizona, it is highly unlikely the republicans get across the finish line there, either. the face of the republican senate candidates and president trump are very much tied together. he will be staying with us as our coverage continues. bloomberg special coverage of the elections is coming up in the next hour. you're watching in hong kong, 7 p.m. in new york as we start to see some states polls begin to close. let's get you a check now of the first word headlines. fell after they pulled the ipo.

its listing was halted for inability to meet regulatory conditions. maytencent -- says the ipo be delayed by six months. the u.s. congress department has shelved plans to blacklist ant ahead of the election. seating peng says the mainland can double in size in the next 15 years -- seating paying says the mainland can double in size over the next 15 years. he told the center committee those goals are achievable. it would require an annual growth rate of 4.7%. they say that would be ambitious. ministers former prime is making for a reconciliation committee to resolve weeks of social unrest and demands for change. the ex-leader and other politicians are said to be willing to work with the committee which includes members of protest groups. it comes after the king offered a rare public comment calling thailand a land of compromise.

those are your first word headlines on election night. shery: coming up we are live in shanghai for more on why ant group had to delay its mega listing. up next, former u.s. senator barbara boxer joins us to discuss the next four years and how relations between washington and asia might play out. this is bloomberg. ♪

haidi: it is of course election night in the u.s. as we heard the first pole starting to close across the country. already almost 100 million voters have cast their ballots. mail-in voting. going into this.

take a look at how we are shaping up when it comes to the markets in asia. volatility has been calm going into this. we saw the two day gains. september.nce we are seeing the downside when it comes to, elsewhere looking like a cautiously optimistic session at least when it comes to equities. set to close within the hour while many are watching for more than the white house, the race in the senate and the house. joining us now is a former u.s. senator barbara boxer. wonderful to have you. i suppose that is the key point. a few months ago we had been -- to see democrats make inroads when it comes to the senate race, now it looks a lot tighter. there is that policy paralysis concern that you could end up with biden in the white house but republicans retaining control of the senate. sen. boxer: look, anything can happen but i think no can predict it. this is a humbling day.

i have been on the ballot dozens of times and when election day comes, you leave it all on the field and you don't know. i think a lot of these senate races are very tight. and they will be tied to the presidential race, how does that ogo? we just don't know. the way i look at it is it one foot in front of the other in the main act here is definitely who takes the oval office. this is donald trump's america. i hope everyone who has not voted will still get out and vote. i'm in california. it is early here, you know? it is not even 2:30 here. please get out and vote and if you're standing in lines before the polls close, your vote will be counted. if it takes extra time, that's democracy. haidi: we keep saying election night but of course, there are many hours to go in large parts of the u.s. when it comes to the opportunity for voting.

i do want to get your votes when it comes to foreign policy changes if we do get a shift in the administration. that was one of your key areas of focus in the senate. positions, on china what will that change, what will change in the way that that volatile relationship is managed if we have president biden? sen. boxer: as we know, for every action there is a reaction. and, when you have joe biden, excuse me, in the white house, you have someone who understands diplomacy. i m ean, i was on the committee when he was chairman of the foreign relations committee. he knows how to be tough, but also how to be fair. he doesn't you know, humiliate people and call them names. so i think all of the relationships, i believe this, much more solid ground. joe understands we have a global economy. we also hundred -- he also

understands that america has to be for force for democracy. i think you will see a lot of character shifts, but most of all, you will have a grown up in the white house who understands how to deal with foreign leaders. shery: president trump has tried to portray joe biden as being weak on china. what do you expect on that front? sen. boxer: i do not know what that even means. the fact is, what we have seen or not seen from donald trump is, as china has really crackdown on democracy in hong kong, i haven't heard word on. how tough es. then he does a trade deal that is so bad that he has to use billions of dollars in taxpayer money because so many of our farmers lost markets. so, i think joe biden has a asord as vice president, senator, as chairman of the foreign relations committee. hes fair, he's tough, and knows what is best for our

country and he knows what is best for democracy. and that is all in the line -- on the line in this election. haidi: do you expect tariffs in china to come down because we have heard rhetoric from the vice president he will stay tough on china and criticizing china's abuses, trade practices, calling them abusive in fact, but he's also talked about having some measures for preparation -- for preferential treatment for u.s. good and buy america policies. sen. boxer: well, of course, have to say this. i am not getting out in front of vice president biden, who i hope will be president biden. we have a long way to go, but i do think what he will do is to send his people, have adult conversation, try to figure out how we can get a win-win for everyone. right now, as i said, as a result of this trade war, the trump trade war, taxpayers are having to subsidize all the people who have lost so many

customers to other countries, farmers. they don't like it. and they are staying alive because donald trump has written checks. i think you will see from joe biden just a more sensible policy, and, you know, foreign policy has a lot of nuances. i learned that and all the years that i served. and there are ways to make sure you can talk to people in such a way and work with people in such a way that what comes out is a win-win for all. and that is whatj oe's going to try to do. but make no mistake, he is going to stand up for democracy. that is on the ballot right now. senator, the australian economy has had its own difficult relationship with beijing. we spoke with a former ambassador to the u.s. as well as this trail is former treasurer yesterday. this is what he had to say about beijing's actions. >> we have -- national interest-- the national approach

to foreign investment. unfortunate, china -- the wrong way, underplay their hand and as a result has seem to think that anything we do or say is an ti-china. that cannot be further from the truth. regrettably, china has taken this action, and it really is a mature action in relation to wine exports. it's not, it is not the behavior of -- a good partner. haidi: you talk about the nuances of foreign policy and i do not think there is dispute the western allies need to push back on china's behavior. what are the nuances of being able to do that but also maintain a mature trading

relationship, and there is an existential tension that will continue because it is the great big strategic competition, the u.s. and china? sen. boxer: we are always going to have competitive feelings with china, because they don't practice democracy, and that alone is very difficult for us. but i think, you are going to see a reset. but, right now we have a circumstance where trump has welly not even worked with our allies and not worked well with nato, let alone all the other relationships. i think what you're going to see with joe biden, and his very experienced team that he will bring in, will be a reset, reset with principles. fair trade, very important. democracy. very important. and let's talk and let's not call each other names and say

china virus and all of this and that. that makes no sense at all. so i think, i am very optimistic on foreign policy. but, make no mistake, there is a lot of work to do. i'mif joe wins, again, humble about it. i don't know. someone great for secretary of state. and that person will work so hard in that first year to repair so many relationships, and to reset some of the relationships. shery: former u.s. senator barbara boxer. thank you so much for your time today. you can read more of our election coverage in. today's edition of daybreak bloomberg survivors go to dbgo on your terminals and available on mobile in the bloomberg anywhere app. here is a quick check of the latest business flash headlines. edward rand has failed to hit an aggressive sales goal despite slashing apartment prices by a third.

over $27ame in at just billion, 10% short of the target. a looming crest -- cash crunch. authorities in china's province are pushing for a restructuring of the state run carmaker that is linked to bmw. a provincial government is said to be speaking to regulators about a plan -- after it suffered a sell off and mr. bond repayment -- and missed a bond repayment. demand is back for pre-covid levels. the company says annual results asl be at the high end demand for high-end models offset the overall volume. coming up, president trump's china policy has become a key campaign issue.

we'll speak to the former u.s. ambassador to china next. this is bloomberg. ♪

shery: this is daybreak asia. first word headlines. the u.s. election is in his final hours as turnout expected to be at a record. more than 100 million people cast votes ahead of election day. of everyone who voted in 2016. it reflects widespread concern over the coronavirus. had exceeded the total number of ballots cast four years ago. alibaba fell after china pulled in group's $35 billion ipo

shanghai. inability to meet regulatory conditions. the hong kong sale was also -- also halted. hong kong says the ipo may be delayed by six months. the u.s. commerce department has shelved plans to blacklist ant head of the election. and china is halting imports of commodities from australia. as two way trading tensions rise even further. traders in the mainland have been told to stop accepting products including coal, copper, timber and wine. ties have been strained by australia buying huawei from arrival. and for an inquiry into the origins of covid-19 p hurricane eta made landfall with violent winds in nicaragua, threatening credit had a strophic damage. it came ashore as a category 4 for a can, one of the most powerful in the atlantic this year. some areas bracing for more than

a meter of rain. thousands of people have been moved from the coast. alsoneighbors honduras and for door issuing emergency alerts. 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. this is bloomberg. is in hisction day final hours and one of the key issues in a campaign has been relations with china. not a traditional campaign issue, but president trump's transformation of china policy has made it one. intellectual-property, social media, covid-19, our next guest has a resume on these and other major issues. gary locke is a former u.s. ambassador to china and secretary of commerce and governor of washington. interimerves as president of bellevue college outside seattle. thank you today for joining us. of course, we have a lot to talk about, but let's discuss the past four year with president

trump first. whether or not he gets another four years. will that be his lasting legacy, a change in u.s. policy towards beijing? gary: first of all, it is a pleasure to be with you on this election day, a lot of anticipation as your early reports said, record turnout. perhaps the highest percentage of registered voters actually going to the polls and over 100 years. so, there is a lot of concern about the future direction of america. it me just hope as a democrat am very hopeful that vice president biden will win the election and will reset our relations not just with china but with so many other countries around the world. restoring american prestige, influence, and respect that countries hold and view america. i'm very hopeful to for a biden presidency. i think what trump has done to u.s.-china relations has hurt

both the chinese people and the american people. has unilateral trade war not address the fundamental issues or help solve the fundamental issues that america, and many other countries around the world, have towards china's trade and economic policies. instead, it has raised the cost of goods that americans pay, costing the american household $900erage almost $700 to more per year. at the same time by making american goods more expensive with the retaliatory tariffs china has imposed, our allies, companies in france or germany or canada are able to sell their products to china at a comparative cheaper price. andwhile our allies businesses and governments of our allied countries share our concerns about china's trade and economic policies, they are benefiting while american companies and american consumers are suffering. that is the wrong type of trade

strategy. we need to unify trade strategy. don't think that biden, excuse me, i do not think the trump presidency has really way of us much by improvement in u.s.-china relations or certainly not in attacking and addressing some of the fundamental problems and concerns that americans have about china's policies. shery: and one of those as well be attacked -- attacks on china because of the pandemic. what do you see united states the response to the pandemic has been other than the china bashing we have seen ongoing care and how well have we dealt with this crisis? gary: america has not dealt with it at all. you have a president who minimize the virus, dismissed it, said it was going to go away, it was not anything serious. and now we have over 230,000 deaths. in america. world's% of the

population with 25% of the world's deaths. that makes no sense. united states can criticize china, and the world can criticize china for not being as forthcoming and open about the seriousness of the coronavirus at the very beginning, but how is it that so many other countries around the world, especially in asia, receiving the same information the u.s. receive were able to jump on this, come up with a national strategy and almost contain or reduce the number of deaths? you look at taiwan, south korea, australia, new zealand, you look at many other countries in the asia-pacific region, and the number of deaths they have had has been minuscule compared to in america deaths and we are expecting many many thousands more in the next few weeks in america. completely mishandled and neglected by president trump. i think thesador,

reality is regardless of who is in the white house after this, after january, the reality is -have deeply divided american society. what needs to be done for the next four years a to be able to close that gap that we see, so much the vision and hate and anger that you see in some of these voting constituents? isy: if vice president biden successful, and i'm hoping he will be, he needs to bring the country together. by focusing on issues that are of concern to all americans. whether it's education, whether it's job security. healthcare. instead of trying to say that worriedle who are very about the future, instead of trying to playing all the - bla me other countries and other populations for the problems i'm the worries and anxieties of america, the president, a

president to be successful needs to start solving these problems, not ignoring them. but solving them. and you don't solve them by simply blaming the problem on someone else and then doing nothing. really concrete proposals and actions, and i think you will see that from a vice president biden if he becomes our next president. haidi: and of course, as we continue to look at the big policy issues, the handling of the pandemic the stimulus measures, to get the recovery going, kamala harris is potentially on the brink of something historic. how meaningful is it and how important is it for representation, you talked about a lack of representation, when it comes to policy and public life in the u.s., if we do see a first woman of color take that vp role? gary: the democrats have really stood out for their inclusiveness, embrace of diversity. we had that with barack obama as coloirst person of

nominated byr a major party to be president of the united states and of course the american people very much supported his candidacy and elected him. many states that have never voted for a democrat or at least nod and a long long time supported and voted for president obama. and he carried many of the states, won many states. and even when he was running for reelection, he again wanted states that have traditionally supported republicans. so, the democrats have always stood for inclusiveness and celebrating diversity. and that is the growing nature of america. womanf course, we have a who will be, if things go right tonight, a woman who will be vice president, and a woman of color and a woman who is the daughter of an immigrant. that really represents what america is, because america, except for native americans, are all foreigners, whether we are first generation or 10th generation. the real strength of america has always been our diversity of people. and i'm really proud to see this

momentous occasion coming to fruition hopefully tonight. but we have a lot of challenges in america. we need to bring this divided country back together. heal the country and the way we do that is to address the underlying concerns that people, democrats and republicans, urban, rural face. they are worried about their future, worried about health care, they are worried about the education of their children, whether or not they can afford a house. those things have to be solved. you don't solve that by starting a trade war with china where the american consumer and american companies suffer while other countries and the companies of other countries benefit. you don't solve these problems by casting aspersions on all immigrant groups. shery: ambassador, it was great having you on an thank you so much for your views. former u.s. ambassador to china, now interim president of bellevue college gary locke.

we are getting the latest third quarter earnings numbers for fk-- the korean chip maker, logging 1.3 trillion won. that is higher than estimates. we have seen a recovery when it comes to south korea's chip exports, helping now the company log an operating profit that beat estimates. we are also talking about the consolidated net of 1 trillion won, instead of an estimate of below that of 900 billion. when it comes to sales, also talking 8 trillion won and a jump of 20% year on year. coming up next china suspense a world record ipo in hong kong and cheun shanghai. and what it means for jack ma's empire next. this is bloomberg. ♪

me, the biggest downside risk is the -- the divided government. and gridlock. biden in the. white house, republican senate that i think has the potential to be the worst outcome because it means we are going to get much less fiscal support. >> simply put in a divided government scenario there is not much legislation getting done

beyond perhaps another covid relief package under certain circumstances. >> it's crucial we get another fiscal pas package. if we have a divided government we will have more divided politics so that package might be pushed further off. >> we have priced in a blue way. we have also priced in quick resolution. >> odds are we see a blue wave. -51,senate is 50-50 or 49 and that will lead to significant stimulus which is a shame we have not gotten so far. haidi: some of our guest discussing the markets and the blue wave versus an uncertain result. u.s.two day rally, for stocks with all three of the major markets rallying in tandem, really not showing much concern about the postelection uncertainty are voluntary. let's take a look at how we are shaping up as to the early part of the asian section on election day and election night, pretty

flat sideways trading when it comes to the situation in sydney. we're watching treasuries. some of the china export exposed stocks there, potentially downside as we see more moves into restrictions from beijing. taking a look at the dollar story, because that is being further down. the slide continue as voters take to the polls. investors gauging the currency will continue to slow. take a look at china in particular it i will take a look at this chart, looking at overnight volatility and offshore trading yuan. take a look at that. it has been on a tear. a record high of 18% overnight and jumped up now to 27%. this is china embracing the theme of the weaker dollar. we continue to see that volatility play consistent with expectations for a biden victory and the blue wave and -- and what we've seen in other market assets as well. continue to see the fireworks in what has otherwise been a pretty low volume day.

shery: very interesting we are seeing a lot of the action there in the currency markets, as we're expecting, watching the dollar closely. chinese authorities have abruptly halted ant group's mega ipo throwing the future of the company and its founder jack ma entered out. our co-anchor is in shanghai. really a huge surprise. did we have any idea why the ipo was suspended so close to the trading debut? tom: yeah, this is really a stunning turn of events. as haidi noted in the previous hour, she suggested this was looking like a fairytale listing for ant group. there has been a twist and that fairytale and we do not know there will be a happy ending. just remind you on monday, ant group founder, co-founder jack ma -- and executives including the ceo companies were hauled in before regulators. it was only late last night beijing time we

found out the ipo has been suspended, as you say just a couple of days before the expected dual listing. we knew what was going to be listed in hong kong november 5. there was going to be a similar listing around the same date and shanghai. that has now been suspended. regulators not saying a great deal but what they have said is that they discovered quote major issues at ant group including an array of shortcomings and by some accounts it might require ant to be overhauled. just reminder for our viewers, ant group is a sprawling financial technology company, the world's largest covering anything from from micro insurance and credit scores. it is significant that regulators have suspended this ipo. what it means for investors and bankers involved in the deal is a question mark. we saw shares of alibaba that continues to hold a third of a

stake ant group falling. almost 7% in u.s. trade prey the implications for ant group and as investors and bankers, very significant, indeed. shery: could be a long question mark, given that we had that report that it could be a six-month delay. haidi: what does ant need to do to get this ipo back on track? we're still trying to source that in confirm whether that is indeed the case but you're right. this online portal suggesting they will be half a year before the ipo is putback on the table. and suggesting as well, according to q.q. their sources saying the investors will have their funds returns. you remember, there was red-hot appetite for this ipo in terms of offerings. there were offers about $3 trillion and they had raise 35 billion u.s. dollars. it was valued in terms of market billion,four times

thee regulators and what we are hearing, they determined that ant group needs to do is include capital increases at the micro lending unit. they also need to reapply the hearing of the licenses for some of their units to operate nationwide. so, again, the scrutiny very much on this company. and implications for capital markets. i touched on this previously, but it was going to be listed on the star board, a relatively new index in shanghai. it was seen as a major step in terms of modernizing china capital markets. now there are question marks about that and the private sector because ant group and alibaba are held up as a china example-- as a shining about how private companies can operate successfully and within a system of the chinese party. questions going forward. haidi: our other top story other

than the u.s. election. prudential insurance posted a profit jump, ahead of schedule on a cost-cutting drive. billionme rose to $1.5 in september, slightly better than a year ago as -- the expenses came in as 95% of the target. eo says it is moving to a less rate sensitive area. part in theo take latest funding rounds in indonesia. it's looking to raise $100 million. the investment would value the -- at up to $3 billion. there are concerns that it is investing alongside two backers. 'microsoft's cloud for its customers. the world's best airline stock 0%, which has market watchers scratching their

heads because it is bankrupt. they collapsed last year. it is owing $3.5 billion but no employees to speak of, and investors are still piling in, betting on a recovery after the coronavirus. shery: coming up next, our gu est is backed with us as we continue to take a look at the close of polling stations. this is bloomberg. ♪

our markets are trending at the moment. we are seeing u.s. futures gaining ground, of course, as we head to the next few hours before polls close in this u.s. presidential election. we are seeing the -- mini futures jumping more than a percent. of course, after small caps finish at the highest level in about three weeks already. take a. look at treasury yields futures right now, they are a little bit of pressure but after we saw yields climbing in the regular session led to a surge in banks. the clock ticking down on election night. joining us is uber research fellow, the director of the romney campaign -- hoover research fellow.

let's talk about some of the issues that we might be seeing going forward. right now the markets pricing in a potential biden presidency. is this -- if this actually were to happen, i wonder, if people are worried about a conservative leaning judiciary at this point because we have seen more than 200 judicial appointments with then, within the trump administration. >> yeah, no question president trump has remade the federal judiciary and that includes several employments to -- several appointments to the u.s. supreme court. the biggest question short run is going to be how big of a fiscal stimulus are we going to see coming out of a biden presidency and, assuming he has a democratic senate? $2 trillion or north of $2 trillion? everybody thinks the sky is the limit if biden gets elected with a democratic senate in toe. haidi: what does it mean for the economy straight after the

election, markets pricing a spending bill to get done. what if there continues to be a republican senate and a biden administration, do we keep seeing this paralysis take place? >> i think we see paralysis, but i think there are few areas like with the coronavirus relief legislation, the next round of that, like potentially with some action on health care around prescription drug pricing, it is possible we will see the two sides get together and a limited way, in the first 100 days of biden's term. there will be in images for the republican congress on the senate side to cooperate to get things done -- there will be an impetus to get things done. haidi: just want to get some final thoughts with you as we wrap up this hour going into the counting this evening. >> well, we have got a big state closing in just about five minutes, the state of georgia, which nobody thought was going to be a state we would be considering because it has been so from the republican for the last few cycles.

joe biden has a legitimate shot at winning there. looking to see how strong his early vote was. we are looking to see how strong president trump's election day turnout was. and then, of course, the 8:00 hour on the east coast of the u.s. there are additional states we will be looking at. really, the state of florida is one the people have their eye on. if biden can figure out a pathway to win florida, that would be the death knell for president trump this evening. weiously, a number of states are looking at. so far in the states that have closed, the early vote has come strongertrong for much than it did for hillary clinton in 2016. that is a good sign for the vice president going into the election night tonight in the u.s.. thank you for joining us and sticking around through the hour. are about toolls close in some u.s. states. stay with us for special coverage of the results. our team of reporters across the u.s. will bring you the latest.

and what that means for markets as it happens. this is bloomberg.

>> from bloomberg world headquarters in new york to our tv and radio audiences worldwide, i am david westin. this is special coverage of election 2020 as the u.s. decides whether president trump should stay in the oval office or former vice president joe biden should move up to the nation's highest office. in addition to the presidency, control the house -- of the house and the senate are also at stake. mcats seek to gain the four seat they need to gain back the senate. it is 7:00 on