welcome to "daybreak australia." we are counting down to asia's major market opens. >> good evening. the top stories. joe biden readies his transition team and calls for patients. president trump refuses to concede and is considering more legal challenges. covid-19 and china will be at

the top of joe biden's agenda. his relations with beijing may differ in tone from the president but perhaps not in substance. the best the dollar extends its decline. over the future of the u.s. administration. rise inie and the kiwi early asia trading. >> we are seeing those commodities and currencies benefit. asia is waking up and getting the for -- the first reaction to president-elect joe biden. the nikkei 225 to the upside by 0.3%. these watching some of clean energy as well as infrastructure related stocks here in australia and new zealand. joe biden preparing to take office as the 46 president of the united states.

he is moving forward as president-elect launching his transition ever and preparing a plan to tackle the coronavirus however, president trump still refusing to concede while weighing more legal challenges. mr. biden: the people of this nation have spoken. they are delivered as a clear and convincing victory. we the people. i pledge to be a president who seeks not to divide but to unify. states orot see red blue states, only sees the united states. our work against with getting covid under control. we cannot repair our economy or relish life's most precious , all of the moments that matter most to us until we get it under control. we have not seen president

trump as of yet but we have heard plenty from him from his tweets. madee most noise he has was after multiple networks called the election for joe. he put out a statement saying the election was far from over. the president has still not conceded. we have not heard from him over the airwaves. we have not heard him talking to the american people but people familiar with the matter that of spoken to bloomberg say the president and his team may be taking more legal action on monday. >> tell me about what avenues remain when it comes to the legal battles. >> he has already filed a number of suits in battleground states related to stopping the account. they have not yielded him much success. any suits have been thrown out due to lack of evidence. teamsaid, the president's

plans to take additional legal steps on monday that we do not know what they are. we have also had reporting at bloomberg that many people within the president's own that theseot believe battles will change the ultimate result of the election. no evidence has been made public in terms of illegal voting. president-elect biden has kickstart started his transition efforts and yet, how much of that will be hindered by the fact that there is no concession yet from the president? >> there are only 73 days between now and election day. is no acknowledgment yet from the president that he has lost the election. as well as from the general services. that would allow joe biden's transition team to begin that process.

that process may have to be truncated. but joe biden is hitting the ground running. he plans to appoint a task force for the coronavirus on monday including the fda commissioner. steps and will start assembling his cabinet and his west wing even though we still do not have a concession from president trump. >> we continue to watch and see. thank you for the latest on the election. we will get plenty more analysis ahead on the implications of the election results. jonathan lieber from eurasia group will join us shortly. let's take a look at some of the earnings trickling through. aia, the largest pan asian insurer in the region coming out with its earnings. millionooking at 706

u.s. dollars. a decline of almost 30%. saying that annualized new premiums have contracted at 6% as well as a of new business declining 35%. total weighted premium income just short of 26 billion u.s. dollars. we have been watching the impact of the chinese yuan. the appreciation looking to pull a little certainty away from hong kong life insurers. demographic, it could be a use of diversification. to karinaet you over mitchell in new york. while the election has been playing out, reported coronavirus cases have soared with theillion cases u.s. experiencing a third consecutive day of cases over 26

million. american deaths have been at about 1000 for the fifth day. protestsexperiencing against the restrictions. the prime minister of singapore has offered a pessimistic view of the post virus recovery saying the economy is unlikely to pick up in a vibrant way anytime soon. several sectors are showing improvement though others are likely to remain in what he called suspended animation for some time due to surging virus cases around the world. to announcer is set a new stimulus tool aimed at driving borrowing costs to help spur the economy. he is expected to lay out plans on wednesday to offer cheap loans to banks to allow them to further cut lending rates. the program may start in weeks and is seen as a key step towards cutting the official cash trade into negative

territory next year. and the people's bank of china is again discussing ending monetary easing. policymakers around the world are debating how and when the time is to exit but the consensus is sooner rather than later. the pboc believes the global economy is recovering. the mainland economy has regained all losses from the first half of the year. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. >> china's outlook. the country continues to show the payoff for swiftly controlling the coronavirus. more analysis on that data coming up. and an exclusive interview with autonomous of an driving start up. it will take on rivals. this is bloomberg. ♪

♪ may be moving forward with his transition team but president trump's refusal to concede along with his promise battle in the courts threaten to delay the process. we will discuss this more with jonathan labor -- jonathan lieber joining us from washington. we continue to hear from president trump through twitter how this election was stolen from him. how long can we expect the legal battle recounts to go on? how much impact will this have on the transition process? jonathan: the president is not able to offer a lot of evidence supporting his claims. while he may try to litigate this, and his legal team is not the 18, everyone else is moving on. he is losing in arizona and

pennsylvania and nevada. there is not much of a chance he could change the outcome even if he could get some of these lawsuits to the courts. toyou used to be an advisor mitch mcconnell. what has been deafening is the silence from tom cotton. what is the strategy from the majority leader? would you advise him to come out and talk about this? jonathan: there is no real upside to him doing that. president trump is still the most popular leader in the republican party and he is still maintaining their was voter fraud out there. the appropriate position from any republican would be that the process seems to have been pretty good but we will see where the lawsuits go. and that play out for a little bit. not commenting on that is making a difference. most people are preparing for a

biden administration early next year. >> as you mentioned donald trump's popularity in the gop. wondering how this plays into what the republican party can do to regroup in the next four years. the downside is that donald trump's strategy, the divisiveness, the campaign policies resonated with a large part of the population. jonathan: all things considered, i think this election should be considered fairly amazing in terms of results for the senate. they picked up seats in the house which nobody thought they were going to do which could put them in possession -- position to take it back in 2022. state housesol the which will decide how the congressional districts are drawn to the next 10 years. they come out of an election

which everyone thought would be a landslide for joe biden in a pretty good position. they will prepare for who the next nominee will be in 2024 beyond donald trump. >> what considerations can be made in terms of the speakers of the house? jonathan: i think mitch mcconnell's position will be safe. he will be the majority or minority leader. chuck, maybe a little less so. but with joe biden in there, he will likely support him. the person most at risk is nancy pelosi who has been speaker for a long time. of house members feel it is time for her to move on especially with this disappointing house results. i would expect to see where in about how to replace her.

benefiting her right now is there is no obvious replacement. there is no one ready to take the mantle. steny hoyer, her number two, is older and will probably have the same problems. there will probably be turned over of leadership in the house. >> given there is no clarity on the senate, does it make sense for a speaker pelosi to agree on a stimulus package before january? jonathan: i'm not sure how she is going to approach this. she has a lot of moderate members from suburban districts who are still here and angry with her for not cutting a deal earlier. she held out for a long time. that may have ended up hurting some of the battleground democrats running in house districts. i think that gives her some space to cut a deal. if mitch mcconnell and nancy pelosi and even biden can say this is what they want to do, i don't know what move -- mood donald trump will be in. you do not said

expect the legal challenges to go on for too long. and what other ways could the president sow some chaos before leaving? jonathan: i don't think he has that many opportunities. any new executive orders, joe biden will say -- i will erase those. he cannot pass legislation. he could refuse to sign the funding bill. and maybe there are things on for policy he can do. but i think this threat is quite blunt. >> jonathan lieber, u.s. managing director from the eurasia group. world leaders congratulating joe biden. does china see a turning point in relations with joe biden? we get more on that. this is bloomberg. ♪

♪ the state media in china cautiously welcomed joe biden's victory. tom mackenzie, have we had any official reaction from chinese leaders yet? yet no official reaction but that is what we are waiting for. joe biden in the debate stage of this process described president xi as a thug. something to bear in mind. but the chinese commentary has been relatively cautious with hints of cautious optimism from some of these commentary pieces in the government newspapers. suggesting according to one commentary that there could be a retracting of u.s.-china relations. there is a sense there will be less volatility when president biden takes over in january and

the frictions between the countries will start to ebb somewhat. in terms of areas besides could work on, climate change and the coronavirus. you could get more cooperation under a james -- joe biden presidency. push aen may also try to multilateral approach in -- including human rights. that will be front of mind for joe biden versus what they were for president trump who did not pay much attention to human rights issues. that sense as well but broadly from the commentary from the broadly and cautiously optimistic. >> as well as optimism that there could be a shift in tone in terms of the trade relationship. what are we seeing from the chinese trade data we got over the weekend? data from october

and it shows that the chinese export engine is firing on all cylinders. in october of 11.4% year on year. imports were up --. you talk about the trade relationship with -- between the u.s. and china and china continues to make headway in fulfilling the commitments in the phase one of the trade deal. exports to the u.s. rose 22%. and imports rose more than 30%. up morefrom the u.s. than 30%. there has been a surge of exports from china to other trading partners in terms of medical equipment. up 44 percent. as many countries particularly in europe and u.s. continue to tackle the coronavirus. technology will continue tuesday a focus of friction.

you have been speaking to someone who is at the forefront of autonomous driving in china. tom: autonomous driving is an area of technology that china would like to get the lead in. we spoke to the ceo of a company called pony.ai. team just and his raised funding and the company is valued at a little more than 5.3 billion u.s. dollars. this is a company that competes with alphabet's waymo. take a listen to this interview. james peng on his plans for autonomous driving. as an autonomous driving company, we are still at the stage where we need a lot of toearch for the technology be commercialized. the amount of money we raised

will still mostly be used for r&d efforts. tom: what are the new technologies you are working on at the moment that could be significant for the future of the business in the next 2-5 years? >> the most significant one we are working is how do we make it to be safe enough without any driver inside the vehicle? a true driverless effort. in thear we had big news autonomous driving industry. fleet of alld a autonomous driving vehicles in arizona. i think that is a very defining moment for the whole industry. and we are definitely working towards that as well. i want to give a specific time line -- timeline yet but hopefully we will be able to do that soon. tom: what is the timeline for

fully autonomous vehicles for your business? >> the timeline depends on how you define the scale of the operation. we are currently working on a small scale, limited testing and -- ae looking for customer truly driverless experience. that on aou could see small scale and we could see that in the cities in china and in the u.s.? is that realistic? >> it is definitely realistic. we have already seen waymo successfully launch operations and we should be able to do that as well. tom: you have a footprint in china and the u.s. how are the tensions in the two countries impacting your business? we will beh level,

fully aware of the potential impact of the tension between the two countries. we are currently focusing on the technology and making the product to be useful. we just have to deal with what happens. it is not our focus right now. tom: do you think anything changes after the u.s. election? hopefully, if anything changes, it will change for the better. tom: when you look at the bifurcation in terms of the technology sectors between the countries, does that lead to adjustment in your strategy? knowing the u.s. is prepared to cut off the supply of hardware and soft where to certain chinese companies. >> for a complex system like autonomous driving, we definitely rely on the global supply chain. in that regard, we have to be

more aware of where all of the components come from and be mindful of those and have a plan b in terms of suppliers. other than that, we are still full throttle ahead. tom: that was the ceo of pony.ai autonomousg, and vehicle company with a foot -- with a footprint in fremont, california. they are testing right now in both china and the u.s. they expect a pretty large scale. >> that is our tom mackenzie come our markets coanchor in beijing with the latest on all things china. berkshire hathaway seems to have identified its latest megadeal come its own stocks. $60 billion scooping up shares in the first nine months of the

year. or than three times the previous record. 2019 repurchases include occidental petroleum financing deal and it has spent more than in any other year purchasing apple stock. a successful startup investor and a relatively unknown chinese property company may help. softbank invested $1.3 billion key holdings.ed the company went public in august and shares soared giving softbank a 375% return so far. although dobby's sovereign wealth fund is changing the way they invest in japan. authorities focusing on japanese equities and using instead managers as part of a path for a portfolio.

investment funds in the gulf has been chasing higher yields as they battle the fallout from declining oil prices. coming up, we will discuss the markets with ben ammons. this is bloomberg. ♪

sigh of relief by the nation. that we have come through a difficult period. most importantly, that the american people have spoken. that is what our democracy is all about. -- trump has every right to challenge but once the decision has been made and once there are too many votes cast for him to catch up, it becomes his response ability to accept the result and move on. >> the very first thing that joe

biden ought to do is wrap his arms around the pandemic. -- it is not just a virus, it is what this virus's impact has been. >> it should be input -- investment in infrastructure, not just roads and bridges but broadband. how important it is for businesses and families to be connected. >> when the president-elect comes and facing a horrible covid situation and an economy that is slowing down, he will have a divided government if not a divided country. most likely, i hope that does not happen, he will have a complicated transfer of power. guests reacting to joe biden's victory. the prospect of abiding presidency -- a biden

presidency. trump bump in a 2016, we will see a biden bump says our guest. ben, great to have you as always. let me start with this chat when it comes to volatility. this has been since the past week, markets, when it comes to volatility levels have been pretty sanguine. is this due to the still contested election? we have not seen the president acknowledge or come close to a concession. ben: to be fair about the this is no longer a contested election. ofhink the first order business on monday morning will really be about reassessing what be policy under biden will

in terms of domestic and foreign policy. also, when we see what his task force set out to do about the pandemic. there is an expectation that he will come out and be much more -- much bigger and more aggressive. that is with the markets will really care for. the volatility that we saw, of course, the election results and backf the spectacle, it is to the economy. >> when we look at how some of the sectors could benefit, looking at the great energy push, looking at how that affects minors, the pandemic, strategy seeing gains, with stocks in asia and which sectors benefit from this biden bump?

and it will be renewable the alternative energy sectors that could have that boost. if you have a president that --ests in renewable energy in the asia-pacific, we do have to think about the trade war and what we experience under the trump administration. how that will change. experienced under the trump administration, how that will change. a lot of theefit semiconductors in the asia-pacific, including australia. bidenk those two as

becomes president. weak: how much will a dollar help? weakon the one hand, it is because asia has outperformed over the past few months. keep thehat theme will dollar on the weak side. i think that dynamic is still a near certainty. strengthhere is also happening in a lot of parts in the world, not just china. but in europe, that area.

that could put pressure on the dollar. i think that the uncertainty about the election is very short-term. that has not been short-term is the outgrowth of these tech giants. investors are becoming a little ,it discerning just a week ago we saw the selloff in tech and then reclaiming the top spot where the end of the week. where are we in terms of sector rotation that people were thinking a biden presidency could bring? about theld think following things, we have an industrial sector outperformance since the summer when it became clear that the economy, although

struggling with eb opening saw -- with the reopening, saw a recovery, not just in the united states but china and europe too. they could be the rotation into auto sector. they always outperform during the israelis. i think that is maybe the next phase as we get into the first quarter. biden's covid strategy does work. i want to get your -- >> i want to get your final views when it comes to treasury bond market. lower yields, a lot of curb.

that is sort of still a? . is there a sense that this is more of the same when it comes to treasuries and the fed not really moving very much? if you think of us for years ago, we saw the big jump in yields. that was all about the sweep of the house and the senate and this progrowth agenda from president trump. under the biden presidency, we are not seeing the balance of the house and the senate but we are dealing with this pandemic that has pressed down so much of the yield. yields -- i think the 10 1%. could reach

at the same time, we are not out of the pandemic. we would decide on this case as the pandemic gets worse. the yield rise will be limited. provided that the pandemic does not get worse. >> thank you, ben. we appreciate it. the chairman and ceo of the investment bank says he expects to see a fiscal stimulus deal in the u.s. by the end of the year. jeffrey solomon told bloomberg that it is a common misconception that democrats are that for stock markets. >> people are concerned that if there is a democratic majority that we will have higher taxes but i have always said even if that happens, that just means we will have higher spending.

if there are higher taxes, higher spending. if you net it all out, it is probably good if two of the georgia seats go to democrats. people freak out because they presume that we will have much higher tax rates but they will realize that we will have a lot bigger stimulus if that happens. >> i am worried about the balance out there. the last four years, it was -- markets were dominated by this discussion of later regulation, a lower tax base for a lot of corporations out there. that has underpinned evaluations out there. -- evaluations out there. outnderpinned valuations there. stimulus, will cancel out the bite of higher taxes? the bitehat cancel out

of higher taxes? jeffrey: we are talking about basically some return to what it was like before the trump tax cuts. there could be some higher keppel gains rates. people will become long-term investors instead of doing bad trading. we will have some sort of return to the way it was under the obama administration. that was pretty good for stocks. there are narratives out there that republicans are great for equities and democrats are not. that is just not true. we look at all of that and it really does not much matter who is in the white house or who controls the houses. you have to figure out a way to navigate it. fundamental economics are what drive markets. the virus will end at some point. we will get back to some new normal. economic activity will continue as they come. when that happens, we will be back to the race.

it seems that lawyers always win in some way, shape or form. prior to the election, it seemed that m&a lawyers were working their guts out, trying to get ahead of a biden administration. now we will have lawyers involved for all sorts of manners. what is your citations for business confidence going forward? jeffrey: people will do what they have to do to advance their businesses. they just have to understand the framework under the regime in which it operates. he may have a change in the administration and a slight change in direction but it takes a while for people to figure that out. once they do, they go right back to what they need to do. seldom do you have an election that turns things so inside out that people get frozen for extended time frames. we as humans are incredibly

adaptable. highs and lows. we are doing ok. from the market standpoint. i think it is a little different if you're running a small business but even there, once we get fiscal stimulus, i expect that to happen by the end of the year. i think that mcconnell probably gets something limited done. my expectation is that small businesses will think about rallying sometime in 2021 as things get back to a more normal economic cycle. >> that was jeffrey solomon speaking to bloomberg's caroline hyde. let's get you to the first word news. turkey.art with the turkish prime minister quit.

he is the son-in-law of the president. was firedl bank she on saturday following the collapse of the lira. the turkish currency has lost its value over two years. to thailand, water cannons were dispersed against antigovernment protesters. submitrators wanted to petitions, calling on the king to accept changes, medical services say to people and one officer were injured. the testers abandoned their march after the police took action. .ote counting is underway -- defect alito -- leader the de facto leader expected to win the election. were 5600 candidates from 91 parties vying for seats in national and local parliament. most results are expected by

late monday. google news, on air and on bloombergquint take. i am karina mitchell, this is bloomberg. ery: 50 million cases and no signs of slowing. global infections rise again with the u.s. again at a record. this is bloomberg. ♪

let's get it over to hong kong with some of the markets called ahead of the asian trading day. sophie, what is on your radar? after the election was called over the weekend. is -- markets expecting a divided government, this will return to the near-term environment -- we will seek approximate four growth stocks and domination by low rates. blackrock said tech and large-cap names are performing well along with em assets on improving trade sentiment. as for the likelihood of a wealth tax under biting, that is off the table. he things a wealth tax is in play, he expect there will be a retreat from u.s. stocks into em.

-- shery: we are continuing to see this pressure on the yuan dollar. near a three year low. will this turn into something of a consensus bet? says -- >> the team says this is turning into a consensus bet. over at stan chart, eric wahpeton -- robertson says markets are on the verge of a major reallocation to e.m. there are seen declines in u.s. rate volatility. they are expecting a broad-based dollar weakness. haidi: we are watching turkey after what was a chaotic weekend. what is the outlook for the

lira? >> ahead of some of the shakeups, including the exit of the economy minister, they saw the global shakeup at turkey central bank. this may be evidenced by november 19 when the policy committee is due to meet. coleman is still expecting turkey to rise further with a 17% increase forecasted by years and with risks to the outside. was sophie with the latest. the world has hit another coronavirusestone, cases top 150 million. the u.s. remains the epicenter and europe is struggling to contain the outbreak. we continue to see a surge in cases and deaths as we enter the winter now, here in the northeast.

>> it is likely that president trump will leave his presidency with even higher records. there is no stopping this coronavirus. we have seen increasing rates intover day, we are well this. about 10 million cases in the u.s.. that is one in five across the road. there are no hurdles to the virus coming. we are waiting for a vaccine, new treatments, they are on the horizon but not here yet. said het elect biden will take steps to get it under control but it will take some time for it to work. >> we are seeing the top , who is expected to be tasked with this in the biden administration? >> we are hearing some of the names that president-elect biden

will be putting on the task force, david kessler, the former head of the fda. he really started cracking down on tobacco and cigarettes in the united states. murphy, a former surgeon general of the u.s. as part of that task force. withs leading researchers the panel he is working on. he really believes that he has a mandate and part of the reason that he won this election was because the american people want to go in a different direction. there are different things that he wants to do, much broader free testing across the country. he wants to put in place much more aggressive urging of a mask mandate. i don't know that he will actually require it nationwide also aligning supply chains, making sure people get the ppe they need.

and the idea that all of the steps being taken are coordinated across the country so that once we do start having things -- >> whether it is here in the united states or elsewhere, coronavirus fatigue is starting to set in. beingple are tired of locked inside their houses. they are starting to push back against it, starting to go out. we have already started seeing the second wave of lockdown in places like wales, the u.k. and italy. in wales, they have to decide whether they will stay locked down or if they will open back up. that is the only thing that we can do now. hopefully it holds. do have plenty more to

come on daybreak australia. this is bloomberg. ♪

achieveiden pledged to net zero carbon emissions. he was putting pressure on australia to strengthen commitment to climate action. it was mentioned in the

extension of morrison's congratulations to biden. andhat does come up time time again. scott morris is taking the -- there are calls for scott morrison to take action. onheard malcolm turnbull media last night. of those leaders were taken down by -- when they try to tackle the climate. a lot of australia's trading partners are. line.is holding the he says we have a target, we will meet that with that target being to reduce emissions by 26% under the 2030 paris agreement commitments. he criticized other countries, including new zealand for having

carveouts of their target. he says australia has an achievable target and he is sticking with it. >> how is the political landscape around climate change changing? aul: new south wales says it was to become a nobles powerhouse. the intention is to replace all of that with renewables. we will have the climate bill coming to the house. she did unseat the climate skeptic. that bill contains net zero targets. it will be really interesting to watch the debate and the vote on that. coming up in the next hour, the latest data from china is shedding light on its economic recovery and beijing looks to with washington.

plus, south bank earnings are due in a few hours with the news back in focus. the market open in sydney is next, this is bloomberg. ♪ when you switch to xfinity mobile,

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>> good morning haidi: we are counting down -- haidi: good morning. shery: welcome to daybreak asia. hisbiden ready as transition team calls for unity and patience. president trump refuses to concede. covid-19 inon of china will be at the top of